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Investors should","page_number":23,"box":{"x":504,"y":879,"width":402,"height":12}},{"id":"037b82f4-cbc0-4009-b11d-e534dc791008","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":24,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d7631f66-a5ff-4386-84a5-ed6aa8c96aaf","block_type":"box","text":"24","page_number":24,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"38f6f0ac-fa5c-4f73-9bce-a75897fc2636","block_type":"box","text":"Aviva Investors: Public","page_number":24,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"f4f1ac44-e632-47d8-a345-23c19017e729","block_type":"box","text":"consider their fund choices in the context of the other","page_number":24,"box":{"x":503,"y":88,"width":404,"height":9}},{"id":"6ec7baa1-6a22-48fb-9f35-b2ee17d43eed","block_type":"box","text":"funds available within this range, and also the funds","page_number":24,"box":{"x":503,"y":109,"width":403,"height":11}},{"id":"507986f0-cb28-4fcb-8090-2dc0253f1abc","block_type":"box","text":"available within the Aviva Investors Multi-asset Plus","page_number":24,"box":{"x":503,"y":129,"width":403,"height":9}},{"id":"7ebf1d82-9c5d-4d9c-8b20-2a4c645614dd","block_type":"box","text":"Fund range, to ensure that the fund selected is the","page_number":24,"box":{"x":504,"y":150,"width":402,"height":11}},{"id":"4ecf76fc-ee54-466c-bcf1-8c2f5d6f8b24","block_type":"box","text":"most suitable. 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This Fund is intended for any investors, including","page_number":24,"box":{"x":503,"y":191,"width":403,"height":11}},{"id":"fd4e30e1-1d3e-4efc-b0cb-242e47803a7d","block_type":"box","text":"retail investors, who are balanced investors who","page_number":24,"box":{"x":504,"y":211,"width":402,"height":10}},{"id":"2a050eeb-071f-4086-be29-a8b7029b6e79","block_type":"box","text":"understand the volatility managed, multi-asset","page_number":24,"box":{"x":504,"y":232,"width":402,"height":11}},{"id":"cbc1207d-09c2-4014-87ef-62897af5cc10","block_type":"box","text":"approach to investing and who aim for a return through","page_number":24,"box":{"x":503,"y":252,"width":403,"height":11}},{"id":"1c2d6027-7671-4a9e-950a-18467a78e0b4","block_type":"box","text":"both capital growth and income from their investment","page_number":24,"box":{"x":503,"y":273,"width":403,"height":11}},{"id":"149b598d-4c33-4919-a8b1-1ef2d634a678","block_type":"box","text":"‡, but who are prepared to risk loss of their capital to","page_number":24,"box":{"x":503,"y":293,"width":403,"height":11}},{"id":"3d3b677a-3c5f-468a-aa6f-169b092684f6","block_type":"box","text":"potentially get higher returns. The Aviva Investors","page_number":24,"box":{"x":503,"y":314,"width":403,"height":11}},{"id":"a334e2b3-f990-4be0-9f50-08b5ebfc894d","block_type":"box","text":"Multi-asset Core range is suitable for investors who are","page_number":24,"box":{"x":504,"y":334,"width":402,"height":11}},{"id":"a41627a5-3530-4643-addf-f8e11d60f89b","block_type":"box","text":"prepared to take on a narrower range of volatility and","page_number":24,"box":{"x":503,"y":354,"width":403,"height":12}},{"id":"4c0fc5c9-6c1d-4795-8acd-ae40f512d704","block_type":"box","text":"incur a lower level of charges on their investment in","page_number":24,"box":{"x":504,"y":375,"width":402,"height":11}},{"id":"15fbba79-2add-4fbb-ba4a-33b3942b372c","block_type":"box","text":"return for a lower potential return, compared to the","page_number":24,"box":{"x":504,"y":395,"width":402,"height":11}},{"id":"e5415401-e6ce-48be-9854-f0f35132361e","block_type":"box","text":"equivalent fund in the Aviva Investors Multi-asset Plus","page_number":24,"box":{"x":503,"y":416,"width":403,"height":11}},{"id":"159d8426-c8a9-4c4c-a8af-47f1392ca86a","block_type":"box","text":"range. Investors should plan to stay invested for at","page_number":24,"box":{"x":504,"y":436,"width":402,"height":12}},{"id":"8a9a30f0-2c11-4efc-9f6e-f157623b2e0c","block_type":"box","text":"least 5 years, and should understand the risks and the","page_number":24,"box":{"x":504,"y":457,"width":402,"height":11}},{"id":"6945c3bf-6a6f-42fc-bc0e-68a94a6fea37","block_type":"box","text":"investment objective and policy of the Fund.","page_number":24,"box":{"x":504,"y":477,"width":324,"height":11}},{"id":"7898be1b-8e43-47cc-a3e3-268a6b4a6105","block_type":"box","text":"A balanced investor will expect wider day to day","page_number":24,"box":{"x":503,"y":518,"width":403,"height":11}},{"id":"89b997f9-9266-4a9d-8b92-774181f86872","block_type":"box","text":"fluctuations in value than those normally associated","page_number":24,"box":{"x":503,"y":539,"width":403,"height":11}},{"id":"bd1dd252-6f2f-439f-99f9-2e2114a43c33","block_type":"box","text":"with more cautious investment strategies (such as","page_number":24,"box":{"x":503,"y":559,"width":403,"height":11}},{"id":"cfb95d4c-08b4-4136-b111-c590a08fbdb8","block_type":"box","text":"those employed for the Aviva Investors Multi-asset","page_number":24,"box":{"x":503,"y":580,"width":404,"height":11}},{"id":"7f14dcb5-9f0e-4f30-9e59-bf2e560b2740","block_type":"box","text":"Core Funds I, II and III), but would expect volatility to","page_number":24,"box":{"x":503,"y":600,"width":403,"height":11}},{"id":"9b47984e-be37-4a52-b9b1-05f96055ae19","block_type":"box","text":"be managed with the aim that fluctuations in the","page_number":24,"box":{"x":503,"y":621,"width":403,"height":11}},{"id":"4359fbf6-78b2-4c5f-b06e-ad6b48acf9b6","block_type":"box","text":"medium to long term remain below those associated","page_number":24,"box":{"x":504,"y":641,"width":402,"height":11}},{"id":"9a9600c0-b6b2-4117-8028-691d2f8f6433","block_type":"box","text":"with more adventurous strategies (such as those","page_number":24,"box":{"x":503,"y":662,"width":403,"height":11}},{"id":"5987ce96-15af-4b2e-b584-2a90fa3a0ad3","block_type":"box","text":"employed for the Aviva Investors Multi-asset Core","page_number":24,"box":{"x":503,"y":682,"width":403,"height":11}},{"id":"324ae279-b313-4362-b117-8f9649248bae","block_type":"box","text":"Fund V). A balanced investor is prepared to accept the","page_number":24,"box":{"x":504,"y":703,"width":402,"height":11}},{"id":"21c2977e-3a4c-468e-b374-23b24787be3b","block_type":"box","text":"risk that they may lose some or all of their money and","page_number":24,"box":{"x":504,"y":723,"width":402,"height":11}},{"id":"c3affed1-c38a-4775-8966-da82520d5d40","block_type":"box","text":"acknowledges that the risk of loss is greater, in return","page_number":24,"box":{"x":503,"y":744,"width":403,"height":11}},{"id":"fe4dc842-9041-483f-9175-f40afc11c66f","block_type":"box","text":"for the potential for a higher rate of growth, compared","page_number":24,"box":{"x":503,"y":764,"width":403,"height":11}},{"id":"d9ca5452-1ce0-42de-a0e7-d76fe3500853","block_type":"box","text":"to more cautious investment strategies, but would not","page_number":24,"box":{"x":503,"y":785,"width":404,"height":11}},{"id":"0d1c6aff-b725-43fb-9d0d-cfe113a3b8cc","block_type":"box","text":"expect to see the potential levels of volatility or growth","page_number":24,"box":{"x":503,"y":805,"width":403,"height":11}},{"id":"ae189af2-db3a-4d09-9c06-a68887c5f8d6","block_type":"box","text":"in the medium to long term normally associated with","page_number":24,"box":{"x":504,"y":826,"width":402,"height":11}},{"id":"4851ecc6-5c03-4335-91c0-392ec1666229","block_type":"box","text":"more adventurous strategies.","page_number":24,"box":{"x":504,"y":846,"width":215,"height":11}},{"id":"648efd6d-93de-41e3-8720-85705feb8163","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":25,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"cb4f8fc9-d742-4508-9228-c6976b0182ec","block_type":"box","text":"25","page_number":25,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"dcec75e0-c16d-46a1-9ad2-3c51335b07d8","block_type":"box","text":"Aviva Investors: Public","page_number":25,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"bd2c8a47-9297-4aa7-95e3-75b33771ac66","block_type":"box","text":"The target market of the Fund is any investor who has","page_number":25,"box":{"x":503,"y":88,"width":403,"height":11}},{"id":"3b04f165-4ccc-4b97-829f-1b7523b6704e","block_type":"box","text":"read the Key Investor Information Document (KIID),","page_number":25,"box":{"x":504,"y":109,"width":402,"height":11}},{"id":"5838a454-a604-4adb-864a-33025c4bbc4e","block_type":"box","text":"wants an investment with an investment objective and","page_number":25,"box":{"x":503,"y":129,"width":403,"height":11}},{"id":"a397ebf8-6bab-413e-a509-db008fceb3c0","block_type":"box","text":"policy as described in the KIID, has a risk appetite","page_number":25,"box":{"x":503,"y":150,"width":403,"height":11}},{"id":"ea0800b6-582a-418b-951e-0a30f7f68346","block_type":"box","text":"consistent with the risk indicator displayed in the KIID","page_number":25,"box":{"x":503,"y":170,"width":403,"height":11}},{"id":"af033b3d-a89a-4f2f-ade5-63d089057c9f","block_type":"box","text":"and is aware of the risks associated with investing that","page_number":25,"box":{"x":503,"y":191,"width":403,"height":11}},{"id":"8fcadd59-5cc2-40e7-b113-c182f59b6f75","block_type":"box","text":"the KIID describes.","page_number":25,"box":{"x":503,"y":211,"width":140,"height":9}},{"id":"29fe5b2b-80bf-4052-8440-b08b80af735a","block_type":"box","text":"The Fund is appropriate for an investor with basic","page_number":25,"box":{"x":503,"y":252,"width":404,"height":11}},{"id":"e283bff3-0966-4a23-88d3-298afc04d708","block_type":"box","text":"knowledge, or an informed investor or an experienced","page_number":25,"box":{"x":504,"y":273,"width":402,"height":11}},{"id":"ffdbf20a-a95e-44c5-9a73-288ec76469d6","block_type":"box","text":"investor. It can be purchased with or without","page_number":25,"box":{"x":504,"y":293,"width":403,"height":11}},{"id":"41baa417-4ec3-4905-9e06-df81572c4bb5","block_type":"box","text":"professional financial advice. It has been classified as","page_number":25,"box":{"x":503,"y":313,"width":403,"height":11}},{"id":"67b31c8a-b31d-4c98-b0fe-5adbd609a839","block_type":"box","text":"a non-complex investment product so there is no","page_number":25,"box":{"x":503,"y":334,"width":403,"height":11}},{"id":"ff44a763-eb04-4ce2-9303-d480029f012e","block_type":"box","text":"requirement to have prior knowledge or experience of","page_number":25,"box":{"x":504,"y":354,"width":403,"height":12}},{"id":"5f515bb4-f787-423d-8abd-be335ed96965","block_type":"box","text":"this type of investment before investing – but you","page_number":25,"box":{"x":503,"y":375,"width":403,"height":11}},{"id":"d4659fb9-5f82-476b-bbf0-632e37d4cab3","block_type":"box","text":"should read the KIID and fit into this target market","page_number":25,"box":{"x":503,"y":395,"width":403,"height":12}},{"id":"8abfb2cc-44da-41c3-a632-0ac062018e98","block_type":"box","text":"description before making any decisions. The Fund is","page_number":25,"box":{"x":503,"y":416,"width":403,"height":11}},{"id":"06f99517-e766-4038-a085-af0e0d8ee61f","block_type":"box","text":"designed to be used as a standalone solution but may","page_number":25,"box":{"x":503,"y":437,"width":404,"height":11}},{"id":"9a40f3f1-23d0-494c-afc0-9573c13a059e","block_type":"box","text":"also be used as part of a portfolio of investments. It is","page_number":25,"box":{"x":503,"y":457,"width":403,"height":11}},{"id":"246693cf-f84b-4247-b46a-43e4038c9949","block_type":"box","text":"not guaranteed and the value of the Fund can go up or","page_number":25,"box":{"x":504,"y":477,"width":403,"height":12}},{"id":"60147947-7ca2-4271-a84b-821dbd852e8a","block_type":"box","text":"down. This Fund is not for investors who require full","page_number":25,"box":{"x":503,"y":498,"width":403,"height":11}},{"id":"fbbd97a5-82cf-437c-82c2-02dd38b68c94","block_type":"box","text":"capital protection or have no appetite for risk.","page_number":25,"box":{"x":503,"y":518,"width":333,"height":11}},{"id":"2da9688c-b252-4671-8545-45dc193513fc","block_type":"box","text":"‡ The Fund only issues Accumulation Shares at present and","page_number":25,"box":{"x":503,"y":538,"width":403,"height":9}},{"id":"04cd39bc-b785-4752-9b47-05fbe859ba16","block_type":"box","text":"therefore any income will be reinvested.","page_number":25,"box":{"x":503,"y":555,"width":235,"height":9}},{"id":"04a929a5-d530-4611-8537-c6f8a228cc69","block_type":"box","text":"Aviva Investors Multi-asset Core Fund V","page_number":25,"box":{"x":160,"y":572,"width":299,"height":9}},{"id":"64432378-a2ef-4fc5-84dc-51f487ade181","block_type":"box","text":"The Aviva Investors Multi-asset Core Fund range","page_number":25,"box":{"x":503,"y":572,"width":403,"height":11}},{"id":"31c733dd-19ea-45ac-9c79-deb2defb36c0","block_type":"box","text":"currently comprises 5 funds, ranging from I (offering the","page_number":25,"box":{"x":503,"y":593,"width":403,"height":11}},{"id":"ee9d88f4-897d-4669-b606-416788c935cc","block_type":"box","text":"lowest risk profile), to V (offering the highest risk","page_number":25,"box":{"x":504,"y":613,"width":403,"height":11}},{"id":"ceabf341-19e9-4cab-b36c-e9776235cacf","block_type":"box","text":"profile). The Aviva Investors Multi-asset Core Fund V,","page_number":25,"box":{"x":503,"y":634,"width":402,"height":11}},{"id":"77ad4a0f-9b38-43bc-bab3-5beeabac4c7e","block_type":"box","text":"is the fifth Fund in this range. Investors should consider","page_number":25,"box":{"x":504,"y":654,"width":403,"height":11}},{"id":"24437781-cf75-4022-89d5-05787a08033e","block_type":"box","text":"their fund choices in the context of the other funds","page_number":25,"box":{"x":503,"y":675,"width":403,"height":8}},{"id":"ad11e3b7-4fec-4f17-8cdb-e5626d24f93f","block_type":"box","text":"available within this range, and also the funds available","page_number":25,"box":{"x":503,"y":695,"width":403,"height":11}},{"id":"d7227dca-f3f8-4349-9c80-190b06a9d5b4","block_type":"box","text":"within the Aviva Investors Multi-asset Plus Fund range,","page_number":25,"box":{"x":503,"y":716,"width":402,"height":11}},{"id":"d4feaef8-b41a-4d3c-a718-d7177b20ecbe","block_type":"box","text":"to ensure that the fund selected is the most suitable.","page_number":25,"box":{"x":503,"y":736,"width":402,"height":9}},{"id":"ddd01ced-cea9-45de-8427-116809fc8314","block_type":"box","text":"The lowest category does not mean ‘risk free’. This","page_number":25,"box":{"x":503,"y":757,"width":403,"height":11}},{"id":"f9fb5d92-3983-4aaf-8dca-9948a5bb0e84","block_type":"box","text":"Fund is intended for any investors, including retail","page_number":25,"box":{"x":504,"y":777,"width":402,"height":11}},{"id":"d1ae3004-7f9a-4f0c-9312-e5439ecda012","block_type":"box","text":"investors, who are adventurous investors who","page_number":25,"box":{"x":504,"y":798,"width":402,"height":10}},{"id":"6dbc9a75-25b9-40db-a9f2-367a292b2a86","block_type":"box","text":"understand the volatility managed, multi-asset","page_number":25,"box":{"x":504,"y":818,"width":402,"height":11}},{"id":"e3707882-4fbd-474a-9ac5-e088e1f08f0f","block_type":"box","text":"approach to investing and who aim for a return through","page_number":25,"box":{"x":503,"y":838,"width":403,"height":12}},{"id":"b33478fa-ff35-4824-aaf2-d899eff70076","block_type":"box","text":"both capital growth and income from their investment‡,","page_number":25,"box":{"x":503,"y":859,"width":402,"height":11}},{"id":"23ff9628-a881-48fc-ae29-728ddc554e62","block_type":"box","text":"but who are prepared to risk loss of their capital to","page_number":25,"box":{"x":503,"y":879,"width":403,"height":12}},{"id":"1bed03ea-f4a0-40fa-a4fa-d23e06459cc0","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":26,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"995b83ff-45c0-4f2a-baaa-1fd1e9de82c7","block_type":"box","text":"26","page_number":26,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"542d5419-43f3-4be7-8abc-aec31be932ba","block_type":"box","text":"Aviva Investors: Public","page_number":26,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"cd95eac8-ad71-48bb-ae5a-30fc804fcc53","block_type":"box","text":"potentially get higher returns. 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Investors should plan to stay invested for at","page_number":26,"box":{"x":504,"y":211,"width":402,"height":11}},{"id":"aefab2e1-d16c-404b-8eb8-c6adc2830747","block_type":"box","text":"least 5 years, and should understand the risks and the","page_number":26,"box":{"x":504,"y":232,"width":402,"height":11}},{"id":"ab7e1d11-4b94-4dc6-9dc2-bb88e87293cd","block_type":"box","text":"investment objective and policy of the Fund.","page_number":26,"box":{"x":504,"y":252,"width":324,"height":11}},{"id":"50d53d3b-bf99-43da-afb7-9bdcf78af7e2","block_type":"box","text":"An adventurous investor will expect wider day to day","page_number":26,"box":{"x":503,"y":293,"width":403,"height":11}},{"id":"5509800e-15c1-4b96-90ac-4a7f870228cf","block_type":"box","text":"fluctuations in value than those normally associated","page_number":26,"box":{"x":503,"y":313,"width":403,"height":12}},{"id":"e375b746-069e-4d08-84e4-4e8a6944877e","block_type":"box","text":"with more defensive, cautious or balanced investment","page_number":26,"box":{"x":503,"y":334,"width":404,"height":10}},{"id":"5ec45864-9172-43e2-b86a-ae263ed64fe1","block_type":"box","text":"strategies (such as those employed for the other funds","page_number":26,"box":{"x":503,"y":354,"width":403,"height":12}},{"id":"7fb248ee-ca37-4ec2-be9b-589e9b16e07c","block_type":"box","text":"in the Aviva Investors Multi-asset Core Funds range),","page_number":26,"box":{"x":504,"y":375,"width":401,"height":11}},{"id":"082d88d0-fb3c-41ff-a2c2-f45f5c17870a","block_type":"box","text":"but would expect volatility to be managed with the aim","page_number":26,"box":{"x":503,"y":395,"width":403,"height":12}},{"id":"e8811396-7f56-443f-ad0c-010ac8c13a73","block_type":"box","text":"that fluctuations in the medium to long term remain","page_number":26,"box":{"x":503,"y":416,"width":403,"height":11}},{"id":"751e5763-62e3-40b9-a6d7-292a83bbe4d4","block_type":"box","text":"below those associated with more adventurous","page_number":26,"box":{"x":503,"y":437,"width":403,"height":8}},{"id":"5a38cdf8-63bd-4594-9f8e-033624071cdb","block_type":"box","text":"strategies (such as a fund that only invests in a single","page_number":26,"box":{"x":503,"y":457,"width":403,"height":11}},{"id":"035b36c7-91f0-43b9-b1a4-bac43f4a3746","block_type":"box","text":"asset class, such as equities). 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It can be purchased with or without","page_number":26,"box":{"x":504,"y":879,"width":403,"height":11}},{"id":"54798540-cdf2-40d1-b7c3-7c55153d2960","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":27,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"ff793c3e-3ab5-4606-948e-d28ec8f297ba","block_type":"box","text":"27","page_number":27,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"286f34cd-e373-427d-8dad-e105b51faafd","block_type":"box","text":"Aviva Investors: Public","page_number":27,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"3ea34610-b08f-4c29-b926-aeb3a8e1181e","block_type":"box","text":"professional financial advice. It has been classified as","page_number":27,"box":{"x":503,"y":88,"width":403,"height":11}},{"id":"581d13ea-8276-4930-af48-2c16d202ee83","block_type":"box","text":"a non-complex investment product so there is no","page_number":27,"box":{"x":503,"y":109,"width":403,"height":11}},{"id":"46477af9-b3b5-4bda-8877-0b3d2099569f","block_type":"box","text":"requirement to have prior knowledge or experience of","page_number":27,"box":{"x":504,"y":129,"width":403,"height":11}},{"id":"56f77238-2348-4e05-b8f9-3af3b91889b8","block_type":"box","text":"this type of investment before investing – but you","page_number":27,"box":{"x":503,"y":150,"width":403,"height":11}},{"id":"f111cd09-2d04-46ae-bfd3-e8e106baeaed","block_type":"box","text":"should read the KIID and fit into this target market","page_number":27,"box":{"x":503,"y":170,"width":403,"height":11}},{"id":"a37a2581-4d1a-467d-b24a-ba03a675a500","block_type":"box","text":"description before making any decisions. The Fund is","page_number":27,"box":{"x":503,"y":191,"width":403,"height":11}},{"id":"3b7d6a58-6b59-4d77-82e6-d5645962da0b","block_type":"box","text":"designed to be used as a standalone solution but may","page_number":27,"box":{"x":503,"y":211,"width":404,"height":11}},{"id":"77abc89e-98d1-4fa7-a113-6102a372e4f1","block_type":"box","text":"also be used as part of a portfolio of investments. It is","page_number":27,"box":{"x":503,"y":231,"width":403,"height":12}},{"id":"c2c2afa2-a966-443d-8c21-cbf853fba90a","block_type":"box","text":"not guaranteed and the value of the Fund can go up or","page_number":27,"box":{"x":504,"y":252,"width":403,"height":11}},{"id":"30a89eb8-8e46-4550-b24e-7c154642d0e0","block_type":"box","text":"down. This Fund is not for investors who require full","page_number":27,"box":{"x":503,"y":273,"width":403,"height":11}},{"id":"3fd3b243-8f6d-45d1-a6bd-4af6807a2e9c","block_type":"box","text":"capital protection or have no appetite for risk.","page_number":27,"box":{"x":503,"y":293,"width":333,"height":11}},{"id":"96e275d7-251a-4d61-988f-721cdcf84bfc","block_type":"box","text":"‡ The Fund only issues Accumulation Shares at present and","page_number":27,"box":{"x":503,"y":313,"width":403,"height":9}},{"id":"16a8a772-80be-4499-8f2d-4811a4d98091","block_type":"box","text":"therefore any income will be reinvested.","page_number":27,"box":{"x":503,"y":329,"width":235,"height":9}},{"id":"6877eaa8-7250-4120-9e95-38cf6bc6a39a","block_type":"box","text":"Aviva Investors Multi-asset Plus Fund I","page_number":27,"box":{"x":160,"y":347,"width":288,"height":9}},{"id":"e5248f40-4f55-4b2a-be02-d12d6f26afb9","block_type":"box","text":"The Aviva Investors Multi-asset Plus Fund range","page_number":27,"box":{"x":503,"y":347,"width":403,"height":11}},{"id":"33d35f82-ee8e-4466-b0c7-9519615d19e5","block_type":"box","text":"currently comprises 5 funds, ranging from I (offering the","page_number":27,"box":{"x":503,"y":367,"width":403,"height":11}},{"id":"0841edf6-62b4-48ff-b62a-44ad7500da58","block_type":"box","text":"lowest risk profile), to V (offering the highest risk","page_number":27,"box":{"x":504,"y":388,"width":403,"height":11}},{"id":"acfa0315-fd01-4efb-bced-29b40595fdd2","block_type":"box","text":"profile). The Aviva Investors Multi-asset Plus Fund I, is","page_number":27,"box":{"x":503,"y":408,"width":403,"height":11}},{"id":"208a2797-53f5-4f57-8a99-c75c336a4eca","block_type":"box","text":"the first Fund in this range. Investors should consider","page_number":27,"box":{"x":503,"y":429,"width":404,"height":11}},{"id":"b995071d-7e77-4550-834a-9b49c60b40b7","block_type":"box","text":"their fund choices in the context of the other funds","page_number":27,"box":{"x":503,"y":449,"width":403,"height":9}},{"id":"48ae0a27-07c6-417e-baa3-05ef3f2c9f62","block_type":"box","text":"available within this range, and also the funds available","page_number":27,"box":{"x":503,"y":470,"width":403,"height":11}},{"id":"a6480879-2bda-4115-9dca-9909f0e02771","block_type":"box","text":"within the Aviva Investors Multi-asset Core Fund range,","page_number":27,"box":{"x":503,"y":490,"width":402,"height":11}},{"id":"cb33c056-8bb0-4e84-9ead-c9a43b5b9794","block_type":"box","text":"to ensure that the fund selected is the most suitable.","page_number":27,"box":{"x":503,"y":511,"width":402,"height":8}},{"id":"3e8c2697-a29b-4d76-8b15-8c8a28b16b85","block_type":"box","text":"The lowest category does not mean ‘risk free’. This","page_number":27,"box":{"x":503,"y":531,"width":403,"height":11}},{"id":"c87332b4-c87f-4789-9545-2ee68b8c2c7c","block_type":"box","text":"Fund is intended for any investors, including retail","page_number":27,"box":{"x":504,"y":552,"width":402,"height":11}},{"id":"ca037e09-03f5-4a8b-bd4d-a6a9efae7596","block_type":"box","text":"investors, who are defensive investors, who","page_number":27,"box":{"x":504,"y":572,"width":402,"height":11}},{"id":"3350d063-79f6-4205-9307-8706e1db7adc","block_type":"box","text":"understand the volatility managed, multi-asset","page_number":27,"box":{"x":504,"y":593,"width":402,"height":11}},{"id":"cea98fc8-b555-42eb-8742-8c8adc0915dd","block_type":"box","text":"approach to investing and who aim for a return through","page_number":27,"box":{"x":503,"y":613,"width":403,"height":11}},{"id":"06d381ab-9c7e-495a-8a55-1ee64d2e621d","block_type":"box","text":"both capital growth and income from their investment‡,","page_number":27,"box":{"x":503,"y":634,"width":402,"height":11}},{"id":"b549322c-0e7f-48ba-82dc-6971b9468897","block_type":"box","text":"but who are prepared to risk loss of their capital to","page_number":27,"box":{"x":503,"y":654,"width":403,"height":11}},{"id":"f81b7343-cdfc-41e6-a8b7-893999e30142","block_type":"box","text":"potentially get higher returns. The Aviva Investors","page_number":27,"box":{"x":503,"y":675,"width":403,"height":11}},{"id":"6a225f22-f090-4616-99b2-dccc7348b23c","block_type":"box","text":"Multi-asset Plus range is suitable for investors who are","page_number":27,"box":{"x":504,"y":695,"width":402,"height":11}},{"id":"7d5e5aad-6688-41b0-ae31-bfbfc5a7a438","block_type":"box","text":"prepared to take on a wider range of volatility and incur","page_number":27,"box":{"x":503,"y":716,"width":404,"height":11}},{"id":"5262ce84-1abe-4bc9-92e9-370bcf9503f3","block_type":"box","text":"a higher level of charges on their investment in return","page_number":27,"box":{"x":503,"y":736,"width":403,"height":11}},{"id":"105bf569-bcda-4f84-848f-d3c621967e66","block_type":"box","text":"for a greater potential return, compared to the","page_number":27,"box":{"x":503,"y":757,"width":403,"height":11}},{"id":"f5111006-3827-4149-80bf-660ec61e5e46","block_type":"box","text":"equivalent fund in the Aviva Investors Multi-asset Core","page_number":27,"box":{"x":503,"y":777,"width":403,"height":11}},{"id":"55659130-1dea-45e0-a88a-8ffb86522d00","block_type":"box","text":"range. Investors should plan to stay invested for at","page_number":27,"box":{"x":504,"y":798,"width":402,"height":11}},{"id":"c5af1915-78db-4a5d-9d7f-189dc235231f","block_type":"box","text":"least 5 years, and should understand the risks and the","page_number":27,"box":{"x":504,"y":818,"width":402,"height":11}},{"id":"3525a44b-4db2-4a3b-9c09-a68f4df4b026","block_type":"box","text":"investment objective and policy of the Fund.","page_number":27,"box":{"x":504,"y":838,"width":324,"height":12}},{"id":"5de80c10-5116-4fec-93da-982a41ef555c","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":28,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d5d61847-5faa-4117-ad8d-be0f965cf355","block_type":"box","text":"28","page_number":28,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"5d724e0e-b2ae-4f1d-99d9-c45f714dc251","block_type":"box","text":"Aviva Investors: Public","page_number":28,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"0a7599d3-a131-47ec-a4fc-dcbaad81ed14","block_type":"box","text":"A defensive investor will expect day to day fluctuations","page_number":28,"box":{"x":503,"y":88,"width":403,"height":11}},{"id":"942286a2-f5dc-477d-9290-91f657798a28","block_type":"box","text":"in value, but would expect volatility to be managed with","page_number":28,"box":{"x":504,"y":109,"width":402,"height":11}},{"id":"862a7784-9d04-4ad7-806d-fbbffe82fefa","block_type":"box","text":"the aim that fluctuations in the medium to long term","page_number":28,"box":{"x":503,"y":129,"width":403,"height":11}},{"id":"bcb1714f-51e1-40a8-9105-595bc56f2368","block_type":"box","text":"remain below those which may be experienced on the","page_number":28,"box":{"x":504,"y":150,"width":402,"height":11}},{"id":"6d753740-8f35-4740-a7a7-fd9f853c9b2b","block_type":"box","text":"other funds within the Aviva Investors Multi-asset Plus","page_number":28,"box":{"x":503,"y":170,"width":403,"height":9}},{"id":"ab75251c-931d-4841-9e46-0177f7b06249","block_type":"box","text":"Fund range. A defensive investor is prepared to accept","page_number":28,"box":{"x":504,"y":191,"width":402,"height":11}},{"id":"cf30bf82-f3a2-4507-adbe-cc080fc9adc3","block_type":"box","text":"the risk that they may lose some or all of their money","page_number":28,"box":{"x":503,"y":211,"width":404,"height":11}},{"id":"ff48a836-2a22-44cf-96b2-4659bb57e313","block_type":"box","text":"in return for the possibility of better returns than a UK","page_number":28,"box":{"x":504,"y":231,"width":403,"height":12}},{"id":"453d57b5-ac12-41a3-83d0-13592cfee2ba","block_type":"box","text":"bank or building society deposit account might offer,","page_number":28,"box":{"x":503,"y":252,"width":402,"height":11}},{"id":"bd041057-757e-424f-9a1e-1c6bb3a58f88","block_type":"box","text":"but would not expect to see the potential levels of","page_number":28,"box":{"x":503,"y":273,"width":403,"height":11}},{"id":"b99b5140-70df-4c64-aadd-ca4d29bf1d7c","block_type":"box","text":"volatility or growth in the medium to long term normally","page_number":28,"box":{"x":503,"y":293,"width":404,"height":11}},{"id":"154a6eea-ea0b-4e51-a2cd-597f9606745f","block_type":"box","text":"associated with the other funds within the Aviva","page_number":28,"box":{"x":503,"y":313,"width":403,"height":9}},{"id":"7605fdc8-5fab-4e76-8bec-2af3c1eb2c7d","block_type":"box","text":"Investors Multi-asset Plus Fund range. 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The details","page_number":47,"box":{"x":152,"y":573,"width":696,"height":11}},{"id":"104e8158-939f-4880-bd84-54c07229f357","block_type":"box","text":"of the charges, including in relation to any discount to the Fund Management Fee payable, are","page_number":47,"box":{"x":151,"y":593,"width":697,"height":12}},{"id":"8b1a2942-c609-4737-a3de-65b79a846428","block_type":"box","text":"to be found in the section headed ‘Fees and Expenses’ below. As a result of differences in the","page_number":47,"box":{"x":151,"y":614,"width":697,"height":11}},{"id":"29aec0fb-5d4e-4299-aec6-81d9bf0062c3","block_type":"box","text":"Fund Management Fee for the different Classes, monies may be deducted from Classes of the","page_number":47,"box":{"x":152,"y":634,"width":696,"height":12}},{"id":"baad1dd1-a5d4-49c0-be49-85c8b00748ff","block_type":"box","text":"same Fund in unequal proportions. 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Share certificates will not be issued. Shareholders will be able","page_number":48,"box":{"x":151,"y":454,"width":697,"height":11}},{"id":"ae0ce800-c42a-47bd-ae79-4d07e8e86f57","block_type":"box","text":"to monitor their holdings by a statement showing transactions in Shares and current holdings","page_number":48,"box":{"x":151,"y":474,"width":697,"height":12}},{"id":"cfeee57e-3baf-4a5d-bf7a-3867d8c14bd1","block_type":"box","text":"which will be sent out to all Shareholders, or in the case of joint holdings to the first-named,","page_number":48,"box":{"x":151,"y":495,"width":696,"height":11}},{"id":"de98571c-7886-4fe5-95c4-c886a22d33d6","block_type":"box","text":"twice a year by the Administrator acting as delegate to the Registrar for the maintenance of the","page_number":48,"box":{"x":151,"y":516,"width":697,"height":11}},{"id":"1b98ca34-ef0d-48b3-861b-d964105f28a9","block_type":"box","text":"Register . The register is prima facie evidence of matters properly entered into it.","page_number":48,"box":{"x":152,"y":536,"width":594,"height":11}},{"id":"6d6bb73b-076f-4968-bb43-0564cf4ad66a","block_type":"box","text":"The ACD is responsible for the register of Shareholders and has delegated responsibility for its","page_number":48,"box":{"x":151,"y":568,"width":697,"height":12}},{"id":"68bbc7a5-e349-4671-9207-6534bb6bcc4d","block_type":"box","text":"maintenance to SS&C Financial Services Europe Limited (the Administrator).","page_number":48,"box":{"x":152,"y":589,"width":568,"height":11}},{"id":"ba88484e-38f2-4723-aeb9-b619f28148e5","block_type":"box","text":"The register may be inspected at the Administrator’s address (see Directory) during normal","page_number":48,"box":{"x":151,"y":621,"width":697,"height":12}},{"id":"8eab2bb1-06d4-4c1a-9f25-81425ec53649","block_type":"box","text":"business hours by any Shareholder or any Shareholder’s duly authorised agent. If any","page_number":48,"box":{"x":151,"y":642,"width":697,"height":11}},{"id":"4b5cc51b-a0fe-4799-9d8e-1b29c08bb746","block_type":"box","text":"Shareholder requires evidence of title to Shares then, upon such proof of identity as it shall","page_number":48,"box":{"x":151,"y":662,"width":696,"height":11}},{"id":"1478b388-3fcd-42bf-9eb4-8c03905f73cb","block_type":"box","text":"reasonably require, the Administrator, acting as delegate to the Registrar for the maintenance","page_number":48,"box":{"x":152,"y":683,"width":696,"height":11}},{"id":"71a3986b-b9be-4fc5-ab30-023b5017badc","block_type":"box","text":"of the Register, will provide the Shareholder with a copy of the relevant entry in the register.","page_number":48,"box":{"x":151,"y":703,"width":677,"height":12}},{"id":"73809e99-0d41-49aa-845b-4e44ded984e1","block_type":"box","text":"Shareholders must notify the Administrator, in its capacity as delegate to the Registrar for the","page_number":48,"box":{"x":151,"y":736,"width":697,"height":11}},{"id":"01df5a54-39a5-4222-9570-db6904baef13","block_type":"box","text":"maintenance of the Register, of any change of address. If Shareholders have changed name","page_number":48,"box":{"x":152,"y":756,"width":696,"height":11}},{"id":"8a387a09-08e2-4a4c-aefc-a86e1f4bd715","block_type":"box","text":"and wish for the register to be updated, please contact us to confirm our requirements.","page_number":48,"box":{"x":151,"y":777,"width":640,"height":11}},{"id":"94b81f7b-97e2-463b-b322-49774e90f623","block_type":"box","text":"Switching","page_number":48,"box":{"x":151,"y":809,"width":100,"height":14}},{"id":"2b6e2b55-3c8e-4139-a6a7-efff2509df66","block_type":"box","text":"Shareholders are entitled (subject to certain restrictions) to Switch all or some of their Shares","page_number":48,"box":{"x":151,"y":845,"width":697,"height":12}},{"id":"440c0aaf-dd58-418b-b514-0e80f8c69fc8","block_type":"box","text":"in one Class or Fund for Shares in another Class or Fund in the Company (but not into any","page_number":48,"box":{"x":152,"y":866,"width":696,"height":11}},{"id":"233c2f32-c7ac-4852-a3ac-ee994a9e4eba","block_type":"box","text":"other funds or classes outside of the Company of which the ACD is the authorised corporate","page_number":48,"box":{"x":151,"y":886,"width":697,"height":11}},{"id":"3157c1ef-678e-48fb-a5cd-7d41453e8de0","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":49,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"a347d1ba-5eac-47b7-802e-492876132ee2","block_type":"box","text":"49","page_number":49,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"5df0651c-b4aa-4edc-a4b6-fd5f2f451008","block_type":"box","text":"Aviva Investors: Public","page_number":49,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"750c2060-4c55-4fe2-b6d1-08370f8b3718","block_type":"box","text":"director or authorised fund manager). Details of this Switching facility and the restrictions are","page_number":49,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"b97de187-f3d2-4503-8d1b-4f9c64fd1f50","block_type":"box","text":"set out in the section entitled ‘Switching’ below.","page_number":49,"box":{"x":151,"y":108,"width":348,"height":11}},{"id":"08827923-9835-416d-8c0c-4a4b8f2b6695","block_type":"box","text":"Converting","page_number":49,"box":{"x":151,"y":141,"width":112,"height":13}},{"id":"5a20bfbe-9257-4dd6-babf-39f3b3f5c3d2","block_type":"box","text":"Shareholders are entitled (subject to certain restrictions) to Convert all or some of their Shares","page_number":49,"box":{"x":151,"y":177,"width":697,"height":11}},{"id":"29970e54-141d-43b8-8588-0766b5ea0096","block_type":"box","text":"of one Class or Type for Shares of another Class or Type within the same Fund. Details of this","page_number":49,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"c71a0b62-7184-4c66-b0a7-c4e8614e2c36","block_type":"box","text":"Conversion facility and the restrictions are set out in the section entitled ‘Converting’ below.","page_number":49,"box":{"x":151,"y":218,"width":674,"height":11}},{"id":"bfddf6e1-e4d2-479e-83a0-314b53d2d516","block_type":"box","text":"Income Shares","page_number":49,"box":{"x":152,"y":251,"width":141,"height":10}},{"id":"8837911f-5e08-41c4-a7bc-b35f1b07d204","block_type":"box","text":"and Accumulation Shares","page_number":49,"box":{"x":300,"y":251,"width":252,"height":10}},{"id":"f46595b0-62f0-40fe-be72-e81bfc3d3586","block_type":"box","text":"Income Shares","page_number":49,"box":{"x":152,"y":287,"width":117,"height":8}},{"id":"89c75547-cabe-4db1-9c20-477ac915b3c6","block_type":"box","text":"Holders of Income Shares will receive distributions.","page_number":49,"box":{"x":152,"y":319,"width":377,"height":9}},{"id":"4c23c57a-ef6b-4168-9be0-0305f7d141d5","block_type":"box","text":"Each such distribution of income made in respect of any Fund at a time when more than one","page_number":49,"box":{"x":152,"y":351,"width":696,"height":11}},{"id":"f7371b94-f174-4a85-a0ba-21b726f8a029","block_type":"box","text":"Class is in issue will be done by reference to the relevant Shareholders’ proportionate interests","page_number":49,"box":{"x":151,"y":372,"width":697,"height":11}},{"id":"13097d8f-7c67-4363-a171-bcf5b5e72b42","block_type":"box","text":"in the Scheme Property of the Fund in question.","page_number":49,"box":{"x":152,"y":392,"width":353,"height":11}},{"id":"fceb14eb-091f-4760-9411-be1e15985678","block_type":"box","text":"Shareholders can choose to have their distribution of income paid direct to their bank or building","page_number":49,"box":{"x":151,"y":425,"width":697,"height":11}},{"id":"04c9bcbe-eaa3-4990-9b87-473bb2d21fe3","block_type":"box","text":"society current account. Alternatively, Shareholders may choose to have their income","page_number":49,"box":{"x":151,"y":445,"width":697,"height":11}},{"id":"a6d5edf0-4821-48c6-b57b-b2994362b67c","block_type":"box","text":"distributions automatically reinvested, to purchase further Shares of the same Class and Fund","page_number":49,"box":{"x":151,"y":466,"width":697,"height":11}},{"id":"89617f64-22e9-44dc-ab97-d6717b2d2905","block_type":"box","text":"at the prevailing Net Asset Value without attracting an Entry Charge. For regular savings plans","page_number":49,"box":{"x":151,"y":486,"width":697,"height":11}},{"id":"14f1cfbf-7f56-4b06-966e-123d25750f8d","block_type":"box","text":"invested in Income Shares the income distribution is automatically reinvested in Shares of the","page_number":49,"box":{"x":152,"y":507,"width":696,"height":11}},{"id":"be9d8b2b-c527-424b-bec2-8ded3eb4dc4c","block_type":"box","text":"same Class and Fund (without attracting an Entry Charge) unless this supplements a lump sum","page_number":49,"box":{"x":151,"y":527,"width":697,"height":11}},{"id":"ff86d0ee-9c47-4497-9a98-a0eea8986065","block_type":"box","text":"investment on which income payment has been selected.","page_number":49,"box":{"x":152,"y":548,"width":423,"height":11}},{"id":"769bad38-cbf0-4025-9680-e6b1e8581cb1","block_type":"box","text":"In the event that there is a delay or failure by a Shareholder to produce information or","page_number":49,"box":{"x":152,"y":580,"width":697,"height":11}},{"id":"b64c39fe-5f62-44c3-8710-7f5cfe909211","block_type":"box","text":"documentation to satisfy anti-money laundering due diligence requirements (please see the","page_number":49,"box":{"x":151,"y":600,"width":697,"height":12}},{"id":"c825f461-8799-424e-814c-301928530c48","block_type":"box","text":"paragraph headed “Money Laundering” in the “Dealing in Shares” section below), any","page_number":49,"box":{"x":151,"y":621,"width":697,"height":11}},{"id":"1cf3ea6a-6a0f-4b79-b914-3f85ee3ff084","block_type":"box","text":"distribution payments due may not be released by the ACD until the requested information has","page_number":49,"box":{"x":151,"y":641,"width":697,"height":11}},{"id":"3f080ef4-6a02-4bc1-93b8-113b88742dae","block_type":"box","text":"been provided.","page_number":49,"box":{"x":151,"y":662,"width":109,"height":11}},{"id":"f46488cb-3bd9-4431-8c33-b8ba4e9f0653","block_type":"box","text":"Distributions to holders of Income Shares will be made following the end of each Distribution","page_number":49,"box":{"x":152,"y":703,"width":696,"height":11}},{"id":"fcdaff81-0b4c-4626-8005-d51bf2b85023","block_type":"box","text":"Period on the basis set out in the paragraph headed “Distributions” in the “Income and","page_number":49,"box":{"x":152,"y":723,"width":696,"height":11}},{"id":"812ef6a2-7268-43c1-b2c1-7d67aafe04da","block_type":"box","text":"Distribution” section below.","page_number":49,"box":{"x":152,"y":744,"width":198,"height":9}},{"id":"b341a056-0e50-4cce-8eca-56000c71d1b6","block_type":"box","text":"Accumulation Shares","page_number":49,"box":{"x":151,"y":776,"width":170,"height":9}},{"id":"c8110a30-a917-445d-ac1f-d68180e3e801","block_type":"box","text":"A number of Funds will have Accumulation Shares (for details of these Funds see Appendix I).","page_number":49,"box":{"x":151,"y":808,"width":696,"height":12}},{"id":"c1c8b45f-3ad1-42a0-a61a-77051f3cce00","block_type":"box","text":"Holders of Accumulation Shares do not receive cash distributions. Instead any income arising","page_number":49,"box":{"x":152,"y":829,"width":696,"height":11}},{"id":"25f397fc-2518-4432-bf5f-2a07829bb506","block_type":"box","text":"in respect of an Accumulation Share is automatically accumulated and is reflected in the price","page_number":49,"box":{"x":152,"y":849,"width":696,"height":12}},{"id":"f9ccbcff-cb48-418c-9b18-8db9dd61b313","block_type":"box","text":"of each Accumulation Share. Allocation of income in respect of Accumulation Shares will be","page_number":49,"box":{"x":151,"y":870,"width":697,"height":11}},{"id":"b2f90f52-05fa-42ff-afc0-6e00cb2379a6","block_type":"box","text":"transferred to the capital property of each Fund within two months of the end of the Distribution","page_number":49,"box":{"x":151,"y":890,"width":696,"height":12}},{"id":"7e2a2d6e-d3ba-437d-b5ee-79488573404b","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":50,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"56f83ee3-5198-4877-b5f3-b6d6cee11754","block_type":"box","text":"50","page_number":50,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"1503897a-c342-42fa-bd57-874149f9e469","block_type":"box","text":"Aviva Investors: Public","page_number":50,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"991ffadf-b1d2-4f4b-96be-d077f50ee2f4","block_type":"box","text":"Period to which that income relates, but will be reflected in the capital value of Accumulation","page_number":50,"box":{"x":152,"y":88,"width":695,"height":11}},{"id":"4704afab-c338-4ec0-88cc-8ac67a6b5fc9","block_type":"box","text":"Shares on the first business day following the end of that Distribution Period. No Entry Charge","page_number":50,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"c6ff9b7d-1131-460d-8268-defd10529946","block_type":"box","text":"is levied on this accumulation.","page_number":50,"box":{"x":152,"y":129,"width":220,"height":8}},{"id":"117b949c-0917-42bc-b59e-02338bf67cd5","block_type":"box","text":"General","page_number":50,"box":{"x":151,"y":161,"width":61,"height":9}},{"id":"a9a0b97a-ad85-4860-b8f7-2348064412eb","block_type":"box","text":"In respect of income arising for both Income Shares and Accumulation Shares, tax vouchers","page_number":50,"box":{"x":152,"y":193,"width":696,"height":11}},{"id":"375500f8-be84-4b42-bc6e-c5394a16fd72","block_type":"box","text":"will be issued and tax accounted for where appropriate.","page_number":50,"box":{"x":151,"y":214,"width":409,"height":11}},{"id":"a390a451-fbe5-4a87-8a9a-9729916eb128","block_type":"box","text":"Where both Income Shares and Accumulation Shares are in existence in relation to a Fund,","page_number":50,"box":{"x":151,"y":246,"width":696,"height":10}},{"id":"781db5ca-1d25-4c5b-be06-876fbd1b59a0","block_type":"box","text":"the relevant Shareholders’ proportionate interests in the Scheme Property of the Fund","page_number":50,"box":{"x":151,"y":266,"width":696,"height":12}},{"id":"35429a24-1cd8-4af5-a135-629e4dbb5bcc","block_type":"box","text":"represented by each Accumulation Share increases as income is accumulated. Further, in","page_number":50,"box":{"x":152,"y":287,"width":696,"height":11}},{"id":"191ddd24-8017-44a9-b5e4-57d9520be290","block_type":"box","text":"these circumstances, the income of the Fund is allocated between Income Shares and","page_number":50,"box":{"x":151,"y":307,"width":696,"height":11}},{"id":"3b8c7359-bfc0-483b-9057-0c3a808d9a09","block_type":"box","text":"Accumulation Shares according to the relevant Shareholders’ proportionate interests in the","page_number":50,"box":{"x":151,"y":328,"width":697,"height":11}},{"id":"0526f6ad-9ee4-4009-b23e-275aa68b6fd6","block_type":"box","text":"Scheme Property of the Fund represented by the Accumulation Shares and Income Shares in","page_number":50,"box":{"x":151,"y":348,"width":696,"height":12}},{"id":"407602bd-64a6-4203-b6b3-a61658fce8c4","block_type":"box","text":"existence at the end of the relevant Distribution Period.","page_number":50,"box":{"x":151,"y":369,"width":406,"height":9}},{"id":"cc3d1dd6-926f-4245-94d1-1e7f797f2dcc","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":51,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"0c76b8ef-f8d5-4fcd-bc05-b25a4723a989","block_type":"box","text":"51","page_number":51,"box":{"x":834,"y":923,"width":12,"height":6}},{"id":"65df4d59-df0a-4553-b757-2d426c0e9bd4","block_type":"box","text":"Aviva Investors: Public","page_number":51,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"f680f748-d6ba-4cfe-852e-2598a11a580b","block_type":"box","text":"Dealing in Shares","page_number":51,"box":{"x":403,"y":91,"width":202,"height":15}},{"id":"63600de8-7bc0-4173-ae5d-6c2d3b1a67b0","block_type":"box","text":"The ACD’s offices are open from at least 9am until at least 5pm on each Dealing Day.","page_number":51,"box":{"x":151,"y":142,"width":635,"height":11}},{"id":"098a85b0-176a-47a7-9cae-7bef52a62a41","block_type":"box","text":"Investors should be aware that the Aviva Investors Multi-Manager Flexible Fund, the","page_number":51,"box":{"x":152,"y":174,"width":696,"height":12}},{"id":"9c29a7ef-4f23-42d1-b8e8-13857ba34ae2","block_type":"box","text":"Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi\u0002","page_number":51,"box":{"x":151,"y":195,"width":697,"height":11}},{"id":"8605692a-7513-40f0-ab47-05328ee70cd8","block_type":"box","text":"Manager 20-60% Shares Fund operate a 5pm dealing cut-off.","page_number":51,"box":{"x":152,"y":215,"width":476,"height":12}},{"id":"cb204f06-9f34-41db-be73-317964bb05e3","block_type":"box","text":"Instructions to deal in Shares","page_number":51,"box":{"x":635,"y":215,"width":213,"height":9}},{"id":"92403550-b253-420b-8aea-f4462f374655","block_type":"box","text":"in relation to those Funds which are received and accepted by the ACD before 5pm on a","page_number":51,"box":{"x":152,"y":236,"width":696,"height":11}},{"id":"99890e35-b11a-4d45-b9a9-7edbf1c01e43","block_type":"box","text":"Dealing Day will be processed at the 9am Valuation Point on the next Dealing Day in respect","page_number":51,"box":{"x":152,"y":257,"width":696,"height":11}},{"id":"aeb5c655-291c-465a-b163-360056754b58","block_type":"box","text":"of","page_number":51,"box":{"x":151,"y":277,"width":13,"height":9}},{"id":"dd873dc6-ef34-4400-a340-630403ee2196","block_type":"box","text":"the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85%","page_number":51,"box":{"x":169,"y":277,"width":679,"height":11}},{"id":"79ba45c0-7091-474f-b37e-a22354dfbfc2","block_type":"box","text":"Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares Fund. All instructions","page_number":51,"box":{"x":151,"y":297,"width":697,"height":12}},{"id":"a2bca3f1-3ec7-485c-a854-a80389b6570c","block_type":"box","text":"received and accepted after this time will be held over and processed at the 9am Valuation","page_number":51,"box":{"x":152,"y":318,"width":696,"height":11}},{"id":"91ed526d-f3bd-4a0f-944f-31bf3bc539a8","block_type":"box","text":"Point on the next following Dealing Day. For example, an instruction received in any of the","page_number":51,"box":{"x":152,"y":338,"width":696,"height":12}},{"id":"2c2859ea-2202-4d8a-89a6-25c973d434d0","block_type":"box","text":"Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager 40-85%","page_number":51,"box":{"x":151,"y":359,"width":697,"height":11}},{"id":"ef2d2124-1e53-4ef5-8ad9-c2f66de9c441","block_type":"box","text":"Shares Fund and the Aviva Investors Multi-Manager 20-60% Shares Fund by 11am on a","page_number":51,"box":{"x":151,"y":379,"width":697,"height":12}},{"id":"59fa291d-ba58-412d-9d30-6294ca965e51","block_type":"box","text":"Tuesday will be processed at the 9am Valuation Point on Wednesday. However, an instruction","page_number":51,"box":{"x":151,"y":400,"width":696,"height":11}},{"id":"c9db83b1-2fe0-42b2-a2c4-da5b13102844","block_type":"box","text":"received in the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors Multi-Manager","page_number":51,"box":{"x":152,"y":420,"width":697,"height":11}},{"id":"a1060fa7-69d7-4af2-b5c8-c0c60d3d853b","block_type":"box","text":"40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares Fund by 5.15pm","page_number":51,"box":{"x":151,"y":441,"width":697,"height":11}},{"id":"cedd231b-90ce-4e01-99f8-43c39cf61ef0","block_type":"box","text":"on a Tuesday will not be processed until the 9am Valuation Point on Thursday.","page_number":51,"box":{"x":151,"y":461,"width":583,"height":11}},{"id":"c3bd592b-dfde-4e0a-9390-2faea3e52120","block_type":"box","text":"Investors should be aware that all Funds in the Aviva Investors Multi-asset Core Fund","page_number":51,"box":{"x":152,"y":494,"width":695,"height":9}},{"id":"9417dc06-60e7-4c5c-9621-7f645fc8995d","block_type":"box","text":"range, the Aviva Investors Multi-asset Plus Fund range","page_number":51,"box":{"x":152,"y":514,"width":446,"height":11}},{"id":"1ab404e9-7af0-4214-94ca-2a100d863a72","block_type":"box","text":"and the Aviva Investors Multi\u0002","page_number":51,"box":{"x":605,"y":514,"width":243,"height":9}},{"id":"5eddece2-1570-43cc-a607-638966a9ac35","block_type":"box","text":"asset Stewardship Fund range","page_number":51,"box":{"x":151,"y":534,"width":247,"height":12}},{"id":"ace9f0fb-ca11-401e-95ae-36fc19f3b33f","block_type":"box","text":"operate a 12 noon dealing cut-off.","page_number":51,"box":{"x":405,"y":535,"width":274,"height":11}},{"id":"be14513d-003f-4999-ae93-1efb7c9142a1","block_type":"box","text":"Instructions to deal in","page_number":51,"box":{"x":687,"y":535,"width":160,"height":8}},{"id":"93e14830-0a3e-49d5-8f44-f7ff55d39ebd","block_type":"box","text":"Shares in relation to those Funds which are received and accepted by the ACD by 12 noon on","page_number":51,"box":{"x":151,"y":555,"width":697,"height":11}},{"id":"48644636-ae33-4285-90c5-b750fad8ce8d","block_type":"box","text":"a Dealing Day will be dealt with at the price calculated as at the 11.59pm Valuation Point on","page_number":51,"box":{"x":151,"y":576,"width":696,"height":11}},{"id":"2b18ef96-633c-4836-9424-9e19427a38bb","block_type":"box","text":"that Dealing Day. All instructions received and accepted after the 12 noon dealing cut off point","page_number":51,"box":{"x":151,"y":596,"width":697,"height":11}},{"id":"34df4974-e067-435f-92c1-14f6bf94d734","block_type":"box","text":"on a Dealing Day will be held over and dealt with at the price calculated as at the 11.59pm","page_number":51,"box":{"x":151,"y":617,"width":696,"height":11}},{"id":"98b7c194-7fe5-4b54-b936-ad8d2d94f897","block_type":"box","text":"Valuation Point for the next Dealing Day. For example, an instruction received by 11.00am on","page_number":51,"box":{"x":151,"y":637,"width":697,"height":11}},{"id":"cc00796e-e015-4030-a5dc-c575fa4050b5","block_type":"box","text":"a Tuesday will be processed at the 11.59pm Valuation Point on that day. However, an","page_number":51,"box":{"x":151,"y":658,"width":697,"height":11}},{"id":"f86dfd7b-2ce2-4d78-9156-86140869508c","block_type":"box","text":"instruction received at 1.00pm on a Tuesday will not be processed until the 11.59pm Valuation","page_number":51,"box":{"x":152,"y":678,"width":696,"height":11}},{"id":"8be69090-d74d-40d6-865e-82355c844ff2","block_type":"box","text":"Point on Wednesday.","page_number":51,"box":{"x":152,"y":699,"width":157,"height":11}},{"id":"ac5dffe2-9318-4b3e-be09-c1e536d61a06","block_type":"box","text":"For all other Funds instructions to deal in Shares received up to 2pm on a Business Day","page_number":51,"box":{"x":152,"y":739,"width":696,"height":12}},{"id":"2fe2cf08-0c04-49c1-9841-70d4cd550c20","block_type":"box","text":"will be processed as at that time. 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Prices may also be published in some newspapers. The","page_number":52,"box":{"x":417,"y":422,"width":431,"height":11}},{"id":"06dd59fd-5504-4651-a84b-534041927dbc","block_type":"box","text":"ACD does not accept responsibility for the accuracy of the prices published in or the non\u0002","page_number":52,"box":{"x":151,"y":442,"width":697,"height":11}},{"id":"9acb9e5b-861c-4565-96c6-0fc7a0d775dd","block_type":"box","text":"publication of prices by newspapers for reasons beyond the control of the ACD.","page_number":52,"box":{"x":151,"y":463,"width":587,"height":11}},{"id":"e6f0f997-f72a-4dd3-9fba-d5d7928a9b45","block_type":"box","text":"*","page_number":52,"box":{"x":151,"y":495,"width":4,"height":3}},{"id":"9b5f12c5-6cd4-49a3-8956-06eaafe0270b","block_type":"box","text":"Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective","page_number":52,"box":{"x":160,"y":495,"width":688,"height":9}},{"id":"b518faaa-4376-4182-abb2-4625428f361c","block_type":"box","text":"related, 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2003","page_number":52,"box":{"x":151,"y":665,"width":690,"height":12}},{"id":"4c026655-31c6-4fb9-8938-4988c44ab1ab","block_type":"box","text":"*","page_number":52,"box":{"x":842,"y":666,"width":6,"height":4}},{"id":"05fab5cb-d95e-40e6-9e7d-3926c4d6e89d","block_type":"box","text":"(subject to subsequent completion of an application/registration form for administrative and","page_number":52,"box":{"x":152,"y":686,"width":696,"height":11}},{"id":"3bc05d89-ff94-40bc-a79b-6d4845384957","block_type":"box","text":"verification purposes), or by sending a completed application form to the ACD.","page_number":52,"box":{"x":151,"y":706,"width":579,"height":12}},{"id":"1144bbdf-4a5a-475e-a558-b7a8d47b89e5","block_type":"box","text":"Application forms are available from the ACD by writing to the Administrator, by telephoning the","page_number":52,"box":{"x":151,"y":739,"width":697,"height":11}},{"id":"4f48c066-9126-4639-9619-4fc53b7653cc","block_type":"box","text":"ACD or on the internet at","page_number":52,"box":{"x":151,"y":759,"width":185,"height":9}},{"id":"7791877f-ec03-4b56-b2d0-ff3bcf7e7f06","block_type":"box","text":"www.avivainvestors.com","page_number":52,"box":{"x":341,"y":759,"width":183,"height":9}},{"id":"f2e51321-99d1-4752-bee0-fcd213776dfd","block_type":"box","text":".","page_number":52,"box":{"x":526,"y":767,"width":2,"height":1}},{"id":"52a42015-eb2f-4c58-9558-b06e3818aa64","block_type":"box","text":"* Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective","page_number":52,"box":{"x":151,"y":791,"width":697,"height":9}},{"id":"37153e51-0522-452d-afa9-36b80b893354","block_type":"box","text":"related, associated or affiliated companies for records keeping, security and/or training purposes, please see the","page_number":52,"box":{"x":152,"y":808,"width":697,"height":9}},{"id":"69683ba3-20e6-4eef-bd48-a01d533e9155","block_type":"box","text":"paragraph 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The determination of any shortfall will be based upon the price","page_number":54,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"60187edf-515d-4fa1-aebc-bd1ebf64bc45","block_type":"box","text":"of the Fund at the next Dealing Day following the ACD’s receipt of the completed cancellation","page_number":54,"box":{"x":151,"y":128,"width":696,"height":12}},{"id":"4b554a08-e44b-4908-99f1-5dd6e16b92c7","block_type":"box","text":"notice.","page_number":54,"box":{"x":152,"y":149,"width":46,"height":9}},{"id":"f5001fc3-9d79-4639-8310-6379654d0d68","block_type":"box","text":"If payment has not already been made settlement of the full purchase price and any related","page_number":54,"box":{"x":152,"y":181,"width":695,"height":11}},{"id":"afe8d31b-71b4-4de5-abd8-c068a6aaa0ce","block_type":"box","text":"fees and expenses is due immediately and in respect of all Funds by no later than four Business","page_number":54,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"58f0b03a-c137-4745-9dfc-1d6eda20724c","block_type":"box","text":"Days following the Valuation Point relevant to the subscription request, as set out above. The","page_number":54,"box":{"x":152,"y":222,"width":696,"height":12}},{"id":"6ca81e84-5656-470c-b4c5-065c9f1fe4f5","block_type":"box","text":"ACD, at its discretion, may delay issuing the Shares until payment is received. If settlement is","page_number":54,"box":{"x":151,"y":243,"width":697,"height":11}},{"id":"53fcefb6-70fc-423d-a04e-754ebe8f8e82","block_type":"box","text":"not made within a reasonable period, the ACD has the right to cancel any Shares issued in","page_number":54,"box":{"x":152,"y":263,"width":696,"height":11}},{"id":"31394aaa-a9fc-40dd-88cd-2587d4aae4f5","block_type":"box","text":"respect of the application.","page_number":54,"box":{"x":152,"y":284,"width":188,"height":11}},{"id":"520964ca-99c5-49ac-8c0f-0586cd890a86","block_type":"box","text":"In applying for Shares, prospective Shareholders agree to subscribe for Shares on the basis","page_number":54,"box":{"x":152,"y":316,"width":696,"height":11}},{"id":"75bfb9c3-f710-41e5-b565-3396435fd670","block_type":"box","text":"of, and to be bound by, the terms of the Instrument of Incorporation and this Prospectus as","page_number":54,"box":{"x":151,"y":337,"width":697,"height":11}},{"id":"e9b67028-b0cd-4f6d-92d7-7f48308f54d3","block_type":"box","text":"applicable in respect of their holding of Shares.","page_number":54,"box":{"x":151,"y":357,"width":347,"height":11}},{"id":"24f5c37e-b027-4eeb-81ff-2ff940c6956f","block_type":"box","text":"Share certificates will not be issued in respect of registered Shares. Ownership of Shares will","page_number":54,"box":{"x":151,"y":389,"width":697,"height":12}},{"id":"23372d97-5b0c-460e-82b2-bb4d75311819","block_type":"box","text":"be evidenced by an entry on the Register of Shareholders. Statements covering periodic","page_number":54,"box":{"x":151,"y":410,"width":697,"height":11}},{"id":"f57a5cc8-1701-4ec5-af52-b9566b028791","block_type":"box","text":"distributions on Shares will show the number of Shares held by the recipient. Individual","page_number":54,"box":{"x":151,"y":430,"width":696,"height":12}},{"id":"52ffd545-3ef0-446b-a4f4-d4439854ee82","block_type":"box","text":"statements of a Shareholder’s (or in the case of joint holdings, the first named holder’s) Shares","page_number":54,"box":{"x":151,"y":451,"width":697,"height":11}},{"id":"bf33d89b-18c5-4568-a6a9-29f1af7aa6c1","block_type":"box","text":"will also be issued at any time on request by the registered holder.","page_number":54,"box":{"x":151,"y":472,"width":490,"height":11}},{"id":"c6e79284-941e-4469-bfb9-ec73efdeb074","block_type":"box","text":"Regular Savings Plan","page_number":54,"box":{"x":152,"y":504,"width":169,"height":11}},{"id":"1c587466-e5d2-4e9a-bb06-1a3ff6dd0bab","block_type":"box","text":"The ACD operates a regular savings plan for Class 1. The regular savings plan is subject to a","page_number":54,"box":{"x":151,"y":536,"width":697,"height":11}},{"id":"ecd1a1e9-af49-4d3b-ba4e-e054d41682c4","block_type":"box","text":"minimum monthly subscription of £50 in any one Fund. This minimum may be waived by the","page_number":54,"box":{"x":152,"y":557,"width":696,"height":11}},{"id":"f15bafe0-b890-4a7a-820b-03fb7c3a8265","block_type":"box","text":"ACD at its discretion. Contract notes for the purchase of Shares will not be issued to","page_number":54,"box":{"x":151,"y":577,"width":697,"height":11}},{"id":"7af10beb-6077-4fd4-9998-b44d0c90b781","block_type":"box","text":"Shareholders investing through a regular savings plan. Regular savings may be permitted in","page_number":54,"box":{"x":151,"y":597,"width":697,"height":12}},{"id":"0f4feb38-3ce8-41f6-8a51-b8b71f36e38d","block_type":"box","text":"Class 2 shares at the manager’s discretion.","page_number":54,"box":{"x":151,"y":618,"width":320,"height":11}},{"id":"4352494e-8b54-498f-b819-143d6ae30e39","block_type":"box","text":"Delivery Versus Payment Exemption on the purchase of Shares","page_number":54,"box":{"x":152,"y":650,"width":505,"height":12}},{"id":"934f86e5-2cf7-4f71-b967-f636c3f603d0","block_type":"box","text":"The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who","page_number":54,"box":{"x":151,"y":683,"width":697,"height":11}},{"id":"14978a7f-3e86-4c3c-84ad-da2492509c7e","block_type":"box","text":"consent, as set out in the FCA’s Client Asset (CASS) Rules.","page_number":54,"box":{"x":151,"y":703,"width":443,"height":11}},{"id":"3d5eb01b-b8d5-40ec-9fbb-5291b86c87bb","block_type":"box","text":"The use of the DVP exemption is limited to payments we receive from Shareholders by","page_number":54,"box":{"x":151,"y":736,"width":697,"height":11}},{"id":"6ce0446c-bece-46ee-9e94-8d1b07c64cb8","block_type":"box","text":"electronic bank transfer or via commercial settlement systems (e.g. EMX or Clearstream) for","page_number":54,"box":{"x":151,"y":756,"width":698,"height":11}},{"id":"a1cf5047-53b8-4641-9798-274f56392c30","block_type":"box","text":"the purposes of settling a transaction in Shares.","page_number":54,"box":{"x":151,"y":776,"width":353,"height":12}},{"id":"e2e48add-8a5e-486e-b4f9-656aa29c0af4","block_type":"box","text":"The DVP exemption for payments received from Shareholders by electronic bank transfer","page_number":54,"box":{"x":151,"y":809,"width":697,"height":11}},{"id":"c1e42841-4cf5-4641-a965-a472aa457c90","block_type":"box","text":"provides a period, during which the monies received will not be treated as “client money” within","page_number":54,"box":{"x":151,"y":829,"width":697,"height":12}},{"id":"6fce2fba-d510-4772-ba9c-eacfd05e9869","block_type":"box","text":"the meaning of the FCA’s Client Asset (CASS) Rules, from the point that the ACD receives a","page_number":54,"box":{"x":151,"y":850,"width":697,"height":11}},{"id":"1f05cb76-7149-4bad-87bd-db1260793e88","block_type":"box","text":"Shareholder’s money until the close of the next business day.","page_number":54,"box":{"x":151,"y":870,"width":455,"height":11}},{"id":"91bd81b1-d0e9-4c58-aade-7b47e6640b00","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":55,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"c51c434e-d38f-4f1d-b6c8-b82d0d9be4aa","block_type":"box","text":"55","page_number":55,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"da4766c3-620c-4008-b801-2fa82b1c9985","block_type":"box","text":"Aviva Investors: Public","page_number":55,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"80467d4e-4e50-46f3-8f72-1172d74ccb34","block_type":"box","text":"Payments received from Shareholders via commercial settlement systems will not typically be","page_number":55,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"cf6d9113-f7bf-40b4-ac25-4ed04090a8e2","block_type":"box","text":"treated as client money during the same period as that which applies to other payment methods","page_number":55,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"38778e2d-7637-4bfe-8500-243a8234bd42","block_type":"box","text":"mentioned above. However for payments received via commercial settlement systems the ACD","page_number":55,"box":{"x":152,"y":128,"width":696,"height":12}},{"id":"fb5406c1-a61e-4a12-8cf1-32b1213a05de","block_type":"box","text":"reserves the right to extend the period during which money is not treated as client money until","page_number":55,"box":{"x":152,"y":149,"width":695,"height":11}},{"id":"5d0b0ec1-6117-4bdd-9533-1c3fb7a1051f","block_type":"box","text":"the close of business three business days after the receipt of a Shareholder’s money.","page_number":55,"box":{"x":151,"y":169,"width":631,"height":12}},{"id":"23632e06-2501-41d4-91ed-a82e92d87138","block_type":"box","text":"Money which is not treated as client money will not be held in a segregated client bank account","page_number":55,"box":{"x":152,"y":202,"width":696,"height":11}},{"id":"12b1f91b-35cc-418b-9b73-1b2f361f908a","block_type":"box","text":"and will not be protected from the insolvency of the ACD.","page_number":55,"box":{"x":151,"y":222,"width":421,"height":11}},{"id":"2d9721af-ba71-4222-9351-7b67e78bf764","block_type":"box","text":"Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, the","page_number":55,"box":{"x":151,"y":255,"width":697,"height":11}},{"id":"0a43bfb6-89c2-4e79-8436-276b2cacae82","block_type":"box","text":"ACD will protect Shareholder money as client money until the transaction has been settled.","page_number":55,"box":{"x":151,"y":275,"width":673,"height":11}},{"id":"38e45c6a-8ef0-451b-8fff-06416c4d541f","block_type":"box","text":"If a Shareholder makes payment to the ACD by cheque, debit card or direct debit the ACD will","page_number":55,"box":{"x":152,"y":316,"width":695,"height":11}},{"id":"2f944a1c-642c-47ad-a72c-034eb4be872e","block_type":"box","text":"protect the Shareholder’s at the time of receipt and will not use the DVP exemption.","page_number":55,"box":{"x":151,"y":337,"width":617,"height":11}},{"id":"44643c8d-cb68-44f1-a2ae-1f265976e3b1","block_type":"box","text":"Selling Shares","page_number":55,"box":{"x":151,"y":369,"width":144,"height":14}},{"id":"6f0f05cf-c1c9-497a-b096-6ebec4229ba9","block_type":"box","text":"A Shareholder wishing to sell Shares should contact the ACD by telephoning 0800 051 2003","page_number":55,"box":{"x":151,"y":405,"width":690,"height":12}},{"id":"3d30ac39-5627-4e85-8ae6-6a046226c104","block_type":"box","text":"*","page_number":55,"box":{"x":843,"y":406,"width":5,"height":4}},{"id":"7f95ecf3-a1d9-41ba-aa5b-25dc86406ad1","block_type":"box","text":"or in writing. Instructions to sell are irrevocable. Unless the ACD agrees otherwise, it will not","page_number":55,"box":{"x":151,"y":426,"width":697,"height":11}},{"id":"3897aa13-273f-4465-ac08-247fe632474f","block_type":"box","text":"accept instructions to sell Shares on the basis of an authority communicated by electronic","page_number":55,"box":{"x":151,"y":446,"width":697,"height":12}},{"id":"b6314ed1-875d-43cd-87f8-1a92d2848fd9","block_type":"box","text":"means. However, the ACD may, at its discretion, introduce further methods in the future.","page_number":55,"box":{"x":152,"y":467,"width":652,"height":11}},{"id":"567c2e53-238c-442c-b219-f172a102509b","block_type":"box","text":"*","page_number":55,"box":{"x":151,"y":499,"width":4,"height":3}},{"id":"bd9b3fc0-ffdf-40c8-ae32-a0d9e6d3e9d3","block_type":"box","text":"Telephone calls may be recorded by the ACD, its delegates, their duly appointed agents and any of their respective","page_number":55,"box":{"x":160,"y":499,"width":688,"height":9}},{"id":"184754d1-8d0b-4741-be16-3769232f6664","block_type":"box","text":"related, associated or affiliated companies for records keeping, security and/or training purposes, please see the","page_number":55,"box":{"x":152,"y":515,"width":697,"height":9}},{"id":"39e4bbfb-069c-4969-9392-ff77793506e1","block_type":"box","text":"paragraph “","page_number":55,"box":{"x":151,"y":532,"width":69,"height":9}},{"id":"9606f188-dbca-48bf-bdb4-3c7a99fd8ff6","block_type":"box","text":"Telephone Recording","page_number":55,"box":{"x":220,"y":532,"width":137,"height":9}},{"id":"edf43383-f633-4777-a526-eee6221374be","block_type":"box","text":"” below for further information.","page_number":55,"box":{"x":358,"y":532,"width":178,"height":7}},{"id":"2de95f8f-b524-4854-b1f7-41abd6c4f0ec","block_type":"box","text":"Every Shareholder is entitled on any Business Day to request that the Company redeem their","page_number":55,"box":{"x":152,"y":560,"width":696,"height":11}},{"id":"bffc9b78-74c4-4f6e-ad9b-b3730f43ef98","block_type":"box","text":"Shares and the Company will be required to redeem them in accordance with the procedures","page_number":55,"box":{"x":151,"y":581,"width":697,"height":11}},{"id":"2c90ee17-26bd-494c-9951-970414d47317","block_type":"box","text":"set out below.","page_number":55,"box":{"x":151,"y":601,"width":101,"height":9}},{"id":"9f835107-f622-4faa-9bac-26c427cf8038","block_type":"box","text":"Redemption requests for the Aviva Investors Multi-Manager Flexible Fund, the Aviva Investors","page_number":55,"box":{"x":152,"y":634,"width":696,"height":11}},{"id":"d614fbb3-74c9-4640-aa00-fdd1263c464b","block_type":"box","text":"Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi-Manager 20-60% Shares","page_number":55,"box":{"x":152,"y":654,"width":696,"height":11}},{"id":"5f0e2350-7b74-4d5c-aaa2-e36a485b4e67","block_type":"box","text":"Fund received and accepted by the ACD by 5pm on a Dealing Day will be dealt with at the price","page_number":55,"box":{"x":152,"y":674,"width":696,"height":12}},{"id":"a2f968e0-e8da-42f5-af48-88a9257a47ff","block_type":"box","text":"calculated as at the Valuation Point in respect of the relevant Fund on the next Dealing Day. All","page_number":55,"box":{"x":151,"y":695,"width":697,"height":11}},{"id":"a6037411-e80a-438f-80a7-96e9b3428859","block_type":"box","text":"requests received and accepted after that time will be held over and dealt with at the price","page_number":55,"box":{"x":152,"y":716,"width":696,"height":11}},{"id":"2e80b3c4-7c47-4d58-a90e-ce4c83ad7784","block_type":"box","text":"calculated as at the Valuation Point for the next following Dealing Day.","page_number":55,"box":{"x":151,"y":736,"width":520,"height":11}},{"id":"118b156a-81df-4314-843e-cc3468e61553","block_type":"box","text":"Redemption requests for the Aviva Investors Multi-asset Core Fund range, the Aviva Investors","page_number":55,"box":{"x":152,"y":768,"width":696,"height":12}},{"id":"8b37514f-98c5-45bc-8ff5-aab41883c023","block_type":"box","text":"Multi-asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range which","page_number":55,"box":{"x":152,"y":789,"width":695,"height":11}},{"id":"823269a0-1715-42c4-b3db-66d51746de60","block_type":"box","text":"are received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the","page_number":55,"box":{"x":151,"y":809,"width":697,"height":12}},{"id":"27a984c1-c105-4b98-bdd5-cb1d9ee795f9","block_type":"box","text":"price calculated as at the 11.59pm Valuation Point on that Dealing Day. All requests received","page_number":55,"box":{"x":151,"y":830,"width":697,"height":11}},{"id":"f09186ed-455f-4233-88c5-16379b277cca","block_type":"box","text":"and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and","page_number":55,"box":{"x":151,"y":850,"width":696,"height":12}},{"id":"3da80ef6-a053-4759-be1d-eed25a3085fd","block_type":"box","text":"dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day.","page_number":55,"box":{"x":151,"y":871,"width":683,"height":11}},{"id":"e1b7fb9a-e89c-4af1-9052-3b01010240c9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":56,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"2655a656-0309-498e-8418-71878c4676e7","block_type":"box","text":"56","page_number":56,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"324b29d7-589a-4d54-8454-cf2f2444a576","block_type":"box","text":"Aviva Investors: Public","page_number":56,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"14d15f06-5d37-491b-8297-07d57fe971d6","block_type":"box","text":"For all other Funds redemption requests received up to 2pm on a Business Day will be","page_number":56,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"bcd9bee4-8971-41d2-9ccf-91f1cfea9884","block_type":"box","text":"processed as at that time. Instructions received after 2pm will be processed on the next Dealing","page_number":56,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"c5526a6b-cd0b-4821-9517-1986b2011610","block_type":"box","text":"Day.","page_number":56,"box":{"x":152,"y":129,"width":32,"height":11}},{"id":"8612fa80-22f4-4560-83f7-defc1a775372","block_type":"box","text":"A contract note giving details of the number and price of Shares sold will be sent to the selling","page_number":56,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"203e5719-bc0a-418e-98a2-057616a9b797","block_type":"box","text":"Shareholder (the first named in the case of joint holders) together (if sufficient written","page_number":56,"box":{"x":151,"y":181,"width":697,"height":12}},{"id":"d8af274e-a02a-4e64-a87d-ee9ad14fd1af","block_type":"box","text":"instructions have not already been given) with a form of renunciation for completion and","page_number":56,"box":{"x":152,"y":202,"width":696,"height":11}},{"id":"d0b70d3c-558b-4616-a7d7-0696beba641c","block_type":"box","text":"execution by the Shareholder (and in the case of joint holders, by all the joint holders) no later","page_number":56,"box":{"x":151,"y":222,"width":698,"height":11}},{"id":"c24bc5e7-859b-4c53-afd6-3b9f913346c0","block_type":"box","text":"than the end of the Business Day following the day of the Valuation Point by reference to which","page_number":56,"box":{"x":151,"y":243,"width":696,"height":11}},{"id":"ebbe5ad3-54af-4f01-a9f7-46b27ec39060","block_type":"box","text":"the redemption price is determined or,","page_number":56,"box":{"x":151,"y":263,"width":283,"height":11}},{"id":"c8ea77b5-9e0b-47e9-9b09-2cc305c14a1b","block_type":"box","text":"if the confirmation of the sale of the Shares is received","page_number":56,"box":{"x":442,"y":263,"width":406,"height":9}},{"id":"a76a0869-f073-48fc-ab7f-9687bceb6a68","block_type":"box","text":"by the ACD from a third party, no later than the first Business Day following receipt of the","page_number":56,"box":{"x":151,"y":284,"width":697,"height":11}},{"id":"b6ca9467-9d83-4b4b-8412-cf6de26be143","block_type":"box","text":"confirmation from the third party. In respect of all Funds the redemption monies will be paid","page_number":56,"box":{"x":151,"y":304,"width":697,"height":11}},{"id":"ca5f33ae-8cc6-4c8d-a7c4-a9723764b630","block_type":"box","text":"within four Business Days, of the later of:","page_number":56,"box":{"x":151,"y":325,"width":302,"height":11}},{"id":"8bf35790-edc5-46ab-946b-8a69a7afbc2c","block_type":"box","text":"1. the receipt by the ACD of the form of renunciation (or other sufficient written instructions)","page_number":56,"box":{"x":152,"y":357,"width":696,"height":11}},{"id":"53e9959a-41d2-4c0a-bae4-64ec20ef2407","block_type":"box","text":"duly signed by all the relevant Shareholders and completed as to the appropriate number of","page_number":56,"box":{"x":151,"y":377,"width":697,"height":12}},{"id":"d14016a1-8ccd-4c72-aa23-dce71c3add32","block_type":"box","text":"Shares, together with any other appropriate evidence of title, and","page_number":56,"box":{"x":151,"y":398,"width":480,"height":11}},{"id":"bea1572e-95e6-4722-9d37-db25a442a409","block_type":"box","text":"2. the Valuation Point by reference to which the redemption price is determined.","page_number":56,"box":{"x":151,"y":430,"width":595,"height":12}},{"id":"245f72d9-f5c7-4b1b-a225-872e838754e7","block_type":"box","text":"However where money is owing on the earlier sale of the Shares to be redeemed and has not","page_number":56,"box":{"x":152,"y":483,"width":696,"height":12}},{"id":"9ab65aff-0160-4f43-ae27-53476db64915","block_type":"box","text":"been received and cleared by the time the redemption proceeds would otherwise be payable,","page_number":56,"box":{"x":151,"y":504,"width":696,"height":11}},{"id":"730dc0ed-71dd-4c57-af6e-d5b3d467ccb4","block_type":"box","text":"then the redemption proceeds for those Shares will not be sent until such time as the initial","page_number":56,"box":{"x":151,"y":524,"width":696,"height":11}},{"id":"0acd4ab9-d792-4c28-b1ec-4b60be0796e4","block_type":"box","text":"money has been received and cleared.","page_number":56,"box":{"x":152,"y":545,"width":287,"height":11}},{"id":"dd2ba0d6-289f-4924-a0bb-4019f6ee7416","block_type":"box","text":"For the sale of Shares in Class 8, if any payment due from the Shareholder under the terms of","page_number":56,"box":{"x":152,"y":577,"width":696,"height":11}},{"id":"a966b029-7f28-4f5e-a84d-9bd489d50e70","block_type":"box","text":"the separate written agreement entered into as a condition to investing in that Class is overdue","page_number":56,"box":{"x":151,"y":597,"width":697,"height":12}},{"id":"9a6de4aa-4483-486e-b4c9-f7cfedba90be","block_type":"box","text":"at the time of the Shareholder’s request to redeem Shares, the ACD will have the right to deduct","page_number":56,"box":{"x":151,"y":618,"width":697,"height":11}},{"id":"2f17cb5a-00c5-4927-ae30-ca6fc441c3b2","block_type":"box","text":"the outstanding amount from the redemption proceeds before paying the remainder (if any) to","page_number":56,"box":{"x":151,"y":638,"width":697,"height":12}},{"id":"d01129af-2fd3-4a59-ba35-ad88a551f1ae","block_type":"box","text":"the Shareholder in satisfaction of the redemption request.","page_number":56,"box":{"x":151,"y":659,"width":425,"height":11}},{"id":"e43be93a-3716-4bcf-b8d1-181340667a84","block_type":"box","text":"Delivery Versus Payment Exemption on the sale of Shares","page_number":56,"box":{"x":152,"y":691,"width":463,"height":12}},{"id":"b968d6ab-37fc-4eeb-b7d5-ea94c0ce7aee","block_type":"box","text":"The ACD makes use of the ‘delivery versus payment’ (DVP) exemption for Shareholders who","page_number":56,"box":{"x":151,"y":724,"width":697,"height":11}},{"id":"0f09fff9-1d06-4a2f-a662-c40f700e25eb","block_type":"box","text":"consent, as set out in the FCA’s Client Asset (CASS) Rules.","page_number":56,"box":{"x":151,"y":744,"width":443,"height":11}},{"id":"3be38f21-c015-4b0e-8b12-a1ed8e063d92","block_type":"box","text":"The use of the DVP exemption is limited to payments the ACD makes to Shareholders by","page_number":56,"box":{"x":151,"y":785,"width":698,"height":11}},{"id":"1834dcc6-6e53-4a91-ba09-37320c70501c","block_type":"box","text":"electronic bank transfer and via commercial settlement systems (e.g. EMX or Clearstream).","page_number":56,"box":{"x":151,"y":806,"width":676,"height":11}},{"id":"1251748c-d45d-48a4-9edf-0d3273feca29","block_type":"box","text":"All these methods of payment should clear in the Shareholder’s account on the payment date.","page_number":56,"box":{"x":151,"y":847,"width":696,"height":11}},{"id":"e0425bf1-f769-4515-a1b1-5d9e8ea96c7b","block_type":"box","text":"However, should such payments fail to clear on the payment date, the DVP exemption provides","page_number":56,"box":{"x":152,"y":867,"width":696,"height":11}},{"id":"dc15f649-e0df-4578-9041-c65065289800","block_type":"box","text":"a period during which the ACD is not required to treat the payment as “client money” within the","page_number":56,"box":{"x":151,"y":888,"width":697,"height":11}},{"id":"279fdfba-e11a-4006-8b08-a00fc076d3fe","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":57,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"6969cb2d-be51-4038-992e-7ab8aeed52cc","block_type":"box","text":"57","page_number":57,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"99b41d14-df1f-4c4e-8f26-8c85194c32e8","block_type":"box","text":"Aviva Investors: Public","page_number":57,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"998b30c4-e484-47fd-90cd-7abe23db1c01","block_type":"box","text":"meaning of the FCA’s Client Asset (CASS) Rules. For payments made to a Shareholder by","page_number":57,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"306f19a2-f349-4748-a96f-613dcbb70d37","block_type":"box","text":"electronic bank transfer this period begins on the date the ACD is due to pay the proceeds to","page_number":57,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"32bdb994-48ab-4690-a266-4a9755c584b0","block_type":"box","text":"the Shareholder until the close of the next business day.","page_number":57,"box":{"x":151,"y":128,"width":416,"height":12}},{"id":"d8d4214c-f2ff-4acd-97fe-03ffb29493a1","block_type":"box","text":"Payments made to Shareholders via commercial settlement systems will not typically be treated","page_number":57,"box":{"x":152,"y":169,"width":696,"height":12}},{"id":"967a90bf-d217-4300-a291-3a87cf495d57","block_type":"box","text":"as client money during the same period as that which applies to other payment methods","page_number":57,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"dba58d99-a313-4992-8ab0-019bd3d426cf","block_type":"box","text":"mentioned above. However for payments made via commercial settlement systems the ACD","page_number":57,"box":{"x":152,"y":210,"width":696,"height":12}},{"id":"dad07c67-dd49-4aab-bf03-ed3b33c7c75c","block_type":"box","text":"reserves the right to extend the period during which money is not treated as client money until","page_number":57,"box":{"x":152,"y":231,"width":695,"height":11}},{"id":"5667b4c6-3f25-4778-a6e1-a3c539948f35","block_type":"box","text":"the close of business three business days after the date the money is due and payable to the","page_number":57,"box":{"x":151,"y":251,"width":697,"height":12}},{"id":"6a752d88-4040-46aa-b6ae-d8f25f81b382","block_type":"box","text":"Shareholder.","page_number":57,"box":{"x":151,"y":272,"width":94,"height":9}},{"id":"590d5369-f227-4747-817c-2eeb10731124","block_type":"box","text":"Money which is not treated as client money will not be held in a segregated client bank account","page_number":57,"box":{"x":152,"y":313,"width":696,"height":11}},{"id":"e9b7b330-f4b1-4870-9eb4-860bedce7dd5","block_type":"box","text":"and will not be protected from the insolvency of the ACD.","page_number":57,"box":{"x":151,"y":333,"width":421,"height":11}},{"id":"1d809f81-72bc-41c2-82cc-b20f960efdc5","block_type":"box","text":"Should the ACD still hold Shareholder money after the expiry of the DVP exemption period, it","page_number":57,"box":{"x":151,"y":366,"width":697,"height":11}},{"id":"b5f5d1c3-be6b-47a8-9e04-6092d41328b1","block_type":"box","text":"will protect Shareholder money as client money until payment can be made.","page_number":57,"box":{"x":151,"y":386,"width":561,"height":11}},{"id":"2d9fd900-40f9-4114-be6b-3895123eff0f","block_type":"box","text":"If the ACD pays the proceeds from the sale of a Shareholder’s Shares by cheque, the money","page_number":57,"box":{"x":152,"y":427,"width":696,"height":11}},{"id":"266156a6-5cd0-4a22-ae60-3dcb8400eb08","block_type":"box","text":"will be treated as client money and held in a segregated client bank account from the date the","page_number":57,"box":{"x":151,"y":448,"width":697,"height":11}},{"id":"cce8028b-b729-41d0-b0fc-c02a39abf072","block_type":"box","text":"ACD issues the cheque, so it remains protected until it is cashed.","page_number":57,"box":{"x":151,"y":468,"width":481,"height":11}},{"id":"5c0ec68e-3748-440a-bc91-6ed4d98a62ac","block_type":"box","text":"Minimum Redemption","page_number":57,"box":{"x":152,"y":509,"width":173,"height":11}},{"id":"3bd8a362-7d14-4dfb-86cf-d82f6c0e8eba","block_type":"box","text":"Part of a Shareholder’s holding may be sold but the ACD reserves the right to refuse a","page_number":57,"box":{"x":152,"y":550,"width":696,"height":11}},{"id":"69819aa4-3e0b-4418-acff-c0e3a28d2534","block_type":"box","text":"redemption request if the value of the Shares of any Fund to be redeemed is less than the","page_number":57,"box":{"x":152,"y":570,"width":696,"height":12}},{"id":"4414aab5-a646-4229-b686-c1f15480b36e","block_type":"box","text":"minimum redemption amounts as stated in the section entitled ‘Classes of Share’ above.","page_number":57,"box":{"x":152,"y":591,"width":653,"height":11}},{"id":"60bc788c-03ef-4e46-b0ce-592791e768d0","block_type":"box","text":"Additionally, the ACD reserves the right to refuse a redemption request for part of Shareholder’s","page_number":57,"box":{"x":151,"y":632,"width":697,"height":11}},{"id":"6685f1e1-7573-4a08-807b-ef67bb14883e","block_type":"box","text":"holding if the value of the remaining holding would fall below the minimum holding (if any) in a","page_number":57,"box":{"x":152,"y":652,"width":696,"height":12}},{"id":"de5eff74-2900-4293-a294-e507e84f2752","block_type":"box","text":"Fund or Class or the minimum holding in a Fund or Class as set out in the section entitled","page_number":57,"box":{"x":152,"y":673,"width":696,"height":11}},{"id":"12840467-bf10-44fc-baa1-a2d1440fcc4e","block_type":"box","text":"‘Classes of Share’ above.","page_number":57,"box":{"x":152,"y":693,"width":187,"height":9}},{"id":"aa72b828-c6fa-4b47-b222-f34df870d51c","block_type":"box","text":"Minimum Holding","page_number":57,"box":{"x":152,"y":755,"width":138,"height":11}},{"id":"c5500e40-fc34-4824-a8c6-19bb07c027cc","block_type":"box","text":"In respect of a Relevant Shareholder’s holding in a Relevant Class(as such terms are defined","page_number":57,"box":{"x":152,"y":796,"width":696,"height":11}},{"id":"864579f4-e1ce-4b77-a955-b76cc3841ec0","block_type":"box","text":"in the table set out in the section headed “Shares” above), if:","page_number":57,"box":{"x":152,"y":816,"width":446,"height":11}},{"id":"6f175860-348b-400a-b473-ee2496df09af","block_type":"box","text":"(i)","page_number":57,"box":{"x":175,"y":837,"width":12,"height":11}},{"id":"8a85eac9-bc1a-4768-8c3b-fd2cd1d7e341","block_type":"box","text":"following a redemption, cancellation, Switch or transfer, the holding in the Relevant","page_number":57,"box":{"x":234,"y":837,"width":614,"height":11}},{"id":"52985a97-5e1d-40e2-8d36-1c9bf8489acd","block_type":"box","text":"Class falls below the minimum holding specified above; and/or","page_number":57,"box":{"x":235,"y":857,"width":462,"height":12}},{"id":"bc706cce-0451-4abd-ae24-5a81a278ac79","block_type":"box","text":"(ii)","page_number":57,"box":{"x":175,"y":878,"width":16,"height":11}},{"id":"a352f59f-1f6e-47f5-80ca-b7ed53889617","block_type":"box","text":"(in the case of Class 7 and 8 only) following a redemption, cancellation, Switch or","page_number":57,"box":{"x":235,"y":878,"width":613,"height":11}},{"id":"b90e2fdf-f55a-461b-9c85-8eaf21399029","block_type":"box","text":"transfer, the eligibility criteria for the Relevant Class is otherwise breached; and/or","page_number":57,"box":{"x":234,"y":898,"width":608,"height":12}},{"id":"9629d05d-119f-4507-9d07-5e056f45ea8d","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":58,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"bc065440-4dfb-4ca9-a3fc-eca1acb35dcc","block_type":"box","text":"58","page_number":58,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"2f0925af-a508-4c33-85f8-560344a314e8","block_type":"box","text":"Aviva Investors: Public","page_number":58,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"5460f243-d118-46a5-b6b8-e0a3536b09bf","block_type":"box","text":"(iii)","page_number":58,"box":{"x":175,"y":87,"width":19,"height":12}},{"id":"540cd279-4ffb-4c8c-9dbe-749ce14b338b","block_type":"box","text":"(in the case of Class 9 only) the Relevant Shareholder fails to meet the “ringfencing”","page_number":58,"box":{"x":235,"y":87,"width":613,"height":12}},{"id":"ff986f86-d638-4581-b052-7633f3c35667","block_type":"box","text":"requirement; and/or","page_number":58,"box":{"x":235,"y":108,"width":145,"height":11}},{"id":"7605e86e-9f68-4a3a-9d7f-4e96c0eab18a","block_type":"box","text":"(iv)","page_number":58,"box":{"x":175,"y":128,"width":21,"height":11}},{"id":"75940894-6622-4164-9909-fea185b69ce3","block_type":"box","text":"(in the case of Class 8 only) the Relevant Shareholder breaches the terms of the","page_number":58,"box":{"x":235,"y":128,"width":613,"height":12}},{"id":"7b06778e-5238-43bb-867d-3e3c19964c08","block_type":"box","text":"separate commercial agreement with the ACD in respect of investment in Class 8;","page_number":58,"box":{"x":234,"y":149,"width":607,"height":11}},{"id":"45f16cca-aefc-4f0c-9ffb-de7d2346eda8","block_type":"box","text":"the ACD has discretion to Convert the Relevant Shareholder’s entire holding into another Class;","page_number":58,"box":{"x":151,"y":169,"width":696,"height":12}},{"id":"1aa099b3-54c1-4375-b1dc-a7039eda61c5","block_type":"box","text":"(a)","page_number":58,"box":{"x":175,"y":190,"width":19,"height":11}},{"id":"31a901b3-4c9d-43ac-9a45-ae980eac9c4e","block_type":"box","text":"in the case of (i) and (ii) with a lower minimum holding (if available); and/or","page_number":58,"box":{"x":235,"y":190,"width":551,"height":11}},{"id":"97adea9e-5c71-45e3-a1dd-b7599223d6a6","block_type":"box","text":"(b)","page_number":58,"box":{"x":175,"y":210,"width":19,"height":11}},{"id":"ce42bced-6184-4adb-9f9f-5a57b27029fa","block_type":"box","text":"in the case of (iii) where no such ringfencing requirement applies; and/or","page_number":58,"box":{"x":235,"y":210,"width":536,"height":12}},{"id":"2be604ac-8246-483f-b3d3-c924aa216123","block_type":"box","text":"(c)","page_number":58,"box":{"x":175,"y":231,"width":18,"height":11}},{"id":"9c6c1a97-b803-443b-86a2-d45f973b34d8","block_type":"box","text":"in the case of (iv) where no such written agreement is required as a condition to","page_number":58,"box":{"x":235,"y":231,"width":613,"height":11}},{"id":"7a958c7f-439e-4654-a8e1-d27807a71aa3","block_type":"box","text":"investing in it.","page_number":58,"box":{"x":235,"y":252,"width":99,"height":11}},{"id":"3eb2c8c9-d15d-4a80-8128-8203b3b187f8","block_type":"box","text":"The alternative Class is likely to have higher charges than the Relevant Class held by the","page_number":58,"box":{"x":151,"y":272,"width":697,"height":11}},{"id":"22ff34c8-2199-49c7-bf10-343c4196479e","block_type":"box","text":"Relevant Shareholder (in the case of Class 8, when aggregated with amounts charged pursuant","page_number":58,"box":{"x":152,"y":292,"width":696,"height":12}},{"id":"83146f52-61c0-46ed-bbf1-7107a61c22e7","block_type":"box","text":"to that separate agreement). The ACD may use this discretion at any time but will give a","page_number":58,"box":{"x":151,"y":313,"width":697,"height":11}},{"id":"0a672619-e978-46be-9d46-b52f4c177a63","block_type":"box","text":"minimum of 60 days’ prior notice to the Relevant Shareholder. Failure by the ACD to use its","page_number":58,"box":{"x":152,"y":333,"width":696,"height":11}},{"id":"799d8f9f-8068-46f5-a759-3c2c80425597","block_type":"box","text":"discretion immediately after such redemption, cancellation, Switch or transfer will not constitute","page_number":58,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"9c5278a9-3d9a-48a5-97d5-2fffb73ea1e4","block_type":"box","text":"a waiver of this right. The value of Shares for the purpose of this section is calculated by","page_number":58,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"56ae846e-6eb8-441c-9d69-a4c869a77f59","block_type":"box","text":"reference to their prevailing price. The minimum holding requirements will not be treated as","page_number":58,"box":{"x":152,"y":395,"width":696,"height":11}},{"id":"6325f365-b1e2-4752-890f-ec40957c0e26","block_type":"box","text":"being breached if the value of Shares held falls below the relevant minimum solely as a result","page_number":58,"box":{"x":151,"y":415,"width":697,"height":12}},{"id":"55fe5930-7beb-4dcb-93e8-eccbd658603f","block_type":"box","text":"of a fall in the Share price. This provision does not apply in respect of the holdings of any direct","page_number":58,"box":{"x":151,"y":436,"width":697,"height":11}},{"id":"f47ac318-09ca-49d0-9522-5d7adce129a0","block_type":"box","text":"to consumer (D2C) platform operated by an Aviva group company which may be invested in","page_number":58,"box":{"x":151,"y":456,"width":696,"height":11}},{"id":"b42e6a40-193e-46c8-afd8-57ce8e04611a","block_type":"box","text":"Class 9.","page_number":58,"box":{"x":151,"y":477,"width":59,"height":9}},{"id":"327b4902-8e70-4a48-a399-2ca19a098864","block_type":"box","text":"Regular Capital Withdrawal Facility for Multi-asset Plus Funds","page_number":58,"box":{"x":152,"y":518,"width":492,"height":11}},{"id":"91186e47-ae2b-4d10-9f75-b5ba5fb510eb","block_type":"box","text":"The Multi-asset Plus Fund range offers Shareholders, subject to meeting certain requirements,","page_number":58,"box":{"x":151,"y":559,"width":696,"height":11}},{"id":"a0f85b8a-ddbf-4775-b196-6dbf4c1c0897","block_type":"box","text":"the option to receive regular capital withdrawals through the monthly, quarterly, half-yearly or","page_number":58,"box":{"x":151,"y":579,"width":698,"height":11}},{"id":"47da9316-f382-43a2-95af-abbb7beee85c","block_type":"box","text":"annual redemption of Shares.","page_number":58,"box":{"x":151,"y":599,"width":218,"height":12}},{"id":"3bd99c63-c155-44bc-b130-0c0c73b7e895","block_type":"box","text":"This facility is currently only available for Shareholders in the Aviva Investors Multi-asset Plus","page_number":58,"box":{"x":151,"y":641,"width":697,"height":11}},{"id":"800eeba7-3443-4ea6-9c7b-c9ff6aaed68c","block_type":"box","text":"Fund I, the Aviva Investors Multi-asset Plus Fund II, the Aviva Investors Multi-asset Plus Fund","page_number":58,"box":{"x":152,"y":661,"width":696,"height":10}},{"id":"b9120ff1-40db-4ec7-bff5-4ebc0074b9ce","block_type":"box","text":"III, the Aviva Investors Multi-asset Plus Fund IV and the Aviva Investors Multi-asset Plus Fund","page_number":58,"box":{"x":152,"y":682,"width":695,"height":10}},{"id":"0288f468-10f6-43ea-83a9-752a0d9b5d6f","block_type":"box","text":"V. For the facility to be available for a Multi-asset Plus Fund, a Shareholder must have an","page_number":58,"box":{"x":151,"y":702,"width":697,"height":11}},{"id":"a80154bf-6982-439d-b497-196631090255","block_type":"box","text":"investment of £10,000 (net of Entry Charges) at any time when a regular capital withdrawal is","page_number":58,"box":{"x":152,"y":722,"width":696,"height":12}},{"id":"dead1757-7dfc-4e1a-8cd3-ab50b449ac0e","block_type":"box","text":"made in that Multi-asset Plus Fund and must have been invested in that Fund for at least 1 year","page_number":58,"box":{"x":152,"y":743,"width":696,"height":11}},{"id":"38464e0a-b181-456a-9d23-0aea8e6a5891","block_type":"box","text":"continuously before receiving their first redemption proceeds. Additional investments will not be","page_number":58,"box":{"x":151,"y":763,"width":697,"height":12}},{"id":"5071232e-8335-4918-95ac-05aa1f01a4dd","block_type":"box","text":"subject to this qualification period.","page_number":58,"box":{"x":151,"y":784,"width":250,"height":11}},{"id":"7204ddff-a5f0-490f-8e9f-942f46d89c23","block_type":"box","text":"This facility is not available for Shareholders who invest on a regular monthly basis.","page_number":58,"box":{"x":151,"y":825,"width":616,"height":11}},{"id":"d50911db-38a2-493d-8fb9-c194d818caea","block_type":"box","text":"The level of regular capital withdrawals currently permitted for each Multi-asset Plus Fund are","page_number":58,"box":{"x":151,"y":866,"width":697,"height":11}},{"id":"bb2581a5-2ca0-4910-bbcb-b5e6a39721e8","block_type":"box","text":"subject to the maximum and minimum levels set out below.","page_number":58,"box":{"x":151,"y":887,"width":437,"height":11}},{"id":"0fb14bc9-c050-41d5-90a3-50d9c3a77ec0","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":59,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"2b58e249-df73-46e4-8a33-f9fb986166b1","block_type":"box","text":"59","page_number":59,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"8a2be708-f316-47ed-ba29-086b96c2a492","block_type":"box","text":"Aviva Investors: Public","page_number":59,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"53688924-de23-4431-b940-9df24ac1ccd6","block_type":"box","text":"Maximum and Minimum withdrawals:","page_number":59,"box":{"x":152,"y":108,"width":272,"height":9}},{"id":"93824e0d-7482-4e9f-8cbb-7fff2b858e5a","block_type":"box","text":"• Minimum monthly withdrawal - £25","page_number":59,"box":{"x":151,"y":141,"width":268,"height":11}},{"id":"9cae7d50-885d-4e91-b526-3a830e852af9","block_type":"box","text":"• Minimum quarterly withdrawal - £75","page_number":59,"box":{"x":151,"y":175,"width":274,"height":11}},{"id":"ed2acf5a-a491-419b-80b3-cc4505c1de57","block_type":"box","text":"• Minimum half-yearly withdrawal - £150","page_number":59,"box":{"x":151,"y":210,"width":296,"height":11}},{"id":"19973a20-36ae-429a-8291-ec3d0eac8001","block_type":"box","text":"• Minimum annual withdrawal - £300","page_number":59,"box":{"x":151,"y":245,"width":269,"height":8}},{"id":"5cf6d5c0-d390-49f1-8233-ca3be1d2884e","block_type":"box","text":"• Minimum percentage withdrawal per annum is 3% of the value of the Shareholder's investment","page_number":59,"box":{"x":151,"y":279,"width":697,"height":12}},{"id":"67e34158-f8e0-4679-ae7a-cfa823596424","block_type":"box","text":"in the Fund at the time of the redemption.","page_number":59,"box":{"x":152,"y":300,"width":304,"height":11}},{"id":"f59a548d-c7bf-4379-b57b-18243b572c9c","block_type":"box","text":"• Maximum percentage withdrawal per annum is 5% of the value of the Shareholder's","page_number":59,"box":{"x":151,"y":334,"width":697,"height":12}},{"id":"a8579cad-4eab-44d3-93f8-e41331a2dad0","block_type":"box","text":"investment in the Fund at the time of the redemption.","page_number":59,"box":{"x":152,"y":355,"width":390,"height":11}},{"id":"5e2c0229-bbbd-45f6-aaff-e184461150f4","block_type":"box","text":"The ACD has the discretion to apply lower minima than those listed above.","page_number":59,"box":{"x":151,"y":390,"width":552,"height":11}},{"id":"00419525-5d21-4448-b6fa-982e5466e2f5","block_type":"box","text":"If investors wish to apply for this facility then they should complete the details as appropriate","page_number":59,"box":{"x":152,"y":424,"width":696,"height":12}},{"id":"be02722c-c0f0-46b5-876e-1255b46dd225","block_type":"box","text":"on the application form, or alternatively write to Aviva Investors UK Fund Services Limited at","page_number":59,"box":{"x":151,"y":445,"width":697,"height":11}},{"id":"4d3c1c13-0eb8-4cfb-b6e2-57608f6fd608","block_type":"box","text":"PO Box 10410, Chelmsford, CM99 2AY, at any time. The written instruction must be received","page_number":59,"box":{"x":152,"y":465,"width":696,"height":12}},{"id":"a60dd823-8a52-4161-aed6-5c5dc4eb652d","block_type":"box","text":"and accepted by the ACD 9 days before the first regular capital withdrawal can be taken.","page_number":59,"box":{"x":151,"y":486,"width":655,"height":11}},{"id":"ca41bd8b-c013-4ce1-b4bd-d1f5c458c25d","block_type":"box","text":"For monthly withdrawals, Shares will be redeemed on the 6th of each month or the preceding","page_number":59,"box":{"x":152,"y":521,"width":696,"height":11}},{"id":"04f55953-0e35-49b3-a10d-1546abd6812b","block_type":"box","text":"Business Day as appropriate.","page_number":59,"box":{"x":152,"y":541,"width":216,"height":11}},{"id":"53b80a74-54de-49e5-b183-12f27cfca2fe","block_type":"box","text":"For quarterly withdrawals you will select the month on which the quarterly withdrawals will","page_number":59,"box":{"x":152,"y":576,"width":695,"height":11}},{"id":"0f96630d-d31f-41bf-bbc8-cc9445c33f32","block_type":"box","text":"begin, Shares will be redeemed on the 6th day of each quarterly month that you have selected","page_number":59,"box":{"x":151,"y":596,"width":697,"height":12}},{"id":"d4e06b66-2e3b-4011-a803-1aa5780d7562","block_type":"box","text":"or the preceding Business Day as appropriate.","page_number":59,"box":{"x":151,"y":617,"width":343,"height":11}},{"id":"2095b383-f3ae-4567-b65a-e146587a5341","block_type":"box","text":"For half- yearly withdrawals you will select the month on which the half- yearly withdrawals will","page_number":59,"box":{"x":152,"y":652,"width":695,"height":11}},{"id":"27d35377-c2b4-48d7-9a7c-aacf68cca319","block_type":"box","text":"begin, Shares will be redeemed on the 6th day of the half- yearly months you have selected or","page_number":59,"box":{"x":151,"y":672,"width":697,"height":11}},{"id":"cdb45533-4c35-4102-8bd8-ecc66cc8e98f","block_type":"box","text":"the preceding Business Day as appropriate.","page_number":59,"box":{"x":151,"y":693,"width":324,"height":11}},{"id":"e95a520f-0243-47fe-a754-6a2c11d44f10","block_type":"box","text":"For annual withdrawals you will select the month of the year on which the annual withdrawals","page_number":59,"box":{"x":152,"y":727,"width":696,"height":11}},{"id":"140d069c-f194-433c-a2a5-591dd908d72e","block_type":"box","text":"will be made. Shares will be redeemed on the 6th day of that month each year or the preceding","page_number":59,"box":{"x":151,"y":748,"width":696,"height":11}},{"id":"cc5ccaaf-8483-48b3-98b2-8f1186d14777","block_type":"box","text":"Business Day as appropriate.","page_number":59,"box":{"x":152,"y":768,"width":216,"height":11}},{"id":"00000387-67ed-4e15-939e-d8b7cc9810c2","block_type":"box","text":"If you do not select a start month for your first monthly, quarterly, half-yearly or annual","page_number":59,"box":{"x":152,"y":803,"width":696,"height":11}},{"id":"8719c138-148d-45ae-9c66-070201c62c48","block_type":"box","text":"withdrawals, then your withdrawals will begin from the 6th of the month following your written","page_number":59,"box":{"x":151,"y":823,"width":696,"height":12}},{"id":"77b5af67-ba81-4d12-83be-773a1b7cb227","block_type":"box","text":"request, provided your written request is received and accepted by the ACD 9 days before that","page_number":59,"box":{"x":152,"y":844,"width":696,"height":11}},{"id":"ce132e70-fdba-49c5-bac5-23afcfb9d27c","block_type":"box","text":"date.","page_number":59,"box":{"x":151,"y":865,"width":35,"height":8}},{"id":"86c06bd0-c020-4533-a1f9-e9a253d02c78","block_type":"box","text":"For all redemptions, proceeds will be paid within four Business Days of the valuation point.","page_number":59,"box":{"x":152,"y":899,"width":695,"height":11}},{"id":"1f54d831-3526-4789-be7e-7d28bd4747e0","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":60,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7bcc58e4-44ff-471e-b23c-3ce315e4765e","block_type":"box","text":"60","page_number":60,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"f2cdf725-0a47-4053-85fb-2252cf0be83d","block_type":"box","text":"Aviva Investors: Public","page_number":60,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"aa905c14-6d05-437a-b201-ded8db70d005","block_type":"box","text":"However where money is owing on the earlier sale of the Shares to be redeemed and has not","page_number":60,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"24ba329f-dfa5-4f1e-a968-153eb23f2beb","block_type":"box","text":"been received and cleared by the time the redemption proceeds would otherwise be payable,","page_number":60,"box":{"x":151,"y":108,"width":696,"height":11}},{"id":"012ce5b0-7813-4a74-96e5-00bc0fc2f61e","block_type":"box","text":"then the redemption proceeds for those Shares will not be sent until such time as the initial","page_number":60,"box":{"x":151,"y":128,"width":696,"height":11}},{"id":"8766bc9c-06a1-438b-9786-a775580e2772","block_type":"box","text":"money has been received and cleared.","page_number":60,"box":{"x":152,"y":149,"width":287,"height":11}},{"id":"70be310a-631c-4024-8245-a16d1cb3f992","block_type":"box","text":"Shareholders who select the Regular Capital Withdrawal Facility should be aware that regular","page_number":60,"box":{"x":151,"y":184,"width":698,"height":11}},{"id":"61dbf280-5fed-4fd7-a0d7-ea07d722dc9f","block_type":"box","text":"capital withdrawals would result in a reduction of capital if the amount withdrawn exceeds the","page_number":60,"box":{"x":151,"y":204,"width":697,"height":11}},{"id":"2424868b-0284-4f41-8e14-926dad3db1e6","block_type":"box","text":"capital appreciation of their investment.","page_number":60,"box":{"x":151,"y":225,"width":289,"height":11}},{"id":"a1fcc7da-d1a0-4bf6-bf1e-8acb15cd526d","block_type":"box","text":"Shareholders should also be aware that the Regular Capital Withdrawal Facility for the Multi\u0002","page_number":60,"box":{"x":151,"y":259,"width":697,"height":12}},{"id":"c442a827-0c49-48bf-bb22-c9d0bcc5bf6e","block_type":"box","text":"asset Plus Funds creates the potential for capital gains tax liability, and they should consult with","page_number":60,"box":{"x":151,"y":280,"width":697,"height":11}},{"id":"1a0d9695-97d3-4abe-b561-498d9ccab512","block_type":"box","text":"their financial adviser as appropriate.","page_number":60,"box":{"x":151,"y":300,"width":272,"height":11}},{"id":"191708a4-5c82-47e7-92ec-5636807afce8","block_type":"box","text":"Switching","page_number":60,"box":{"x":151,"y":335,"width":94,"height":14}},{"id":"d2316c12-caef-4f40-8357-f942534021f9","block_type":"box","text":"Subject to the qualifications below, a Shareholder may at any time Switch all or some of his","page_number":60,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"d61e07be-dc32-40cd-853c-d1f4a8c36da2","block_type":"box","text":"Shares of one Class or Fund (“","page_number":60,"box":{"x":151,"y":394,"width":231,"height":12}},{"id":"1d9884f9-fa1f-4665-9fd1-ddd45082272d","block_type":"box","text":"Original Shares”","page_number":60,"box":{"x":383,"y":394,"width":132,"height":12}},{"id":"f06d2b51-87eb-46de-9772-2b30e2a91ea2","block_type":"box","text":") for a number of Shares of another Class or","page_number":60,"box":{"x":516,"y":394,"width":332,"height":12}},{"id":"c172c6f4-face-4e94-994b-99ebb9fc9288","block_type":"box","text":"Fund (“","page_number":60,"box":{"x":152,"y":415,"width":55,"height":11}},{"id":"b09409dc-8bed-412f-895d-8c38b41e5cb5","block_type":"box","text":"New Shares”","page_number":60,"box":{"x":209,"y":415,"width":104,"height":9}},{"id":"24e40f9e-6139-4fe6-b182-c9ecabf0e0d4","block_type":"box","text":"). The number of New Shares issued is determined by the following","page_number":60,"box":{"x":315,"y":415,"width":533,"height":11}},{"id":"7dd82e83-1a32-4aa1-a121-70e2eb46e45e","block_type":"box","text":"formula:","page_number":60,"box":{"x":151,"y":435,"width":59,"height":9}},{"id":"d97c310f-a2a2-49fc-aab7-d4488b0bd944","block_type":"box","text":"O x (CP x ER)","page_number":60,"box":{"x":272,"y":476,"width":105,"height":11}},{"id":"64d71a20-65ba-49da-9ad4-b1f70b6bcf90","block_type":"box","text":"N = SP","page_number":60,"box":{"x":212,"y":497,"width":123,"height":9}},{"id":"34828bbd-394e-4c81-8372-93f4b4803739","block_type":"box","text":"Where:","page_number":60,"box":{"x":151,"y":517,"width":52,"height":9}},{"id":"65c01d04-0225-4d07-8bc4-e232c2fd953d","block_type":"box","text":"N","page_number":60,"box":{"x":152,"y":550,"width":9,"height":8}},{"id":"cb1906e3-4229-47b6-8eaf-1769a8bad76c","block_type":"box","text":"is the number of New Shares to be issued;","page_number":60,"box":{"x":212,"y":550,"width":314,"height":10}},{"id":"eaabd2e5-80ed-4f0e-a669-e205e13d3560","block_type":"box","text":"O","page_number":60,"box":{"x":151,"y":582,"width":12,"height":9}},{"id":"fb34fed5-4ea0-4e23-87cb-2b16c61282fb","block_type":"box","text":"is the number of Original Shares to be Switched;","page_number":60,"box":{"x":212,"y":582,"width":358,"height":11}},{"id":"7bfed7b5-7006-409d-afb8-a0b7596fe86a","block_type":"box","text":"CP is the published dealing price at which one Share of the original Class/Fund can be","page_number":60,"box":{"x":151,"y":614,"width":697,"height":12}},{"id":"2c81fb80-f40a-4a96-992c-fd816c7724ad","block_type":"box","text":"redeemed;","page_number":60,"box":{"x":212,"y":635,"width":78,"height":10}},{"id":"3df3bcaa-9318-4c2f-a6d3-2a85ea9d4a6b","block_type":"box","text":"ER is 1 (for same currency Shares); and","page_number":60,"box":{"x":152,"y":667,"width":330,"height":11}},{"id":"81b694fe-f9ac-4a3f-a597-7bd8daf8b1d4","block_type":"box","text":"SP is the published dealing price at which a New Share in the new Class/Fund can be","page_number":60,"box":{"x":151,"y":700,"width":697,"height":11}},{"id":"ce5d9997-a317-4df9-8fd0-fd69a03ba1ba","block_type":"box","text":"purchased,","page_number":60,"box":{"x":212,"y":720,"width":80,"height":11}},{"id":"7b735daa-a582-48aa-b0a1-225672d48564","block_type":"box","text":"in the case of both CP and SP, the price referred to is the published dealing price at the","page_number":60,"box":{"x":152,"y":752,"width":696,"height":12}},{"id":"07b92e3b-9520-47e9-9a51-b541befea537","block_type":"box","text":"applicable Valuation Point.","page_number":60,"box":{"x":151,"y":773,"width":196,"height":11}},{"id":"6ed3af9b-6deb-4bc9-b5ce-7caec01711e6","block_type":"box","text":"Each number referred to in the definition of N or O shall be expressed to the third decimal place","page_number":60,"box":{"x":152,"y":805,"width":696,"height":11}},{"id":"2197d6d8-ce06-46c2-83b7-2da223a5822b","block_type":"box","text":"and rounded up thereto in the case of N, so that the integer represents the number of Larger","page_number":60,"box":{"x":151,"y":826,"width":697,"height":11}},{"id":"bd4ee0d7-27a8-445b-91d3-6e2d464f3ce1","block_type":"box","text":"Denomination Shares and the decimal when multiplied by 1,000 represents the number of","page_number":60,"box":{"x":152,"y":846,"width":696,"height":11}},{"id":"899d0063-0980-42db-bfa3-219395b3b144","block_type":"box","text":"Smaller Denomination Shares.","page_number":60,"box":{"x":151,"y":867,"width":226,"height":9}},{"id":"039903e7-3efc-41c7-a11a-d1c8e5027dc0","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":61,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d63417c5-00db-4cd5-920d-fd8a13501929","block_type":"box","text":"61","page_number":61,"box":{"x":834,"y":923,"width":12,"height":6}},{"id":"3b2e46be-a42e-4ed0-b62e-20ddc28c7284","block_type":"box","text":"Aviva Investors: Public","page_number":61,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"afb73c90-fc9e-4079-a4c4-79de9a5a8495","block_type":"box","text":"If a Shareholder wishes to Switch Shares he should apply to the ACD in the same manner as","page_number":61,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"d2939b1f-5570-4373-b382-4534a2e568c9","block_type":"box","text":"for a sale as set out in the section headed “Selling Shares” above. Applications to Switch Shares","page_number":61,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"46d65410-8a33-4f72-9153-82e8785a00b0","block_type":"box","text":"between Classes or Types within the same Fund will be deemed to be applications to Convert","page_number":61,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"db3320f3-a998-4435-bac8-039efd0882d7","block_type":"box","text":"Shares and will be dealt with in accordance with the Conversion process described below.","page_number":61,"box":{"x":151,"y":149,"width":666,"height":11}},{"id":"9f071f87-6e4f-40b1-a8b5-de612d218f0b","block_type":"box","text":"The ACD may at its discretion impose restrictions as to the Classes/Funds for which a Switch","page_number":61,"box":{"x":151,"y":181,"width":696,"height":11}},{"id":"5296f110-53b2-48f5-a681-28d1d7983c3b","block_type":"box","text":"may be affected.","page_number":61,"box":{"x":152,"y":202,"width":121,"height":11}},{"id":"5d8fdf44-2bb8-4c52-984f-cb38f8cb2553","block_type":"box","text":"If the Switch would result in the Shareholder holding a number of Original Shares or New","page_number":61,"box":{"x":152,"y":234,"width":696,"height":11}},{"id":"3bf1703e-ff4c-48a5-a669-7a683fdedc1d","block_type":"box","text":"Shares of a value which is less than the minimum holding in the Fund or Class concerned, the","page_number":61,"box":{"x":151,"y":255,"width":697,"height":11}},{"id":"c148b2cb-123b-48d7-9186-f04d52563c88","block_type":"box","text":"ACD may, if it thinks fit, Switch the whole of the applicant’s holding of Original Shares to New","page_number":61,"box":{"x":151,"y":275,"width":697,"height":11}},{"id":"42fb57b4-d3b3-4d36-a304-989bae24b0d3","block_type":"box","text":"Shares or refuse to effect any Switch of the Original Shares. No Switch will be made during any","page_number":61,"box":{"x":151,"y":295,"width":697,"height":12}},{"id":"aba8c25b-8c74-4bf4-a19d-74508c023e47","block_type":"box","text":"period when the right of Shareholders to require the redemption of their Shares is suspended.","page_number":61,"box":{"x":151,"y":316,"width":696,"height":11}},{"id":"c758c64a-afc4-42dc-8fce-71f6dbc560e3","block_type":"box","text":"The general provisions on procedures relating to redemption will apply equally to a Switch.","page_number":61,"box":{"x":151,"y":337,"width":696,"height":11}},{"id":"560fc85d-33eb-46e4-b704-faf9ebbb5c8e","block_type":"box","text":"Switching requests received and accepted for the Aviva Investors Multi-Manager Flexible Fund,","page_number":61,"box":{"x":151,"y":357,"width":696,"height":11}},{"id":"197c44ac-ddca-491c-bd60-a58ded3fd610","block_type":"box","text":"the Aviva Investors Multi-Manager 40-85% Shares Fund, and the Aviva Investors Multi\u0002","page_number":61,"box":{"x":151,"y":377,"width":697,"height":12}},{"id":"7ba0b4ee-5b90-4c5c-994d-dc53026760d0","block_type":"box","text":"Manager 20-60% Shares Fund before 5pm on a Dealing Day will be processed at the Valuation","page_number":61,"box":{"x":152,"y":398,"width":696,"height":11}},{"id":"b30adbdf-a175-465e-907e-5c58022df07d","block_type":"box","text":"Point on the next Dealing Day. Switching requests received and accepted after this time will be","page_number":61,"box":{"x":152,"y":418,"width":696,"height":12}},{"id":"c4e9fb09-b6eb-4ac6-a3a9-27070af6732c","block_type":"box","text":"held over until the Valuation Point on the next following Dealing Day.","page_number":61,"box":{"x":152,"y":439,"width":506,"height":11}},{"id":"3e74f525-5675-41e3-8f4e-02b2273726c8","block_type":"box","text":"Switching requests for Aviva Investors Multi-asset Core Fund range, the Aviva Investors Multi\u0002","page_number":61,"box":{"x":151,"y":471,"width":697,"height":12}},{"id":"58dbb695-798b-49f4-ad9d-be5c49f12179","block_type":"box","text":"asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range which are","page_number":61,"box":{"x":151,"y":492,"width":697,"height":11}},{"id":"583b6436-08cd-4674-a5fa-1de198cdc733","block_type":"box","text":"received and accepted by the ACD by 12 noon on a Dealing Day will be dealt with at the price","page_number":61,"box":{"x":152,"y":512,"width":696,"height":12}},{"id":"3203b368-2b00-41f2-ac00-dd0d2ef86219","block_type":"box","text":"calculated as at the 11.59pm Valuation Point on that Dealing Day. Switching requests received","page_number":61,"box":{"x":151,"y":533,"width":697,"height":11}},{"id":"c1261b3f-bbbb-4890-bff1-32acd71e5313","block_type":"box","text":"and accepted after the 12 noon dealing cut off point on a Dealing Day will be held over and","page_number":61,"box":{"x":151,"y":553,"width":696,"height":11}},{"id":"a7a4da77-fc28-4163-90b8-d7c712e39846","block_type":"box","text":"dealt with at the price calculated as at the 11.59pm Valuation Point for the next Dealing Day.","page_number":61,"box":{"x":151,"y":574,"width":683,"height":11}},{"id":"7457a01f-08e2-4e02-8e91-4f4244450918","block_type":"box","text":"For all other Funds Switching requests received and accepted up to 2pm on a Business Day","page_number":61,"box":{"x":152,"y":606,"width":696,"height":11}},{"id":"cf3b848b-3334-4e92-b6cd-02c976ed4c5c","block_type":"box","text":"will be processed as at that time. Instructions received after 2pm will be processed on the next","page_number":61,"box":{"x":151,"y":627,"width":697,"height":11}},{"id":"95c4d012-b6a3-4e1f-a103-9b766aa084bf","block_type":"box","text":"Dealing Day.","page_number":61,"box":{"x":152,"y":647,"width":93,"height":11}},{"id":"dd3f03e2-9247-42eb-a5b2-0e5f5d61699a","block_type":"box","text":"A Switching Fee may be charged on the Switching of Shares between Funds and additionally","page_number":61,"box":{"x":151,"y":679,"width":698,"height":12}},{"id":"8165042a-2c5e-4c23-b55f-c6e7d9ab3b45","block_type":"box","text":"circumstances may arise on Switching when the ACD imposes an Investor Protection Fee. For","page_number":61,"box":{"x":151,"y":700,"width":698,"height":11}},{"id":"2c97c588-d434-4cf1-9534-41685d52ecf8","block_type":"box","text":"further details in respect of the level and impact of any such Switching Fee or Investor","page_number":61,"box":{"x":151,"y":720,"width":698,"height":12}},{"id":"3cde6ef8-0294-4336-9b8b-9e1d1c9bbc1b","block_type":"box","text":"Protection Fee, please see the section headed “Fees and Expenses” below. The ACD may","page_number":61,"box":{"x":152,"y":741,"width":696,"height":11}},{"id":"57cd1c71-b905-40e2-89a6-5b9048544284","block_type":"box","text":"adjust the number of New Shares to be issued to reflect the imposition of any Switching Fee","page_number":61,"box":{"x":151,"y":761,"width":697,"height":12}},{"id":"83771914-6187-4bfe-89db-7cf298a5945b","block_type":"box","text":"together with any other charges or levies in respect of the issue or sale of the New Shares or","page_number":61,"box":{"x":151,"y":782,"width":697,"height":11}},{"id":"8eb63816-a3df-48bf-9eb7-439ee3bf52d5","block_type":"box","text":"repurchase or cancellation of the Original Shares as may be permitted by the COLL Sourcebook","page_number":61,"box":{"x":152,"y":802,"width":696,"height":12}},{"id":"1f80891f-5aa3-4f0a-bad5-887772766b6d","block_type":"box","text":"and the Instrument of Incorporation.","page_number":61,"box":{"x":151,"y":823,"width":264,"height":11}},{"id":"21b8c77a-685c-4e5b-b5b2-abe6361f1384","block_type":"box","text":"A Shareholder who Switches Shares in one Fund or Class for Shares in any other Fund or","page_number":61,"box":{"x":151,"y":855,"width":698,"height":11}},{"id":"752f7a48-bcae-4a0f-97a5-f7a4e660430e","block_type":"box","text":"Class will not be given a right to withdraw from or cancel the transaction.","page_number":61,"box":{"x":151,"y":876,"width":536,"height":11}},{"id":"72438828-6226-4b61-8157-20a1acb67c90","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":62,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"59e2ba70-d8d7-4416-8841-8b3a9f0f3aec","block_type":"box","text":"62","page_number":62,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"9d79e657-a5cb-47cb-809d-42f85ea7b19b","block_type":"box","text":"Aviva Investors: Public","page_number":62,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"f5f3dd98-4dba-497a-aeab-f969d407de21","block_type":"box","text":"It should be noted that a Switch of Shares in one Fund for Shares in any other Fund is","page_number":62,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"040a42bc-b3d2-4829-b611-ffbc2f4db2f4","block_type":"box","text":"treated as a realisation and will, for persons subject to United Kingdom taxation, be a","page_number":62,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"5e9884ca-5629-4760-bf79-e975b5e7c312","block_type":"box","text":"disposal for the purposes of UK taxation.","page_number":62,"box":{"x":151,"y":128,"width":327,"height":11}},{"id":"c0693627-eeb7-4d89-a7ee-1b64d4dd2bea","block_type":"box","text":"For further details of the tax implications of a Switch, please see the section headed “Taxation”","page_number":62,"box":{"x":152,"y":161,"width":696,"height":11}},{"id":"48f3143c-bfd3-4e6b-99d1-e2bf3ba1b81c","block_type":"box","text":"below.","page_number":62,"box":{"x":151,"y":181,"width":46,"height":9}},{"id":"73aaffa3-c431-4849-bc7c-cd1525f8e921","block_type":"box","text":"Converting","page_number":62,"box":{"x":151,"y":214,"width":112,"height":14}},{"id":"90333314-22ec-4ad1-a06f-a43176846d59","block_type":"box","text":"A Shareholder may at any time Convert all or some of his Shares of one Class or Type","page_number":62,"box":{"x":151,"y":250,"width":697,"height":11}},{"id":"114d3108-33bd-4dea-99e5-69fd1254c7ca","block_type":"box","text":"(“","page_number":62,"box":{"x":152,"y":271,"width":9,"height":11}},{"id":"1581c15d-4e08-45e7-932e-e216e3b12255","block_type":"box","text":"Original Shares","page_number":62,"box":{"x":163,"y":271,"width":123,"height":11}},{"id":"e13befe5-30cb-4fff-ba83-1a58d38fa145","block_type":"box","text":"”) for a number of Shares of another Class or Type (“","page_number":62,"box":{"x":287,"y":271,"width":405,"height":11}},{"id":"f5f0f7c5-8375-4133-a2a2-d398bde0f8d7","block_type":"box","text":"New Shares","page_number":62,"box":{"x":694,"y":271,"width":95,"height":8}},{"id":"b7e4706c-0253-4bcf-8afe-6710e424d38f","block_type":"box","text":"”) in the","page_number":62,"box":{"x":790,"y":271,"width":58,"height":11}},{"id":"aa275bc1-958a-4598-bea8-e6e482458bad","block_type":"box","text":"same Fund.","page_number":62,"box":{"x":151,"y":291,"width":87,"height":9}},{"id":"c29ea69a-de41-417b-b097-161d2d5640db","block_type":"box","text":"Conversions will be effected by the ACD recording the change of Type or Class on the Register","page_number":62,"box":{"x":151,"y":326,"width":697,"height":11}},{"id":"d08af296-c2ab-4a07-862e-e9551f87d700","block_type":"box","text":"of the Company.","page_number":62,"box":{"x":151,"y":346,"width":121,"height":11}},{"id":"08797bad-492f-4be4-88cd-e4b35ed59fad","block_type":"box","text":"The number of New Shares on such a Conversion shall be determined in accordance with the","page_number":62,"box":{"x":151,"y":381,"width":697,"height":9}},{"id":"677e3148-ab7a-4036-9c5e-430e8dd99f8b","block_type":"box","text":"following formula:","page_number":62,"box":{"x":151,"y":402,"width":129,"height":11}},{"id":"442256ea-6634-4a7d-abfa-9ce723174f83","block_type":"box","text":"N =","page_number":62,"box":{"x":152,"y":450,"width":24,"height":8}},{"id":"27d61970-47f6-433d-88d8-70b92d289ebf","block_type":"box","text":"CP2","page_number":62,"box":{"x":234,"y":459,"width":35,"height":10}},{"id":"41afae11-3369-4125-aea4-2537679be52b","block_type":"box","text":"O","page_number":62,"box":{"x":187,"y":438,"width":14,"height":10}},{"id":"ab57381a-2ea0-4b9c-8341-7feebb8a7330","block_type":"box","text":"O x (","page_number":62,"box":{"x":201,"y":441,"width":21,"height":7}},{"id":"dfcabb28-3042-4c5d-a501-3ecba26ce882","block_type":"box","text":"(CP1","page_number":62,"box":{"x":222,"y":438,"width":40,"height":13}},{"id":"7a70fff3-88ca-4433-ba3c-08e5ff54280f","block_type":"box","text":"1 x E","page_number":62,"box":{"x":261,"y":441,"width":22,"height":7}},{"id":"931e9a78-db53-47ac-8a18-bfed87cadc0c","block_type":"box","text":"ER)","page_number":62,"box":{"x":282,"y":438,"width":33,"height":13}},{"id":"6b06a267-74c6-4ece-9a77-791dab05fc00","block_type":"box","text":"where:","page_number":62,"box":{"x":151,"y":482,"width":48,"height":9}},{"id":"e7113a60-84e9-4443-883e-5f83dc6d2f6a","block_type":"box","text":"N","page_number":62,"box":{"x":152,"y":514,"width":9,"height":9}},{"id":"5c138cbb-7e5e-4031-bca8-91dd0eabbc17","block_type":"box","text":"is the number of New Shares to be issued;","page_number":62,"box":{"x":212,"y":514,"width":314,"height":11}},{"id":"28b3af2c-6dda-4808-98b8-a0b6f0306465","block_type":"box","text":"O","page_number":62,"box":{"x":151,"y":546,"width":12,"height":9}},{"id":"c9017a78-621e-45c0-892b-99c146af12c9","block_type":"box","text":"is the number of Original Shares to be Converted;","page_number":62,"box":{"x":212,"y":546,"width":367,"height":12}},{"id":"b91ece92-d02b-4c40-a723-5d54304b18a3","block_type":"box","text":"CP1 is the published dealing price at which one Share of the original Class or Type may be","page_number":62,"box":{"x":151,"y":579,"width":697,"height":11}},{"id":"768da6e1-2208-44a0-9910-e46bbff8e4bd","block_type":"box","text":"redeemed;","page_number":62,"box":{"x":212,"y":600,"width":78,"height":10}},{"id":"c28255bd-b703-4ee5-819f-4bcd25578e3f","block_type":"box","text":"ER is 1 (for same currency Shares); and","page_number":62,"box":{"x":152,"y":632,"width":330,"height":11}},{"id":"70e5b233-9c30-45ba-9b82-a70ba1944ab0","block_type":"box","text":"CP2 is the published dealing price at which a single Share of the new Class or Type may be","page_number":62,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"2f09f7f7-ed2a-49db-8326-bcca8b5b3346","block_type":"box","text":"purchased,","page_number":62,"box":{"x":212,"y":685,"width":80,"height":11}},{"id":"eade621e-4366-4e21-aa7e-2f01b94f9466","block_type":"box","text":"in the case of CP1 and CP2 the price referred to is the published mid-market price at the","page_number":62,"box":{"x":152,"y":717,"width":696,"height":11}},{"id":"8c052a48-88fb-4636-8dc4-94c7c2ee02fc","block_type":"box","text":"applicable Valuation Point for both the Original Shares and the New Shares respectively.","page_number":62,"box":{"x":151,"y":737,"width":656,"height":12}},{"id":"7a9a488c-ed8a-43c6-82cf-eebf7b0a0cc6","block_type":"box","text":"Each number referred to in the definition of N or O shall be expressed to the third decimal place","page_number":62,"box":{"x":152,"y":770,"width":696,"height":11}},{"id":"cc8d632c-4711-41e0-9fde-268f9e0a27be","block_type":"box","text":"and rounded up thereto in the case of N, so that the integer represents the number of Larger","page_number":62,"box":{"x":151,"y":790,"width":697,"height":12}},{"id":"2b703804-43fc-446e-acb4-290311668634","block_type":"box","text":"Denomination Shares and the decimal, when multiplied by 1,000, represents the number of","page_number":62,"box":{"x":152,"y":811,"width":696,"height":11}},{"id":"e29a1e74-8c1a-4c66-9448-412fce15ef12","block_type":"box","text":"Smaller Denomination Shares.","page_number":62,"box":{"x":151,"y":831,"width":226,"height":9}},{"id":"91109e28-d34e-451c-9773-ad8f152540ea","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 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“Selling","page_number":63,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"efff5591-0159-458d-afef-e0efac540d92","block_type":"box","text":"Shares”.","page_number":63,"box":{"x":151,"y":128,"width":61,"height":9}},{"id":"53d4d1bc-3ed9-47f9-805f-342752b6019f","block_type":"box","text":"The Conversion shall take place no later than four business days after the Conversion request","page_number":63,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"02fb4b5e-6774-494b-95ec-687730d7b790","block_type":"box","text":"is received by the ACD or at such other Valuation Point agreed by the ACD at the request of","page_number":63,"box":{"x":152,"y":181,"width":696,"height":12}},{"id":"45ff4bd4-7d94-4509-9042-af34556c4afd","block_type":"box","text":"the Shareholder.","page_number":63,"box":{"x":151,"y":202,"width":122,"height":9}},{"id":"a7f2bdbe-929a-438f-b756-1e28cd469007","block_type":"box","text":"The ACD may at its discretion impose restrictions as to the Classes or Types for which 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or","page_number":63,"box":{"x":151,"y":328,"width":698,"height":11}},{"id":"f15a4b08-2a53-4570-84b8-f94fe2608c36","block_type":"box","text":"refuse to effect any Conversion of the Original Shares. No Conversion will be made during any","page_number":63,"box":{"x":152,"y":348,"width":696,"height":12}},{"id":"bd18d79a-be59-424c-9670-5c65568b2570","block_type":"box","text":"period when the right of Shareholders to require the redemption of their Shares is suspended.","page_number":63,"box":{"x":151,"y":369,"width":696,"height":11}},{"id":"e131ec0e-f458-4246-9aeb-fbed8508b9a1","block_type":"box","text":"The general provisions on procedures relating to redemption will apply equally to a Conversion.","page_number":63,"box":{"x":151,"y":389,"width":696,"height":12}},{"id":"8ca4feb0-f789-45f4-b638-995e1e78b8cf","block_type":"box","text":"A Conversion Fee may be charged on the Conversion. For further details in respect of the level","page_number":63,"box":{"x":151,"y":422,"width":697,"height":11}},{"id":"550aec05-25cf-4615-8007-d9cfb54f9a98","block_type":"box","text":"and impact of any such Conversion Fee, please see the section headed “Fees and Expenses”","page_number":63,"box":{"x":151,"y":442,"width":697,"height":11}},{"id":"8930ef9b-ec82-4a13-9889-63782deaab1c","block_type":"box","text":"below. The ACD may adjust the number of New Shares to reflect the imposition of any","page_number":63,"box":{"x":151,"y":463,"width":697,"height":11}},{"id":"17fdd3cd-559d-4b65-891f-875184a9848e","block_type":"box","text":"Conversion Fee together with any other charges or levies in respect of the New Shares or the","page_number":63,"box":{"x":151,"y":483,"width":697,"height":12}},{"id":"8764ba70-569a-44d7-a34c-8509f3f35e73","block_type":"box","text":"Original Shares as may be permitted pursuant to the COLL Sourcebook and the Instrument of","page_number":63,"box":{"x":151,"y":504,"width":697,"height":11}},{"id":"3a089755-43cc-49e8-9f2b-8d35f26b5a40","block_type":"box","text":"Incorporation.","page_number":63,"box":{"x":152,"y":524,"width":100,"height":11}},{"id":"7ce7c23e-eea4-413e-a410-335a1078bd33","block_type":"box","text":"A Shareholder who Converts Shares in one Class or Type for Shares in any other Class or","page_number":63,"box":{"x":151,"y":556,"width":697,"height":12}},{"id":"93059f00-7111-471c-9500-fe15a536c403","block_type":"box","text":"Type in the same Fund will not be given a right to withdraw from or cancel the transaction.","page_number":63,"box":{"x":151,"y":577,"width":665,"height":11}},{"id":"56366d65-cfb6-46ef-8388-332fa2922368","block_type":"box","text":"Please note that the ACD will process any Shareholder request to exchange existing","page_number":63,"box":{"x":152,"y":609,"width":695,"height":12}},{"id":"4415ca30-7b69-4001-b537-4a80661a5323","block_type":"box","text":"Shares for Shares of another Class or Type within the same Fund as a Conversion in","page_number":63,"box":{"x":151,"y":630,"width":696,"height":11}},{"id":"2cadd75f-43e0-419a-9443-952bf532cf72","block_type":"box","text":"accordance with the provisions of this section.","page_number":63,"box":{"x":151,"y":650,"width":373,"height":12}},{"id":"2c3973b9-3b12-4cb0-9a4e-fc52c4127222","block_type":"box","text":"It should be noted that a Conversion of Shares in one Fund for Shares in the same Fund","page_number":63,"box":{"x":152,"y":683,"width":696,"height":9}},{"id":"8cfc3794-8991-4d41-93f4-975cd58ffa17","block_type":"box","text":"is not normally treated as a realisation and will not normally, for persons subject to","page_number":63,"box":{"x":152,"y":703,"width":696,"height":11}},{"id":"0a381e21-acd8-4f55-a691-5763b7357c69","block_type":"box","text":"United Kingdom taxation, be a disposal for the purposes of UK taxation, unless it is from","page_number":63,"box":{"x":152,"y":724,"width":696,"height":11}},{"id":"089966bf-4058-4fb6-967a-155fb5f099c6","block_type":"box","text":"a hedged Class to an unhedged Class (or vice versa).","page_number":63,"box":{"x":151,"y":744,"width":424,"height":11}},{"id":"ff658da3-795d-4281-afd7-8aba043ce457","block_type":"box","text":"For further details of the tax implications of the Conversion, please see the section headed","page_number":63,"box":{"x":152,"y":776,"width":696,"height":12}},{"id":"10c009ab-adb2-4e2a-981d-58ee9c2af2b7","block_type":"box","text":"‘Taxation’ below.","page_number":63,"box":{"x":152,"y":797,"width":122,"height":9}},{"id":"c7d6170d-a657-4cf1-a5de-6f0b4bfb3de6","block_type":"box","text":"Transfers","page_number":63,"box":{"x":151,"y":830,"width":97,"height":11}},{"id":"79ac487e-bc0d-43d7-a465-469f680b74a1","block_type":"box","text":"Shareholders are entitled to transfer their Shares to another person or body. All transfers must","page_number":63,"box":{"x":151,"y":866,"width":698,"height":11}},{"id":"52480070-20ff-4023-a286-ea5d55dd27a6","block_type":"box","text":"be in writing in the form of an instrument of transfer approved by the ACD for this purpose.","page_number":63,"box":{"x":151,"y":886,"width":696,"height":12}},{"id":"48fa95b9-c9fa-4b39-880f-a74f1bc74abd","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":64,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"c539c240-d51b-450c-9eea-f768786b7672","block_type":"box","text":"64","page_number":64,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"b6cb6942-b26f-447f-bbd9-7ec76c858885","block_type":"box","text":"Aviva Investors: Public","page_number":64,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"d996c2d0-73d3-4c90-b54d-5fc6851bc662","block_type":"box","text":"Completed instruments of transfer must be returned to the ACD. For further details, please see","page_number":64,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"cc586588-efa4-48df-8806-12433d354e4b","block_type":"box","text":"the paragraph entitled “Transfers of Shares” in the section headed “Instrument of Incorporation”","page_number":64,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"f3126c70-a248-4e7a-a787-3497a462de93","block_type":"box","text":"below.","page_number":64,"box":{"x":151,"y":129,"width":46,"height":8}},{"id":"27f1f117-731d-4438-85ac-7a1d078c1455","block_type":"box","text":"Compulsory Transfer, Redemption and Conversion","page_number":64,"box":{"x":151,"y":161,"width":495,"height":14}},{"id":"5a75bf63-0776-43e0-a14e-6e1378dc562f","block_type":"box","text":"Shares in the Company may not be acquired or held by any person in circumstances (“","page_number":64,"box":{"x":151,"y":197,"width":627,"height":11}},{"id":"ae86e364-c088-4cdf-8dac-1451c5479ffa","block_type":"box","text":"Relevant","page_number":64,"box":{"x":780,"y":197,"width":68,"height":9}},{"id":"e9b4e431-eeaf-46eb-a1fb-bb28d7f608c3","block_type":"box","text":"Circumstances","page_number":64,"box":{"x":151,"y":218,"width":119,"height":9}},{"id":"0de38b1f-f158-4efd-a548-5466237883d2","block_type":"box","text":"”):","page_number":64,"box":{"x":271,"y":218,"width":14,"height":11}},{"id":"229b86bf-ccbd-483a-be38-f142b50c998b","block_type":"box","text":"1.","page_number":64,"box":{"x":152,"y":250,"width":11,"height":9}},{"id":"92c0f086-bc39-4874-b678-606d5fb112e2","block_type":"box","text":"which constitute a breach of the law or governmental regulation (or any interpretation","page_number":64,"box":{"x":211,"y":250,"width":636,"height":11}},{"id":"361c501b-1fa3-4462-8abd-e78127f337b0","block_type":"box","text":"of a law or regulation by a competent authority) of any country or territory; or","page_number":64,"box":{"x":212,"y":271,"width":564,"height":11}},{"id":"50987330-17ee-4091-bb1a-639d59742573","block_type":"box","text":"2.","page_number":64,"box":{"x":151,"y":312,"width":12,"height":8}},{"id":"2be75835-2c82-4ab0-9a39-207834e7f15e","block_type":"box","text":"which would (or would if other Shares were acquired or held in the circumstances)","page_number":64,"box":{"x":211,"y":311,"width":637,"height":12}},{"id":"a627d2bf-b726-4897-9318-9550a973c249","block_type":"box","text":"result in the Company incurring any liability to taxation or suffering any other pecuniary","page_number":64,"box":{"x":212,"y":332,"width":636,"height":11}},{"id":"a9df7842-c28c-481c-8fad-9c4f081e9795","block_type":"box","text":"disadvantage or other adverse consequence (including a requirement to register under","page_number":64,"box":{"x":212,"y":353,"width":636,"height":11}},{"id":"2c7e6be0-2737-463a-a3cb-c8741ce6e437","block_type":"box","text":"any securities or investment or similar laws or governmental regulation of any country","page_number":64,"box":{"x":212,"y":373,"width":636,"height":11}},{"id":"fc8aa6ee-8056-425f-bfee-d62c8de2a506","block_type":"box","text":"or territory).","page_number":64,"box":{"x":212,"y":393,"width":84,"height":12}},{"id":"f26212a2-d3cc-4296-b2b8-049a197c52a8","block_type":"box","text":"In this connection, the ACD has a discretion to reject any application for the purchase, sale or","page_number":64,"box":{"x":152,"y":434,"width":696,"height":12}},{"id":"7a8db385-d51c-48dc-a3b8-2b954f38b659","block_type":"box","text":"Switching of Shares.","page_number":64,"box":{"x":151,"y":455,"width":151,"height":11}},{"id":"09bd98cf-d324-4261-ab1f-5a8e67017316","block_type":"box","text":"If it comes to the notice of the ACD that any Shares (“","page_number":64,"box":{"x":152,"y":487,"width":403,"height":12}},{"id":"b54a1b38-c862-4e13-9d39-d41a7ac1433e","block_type":"box","text":"Affected Shares","page_number":64,"box":{"x":555,"y":487,"width":128,"height":9}},{"id":"7abe3390-d50e-436f-88f5-f8c2a76e8e47","block_type":"box","text":"”) have been acquired","page_number":64,"box":{"x":684,"y":487,"width":164,"height":11}},{"id":"d0906585-577f-4365-88a7-0bf72e36510e","block_type":"box","text":"or are being held directly or beneficially in any of these Relevant Circumstances or by virtue of","page_number":64,"box":{"x":151,"y":508,"width":697,"height":11}},{"id":"7ae1951d-8279-4527-acc2-d774e8198fc8","block_type":"box","text":"which the Shareholder or Shareholders in question is/are not qualified to hold such Shares or","page_number":64,"box":{"x":151,"y":528,"width":697,"height":11}},{"id":"995ad4d4-4ba6-4b75-9175-2259efdee61a","block_type":"box","text":"if it reasonably believes this to be the case, the ACD may give notice to the holder(s) of the","page_number":64,"box":{"x":152,"y":549,"width":696,"height":11}},{"id":"1349dfd9-b8bc-450e-938b-a37442579fa5","block_type":"box","text":"Affected Shares requiring the transfer of such Shares to a person who is qualified or entitled to","page_number":64,"box":{"x":151,"y":569,"width":697,"height":12}},{"id":"2f13c261-1164-47f1-b4a7-80525d84917d","block_type":"box","text":"own them or that a request in writing be given for the redemption or cancellation of such Shares","page_number":64,"box":{"x":151,"y":590,"width":697,"height":11}},{"id":"fa23f5a3-ba11-4fd0-818c-d99b45444fb1","block_type":"box","text":"in accordance with the COLL Sourcebook. If any person upon whom such a notice is served","page_number":64,"box":{"x":152,"y":610,"width":696,"height":11}},{"id":"3b189e7a-ac6d-4efb-9529-23a33ba14521","block_type":"box","text":"does not within thirty days after the date of such notice transfer his Affected Shares to a person","page_number":64,"box":{"x":151,"y":631,"width":696,"height":11}},{"id":"95d3ca98-1eb0-4485-8121-eb373b2d198f","block_type":"box","text":"qualified to own them or establish to the satisfaction of the ACD (whose judgement shall be","page_number":64,"box":{"x":151,"y":651,"width":697,"height":12}},{"id":"ccaeb467-9f26-4499-88f9-c93e6caa4192","block_type":"box","text":"final and binding) that he and any person on whose behalf he holds the Affected Shares are","page_number":64,"box":{"x":151,"y":672,"width":697,"height":11}},{"id":"a0335be9-cbc1-425c-ae69-d189e2786cc0","block_type":"box","text":"qualified and entitled to own them, he shall be deemed upon the expiration of the thirty day","page_number":64,"box":{"x":151,"y":692,"width":697,"height":11}},{"id":"127c73d1-ebe9-47cf-b5e5-386181c4e602","block_type":"box","text":"period to have given a request in writing for the redemption or cancellation (at the discretion of","page_number":64,"box":{"x":151,"y":713,"width":697,"height":11}},{"id":"478d75ea-9d2c-4640-a334-284b9d4f8e94","block_type":"box","text":"the ACD) of all the Affected Shares pursuant to the COLL Sourcebook.","page_number":64,"box":{"x":151,"y":733,"width":524,"height":11}},{"id":"a1631e25-7e30-46b8-9635-1bb7219216a8","block_type":"box","text":"A person who becomes aware that he has acquired or holds Affected Shares in any of these","page_number":64,"box":{"x":151,"y":766,"width":697,"height":11}},{"id":"e24bfff1-98d9-46af-b7bb-98446f942d90","block_type":"box","text":"Relevant Circumstances, or by virtue of which he is not qualified to hold such Affected Shares,","page_number":64,"box":{"x":152,"y":786,"width":695,"height":11}},{"id":"75dcc764-3eb2-4876-8a3c-7496956e5d11","block_type":"box","text":"must immediately, unless he has already received a notice as set out above, either transfer all","page_number":64,"box":{"x":152,"y":807,"width":696,"height":11}},{"id":"f512c5bb-e452-406a-86e8-030fe075fe88","block_type":"box","text":"their Affected Shares to a person qualified to own them or give a request in writing for the","page_number":64,"box":{"x":151,"y":827,"width":697,"height":11}},{"id":"32ce6d38-d964-414b-b5a0-89eb06982b49","block_type":"box","text":"redemption of all their Affected Shares pursuant to the COLL Sourcebook.","page_number":64,"box":{"x":152,"y":847,"width":547,"height":11}},{"id":"7121dc16-6a5c-4192-8e97-ade91b3f9ce9","block_type":"box","text":"In circumstances where the ACD has determined that a Class of a Fund is to be closed, the","page_number":64,"box":{"x":152,"y":880,"width":696,"height":10}},{"id":"ad3cc429-9cdf-4bd7-af41-87c911995bdf","block_type":"box","text":"ACD is able to effect the compulsory conversion of Shares from the closing Class to another","page_number":64,"box":{"x":151,"y":900,"width":698,"height":11}},{"id":"6a179abe-9e8f-4bb1-9ed8-701278ca9a5b","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":65,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"3adacf4c-1964-45b5-bf29-aaf0c7e6a5e5","block_type":"box","text":"65","page_number":65,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"02452183-83d6-4bdc-af9a-c413d3953bba","block_type":"box","text":"Aviva Investors: Public","page_number":65,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"8b23d694-6f49-4455-aac5-6f0fc7b039f6","block_type":"box","text":"Class of the Fund. Such compulsory Conversion will only be effected where the rights attaching","page_number":65,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"266d8391-5882-427f-b797-91959b91510c","block_type":"box","text":"to the new Class are the same, or more favourable than the Class that is to be closed and","page_number":65,"box":{"x":151,"y":108,"width":697,"height":10}},{"id":"8a1826ff-71f1-4800-bafb-15b4654271e2","block_type":"box","text":"where the ACD has satisfied itself that the conversion will not result in prejudice to investors in","page_number":65,"box":{"x":151,"y":128,"width":696,"height":12}},{"id":"c92a293d-e6b7-4f1c-a2a4-b0825070cb15","block_type":"box","text":"the Fund. The ACD will give prior notice to the Shareholders in the Fund prior to such a","page_number":65,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"8fc1f4ef-8694-48b1-b04f-44f4ea19c5db","block_type":"box","text":"compulsory conversion being effected.","page_number":65,"box":{"x":151,"y":169,"width":285,"height":12}},{"id":"10abe2c3-365e-4855-ab3c-16d706c0a322","block_type":"box","text":"The ACD is also able to effect a compulsory Conversion in respect of certain Classes of Share","page_number":65,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"7b6d2098-cba0-4c0b-b70a-423d441e4f62","block_type":"box","text":"as described above, specifically (A) of Class 9 Shares in any Fund in the Aviva Investors Multi\u0002","page_number":65,"box":{"x":151,"y":222,"width":697,"height":11}},{"id":"b63625f6-354a-4f04-b517-11afb3f3d02a","block_type":"box","text":"asset Plus Fund range and the Aviva Investors Multi-asset Stewardship Fund range, where a","page_number":65,"box":{"x":151,"y":243,"width":697,"height":11}},{"id":"1b99005c-a02f-456b-bf66-d17ac41dbc3a","block_type":"box","text":"shareholding falls below the specified minimum holding, and (B) of Class 8 Shares in Aviva","page_number":65,"box":{"x":151,"y":263,"width":697,"height":11}},{"id":"59887ed7-31df-4fe3-8ce5-0a82c2db124f","block_type":"box","text":"Investors Multi-asset Plus Fund I, Aviva Investors Multi-asset Plus Fund II, Aviva Investors","page_number":65,"box":{"x":152,"y":284,"width":696,"height":10}},{"id":"f9cb1868-4d20-4678-8ec0-57d65b8f357c","block_type":"box","text":"Multi- asset Plus Fund IV, Aviva Investors Multi-Manager 20-60% Shares Fund, Aviva Investors","page_number":65,"box":{"x":152,"y":304,"width":696,"height":11}},{"id":"d428c9f1-5dfa-41c3-bc85-5f2918318df0","block_type":"box","text":"Multi-Manager 40-85% Shares Fund, Aviva Investors Multi-Manager Flexible Fund and any","page_number":65,"box":{"x":152,"y":325,"width":696,"height":11}},{"id":"20f9ff14-24b9-431e-b7cf-0e5895e65519","block_type":"box","text":"Fund in the Aviva Investors Multi-asset Stewardship Fund range to another Class where a","page_number":65,"box":{"x":152,"y":345,"width":696,"height":11}},{"id":"01d93e4d-a0f2-4d5a-aa43-8150d65497d0","block_type":"box","text":"Shareholder breaches the terms of the separate agreement with the ACD and/or where a","page_number":65,"box":{"x":151,"y":366,"width":697,"height":11}},{"id":"379a615f-3dfd-4025-8096-2f4eed3d898a","block_type":"box","text":"shareholding falls below the specified minimum holding","page_number":65,"box":{"x":151,"y":386,"width":422,"height":11}},{"id":"d961cea4-74c1-4a47-8bb6-3621595a1752","block_type":"box","text":"or fails to meet any other eligibility","page_number":65,"box":{"x":583,"y":386,"width":265,"height":11}},{"id":"c471557b-e203-4cee-bddd-ea03e2e8e828","block_type":"box","text":"criteria for this Class; and (C) Class 7 Shares in any Fund in the Aviva Investors Multi-asset","page_number":65,"box":{"x":151,"y":407,"width":697,"height":11}},{"id":"c9b58fce-6592-44c9-aa7c-4c879d27bcae","block_type":"box","text":"Stewardship Fund range to another Class where a shareholding falls below the specified","page_number":65,"box":{"x":151,"y":427,"width":697,"height":11}},{"id":"f1901749-f59e-4136-89d4-5ed7f2e9d9a2","block_type":"box","text":"minimum holding.","page_number":65,"box":{"x":152,"y":448,"width":128,"height":11}},{"id":"0d332e88-a329-414c-967d-ffd4cbce3ed4","block_type":"box","text":"(see the sections entitled “Minimum holdings” above within the “Dealing in Shares” section).","page_number":65,"box":{"x":152,"y":480,"width":677,"height":11}},{"id":"b73d6efa-ef57-485a-899e-1174067bb034","block_type":"box","text":"In addition, the ACD may carry out a compulsory Conversion of some or all of the Shares in","page_number":65,"box":{"x":152,"y":512,"width":696,"height":11}},{"id":"4687e7dd-b299-4a03-89d6-056c44450776","block_type":"box","text":"any Class into Shares of another Class where it reasonably believes that such Conversion is in","page_number":65,"box":{"x":151,"y":533,"width":696,"height":11}},{"id":"1cd456ad-1503-4c68-8062-c70a06978a69","block_type":"box","text":"the best interests of a Shareholder or Shareholders (for example, when such a conversion","page_number":65,"box":{"x":151,"y":553,"width":697,"height":11}},{"id":"8f04eb2e-9072-4880-a8eb-7aa4d89c0ab3","block_type":"box","text":"would achieve cost savings). The ACD will give at least 60 days’ prior written notice to the","page_number":65,"box":{"x":151,"y":574,"width":697,"height":11}},{"id":"45b5339b-0517-41ae-84b7-5a749821a188","block_type":"box","text":"relevant Shareholders prior to such a compulsory Conversion being effected. The right of","page_number":65,"box":{"x":152,"y":594,"width":696,"height":12}},{"id":"7a42c675-f14f-4cea-b4da-42c126c56bba","block_type":"box","text":"Shareholders to redeem their Shares prior to a Conversion taking effect will not be affected.","page_number":65,"box":{"x":151,"y":615,"width":678,"height":11}},{"id":"2472b960-ea8c-4ec0-bfe2-2bcfd8ca84fa","block_type":"box","text":"Please note that, for any redemption that would leave a residual holding of less than the","page_number":65,"box":{"x":152,"y":656,"width":696,"height":11}},{"id":"4d686089-48e5-4fe8-9f7d-13264c12ed9e","block_type":"box","text":"applicable minimum holding, the ACD has the discretion to require redemption of the entire","page_number":65,"box":{"x":151,"y":676,"width":697,"height":11}},{"id":"1924663b-e90d-4a01-8427-c3cf2edd2c9f","block_type":"box","text":"holding. Please see the section above entitled “Selling Shares” for more information on","page_number":65,"box":{"x":152,"y":697,"width":695,"height":11}},{"id":"eb147fba-741b-43c9-9244-ce4da4d2ab8f","block_type":"box","text":"redemptions.","page_number":65,"box":{"x":152,"y":717,"width":94,"height":11}},{"id":"852792d8-8915-48b6-9615-0ac3ea8c26ff","block_type":"box","text":"In Specie Redemptions (Redemptions in kind)","page_number":65,"box":{"x":152,"y":738,"width":443,"height":14}},{"id":"8e7114a0-ea7b-4149-a68b-24c64a54141d","block_type":"box","text":"If a Shareholder requests the redemption or cancellation of Shares the ACD may arrange that","page_number":65,"box":{"x":152,"y":774,"width":696,"height":11}},{"id":"1ffd241f-b054-46c7-86b5-8a12cfe4c92d","block_type":"box","text":"in place of payment of the price of the Shares in cash, the Company cancels the Shares and","page_number":65,"box":{"x":152,"y":795,"width":696,"height":11}},{"id":"9f76f34f-5700-473c-802e-966e1891e93f","block_type":"box","text":"transfers Scheme Property (or, if required by the Shareholder, the net proceeds of sale of","page_number":65,"box":{"x":151,"y":815,"width":697,"height":11}},{"id":"54a7e1a6-da1f-4b2b-9eba-4b108573e353","block_type":"box","text":"relevant Scheme Property), to the Shareholder. This only applies however if the Shares","page_number":65,"box":{"x":152,"y":835,"width":696,"height":12}},{"id":"bc1cbc96-4132-45d3-aef3-9a3ea4572c69","block_type":"box","text":"represent over 5 % (or such smaller percentage as the ACD may decide) of the Fund’s value.","page_number":65,"box":{"x":152,"y":856,"width":690,"height":11}},{"id":"a3b6573e-a0f3-4022-9fdc-18f8f430c023","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":66,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"309e42a3-0e06-4026-ba33-f21cc0e01308","block_type":"box","text":"66","page_number":66,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"4e589cf0-77ca-42e9-af80-e4a1e3a7fea8","block_type":"box","text":"Aviva Investors: Public","page_number":66,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"9c31cf3f-c476-4aca-b5b9-5c0e97d804ab","block_type":"box","text":"Before the proceeds of the cancellation of Shares become payable, the ACD must give written","page_number":66,"box":{"x":152,"y":87,"width":696,"height":12}},{"id":"79729aea-264e-4eaa-a1c1-a48c5cf7b021","block_type":"box","text":"notice to the Shareholder that the Scheme Property or the proceeds of sale of Scheme Property","page_number":66,"box":{"x":152,"y":108,"width":696,"height":11}},{"id":"4c4c6b45-3a3b-4065-a1e1-414e91051178","block_type":"box","text":"will be transferred to that Shareholder.","page_number":66,"box":{"x":151,"y":128,"width":283,"height":9}},{"id":"4b5efc15-dd79-4f21-98c7-e662967a4823","block_type":"box","text":"The Scheme Property to be transferred will be selected by the ACD in consultation with the","page_number":66,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"af8030f3-ead1-4c7b-baf6-b41d64657e75","block_type":"box","text":"Depositary. They must take reasonable care to ensure that the property concerned would not","page_number":66,"box":{"x":152,"y":181,"width":696,"height":11}},{"id":"ccdac58e-2656-47bf-ad49-fc8e74affaa7","block_type":"box","text":"be likely to result in any material prejudice to the interests of shareholders.","page_number":66,"box":{"x":151,"y":202,"width":550,"height":11}},{"id":"c6d8b30d-dc24-475f-b004-27c4b583f1b4","block_type":"box","text":"In Specie Applications (Applications in kind)","page_number":66,"box":{"x":152,"y":235,"width":430,"height":13}},{"id":"ffa51e4f-cd05-4006-bed9-fccc3fc2f256","block_type":"box","text":"The ACD may, at its discretion and by special arrangement, agree to arrange for the Company","page_number":66,"box":{"x":151,"y":271,"width":697,"height":11}},{"id":"76b302d2-1b69-469e-99f0-933e4510c34c","block_type":"box","text":"to issue Shares in exchange for assets other than money, but will only do so where the","page_number":66,"box":{"x":151,"y":291,"width":697,"height":11}},{"id":"0c1ea961-70a3-4d6e-af82-54ddc7bfce9a","block_type":"box","text":"Depositary has taken reasonable care to determine that the Company’s acquisition of those","page_number":66,"box":{"x":152,"y":311,"width":696,"height":12}},{"id":"6ce29861-f4b4-40fd-8089-44cb76ee9286","block_type":"box","text":"assets in exchange for the Shares is not likely to result in any material prejudice to the interests","page_number":66,"box":{"x":151,"y":332,"width":697,"height":11}},{"id":"b93ea3cb-89f7-4f1b-ba88-2aad1ea78da4","block_type":"box","text":"of Shareholders or potential Shareholders of the Fund concerned.","page_number":66,"box":{"x":151,"y":352,"width":486,"height":12}},{"id":"08f83e63-3d37-44ec-b587-9a4d7b50c417","block_type":"box","text":"The ACD will ensure that the beneficial interest in the assets concerned is transferred to or for","page_number":66,"box":{"x":151,"y":385,"width":698,"height":9}},{"id":"41d9d871-7e20-4e7e-b3c9-140c8ed3ac72","block_type":"box","text":"the account of the Company with effect from the date of issue of the Shares.","page_number":66,"box":{"x":151,"y":405,"width":564,"height":12}},{"id":"f07d1516-8774-4ed2-9b9d-f149b126a9d4","block_type":"box","text":"The ACD will not issue Shares in any Fund in exchange for assets the holding of which would","page_number":66,"box":{"x":151,"y":438,"width":697,"height":11}},{"id":"d526dfb1-de6e-4e8c-b3c7-6c9f986baad1","block_type":"box","text":"be inconsistent with the investment objective of that Fund.","page_number":66,"box":{"x":151,"y":458,"width":428,"height":11}},{"id":"2d03faf4-e5c8-4dc3-b536-c490a140f70e","block_type":"box","text":"General","page_number":66,"box":{"x":151,"y":491,"width":80,"height":11}},{"id":"94da45b5-41d4-4fdc-8336-d824e8bbb16f","block_type":"box","text":"To satisfy a request for the issue, redemption or exchange of Shares, the ACD will normally","page_number":66,"box":{"x":151,"y":527,"width":698,"height":11}},{"id":"271a0dda-9fb2-4409-9361-17df4b150294","block_type":"box","text":"sell Shares to, or repurchase Shares from, Shareholders to meet such requests.","page_number":66,"box":{"x":151,"y":547,"width":593,"height":12}},{"id":"dd497bae-4570-4e34-89c3-1d690521067a","block_type":"box","text":"The ACD is entitled to hold Shares for its own account and to satisfy requests for sale from its","page_number":66,"box":{"x":151,"y":580,"width":697,"height":11}},{"id":"6e7d66a1-c7dc-47c0-a8f7-9f79cb7f7592","block_type":"box","text":"own holding. Although the ACD dealing in Shares held by it, for its own account, is not with the","page_number":66,"box":{"x":151,"y":600,"width":697,"height":12}},{"id":"ae3b7fb6-9710-4f8e-9ad9-63ebec6aaaa9","block_type":"box","text":"intention of making a profit there will be occasions when such dealings do give rise to a profit.","page_number":66,"box":{"x":152,"y":621,"width":690,"height":11}},{"id":"037bd4d2-eb92-432e-a47a-0111b12617c9","block_type":"box","text":"In some circumstances and in accordance with the COLL Sourcebook, the Company will issue","page_number":66,"box":{"x":152,"y":653,"width":696,"height":11}},{"id":"f7a5bfc2-5f1c-42cc-8a91-fe53017b5e1b","block_type":"box","text":"or cancel Shares to meet such requests. The COLL Sourcebook requires the ACD to procure","page_number":66,"box":{"x":151,"y":674,"width":697,"height":11}},{"id":"b378bcc6-63bf-4b4b-a4ed-ead9057785f2","block_type":"box","text":"the issue or cancellation by the Company where necessary to meet any obligation to sell or","page_number":66,"box":{"x":151,"y":694,"width":698,"height":11}},{"id":"3bdadcda-ef92-4693-a851-f9a147ef44a6","block_type":"box","text":"redeem Shares.","page_number":66,"box":{"x":152,"y":715,"width":116,"height":9}},{"id":"52dd2827-2214-41d5-a965-a0c7e76019fe","block_type":"box","text":"The ACD is under no obligation to account to the Company or to Shareholders for any profit it","page_number":66,"box":{"x":151,"y":747,"width":697,"height":11}},{"id":"bb3a9974-432a-4708-bfee-461bf624b73c","block_type":"box","text":"makes on the issue, reissue or cancellation of Shares and will not do so.","page_number":66,"box":{"x":152,"y":768,"width":534,"height":10}},{"id":"caa417b4-8d2f-45e8-a782-90a40b1c64e7","block_type":"box","text":"The amount to be charged by or paid to the ACD for the sale of a Share by the ACD will not be","page_number":66,"box":{"x":151,"y":800,"width":697,"height":11}},{"id":"925220c6-3673-4a09-8432-f09bbf034b26","block_type":"box","text":"more than the price of a Share notified to the Depositary at the relevant Valuation Point plus","page_number":66,"box":{"x":152,"y":820,"width":696,"height":12}},{"id":"5c2179ba-7efa-4df2-bd79-b17b862666a9","block_type":"box","text":"any Entry Charge and/or Investor Protection Fee which may apply.","page_number":66,"box":{"x":151,"y":841,"width":493,"height":11}},{"id":"b459d03f-5255-4abf-86ca-b02fc1d8685d","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":67,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"58a4b133-331a-4457-8df8-281600e6310e","block_type":"box","text":"67","page_number":67,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"1a52707c-62ac-42e5-ad39-8b289d2a9ee5","block_type":"box","text":"Aviva Investors: Public","page_number":67,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"a60cab03-bf26-47a3-9640-41b35c2f8f98","block_type":"box","text":"The amount to be paid by the ACD for the redemption of a Share will not be less than the price","page_number":67,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"32c7ab4c-ab8c-4060-9565-2e39f898fd7e","block_type":"box","text":"of a Share notified to the Depositary at the relevant Valuation Point minus any Exit Charge or","page_number":67,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"5dba51d1-701a-49b3-b515-fffd43a4dfcd","block_type":"box","text":"Investor Protection Fee which may apply.","page_number":67,"box":{"x":152,"y":129,"width":304,"height":11}},{"id":"0f7000c7-849f-4c2a-87a7-ee5cf6ba4b7e","block_type":"box","text":"Market timing","page_number":67,"box":{"x":152,"y":161,"width":135,"height":14}},{"id":"90799a1e-f21f-40e4-924b-04a9887f386e","block_type":"box","text":"The Funds are intended to be a medium to long-term investment vehicle and are not designed","page_number":67,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"52be29f1-2fa4-4f88-a791-470d5ff59df0","block_type":"box","text":"to be used by investors for speculating on short-term market or currency movements.","page_number":67,"box":{"x":151,"y":218,"width":696,"height":11}},{"id":"c106bd68-423e-4a2a-b1ee-d954fa782b5c","block_type":"box","text":"Information on the typical investor profile and target market for each Fund is set out above. The","page_number":67,"box":{"x":152,"y":238,"width":696,"height":12}},{"id":"42e93305-4484-402b-b839-81b698ae92da","block_type":"box","text":"ACD may refuse to accept a subscription or a Switch between Funds if it has reasonable","page_number":67,"box":{"x":151,"y":259,"width":697,"height":11}},{"id":"fb3016bc-67ec-4b81-9050-4fc1653709c2","block_type":"box","text":"grounds, in relation to the Shareholder concerned, for refusing to accept a subscription or a","page_number":67,"box":{"x":151,"y":279,"width":697,"height":11}},{"id":"f5dead05-d814-44e2-b34c-1c00d4e93251","block_type":"box","text":"Switch from them. In particular, the ACD may exercise this discretion if it believes the","page_number":67,"box":{"x":151,"y":300,"width":697,"height":11}},{"id":"cdfdca7c-12b6-4c27-b065-3a58bd4e4dbf","block_type":"box","text":"Shareholder has been or intends to engage in market timing activities. The ACD does not","page_number":67,"box":{"x":151,"y":320,"width":697,"height":11}},{"id":"78943b24-1637-4447-8bda-d525d0057853","block_type":"box","text":"condone or engage in market timing activities.","page_number":67,"box":{"x":151,"y":341,"width":340,"height":11}},{"id":"7a41a6b8-1c99-4875-9caa-0f087babb346","block_type":"box","text":"Money Laundering","page_number":67,"box":{"x":152,"y":447,"width":183,"height":13}},{"id":"16be49bd-2a00-42f9-a703-c08f4721ecfa","block_type":"box","text":"Under current legislation in the United Kingdom to prevent money laundering, persons","page_number":67,"box":{"x":152,"y":483,"width":696,"height":11}},{"id":"73a0ef49-5721-42e6-8abc-78f49792d656","block_type":"box","text":"conducting investment business are responsible for compliance with applicable anti-money","page_number":67,"box":{"x":151,"y":503,"width":697,"height":11}},{"id":"65cdb2f0-5519-4228-94da-a2a6ef816d53","block_type":"box","text":"laundering regulations. 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or","page_number":71,"box":{"x":312,"y":190,"width":366,"height":11}},{"id":"58b7f816-4c06-4388-b17b-d4a9632b43ac","block_type":"box","text":"(iii) if the ACD, in its absolute discretion, determines the price obtained is","page_number":71,"box":{"x":273,"y":231,"width":575,"height":11}},{"id":"c24c7a4b-44a9-439a-a01e-ee93c39414a8","block_type":"box","text":"unreliable or no recent traded price is available or if no recent price exists,","page_number":71,"box":{"x":313,"y":251,"width":534,"height":11}},{"id":"cd8a8928-51f8-4732-9153-5f70b951ab15","block_type":"box","text":"a value which the ACD, in its absolute discretion, determines is fair and","page_number":71,"box":{"x":312,"y":272,"width":536,"height":10}},{"id":"bcfa7c09-c8ad-4d92-8bbd-869eadcd35f1","block_type":"box","text":"reasonable provided that the ACD will be entitled to rely upon the advice","page_number":71,"box":{"x":313,"y":292,"width":535,"height":11}},{"id":"98da4903-f52b-4cb1-8572-0e8b96663acf","block_type":"box","text":"of a professional adviser which the ACD reasonably believes to be","page_number":71,"box":{"x":312,"y":313,"width":536,"height":11}},{"id":"eae65d05-212d-4dc5-9dec-73a8e997dab0","block_type":"box","text":"qualified to give such advice;","page_number":71,"box":{"x":312,"y":333,"width":213,"height":12}},{"id":"e55c3e68-26b0-4de3-89a9-978b1bdc192d","block_type":"box","text":"(b)","page_number":71,"box":{"x":212,"y":374,"width":18,"height":11}},{"id":"39edf8c1-cb46-412c-9b2c-4c63534cbec4","block_type":"box","text":"exchange-traded derivative contracts:","page_number":71,"box":{"x":272,"y":374,"width":278,"height":11}},{"id":"e817c7dc-5f09-4625-9d34-48f238adbe0a","block_type":"box","text":"(i) if a single price for buying and selling the exchange-traded derivative","page_number":71,"box":{"x":318,"y":395,"width":530,"height":11}},{"id":"318c5744-4ca5-4758-a9a6-9ef266415033","block_type":"box","text":"contract is quoted, at that price; or","page_number":71,"box":{"x":348,"y":415,"width":253,"height":11}},{"id":"f10774eb-0563-441b-ac05-fd3af23b19bb","block_type":"box","text":"(ii) if separate buying and selling prices are quoted, at the average of","page_number":71,"box":{"x":318,"y":436,"width":530,"height":11}},{"id":"02ad814d-1ee7-485b-84f4-80ba2448005a","block_type":"box","text":"the two prices","page_number":71,"box":{"x":347,"y":456,"width":103,"height":11}},{"id":"92d5d174-0623-4e6f-95be-180b8e92a5ef","block_type":"box","text":"(c)","page_number":71,"box":{"x":212,"y":497,"width":18,"height":11}},{"id":"5bcd8a0e-95a4-4e34-b155-697b79aeecbf","block_type":"box","text":"over-the-counter derivative contracts shall be valued in accordance with the","page_number":71,"box":{"x":272,"y":497,"width":576,"height":9}},{"id":"7de0277e-7f1e-4b06-b7ee-360d0b137887","block_type":"box","text":"method of valuation as shall have been agreed between the ACD and the","page_number":71,"box":{"x":273,"y":518,"width":575,"height":11}},{"id":"7b908c1e-36f4-4d11-a89b-a0276d492d30","block_type":"box","text":"Depositary;","page_number":71,"box":{"x":273,"y":538,"width":82,"height":11}},{"id":"5bf42bd4-3d7a-4855-8516-50b492c3e561","block_type":"box","text":"(d)","page_number":71,"box":{"x":212,"y":579,"width":18,"height":11}},{"id":"94f63975-1948-41ba-832c-c23ce2453cb8","block_type":"box","text":"any other instruments:","page_number":71,"box":{"x":272,"y":579,"width":164,"height":11}},{"id":"5ab8ceca-01b0-4dc0-87f6-2e9ac2da7e7b","block_type":"box","text":"(i) if a single price for buying and selling the security is quoted, that price; or","page_number":71,"box":{"x":273,"y":620,"width":576,"height":11}},{"id":"e54bd0bf-c634-4d6e-9f7e-0fdf39cd57e8","block_type":"box","text":"(ii) if separate buying and selling prices are quoted, the average of the two","page_number":71,"box":{"x":273,"y":661,"width":575,"height":11}},{"id":"5b35e094-db1d-45ec-9e7e-d1f67b9f1ec9","block_type":"box","text":"prices; or","page_number":71,"box":{"x":313,"y":682,"width":68,"height":11}},{"id":"183ebba0-8b35-4b4c-91d8-a14f0a397bf8","block_type":"box","text":"(iii) if the ACD, in its absolute discretion, determines that the price obtained","page_number":71,"box":{"x":273,"y":722,"width":575,"height":12}},{"id":"c2328c13-1c3e-48d6-a8df-dd5cb7314ba5","block_type":"box","text":"is unreliable or no recent traded price is available or if no recent price","page_number":71,"box":{"x":313,"y":743,"width":535,"height":11}},{"id":"3ea7cbad-af20-4793-a7a8-d72c65b0f3de","block_type":"box","text":"exists, a value which the ACD, in its absolute discretion, determines is","page_number":71,"box":{"x":312,"y":763,"width":536,"height":11}},{"id":"28066ee3-c590-4fe5-a72f-51bf5faf35f2","block_type":"box","text":"fair and reasonable provided that the ACD will be entitled to rely upon the","page_number":71,"box":{"x":312,"y":784,"width":536,"height":11}},{"id":"cec69581-a8b5-46da-9460-1eeab82976b6","block_type":"box","text":"advice of a professional adviser which the ACD reasonably believes to","page_number":71,"box":{"x":312,"y":804,"width":536,"height":12}},{"id":"caa6cc5f-9179-4761-9f91-8f57961b7ee6","block_type":"box","text":"be qualified to give such advice; 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The ACD then makes such other adjustments as it considers","page_number":76,"box":{"x":151,"y":772,"width":697,"height":11}},{"id":"2366e2ae-7f37-4eca-9316-434d35b43890","block_type":"box","text":"appropriate (and after consulting the Auditors as appropriate) in relation to taxation, income","page_number":76,"box":{"x":151,"y":792,"width":697,"height":11}},{"id":"c1201cc1-cd72-4004-980b-9a9519547bce","block_type":"box","text":"equalisation, income unlikely to be received within 12 months following the relevant income","page_number":76,"box":{"x":151,"y":813,"width":697,"height":11}},{"id":"0b45c50d-bb57-4b48-a704-21c079010709","block_type":"box","text":"allocation date, income which should not be accounted for on an accrual basis because of lack","page_number":76,"box":{"x":151,"y":833,"width":698,"height":11}},{"id":"83db2827-f43d-4529-b32d-7d29f2eaf21a","block_type":"box","text":"of information as to how it accrues, transfers between the income and capital account and 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to:","page_number":77,"box":{"x":152,"y":528,"width":637,"height":12}},{"id":"bbff27a1-cdaf-4f92-bd40-193748195295","block_type":"box","text":"1.","page_number":77,"box":{"x":152,"y":561,"width":11,"height":8}},{"id":"5752e0a9-f782-410e-8b8b-9ee07d099cbb","block_type":"box","text":"taxation;","page_number":77,"box":{"x":211,"y":561,"width":62,"height":10}},{"id":"30ba82ac-1b18-410b-94eb-d219ebc2fc27","block_type":"box","text":"2.","page_number":77,"box":{"x":151,"y":602,"width":12,"height":8}},{"id":"b57ec043-70c8-4143-80a3-36b535f7035e","block_type":"box","text":"potential income which is unlikely to be received until 12 months after the income","page_number":77,"box":{"x":212,"y":602,"width":636,"height":11}},{"id":"d9eb2205-ffa7-4b08-babf-c10fd1c7d1b5","block_type":"box","text":"allocation 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in","page_number":77,"box":{"x":212,"y":725,"width":636,"height":11}},{"id":"2dbde964-3df2-4bf4-b161-c73006d2e3d2","block_type":"box","text":"relation to:","page_number":77,"box":{"x":212,"y":745,"width":76,"height":9}},{"id":"b99db6e2-b305-4c2c-9616-7fddbc106c8e","block_type":"box","text":"a. stock dividends;","page_number":77,"box":{"x":242,"y":786,"width":147,"height":10}},{"id":"40c8f1e0-0386-43c0-94f2-f29daaaa5f9d","block_type":"box","text":"b. income equalisation included in income allocations from other collective","page_number":77,"box":{"x":242,"y":807,"width":606,"height":11}},{"id":"788b7e37-832c-456c-9a9b-80f59f7b8725","block_type":"box","text":"investment schemes","page_number":77,"box":{"x":273,"y":827,"width":151,"height":9}},{"id":"7ac770a5-fc7c-467d-91d5-1c1d9c83ae3f","block_type":"box","text":"c. the allocation of payments in accordance with COLL 6.7.10R (allocation","page_number":77,"box":{"x":242,"y":847,"width":605,"height":12}},{"id":"568de90b-c8e9-4c47-963c-48ce6e0d01e9","block_type":"box","text":"payments to capital or income);","page_number":77,"box":{"x":272,"y":868,"width":231,"height":11}},{"id":"db33b75b-b2ab-474c-934d-9addd9710d14","block_type":"box","text":"d. taxation; and","page_number":77,"box":{"x":242,"y":889,"width":125,"height":10}},{"id":"f6d0e556-a14c-4f35-a0c7-245160a276da","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":78,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"ff13fef9-f2c6-4ea8-94d5-42442a59f671","block_type":"box","text":"78","page_number":78,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"74a97af8-cc28-4379-8f56-f981782e4883","block_type":"box","text":"Aviva Investors: Public","page_number":78,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"d99d60e7-4266-453c-8aa1-dc535d61da94","block_type":"box","text":"e. the aggregate amount of income property included in units issued and units","page_number":78,"box":{"x":242,"y":88,"width":606,"height":11}},{"id":"23c0e362-9187-436d-a351-003ea9d94af4","block_type":"box","text":"cancelled during the period.","page_number":78,"box":{"x":272,"y":108,"width":204,"height":11}},{"id":"385a14d4-802b-4e1a-a9d3-1dc0b41aa06d","block_type":"box","text":"5.","page_number":78,"box":{"x":151,"y":149,"width":12,"height":9}},{"id":"abdad091-ea9e-460f-923c-e0a709da178e","block_type":"box","text":"making any other adjustments or any reimbursement of set-up costs that the ACD","page_number":78,"box":{"x":212,"y":149,"width":636,"height":11}},{"id":"26ca3c00-a51c-4d1d-97df-df4a376d120d","block_type":"box","text":"considers appropriate after consulting the Auditors.","page_number":78,"box":{"x":212,"y":169,"width":377,"height":12}},{"id":"211ccd5d-eeb4-49e2-941d-dcf21db80cb3","block_type":"box","text":"An allocation of income (whether annual or interim) to be made in respect of each Share issued","page_number":78,"box":{"x":151,"y":210,"width":697,"height":11}},{"id":"86262937-0fa8-42a8-8bed-845a3e977228","block_type":"box","text":"by the Company or sold by the ACD during the Distribution Period in respect of which that","page_number":78,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"db7043e7-9daf-45d2-aebe-a755b76c6b9d","block_type":"box","text":"income allocation is made will be of the same amount as the allocation to be made in respect","page_number":78,"box":{"x":152,"y":251,"width":696,"height":11}},{"id":"a1248bea-0187-4578-9d3c-280cb05eee48","block_type":"box","text":"of the other Shares of the same Class in a Fund.","page_number":78,"box":{"x":151,"y":272,"width":359,"height":9}},{"id":"f334f53c-4ae8-4b13-9a8e-ed6f1d20d606","block_type":"box","text":"Each allocation of income made at a time when more than one Class is in issue in a Fund shall","page_number":78,"box":{"x":152,"y":304,"width":696,"height":9}},{"id":"d1658499-948d-46a1-991b-9091d0d4b668","block_type":"box","text":"be done by reference to the relevant Shareholders’ proportionate interests in the property of","page_number":78,"box":{"x":151,"y":325,"width":697,"height":11}},{"id":"8c0b8c03-3c89-4c5d-9e38-d4d01879a59a","block_type":"box","text":"that Fund. These will be ascertained by reference to the “","page_number":78,"box":{"x":151,"y":345,"width":427,"height":11}},{"id":"b436d476-7cb2-42dd-9dc8-2f1614f4e956","block_type":"box","text":"Proportion Account","page_number":78,"box":{"x":580,"y":345,"width":156,"height":11}},{"id":"c610a466-6641-4a8b-b5a4-ed147f35bc15","block_type":"box","text":"” for each such","page_number":78,"box":{"x":737,"y":345,"width":111,"height":9}},{"id":"b238a674-df03-461d-a16f-595b5c82d66b","block_type":"box","text":"Class described in the paragraph entitled “Proportionate entitlements” below.","page_number":78,"box":{"x":151,"y":366,"width":569,"height":11}},{"id":"80bf9d19-0336-439c-bca4-58427be331ff","block_type":"box","text":"The ACD will distribute the income allocated to Income Shares of each Class in a Fund among","page_number":78,"box":{"x":151,"y":398,"width":696,"height":11}},{"id":"daa604cc-2a96-48e8-96d6-5500e397e8fd","block_type":"box","text":"their holders in proportion to the numbers of such Shares held, or treated as held, by them","page_number":78,"box":{"x":151,"y":418,"width":696,"height":12}},{"id":"87c5daa1-8231-4e99-9d37-5d17f0cfbd9e","block_type":"box","text":"respectively at the end of the relevant Distribution Period. The ACD will pay the distribution to","page_number":78,"box":{"x":152,"y":439,"width":696,"height":11}},{"id":"e7bc062c-0ed8-4a64-b148-6ce07094c20b","block_type":"box","text":"the holders of Income Shares in accordance with the instructions.","page_number":78,"box":{"x":151,"y":459,"width":483,"height":9}},{"id":"5fe1ab90-311e-4215-b0fb-d35f7e9db6e0","block_type":"box","text":"The amount of income allocated to the holders of a Class of Accumulation Shares will become","page_number":78,"box":{"x":151,"y":492,"width":697,"height":9}},{"id":"6d67c1f1-390e-4e06-afdf-2283b665a3ec","block_type":"box","text":"part of the capital property (as defined in the COLL Sourcebook) attributable to those Shares","page_number":78,"box":{"x":151,"y":512,"width":697,"height":11}},{"id":"43965f2a-ed48-44d7-8633-3a96ec2c8289","block_type":"box","text":"as at the end of the relevant Distribution Period. Where other Classes are in issue in respect of","page_number":78,"box":{"x":151,"y":533,"width":697,"height":11}},{"id":"0935fa26-f1c0-4adb-84ba-dbd5b430b604","block_type":"box","text":"a Fund during that Distribution Period, the interests of the holders of Accumulation Shares in","page_number":78,"box":{"x":151,"y":553,"width":697,"height":11}},{"id":"54203ba5-b3b6-4308-957c-b52b4a68d24b","block_type":"box","text":"the amount of income allocated to a particular Class must be satisfied by an adjustment, as at","page_number":78,"box":{"x":151,"y":574,"width":697,"height":11}},{"id":"407d58f8-e383-41fc-a07e-2750ca909060","block_type":"box","text":"the end of the period, in the proportion of the value of the Scheme Property to which the price","page_number":78,"box":{"x":151,"y":594,"width":697,"height":11}},{"id":"06744d40-06de-4484-befd-8d54cb0a5581","block_type":"box","text":"of an Accumulation Share in the relevant Class is related. The adjustment must be such as will","page_number":78,"box":{"x":151,"y":615,"width":697,"height":11}},{"id":"75d1a9bd-7467-4a2b-8aaf-f85ff6127bf5","block_type":"box","text":"ensure that the price per Share of an Accumulation Share of the relevant Class remains","page_number":78,"box":{"x":151,"y":635,"width":697,"height":11}},{"id":"882055e6-0249-4b86-a68a-e156c11b903b","block_type":"box","text":"unchanged despite the transfer of income to the capital property of the Company.","page_number":78,"box":{"x":152,"y":656,"width":600,"height":11}},{"id":"09ef7a09-799d-42b8-a2ab-59dab1d53dae","block_type":"box","text":"Income equalisation","page_number":78,"box":{"x":152,"y":762,"width":198,"height":13}},{"id":"612731eb-3945-48d9-8ca9-bf70d7eb7ee8","block_type":"box","text":"The following provisions shall apply in respect of Shares in issue in respect of each of the","page_number":78,"box":{"x":151,"y":797,"width":697,"height":12}},{"id":"e76e718c-6a14-49f0-90f0-9d287dbd7f8e","block_type":"box","text":"Funds.","page_number":78,"box":{"x":152,"y":818,"width":48,"height":9}},{"id":"026a05ba-251a-4ad1-9626-848b03445907","block_type":"box","text":"An allocation of income (whether annual or interim) to be made in respect of each Share to","page_number":78,"box":{"x":151,"y":850,"width":697,"height":11}},{"id":"3a75428f-0978-4ce8-933e-a4ba7e12c125","block_type":"box","text":"which this clause applies issued by the Company or sold by the ACD during the Distribution","page_number":78,"box":{"x":151,"y":871,"width":697,"height":11}},{"id":"94f7f64a-0ba9-42a6-a564-2c7ac2c8381e","block_type":"box","text":"Period in respect of which that income allocation is made shall be of the same amount as the","page_number":78,"box":{"x":152,"y":891,"width":696,"height":11}},{"id":"c1bec6b8-b28e-4bd6-b2fa-7b48f1fe7315","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":79,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"70afa6ef-ecb6-4d0d-9321-2c7c9ab52b69","block_type":"box","text":"79","page_number":79,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"7a29a0cd-c2f2-489f-afb2-8bef23bbf708","block_type":"box","text":"Aviva Investors: Public","page_number":79,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"70cc99e3-9d59-432d-806c-959ae557048b","block_type":"box","text":"allocation to be made in respect of the other Shares in the same Class in issue in respect of","page_number":79,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"d65f48ca-28ec-4936-b792-137c68f879d0","block_type":"box","text":"the same Fund but shall include a capital sum (","page_number":79,"box":{"x":151,"y":108,"width":351,"height":11}},{"id":"523741c1-c701-40e8-af6e-71fb05f8288f","block_type":"box","text":"income equalisation","page_number":79,"box":{"x":504,"y":108,"width":159,"height":11}},{"id":"e05cedda-3fb9-4126-9403-9667bff080ed","block_type":"box","text":") representing the ACD’s","page_number":79,"box":{"x":665,"y":108,"width":183,"height":11}},{"id":"fc3552eb-dbbc-43dd-95d3-35eb1e4f3ae1","block_type":"box","text":"best estimate of the amount of income included in the price of that Share.","page_number":79,"box":{"x":151,"y":128,"width":542,"height":11}},{"id":"5102c98e-9ef7-4ed8-b2d5-0a114e33608f","block_type":"box","text":"The amount of income equalisation in respect of any Share shall be either:","page_number":79,"box":{"x":151,"y":161,"width":551,"height":11}},{"id":"6f46b004-8394-41e3-ba86-f04bb2f7c137","block_type":"box","text":"1.","page_number":79,"box":{"x":152,"y":194,"width":11,"height":8}},{"id":"36606e14-7a4f-4325-9ca0-c3ab0da43777","block_type":"box","text":"the actual amount of income included in the issue price of that Share; or","page_number":79,"box":{"x":211,"y":193,"width":534,"height":11}},{"id":"79f93da2-c190-4441-bbe6-7d23b0116c2f","block_type":"box","text":"2.","page_number":79,"box":{"x":151,"y":234,"width":12,"height":9}},{"id":"c6c6aa98-f060-4876-9b1b-daedbed1a70d","block_type":"box","text":"an amount arrived at by taking the aggregate of the amounts of income included in the","page_number":79,"box":{"x":212,"y":234,"width":636,"height":11}},{"id":"41257d65-3ba5-45d6-a641-7e66e6d15ca5","block_type":"box","text":"price in respect of Shares of that Class issued or sold in the annual or interim","page_number":79,"box":{"x":212,"y":255,"width":636,"height":11}},{"id":"3602e3ef-b9fc-469d-aa3f-1ddfd46944bc","block_type":"box","text":"Distribution Period in question and dividing that aggregate amount by the number of","page_number":79,"box":{"x":212,"y":275,"width":637,"height":11}},{"id":"d5aab0b1-d784-40fb-a865-7973143715c0","block_type":"box","text":"such Shares and applying the resultant average to each of the Shares in question.","page_number":79,"box":{"x":212,"y":295,"width":608,"height":12}},{"id":"42caf94d-7b3a-4e16-bbed-f781fc393963","block_type":"box","text":"Proportionate entitlements","page_number":79,"box":{"x":152,"y":337,"width":261,"height":13}},{"id":"aa9b389f-d4af-4763-bbf8-8438fb23623c","block_type":"box","text":"Where Funds have more than one Class of Share in issue, the proportionate interests of each","page_number":79,"box":{"x":151,"y":373,"width":697,"height":11}},{"id":"a0156b6b-505c-40b5-8dbb-a93ab7844551","block_type":"box","text":"Class of Share in the amount available for income allocation will be determined in accordance","page_number":79,"box":{"x":151,"y":393,"width":697,"height":9}},{"id":"0c057109-f7dd-46f5-bc09-97f0d6d5ca8a","block_type":"box","text":"with the Instrument of Incorporation.","page_number":79,"box":{"x":151,"y":414,"width":266,"height":11}},{"id":"f7ed0f90-6a52-4746-bcef-b778b52985e8","block_type":"box","text":"The proportionate interests of each Class in the assets and income of the Fund shall be","page_number":79,"box":{"x":151,"y":446,"width":697,"height":11}},{"id":"e05c9ea1-c153-4137-ab82-36c485312f38","block_type":"box","text":"calculated as follows:","page_number":79,"box":{"x":151,"y":467,"width":157,"height":9}},{"id":"8c465f18-f9c0-44db-8fd6-3cc3a7c9e6d5","block_type":"box","text":"A notional account will be maintained for each Class. Each account will be referred to as a","page_number":79,"box":{"x":151,"y":499,"width":697,"height":9}},{"id":"bc5732e8-37a7-4c9d-9e73-b26c8e11ad50","block_type":"box","text":"“Proportion Account”. The word","page_number":79,"box":{"x":151,"y":520,"width":229,"height":11}},{"id":"579acefb-888a-4b31-9da4-52b443b5de4d","block_type":"box","text":"proportion","page_number":79,"box":{"x":386,"y":520,"width":83,"height":11}},{"id":"f575ddb4-594f-4a3d-b624-e864a6f5809f","block_type":"box","text":"in the following paragraphs used in connection with","page_number":79,"box":{"x":475,"y":520,"width":372,"height":11}},{"id":"a0b2aed0-d3b6-4b6f-9270-9138094850f2","block_type":"box","text":"a Class of Share means the proportion which the balance on the Proportion Account for that","page_number":79,"box":{"x":151,"y":540,"width":697,"height":11}},{"id":"b3d4a8c3-2be0-41d6-ab6c-241c1072e9a1","block_type":"box","text":"Class at the relevant time bears to the aggregate of all the balances on all the Proportion","page_number":79,"box":{"x":151,"y":561,"width":696,"height":11}},{"id":"39f602cc-3e59-4f60-9840-888bdfa2803a","block_type":"box","text":"Accounts maintained in respect of the Fund at that time.","page_number":79,"box":{"x":151,"y":581,"width":414,"height":11}},{"id":"f8143983-716c-4037-aca7-e8abb5b40b9a","block_type":"box","text":"There will be credited to a Proportion Account:","page_number":79,"box":{"x":151,"y":614,"width":342,"height":11}},{"id":"7de2a497-16c4-4d6b-8e48-b34c807c789f","block_type":"box","text":"1.","page_number":79,"box":{"x":152,"y":646,"width":11,"height":9}},{"id":"b4210bbf-44b1-4b78-abc4-89e588ae82c6","block_type":"box","text":"upon an initial or subsequent subscription for any Share of the relevant Class, the","page_number":79,"box":{"x":212,"y":646,"width":636,"height":11}},{"id":"a2748fa7-e169-4fbb-8cd9-7d06b2948b89","block_type":"box","text":"subscription price of that Share;","page_number":79,"box":{"x":212,"y":666,"width":234,"height":11}},{"id":"b4bcb39c-4fe3-4698-9379-800f65714c8a","block_type":"box","text":"2.","page_number":79,"box":{"x":151,"y":708,"width":12,"height":8}},{"id":"1387593c-3962-421d-91ee-febe67177490","block_type":"box","text":"on each Dealing Day, that Class’s proportion of the amount by which the Net Asset","page_number":79,"box":{"x":212,"y":707,"width":636,"height":12}},{"id":"ed446c0f-5cc3-45c6-9be4-8fa11d753a8f","block_type":"box","text":"Value of the Fund exceeds the Net Asset Value of the Fund on the preceding Dealing","page_number":79,"box":{"x":211,"y":728,"width":637,"height":11}},{"id":"163e7717-ea19-45d3-b07c-d32a28944c2f","block_type":"box","text":"Day (ignoring in the calculations of the Net Asset Value all costs, charges, liabilities of","page_number":79,"box":{"x":212,"y":748,"width":636,"height":12}},{"id":"b97293bc-f130-442f-ab6f-fce721c9bf81","block_type":"box","text":"any kind and expenses incurred solely in respect of one or more Class of Share);","page_number":79,"box":{"x":212,"y":769,"width":599,"height":11}},{"id":"5602299a-42cf-4caf-bafc-0e4f577f41bd","block_type":"box","text":"3.","page_number":79,"box":{"x":151,"y":810,"width":12,"height":9}},{"id":"bd1b41a2-1a81-4733-9667-3f79c09d138b","block_type":"box","text":"that Class’s proportion of the income of the Fund received and receivable (except to","page_number":79,"box":{"x":211,"y":810,"width":637,"height":11}},{"id":"6c3429c1-37eb-4618-971d-9b85b66a9e53","block_type":"box","text":"the extent already taken into account);","page_number":79,"box":{"x":211,"y":830,"width":283,"height":11}},{"id":"70802036-8047-4abd-9981-4b15de74306a","block_type":"box","text":"4.","page_number":79,"box":{"x":151,"y":872,"width":12,"height":8}},{"id":"f9e11522-53bc-4f04-b8b6-057410433ff9","block_type":"box","text":"any notional tax benefit allocated to that Class (except to the extent already taken into","page_number":79,"box":{"x":212,"y":871,"width":636,"height":11}},{"id":"de68b49e-aecf-49c9-9f6b-3dda957739be","block_type":"box","text":"account); 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and","page_number":80,"box":{"x":212,"y":497,"width":508,"height":11}},{"id":"b35c918c-6ed8-4f2f-863b-ede72b0bb5b0","block_type":"box","text":"6.","page_number":80,"box":{"x":151,"y":538,"width":12,"height":9}},{"id":"1b133e4e-8d3d-4264-82a5-6d66fbeaebcf","block_type":"box","text":"any notional tax liability allocated to that Class (except to the extent already taken into","page_number":80,"box":{"x":212,"y":538,"width":636,"height":11}},{"id":"236ac788-b8a6-4bb0-89fe-c130260a6ae7","block_type":"box","text":"account).","page_number":80,"box":{"x":212,"y":559,"width":66,"height":11}},{"id":"b603c2af-7c50-4c9d-a735-db1b03e3df3d","block_type":"box","text":"Any tax liability in respect of the Fund and any tax benefit received or receivable in respect of","page_number":80,"box":{"x":151,"y":600,"width":697,"height":11}},{"id":"fca36528-8aff-4f9f-9546-e499c36a5eb2","block_type":"box","text":"the Fund will be allocated between Classes in order to achieve, so far as possible, the same","page_number":80,"box":{"x":151,"y":620,"width":697,"height":11}},{"id":"9e2e4b04-3b32-4a1a-81e7-fe5be9f1b5d4","block_type":"box","text":"result as would have been achieved if each Class were itself a Fund so as not materially to","page_number":80,"box":{"x":152,"y":641,"width":696,"height":11}},{"id":"d18e1d15-2eb9-415e-b397-da53a8787ddd","block_type":"box","text":"prejudice that Class. The allocation will be carried out by the ACD after consultation with the","page_number":80,"box":{"x":151,"y":661,"width":697,"height":11}},{"id":"27796390-beec-4f0c-b7a0-11415006915b","block_type":"box","text":"Auditors.","page_number":80,"box":{"x":151,"y":682,"width":64,"height":8}},{"id":"9367df81-e950-4dde-9c19-dc7fd1997dc7","block_type":"box","text":"Where a Class is denominated in a currency which is not the base currency of the Fund, the","page_number":80,"box":{"x":151,"y":714,"width":697,"height":11}},{"id":"c39f0ea6-001d-4adf-ae25-44b960fb0f0f","block_type":"box","text":"balance of the Proportion Account shall be translated into the base currency of the Fund in","page_number":80,"box":{"x":151,"y":734,"width":697,"height":12}},{"id":"3613ff23-7e38-45b9-8f3b-0f8c7f73fb8b","block_type":"box","text":"order to ascertain the proportions of all Classes. Translations between currencies shall be at a","page_number":80,"box":{"x":151,"y":755,"width":697,"height":11}},{"id":"568b0d9b-48e0-478c-a4da-a7ecc74dcbe8","block_type":"box","text":"rate that is not likely to result in any material prejudice to the interests of Shareholders or","page_number":80,"box":{"x":152,"y":775,"width":696,"height":12}},{"id":"76333494-2f67-4d38-91d6-60b1e347e015","block_type":"box","text":"potential Shareholders of any Class.","page_number":80,"box":{"x":151,"y":796,"width":268,"height":11}},{"id":"4bcdc1e9-8f57-4b0d-a417-b414ded7612b","block_type":"box","text":"The Proportion Accounts are:","page_number":80,"box":{"x":151,"y":828,"width":216,"height":11}},{"id":"cf4d24a3-a974-45cf-97bd-18d2e2c5e8d9","block_type":"box","text":"1.","page_number":80,"box":{"x":152,"y":861,"width":11,"height":8}},{"id":"81a28ca8-4d49-4c76-a75c-b764cde7c851","block_type":"box","text":"memorandum accounts maintained for the purpose of calculating proportions. They do","page_number":80,"box":{"x":212,"y":861,"width":636,"height":11}},{"id":"397d8506-f0f3-4315-b0bf-b6779ca62143","block_type":"box","text":"not represent debts from the Company to Shareholders or the other way round;","page_number":80,"box":{"x":212,"y":881,"width":586,"height":11}},{"id":"e90a1422-3492-48d7-8c74-73b1aa90ec62","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":81,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"5c3d8252-65f8-4c82-9a10-9ac733d4cf53","block_type":"box","text":"81","page_number":81,"box":{"x":834,"y":923,"width":12,"height":6}},{"id":"a25829c0-23cc-4e4b-87d3-c19082a14096","block_type":"box","text":"Aviva Investors: Public","page_number":81,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"75cae8cc-7c06-4639-abb7-5cda49654286","block_type":"box","text":"2.","page_number":81,"box":{"x":151,"y":88,"width":12,"height":8}},{"id":"07ad8a3d-4cd2-4efd-bd8b-fce0ee2adbc0","block_type":"box","text":"maintained such that each credit and debit to a Proportion Account shall be allocated","page_number":81,"box":{"x":212,"y":88,"width":635,"height":11}},{"id":"0ce2abb2-ba79-469a-9e4f-284d63243649","block_type":"box","text":"to that account on the basis of that Class’s proportion immediately before the allocation.","page_number":81,"box":{"x":211,"y":108,"width":636,"height":11}},{"id":"5c80ada0-1cd9-4240-ac27-4430d47c1f42","block_type":"box","text":"All such adjustments shall be made as are necessary to ensure that on no occasion on","page_number":81,"box":{"x":211,"y":129,"width":637,"height":11}},{"id":"f86f592e-6c8c-4eb7-ad6b-2eda5c25ada7","block_type":"box","text":"which the proportions are ascertained is any amount counted more than once.","page_number":81,"box":{"x":211,"y":149,"width":578,"height":11}},{"id":"c1eff9a9-2cda-4107-aeaf-a3423b8bff93","block_type":"box","text":"The Company may adopt a method of calculating the amount of income to be allocated between","page_number":81,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"7714dfcf-bfd0-4155-8a3b-8e6282189c1d","block_type":"box","text":"the Shares in issue in respect of any Fund which is different to the method set out above","page_number":81,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"e9caf900-7442-43e1-a28e-6aa9ba921c31","block_type":"box","text":"provided that the ACD is satisfied that such method is fair to Shareholders and that it is","page_number":81,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"4ddef3c0-b4b5-489f-8e33-64a9f2e1524f","block_type":"box","text":"reasonable to adopt such method in the given circumstances.","page_number":81,"box":{"x":152,"y":252,"width":454,"height":11}},{"id":"5e243451-adc2-4516-a8c6-e9497f0f1b94","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":82,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"0fd403ed-80b2-4a99-ad41-b1c00c7c08c0","block_type":"box","text":"82","page_number":82,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"d86eacbd-a78b-48cb-8e2c-a534d0b0d398","block_type":"box","text":"Aviva Investors: Public","page_number":82,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"14a10454-66eb-4f24-b226-6a5ab03513f0","block_type":"box","text":"Risks","page_number":82,"box":{"x":470,"y":91,"width":68,"height":12}},{"id":"dc95858b-ebd6-4253-9f21-eaf0ead3e964","block_type":"box","text":"The following are important warnings and potential investors should consider the","page_number":82,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"8234c7f1-1ce1-4da7-98f4-0c5b998d91b2","block_type":"box","text":"following risk factors before investing in the Company.","page_number":82,"box":{"x":151,"y":169,"width":437,"height":11}},{"id":"1146a8e5-5b19-477c-a22f-a06edce9d0b3","block_type":"box","text":"The following risk factors may relate to a particular Fund as that Fund invests directly in a","page_number":82,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"c1e04343-6dde-4b25-9f9e-e4c3076b00be","block_type":"box","text":"particular asset or because that Fund invests in a collective investment scheme which in turn","page_number":82,"box":{"x":151,"y":222,"width":697,"height":11}},{"id":"a154e470-773b-4ff2-90e0-8a8d49e19cc6","block_type":"box","text":"invests in a particular asset.","page_number":82,"box":{"x":152,"y":243,"width":204,"height":11}},{"id":"5ad9344c-cdf9-4713-a79e-5c350b570a54","block_type":"box","text":"General","page_number":82,"box":{"x":151,"y":276,"width":80,"height":10}},{"id":"024ed975-26af-4b25-a146-3ff0037818d9","block_type":"box","text":"There are inherent risks in investment markets. Security prices are subject to market","page_number":82,"box":{"x":151,"y":311,"width":697,"height":12}},{"id":"bb061227-1e2a-4196-a953-dbb3133f9246","block_type":"box","text":"fluctuations and can move irrationally and be unpredictably affected by many and various","page_number":82,"box":{"x":151,"y":332,"width":697,"height":11}},{"id":"a980dc6c-f2fa-4151-b150-b8131ede3846","block_type":"box","text":"factors including political and economic events and rumours. There can be no assurance that","page_number":82,"box":{"x":151,"y":352,"width":697,"height":12}},{"id":"080af120-5075-4c6d-b7fe-cd14a286536a","block_type":"box","text":"any appreciation in value of investments will occur. The value of investments and any income","page_number":82,"box":{"x":151,"y":373,"width":697,"height":11}},{"id":"6c374d30-f01e-4c69-b412-da0e8dcb8372","block_type":"box","text":"derived from them may go down as well as up and investors may receive less than the original","page_number":82,"box":{"x":151,"y":393,"width":696,"height":12}},{"id":"934886f5-e39a-4d5c-bdb3-613503834003","block_type":"box","text":"amount invested.","page_number":82,"box":{"x":151,"y":414,"width":126,"height":9}},{"id":"4a39c1e6-5893-456c-8966-455de4d0b028","block_type":"box","text":"There is no guarantee that the investment objective of any Fund will actually be achieved. The","page_number":82,"box":{"x":151,"y":446,"width":697,"height":11}},{"id":"0aa4c03c-b449-4fdb-8ecd-28dbfa3e30e2","block_type":"box","text":"level of any yield for a Fund may be subject to fluctuations and is not guaranteed.","page_number":82,"box":{"x":152,"y":467,"width":600,"height":11}},{"id":"ed2553f9-432a-478f-a5be-a1fbfbc9db0c","block_type":"box","text":"It is important to note that past performance is not a guide to future returns or growth.","page_number":82,"box":{"x":152,"y":499,"width":695,"height":11}},{"id":"d87efd7a-6afa-4126-b02b-644347b5b8c1","block_type":"box","text":"Shares should be viewed as a medium to long term investment.","page_number":82,"box":{"x":151,"y":519,"width":470,"height":12}},{"id":"4d000f17-94bf-4bc9-940b-4c3b5e1ab22b","block_type":"box","text":"Investors will need to decide whether or not an investment vehicle of this nature is appropriate","page_number":82,"box":{"x":152,"y":552,"width":696,"height":11}},{"id":"c82ca21f-8188-412b-a026-f5093f0bd866","block_type":"box","text":"for their requirements.","page_number":82,"box":{"x":151,"y":572,"width":162,"height":11}},{"id":"b8312834-efc9-4b09-a49e-fe3174ebb2dd","block_type":"box","text":"Counterparty Risk","page_number":82,"box":{"x":151,"y":605,"width":165,"height":12}},{"id":"b3087de1-897c-4f58-9ec8-71d38d02a2ba","block_type":"box","text":"See also ‘Credit Risk’. The bankruptcy or default of any counterparty could result in losses to","page_number":82,"box":{"x":151,"y":647,"width":697,"height":11}},{"id":"01036e0c-fa44-4239-aa54-0bdf31bcb943","block_type":"box","text":"any Fund. In addition, a Fund may bear the risk of loss because a counterparty does not have","page_number":82,"box":{"x":151,"y":667,"width":697,"height":11}},{"id":"63036e68-99fe-44e5-9390-51b34132d0e4","block_type":"box","text":"the legal capacity to enter into a transaction, or if the transaction becomes unenforceable due","page_number":82,"box":{"x":151,"y":688,"width":697,"height":11}},{"id":"77c1b67e-c354-42b7-9b58-47746fb1f6a9","block_type":"box","text":"to relevant legislation or regulation (see ‘Legal Risk’).","page_number":82,"box":{"x":151,"y":708,"width":392,"height":11}},{"id":"e5fbfc23-5377-4ced-a3f2-cca8717f6f19","block_type":"box","text":"In the case of any insolvency or failure of any such party, a Fund might recover only a pro rata","page_number":82,"box":{"x":152,"y":735,"width":696,"height":11}},{"id":"567f8221-466d-4f16-9ccf-5e8d883b7b65","block_type":"box","text":"share of all property available for distribution to all of such party’s creditors and/or customers.","page_number":82,"box":{"x":151,"y":755,"width":696,"height":11}},{"id":"2a2e5f97-d1f6-4268-9eb0-11b651309a23","block_type":"box","text":"Such an amount may be less than the amounts owed to that Fund.","page_number":82,"box":{"x":151,"y":775,"width":493,"height":12}},{"id":"2f7469e3-4ca6-4a7d-96f5-030bd7ee8026","block_type":"box","text":"Trading in financial derivative instruments which have not been collateralised gives rise to direct","page_number":82,"box":{"x":151,"y":802,"width":697,"height":11}},{"id":"f8855230-eed4-474f-a793-6a5daf8293f5","block_type":"box","text":"counterparty exposure. A Fund might mitigate much of this risk by receiving collateral with a","page_number":82,"box":{"x":151,"y":822,"width":697,"height":12}},{"id":"6ba662fd-3d47-45de-9a00-e0f3cc258d45","block_type":"box","text":"value at least equal to the exposure to each counterparty but, to the extent that any financial","page_number":82,"box":{"x":151,"y":843,"width":696,"height":11}},{"id":"4fa447fc-8e6d-4b21-9333-6f19e09c29f7","block_type":"box","text":"derivative instrument is not fully collateralised or, to the extent the Fund has provided collateral","page_number":82,"box":{"x":151,"y":863,"width":696,"height":12}},{"id":"ac69f944-52f3-41a8-b5b0-f010ab4d37d4","block_type":"box","text":"to the counterparty under a SFT in excess of the termination value of the underlying contract,","page_number":82,"box":{"x":151,"y":884,"width":696,"height":11}},{"id":"8b49d5af-8afa-47a8-87b4-316446c66f70","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":83,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d2373aae-8288-45be-9cd6-ef461a8d3ddf","block_type":"box","text":"83","page_number":83,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"90c3929c-6409-4883-a351-fcaefe0e2d5c","block_type":"box","text":"Aviva Investors: Public","page_number":83,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"e0c3f9a1-c35f-47df-855a-b3d24705509d","block_type":"box","text":"a default by the counterparty may result in a reduction in the value of a Fund. In the event of","page_number":83,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"c3fc9d29-e36b-4bd3-8be2-bc595c75f6e4","block_type":"box","text":"the insolvency of the counterparty to a derivative, the Fund of the Company will be treated as","page_number":83,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"142d0748-4b18-4e1e-b7c0-5e47e86f6ef1","block_type":"box","text":"a general creditor of such counterparty, and will not have any claim with respect to the","page_number":83,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"8929d939-7c9e-4956-968b-d6f75b8bb322","block_type":"box","text":"underlying indebtedness. Consequently, that Fund of the Company will be subject to the credit","page_number":83,"box":{"x":152,"y":149,"width":696,"height":11}},{"id":"2729c30c-f58a-43c6-a8f6-2f2a9b93e17f","block_type":"box","text":"risk of the counterparty as well as that of the issuer of the indebtedness. As a result,","page_number":83,"box":{"x":152,"y":169,"width":695,"height":12}},{"id":"6549552a-e6c2-4ac1-86ef-f851987bb4e4","block_type":"box","text":"concentrations of derivatives in any one counterparty may subject a Fund to an additional","page_number":83,"box":{"x":151,"y":190,"width":696,"height":11}},{"id":"342067fd-c58a-4120-befa-358dae470f81","block_type":"box","text":"degree of risk with respect to defaults by such counterparty as well as by the issuer of the","page_number":83,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"77a2d284-7637-4909-9405-ab211937bb9b","block_type":"box","text":"underlying indebtedness.","page_number":83,"box":{"x":152,"y":231,"width":184,"height":11}},{"id":"68d6c790-352f-4f7d-b3f6-665620aa8c59","block_type":"box","text":"To mitigate counterparty risk the Company will only use preferred counterparties which it","page_number":83,"box":{"x":151,"y":257,"width":697,"height":12}},{"id":"ee1a98da-9b25-4cdd-a18e-76b62016ceda","block_type":"box","text":"believes to be creditworthy and may reduce the exposure incurred in connection with such","page_number":83,"box":{"x":151,"y":278,"width":696,"height":11}},{"id":"d8687cfa-0b59-40ca-9aa7-678ed56b06e8","block_type":"box","text":"transactions through the use of collateral. A formal review of each new counterparty is","page_number":83,"box":{"x":151,"y":298,"width":697,"height":12}},{"id":"e1a8b331-e3c9-46e9-9b5e-ce8d87e7f523","block_type":"box","text":"completed and all approved counterparties are regularly assessed. However, there can be no","page_number":83,"box":{"x":151,"y":319,"width":697,"height":11}},{"id":"2c5bfd1f-6597-4483-a4a3-bbb7127ea40a","block_type":"box","text":"guarantee that a counterparty will not default or that a Fund of the Company will not sustain","page_number":83,"box":{"x":151,"y":339,"width":697,"height":12}},{"id":"0c366bda-913c-49ab-9ba8-319d74b3836f","block_type":"box","text":"losses as a result.","page_number":83,"box":{"x":152,"y":360,"width":131,"height":9}},{"id":"2e85897d-ed22-4198-a653-d75d0e91bc53","block_type":"box","text":"The ACD is free to use one or more separate counterparties for derivative investments. Some","page_number":83,"box":{"x":151,"y":386,"width":697,"height":11}},{"id":"de13466d-6f8f-444b-8398-991bdf7d0670","block_type":"box","text":"or all of these counterparties may be associates of the Aviva Group.","page_number":83,"box":{"x":151,"y":407,"width":502,"height":11}},{"id":"36efc770-9c8d-40d4-9504-ddcef67603ea","block_type":"box","text":"Credit Risk","page_number":83,"box":{"x":151,"y":433,"width":102,"height":10}},{"id":"6e29c172-26d6-4fef-a80c-83e3b0569ea3","block_type":"box","text":"See also ‘Counterparty Risk’. Credit risk is the risk that the counterparty to a financial instrument","page_number":83,"box":{"x":151,"y":475,"width":697,"height":11}},{"id":"1fc6781e-e55e-44d1-9b2c-e1e66890c200","block_type":"box","text":"will fail to discharge an obligation. Each Fund will be exposed to a credit risk for the parties with","page_number":83,"box":{"x":151,"y":496,"width":696,"height":11}},{"id":"bd37b1f4-15ed-4b65-bc6b-82fb9900e6e7","block_type":"box","text":"whom it trades. Investing in sovereign debt, any other debt guaranteed by a sovereign","page_number":83,"box":{"x":151,"y":516,"width":697,"height":11}},{"id":"da5202a6-a5d1-4c17-8abd-2c23c4211715","block_type":"box","text":"government, or corporate debt entails risks related to the issuer’s ability and willingness to repay","page_number":83,"box":{"x":151,"y":537,"width":697,"height":11}},{"id":"861f4446-b24e-4fbe-a532-db1897eb0550","block_type":"box","text":"principal and pay interest. A default by the issuer of the bond may impact the value of a Fund.","page_number":83,"box":{"x":151,"y":557,"width":696,"height":11}},{"id":"2275e8c0-c986-4476-8124-6e980de36204","block_type":"box","text":"Short-term cash equivalent investments, such as commercial paper, bankers’ acceptances,","page_number":83,"box":{"x":151,"y":577,"width":696,"height":12}},{"id":"db87c6e5-7e6a-4d01-ad5a-700a8e033f22","block_type":"box","text":"certificates of deposit, and repurchase transactions, are not guaranteed by any government","page_number":83,"box":{"x":151,"y":598,"width":697,"height":11}},{"id":"0feb0ee7-e357-4a4c-b2a9-299ebe08f79b","block_type":"box","text":"and are subject to some risk of default.","page_number":83,"box":{"x":151,"y":618,"width":287,"height":11}},{"id":"92613e41-83e4-4f4d-ab95-9371b2b64bf9","block_type":"box","text":"Credit risk may also arise through a default by one or several large institutions that are","page_number":83,"box":{"x":151,"y":645,"width":697,"height":11}},{"id":"169aa763-281c-45a0-b814-443b24010ac1","block_type":"box","text":"dependent on one another to meet their liquidity or operational needs, so that a default by one","page_number":83,"box":{"x":151,"y":665,"width":697,"height":11}},{"id":"9910ac58-8186-4446-b3e6-5477b1ce03c1","block_type":"box","text":"institution causes a series of defaults by the other institutions. This is sometimes referred to as","page_number":83,"box":{"x":152,"y":686,"width":696,"height":11}},{"id":"bcbda260-700c-4677-8e35-79f6f694938f","block_type":"box","text":"a \"systemic risk\" and may adversely affect financial intermediaries, such as clearing agencies,","page_number":83,"box":{"x":151,"y":706,"width":696,"height":12}},{"id":"df46e601-4fa4-42ab-8484-1a1b96a86871","block_type":"box","text":"clearing houses, banks, securities firms and exchanges, with which the Company interacts on","page_number":83,"box":{"x":151,"y":727,"width":697,"height":11}},{"id":"2bf155e7-376f-4034-8c15-c3d07d1fb105","block_type":"box","text":"a daily basis.","page_number":83,"box":{"x":151,"y":747,"width":95,"height":11}},{"id":"edbd2ea7-d02c-4ca8-bb88-8c30300aecd2","block_type":"box","text":"Effect of Entry Charge","page_number":83,"box":{"x":152,"y":774,"width":217,"height":14}},{"id":"cd4042d1-955b-468a-9b24-3e04729ac935","block_type":"box","text":"Where charged, the Entry Charge is deducted from the investment at outset. Hence investors,","page_number":83,"box":{"x":151,"y":810,"width":696,"height":11}},{"id":"fa81d268-6e41-4e57-90c6-038a3dc9d12c","block_type":"box","text":"having paid an Entry Charge, who redeem their Shares in the short term may not (even in the","page_number":83,"box":{"x":152,"y":830,"width":696,"height":12}},{"id":"c5571df8-6276-4db4-bf99-4740fc8d3d66","block_type":"box","text":"absence of a fall in the value of the relevant investments) realise the original amount invested.","page_number":83,"box":{"x":151,"y":851,"width":696,"height":11}},{"id":"a2bfc52b-2e32-4001-b20e-8e52869203d4","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":84,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"36a98de1-7c72-44c1-8ef6-405b0079b523","block_type":"box","text":"84","page_number":84,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"0c52a54f-acd4-4896-be1c-058a680fd99a","block_type":"box","text":"Aviva Investors: Public","page_number":84,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"7cd2f5a5-876d-4595-93f1-431a1f8a07d8","block_type":"box","text":"Charges to Capital","page_number":84,"box":{"x":151,"y":88,"width":183,"height":13}},{"id":"d0d1b682-9066-4d3e-886f-205f7ed7fea9","block_type":"box","text":"Where charges are made to the income of a Fund and income is not sufficient to meet charges","page_number":84,"box":{"x":151,"y":124,"width":697,"height":11}},{"id":"1c4c438f-bead-485a-afbb-886952e9792b","block_type":"box","text":"and expenses, or where the investment objective of a Fund is to prioritise the generation of","page_number":84,"box":{"x":151,"y":145,"width":697,"height":11}},{"id":"5b898298-b8ec-4022-8c9b-607ea32e4cc1","block_type":"box","text":"income over capital growth, or in circumstances where they have equal priority, all or part of","page_number":84,"box":{"x":152,"y":165,"width":696,"height":11}},{"id":"fb0d02da-2374-48c5-8eba-234f641a4eea","block_type":"box","text":"the Fund Management Fee may be charged against capital instead of against income. This will","page_number":84,"box":{"x":151,"y":185,"width":696,"height":12}},{"id":"c25a5988-b26d-4c46-a827-18629a137f72","block_type":"box","text":"only be done with the approval of the Depositary. It is also possible to charge other costs against","page_number":84,"box":{"x":151,"y":206,"width":697,"height":11}},{"id":"0182e3bd-dc81-4661-a20b-814889937ca9","block_type":"box","text":"capital instead of against income. This may limit capital growth. For further information on this,","page_number":84,"box":{"x":151,"y":226,"width":696,"height":12}},{"id":"0e675fc5-8ece-47c5-b088-c859c2d44df3","block_type":"box","text":"including confirmation as to which Funds have the Fund Management Fee charged to capital","page_number":84,"box":{"x":152,"y":247,"width":696,"height":11}},{"id":"21a85e6c-7fb8-450a-ac9d-19e11475955f","block_type":"box","text":"and which Funds have the Fund Management Fee charged to income, please see the section","page_number":84,"box":{"x":151,"y":268,"width":696,"height":11}},{"id":"5ca59ed6-e7d1-48c3-b0eb-3d6534a32396","block_type":"box","text":"headed “Fees and Expenses” below.","page_number":84,"box":{"x":152,"y":288,"width":271,"height":11}},{"id":"501adb88-4d5c-47cb-b266-8f1666441309","block_type":"box","text":"Suspension of Dealings","page_number":84,"box":{"x":151,"y":321,"width":234,"height":13}},{"id":"4c3d6fc0-95a6-4c00-b33c-b2e5b733f9f8","block_type":"box","text":"In certain circumstances the right to redeem Shares may be suspended (see the section","page_number":84,"box":{"x":152,"y":357,"width":695,"height":11}},{"id":"fa3f3439-1a1e-45c8-8218-9713f5229bb2","block_type":"box","text":"headed “Suspension of Dealings in Shares” above).","page_number":84,"box":{"x":152,"y":377,"width":382,"height":11}},{"id":"ca10da6f-3cd8-4a66-a786-900dfb6793e6","block_type":"box","text":"Legal Risk","page_number":84,"box":{"x":152,"y":410,"width":105,"height":13}},{"id":"89c154b1-4a91-432e-b485-8b9dcf9e23b3","block_type":"box","text":"The unexpected application of a law or regulation, or because contracts are not legally","page_number":84,"box":{"x":151,"y":446,"width":697,"height":11}},{"id":"94f22294-07dd-4657-893c-70e9135efe8a","block_type":"box","text":"enforceable or documented correctly may result in a loss to the Fund and cause the Share price","page_number":84,"box":{"x":151,"y":466,"width":697,"height":12}},{"id":"1c665dae-a6c6-4ebc-9e62-6e0d6e6f5fd8","block_type":"box","text":"to fall.","page_number":84,"box":{"x":151,"y":487,"width":43,"height":9}},{"id":"2b59d9a6-9e8d-462c-aea9-c437e89f4e89","block_type":"box","text":"Operational Risk","page_number":84,"box":{"x":151,"y":520,"width":166,"height":13}},{"id":"94ac4b95-926e-46a4-b653-62f28f530498","block_type":"box","text":"There is a dependency upon the ability to process transactions in different markets and","page_number":84,"box":{"x":151,"y":556,"width":697,"height":11}},{"id":"e9d6404f-7926-431e-9b19-a57b11d6a701","block_type":"box","text":"currencies. Shortcomings or failures in internal processes, people or systems could lead to,","page_number":84,"box":{"x":151,"y":576,"width":696,"height":11}},{"id":"73181282-dc66-4449-acb0-387a4f3699b2","block_type":"box","text":"among other consequences, financial loss and reputation damage. In addition, the ability to","page_number":84,"box":{"x":151,"y":597,"width":697,"height":11}},{"id":"e5112f80-2963-4d67-9f2a-adc18d8ccc1d","block_type":"box","text":"conduct business may be adversely impacted by a disruption in the infrastructure that supports","page_number":84,"box":{"x":151,"y":617,"width":697,"height":11}},{"id":"0b49e56d-075b-4e00-8d26-009cd8b45012","block_type":"box","text":"the business and the communities in which they are located and may restrict the ability to buy","page_number":84,"box":{"x":151,"y":638,"width":697,"height":11}},{"id":"c598a423-3b16-4b7b-a539-78fa1cd8b877","block_type":"box","text":"or sell Shares in the Fund.","page_number":84,"box":{"x":151,"y":658,"width":194,"height":9}},{"id":"9b185522-a0f1-4485-9db5-b01267fbb560","block_type":"box","text":"Cybersecurity Risk","page_number":84,"box":{"x":151,"y":691,"width":188,"height":13}},{"id":"b7dab27a-4fc9-4fbf-8d8d-250acdb94e21","block_type":"box","text":"With the increasing use of the internet and technology in connection with the operations of the","page_number":84,"box":{"x":151,"y":740,"width":697,"height":11}},{"id":"290a1847-b998-4edd-8793-f2b3c8ec8e91","block_type":"box","text":"Company, the ACD, the Investment Manager and of other service providers, the Company is","page_number":84,"box":{"x":151,"y":760,"width":697,"height":11}},{"id":"beeafa46-0f4d-45f7-8f8e-32194c72db83","block_type":"box","text":"susceptible to greater operational and information security risks through breaches in cyber","page_number":84,"box":{"x":151,"y":781,"width":698,"height":11}},{"id":"373800c1-733b-43e1-8604-51c43abd18e4","block_type":"box","text":"security. Cyber security breaches include, without limitation, infection by computer viruses and","page_number":84,"box":{"x":151,"y":801,"width":697,"height":11}},{"id":"c9e7c076-61cf-43c2-8799-9feef51456bb","block_type":"box","text":"gaining unauthorised access to systems through \"hacking\" or other means for the purpose of","page_number":84,"box":{"x":151,"y":822,"width":697,"height":11}},{"id":"2044af72-a5b3-4a1e-b563-395c4a3e3a69","block_type":"box","text":"misappropriating assets or sensitive information, corrupting data, or causing operations to be","page_number":84,"box":{"x":152,"y":842,"width":696,"height":11}},{"id":"33ab929a-7d5c-44e5-ab86-21f7b06c1e0e","block_type":"box","text":"disrupted. Cyber security breaches may also occur in a manner that does not require gaining","page_number":84,"box":{"x":151,"y":863,"width":696,"height":11}},{"id":"055b8053-24e8-4d82-b7d0-a01ed1e7e038","block_type":"box","text":"unauthorised access, such as denial-of-service attacks or situations where authorised","page_number":84,"box":{"x":152,"y":883,"width":696,"height":10}},{"id":"45f06717-733b-49b7-b15a-128bfb4344d3","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":85,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"4ac53c83-4bfd-4e13-af41-b6e00d44b6b9","block_type":"box","text":"85","page_number":85,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"71ca9fbb-f36f-422d-8da0-f2919ef06a18","block_type":"box","text":"Aviva Investors: Public","page_number":85,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"329619a8-62ab-401e-9dbc-27707d844d20","block_type":"box","text":"individuals intentionally or unintentionally release confidential information stored on the ACD’s,","page_number":85,"box":{"x":152,"y":87,"width":695,"height":12}},{"id":"f5b002f1-1b90-49c5-ae3e-d3f2e63538a6","block_type":"box","text":"the Investment Manager's or other service provider's systems. A cyber security breach may","page_number":85,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"4a10aa73-f134-44cd-81cd-ae3806c2bb20","block_type":"box","text":"cause disruptions and impact the Company's business operations, which could potentially","page_number":85,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"05963265-f9cf-4b83-bc0d-a7facc094706","block_type":"box","text":"result in financial losses, inability to determine the net asset value, violation of applicable law,","page_number":85,"box":{"x":152,"y":149,"width":695,"height":11}},{"id":"21f37841-2ade-4ee9-9617-b51a3ef2305d","block_type":"box","text":"regulatory penalties and/or fines, compliance and other costs. The Company and its","page_number":85,"box":{"x":152,"y":169,"width":696,"height":12}},{"id":"0e4f47c6-2b96-4628-9ca2-1704f8d37550","block_type":"box","text":"Shareholders could be negatively impacted as a result. In addition, because the Company","page_number":85,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"b0f1210e-2b2d-4188-ac01-faae59422460","block_type":"box","text":"works closely with third-party service providers, indirect cyber security breaches at such third\u0002","page_number":85,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"c4958a66-82c9-462e-879a-233b6b0aa138","block_type":"box","text":"party service providers may subject the Company and its Shareholders to the same risks","page_number":85,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"a2390316-09e8-4a40-a7de-051012c5c95a","block_type":"box","text":"associated with direct cyber security breaches. Further, indirect cyber security breaches at an","page_number":85,"box":{"x":151,"y":252,"width":697,"height":11}},{"id":"951c1a77-4343-4a61-8f26-9a3e7075bba5","block_type":"box","text":"issuer of securities in which a Sub-Fund invests may similarly negatively impact the relevant","page_number":85,"box":{"x":152,"y":272,"width":696,"height":11}},{"id":"a51b7d82-51b6-4175-b327-33a59d2a71ac","block_type":"box","text":"Sub-Fund and its Shareholders.","page_number":85,"box":{"x":151,"y":292,"width":235,"height":9}},{"id":"83acb948-3a80-46c8-8af9-42769db2701e","block_type":"box","text":"Tax considerations","page_number":85,"box":{"x":151,"y":334,"width":189,"height":10}},{"id":"6fedd023-ab87-4135-b4f2-8e20b6b5e343","block_type":"box","text":"Investment in a Fund involves a number of tax considerations. Changes in tax legislation in any","page_number":85,"box":{"x":152,"y":370,"width":696,"height":11}},{"id":"80821679-c394-4a32-910b-c3b7c460c932","block_type":"box","text":"of the countries in which the Fund invests, or changes in tax treaties negotiated by those","page_number":85,"box":{"x":151,"y":390,"width":697,"height":11}},{"id":"27ca22f4-0d90-4e83-b197-690e1afb1b55","block_type":"box","text":"countries, could adversely affect the returns to Shareholders and may affect the ability of a","page_number":85,"box":{"x":151,"y":411,"width":697,"height":11}},{"id":"5f918529-677d-4066-baf0-ab094862af40","block_type":"box","text":"Fund to achieve its investment objective. 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criteria.","page_number":86,"box":{"x":151,"y":366,"width":229,"height":11}},{"id":"707b41c2-b372-42bb-a144-fdd802b84e72","block_type":"box","text":"Emerging Markets","page_number":86,"box":{"x":152,"y":399,"width":179,"height":13}},{"id":"3ca3bece-758a-4ff7-a1a1-4febdedde605","block_type":"box","text":"Investment in emerging markets may involve a higher risk than that inherent in more developed","page_number":86,"box":{"x":152,"y":435,"width":695,"height":11}},{"id":"b1c5176f-673e-4a9a-92f5-492389b76acc","block_type":"box","text":"markets.","page_number":86,"box":{"x":152,"y":455,"width":61,"height":9}},{"id":"d3181b96-8b10-4e5d-b594-43282a80ccfb","block_type":"box","text":"Where Funds invest in some overseas markets these investments may carry risk associated","page_number":86,"box":{"x":151,"y":488,"width":696,"height":11}},{"id":"6ed0f131-786c-47a3-824e-a09e16b9a313","block_type":"box","text":"with failed or delayed settlement of market transactions and with the registration and 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a Fund invests in other collective investment schemes or exchange traded funds, in","page_number":87,"box":{"x":151,"y":250,"width":697,"height":11}},{"id":"948704b5-0e8d-4804-89fd-b6bd277e988d","block_type":"box","text":"accordance with its investment objectives and policy, it will assume any specific risks","page_number":87,"box":{"x":151,"y":271,"width":697,"height":11}},{"id":"966e8009-9a34-4015-b141-af2b70aafb2f","block_type":"box","text":"associated with those schemes or funds. Some funds, such as Exchange Traded Funds may","page_number":87,"box":{"x":151,"y":291,"width":697,"height":11}},{"id":"0a6e2e2f-8fa7-417a-96b9-4a6e3f2576f7","block_type":"box","text":"have significant exposure to derivative investments, and as such counterparty default risk would","page_number":87,"box":{"x":152,"y":312,"width":695,"height":11}},{"id":"df5c24f9-cf8f-49d1-a265-a234932ca614","block_type":"box","text":"be considered a specific risk of these funds. In addition, there are certain risks of more general","page_number":87,"box":{"x":151,"y":332,"width":696,"height":11}},{"id":"a1092029-3cfe-40cf-baed-94261334264a","block_type":"box","text":"application associated with such investments. 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A Fund may also invest in unregulated collective investment","page_number":87,"box":{"x":152,"y":659,"width":696,"height":11}},{"id":"bff4f255-e15a-4dc0-8224-eac0f47e0405","block_type":"box","text":"schemes which are valued less frequently than the Fund. As a result, there is a risk that any","page_number":87,"box":{"x":151,"y":679,"width":697,"height":11}},{"id":"1c557567-da68-424e-9ac3-a1b9c45b948a","block_type":"box","text":"market movements will not be reflected in the daily price of the Fund and that investors may","page_number":87,"box":{"x":152,"y":700,"width":696,"height":11}},{"id":"f28011e4-8b54-4474-98f0-ad36ab142ec2","block_type":"box","text":"miss out on unrealised profits from underlying investments. Investors should be aware that","page_number":87,"box":{"x":152,"y":720,"width":696,"height":11}},{"id":"23c2ae86-6642-4b0e-ab77-5f64034f7f7e","block_type":"box","text":"market timing is strictly prohibited (see 'Market timing'). There can be no assurance that the","page_number":87,"box":{"x":152,"y":740,"width":696,"height":12}},{"id":"19b63bb9-7028-4c37-baad-f0bcbf16d8a6","block_type":"box","text":"liquidity of the unregulated collective investment schemes will always be sufficient to meet","page_number":87,"box":{"x":152,"y":761,"width":696,"height":11}},{"id":"e40d9e5b-f5fd-4c44-a3da-e40f9276ac03","block_type":"box","text":"redemption requests as and when made. Any lack of liquidity may affect the liquidity of the","page_number":87,"box":{"x":152,"y":782,"width":696,"height":11}},{"id":"1a153159-8110-4854-a271-e4c972ad5638","block_type":"box","text":"Shares of the Fund and the value of its investments. For such reasons the treatment of","page_number":87,"box":{"x":151,"y":802,"width":697,"height":9}},{"id":"af21545d-0ac5-498e-a8ed-a76408ebba91","block_type":"box","text":"redemption requests may be postponed in exceptional circumstances including circumstances","page_number":87,"box":{"x":152,"y":823,"width":696,"height":11}},{"id":"a109a1b3-f7b8-43d0-b81f-c890cd7adb3d","block_type":"box","text":"in which a lack of liquidity may result in difficulties in determining the net asset value of the","page_number":87,"box":{"x":152,"y":843,"width":696,"height":11}},{"id":"595f456d-fd30-4be7-a67c-502d88524978","block_type":"box","text":"Shares.","page_number":87,"box":{"x":151,"y":863,"width":56,"height":9}},{"id":"4bbd29ac-4957-4688-88f8-d6dbe5fe1ea6","block_type":"box","text":"Liquidity Risk","page_number":87,"box":{"x":152,"y":896,"width":136,"height":14}},{"id":"55934699-3dfb-4616-a9c7-d5f0c53bbe95","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":88,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"619a8bff-aff9-4432-9e0d-ca4d095c24c2","block_type":"box","text":"88","page_number":88,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"9a82e99b-630c-4c7b-805b-94bae8e5bff7","block_type":"box","text":"Aviva Investors: Public","page_number":88,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"384b31de-d2c0-40dc-895e-2a71f7c7ce2c","block_type":"box","text":"The absence of adequate liquidity which restricts investment opportunities is known as liquidity","page_number":88,"box":{"x":151,"y":88,"width":698,"height":11}},{"id":"76618bd7-a037-4094-9c33-ca93114c474d","block_type":"box","text":"risk. Market demand can impact the ability to acquire or liquidate assets, particularly where","page_number":88,"box":{"x":152,"y":108,"width":696,"height":11}},{"id":"deff4d80-5a97-4a36-b583-a6dc31734a0a","block_type":"box","text":"positions and contracts entered into are complex and bespoke. Counterparty liquidity can be","page_number":88,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"32e95d93-99a5-4c61-8b1d-0cfc68630842","block_type":"box","text":"reduced by lower credit ratings or large cash outflows and margin calls can increase a fund’s","page_number":88,"box":{"x":152,"y":149,"width":696,"height":11}},{"id":"b0954592-138a-4525-a8e6-1691f545b96b","block_type":"box","text":"liquidity risk. Liquidity risk tends to compound other risks. If a Fund has a position in an illiquid","page_number":88,"box":{"x":152,"y":169,"width":696,"height":12}},{"id":"749630f0-4e1f-46b7-a324-57686e0ad1ec","block_type":"box","text":"asset, its limited ability to liquidate that position at short notice will compound its market risk.","page_number":88,"box":{"x":151,"y":190,"width":696,"height":11}},{"id":"842b24af-a5ff-486c-8347-2c68b97302bb","block_type":"box","text":"Additionally, because the Funds are open-ended, there may be a large amount of subscriptions","page_number":88,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"7a960fd0-447a-45e4-8ad7-d031550c90bf","block_type":"box","text":"or redemptions of Shares during a short period of time. Large levels of redemption requests","page_number":88,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"10b1f0f4-2a3d-40df-b663-d12148383a03","block_type":"box","text":"may cause a Fund to liquidate its investments over a shorter period than it would otherwise","page_number":88,"box":{"x":152,"y":252,"width":696,"height":11}},{"id":"b1043bb2-8005-41c0-aed8-74e69d62a568","block_type":"box","text":"have taken to meet such redemption requests. This may affect the value of the Fund and","page_number":88,"box":{"x":152,"y":272,"width":695,"height":11}},{"id":"12de18f6-ae7d-4161-828c-364970cf1348","block_type":"box","text":"consequently the share price may fall.","page_number":88,"box":{"x":151,"y":292,"width":280,"height":11}},{"id":"e7d04b82-6d7e-4539-aecb-34dcdfe012aa","block_type":"box","text":"Concentration risk","page_number":88,"box":{"x":151,"y":398,"width":183,"height":11}},{"id":"e9c3ccff-a003-46d7-9db5-7117d8d551d4","block_type":"box","text":"The investment approach of the Aviva Investors UK Listed Equity Fund (please note that this","page_number":88,"box":{"x":151,"y":434,"width":697,"height":11}},{"id":"a8223fa6-2690-42a7-9c3a-c3677489d25d","block_type":"box","text":"fund is in the process of being terminated and is no longer available for new investment) is to","page_number":88,"box":{"x":151,"y":455,"width":697,"height":11}},{"id":"273cb3f4-12b5-4336-a2ca-4db740b75122","block_type":"box","text":"invest in a relatively small number of securities (subject to the spread limits set out below). This","page_number":88,"box":{"x":152,"y":475,"width":696,"height":11}},{"id":"a94bc9fa-a453-4c80-a1ac-ff84bcd14c34","block_type":"box","text":"may result in portfolio concentration in sectors, countries, or other groupings. These potential","page_number":88,"box":{"x":152,"y":496,"width":696,"height":11}},{"id":"0b48ce6e-4cca-4d6a-9a42-fbf8c4474b36","block_type":"box","text":"concentrations mean that a loss arising in a single investment may cause a proportionately","page_number":88,"box":{"x":151,"y":516,"width":697,"height":11}},{"id":"fa1908d9-b556-426e-a7bf-7e3b5a13460e","block_type":"box","text":"greater loss to the Fund than if a larger number of investments were made.","page_number":88,"box":{"x":151,"y":537,"width":554,"height":11}},{"id":"e972b3d3-dd13-4a3e-ae67-4160e4674fd6","block_type":"box","text":"Constituents of an index","page_number":88,"box":{"x":151,"y":569,"width":240,"height":11}},{"id":"e2659532-1acd-47e8-9110-61920cad1cd5","block_type":"box","text":"Where a constituent of an index accounts for more than 20% of the Index, the Fund’s ability to","page_number":88,"box":{"x":151,"y":605,"width":697,"height":11}},{"id":"95e6baae-f0c5-40cc-a731-c95dab81d3bd","block_type":"box","text":"obtain full exposure is limited by the availability of manufactured securities designed to replicate","page_number":88,"box":{"x":151,"y":626,"width":697,"height":11}},{"id":"d4d6d088-8567-4af1-8568-afa3ea9edb0c","block_type":"box","text":"its investment performance.","page_number":88,"box":{"x":152,"y":646,"width":203,"height":11}},{"id":"e0ed2d7d-7876-443e-965a-1b2179101bea","block_type":"box","text":"Credit and Fixed Income","page_number":88,"box":{"x":151,"y":679,"width":239,"height":11}},{"id":"f1bd8d49-0d68-40fc-b81e-786c0b18d4eb","block_type":"box","text":"Fixed interest securities are particularly affected by trends in interest rates and inflation. If","page_number":88,"box":{"x":152,"y":715,"width":696,"height":11}},{"id":"3e7dd839-2146-4bc9-9cce-08aa22ee24b2","block_type":"box","text":"interest rates go up, the value of capital may fall, and vice versa. Inflation will also decrease the","page_number":88,"box":{"x":152,"y":736,"width":696,"height":11}},{"id":"c67d2e5a-4e67-4656-b937-51fa8f6b2981","block_type":"box","text":"real value of capital. The value of a fixed interest security will fall in the event of the default or","page_number":88,"box":{"x":152,"y":756,"width":696,"height":11}},{"id":"352c0132-9e81-4417-bbe2-6bcac62ee4a0","block_type":"box","text":"reduced credit rating of the issuer. Generally the higher the rate of interest, the higher the","page_number":88,"box":{"x":152,"y":776,"width":696,"height":12}},{"id":"1d1038e9-3db7-4981-ae06-43e9d280355a","block_type":"box","text":"perceived credit risk of the issuer.","page_number":88,"box":{"x":151,"y":797,"width":248,"height":11}},{"id":"b7905526-7f67-4f8a-b778-25d013b7aead","block_type":"box","text":"Green, Social and Sustainability Bonds","page_number":88,"box":{"x":151,"y":830,"width":380,"height":13}},{"id":"c4cea4c6-29e0-474c-99e6-2fafbf66bdf1","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":89,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"fb5be57f-e15b-42b8-94ce-100159c6a369","block_type":"box","text":"89","page_number":89,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"b123a18b-86df-430b-acdc-cd7af2c323bc","block_type":"box","text":"Aviva Investors: Public","page_number":89,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"492624b4-aecf-4479-bc95-5dccbf3b04b5","block_type":"box","text":"The market for such bonds is rapidly developing however remains comparatively small. Due to","page_number":89,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"06b85d22-b91a-41c5-9b16-d1593c1e6ab5","block_type":"box","text":"the smaller market size, these instruments can be more volatile and less liquid than established","page_number":89,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"37dfb942-5622-485a-9ad8-2c6b0ec3f183","block_type":"box","text":"bond markets.","page_number":89,"box":{"x":151,"y":129,"width":104,"height":8}},{"id":"218b9651-9861-4ba7-a511-70bb6cae98df","block_type":"box","text":"Sub-Investment Grade Bonds","page_number":89,"box":{"x":151,"y":161,"width":289,"height":11}},{"id":"2ce4c4f7-8bd9-4382-9994-758e30dd179e","block_type":"box","text":"Such bonds have a lower credit rating than investment grade bonds and so a higher risk of","page_number":89,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"18f44ab3-9271-4331-9268-eee901e3267e","block_type":"box","text":"default and carry a degree of risk both to the income and capital value of a Fund.","page_number":89,"box":{"x":151,"y":218,"width":598,"height":11}},{"id":"11a3f57b-1417-4ac5-b701-391999e7ff97","block_type":"box","text":"Emerging Market Corporate Debt Securities","page_number":89,"box":{"x":152,"y":250,"width":346,"height":11}},{"id":"c7d9e561-9a90-4d88-a3e1-08758f909ed4","block_type":"box","text":"The market values of these securities are sensitive to individual corporate developments and","page_number":89,"box":{"x":151,"y":282,"width":697,"height":12}},{"id":"6b7a045e-f08f-4081-b90b-2b8e36bfa32c","block_type":"box","text":"changes in economic conditions. Emerging markets issuers may be highly leveraged and may","page_number":89,"box":{"x":151,"y":303,"width":697,"height":11}},{"id":"5afe14ad-1375-4c7b-8f49-d254eb657cc3","block_type":"box","text":"not have more traditional methods of financing available to them. Therefore, their ability to","page_number":89,"box":{"x":152,"y":324,"width":696,"height":11}},{"id":"8c810a11-1923-4cda-8541-096db5d29d39","block_type":"box","text":"service their debt obligations during an economic downturn or during sustained periods of rising","page_number":89,"box":{"x":151,"y":344,"width":697,"height":11}},{"id":"6ad1a09f-587a-45a0-a0f0-3a9733ffb972","block_type":"box","text":"interest rates may be impaired, resulting in a higher risk of default.","page_number":89,"box":{"x":152,"y":364,"width":488,"height":12}},{"id":"209e55f6-7d31-4e77-9c60-413039ac3565","block_type":"box","text":"Emerging Market Sovereign Debt Securities","page_number":89,"box":{"x":152,"y":397,"width":347,"height":11}},{"id":"4fe48e96-f6ef-4693-b29f-c6c5e6a8deb2","block_type":"box","text":"Investing in sovereign debt securities will expose the relevant Fund to the direct or indirect","page_number":89,"box":{"x":152,"y":429,"width":696,"height":11}},{"id":"1f4bfd90-90ee-4e98-b752-0ab44e9bf99d","block_type":"box","text":"consequences of political, social or economic changes in the emerging market countries that","page_number":89,"box":{"x":151,"y":450,"width":697,"height":11}},{"id":"f5a85231-c06b-4a2a-8a48-aa293c28e952","block_type":"box","text":"issue the securities. The ability and willingness of sovereign issuers in emerging market","page_number":89,"box":{"x":152,"y":470,"width":696,"height":11}},{"id":"3c08f88a-7ed9-484b-b79e-0a8115fb4165","block_type":"box","text":"countries, or the governmental authorities that control repayment of their debt, to pay principal","page_number":89,"box":{"x":151,"y":491,"width":696,"height":11}},{"id":"e52c5032-6468-4534-954a-be6607d47a82","block_type":"box","text":"and interest on such debt when due may depend on general economic and political conditions","page_number":89,"box":{"x":151,"y":511,"width":697,"height":11}},{"id":"91cc9cd1-33a7-4396-b99e-06248a97de0f","block_type":"box","text":"within the relevant country. Some countries in which a Fund might invest have historically","page_number":89,"box":{"x":151,"y":532,"width":697,"height":11}},{"id":"a37f900d-f759-4211-8371-701009bf4969","block_type":"box","text":"experienced, and may continue to experience, high rates of inflation, high interest rates,","page_number":89,"box":{"x":151,"y":552,"width":696,"height":11}},{"id":"eea1c905-7c5f-48b6-b3ba-3975a3d06ac3","block_type":"box","text":"exchange rate fluctuations, trade difficulties and extreme poverty and unemployment. Many of","page_number":89,"box":{"x":151,"y":573,"width":697,"height":11}},{"id":"640718c5-0bc4-485f-b6ee-451c4de5a69a","block_type":"box","text":"these countries are also characterised by political uncertainty or instability. As a result, a","page_number":89,"box":{"x":151,"y":593,"width":697,"height":11}},{"id":"6a68ef77-e5b8-4bbb-8c07-559128cb0b11","block_type":"box","text":"governmental issuer may default on its obligations. If such a default occurs, the relevant Fund","page_number":89,"box":{"x":151,"y":614,"width":696,"height":11}},{"id":"89f3d1fc-ed85-44a8-915d-159b45102bd3","block_type":"box","text":"may have limited legal recourse against the issuer and/or guarantor. Remedies may, in some","page_number":89,"box":{"x":152,"y":634,"width":696,"height":11}},{"id":"b2d27813-36dd-46d4-803c-f3807c178ad2","block_type":"box","text":"cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of","page_number":89,"box":{"x":151,"y":654,"width":697,"height":12}},{"id":"921967f0-7c90-4f2d-b7f9-13f643d10100","block_type":"box","text":"foreign sovereign debt securities to obtain recourse may be subject to the political climate in","page_number":89,"box":{"x":151,"y":675,"width":696,"height":11}},{"id":"b618ee3d-fe19-45ed-83b4-b0cf310b4629","block_type":"box","text":"the relevant country.","page_number":89,"box":{"x":151,"y":696,"width":150,"height":11}},{"id":"0d7f0c8d-57f1-41cc-b543-cdd4b890669e","block_type":"box","text":"Sovereign issuers in emerging market countries have been among the world's largest debtors","page_number":89,"box":{"x":151,"y":728,"width":697,"height":11}},{"id":"c8e54f21-1116-4964-8785-e2127380776e","block_type":"box","text":"to commercial banks, other governments, international financial organisations and other","page_number":89,"box":{"x":151,"y":748,"width":697,"height":12}},{"id":"c015a68c-c748-4c6e-a0b1-85ac53ac560f","block_type":"box","text":"financial institutions. These issuers have in the past experienced substantial difficulties in","page_number":89,"box":{"x":151,"y":769,"width":697,"height":11}},{"id":"f8c8ea1a-532a-4254-8569-4c327cc9bc45","block_type":"box","text":"servicing their external debt obligations, which have led to defaults on certain obligations and","page_number":89,"box":{"x":151,"y":789,"width":697,"height":11}},{"id":"03078981-0b30-46b2-a924-f7e6fbe7f147","block_type":"box","text":"the restructuring of certain indebtedness. Holders of certain foreign sovereign debt securities","page_number":89,"box":{"x":151,"y":810,"width":697,"height":11}},{"id":"fc8c862b-e9de-4aad-b768-e0981c30222c","block_type":"box","text":"may be requested to participate in the restructuring of such obligations and to extend further","page_number":89,"box":{"x":152,"y":830,"width":697,"height":12}},{"id":"21ece280-85bd-4044-962d-496975d2474e","block_type":"box","text":"loans to their issuers.","page_number":89,"box":{"x":152,"y":851,"width":156,"height":8}},{"id":"2b09bee9-d524-47b9-b64b-a46570db4419","block_type":"box","text":"Asset-Backed Securities","page_number":89,"box":{"x":151,"y":883,"width":195,"height":9}},{"id":"7c620776-cfa3-45b7-a45f-f8f4b6e6ee9e","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":90,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"f2958275-9d43-4f31-8261-e817e3a79bbb","block_type":"box","text":"90","page_number":90,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"235bf762-1240-4388-aad1-dda48f08eb8d","block_type":"box","text":"Aviva Investors: Public","page_number":90,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"aa77d2d2-84a3-4fec-8ff1-defcfa281cbc","block_type":"box","text":"Asset-backed securities represent interests in pools of consumer loans such as: credit card","page_number":90,"box":{"x":151,"y":88,"width":696,"height":11}},{"id":"4edb078f-d2e2-4848-90af-4ca2f7662f18","block_type":"box","text":"receivables, motor vehicle loans and leases, or leases on equipment such as computers, and","page_number":90,"box":{"x":152,"y":108,"width":696,"height":11}},{"id":"c590de69-a89d-4d5a-bc0c-c1068c1a301b","block_type":"box","text":"are subject to certain additional risks. Due to the nature of the underlying assets, the ability of","page_number":90,"box":{"x":151,"y":128,"width":698,"height":12}},{"id":"e4e4db9c-917d-4b22-b3ca-d6b81d024b46","block_type":"box","text":"an issuer of asset-backed securities to enforce its security interest in the underlying assets may","page_number":90,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"a9d7bc5f-1392-4cf5-b328-870d25fd2702","block_type":"box","text":"be limited.","page_number":90,"box":{"x":151,"y":170,"width":74,"height":8}},{"id":"82d479fa-41de-419d-8fba-73974555fd4a","block_type":"box","text":"The principal (amount loaned) on asset-backed securities may be prepaid at any time.","page_number":90,"box":{"x":151,"y":202,"width":696,"height":11}},{"id":"47906f88-8c9a-4e54-b067-c1b4f41e9694","block_type":"box","text":"Voluntary prepayment of the loan will reduce the yield and market value of an asset-backed","page_number":90,"box":{"x":151,"y":222,"width":697,"height":11}},{"id":"63b46cbd-531a-455a-ba3a-5502e318dccc","block_type":"box","text":"security.","page_number":90,"box":{"x":151,"y":243,"width":61,"height":11}},{"id":"66e74a1e-e111-4d38-ba0a-2d7473dd74fb","block_type":"box","text":"Rising interest rates tend to extend the duration of asset-backed securities, making them more","page_number":90,"box":{"x":152,"y":275,"width":696,"height":11}},{"id":"9e5cbf5a-0f9f-409d-8ce8-2f3022936a95","block_type":"box","text":"sensitive to changes in interest rates. As a result, in a period of rising interest rates, volatility of","page_number":90,"box":{"x":151,"y":296,"width":697,"height":11}},{"id":"756b24eb-7075-432f-9a17-fcc1d6b6bdeb","block_type":"box","text":"asset-backed securities may increase. The risk of default by borrowers is greater during periods","page_number":90,"box":{"x":151,"y":316,"width":697,"height":11}},{"id":"2969d84d-48ed-4bb2-b191-8836f354d1ce","block_type":"box","text":"of rising interest rates and/or unemployment rates.","page_number":90,"box":{"x":151,"y":337,"width":372,"height":11}},{"id":"b5023fa6-2065-4c44-8ed5-4787c64d488c","block_type":"box","text":"When interest rates are declining, there are usually more prepayments of loans as borrowers","page_number":90,"box":{"x":151,"y":369,"width":697,"height":11}},{"id":"c346d8c0-0905-46ea-955b-1bff55fcb814","block_type":"box","text":"are motivated to pay off debt and refinance at new lower rates, which will shorten the life of","page_number":90,"box":{"x":151,"y":390,"width":697,"height":11}},{"id":"e4b31601-2854-4020-8d13-d2d4db008424","block_type":"box","text":"asset-backed securities, reducing the potential capital growth. The reinvestment of cash","page_number":90,"box":{"x":151,"y":410,"width":697,"height":11}},{"id":"107891b2-2370-437b-9198-46942d266991","block_type":"box","text":"received from prepayments will, therefore, usually be on less attractive terms and at a lower","page_number":90,"box":{"x":152,"y":430,"width":697,"height":12}},{"id":"d23dedc9-840f-4f44-b690-9c3efa32d665","block_type":"box","text":"interest rate than the original investment, lowering the yield payable. The incidence of","page_number":90,"box":{"x":152,"y":451,"width":696,"height":11}},{"id":"e1671681-fe18-4afd-a4c8-7d989a3ac38a","block_type":"box","text":"prepayment of asset-backed securities will also be affected by other factors including general","page_number":90,"box":{"x":151,"y":471,"width":697,"height":12}},{"id":"8dd70538-3a09-447a-b911-4610f454f19f","block_type":"box","text":"economic and other demographic conditions.","page_number":90,"box":{"x":151,"y":492,"width":332,"height":11}},{"id":"bbb8caa0-ab0e-4756-8046-fbd45dd4010b","block_type":"box","text":"If a Fund purchases asset-backed securities that are “subordinated” to other interests in the","page_number":90,"box":{"x":152,"y":524,"width":696,"height":11}},{"id":"09fefe9a-4790-4083-8980-2a80b85411af","block_type":"box","text":"same pool of assets, that Fund, as a holder of those securities, may only receive payments","page_number":90,"box":{"x":151,"y":545,"width":697,"height":11}},{"id":"6d1d96db-4743-46cf-9b6e-2a06bb2946ec","block_type":"box","text":"after the pool’s obligations to other investors have been satisfied.","page_number":90,"box":{"x":151,"y":565,"width":481,"height":11}},{"id":"80578e3a-b2f9-422a-99b9-6b16d30a9bdb","block_type":"box","text":"Instability in the markets for asset-backed securities may affect the liquidity of such securities,","page_number":90,"box":{"x":152,"y":598,"width":695,"height":11}},{"id":"ffb38256-ed87-46f5-96d5-3dc611e940d3","block_type":"box","text":"which means that the Fund may be unable to sell such securities at an advantageous time and","page_number":90,"box":{"x":151,"y":618,"width":697,"height":11}},{"id":"1ca3c531-c904-42e6-9551-d5e56907580f","block_type":"box","text":"price. As a result, the value of such securities may decrease and the Fund may incur greater","page_number":90,"box":{"x":151,"y":639,"width":697,"height":11}},{"id":"a46e5091-e880-49f8-a1a0-3579fa2a717b","block_type":"box","text":"losses on the sale of such securities than under more stable market conditions. Furthermore,","page_number":90,"box":{"x":152,"y":659,"width":695,"height":10}},{"id":"a372e692-b619-4254-9c54-d664aa87e11b","block_type":"box","text":"instability and illiquidity in the market for lower-rated asset-backed securities may affect the","page_number":90,"box":{"x":152,"y":680,"width":696,"height":11}},{"id":"e466e63f-89be-4f44-ac2c-6f995481b8af","block_type":"box","text":"overall market for such securities, thereby impacting the liquidity and value of higher-rated","page_number":90,"box":{"x":151,"y":700,"width":696,"height":11}},{"id":"b80990aa-114c-4ec6-9bc5-862c7626e826","block_type":"box","text":"securities.","page_number":90,"box":{"x":151,"y":721,"width":73,"height":8}},{"id":"6757367c-d922-4fb8-9962-d837f8b100f4","block_type":"box","text":"Convertible Securities","page_number":90,"box":{"x":151,"y":753,"width":176,"height":9}},{"id":"025974f4-f6fd-4ed5-a475-c710df2fda0d","block_type":"box","text":"Convertible securities include corporate bonds, notes, preferred stocks or debt-securities of","page_number":90,"box":{"x":151,"y":785,"width":697,"height":11}},{"id":"880a1309-b4f3-4213-a33c-1c0aad373769","block_type":"box","text":"issuers that can be converted into (that is, exchanged for) common stocks or other equity","page_number":90,"box":{"x":152,"y":806,"width":696,"height":11}},{"id":"c68f9f12-64ed-44a9-83bd-6c0afebcb58a","block_type":"box","text":"securities at a stated price or rate. Convertible securities also include other securities, such as","page_number":90,"box":{"x":151,"y":826,"width":697,"height":11}},{"id":"55ae9f9c-4544-419a-959e-c3e1df026ea6","block_type":"box","text":"warrants, that provide an opportunity for equity participation. Because convertible securities","page_number":90,"box":{"x":151,"y":847,"width":697,"height":11}},{"id":"442b76a8-6b3d-4d93-8224-f8e11e904977","block_type":"box","text":"can be converted into equity securities, they may involve the risks of both equity and debt/fixed","page_number":90,"box":{"x":151,"y":867,"width":697,"height":11}},{"id":"deb2eef5-f3de-4cec-9454-3315b38879bd","block_type":"box","text":"interest investments.","page_number":90,"box":{"x":152,"y":888,"width":151,"height":8}},{"id":"0cf04d29-bba4-44bc-9080-9528af778b63","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":91,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"cfef0c90-0646-476d-ae90-bb71470beb38","block_type":"box","text":"91","page_number":91,"box":{"x":834,"y":923,"width":12,"height":6}},{"id":"85e4eebc-ef5e-477f-825a-e8192124e74a","block_type":"box","text":"Aviva Investors: Public","page_number":91,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"1e77d655-6bbf-4a79-943b-527992ef9e3f","block_type":"box","text":"They may also involve opportunity risks, for example their value will normally vary in some","page_number":91,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"90af35d7-b747-44ca-8223-197e86e62bec","block_type":"box","text":"proportion with those of the underlying equity securities and their price appreciation may be","page_number":91,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"a896b078-9eaa-4bdf-b250-ba6b87727008","block_type":"box","text":"less than that for pure equity securities of the same or similar issuers. Due to the conversion","page_number":91,"box":{"x":152,"y":128,"width":696,"height":12}},{"id":"dac3b55d-2bfd-460a-b7ee-e8285cb5678c","block_type":"box","text":"feature, convertible securities generally yield less than non-convertible fixed income securities","page_number":91,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"3bf07dca-907b-4a2c-aadf-02778548b3e3","block_type":"box","text":"of similar credit quality and maturity.","page_number":91,"box":{"x":151,"y":169,"width":266,"height":12}},{"id":"f4fdc2d7-481a-4181-a831-790d37af9c3e","block_type":"box","text":"A Fund’s investment in convertible securities may at times include securities that have a","page_number":91,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"2a0b7d3a-fc94-4b07-842d-f2db0721cd95","block_type":"box","text":"mandatory conversion feature, where securities convert automatically into common stock at a","page_number":91,"box":{"x":152,"y":222,"width":696,"height":11}},{"id":"092d7555-1935-4614-8906-b26d88c88ce4","block_type":"box","text":"specified date and conversion ratio, or that are convertible at the option of the issuer. When","page_number":91,"box":{"x":151,"y":243,"width":697,"height":11}},{"id":"f9173775-9ded-44bf-9e6e-8f76386f90f3","block_type":"box","text":"conversion is not at the option of the holder, a Fund may be required to convert the security","page_number":91,"box":{"x":151,"y":263,"width":697,"height":11}},{"id":"1776490c-fde1-4730-960c-1b690726f160","block_type":"box","text":"into the underlying common stock even at times when the value of the underlying common","page_number":91,"box":{"x":152,"y":284,"width":696,"height":11}},{"id":"155ddfe9-b1cb-4740-b8d8-353f0e12f8de","block_type":"box","text":"stock has declined substantially.","page_number":91,"box":{"x":151,"y":304,"width":238,"height":11}},{"id":"86b1e96f-a443-4fd2-91e9-a19da6f960f2","block_type":"box","text":"Equities","page_number":91,"box":{"x":152,"y":337,"width":63,"height":11}},{"id":"a81ee1a0-220c-43f9-9cea-b567136aa0fc","block_type":"box","text":"In general, equities involve higher risks than bonds or money market instruments. Equities can","page_number":91,"box":{"x":152,"y":369,"width":696,"height":11}},{"id":"51910cbc-4cfb-46b7-8b3e-c108a4f7057b","block_type":"box","text":"lose value rapidly, and can remain at low prices indefinitely. Equities of companies that appear","page_number":91,"box":{"x":152,"y":390,"width":697,"height":11}},{"id":"5ec677a0-d91a-4600-bbdb-6531350a6aaf","block_type":"box","text":"to be priced below true value may continue to be undervalued. If a company goes through","page_number":91,"box":{"x":151,"y":410,"width":696,"height":11}},{"id":"76006fc5-7357-4b6e-a52e-53a74ca13ea9","block_type":"box","text":"bankruptcy or other financial restructuring, its equities may lose most or all of their value.","page_number":91,"box":{"x":151,"y":430,"width":655,"height":12}},{"id":"99b04318-6e25-49dc-a98b-ab4ea3334304","block_type":"box","text":"Participation Notes","page_number":91,"box":{"x":152,"y":528,"width":151,"height":11}},{"id":"b1979b82-7f5c-4278-bdd3-8d7dc5bd57fd","block_type":"box","text":"Participation notes (“P-Notes”) are issued by banks or broker-dealers and are designed to offer","page_number":91,"box":{"x":152,"y":560,"width":696,"height":11}},{"id":"ab9f369f-0dd2-4722-bd5c-35c0ba268f58","block_type":"box","text":"a return linked to the performance of a particular underlying equity security or market. P-Notes","page_number":91,"box":{"x":151,"y":580,"width":697,"height":12}},{"id":"47ef85e3-97c1-4908-add4-5dafbe4a658b","block_type":"box","text":"can have the characteristics or take the form of various instruments, including, but not limited","page_number":91,"box":{"x":151,"y":601,"width":697,"height":11}},{"id":"f56e66e3-3b4c-4860-9c59-7b3db1c87528","block_type":"box","text":"to, certificates or warrants.","page_number":91,"box":{"x":151,"y":621,"width":195,"height":11}},{"id":"80c5d1d4-0e31-4f4d-87b6-594315a9b297","block_type":"box","text":"The holder of a P-Note that is linked to a particular underlying security is entitled to receive any","page_number":91,"box":{"x":151,"y":654,"width":697,"height":11}},{"id":"bcbc483a-6743-41cb-90d6-8a30240adcab","block_type":"box","text":"dividends paid in connection with the underlying security. However, the holder of a P-Note","page_number":91,"box":{"x":151,"y":674,"width":697,"height":11}},{"id":"cfd06dbc-3344-4928-981a-a82db0f3c1dd","block_type":"box","text":"generally does not receive voting rights as it would if it directly owned the underlying security.","page_number":91,"box":{"x":151,"y":695,"width":696,"height":11}},{"id":"3df3c39a-0c4e-44b1-ac72-9cf4ec29e28a","block_type":"box","text":"P-Notes constitute direct, general and unsecured contractual obligations of the banks or broker\u0002","page_number":91,"box":{"x":152,"y":715,"width":696,"height":11}},{"id":"4070e79c-bb53-49f6-b8b5-3184f32a4c12","block_type":"box","text":"dealers that issue them, which therefore subject the Fund to counterparty risk.","page_number":91,"box":{"x":151,"y":736,"width":577,"height":11}},{"id":"88324d87-e680-49d5-8200-e68d9bfcc1d5","block_type":"box","text":"Investments in P-Notes involve certain risks in addition to those associated with a direct","page_number":91,"box":{"x":152,"y":768,"width":696,"height":9}},{"id":"0ea077b6-e691-4b96-bd93-47fe15aae277","block_type":"box","text":"investment in the underlying foreign securities or foreign securities markets whose return they","page_number":91,"box":{"x":152,"y":788,"width":696,"height":12}},{"id":"c93e0c00-a20e-4b74-a779-b6eb72008104","block_type":"box","text":"seek to replicate. For instance, there can be no assurance that the trading price of a P-Note will","page_number":91,"box":{"x":151,"y":809,"width":696,"height":11}},{"id":"a02715b7-f307-4d94-b735-2ae91278e8c2","block_type":"box","text":"equal the value of the underlying foreign security or foreign securities market that it seeks to","page_number":91,"box":{"x":151,"y":829,"width":697,"height":12}},{"id":"3136afd7-aa82-4772-afc1-b68ec67a926f","block_type":"box","text":"replicate. As the purchaser of a P-Note, a Fund is relying on the creditworthiness of the","page_number":91,"box":{"x":152,"y":850,"width":696,"height":11}},{"id":"aaddb708-fe06-4cfd-a7c9-c30f4acc929a","block_type":"box","text":"counterparty issuing the P-Note and has no rights under a P-Note against the issuer of the","page_number":91,"box":{"x":151,"y":870,"width":697,"height":12}},{"id":"b67dd369-87f5-44d3-b203-d2c58d87dc75","block_type":"box","text":"underlying security. Therefore, if such counterparty were to become insolvent, a Fund would","page_number":91,"box":{"x":152,"y":891,"width":696,"height":11}},{"id":"831e0385-333d-44b7-9feb-28d155e6aeae","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":92,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"3bb21ab7-d178-4934-9c06-70c11f538ce5","block_type":"box","text":"92","page_number":92,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"3646def4-d97a-4016-832c-0cd3f7367809","block_type":"box","text":"Aviva Investors: Public","page_number":92,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"378ca225-f7ea-4ef1-9d38-0f4d97451667","block_type":"box","text":"lose its investment. The risk that a Fund may lose its investments due to the insolvency of a","page_number":92,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"e817fcce-41c8-4780-b4ec-5cb76a7a2455","block_type":"box","text":"single counterparty may be amplified to the extent a Fund purchases P-Notes issued by one","page_number":92,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"0bcdeeb2-f251-44d6-955f-034351f6697e","block_type":"box","text":"issuer or a small number of issuers.","page_number":92,"box":{"x":152,"y":128,"width":262,"height":9}},{"id":"bdac409f-f2fb-4b2d-b193-07265d0cb934","block_type":"box","text":"P-Notes also include transaction costs in addition to those applicable to a direct investment in","page_number":92,"box":{"x":152,"y":161,"width":695,"height":11}},{"id":"47d3a26d-8d3f-4d70-9abe-25f3be9df3a2","block_type":"box","text":"securities.","page_number":92,"box":{"x":151,"y":181,"width":73,"height":9}},{"id":"08335dab-733f-4196-85fe-109f69f1d38d","block_type":"box","text":"Due to liquidity and transfer restrictions, the secondary markets on which P-Notes are traded","page_number":92,"box":{"x":152,"y":214,"width":696,"height":11}},{"id":"1b19e187-fe18-4c4e-89ec-b29289dee79b","block_type":"box","text":"may be less liquid than the markets for other securities, which may lead to the absence of","page_number":92,"box":{"x":152,"y":234,"width":696,"height":11}},{"id":"ce20f80e-e4dd-440a-9529-af564af2b649","block_type":"box","text":"readily available market quotations for securities and may cause the value of the P-Notes to","page_number":92,"box":{"x":152,"y":255,"width":696,"height":11}},{"id":"18723f55-1d99-4539-bf09-522ac86804f2","block_type":"box","text":"decline. Accordingly, it may be more difficult for a Fund to accurately assign a daily value to","page_number":92,"box":{"x":151,"y":275,"width":697,"height":11}},{"id":"3710105c-5d3b-4c5f-a193-a8da8cfbc82b","block_type":"box","text":"such securities.","page_number":92,"box":{"x":151,"y":296,"width":114,"height":8}},{"id":"e2429285-2ff5-4d74-965b-c7c0af297b00","block_type":"box","text":"Availability of Immovable Property Investments","page_number":92,"box":{"x":151,"y":328,"width":459,"height":14}},{"id":"a00c2318-54c8-484b-b7cc-153fcabb3cfc","block_type":"box","text":"Where Funds are permitted to hold property either directly or indirectly by investing in the shares","page_number":92,"box":{"x":151,"y":365,"width":697,"height":11}},{"id":"8d5f4da7-9d29-40f2-8b40-b1452af1feb7","block_type":"box","text":"or units of other collective investment schemes or Exchange Traded Funds that hold property,","page_number":92,"box":{"x":151,"y":385,"width":696,"height":11}},{"id":"c0580452-2068-4a06-bfbf-273c4477e209","block_type":"box","text":"in accordance with their investment objectives and policies, they will assume any specific risks","page_number":92,"box":{"x":152,"y":405,"width":696,"height":12}},{"id":"d18c2644-9292-48a7-8133-51589ad24df9","block_type":"box","text":"associated with immovable property. Investments in property are relatively illiquid and more","page_number":92,"box":{"x":151,"y":426,"width":697,"height":11}},{"id":"3b175b9c-949a-4f90-8be3-22fc751c48ff","block_type":"box","text":"difficult to realise than equities or bonds. The eventual liquidity of immovable property","page_number":92,"box":{"x":151,"y":446,"width":697,"height":12}},{"id":"30e58256-b9bf-4600-9bf4-74203781def5","block_type":"box","text":"investments will depend on the success of the realisation strategy proposed for each such","page_number":92,"box":{"x":152,"y":467,"width":696,"height":11}},{"id":"4a03dec4-107e-4d83-8f0c-1e0e1b1e8cad","block_type":"box","text":"investment. Such strategy could be adversely affected by a variety of factors. The Fund may","page_number":92,"box":{"x":152,"y":487,"width":696,"height":12}},{"id":"b46b079f-0ed9-4db9-b488-0a0049156b75","block_type":"box","text":"be unable to realise its investment objectives by sale or other disposition at attractive prices or","page_number":92,"box":{"x":151,"y":508,"width":698,"height":11}},{"id":"316b1a45-c650-4969-83e4-b0d1560b7813","block_type":"box","text":"at the appropriate times or in response to changing market conditions. Losses on unsuccessful","page_number":92,"box":{"x":151,"y":528,"width":697,"height":12}},{"id":"58b35092-54d2-4f88-b96d-9cf4e575c94a","block_type":"box","text":"property immovable property investments may be realised before gains on successful","page_number":92,"box":{"x":151,"y":549,"width":697,"height":11}},{"id":"e1a68f12-325c-4338-87fb-5a775a1d7529","block_type":"box","text":"investments are realised. Property and property related assets are inherently difficult to value","page_number":92,"box":{"x":152,"y":569,"width":696,"height":11}},{"id":"f29141ff-c55b-4ca7-b0a6-aa597f1fdba6","block_type":"box","text":"due to the individual nature of each property. As a result, valuations are subject to uncertainty","page_number":92,"box":{"x":151,"y":590,"width":697,"height":11}},{"id":"d534e960-cab3-4c89-952c-bc4ff6213206","block_type":"box","text":"and are a matter of an independent valuer’s opinion. There is no assurance that the estimates","page_number":92,"box":{"x":151,"y":610,"width":697,"height":11}},{"id":"9d46cbb3-047c-4115-afb4-0a32dfbc88b6","block_type":"box","text":"resulting from the valuation process will reflect the actual sales price even where a sale occurs","page_number":92,"box":{"x":152,"y":631,"width":696,"height":11}},{"id":"811f276b-7b7d-4bda-a7b6-64b5b1861875","block_type":"box","text":"shortly after the valuation date. The performance of the collective investment scheme funds","page_number":92,"box":{"x":151,"y":651,"width":697,"height":11}},{"id":"362869ef-ee21-4b76-a76a-d10fdec0cfae","block_type":"box","text":"could be adversely affected by a downturn in the property market in terms of capital value or a","page_number":92,"box":{"x":151,"y":672,"width":697,"height":11}},{"id":"fd6d7dd7-5ac6-43d6-ac8c-c68df9474219","block_type":"box","text":"weakening of rental yields. Commercial property values are affected by such factors as the","page_number":92,"box":{"x":151,"y":692,"width":697,"height":11}},{"id":"93039760-81f4-4ce2-979b-749240457e99","block_type":"box","text":"level of interest rates, economic growth, fluctuations in property yields and tenant default.","page_number":92,"box":{"x":152,"y":713,"width":695,"height":11}},{"id":"17fa81d8-09a0-4b20-999c-7c9e2d9beb02","block_type":"box","text":"Hence, on the realisation of the investment, investors in those Funds may receive less than the","page_number":92,"box":{"x":152,"y":733,"width":696,"height":11}},{"id":"5cedab3d-b901-4030-ba2b-396bd3300d53","block_type":"box","text":"original amount invested. In the event of a default by an occupational tenant, the collective","page_number":92,"box":{"x":151,"y":754,"width":697,"height":11}},{"id":"18eb995f-7a51-4bea-8d0b-fcd0e35e83a5","block_type":"box","text":"investment schemes may suffer a rental shortfall and are likely to incur additional costs","page_number":92,"box":{"x":152,"y":774,"width":696,"height":11}},{"id":"8a281f91-7d23-4432-9f72-257efb10aeea","block_type":"box","text":"including legal expenses, in maintaining, insuring and re-letting the property. In addition, certain","page_number":92,"box":{"x":152,"y":795,"width":696,"height":11}},{"id":"2698a0fc-deba-49c3-bcaf-449bdc7bf6c0","block_type":"box","text":"significant expenditures, including operating expenses, must be met by the owner even when","page_number":92,"box":{"x":151,"y":815,"width":697,"height":11}},{"id":"7c5d5c5a-653a-456f-8a03-1034b6cd2b4c","block_type":"box","text":"the property is vacant.","page_number":92,"box":{"x":151,"y":836,"width":163,"height":11}},{"id":"dc074c13-001f-4810-92b6-68ad58c1c367","block_type":"box","text":"Property Related Securities","page_number":92,"box":{"x":152,"y":868,"width":267,"height":14}},{"id":"64719aa7-bc5f-4b12-8521-6c529eb47db9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":93,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"8a92b2fd-cf53-4d3b-b3d0-017a3710d88e","block_type":"box","text":"93","page_number":93,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"a4cc506f-dbee-468a-bd3f-f2d61a3d8c49","block_type":"box","text":"Aviva Investors: Public","page_number":93,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"77e36049-1f61-4c2d-b10d-d1e260cba243","block_type":"box","text":"Property related securities, such as Real Estate Investment Trusts, which themselves invest","page_number":93,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"a7844b3a-65a3-4337-aea7-3c088ff5583d","block_type":"box","text":"directly in property, will rise and fall in value in response to a variety of factors, including local,","page_number":93,"box":{"x":151,"y":108,"width":696,"height":11}},{"id":"77e7f2a3-2d97-43e1-a179-66972c8524e8","block_type":"box","text":"regional and national economic conditions, interest rates and tax considerations. A property","page_number":93,"box":{"x":152,"y":129,"width":696,"height":11}},{"id":"88232628-da3d-4ac1-9ae0-d077d4c82b54","block_type":"box","text":"security’s performance also depends on the company’s ability to finance property purchases","page_number":93,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"c6ae8036-d13c-4e55-b8f7-c4475da24076","block_type":"box","text":"and renovations and manage its cash flows. Accordingly, investors should be aware that since","page_number":93,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"1a97b433-f435-4171-b4ee-668b4a9ae4f9","block_type":"box","text":"the issuers of property securities are often invested in a limited number of projects or in","page_number":93,"box":{"x":151,"y":190,"width":696,"height":11}},{"id":"c8a7f8b1-6cfe-4d50-8939-a733911c5919","block_type":"box","text":"particular market segment, they are more susceptible to adverse developments affecting a","page_number":93,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"7f7b94c2-49a8-43f0-83e7-45609b97065c","block_type":"box","text":"single project or market segment than more broadly diversified investments.","page_number":93,"box":{"x":151,"y":231,"width":561,"height":11}},{"id":"8d7336c9-9689-4dd6-b30e-67d979fc4ab4","block_type":"box","text":"Use of Derivatives","page_number":93,"box":{"x":152,"y":264,"width":179,"height":10}},{"id":"2b8de9f9-6dfb-4ba1-b220-70249e9c96fd","block_type":"box","text":"Efficient Portfolio Management","page_number":93,"box":{"x":152,"y":300,"width":276,"height":12}},{"id":"792efb05-63f4-44d3-9dcf-d8eb834342e7","block_type":"box","text":"For all Funds other than the Aviva Investors UK Listed Equity Fund (please note that this","page_number":93,"box":{"x":152,"y":334,"width":696,"height":11}},{"id":"56ce9072-fb61-476a-8103-f23a43b0b165","block_type":"box","text":"fund is in the process of being terminated and is no longer available for new investment),","page_number":93,"box":{"x":151,"y":355,"width":696,"height":11}},{"id":"67c0619f-e36d-4ffe-9417-112f8dbb9996","block_type":"box","text":"which is not permitted to use derivatives, derivative transactions may be used for the","page_number":93,"box":{"x":151,"y":375,"width":697,"height":11}},{"id":"cfaac790-21db-47fb-92ab-e7fd3a1d503a","block_type":"box","text":"purposes of EPM, hedging and meeting the investment objectives of a Fund. Each Fund","page_number":93,"box":{"x":152,"y":396,"width":696,"height":11}},{"id":"c7df586a-6d1a-4974-86e0-f59915e07a97","block_type":"box","text":"may invest in derivatives, including forwards, for hedging. The ACD considers that the","page_number":93,"box":{"x":152,"y":416,"width":696,"height":11}},{"id":"ebe1ec95-5bc6-4254-bae2-86b8c44acfb9","block_type":"box","text":"use of derivatives for EPM, hedging and meeting the investment objective of the scheme","page_number":93,"box":{"x":152,"y":437,"width":696,"height":11}},{"id":"f6396c42-fbed-4520-9e62-be40e5ecc667","block_type":"box","text":"will serve to reduce the risk profile of the scheme. The ACD also does not consider that","page_number":93,"box":{"x":151,"y":457,"width":697,"height":11}},{"id":"45d8c0b6-7afc-4796-9341-d37c7b48c013","block_type":"box","text":"the overall derivative usage in respect of any Fund is likely significantly to amplify the","page_number":93,"box":{"x":151,"y":478,"width":697,"height":11}},{"id":"aaf02f94-2712-4856-8602-8e9e2346bf49","block_type":"box","text":"movement of the prices of Shares in that Fund.","page_number":93,"box":{"x":152,"y":498,"width":373,"height":11}},{"id":"f6d8ee2c-6ddd-4f4c-9270-1e75400489bc","block_type":"box","text":"Derivatives for investment purposes","page_number":93,"box":{"x":152,"y":531,"width":323,"height":12}},{"id":"ff8d4b13-199d-4b05-ba3b-c405d0e6029d","block_type":"box","text":"Derivatives and forward transactions may also be used for the purposes of investment by the","page_number":93,"box":{"x":152,"y":565,"width":696,"height":11}},{"id":"7cd01c61-390b-4d70-be2a-f1e99f41877e","block_type":"box","text":"Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multi-asset Core Funds and the","page_number":93,"box":{"x":151,"y":585,"width":697,"height":11}},{"id":"31151cd4-bf25-4e4a-a805-7009dd4dfc15","block_type":"box","text":"Aviva Investors Multi-asset Stewardship Funds. Where a Fund invests in derivatives and","page_number":93,"box":{"x":151,"y":606,"width":697,"height":11}},{"id":"22259a29-d781-4f82-8104-a5e6270d5c43","block_type":"box","text":"forward transactions in the pursuit of its investment objective, the net asset value of the Fund","page_number":93,"box":{"x":151,"y":626,"width":697,"height":11}},{"id":"ce1fb33e-82b2-47f9-9cb2-b6d89ddc9dd4","block_type":"box","text":"may at times be volatile. While the prudent use of derivatives can be beneficial, derivatives also","page_number":93,"box":{"x":152,"y":647,"width":696,"height":11}},{"id":"2c9339b3-c77c-4d15-b92b-4693d49138d8","block_type":"box","text":"involve risks different from, and, in certain cases, greater than, the risks presented by more","page_number":93,"box":{"x":152,"y":667,"width":696,"height":11}},{"id":"23b7c3f9-102e-49a6-8463-a97b6f4d3731","block_type":"box","text":"traditional investments. The Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multi\u0002","page_number":93,"box":{"x":151,"y":688,"width":697,"height":10}},{"id":"89182566-4dfa-4cc0-99e3-6b985a0cfe78","block_type":"box","text":"asset Core Funds and the Aviva Investors Multi-asset Stewardship Funds may engage various","page_number":93,"box":{"x":151,"y":708,"width":697,"height":11}},{"id":"89a256e0-38cb-4420-96c3-bfb87848fa95","block_type":"box","text":"strategies in view of reducing certain of its risks and for attempting to enhance return. These","page_number":93,"box":{"x":151,"y":729,"width":697,"height":11}},{"id":"c335dd8b-ec77-44a9-b688-9d518300eaf0","block_type":"box","text":"strategies may include the use of derivatives instruments such as options, warrants, swaps","page_number":93,"box":{"x":151,"y":749,"width":697,"height":11}},{"id":"25ca653e-2f0c-4929-9f09-27dd02564f3f","block_type":"box","text":"and/or futures. Such strategies may be unsuccessful and incur losses for the Fund, due to","page_number":93,"box":{"x":151,"y":769,"width":697,"height":12}},{"id":"a783203d-5d6b-49a3-a5bc-ca09a35f4183","block_type":"box","text":"market conditions.","page_number":93,"box":{"x":152,"y":790,"width":133,"height":9}},{"id":"29ba11ea-02a8-440b-af0a-67cf20716eb2","block_type":"box","text":"Forward Trading","page_number":93,"box":{"x":152,"y":823,"width":150,"height":12}},{"id":"4b82a9a2-81e6-4323-bb0d-114fa21eefb5","block_type":"box","text":"Forward contracts, are not traded on exchanges, are not standardised and each transaction","page_number":93,"box":{"x":152,"y":857,"width":695,"height":11}},{"id":"0adfa7e4-d49b-4018-a2b7-99277db05096","block_type":"box","text":"tends to be negotiated on an individual basis. Forward and ‘cash’ trading is substantially","page_number":93,"box":{"x":151,"y":877,"width":697,"height":12}},{"id":"d43b9e67-9fbf-40af-a74f-1a27e6b57133","block_type":"box","text":"unregulated.","page_number":93,"box":{"x":152,"y":898,"width":90,"height":11}},{"id":"8e09d438-bada-4bd1-b92d-6cf7624a4d61","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":94,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"18277250-2095-4b8f-ae41-2295845f5f0b","block_type":"box","text":"94","page_number":94,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"4115a8c8-dd4a-4226-98c4-3860792a6359","block_type":"box","text":"Aviva Investors: Public","page_number":94,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"b03cd4ac-aaaf-41f6-bb9f-a7ff7b9a3b08","block_type":"box","text":"There is no requirement that the principals who deal in the forward markets are required to","page_number":94,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"845a93e2-e872-4c58-a136-9187acc37ae6","block_type":"box","text":"continue to make markets in the currencies they trade and these markets can experience","page_number":94,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"559a50dd-3a32-4c54-9993-3bd44795cdb5","block_type":"box","text":"periods of illiquidity, sometimes of significant duration. Disruptions can occur in any market","page_number":94,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"802e32e0-77ac-4a5a-a259-10c28f3e71f8","block_type":"box","text":"traded by a Fund due to unusually high trading volume, political intervention or other factors.","page_number":94,"box":{"x":151,"y":149,"width":696,"height":11}},{"id":"f0328f0f-9adf-423b-a669-f7aa3970ca5e","block_type":"box","text":"The imposition of controls by governmental authorities might also limit such forward (and","page_number":94,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"8ef05f26-4d6e-4c7b-8e46-8cf8ba2c4320","block_type":"box","text":"futures) trading to less than that which the ACD would otherwise recommend, to the possible","page_number":94,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"a61104a5-4e9a-41f8-8b7c-b7a04c360846","block_type":"box","text":"detriment of the Fund. In respect of such trading, a Fund is subject to the risk of counterparty","page_number":94,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"e24ddae2-1e90-46e7-aa3c-90bc877d76fe","block_type":"box","text":"failure or the inability or refusal by a counterparty to perform with respect to such contracts.","page_number":94,"box":{"x":151,"y":231,"width":696,"height":11}},{"id":"b84777f6-1ac9-4a1b-a03f-eb04dd9aee74","block_type":"box","text":"Market illiquidity or disruption could result in major losses to a Fund.","page_number":94,"box":{"x":152,"y":252,"width":501,"height":11}},{"id":"eb1f3004-bbe3-450f-b423-43166624d91e","block_type":"box","text":"Exchange-Traded Futures Contracts","page_number":94,"box":{"x":152,"y":284,"width":323,"height":12}},{"id":"81fe9f4d-aa53-43ae-b2e3-329876e312d7","block_type":"box","text":"The Funds may make use of futures contracts. A particular risk associated with this type of","page_number":94,"box":{"x":151,"y":318,"width":697,"height":11}},{"id":"76392eda-7f9f-48ce-b645-6149ec7558ea","block_type":"box","text":"contract is the means by which the futures contract is required to be terminated. A futures","page_number":94,"box":{"x":151,"y":339,"width":697,"height":11}},{"id":"dfd171ef-8893-4aa0-b324-3ebe8968f45e","block_type":"box","text":"contract can only be terminated by entering into an offsetting transaction. This needs a liquid","page_number":94,"box":{"x":151,"y":359,"width":697,"height":11}},{"id":"da0dd0e0-2fc0-4be8-8b8d-01c70542f6f3","block_type":"box","text":"secondary market on the exchange on which the original position was established. The ACD","page_number":94,"box":{"x":151,"y":380,"width":697,"height":11}},{"id":"81942f80-1a99-4fc0-b93f-4919e60fbaef","block_type":"box","text":"will use its judgement to establish that there appears to be a liquid secondary market for such","page_number":94,"box":{"x":151,"y":400,"width":697,"height":11}},{"id":"7b07c003-4f43-4fc2-8400-bb84182ceaf7","block_type":"box","text":"instruments but there can be no assurance that such a market will exist for any particular","page_number":94,"box":{"x":152,"y":421,"width":696,"height":11}},{"id":"80f3cc15-8d6b-4c63-ba89-c86b8805b833","block_type":"box","text":"contract at any point in time. In that event, it might not be possible to establish or liquidate a","page_number":94,"box":{"x":151,"y":441,"width":697,"height":11}},{"id":"9bbfd9f7-0a53-41c8-9309-c65c1254b5d4","block_type":"box","text":"position. In addition, because the instrument underlying a futures contract traded by the Fund","page_number":94,"box":{"x":151,"y":462,"width":697,"height":11}},{"id":"faf46d4c-dc35-4995-b4ff-25f59384e732","block_type":"box","text":"will often be different from the instrument or market being hedged or to which exposure is","page_number":94,"box":{"x":151,"y":482,"width":697,"height":11}},{"id":"2bebb36a-cb04-4bb4-bfd8-dd8a74ddda61","block_type":"box","text":"sought, the correlation risk could be significant and could result in losses to the Fund. The use","page_number":94,"box":{"x":151,"y":503,"width":697,"height":11}},{"id":"da4b2c44-70d1-4d19-b866-0ce27333784a","block_type":"box","text":"of futures involves the risk that changes in the value of the underlying instrument will not be","page_number":94,"box":{"x":151,"y":523,"width":697,"height":11}},{"id":"8d5a5ab8-3a48-4ca1-a305-c0def1182b13","block_type":"box","text":"fully reflected in the value of the futures contract or option. The liquidity of a secondary market","page_number":94,"box":{"x":151,"y":544,"width":697,"height":11}},{"id":"2581dd4c-1746-43a0-bc81-5486376f2351","block_type":"box","text":"in futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing","page_number":94,"box":{"x":152,"y":564,"width":696,"height":11}},{"id":"38063f42-4259-4acb-a4cf-72722763eedd","block_type":"box","text":"house equipment failures, government intervention, insolvency of a brokerage firm, clearing","page_number":94,"box":{"x":152,"y":584,"width":696,"height":12}},{"id":"e2fcd4ff-6733-467f-b8b2-e6d14ad7f3eb","block_type":"box","text":"house or exchange or other disruptions of normal trading activity.","page_number":94,"box":{"x":152,"y":605,"width":480,"height":11}},{"id":"13b46f91-e55e-44d7-bfcd-8813d94af43f","block_type":"box","text":"Over-the-Counter Counterparty (OTC) and Market Risk","page_number":94,"box":{"x":151,"y":637,"width":482,"height":13}},{"id":"d7692dd5-e33a-4171-9a9f-14c70027de4b","block_type":"box","text":"Each of the Funds may hold derivatives in OTC markets. The fair value of these derivatives will","page_number":94,"box":{"x":152,"y":672,"width":696,"height":11}},{"id":"b6d40afa-faf5-40ee-bf18-bdfab24d8808","block_type":"box","text":"take into account their tendency to have limited liquidity and possibly higher price volatility. In","page_number":94,"box":{"x":151,"y":692,"width":697,"height":11}},{"id":"f83ade21-74e2-400c-bde5-fbafcfbbde53","block_type":"box","text":"addition, a Fund holding OTC derivatives will be exposed to credit risk on counterparties with","page_number":94,"box":{"x":151,"y":713,"width":697,"height":11}},{"id":"d3e2b50e-ec00-4f94-8653-6f3adb71afb8","block_type":"box","text":"whom the transactions are made and will bear the risk of settlement default with those","page_number":94,"box":{"x":151,"y":733,"width":697,"height":9}},{"id":"f4efca0e-8240-47a7-8c07-9517ec9f4053","block_type":"box","text":"counterparties.","page_number":94,"box":{"x":151,"y":754,"width":109,"height":11}},{"id":"0e626176-a9e1-4ed3-ba09-d02d7b7f806e","block_type":"box","text":"Leveraging","page_number":94,"box":{"x":152,"y":786,"width":87,"height":11}},{"id":"93aa27bd-6b11-4260-8e1f-7ea2a1cad06c","block_type":"box","text":"Derivatives may contain a leverage component in the sense that a relatively small initial outlay","page_number":94,"box":{"x":152,"y":818,"width":696,"height":12}},{"id":"c6dcf945-ad0b-4b8a-bb52-6875c5f17e1d","block_type":"box","text":"will give rise to a much larger exposure than would have been achievable in the underlying","page_number":94,"box":{"x":151,"y":839,"width":696,"height":11}},{"id":"f069fed6-e16e-4875-9167-e49c78cb8093","block_type":"box","text":"cash market. Leveraging in this way means that relatively small changes in the value or level","page_number":94,"box":{"x":151,"y":860,"width":696,"height":11}},{"id":"d4603864-c987-4cd0-be38-13f3da11aa2a","block_type":"box","text":"of the underlying asset, rate or index will significantly amplify losses or profits for the Fund.","page_number":94,"box":{"x":151,"y":880,"width":696,"height":11}},{"id":"2b6859d1-3f96-4263-b0ef-c62976b2d777","block_type":"box","text":"Losses may be greater than the amount invested in the derivative itself.","page_number":94,"box":{"x":152,"y":900,"width":527,"height":11}},{"id":"3bee96c3-cab2-4705-8627-935a907c56d9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":95,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7b7b8af2-d0ab-418d-b6be-079b9c44dc9f","block_type":"box","text":"95","page_number":95,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"e333b2f6-d314-4ea0-84bb-d083f261ef4c","block_type":"box","text":"Aviva Investors: Public","page_number":95,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"3439db23-8982-4d65-a7c7-ff6296f5807c","block_type":"box","text":"A Fund may be able to use leverage, including through use of derivative instruments, in","page_number":95,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"20c1593d-74f9-4f36-b183-acbcb4764f3d","block_type":"box","text":"accordance with its investment objective and policy as set out in Appendix I and subject to the","page_number":95,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"ce8d52cb-cfed-4fd1-bb48-3e2b95bb2b72","block_type":"box","text":"investment restrictions set out in Appendix 4.","page_number":95,"box":{"x":152,"y":129,"width":330,"height":10}},{"id":"a090781d-e68d-44ba-980b-8e619d25ea5c","block_type":"box","text":"Leverage will generally be generated by using derivatives that are inherently leveraged due to","page_number":95,"box":{"x":152,"y":161,"width":696,"height":11}},{"id":"beafee6a-07d4-426a-8968-9f68f135a647","block_type":"box","text":"the relatively small amount of deposit required to open a position, including among others,","page_number":95,"box":{"x":151,"y":181,"width":696,"height":12}},{"id":"c7a89725-9834-49c0-aeee-267274460974","block_type":"box","text":"forward contracts, futures contracts, options and swaps. A relatively small market movement","page_number":95,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"61112ca4-f5bd-4d31-810c-38a0675f2bb0","block_type":"box","text":"may therefore have a potentially larger impact on derivatives than on standard bonds or","page_number":95,"box":{"x":152,"y":222,"width":697,"height":12}},{"id":"ce2a03b9-51b4-4416-9db2-9f68b318cb04","block_type":"box","text":"equities, with the result that leveraged derivative positions may increase Fund volatility.","page_number":95,"box":{"x":151,"y":243,"width":644,"height":11}},{"id":"6c4921af-9fcb-4679-9973-74e4542971e3","block_type":"box","text":"The Funds may have higher levels of leverage in atypical or volatile market conditions, for","page_number":95,"box":{"x":151,"y":275,"width":698,"height":11}},{"id":"4e2420ca-6192-41cf-b143-6aa8f5dbbced","block_type":"box","text":"example when there are sudden movements in investment prices due to difficult economic","page_number":95,"box":{"x":151,"y":296,"width":697,"height":11}},{"id":"dee01adf-2415-4d56-89ec-5cf2fd54d46c","block_type":"box","text":"conditions in a sector or region. In such circumstances, the Manager or its delegate may","page_number":95,"box":{"x":151,"y":316,"width":697,"height":11}},{"id":"6dccf451-35a6-43e6-bc32-79d821651d76","block_type":"box","text":"increase its use of derivatives in a Fund in order to reduce the market risk to which that Fund","page_number":95,"box":{"x":152,"y":337,"width":696,"height":8}},{"id":"91b925e1-fb9f-4786-9f1d-d80287a964f4","block_type":"box","text":"is exposed, this, in turn, would have the effect of increasing its levels of leverage.","page_number":95,"box":{"x":152,"y":357,"width":598,"height":11}},{"id":"2e87d8b3-5e1c-4cc9-9a47-21a11943d5c8","block_type":"box","text":"Should the securities pledged to brokers to secure a Fund's margin accounts decline in value,","page_number":95,"box":{"x":151,"y":389,"width":696,"height":12}},{"id":"1db6ea40-1276-4738-9c50-3fd63dee2e52","block_type":"box","text":"a Fund could be subject to a “margin call”, pursuant to which a Fund must either deposit","page_number":95,"box":{"x":151,"y":410,"width":697,"height":11}},{"id":"0ca74d40-85a7-4e44-bc56-b514e1f08b85","block_type":"box","text":"additional funds or securities with the broker, or suffer mandatory liquidation of the pledged","page_number":95,"box":{"x":151,"y":430,"width":697,"height":12}},{"id":"0d2bc775-bda8-4e22-8bbd-2696905c97b4","block_type":"box","text":"securities to compensate for the decline in value. In extreme scenarios, in the event of a sudden","page_number":95,"box":{"x":151,"y":451,"width":697,"height":11}},{"id":"1cde2c35-3285-474c-9281-4a24ab7a8533","block_type":"box","text":"drop in the value of a Fund's assets, a Fund might not be able to liquidate assets quickly enough","page_number":95,"box":{"x":151,"y":471,"width":697,"height":12}},{"id":"a27f8993-09e1-493c-a3c7-884dcf9e6082","block_type":"box","text":"to pay off its margin debt. Whether any margin deposit will be required for over-the-counter","page_number":95,"box":{"x":151,"y":492,"width":698,"height":11}},{"id":"97f8e4ad-1df3-4d9f-9ce0-1e1d070af784","block_type":"box","text":"(“","page_number":95,"box":{"x":152,"y":512,"width":9,"height":11}},{"id":"ef1a7ea1-93fb-4038-9d6d-d904c47dac48","block_type":"box","text":"OTC","page_number":95,"box":{"x":163,"y":512,"width":34,"height":9}},{"id":"9cc1cfab-c433-430c-aba7-ac3c509a9bc1","block_type":"box","text":"”) options and other OTC instruments, such as currency forwards, swaps and certain","page_number":95,"box":{"x":198,"y":512,"width":649,"height":11}},{"id":"ceee7f00-830c-47f9-893b-c94e890f55ee","block_type":"box","text":"other derivative instruments, will depend on the credit determinations and specific agreements","page_number":95,"box":{"x":151,"y":533,"width":697,"height":11}},{"id":"7615cb28-11d9-4ffd-888e-f8cc9c357548","block_type":"box","text":"of the parties to the transaction, which are individually negotiated. Low margin deposits are","page_number":95,"box":{"x":151,"y":553,"width":697,"height":11}},{"id":"e3b93488-8fb8-4a8f-bb9b-f3b23328abb0","block_type":"box","text":"indicative of the fact that any trading in certain derivatives markets is typically accompanied by","page_number":95,"box":{"x":152,"y":574,"width":696,"height":11}},{"id":"526e211b-c2da-496a-bd93-04cf7cee934b","block_type":"box","text":"a high degree of leverage. Low margin deposits mean that a relatively small adverse price","page_number":95,"box":{"x":151,"y":594,"width":697,"height":12}},{"id":"6176ca0e-b8ef-440c-8142-c74a3ddf3668","block_type":"box","text":"movement in a contract may result in immediate and substantial losses to the investor. For","page_number":95,"box":{"x":152,"y":615,"width":697,"height":11}},{"id":"c616f33b-88ba-4f67-87f3-17157b16b323","block_type":"box","text":"example, if at the time of purchase ten percent of the price of a futures contract is deposited as","page_number":95,"box":{"x":151,"y":635,"width":697,"height":11}},{"id":"e9ab02a4-849f-4726-8b56-a266822563fd","block_type":"box","text":"margin, a 10% decrease in the price of the futures contract would, if the contract is then closed","page_number":95,"box":{"x":152,"y":656,"width":696,"height":11}},{"id":"ace454ed-f912-48a1-84b0-9c562dd13821","block_type":"box","text":"out, result in a total loss of the value of margin deposit before any deduction for the brokerage","page_number":95,"box":{"x":151,"y":676,"width":697,"height":11}},{"id":"459c8ac1-5f7c-434d-90eb-ff2c67f8478d","block_type":"box","text":"commission. Thus, like other leveraged investments, any purchase or sale of a futures contract,","page_number":95,"box":{"x":151,"y":697,"width":696,"height":11}},{"id":"1edc4c7d-130e-4c55-97f3-2795e5687e04","block_type":"box","text":"forward or other derivatives may result in losses in excess of the margin posted.","page_number":95,"box":{"x":151,"y":717,"width":591,"height":11}},{"id":"c849d523-326e-459f-bed3-b3953cca8653","block_type":"box","text":"Any investment income and gains earned on investments made through the use of leverage","page_number":95,"box":{"x":151,"y":750,"width":697,"height":11}},{"id":"907e16a8-6153-4f82-8e95-f4a0be33dac8","block_type":"box","text":"that are in excess of the interest costs associated therewith may cause the net asset value of","page_number":95,"box":{"x":151,"y":770,"width":697,"height":11}},{"id":"599f9be3-1c11-42bd-a604-f0a7f9e5556f","block_type":"box","text":"the units in a Fund to increase more rapidly than would otherwise be the case. Conversely,","page_number":95,"box":{"x":151,"y":790,"width":696,"height":12}},{"id":"c7709025-9f04-41ca-bc18-21f62348b029","block_type":"box","text":"where the associated interest costs are greater than such income and gains, the net asset value","page_number":95,"box":{"x":151,"y":811,"width":697,"height":11}},{"id":"7de105a8-ac96-46b9-9516-a03ec8325260","block_type":"box","text":"of the units in a Fund may decrease more rapidly than would otherwise be the case. Any event","page_number":95,"box":{"x":151,"y":831,"width":697,"height":12}},{"id":"02ea1d32-e833-4efb-bd32-94f915a8d5af","block_type":"box","text":"which adversely affects the value of an investment made by a Fund would be magnified to the","page_number":95,"box":{"x":151,"y":852,"width":697,"height":11}},{"id":"ef846a36-5203-406f-9cd6-f091ae48ead1","block_type":"box","text":"extent that Fund is leveraged.","page_number":95,"box":{"x":151,"y":873,"width":219,"height":11}},{"id":"a6a60de4-a664-4dce-bd2e-702ac6126cda","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":96,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"4479a305-5d3e-4376-bd2c-174c6d97568e","block_type":"box","text":"96","page_number":96,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"ee93979e-b9aa-4c62-bb47-75847a64714f","block_type":"box","text":"Aviva Investors: Public","page_number":96,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"fbe32825-25d1-4d43-a69f-a2bf2843b90a","block_type":"box","text":"Purchased Options","page_number":96,"box":{"x":152,"y":159,"width":181,"height":13}},{"id":"5b80f50f-dbb8-439f-9159-f0b676d324a2","block_type":"box","text":"Each of the Funds may hold derivatives in OTC markets for hedging purposes. Purchased","page_number":96,"box":{"x":152,"y":194,"width":696,"height":11}},{"id":"b83989d4-9e59-477b-88d2-a4db08588406","block_type":"box","text":"Option contracts are exposed to a maximum loss equal to the price paid for the option (the","page_number":96,"box":{"x":151,"y":214,"width":697,"height":11}},{"id":"35bb2898-209d-4a86-b138-ce927869031a","block_type":"box","text":"premium) and no further liability.","page_number":96,"box":{"x":151,"y":235,"width":238,"height":11}},{"id":"5371846c-d0b1-4623-ab49-e480e8c1ad42","block_type":"box","text":"Written Options","page_number":96,"box":{"x":151,"y":268,"width":150,"height":12}},{"id":"624da3fd-19db-45d6-a737-1e2bc27ad31c","block_type":"box","text":"Each of the Funds may hold derivatives in OTC markets for hedging purposes. Written options","page_number":96,"box":{"x":152,"y":302,"width":696,"height":12}},{"id":"5359d0e0-33ee-4ce8-9482-ef239862ab62","block_type":"box","text":"give the right of potential exercise to a third party. This creates exposure for the Fund as they","page_number":96,"box":{"x":151,"y":323,"width":697,"height":11}},{"id":"f5044db3-ce2b-490b-a25f-2f2dd5a1e694","block_type":"box","text":"may have to deliver out the underlying investments and should the market move unfavourably","page_number":96,"box":{"x":152,"y":344,"width":696,"height":11}},{"id":"7f05375e-4f7a-42d2-ab34-4560a499e3f0","block_type":"box","text":"result in a loss. The maximum loss for the writer of a put option is equal to the strike price less","page_number":96,"box":{"x":152,"y":364,"width":696,"height":11}},{"id":"c0809afe-1040-4d30-b082-331271863fb3","block_type":"box","text":"the premium received. The maximum loss for the writer of an uncovered call option is unlimited.","page_number":96,"box":{"x":151,"y":385,"width":696,"height":11}},{"id":"ba22eac8-df8e-408b-8b05-50ee8b49db16","block_type":"box","text":"In the case of a written option or a future the notional underlying investment is not delivered","page_number":96,"box":{"x":152,"y":417,"width":696,"height":11}},{"id":"fd3a6b9d-dde6-497a-9b05-3e9d2d6da4a0","block_type":"box","text":"upon exercise as the contract is cash settled. The Fund’s financial liability is therefore linked to","page_number":96,"box":{"x":152,"y":437,"width":696,"height":12}},{"id":"277e8489-3b80-44da-956f-32dd573dcd40","block_type":"box","text":"the market-to-market value of the notional underlying investments.","page_number":96,"box":{"x":151,"y":458,"width":490,"height":11}},{"id":"fcfdf2cb-ac8f-4c48-ab45-78312b37d589","block_type":"box","text":"Over the counter options although providing greater flexibility may involve greater credit risk","page_number":96,"box":{"x":151,"y":490,"width":698,"height":11}},{"id":"01663dd8-ddeb-4067-9554-f7ac50230b97","block_type":"box","text":"than exchange-traded options as they are not backed by the clearing organisation of the","page_number":96,"box":{"x":151,"y":511,"width":697,"height":11}},{"id":"ef517e33-0099-4071-8ecd-2d7b43728961","block_type":"box","text":"exchanges where they are traded.","page_number":96,"box":{"x":151,"y":531,"width":252,"height":11}},{"id":"3dd17306-e248-45fa-b024-4b7528cb80fa","block_type":"box","text":"Credit Default Swaps","page_number":96,"box":{"x":151,"y":564,"width":198,"height":13}},{"id":"88a391b3-6e98-4bf4-a573-c14d4324cfb1","block_type":"box","text":"The Funds may use credit default swaps. A credit default swap is a bilateral financial contract","page_number":96,"box":{"x":151,"y":599,"width":697,"height":11}},{"id":"f29e318c-9909-4642-8f6f-4e4a2c50d61c","block_type":"box","text":"in which one counterparty (the protection buyer) pays a periodic fee in return for a contingent","page_number":96,"box":{"x":152,"y":619,"width":696,"height":12}},{"id":"fd1eafff-691d-4aa2-b14c-bf29133095b3","block_type":"box","text":"payment by the protection seller following a credit event of a reference issuer. The protection","page_number":96,"box":{"x":151,"y":640,"width":697,"height":11}},{"id":"d0146215-8432-48ff-956b-05227cc7a7a6","block_type":"box","text":"buyer must either sell particular obligations issued by the reference issuer for its par value (or","page_number":96,"box":{"x":151,"y":660,"width":697,"height":12}},{"id":"8e5129ea-60d9-4a70-9a96-641fbb0d4c0b","block_type":"box","text":"some other designated reference or strike price) when a credit event (such as bankruptcy or","page_number":96,"box":{"x":151,"y":681,"width":698,"height":11}},{"id":"5a33d901-31eb-4790-87ce-d6b627c4ba15","block_type":"box","text":"insolvency) occurs or receive a cash settlement based on the difference between the market","page_number":96,"box":{"x":152,"y":701,"width":696,"height":12}},{"id":"06e57df8-eef1-4563-94ef-ef93bdb7c1c5","block_type":"box","text":"price and such reference price. The Funds may use credit default swaps in order to hedge the","page_number":96,"box":{"x":151,"y":722,"width":697,"height":11}},{"id":"5ed9722b-dcbc-4446-8c69-abe5cccefdfd","block_type":"box","text":"specific credit risk of some of the issuers in their portfolio by buying protection. As with any OTC","page_number":96,"box":{"x":151,"y":742,"width":697,"height":12}},{"id":"28b81bc7-9975-4e58-91d3-b848abf4a275","block_type":"box","text":"derivative, a Fund holding credit default swaps will be exposed to counterparty risk with whom","page_number":96,"box":{"x":151,"y":763,"width":696,"height":11}},{"id":"eaa33312-6ed9-470b-9980-0c527cb5e10b","block_type":"box","text":"the transactions are made and will bear the risk of settlement default with those counterparties.","page_number":96,"box":{"x":151,"y":783,"width":696,"height":11}},{"id":"1ff8a663-877b-4c56-bbef-919b8b779d49","block_type":"box","text":"There is also the risk of legal disputes as to whether a credit event has occurred, which could","page_number":96,"box":{"x":151,"y":804,"width":697,"height":11}},{"id":"40703801-a0a5-4c87-8fe5-329db22fd562","block_type":"box","text":"mean that a Fund cannot realise the full value of the credit default swap. In addition, capability","page_number":96,"box":{"x":152,"y":824,"width":696,"height":11}},{"id":"c713b88c-245b-456c-8acb-e7b020e8b8c4","block_type":"box","text":"to close out positions before maturity may be limited.","page_number":96,"box":{"x":151,"y":845,"width":389,"height":11}},{"id":"f137a211-f859-4f01-8a37-afbdf78d7b55","block_type":"box","text":"Interest Rate Swaps","page_number":96,"box":{"x":152,"y":878,"width":188,"height":12}},{"id":"33573986-84da-4783-b194-dc5b50f361dd","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":97,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"637d50e7-5ed8-4aec-b6da-3876064fbd72","block_type":"box","text":"97","page_number":97,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"10d6f836-d710-4b5b-b6bf-adb2203641c1","block_type":"box","text":"Aviva Investors: Public","page_number":97,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"7bdcb0a0-c4db-4e31-ae6f-1903baee27c3","block_type":"box","text":"The Funds may enter into interest rate swaps. Interest rate swaps involve the exchange by the","page_number":97,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"d4a06c6e-2270-4ff7-bbdf-e3d67f3cf34f","block_type":"box","text":"Fund with another party of their respective commitments to pay or receive interest, such as an","page_number":97,"box":{"x":152,"y":108,"width":696,"height":11}},{"id":"69e4f728-7609-4721-b3db-49074a0a640c","block_type":"box","text":"exchange of fixed rate payments for floating rate payments. As the Fund enters into interest","page_number":97,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"67ac7313-365b-4f80-a7db-99f540ad3566","block_type":"box","text":"rate swaps on a net basis, the two payment streams are netted out, with the Fund receiving or","page_number":97,"box":{"x":152,"y":149,"width":696,"height":11}},{"id":"4e433f42-359d-491b-8013-576af4ea7586","block_type":"box","text":"paying, as the case may be, only the net amount of the two payments. Interest rate swaps","page_number":97,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"43566e4a-1696-4c73-8fb7-5391fd914234","block_type":"box","text":"entered into on a net basis do not involve the physical delivery of investments, other underlying","page_number":97,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"f0152f4e-4053-464b-97ed-731941d9da34","block_type":"box","text":"assets or principal. Accordingly, it is intended that the risk of loss with respect to interest rate","page_number":97,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"bc8e73f9-7c7b-4691-b4f1-f26d9b4d644d","block_type":"box","text":"swaps is limited to the net amount of interest payments that the Fund is contractually obligated","page_number":97,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"e70e6344-5b64-4a89-8c97-550ccdec54df","block_type":"box","text":"to make. If the other party to an interest rate swap defaults, in normal circumstances the Funds’","page_number":97,"box":{"x":151,"y":251,"width":697,"height":12}},{"id":"1d9497af-58fb-4eb3-b34f-9525eea87f35","block_type":"box","text":"risk of loss consists of the net amount of interest payments that the Fund is contractually entitled","page_number":97,"box":{"x":152,"y":272,"width":695,"height":11}},{"id":"8df9ee00-8a4a-4900-beae-d873848d7211","block_type":"box","text":"to receive.","page_number":97,"box":{"x":151,"y":292,"width":75,"height":9}},{"id":"1b80dcbf-eecb-4699-962d-c208fc786f2d","block_type":"box","text":"Inflation Swaps","page_number":97,"box":{"x":152,"y":325,"width":146,"height":13}},{"id":"4e02b3fd-b54d-4b04-9008-3d302e6b3cb4","block_type":"box","text":"These are derivative contracts which typically exchange fixed rate interest payments for","page_number":97,"box":{"x":151,"y":360,"width":697,"height":11}},{"id":"3b8e492b-9f90-4aa0-b404-0c093fce4bef","block_type":"box","text":"inflation-linked coupon payments. As actual rates of inflation do not always match expectations,","page_number":97,"box":{"x":152,"y":381,"width":695,"height":11}},{"id":"c9eb5a0b-dc9b-42f0-92cb-7bc9b57b6106","block_type":"box","text":"Inflation Swaps are subject to inflation risk. Where the Fund has entered into a swap to receive","page_number":97,"box":{"x":152,"y":401,"width":696,"height":11}},{"id":"cdbad805-316f-418c-becb-cf444e204b29","block_type":"box","text":"a fixed rate interest payment, losses may be incurred if inflation exceeds expectations.","page_number":97,"box":{"x":151,"y":422,"width":696,"height":11}},{"id":"99e1ceb3-a35d-4e32-a5a6-e6a6c90c89f0","block_type":"box","text":"Conversely, if the Fund has entered into a swap to pay a fixed rate interest payment, losses","page_number":97,"box":{"x":151,"y":442,"width":697,"height":11}},{"id":"08034dfd-1ab8-4bdb-b6c0-4e84bf2f9123","block_type":"box","text":"may be incurred if inflation is lower than expected.","page_number":97,"box":{"x":152,"y":463,"width":369,"height":11}},{"id":"8eab433e-e42f-4fc9-b17b-1d4a96a33e59","block_type":"box","text":"Total Return Swaps","page_number":97,"box":{"x":151,"y":495,"width":185,"height":13}},{"id":"dd0b7cc4-23fc-4498-9096-a08d0121964e","block_type":"box","text":"The Aviva Investors Multi-asset Plus Funds, the Aviva Investors Multi-asset Core Funds and","page_number":97,"box":{"x":151,"y":533,"width":696,"height":10}},{"id":"29efe7ff-f526-40a5-ba40-7d7aadad62cd","block_type":"box","text":"the Aviva Investors Multi-asset Stewardship Funds may use TRS. A TRS is a swap agreement","page_number":97,"box":{"x":151,"y":553,"width":697,"height":11}},{"id":"c2e9e9ff-29bf-426a-b2dc-316bae6fd0c4","block_type":"box","text":"in which the total return of a security is exchanged for some other cash flow, usually tied to a","page_number":97,"box":{"x":152,"y":574,"width":696,"height":11}},{"id":"94280f04-346b-43a8-9105-8c67603746f4","block_type":"box","text":"funding reference rate. TRS are subject to interest rate risk with an additional risk that","page_number":97,"box":{"x":151,"y":594,"width":697,"height":11}},{"id":"953df098-7020-4249-a1d4-2e098e75372e","block_type":"box","text":"underlying security/market movements may vary from expectations at the point the position is","page_number":97,"box":{"x":152,"y":615,"width":696,"height":11}},{"id":"6f536599-ae37-45e6-a763-5904d32cc51f","block_type":"box","text":"entered into. Adverse movements in either case would result in losses to the Fund. TRS are","page_number":97,"box":{"x":151,"y":635,"width":697,"height":9}},{"id":"d12a1d87-a440-4b28-8116-9c76fec59359","block_type":"box","text":"also subject to counterparty credit risk, which is the possibility that the other party to the swap","page_number":97,"box":{"x":151,"y":656,"width":697,"height":11}},{"id":"b79c495f-4417-4796-8b48-a65ff5248a72","block_type":"box","text":"contract may default on its obligations. Collateralisation arrangements will be in place to","page_number":97,"box":{"x":151,"y":676,"width":697,"height":11}},{"id":"2894edfe-c310-4749-910d-fe35b4be2c3e","block_type":"box","text":"minimize this counterparty credit risk.","page_number":97,"box":{"x":152,"y":697,"width":273,"height":11}},{"id":"21ba1f45-54a5-4815-9386-3a4cbf5222bb","block_type":"box","text":"Commodity Investment","page_number":97,"box":{"x":151,"y":718,"width":228,"height":13}},{"id":"b6a0d5dd-06d6-4db3-a63f-f120783b9164","block_type":"box","text":"The Funds may gain exposure to commodities indirectly, for example through investment in","page_number":97,"box":{"x":151,"y":754,"width":697,"height":11}},{"id":"2a4ebeac-628b-41e9-942e-9faa18ffe88e","block_type":"box","text":"certain Exchange Traded Funds (ETFs). Investments which offer exposure to commodities may","page_number":97,"box":{"x":151,"y":774,"width":697,"height":11}},{"id":"a034ec0f-d25c-42fb-a0bb-293e90257480","block_type":"box","text":"have greater volatility than investments in more traditional securities such as equities and","page_number":97,"box":{"x":152,"y":795,"width":696,"height":11}},{"id":"6b260031-6f1f-45ad-8f1f-eb81c8fd6310","block_type":"box","text":"bonds. The value of commodity-based investments may be affected by additional risks, such","page_number":97,"box":{"x":151,"y":815,"width":697,"height":11}},{"id":"2621241b-fe0e-4e84-8a06-7cbbf4e80b2c","block_type":"box","text":"as political risk, natural events or terrorism, which may in turn directly influence the production","page_number":97,"box":{"x":151,"y":836,"width":697,"height":11}},{"id":"1946a5b4-b0f3-4c3f-99e9-839e16d312c0","block_type":"box","text":"and trading of commodities.","page_number":97,"box":{"x":151,"y":856,"width":204,"height":11}},{"id":"74fa4d70-4a63-4087-8db3-e38efd23112a","block_type":"box","text":"SFTs","page_number":97,"box":{"x":151,"y":889,"width":44,"height":9}},{"id":"f86582fb-7bcb-43ab-952f-adc419d59018","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":98,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"c6b6e4d5-81e6-4d8d-87c6-7e0f526c32fc","block_type":"box","text":"98","page_number":98,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"16f02048-dbc3-4ee2-a976-15f62620360a","block_type":"box","text":"Aviva Investors: Public","page_number":98,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"8298bb2d-958d-496e-a826-909756d665b6","block_type":"box","text":"The primary risk in any SFT is counterparty credit risk (see “Counterparty Risk”).","page_number":98,"box":{"x":151,"y":87,"width":594,"height":12}},{"id":"c9c75cf5-b6f6-4db5-9e13-db891b96c0f5","block_type":"box","text":"Risk is mitigated by the choice of counterparty and the use of collateral. 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This risk is mitigated by the fact that all SFT activity is governed by industry","page_number":98,"box":{"x":152,"y":202,"width":697,"height":11}},{"id":"6adbc603-5ddc-4b0e-bc6b-4c34323af5d3","block_type":"box","text":"standard legal documentation and collateralised to a minimum value of 100% of the loan","page_number":98,"box":{"x":151,"y":222,"width":697,"height":12}},{"id":"e6b419a4-9e27-4ea9-9b82-e63ddd00fa98","block_type":"box","text":"portfolio plus a premium. 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Smaller companies may possess","page_number":98,"box":{"x":152,"y":446,"width":696,"height":12}},{"id":"662de712-1723-45b5-a4ae-e6489708352a","block_type":"box","text":"greater potential for growth, but can also involve greater risks, such as limited product lines and","page_number":98,"box":{"x":151,"y":467,"width":697,"height":11}},{"id":"a09a9b71-e79f-42ce-91ce-3667073935a7","block_type":"box","text":"markets, and financial or managerial resources. Trading in such securities may be subject to","page_number":98,"box":{"x":152,"y":487,"width":696,"height":12}},{"id":"5aae3ba9-cadf-4242-ad65-88aa70e692dc","block_type":"box","text":"more abrupt price movements and greater fluctuations in available liquidity than trading in the","page_number":98,"box":{"x":152,"y":508,"width":696,"height":11}},{"id":"8f6d3afd-3cd7-41d3-bfc2-dd63b95f8bf2","block_type":"box","text":"securities of larger companies.","page_number":98,"box":{"x":151,"y":528,"width":226,"height":12}},{"id":"18e68f6f-fa0c-4de5-b3aa-0bf12e3dc619","block_type":"box","text":"Market Risk","page_number":98,"box":{"x":152,"y":561,"width":117,"height":11}},{"id":"cd74e9cc-423b-426c-81a5-3d3134ed11ec","block_type":"box","text":"The Funds will be exposed to changes in the market value of their investment positions. This","page_number":98,"box":{"x":151,"y":597,"width":697,"height":11}},{"id":"6bb2c0fc-31cd-4dca-823b-cbca6f6609e5","block_type":"box","text":"can be caused by volatility of equities, exchange rates, interest rates and credit spreads. Market","page_number":98,"box":{"x":151,"y":618,"width":697,"height":11}},{"id":"212a6291-be90-45f4-b1a9-802bd41093ba","block_type":"box","text":"fluctuations and volatility may adversely affect the value of the Funds investment positions.","page_number":98,"box":{"x":151,"y":638,"width":671,"height":11}},{"id":"6d645ae2-3403-48dd-9e8c-9f5c5df21355","block_type":"box","text":"Interest rate risk","page_number":98,"box":{"x":152,"y":671,"width":161,"height":11}},{"id":"0986398d-326b-4abd-83ca-b76f3adba7b3","block_type":"box","text":"The Funds may be exposed to changes in interest rates. Generally, there is an inverse","page_number":98,"box":{"x":151,"y":707,"width":697,"height":11}},{"id":"cfba643b-c415-4b50-a229-846fdeeffa31","block_type":"box","text":"relationship between interest rates and the value of fixed interest assets; when interest rates","page_number":98,"box":{"x":152,"y":727,"width":696,"height":11}},{"id":"05eb21f6-5091-4ade-bf7b-c5d064d9f312","block_type":"box","text":"rise bond prices may fall and vice versa. Changes in interest rate may adversely affect the value","page_number":98,"box":{"x":152,"y":748,"width":696,"height":11}},{"id":"ddcbfc1e-b2f0-4459-9103-6020ef0be678","block_type":"box","text":"of the Funds investment positions.","page_number":98,"box":{"x":151,"y":768,"width":253,"height":12}},{"id":"5c37e438-75b1-4e13-81da-ee7381cc9534","block_type":"box","text":"Achievement of the Target Return and/or Target Volatility","page_number":98,"box":{"x":151,"y":801,"width":525,"height":13}},{"id":"da35159f-d0bc-4204-b2b1-c33e907d48f2","block_type":"box","text":"It is important to remember that the target return and/or target volatility, as stated within the","page_number":98,"box":{"x":152,"y":836,"width":696,"height":11}},{"id":"77e32bb0-182d-485b-a3e7-d8449c1668a9","block_type":"box","text":"investment objective of a Fund, are aims of the Fund. As such, there can be no guarantee that","page_number":98,"box":{"x":152,"y":857,"width":696,"height":11}},{"id":"26ea4aba-75f8-4eed-a22e-9b082a978b9c","block_type":"box","text":"the return or volatility targets will be met, and consequently investors’ capital could be at risk.","page_number":98,"box":{"x":151,"y":877,"width":686,"height":11}},{"id":"40c6c605-ff61-4026-b4e9-07209a47bbfd","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":99,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"0ced7e75-3ca3-467b-8935-2efe96bcc109","block_type":"box","text":"99","page_number":99,"box":{"x":834,"y":923,"width":14,"height":6}},{"id":"fe9e5a20-15d2-4390-b484-4fea32c85fa7","block_type":"box","text":"Aviva Investors: Public","page_number":99,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"c7cc390d-ddca-4149-bfa7-7e56a985c17a","block_type":"box","text":"Recognition and Enforcement of foreign judgments","page_number":99,"box":{"x":152,"y":124,"width":476,"height":12}},{"id":"505b599a-9108-452d-86f3-3dc19edf959b","block_type":"box","text":"Investors should note that the Company and the Funds may be adversely affected by the ability","page_number":99,"box":{"x":152,"y":158,"width":696,"height":11}},{"id":"6d60af5f-13d9-48be-b544-986e64e8603c","block_type":"box","text":"to recognise and enforce a foreign judgment in England. There are a number of legal","page_number":99,"box":{"x":151,"y":179,"width":696,"height":11}},{"id":"a4aa9eb2-3393-4bde-92a2-13df8924e86c","block_type":"box","text":"instruments providing for the recognition and enforcement of judgments obtained from certain","page_number":99,"box":{"x":152,"y":199,"width":695,"height":12}},{"id":"04f2eb21-fc87-4dc8-b9b6-a5eac2e17e4d","block_type":"box","text":"jurisdictions relating to certain matters in England. Judgments obtained in jurisdictions or","page_number":99,"box":{"x":150,"y":220,"width":699,"height":11}},{"id":"bf2b22f8-5a5d-451d-a8b4-d65a0df2961c","block_type":"box","text":"relating to matters not covered by such legal instruments may be enforceable in England at","page_number":99,"box":{"x":152,"y":240,"width":696,"height":11}},{"id":"5d9762a8-3d20-4a59-a566-e3f1481bb7d1","block_type":"box","text":"common law. Nevertheless, there is uncertainty regarding the ability to enforce foreign","page_number":99,"box":{"x":151,"y":261,"width":697,"height":11}},{"id":"edee45ab-2b06-47b1-bd36-d806a7679d77","block_type":"box","text":"judgments in England, which may adversely affect the Company and the Funds and the value","page_number":99,"box":{"x":150,"y":281,"width":698,"height":12}},{"id":"87c9363e-5de8-4bd3-b6da-172912818ece","block_type":"box","text":"of a Shareholder’s Shares.","page_number":99,"box":{"x":151,"y":302,"width":197,"height":9}},{"id":"cc1493ff-dc5a-44b4-99d9-1955bab858e9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":100,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"9fb476e5-9447-47a0-af14-c369a8431873","block_type":"box","text":"100","page_number":100,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"c3b59ee1-8625-4a64-8cf8-45cbe8002f4e","block_type":"box","text":"Aviva Investors: Public","page_number":100,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"b773cad6-d1d6-4cda-b4f5-6274a4934ec7","block_type":"box","text":"Management and Administration","page_number":100,"box":{"x":319,"y":88,"width":369,"height":16}},{"id":"f6d28f49-49f3-4c22-a722-e0de8de0ed37","block_type":"box","text":"In accordance with the OEIC Regulations and as contemplated by the Company’s Instrument","page_number":100,"box":{"x":152,"y":156,"width":696,"height":11}},{"id":"49d74fc4-bd3d-4fd3-ab3b-75eff66657ff","block_type":"box","text":"of Incorporation, there is a sole director of the Company which is the authorised corporate","page_number":100,"box":{"x":151,"y":176,"width":697,"height":12}},{"id":"cebb24ac-7ff2-4853-96bc-2ab22c882c8f","block_type":"box","text":"director, as explained below, and an appointed depositary, as explained below. The ACD and","page_number":100,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"4477cf5d-ad65-4421-b25e-e1f86ed2e95e","block_type":"box","text":"Depositary may retain (or arrange with the Company to retain) the services of other persons to","page_number":100,"box":{"x":152,"y":217,"width":696,"height":12}},{"id":"28b1b870-eceb-4640-80cb-604ad9a3bc0f","block_type":"box","text":"assist them in performing their respective functions, provided such arrangements are in","page_number":100,"box":{"x":151,"y":238,"width":696,"height":11}},{"id":"cc39735d-bd65-4087-99db-49e2fd2d7334","block_type":"box","text":"accordance with the UK AIFM Regime and the COLL Sourcebook. Details of delegations which","page_number":100,"box":{"x":151,"y":258,"width":697,"height":12}},{"id":"d7757220-acd3-4931-9b64-79d129d1c66b","block_type":"box","text":"have been put in place by the ACD and the Depositary respectively are identified in this section","page_number":100,"box":{"x":152,"y":279,"width":696,"height":11}},{"id":"2c1c7af9-98c7-4804-b497-4d6b55aef26f","block_type":"box","text":"of the Prospectus.","page_number":100,"box":{"x":151,"y":299,"width":133,"height":11}},{"id":"5a1e1842-bfd7-4a20-afa6-4ca32b309eda","block_type":"box","text":"Authorised Corporate Director","page_number":100,"box":{"x":151,"y":332,"width":296,"height":14}},{"id":"5207d01a-05ea-47c4-a629-612533d174e7","block_type":"box","text":"The ACD of the Company is Aviva Investors UK Fund Services Limited. The ACD is a private","page_number":100,"box":{"x":151,"y":368,"width":697,"height":11}},{"id":"308bdec7-db9f-404f-9e61-22d370928104","block_type":"box","text":"company limited by shares and incorporated in England and Wales on 20 December 1985.","page_number":100,"box":{"x":151,"y":389,"width":671,"height":11}},{"id":"cb688404-0b01-4f43-82c7-545a15495b02","block_type":"box","text":"With effect from the 1 May 2014, the ACD has been wholly owned by Aviva Investors Holdings","page_number":100,"box":{"x":151,"y":421,"width":697,"height":11}},{"id":"ce74954d-ffa4-4f93-93bc-3fbb02f76a54","block_type":"box","text":"Limited, a company incorporated in the United Kingdom and within the Aviva Group of","page_number":100,"box":{"x":152,"y":441,"width":697,"height":12}},{"id":"afacc958-4bc1-4da3-a7b5-0a2d463339bf","block_type":"box","text":"Companies. The Directors of the ACD are listed in Appendix 9.","page_number":100,"box":{"x":151,"y":462,"width":464,"height":11}},{"id":"10e380ab-50bc-49c1-8a40-223e44c137db","block_type":"box","text":"The registered office of the ACD and its principal place of business is 80 Fenchurch Street,","page_number":100,"box":{"x":151,"y":494,"width":696,"height":12}},{"id":"04fedd4b-3a3b-49b8-8150-89b4be6836e0","block_type":"box","text":"London, EC3M 4AE.","page_number":100,"box":{"x":152,"y":515,"width":150,"height":10}},{"id":"76436c8c-ccf0-4356-9e63-74050025b3c0","block_type":"box","text":"The ACD has an issued share capital of £21,500,000 which is fully paid up.","page_number":100,"box":{"x":151,"y":547,"width":555,"height":11}},{"id":"ff69b14f-12ee-46f0-bd29-7f5e26344d99","block_type":"box","text":"The ACD is responsible for managing and administering the Company’s affairs in compliance","page_number":100,"box":{"x":151,"y":580,"width":697,"height":11}},{"id":"f311b6b2-42bc-4e5e-9618-84b3d0e778bb","block_type":"box","text":"with the COLL Sourcebook and the FUND Sourcebook.","page_number":100,"box":{"x":151,"y":600,"width":410,"height":9}},{"id":"56dd69d7-f0f7-4939-a898-7fc0e0adeab1","block_type":"box","text":"The ACD may provide investment services to other funds and clients and to companies in which","page_number":100,"box":{"x":151,"y":632,"width":696,"height":12}},{"id":"6a5d150a-a8c8-410d-8961-8a389c3322ea","block_type":"box","text":"the Company may invest, and also acts as the ACD and manager to other ICVCs and","page_number":100,"box":{"x":151,"y":653,"width":697,"height":11}},{"id":"0955f00b-e929-43ae-baf1-648c90249869","block_type":"box","text":"authorised unit trusts as more fully described in Appendix 7.","page_number":100,"box":{"x":151,"y":673,"width":442,"height":12}},{"id":"152dffd8-a497-4581-88fd-f9a9a0b92fb5","block_type":"box","text":"The ACD provides its services to the Company under the terms of an agreement (the “","page_number":100,"box":{"x":151,"y":706,"width":661,"height":11}},{"id":"9995cdd2-dde4-4e81-9721-aca8c175f4b1","block_type":"box","text":"ACD","page_number":100,"box":{"x":812,"y":706,"width":36,"height":9}},{"id":"bba637dd-8a62-448f-affa-4ef5958c1fc2","block_type":"box","text":"Agreement","page_number":100,"box":{"x":151,"y":726,"width":87,"height":11}},{"id":"c18628a7-8ed6-456e-a131-b9ceba679e1b","block_type":"box","text":"”) dated 20 April 2007 and as restated on 21 July 2014 which provides that the","page_number":100,"box":{"x":239,"y":726,"width":609,"height":11}},{"id":"0987963c-ad51-4a00-a320-b59a0cad617e","block_type":"box","text":"appointment of the ACD may be terminated upon 12 months’ written notice by the Company,","page_number":100,"box":{"x":151,"y":747,"width":696,"height":11}},{"id":"6a0bca0b-7f28-4603-8f25-11753e088ff2","block_type":"box","text":"after the expiry of the initial three year period, although in certain circumstances the agreement","page_number":100,"box":{"x":151,"y":767,"width":697,"height":12}},{"id":"8fdd66ff-180e-482a-b1b5-7da899a26ebd","block_type":"box","text":"may be terminated forthwith by notice in writing by the ACD to the Company or the Depositary","page_number":100,"box":{"x":152,"y":788,"width":696,"height":11}},{"id":"a199970d-02e1-44bb-b94e-b856b08624de","block_type":"box","text":"or the Company to the ACD. Termination of the ACD’s appointment cannot take effect until the","page_number":100,"box":{"x":151,"y":808,"width":697,"height":11}},{"id":"0d61e914-472c-48cf-8527-2e8ec6df3c37","block_type":"box","text":"Financial Conduct Authority has approved the change of director.","page_number":100,"box":{"x":152,"y":829,"width":481,"height":11}},{"id":"8f6a13ec-88d5-4b51-aba7-4fae64d626bc","block_type":"box","text":"In the case of termination under the terms of the ACD Agreement the ACD is entitled to such","page_number":100,"box":{"x":152,"y":861,"width":695,"height":11}},{"id":"5404508a-1ff2-404d-a401-8001f1b52940","block_type":"box","text":"amount as is agreed by both parties to the ACD Agreement and any additional expenses","page_number":100,"box":{"x":151,"y":882,"width":697,"height":11}},{"id":"f29627d4-580f-476f-8802-82828e98bc04","block_type":"box","text":"necessarily realised in settling or realising any outstanding obligations. There is no","page_number":100,"box":{"x":152,"y":902,"width":696,"height":11}},{"id":"27284373-70be-4b78-8e1e-e5982035ee78","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":101,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"a2266282-89c2-4a85-a07e-8ffc1843dca8","block_type":"box","text":"101","page_number":101,"box":{"x":828,"y":923,"width":18,"height":6}},{"id":"3a88cc98-30c0-4d7f-943c-92c0935f2a8b","block_type":"box","text":"Aviva Investors: Public","page_number":101,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"1da80054-ec51-498a-ba9f-865840429469","block_type":"box","text":"compensation for loss of office provided for in the ACD Agreement. 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The ACD has delegated","page_number":101,"box":{"x":151,"y":181,"width":697,"height":12}},{"id":"8bc63960-f489-40a3-8f3b-36e13fbba73d","block_type":"box","text":"portfolio management to the Investment Manager and has delegated certain other","page_number":101,"box":{"x":151,"y":202,"width":697,"height":11}},{"id":"3c7421fc-31a3-421a-948f-c5e89ba8a765","block_type":"box","text":"administrative functions. 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It is a private company limited by shares,","page_number":103,"box":{"x":151,"y":258,"width":696,"height":11}},{"id":"1d73ac55-150c-4211-a67a-358589c5da2c","block_type":"box","text":"incorporated in England and Wales on 18 September 1968. The Depositary is regulated by the","page_number":103,"box":{"x":152,"y":278,"width":696,"height":12}},{"id":"8a405975-904b-4152-a6a6-8c4364ea9706","block_type":"box","text":"Financial Conduct Authority in the conduct of its regulated activities and is not prohibited from","page_number":103,"box":{"x":152,"y":299,"width":695,"height":11}},{"id":"9a8d7208-9e7c-43f7-8b63-9390d257162b","block_type":"box","text":"acting as depositary by the Financial Conduct Authority. The ultimate holding company of the","page_number":103,"box":{"x":151,"y":319,"width":697,"height":12}},{"id":"9172dcc3-539d-4142-9c3a-f2dd8f22a468","block_type":"box","text":"Depositary is JP Morgan Chase & Co, incorporated in Delaware, USA.","page_number":103,"box":{"x":152,"y":340,"width":520,"height":11}},{"id":"566b69c9-07bc-43bf-a4f9-75159dd153ab","block_type":"box","text":"The Depositary is responsible for the safekeeping of all the Scheme Property of the Company","page_number":103,"box":{"x":151,"y":374,"width":697,"height":12}},{"id":"66b18f45-93c4-4bf2-a198-aa65156c6dfa","block_type":"box","text":"and has a duty to take reasonable care to ensure that the Company is managed in accordance","page_number":103,"box":{"x":151,"y":395,"width":697,"height":11}},{"id":"4cdb53fd-c738-4053-ab7a-c71996517db0","block_type":"box","text":"with the provisions of the COLL Sourcebook relating to the pricing of, and dealing in, Shares","page_number":103,"box":{"x":151,"y":415,"width":697,"height":12}},{"id":"dc28060c-27f5-4436-bb50-8782300222fb","block_type":"box","text":"and relating to the income of the Funds. 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In relation to certain functions the ACD and the Depositary will not","page_number":105,"box":{"x":151,"y":508,"width":697,"height":11}},{"id":"663d20f8-d705-499b-afa9-3858789c6959","block_type":"box","text":"be liable for the actions of those appointed provided certain provisions in the COLL Sourcebook","page_number":105,"box":{"x":151,"y":529,"width":698,"height":11}},{"id":"30fb5611-e350-4550-a493-31fbd11cff62","block_type":"box","text":"apply. The following functions are delegated at the present time:","page_number":105,"box":{"x":151,"y":549,"width":474,"height":11}},{"id":"6d5b06dc-48ac-4f14-8c17-4ba5549409a7","block_type":"box","text":"","page_number":105,"box":{"x":182,"y":594,"width":6,"height":4}},{"id":"df6bc0bd-c504-4f86-819c-a9b2f1f92fec","block_type":"box","text":"Client Administration and maintenance of the Register – SS&C Financial Services","page_number":105,"box":{"x":212,"y":591,"width":636,"height":11}},{"id":"3a3ee95f-cb0e-4e34-b786-e436e8b8e658","block_type":"box","text":"Europe Limited;","page_number":105,"box":{"x":212,"y":612,"width":115,"height":10}},{"id":"a7ef03c0-4acd-4622-9793-a239e429334c","block_type":"box","text":"","page_number":105,"box":{"x":182,"y":650,"width":6,"height":4}},{"id":"c5dac915-915b-458b-958e-f98598b28122","block_type":"box","text":"Fund Administration, including Fund Accounting and Unit Pricing – Aviva Investors","page_number":105,"box":{"x":212,"y":647,"width":636,"height":11}},{"id":"690ca9c4-09d6-4c9a-82ca-f189aa1b11f5","block_type":"box","text":"Global Services Limited who have sub-delegated this to J.P. 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It is therefore possible that the ACD and/or the Investment Managers’ may in the","page_number":106,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"9bbdefdc-0874-4f8b-bd9c-5feb2a18ffe1","block_type":"box","text":"course of their businesses have potential conflicts of interest with the Company or a particular","page_number":106,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"53e99dca-5da7-496d-adcb-3a13f204474f","block_type":"box","text":"Fund.","page_number":106,"box":{"x":152,"y":190,"width":40,"height":9}},{"id":"7925c3b7-cbbb-4067-9d84-c5d6ce5963a1","block_type":"box","text":"Each of the ACD and the Investment Managers will take all reasonable steps to avoid conflicts","page_number":106,"box":{"x":152,"y":225,"width":696,"height":11}},{"id":"5c5c1ff5-8b48-43bc-a654-e96314bbf7b3","block_type":"box","text":"of interest and will, where conflicts of interest or potential conflicts of interest do arise, take","page_number":106,"box":{"x":151,"y":245,"width":697,"height":11}},{"id":"f33d3d7e-7db6-4380-87ff-ee265590a41b","block_type":"box","text":"reasonable steps to identify, manage and monitor such conflicts of interest in order to prevent","page_number":106,"box":{"x":152,"y":266,"width":696,"height":11}},{"id":"9700a913-7a35-4167-b27b-d554f5cb9edf","block_type":"box","text":"them from adversely affecting the interests of the Company, the Funds and the Shareholders","page_number":106,"box":{"x":151,"y":286,"width":697,"height":11}},{"id":"2de6ca0e-56ac-44c3-b58b-83ae9bc4a1cc","block_type":"box","text":"and to ensure the fair treatment of the Company, the Funds and any other relevant investment","page_number":106,"box":{"x":151,"y":306,"width":697,"height":12}},{"id":"450bf0c6-9647-402f-a388-5c92f5c3ac10","block_type":"box","text":"fund. 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The ACD acknowledges that there may","page_number":106,"box":{"x":151,"y":444,"width":697,"height":11}},{"id":"7bcc1e73-dd46-413a-a910-5c0c6483383b","block_type":"box","text":"be some situations where the organisational or administrative arrangements in place for the","page_number":106,"box":{"x":151,"y":464,"width":697,"height":12}},{"id":"bbc0c8f9-c087-4b14-b037-a799db5ab348","block_type":"box","text":"management of conflicts of interest are not sufficient to ensure, with reasonable confidence,","page_number":106,"box":{"x":152,"y":485,"width":695,"height":11}},{"id":"f060cb92-b190-4594-b83c-742290ed889d","block_type":"box","text":"that risks of damage to the interests of the Company or its Shareholders will be prevented.","page_number":106,"box":{"x":151,"y":505,"width":696,"height":11}},{"id":"f20d37d6-c764-40bb-a1b1-495477c2414a","block_type":"box","text":"Should any such situations arise the ACD will, as a last resort if the conflict cannot be avoided","page_number":106,"box":{"x":151,"y":526,"width":697,"height":11}},{"id":"70f3eb8b-5995-4881-a1fa-958ee36b2cce","block_type":"box","text":"disclose these to Shareholders in an appropriate format.","page_number":106,"box":{"x":151,"y":546,"width":416,"height":11}},{"id":"146af8ae-ba00-4e7b-b2a1-21884ab8e46c","block_type":"box","text":"The Securities Lending Agent","page_number":106,"box":{"x":151,"y":581,"width":236,"height":11}},{"id":"55aca50f-89d1-451c-82de-d82103f51a43","block_type":"box","text":"The Securities Lending Agent derives income from permitted securities lending activities in","page_number":106,"box":{"x":151,"y":613,"width":697,"height":11}},{"id":"1a62a7d9-b42e-4484-bac0-d4491a8de683","block_type":"box","text":"relation to Scheme Property. 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Please","page_number":106,"box":{"x":152,"y":821,"width":696,"height":12}},{"id":"4331c616-883d-4678-921b-6c66f6a10333","block_type":"box","text":"see the paragraph entitled “The Depositary” in the Management and Administration section for","page_number":106,"box":{"x":151,"y":842,"width":697,"height":11}},{"id":"a995c55a-52f8-4c68-bf71-e0d7070efb64","block_type":"box","text":"further details.","page_number":106,"box":{"x":151,"y":862,"width":104,"height":9}},{"id":"62c45075-c889-49e3-91b5-b791374ada28","block_type":"box","text":"The Depositary has a conflict of interest policy in place to identify, manage and monitor on an","page_number":106,"box":{"x":151,"y":902,"width":697,"height":12}},{"id":"6a31c4a0-7594-405c-a25a-742a7b504fad","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":107,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"e3828355-8732-4321-91d0-8f4b779a6dc3","block_type":"box","text":"107","page_number":107,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"a3104367-ce74-466c-81ea-47b1a4fb362c","block_type":"box","text":"Aviva Investors: Public","page_number":107,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"b369a183-0f68-4bd6-b08c-d2f2669613db","block_type":"box","text":"on-going basis any actual or potential conflict of interest. The Depositary has functionally and","page_number":107,"box":{"x":151,"y":95,"width":697,"height":11}},{"id":"afd3b9ad-68ec-4527-a83d-bb90d4951f13","block_type":"box","text":"hierarchically separated the performance of its depositary tasks from its other potentially","page_number":107,"box":{"x":152,"y":117,"width":696,"height":11}},{"id":"b2afe37e-b9a7-446d-b46b-d98acf2ded5c","block_type":"box","text":"conflicting tasks. The system of internal controls, the different reporting lines, the allocation of","page_number":107,"box":{"x":151,"y":138,"width":697,"height":11}},{"id":"cf1e1961-5896-4a56-bba5-a622324ea953","block_type":"box","text":"tasks and the management reporting allow potential conflicts of interest and the Depositary","page_number":107,"box":{"x":151,"y":159,"width":697,"height":12}},{"id":"299bd549-4584-40e1-aeed-b327ba92ddde","block_type":"box","text":"issues to be properly identified, managed, and monitored.","page_number":107,"box":{"x":152,"y":181,"width":425,"height":11}},{"id":"be54fc26-9edf-435a-8ffb-3948fdde2ca9","block_type":"box","text":"Service Providers","page_number":107,"box":{"x":151,"y":209,"width":141,"height":8}},{"id":"8d0b2492-862e-4917-be3e-46bb94dc1ef7","block_type":"box","text":"Certain entities in which a Fund has an investment (whether directly or indirectly) may also","page_number":107,"box":{"x":151,"y":241,"width":697,"height":11}},{"id":"719788d3-90d0-4419-85fa-7b7e18e7e183","block_type":"box","text":"provide goods or services to, or have a business, financial or other relationship with other Funds","page_number":107,"box":{"x":151,"y":262,"width":697,"height":11}},{"id":"23d34c85-3b6a-4ebe-b93e-e01e41a0c9a1","block_type":"box","text":"of the Company, the ACD, their associates and other funds managed by the ACD or their","page_number":107,"box":{"x":151,"y":282,"width":698,"height":11}},{"id":"522cb02a-7540-44ba-b4d4-56f010e57c2d","block_type":"box","text":"associates. Such entities may also be a source of financing and investment opportunities or co\u0002","page_number":107,"box":{"x":151,"y":302,"width":697,"height":12}},{"id":"76a512a9-bfd5-49ea-9901-5919091ad763","block_type":"box","text":"investors in investments made by the Funds (whether directly or indirectly) or other funds","page_number":107,"box":{"x":152,"y":323,"width":696,"height":11}},{"id":"3b672745-7137-4a82-b71c-f8f7884c6d63","block_type":"box","text":"managed by the ACD or their associates. These relationships may influence the ACD or their","page_number":107,"box":{"x":152,"y":343,"width":697,"height":12}},{"id":"d6a5bb5a-5129-46fa-9b7c-8dc2250c560d","block_type":"box","text":"associates in deciding whether to select or recommend a supplier of goods or a service provider","page_number":107,"box":{"x":151,"y":364,"width":697,"height":11}},{"id":"9cefdf33-4309-4cb1-86cc-480965254065","block_type":"box","text":"to perform services for the Funds or other funds managed by the ACD or associates (the cost","page_number":107,"box":{"x":151,"y":384,"width":697,"height":12}},{"id":"c9a36c12-f3d3-4b3a-9ff1-c12a4bf6f230","block_type":"box","text":"of which will generally be borne directly or indirectly by the Fund or such other funds).","page_number":107,"box":{"x":151,"y":405,"width":696,"height":11}},{"id":"c4cd7e2e-fa7a-4d5c-a005-bdc9e3555d52","block_type":"box","text":"Notwithstanding the above, the selection of such entities that may provide goods and services","page_number":107,"box":{"x":152,"y":425,"width":696,"height":12}},{"id":"b28684bd-e55b-42c4-81f7-355bf4841daf","block_type":"box","text":"will generally be allocated based on an evaluation which includes such entities’ provision of","page_number":107,"box":{"x":151,"y":446,"width":697,"height":11}},{"id":"f779238d-e43c-416c-9d60-e27400bbb092","block_type":"box","text":"certain goods and services that the ACD or associates believes to be of benefit to a Fund, or","page_number":107,"box":{"x":151,"y":466,"width":698,"height":12}},{"id":"ea36cafa-7b36-468a-ab4d-37481eedccdb","block_type":"box","text":"such other funds managed by the ACD or associates.","page_number":107,"box":{"x":151,"y":487,"width":396,"height":11}},{"id":"db30418e-d005-40b8-8717-8bf6eb34e36a","block_type":"box","text":"General","page_number":107,"box":{"x":151,"y":519,"width":61,"height":9}},{"id":"527bdd94-8e39-412c-ac71-e7aba1e9230d","block_type":"box","text":"The COLL Sourcebook contains provisions on conflict of interest governing any transaction","page_number":107,"box":{"x":151,"y":554,"width":697,"height":11}},{"id":"43d02f94-03be-4b15-8bc9-386b5221f6c4","block_type":"box","text":"concerning the Company which is carried out by or with any “","page_number":107,"box":{"x":151,"y":574,"width":453,"height":12}},{"id":"d61ddd9e-e7de-4432-9bdd-5558a07c6148","block_type":"box","text":"affected person","page_number":107,"box":{"x":605,"y":574,"width":123,"height":11}},{"id":"20199d32-4d4c-4dff-9389-21679e5a1bad","block_type":"box","text":"”, an expression","page_number":107,"box":{"x":730,"y":574,"width":117,"height":11}},{"id":"4684d359-9d2c-4c6b-9b7f-98c32a16ceab","block_type":"box","text":"which covers the Company, the ACD, the Investment Manager, the Depositary, Securities","page_number":107,"box":{"x":151,"y":595,"width":697,"height":11}},{"id":"098063bb-5434-4df1-bac0-be51a70168d4","block_type":"box","text":"Lending Agent and an Associate of any of them.","page_number":107,"box":{"x":152,"y":615,"width":355,"height":12}},{"id":"7496fb4e-e1b3-4e9c-9362-075a43e6cae9","block_type":"box","text":"These provisions, among other things, enable an affected person to sell or deal in the sale of","page_number":107,"box":{"x":151,"y":650,"width":697,"height":11}},{"id":"abdd2fee-ac2f-4203-957a-1e8487a1c85d","block_type":"box","text":"property to the Company or the Depositary for the account of the Company; vest property in","page_number":107,"box":{"x":151,"y":670,"width":697,"height":12}},{"id":"306b8df0-eb3f-4de0-8fa1-5557dfc97e0f","block_type":"box","text":"the Company or the Depositary against the issue of Shares; purchase property from the","page_number":107,"box":{"x":151,"y":691,"width":697,"height":11}},{"id":"78f5e2f0-f337-4b2c-af63-d3ded5918a2f","block_type":"box","text":"Company (or the Depositary acting for the account of the Company); enter into a securities","page_number":107,"box":{"x":151,"y":711,"width":697,"height":12}},{"id":"c8e44390-682d-4ce4-8b0a-a17e97f4b6c1","block_type":"box","text":"lending transaction, or a derivatives transaction permitted by the COLL Sourcebook, in relation","page_number":107,"box":{"x":152,"y":732,"width":696,"height":11}},{"id":"9b6a83e5-ac1e-454d-a5a4-37de4275391f","block_type":"box","text":"to the Company; or provide services for the Company. Any such transactions with or for the","page_number":107,"box":{"x":151,"y":752,"width":697,"height":12}},{"id":"3e11fe61-5dd4-42f9-89ed-c6b03478d2f2","block_type":"box","text":"Company are subject to best execution on exchange, or independent valuation or arm’s length","page_number":107,"box":{"x":151,"y":773,"width":697,"height":11}},{"id":"036f8d7b-07f6-4a34-9294-47c65b49eb12","block_type":"box","text":"requirements as set out in the COLL Sourcebook. An affected person carrying out such","page_number":107,"box":{"x":152,"y":793,"width":695,"height":12}},{"id":"02cdb483-6e30-40d1-828b-1f6411369b63","block_type":"box","text":"transaction is not liable to account to the Company, the Depositary, the ACD, any other affected","page_number":107,"box":{"x":151,"y":814,"width":697,"height":11}},{"id":"4f3c5a02-0465-42e1-bc18-7c370f0319c8","block_type":"box","text":"person, or to the Shareholders or any of them for any benefits or profits thereby made or","page_number":107,"box":{"x":151,"y":834,"width":697,"height":12}},{"id":"95995899-b49d-481e-9110-fc07315ef0f2","block_type":"box","text":"derived.","page_number":107,"box":{"x":151,"y":855,"width":58,"height":9}},{"id":"0853c472-28b9-4fd5-911b-664bdcf0bb14","block_type":"box","text":"Order Execution","page_number":107,"box":{"x":151,"y":890,"width":162,"height":11}},{"id":"691571d3-c99e-454e-949b-51897a2db2d2","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":108,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"1bc0ae2f-3062-46cd-b4b9-fbb5ead7eb92","block_type":"box","text":"108","page_number":108,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"88733795-c34c-4d29-a1bf-0330a2fd6b26","block_type":"box","text":"Aviva Investors: Public","page_number":108,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"2cf711dd-db5d-4571-9f1c-5fb71de95170","block_type":"box","text":"The ACD is responsible for the investment management of the underlying assets of the Funds","page_number":108,"box":{"x":151,"y":101,"width":697,"height":11}},{"id":"c07e1416-8d09-49c2-a702-3f39428ffa30","block_type":"box","text":"within the Company and, as such, is subject to the Financial Conduct Authority Handbook that","page_number":108,"box":{"x":151,"y":122,"width":697,"height":11}},{"id":"0c5b5d5f-dfdf-4ad7-8e44-ed193f3e4334","block_type":"box","text":"applies to operators of collective investment schemes. These require all ACDs to meet the","page_number":108,"box":{"x":151,"y":142,"width":697,"height":11}},{"id":"61df6152-1940-4ca7-a603-527d0e26e21b","block_type":"box","text":"requirements relating to best execution when carrying out scheme management activity for its","page_number":108,"box":{"x":152,"y":163,"width":696,"height":11}},{"id":"d297f550-dcc7-4d78-869b-e8e9feb4dc58","block_type":"box","text":"Funds.","page_number":108,"box":{"x":152,"y":183,"width":48,"height":9}},{"id":"755c6c33-cafe-487e-8b6e-cd0e73b6fb11","block_type":"box","text":"In view of this, the ACD is required to treat the Company as its client and must act in the best","page_number":108,"box":{"x":152,"y":217,"width":696,"height":11}},{"id":"0af83ffc-9d8f-417e-b951-beb5a23a48d6","block_type":"box","text":"interests of each Fund when executing decisions to deal on behalf of the relevant Fund. 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with the COLL Sourcebook.","page_number":112,"box":{"x":212,"y":232,"width":312,"height":9}},{"id":"c8b84882-1144-4e09-940f-8f7f7da4050b","block_type":"box","text":"16. expenses incurred in distributing and dispatching income and other payments to","page_number":112,"box":{"x":182,"y":252,"width":666,"height":11}},{"id":"444ea988-c3c5-4cbe-a8fb-e858f03351b5","block_type":"box","text":"Shareholders;","page_number":112,"box":{"x":212,"y":273,"width":102,"height":10}},{"id":"a112d139-1862-48fc-be40-7fbf11d02666","block_type":"box","text":"17. fees and expenses in respect of the publication and circulation of details of Share","page_number":112,"box":{"x":182,"y":293,"width":666,"height":11}},{"id":"cce4a9e7-98c2-4462-832f-f2db2fa1db28","block_type":"box","text":"prices;","page_number":112,"box":{"x":212,"y":314,"width":47,"height":11}},{"id":"48a3910b-7f1d-4fe6-a6d6-05e33bba2710","block_type":"box","text":"18. the costs of convening and holding Shareholder meetings (including meetings of","page_number":112,"box":{"x":182,"y":334,"width":667,"height":11}},{"id":"96bdbf00-6a7d-4071-90dd-cf0673d9a012","block_type":"box","text":"Shareholders in any particular Fund, or any particular Class within a Fund) and of","page_number":112,"box":{"x":212,"y":355,"width":636,"height":11}},{"id":"1a18ac94-b766-4927-a53e-ef46f3aeac4d","block_type":"box","text":"producing associated documentation;","page_number":112,"box":{"x":212,"y":375,"width":276,"height":11}},{"id":"cf4929ef-5642-43f0-916e-f96d02f503de","block_type":"box","text":"19. safe custody charges (save to the extent that they relate to matters which are covered","page_number":112,"box":{"x":182,"y":396,"width":666,"height":11}},{"id":"cd81cb30-1456-475b-ba98-44d28c534193","block_type":"box","text":"by the fees paid to the Depositary and/or the Custodian);","page_number":112,"box":{"x":212,"y":416,"width":419,"height":11}},{"id":"735f7b3e-1ed8-48e1-bcb0-ba8e0fc9885b","block_type":"box","text":"20. costs incurred in taking out and maintaining any insurance policy in relation to the","page_number":112,"box":{"x":181,"y":437,"width":667,"height":11}},{"id":"d8eb087d-fe37-4407-996f-37215e8e08bb","block_type":"box","text":"Company and/or its directors;","page_number":112,"box":{"x":212,"y":457,"width":217,"height":11}},{"id":"a272d540-0776-4e25-ac16-6cef152697ae","block_type":"box","text":"21. fees and expenses incurred in company secretarial duties, including the cost of minute","page_number":112,"box":{"x":181,"y":478,"width":667,"height":11}},{"id":"680caa48-b4a5-42a5-9943-e9ddb7a9c6e1","block_type":"box","text":"books and other documentation required to be maintained by the Company;","page_number":112,"box":{"x":212,"y":498,"width":560,"height":11}},{"id":"8ed67993-e0a2-42a4-b8b1-065d1f81dac2","block_type":"box","text":"22. the fees and expenses incurred in stock lending transactions;","page_number":112,"box":{"x":181,"y":519,"width":483,"height":11}},{"id":"945031e5-8622-4923-b97a-0dcb4affec31","block_type":"box","text":"23. any payments otherwise due by virtue of the applicable rules within the Financial","page_number":112,"box":{"x":181,"y":539,"width":666,"height":11}},{"id":"40636e7e-4717-4caf-9465-04ef193e9327","block_type":"box","text":"Conduct Authority Handbook;","page_number":112,"box":{"x":212,"y":559,"width":217,"height":12}},{"id":"f5abf62a-07df-4a8c-8378-113bf7b5ff4c","block_type":"box","text":"24. any costs incurred as a result of preparing, printing and distributing Prospectuses or","page_number":112,"box":{"x":181,"y":580,"width":668,"height":11}},{"id":"8ae198c6-bb02-4e67-84cc-ba6b213a2a86","block_type":"box","text":"(subject to the COLL Sourcebook) promotional material in respect of the Company and","page_number":112,"box":{"x":212,"y":600,"width":635,"height":12}},{"id":"2fa47b26-57fe-4f2e-b719-e665b6ff439c","block_type":"box","text":"of any marketing activities undertaken by the ACD in relation to the Company;","page_number":112,"box":{"x":212,"y":621,"width":635,"height":11}},{"id":"f8d6eb92-b49f-4942-8e45-926dff404e2b","block_type":"box","text":"publishing prices; periodic updates of any Prospectus; amending the Instrument of","page_number":112,"box":{"x":212,"y":641,"width":636,"height":12}},{"id":"5e1c2a30-bf24-4568-ac81-693fbbb25298","block_type":"box","text":"Incorporation; and any other such administrative expenses; and","page_number":112,"box":{"x":212,"y":662,"width":470,"height":11}},{"id":"50e508f1-0e75-4f6f-89ae-96a6aa9906a0","block_type":"box","text":"25. subject to current HM Revenue & Customs regulations, any Value Added Tax (or","page_number":112,"box":{"x":181,"y":682,"width":668,"height":12}},{"id":"f8f2b10e-5f7e-46cb-a5d7-47730b585101","block_type":"box","text":"similar tax) payable in respect of any fees or expenses referred to above. Where","page_number":112,"box":{"x":212,"y":703,"width":636,"height":11}},{"id":"ebd18a45-448d-4fd6-bc6b-010c5beef2bc","block_type":"box","text":"appropriate, such tax is charged at the prevailing rate imposed by HMRC (or other","page_number":112,"box":{"x":212,"y":723,"width":637,"height":12}},{"id":"b0a3df57-1055-4d0c-a66c-f3e99661101f","block_type":"box","text":"relevant tax authority) on the relevant expense and accrued and paid at the time of the","page_number":112,"box":{"x":212,"y":744,"width":636,"height":11}},{"id":"cafdb393-573b-420b-aa7c-086defb555e0","block_type":"box","text":"expense.","page_number":112,"box":{"x":212,"y":767,"width":65,"height":9}},{"id":"6979daec-d04d-4baf-8e45-4baccb75bbe1","block_type":"box","text":"The Fund Management Fee accrues daily at the rate for each Class and Fund set out in the","page_number":112,"box":{"x":151,"y":785,"width":697,"height":11}},{"id":"e7e45e7d-c5f2-48a6-8f13-f1b0b18eb750","block_type":"box","text":"table of charges below, as adjusted for any applicable scale discount as noted below, and is","page_number":112,"box":{"x":151,"y":805,"width":697,"height":12}},{"id":"7dceca37-7250-4bbe-8912-cec4e97fd9f1","block_type":"box","text":"calculated as a percentage of the Net Asset Value of that Fund on the previous Business Day,","page_number":112,"box":{"x":151,"y":826,"width":696,"height":11}},{"id":"233ebf2d-47c0-44c1-9d38-6fda4692f354","block_type":"box","text":"calculated on a mid-market basis and adjusted for any Shares issued or cancelled between the","page_number":112,"box":{"x":151,"y":846,"width":697,"height":12}},{"id":"f1e03239-3395-4052-8cbb-44222dd68ecc","block_type":"box","text":"Valuation Point on the day that the fee accrues and the Valuation Point on the previous Dealing","page_number":112,"box":{"x":151,"y":867,"width":697,"height":11}},{"id":"a6a15e41-aab0-4fe3-804b-c080f764f116","block_type":"box","text":"Day. The Fund Management Fee is payable on the basis set out below:","page_number":112,"box":{"x":152,"y":887,"width":528,"height":12}},{"id":"6dee7349-48b7-4aeb-a8fd-997bc1fc1268","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":113,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7d99a9c5-0a6b-4a6a-b968-210751165aa1","block_type":"box","text":"113","page_number":113,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"db14f328-aa89-41c3-9b25-cd6598ffe40c","block_type":"box","text":"Aviva Investors: Public","page_number":113,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"4b944ea5-588f-4519-b740-9b304e4feb77","block_type":"box","text":"(a)","page_number":113,"box":{"x":152,"y":87,"width":18,"height":12}},{"id":"67dc3634-e150-4867-a219-803fb05d5fcf","block_type":"box","text":"the Company may pay any of the underlying fees, expenses and charges referred to","page_number":113,"box":{"x":211,"y":87,"width":637,"height":12}},{"id":"a966c081-e50b-4f2c-9176-ba18339d234e","block_type":"box","text":"above (for the avoidance of doubt, excluding any Invoiced Fees and Expenses) directly","page_number":113,"box":{"x":212,"y":108,"width":637,"height":11}},{"id":"7bd8b82a-8e3e-4a4b-873c-0e510f2094d9","block_type":"box","text":"to the relevant recipient of the same as and when they are due. Such underlying fees,","page_number":113,"box":{"x":211,"y":128,"width":636,"height":12}},{"id":"47e87411-3468-4c70-9d00-f7ffb724de2f","block_type":"box","text":"expenses and charges that are specific to a Class or Fund will be paid out of the","page_number":113,"box":{"x":212,"y":149,"width":636,"height":11}},{"id":"bb405d56-425f-420c-a5c5-ffe07d68f7cc","block_type":"box","text":"Scheme Property of, and be paid against the Fund Management Fee accrued to, that","page_number":113,"box":{"x":212,"y":169,"width":636,"height":12}},{"id":"d341bd6f-4c0e-4844-b0ed-eff6a0195907","block_type":"box","text":"Class or Fund or, where they are not considered to be attributable to any one Class or","page_number":113,"box":{"x":212,"y":190,"width":637,"height":11}},{"id":"261d88c4-f89b-4742-aed4-76cdf5acf4f6","block_type":"box","text":"Fund, otherwise in a manner which is fair to Shareholders generally. This will normally","page_number":113,"box":{"x":212,"y":210,"width":636,"height":12}},{"id":"39843ae7-6387-484a-b683-d06025be61cb","block_type":"box","text":"be a payment against the Fund Management Fee accrued to all Classes and Funds","page_number":113,"box":{"x":212,"y":231,"width":636,"height":11}},{"id":"79dcdb42-be50-45f3-9f7f-83abede2e885","block_type":"box","text":"pro rata to the value of the net assets of the relevant Classes and Funds; and","page_number":113,"box":{"x":212,"y":251,"width":572,"height":11}},{"id":"1eaf153a-c319-47f2-9f9f-418c5e4d123a","block_type":"box","text":"(b)","page_number":113,"box":{"x":152,"y":284,"width":18,"height":11}},{"id":"61663973-578f-4882-83ec-3bfe975a0b38","block_type":"box","text":"the balance of the accrued Fund Management Fee that remains after any payments","page_number":113,"box":{"x":211,"y":284,"width":637,"height":11}},{"id":"4c552707-8a92-46e6-a13b-49ca8b7f9246","block_type":"box","text":"against the same pursuant to paragraph (a) above have been made will be paid to the","page_number":113,"box":{"x":212,"y":304,"width":636,"height":11}},{"id":"96f18100-3108-455f-9e77-989eb1ac7171","block_type":"box","text":"ACD monthly in arrears, from which the ACD will pay any of the remaining underlying","page_number":113,"box":{"x":211,"y":325,"width":637,"height":11}},{"id":"e07aa576-09ee-405e-b60e-1d370dc2c4af","block_type":"box","text":"fees, expenses and charges referred to above (for the avoidance of doubt, excluding","page_number":113,"box":{"x":211,"y":345,"width":637,"height":11}},{"id":"dc5c42ae-8354-4b80-873d-06b1843845f8","block_type":"box","text":"any Invoiced Fees and Expenses) which are due and payable. This balancing amount","page_number":113,"box":{"x":212,"y":366,"width":636,"height":11}},{"id":"d6713a98-106b-4891-84e8-4e5588ae36dd","block_type":"box","text":"of the Fund Management Fee will be paid out of the Scheme Property of the relevant","page_number":113,"box":{"x":212,"y":386,"width":636,"height":11}},{"id":"cf376dc5-166a-4550-b72b-6ee078e40090","block_type":"box","text":"Fund, and attributed to the Class of Shares, in respect of which it is imposed.","page_number":113,"box":{"x":212,"y":407,"width":569,"height":11}},{"id":"adb79922-7e2d-4b2d-bb4e-72f407072738","block_type":"box","text":"In respect of Class 8 of any relevant Fund, until further notice:","page_number":113,"box":{"x":152,"y":439,"width":455,"height":11}},{"id":"a20dec37-4533-44b2-8789-6447521b6c15","block_type":"box","text":"(i)","page_number":113,"box":{"x":182,"y":471,"width":12,"height":12}},{"id":"d80c0482-677b-4234-bc31-5998f564ac42","block_type":"box","text":"the Fund Management Fee will not cover the fees and expenses in relation to the","page_number":113,"box":{"x":241,"y":471,"width":607,"height":12}},{"id":"175f6d75-87ed-43a7-94e7-a42f0939e02c","block_type":"box","text":"operation and administration of the Company and/or that Fund listed at paragraphs","page_number":113,"box":{"x":242,"y":492,"width":606,"height":11}},{"id":"7c3b6e96-ae60-49d4-9c3a-493774870bde","block_type":"box","text":"1 to 3 above which are attributable to that Class of Fund (the “","page_number":113,"box":{"x":243,"y":512,"width":459,"height":11}},{"id":"82f983a3-43ee-459c-bd81-4cc93c07b40e","block_type":"box","text":"Invoiced Fees and","page_number":113,"box":{"x":704,"y":512,"width":144,"height":9}},{"id":"96532949-11f9-430d-9766-5afb3c936e0b","block_type":"box","text":"Expenses","page_number":113,"box":{"x":242,"y":533,"width":77,"height":11}},{"id":"5188ecdf-ceb2-41b9-b250-ac681f63d611","block_type":"box","text":"”) and which instead shall be invoiced directly to each Shareholder in","page_number":113,"box":{"x":320,"y":533,"width":528,"height":11}},{"id":"2f8bf3f2-b346-49fe-b3db-b73133b6b8c6","block_type":"box","text":"that Class pursuant to the separate written agreement required to be entered into","page_number":113,"box":{"x":241,"y":553,"width":607,"height":11}},{"id":"553d3689-3ed3-48b8-a97b-faeed40b91eb","block_type":"box","text":"between the ACD and such Shareholder as a condition of investing in that Class","page_number":113,"box":{"x":242,"y":574,"width":606,"height":11}},{"id":"5a0c5bf0-9c9c-48f3-9c8a-74350ad03935","block_type":"box","text":"rather than being paid out of the Scheme Property of that Class. The fees and","page_number":113,"box":{"x":242,"y":594,"width":606,"height":12}},{"id":"2931a36b-1c37-450d-b3ec-4a17ecc43b1e","block_type":"box","text":"expenses in relation to the operation and administration of the Company and/or","page_number":113,"box":{"x":242,"y":615,"width":606,"height":11}},{"id":"967dc059-c0d2-4a70-9e38-bfeac7fd5185","block_type":"box","text":"that Fund listed at paragraphs 4 to 25 above will be charged to the Fund","page_number":113,"box":{"x":241,"y":635,"width":607,"height":11}},{"id":"c0c1e259-8eae-44f0-9efe-719ec3b634ac","block_type":"box","text":"Management Fee in the usual way. This does not preclude the ACD from changing","page_number":113,"box":{"x":242,"y":656,"width":606,"height":11}},{"id":"6088e65a-35ef-4c23-a19c-9beed3edc781","block_type":"box","text":"the arrangement by giving due notice as agreed with the Depositary to","page_number":113,"box":{"x":241,"y":676,"width":607,"height":11}},{"id":"e7fb4b13-76d4-46ef-bd03-5fb5b14a30be","block_type":"box","text":"Shareholders in that Class; and","page_number":113,"box":{"x":242,"y":697,"width":233,"height":10}},{"id":"ba1684a8-c522-442e-bb7b-81c789308f7f","block_type":"box","text":"(ii)","page_number":113,"box":{"x":182,"y":717,"width":16,"height":11}},{"id":"735d13c1-23d7-45f4-abd1-bb3b96b6c218","block_type":"box","text":"the ACD may, together with the balance of the accrued Fund Management Fee","page_number":113,"box":{"x":241,"y":717,"width":607,"height":11}},{"id":"a4771bfd-01d1-4cb6-a27e-342c9f721680","block_type":"box","text":"that remains after the payment of those underlying fees, expenses and charges","page_number":113,"box":{"x":241,"y":738,"width":607,"height":11}},{"id":"fbcca3e8-1783-49cf-ad51-be2fe6f05bd9","block_type":"box","text":"which are covered by the Fund Management Fee and which have been paid out of","page_number":113,"box":{"x":241,"y":758,"width":607,"height":11}},{"id":"1d0b246f-c1a6-4352-a764-b830443f2900","block_type":"box","text":"the Scheme Property of that Class, use amounts received from Shareholders in","page_number":113,"box":{"x":241,"y":779,"width":606,"height":11}},{"id":"3326e6c5-adaf-497e-9ba1-d0fe3948dbf7","block_type":"box","text":"that Class pursuant to such invoicing to pay any of the underlying fees, expenses","page_number":113,"box":{"x":241,"y":799,"width":607,"height":11}},{"id":"c7d39bf5-3428-4156-a880-dfadf6ffa544","block_type":"box","text":"and charges which are still covered by the Fund Management Fee but which are","page_number":113,"box":{"x":242,"y":820,"width":606,"height":11}},{"id":"697846e6-038e-4f6f-9449-f8e2bb805aa0","block_type":"box","text":"not paid out of the Scheme Property of that Class.","page_number":113,"box":{"x":242,"y":840,"width":369,"height":11}},{"id":"9face44f-14fb-428c-8ddc-9c09c0f9bcce","block_type":"box","text":"Where the investment objective of a Fund is to treat the generation of income as a higher priority","page_number":113,"box":{"x":151,"y":881,"width":697,"height":11}},{"id":"146f9e7c-8b37-41e2-81a5-5c02743252db","block_type":"box","text":"than capital growth or the generation of income and capital growth have equal priority, all or","page_number":113,"box":{"x":151,"y":902,"width":698,"height":11}},{"id":"6935e657-600e-4b4c-9135-1f04b1973cfa","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":114,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"a4cad8ff-5da9-4476-b2d2-4b0d3bb259e9","block_type":"box","text":"114","page_number":114,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"2e1f8105-6e95-4065-b542-5bb71d965849","block_type":"box","text":"Aviva Investors: Public","page_number":114,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"9967a531-327b-4b07-b430-ba628799f0d7","block_type":"box","text":"part of the Fund Management Fee may be charged against capital instead of against income.","page_number":114,"box":{"x":151,"y":88,"width":696,"height":11}},{"id":"6b62cc11-e6d7-468a-93dc-2602fac58ef9","block_type":"box","text":"This will only be done with the approval of the Depositary. This treatment of the Fund","page_number":114,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"a7ef3b0e-842b-4a56-839f-4b58375898be","block_type":"box","text":"Management Fee will increase the amount of income available for distribution to Shareholders","page_number":114,"box":{"x":152,"y":128,"width":696,"height":12}},{"id":"f8b68580-d36a-4949-9f85-92c794cb5182","block_type":"box","text":"in the Fund concerned, but may constrain capital growth. At the present time the Fund","page_number":114,"box":{"x":152,"y":149,"width":696,"height":11}},{"id":"f02bf39d-1cbc-4a5a-9222-11feae4e94de","block_type":"box","text":"Management Fee is charged against income in respect of all the Funds except for the Aviva","page_number":114,"box":{"x":152,"y":169,"width":696,"height":12}},{"id":"952c8ec4-6b8d-4e4c-b5bd-91f68ef83786","block_type":"box","text":"Investors UK Listed Equity Fund (please note that this fund is in the process of being terminated","page_number":114,"box":{"x":152,"y":190,"width":696,"height":11}},{"id":"f76094d6-c7e0-4fcf-ae02-d7dd0968b863","block_type":"box","text":"and is no longer available for new investment). For the Aviva Investors UK Listed Equity Fund","page_number":114,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"8dfe2288-c844-4306-b452-5edf66260fc4","block_type":"box","text":"(please note that this fund is in the process of being terminated and is no longer available for","page_number":114,"box":{"x":152,"y":231,"width":697,"height":11}},{"id":"b5926d1a-f7cc-46ad-b5a3-026ade132b8d","block_type":"box","text":"new investment), 50% of the Fund Management Fee is charged against income and 50%","page_number":114,"box":{"x":152,"y":251,"width":696,"height":12}},{"id":"540e0e71-8423-4b11-b764-51adbc6e0a24","block_type":"box","text":"against capital,","page_number":114,"box":{"x":151,"y":272,"width":110,"height":11}},{"id":"1e017607-d41f-4c5d-aded-1d3b3a7e99ab","block_type":"box","text":"so, investors should note that for the portion of the fee charged against capital this may, as set","page_number":114,"box":{"x":151,"y":319,"width":697,"height":11}},{"id":"b1a21b7a-dd26-45e7-9fb8-4461e3f679f7","block_type":"box","text":"out above, constrain capital growth. Where the charge would normally be made to income, but","page_number":114,"box":{"x":151,"y":340,"width":697,"height":11}},{"id":"fdf034d9-ce4b-4177-ae2f-f5f511121a8f","block_type":"box","text":"a Class’s expenses in any period exceed the income attributable to it, the ACD may take that","page_number":114,"box":{"x":151,"y":360,"width":697,"height":11}},{"id":"3256781f-236c-4f81-8368-f79181e07e14","block_type":"box","text":"excess from the capital property attributable to that Class.","page_number":114,"box":{"x":151,"y":381,"width":427,"height":11}},{"id":"c8a8fb19-9473-40d4-9ade-f8915fb7f6f4","block_type":"box","text":"The underlying fees, expenses and charges covered by the Fund Management Fee may","page_number":114,"box":{"x":151,"y":413,"width":698,"height":11}},{"id":"ba8b3842-5da0-4b12-b757-989ef97b2fb5","block_type":"box","text":"fluctuate, notwithstanding that the Fund Management Fee is being taken at a fixed rate. In fixing","page_number":114,"box":{"x":151,"y":434,"width":697,"height":11}},{"id":"ec2de48e-8820-4801-8804-0f20d0ba8260","block_type":"box","text":"the Fund Management Fee in this way, the ACD bears the risk that the balance of the Fund","page_number":114,"box":{"x":151,"y":454,"width":697,"height":11}},{"id":"03a9d185-db0e-4952-b449-441657541005","block_type":"box","text":"Management Fee payable to it will not fully remunerate it when compared to the amount that it","page_number":114,"box":{"x":152,"y":475,"width":696,"height":11}},{"id":"6c3f246d-4129-43c1-b3e0-93eac265ee08","block_type":"box","text":"would otherwise have been permitted to charge under a more traditional charging method. This","page_number":114,"box":{"x":151,"y":495,"width":697,"height":11}},{"id":"17c09521-6da3-4ee6-a28d-9fba72fe9f79","block_type":"box","text":"is due to the fact that:","page_number":114,"box":{"x":152,"y":515,"width":158,"height":9}},{"id":"431b57f6-8207-4e65-9397-0f0f66f12bb7","block_type":"box","text":"(i)","page_number":114,"box":{"x":152,"y":548,"width":12,"height":11}},{"id":"6f0ccf9e-d13d-4c71-a326-e22cb5b0898d","block_type":"box","text":"the amount of the underlying fees, expenses and charges referred to above that are","page_number":114,"box":{"x":211,"y":548,"width":637,"height":11}},{"id":"bd5be29d-b461-435e-a20b-68d3a5a4f917","block_type":"box","text":"actually incurred in any given period may exceed the Fund Management Fee taken for","page_number":114,"box":{"x":212,"y":568,"width":637,"height":12}},{"id":"5b08e49b-4c9f-44aa-8de9-8d7b0537eebc","block_type":"box","text":"that period; or","page_number":114,"box":{"x":211,"y":589,"width":103,"height":11}},{"id":"c916ee09-be3a-486e-80b3-01ca14a37d01","block_type":"box","text":"(ii)","page_number":114,"box":{"x":152,"y":621,"width":16,"height":11}},{"id":"80bd7f2a-08dc-4ea5-a5e4-4c39868a1f51","block_type":"box","text":"only in the case of the Class of Funds as indicated in the table in the Ongoing Charge","page_number":114,"box":{"x":212,"y":621,"width":636,"height":11}},{"id":"9ad1d093-b3ee-4b35-be80-a49278a87b5c","block_type":"box","text":"section below, which shows the caps on the Ongoing Charge figure, the effect of","page_number":114,"box":{"x":212,"y":642,"width":636,"height":11}},{"id":"b5fe4b8a-dca5-483b-9094-fab49e1ff042","block_type":"box","text":"synthetic charges might, when added to the Fund Management Fee that would","page_number":114,"box":{"x":212,"y":662,"width":636,"height":11}},{"id":"b1db5697-5717-463c-907c-105a5901cbc3","block_type":"box","text":"otherwise be due, cause the relevant cap to be exceeded (please see the section below","page_number":114,"box":{"x":212,"y":683,"width":636,"height":11}},{"id":"6938b0df-51a7-4869-9f12-157f9fba84da","block_type":"box","text":"headed “Ongoing Charge” for further details in relation to the addition of synthetic","page_number":114,"box":{"x":212,"y":703,"width":636,"height":11}},{"id":"e137462b-e503-42d9-bbe6-daa8834e734c","block_type":"box","text":"charges to the Fund Management Fee in the calculation of the Ongoing Charge),","page_number":114,"box":{"x":212,"y":723,"width":598,"height":12}},{"id":"f981c729-3a79-4e91-9e29-9b6e2760b359","block_type":"box","text":"and in those circumstances the resulting excess would be covered by the ACD. Conversely,","page_number":114,"box":{"x":151,"y":756,"width":696,"height":11}},{"id":"521ffae1-a36e-490e-a335-0a33f84a8f62","block_type":"box","text":"however, where those fees, expenses and charges in any given period are less than the level","page_number":114,"box":{"x":152,"y":776,"width":696,"height":12}},{"id":"1131ee16-4bf1-4e1d-ac3f-1618d7800c0e","block_type":"box","text":"of the Fund Management Fee for that period, then in these circumstances, the ACD is permitted","page_number":114,"box":{"x":151,"y":797,"width":697,"height":11}},{"id":"edbafde9-ff5a-4f80-9b12-d5c0d0c64ff7","block_type":"box","text":"to retain the resulting surplus and is not accountable to Shareholders for this.","page_number":114,"box":{"x":151,"y":817,"width":569,"height":12}},{"id":"1d63187e-2fae-482e-93f0-2a954db169f9","block_type":"box","text":"The ACD reserves the right to increase or decrease the Fund Management Fee. Any increase","page_number":114,"box":{"x":151,"y":850,"width":697,"height":11}},{"id":"1cedc996-8ca4-48d4-85db-f909bd28a71f","block_type":"box","text":"in the Fund Management Fee will be deemed to be a significant change and may be made after","page_number":114,"box":{"x":152,"y":870,"width":697,"height":11}},{"id":"98692b10-96ec-4403-8317-8991db848a82","block_type":"box","text":"giving at least 60 days written notice to Shareholders and revising the Prospectus to reflect the","page_number":114,"box":{"x":151,"y":891,"width":697,"height":11}},{"id":"e0a28d78-b08d-4263-9a57-13918218dd8b","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":115,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"8353f64d-43c3-466e-a090-630e07d65100","block_type":"box","text":"115","page_number":115,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"9351dd4c-3944-44cc-a64a-adfef8135fa4","block_type":"box","text":"Aviva Investors: Public","page_number":115,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"3ba63ed2-23dc-4ff1-a66d-906ed0e721ee","block_type":"box","text":"proposed increase in accordance with the COLL Sourcebook, provided this is to cover","page_number":115,"box":{"x":151,"y":87,"width":698,"height":12}},{"id":"f34e1923-1400-4fc3-9213-8da95c8a4985","block_type":"box","text":"underlying fees, expenses and charges which this Prospectus already contemplates as being","page_number":115,"box":{"x":152,"y":108,"width":696,"height":11}},{"id":"4c05ccca-0911-4118-b9d2-1c20200fc1a9","block_type":"box","text":"paid from the Fund Management Fee. However, if a new category of fee, expense or charge is","page_number":115,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"d4007785-9206-417d-83f7-c8a66fb3cb99","block_type":"box","text":"being introduced which this Prospectus does not contemplate as being paid against or from the","page_number":115,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"900c793f-8cfd-457b-ad31-f81afee3304c","block_type":"box","text":"Fund Management Fee, as applicable, whether or not this is resulting in an increase in the Fund","page_number":115,"box":{"x":152,"y":170,"width":696,"height":11}},{"id":"8508a8f6-242b-46a9-90af-aae75f6ba39f","block_type":"box","text":"Management Fee, then this will be deemed to be a fundamental change and the approval of","page_number":115,"box":{"x":152,"y":190,"width":696,"height":11}},{"id":"5b10751f-1bd6-4122-aac8-88ab0b596589","block_type":"box","text":"Shareholders will be required in accordance with the COLL Sourcebook. For the avoidance of","page_number":115,"box":{"x":151,"y":210,"width":697,"height":11}},{"id":"36f52d8c-c46b-47c7-b395-f160da135712","block_type":"box","text":"doubt, the ACD does not consider any change to the arrangements pursuant to which Invoiced","page_number":115,"box":{"x":151,"y":231,"width":697,"height":11}},{"id":"2a21f60a-dad0-41d0-a035-0f05e9c99fb6","block_type":"box","text":"Fees and Expenses are recovered, including without limitation starting to pay these out of","page_number":115,"box":{"x":152,"y":251,"width":696,"height":12}},{"id":"69268bfe-5d7c-416a-8577-ad8c5849961c","block_type":"box","text":"Scheme Property following any consequential increase to the Fund Management Fee as","page_number":115,"box":{"x":151,"y":272,"width":697,"height":11}},{"id":"844f4f24-7fd8-4e6c-8200-3d62741d2d39","block_type":"box","text":"necessary, as the introduction of a new category of fee, expense or charge. Any decrease in","page_number":115,"box":{"x":152,"y":292,"width":696,"height":12}},{"id":"02c0c271-55ae-410a-8e7a-33a954d968d7","block_type":"box","text":"the Fund Management Fee will be deemed to be a notifiable change and may be made in","page_number":115,"box":{"x":151,"y":313,"width":697,"height":11}},{"id":"bb719e85-1fb5-45ba-bc72-e90bd16d2fac","block_type":"box","text":"accordance with the requirements set out in the section headed “Changes to the Company and","page_number":115,"box":{"x":151,"y":333,"width":696,"height":12}},{"id":"39d4cf37-d98d-41cb-bca2-a6202c474621","block_type":"box","text":"the Funds” below.","page_number":115,"box":{"x":151,"y":354,"width":131,"height":9}},{"id":"6614d29d-fb98-431b-8b1e-7c9561ba7a41","block_type":"box","text":"Discounts to the Fund Management Fee","page_number":115,"box":{"x":152,"y":386,"width":316,"height":11}},{"id":"08afbe9d-833e-4b08-abee-3605d1c453c5","block_type":"box","text":"The ACD passes on some of the benefits of potential savings generated by significant growth","page_number":115,"box":{"x":151,"y":409,"width":697,"height":12}},{"id":"124ab121-37f8-48a4-bed1-a2edb66dbc85","block_type":"box","text":"in assets under management by discounting the Fund Management Fee payable in respect of","page_number":115,"box":{"x":152,"y":430,"width":696,"height":11}},{"id":"d22af2ab-19fa-48a5-b74d-2ec02401162d","block_type":"box","text":"retail Classes of Shares in the Funds. The size of the discount to the usual Fund Management","page_number":115,"box":{"x":152,"y":450,"width":696,"height":12}},{"id":"e675edfb-d9be-4413-9529-bec15e2afe56","block_type":"box","text":"Fee is determined by the size of the relevant Fund and the type of fund (as set out below) and","page_number":115,"box":{"x":152,"y":471,"width":696,"height":11}},{"id":"0412f716-c031-4918-90ca-5d8baa17fc86","block_type":"box","text":"is capped at 0.05%.","page_number":115,"box":{"x":152,"y":492,"width":144,"height":10}},{"id":"71d3bfc7-816c-4d0c-8f78-2e901f367088","block_type":"box","text":"For equity and fixed income funds (“simple” funds):","page_number":115,"box":{"x":152,"y":524,"width":377,"height":11}},{"id":"829cc123-b219-427b-9ecb-9746e128dd1c","block_type":"box","text":"","page_number":115,"box":{"x":182,"y":560,"width":6,"height":4}},{"id":"df3deca2-7905-4a41-9dd0-46cea3dbb391","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with","page_number":115,"box":{"x":211,"y":557,"width":637,"height":11}},{"id":"69fcd2bd-6f85-4ca9-b937-3456844a519c","block_type":"box","text":"£500,000,000 up to £1 billion of assets under management is discounted by 0.01%.","page_number":115,"box":{"x":212,"y":577,"width":618,"height":12}},{"id":"35d7e417-4038-41df-8ba1-92d0b1bef921","block_type":"box","text":"","page_number":115,"box":{"x":182,"y":614,"width":6,"height":4}},{"id":"ffb4e152-1dca-439f-a2d1-d50872eabe9d","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion","page_number":115,"box":{"x":211,"y":610,"width":637,"height":12}},{"id":"a8d0121f-4823-418e-989c-4cf52d092e24","block_type":"box","text":"up to £1.5 billion of assets under management is discounted by 0.02%.","page_number":115,"box":{"x":212,"y":631,"width":524,"height":11}},{"id":"26fec4be-1eb2-44b4-ac5a-1674b8f2c4c6","block_type":"box","text":"","page_number":115,"box":{"x":182,"y":667,"width":6,"height":5}},{"id":"ef6ea76a-7d2f-46df-ae6f-da67d39818ba","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1.5","page_number":115,"box":{"x":211,"y":664,"width":637,"height":11}},{"id":"94246759-52e0-4840-b4a8-ed2f1a07ae18","block_type":"box","text":"billion up to £2 billion of assets under management is discounted by 0.03%.","page_number":115,"box":{"x":212,"y":685,"width":558,"height":11}},{"id":"b9731baa-ffa9-4911-934a-48f5bd39e04e","block_type":"box","text":"","page_number":115,"box":{"x":182,"y":721,"width":6,"height":4}},{"id":"1b721728-2732-4792-be80-23deb5f4885e","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion","page_number":115,"box":{"x":211,"y":718,"width":637,"height":11}},{"id":"1cc5361f-16e4-414d-b46b-8f5e3465d22b","block_type":"box","text":"up to £2.5 billion of assets under management is discounted by 0.04%.","page_number":115,"box":{"x":212,"y":738,"width":524,"height":11}},{"id":"c7f782e6-f7f7-4d70-a7e8-ec6b35b06386","block_type":"box","text":"","page_number":115,"box":{"x":182,"y":775,"width":6,"height":4}},{"id":"9884e2f0-21c4-4fb2-95a8-0f05da1c18f9","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2.5","page_number":115,"box":{"x":211,"y":771,"width":637,"height":12}},{"id":"cc8593c5-327f-4dbf-83f2-bb7c62842d9a","block_type":"box","text":"billion plus of assets under management is discounted by 0.05%.","page_number":115,"box":{"x":212,"y":792,"width":480,"height":11}},{"id":"a9c76ec5-d7b9-4410-9e07-a6b423e70164","block_type":"box","text":"A numerical example for equity and fixed income funds is set out below.","page_number":115,"box":{"x":151,"y":824,"width":531,"height":11}},{"id":"9d630961-ae97-4ff0-9bb6-a521164cf5a5","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":116,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"0aceab44-a573-4c70-beba-17e9c75db96c","block_type":"box","text":"116","page_number":116,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"a2ec49a7-139a-4e55-8da4-670719f720be","block_type":"box","text":"Aviva Investors: Public","page_number":116,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"925eff6f-e3fd-46a7-936a-5f59bffc1197","block_type":"box","text":"Assets under management","page_number":116,"box":{"x":160,"y":88,"width":214,"height":11}},{"id":"16671dff-2d98-4263-bd0a-d967aaeb964a","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":116,"box":{"x":475,"y":88,"width":361,"height":11}},{"id":"455b1c02-ac3d-4529-bae5-808d5801be4c","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":116,"box":{"x":474,"y":102,"width":354,"height":11}},{"id":"ed3727e1-acd9-445c-8f85-39b0d5c9ed96","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":116,"box":{"x":475,"y":123,"width":300,"height":11}},{"id":"47bd9967-59a3-4522-afc8-2d2b139fd668","block_type":"box","text":"(please see below for the exact Fund","page_number":116,"box":{"x":474,"y":143,"width":274,"height":11}},{"id":"d02fd516-ce01-41f3-9663-8e73c5273957","block_type":"box","text":"Management Fee charged by each Class of","page_number":116,"box":{"x":474,"y":157,"width":325,"height":11}},{"id":"51bde5a7-f0d4-49d7-b603-e2afa505cb02","block_type":"box","text":"Share in each Fund)","page_number":116,"box":{"x":474,"y":171,"width":150,"height":11}},{"id":"b6e37740-c732-4313-bbb0-52af5991ed06","block_type":"box","text":"£500,000,000 - £1 billion","page_number":116,"box":{"x":160,"y":192,"width":182,"height":10}},{"id":"475c2022-1a7f-4493-ad5b-f588184e833e","block_type":"box","text":"0.99%","page_number":116,"box":{"x":474,"y":192,"width":46,"height":9}},{"id":"bc10406b-0920-4ef9-ae2e-88cef399df68","block_type":"box","text":"£1 billion – £1.5 billion","page_number":116,"box":{"x":160,"y":213,"width":164,"height":9}},{"id":"3a630e7e-172f-4b36-b10a-d2c5468b351e","block_type":"box","text":"0.98%","page_number":116,"box":{"x":474,"y":214,"width":46,"height":8}},{"id":"12d47503-d50a-4a4b-bbc7-b4d9d847819a","block_type":"box","text":"£1.5 billion - £2 billion","page_number":116,"box":{"x":160,"y":235,"width":160,"height":9}},{"id":"63dd6408-4337-45f4-b0c5-a1eff0146f3b","block_type":"box","text":"0.97%","page_number":116,"box":{"x":474,"y":235,"width":46,"height":9}},{"id":"c0dd0187-3412-48bf-b145-63a88a429191","block_type":"box","text":"£2 billion - £2.5 billion","page_number":116,"box":{"x":160,"y":256,"width":160,"height":9}},{"id":"e2e3b369-6278-4e6c-ad5f-0f509880cb29","block_type":"box","text":"0.96%","page_number":116,"box":{"x":474,"y":256,"width":46,"height":9}},{"id":"a38ff852-f3d9-4aa5-a05b-a896bdb40456","block_type":"box","text":"£2.5 billion and above","page_number":116,"box":{"x":160,"y":278,"width":162,"height":8}},{"id":"4ff08ea2-25da-48fa-868f-98a4402fa388","block_type":"box","text":"0.95%","page_number":116,"box":{"x":474,"y":278,"width":46,"height":8}},{"id":"9da30276-2f70-491f-beb4-20c8b7a5a05e","block_type":"box","text":"For multi-asset funds (“standard” funds):","page_number":116,"box":{"x":152,"y":319,"width":298,"height":11}},{"id":"09a9e8b2-7b8d-4c35-8168-09c53020f797","block_type":"box","text":"","page_number":116,"box":{"x":182,"y":356,"width":6,"height":4}},{"id":"d593fcb4-f818-4105-9916-782324c7983c","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £1 billion","page_number":116,"box":{"x":211,"y":352,"width":637,"height":12}},{"id":"5752f143-ab2a-4be7-9ead-85dfeadb0ff9","block_type":"box","text":"up to £2 billion of assets under management is discounted by 0.01%.","page_number":116,"box":{"x":212,"y":373,"width":510,"height":11}},{"id":"602409cc-dc29-4577-8c7a-3c76f9e9b891","block_type":"box","text":"","page_number":116,"box":{"x":182,"y":409,"width":6,"height":5}},{"id":"3b08dc8d-cfc1-4be5-95ca-264e8395525c","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2 billion","page_number":116,"box":{"x":211,"y":406,"width":637,"height":11}},{"id":"41b2d03a-440b-450f-b373-3f9fdc8d3b54","block_type":"box","text":"up to £3 billion of assets under management is discounted by 0.02%.","page_number":116,"box":{"x":212,"y":427,"width":510,"height":11}},{"id":"f71ae896-be75-432d-bb95-a3d199043788","block_type":"box","text":"","page_number":116,"box":{"x":182,"y":463,"width":6,"height":4}},{"id":"eb1f0518-b1b0-4b28-a6d8-bab19af5db86","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £3 billion","page_number":116,"box":{"x":211,"y":460,"width":637,"height":11}},{"id":"4ca758c3-ce41-4e3a-98e8-3cf77f4d1d08","block_type":"box","text":"up to £4 billion of assets under management is discounted by 0.03%.","page_number":116,"box":{"x":212,"y":480,"width":510,"height":11}},{"id":"6c4c0050-e941-4d09-8ab2-7673442d3637","block_type":"box","text":"","page_number":116,"box":{"x":182,"y":517,"width":6,"height":4}},{"id":"0d9cfdfc-b024-4453-b0e4-1874811a3864","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £4 billion","page_number":116,"box":{"x":211,"y":513,"width":637,"height":12}},{"id":"40d204a2-3c25-438c-9b54-c258f1766b2e","block_type":"box","text":"up to £5 billion of assets under management is discounted by 0.04%.","page_number":116,"box":{"x":212,"y":534,"width":510,"height":11}},{"id":"c19a268b-d8c2-45c7-a638-0dabf63e0597","block_type":"box","text":"","page_number":116,"box":{"x":182,"y":570,"width":6,"height":5}},{"id":"f4ba635c-1532-45ea-9181-bdc59a36ed9f","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion","page_number":116,"box":{"x":211,"y":567,"width":637,"height":11}},{"id":"c1dde7e9-3188-4f86-a301-63a55cae5015","block_type":"box","text":"plus of assets under management is discounted by 0.05%.","page_number":116,"box":{"x":212,"y":588,"width":432,"height":11}},{"id":"dd75ac63-8d10-4494-b564-cfedaa475137","block_type":"box","text":"A numerical example for multi-asset funds is set out below.","page_number":116,"box":{"x":151,"y":620,"width":436,"height":11}},{"id":"51ae6ad2-95e0-4294-b410-efc0b76739e5","block_type":"box","text":"Assets under management","page_number":116,"box":{"x":160,"y":653,"width":214,"height":11}},{"id":"e9f614fe-9e22-4c0d-a967-7fa4741047a8","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":116,"box":{"x":475,"y":653,"width":361,"height":11}},{"id":"16ec0b27-e8d7-44c6-8f2a-0f86edec8943","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":116,"box":{"x":474,"y":666,"width":354,"height":12}},{"id":"7c38404b-b2d0-4030-b6ae-4c487182742d","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":116,"box":{"x":475,"y":688,"width":300,"height":11}},{"id":"a1ed9632-6540-4dd1-883b-0221ce6ad6c9","block_type":"box","text":"(please see below for the exact Fund","page_number":116,"box":{"x":474,"y":708,"width":274,"height":11}},{"id":"519ceda3-85ba-43ab-a4ba-6de103e63164","block_type":"box","text":"Management Fee charged by each Class of","page_number":116,"box":{"x":474,"y":722,"width":325,"height":11}},{"id":"24c81efa-e9ca-4e60-bbf8-9f2975f57458","block_type":"box","text":"Share in each Fund)","page_number":116,"box":{"x":474,"y":735,"width":150,"height":12}},{"id":"3e6bbaff-b2df-46ac-aa94-12460255f9f3","block_type":"box","text":"£1 billion - £2 billion","page_number":116,"box":{"x":160,"y":757,"width":146,"height":9}},{"id":"2235eccd-d171-446e-9c39-d98fdfbd898c","block_type":"box","text":"0.99%","page_number":116,"box":{"x":474,"y":757,"width":46,"height":9}},{"id":"02a5c4be-c95d-4211-8332-1866b831ea49","block_type":"box","text":"£2 billion - £3 billion","page_number":116,"box":{"x":160,"y":778,"width":146,"height":9}},{"id":"29c9a087-1ed6-4ec9-a633-bc9be3c007a9","block_type":"box","text":"0.98%","page_number":116,"box":{"x":474,"y":779,"width":46,"height":8}},{"id":"7f88e213-c32e-49e3-afa8-739166ac611b","block_type":"box","text":"£3 billion - £4 billion","page_number":116,"box":{"x":160,"y":800,"width":146,"height":9}},{"id":"0b121651-b6c3-4778-9e81-7bf5f464a875","block_type":"box","text":"0.97%","page_number":116,"box":{"x":474,"y":800,"width":46,"height":9}},{"id":"2f7cd666-bbec-4f29-b775-f7cba21acb09","block_type":"box","text":"£4 billion - £5 billion","page_number":116,"box":{"x":160,"y":821,"width":146,"height":9}},{"id":"b264f38b-4e17-4a67-8226-eac00b588ddf","block_type":"box","text":"0.96%","page_number":116,"box":{"x":474,"y":821,"width":46,"height":9}},{"id":"ed124ce2-19e0-4612-8234-adb5a7326860","block_type":"box","text":"£5 billion and above","page_number":116,"box":{"x":160,"y":842,"width":148,"height":9}},{"id":"0a432de2-020b-4da2-b9bc-50ad564b19e5","block_type":"box","text":"0.95%","page_number":116,"box":{"x":474,"y":843,"width":46,"height":8}},{"id":"ab0ae434-282c-469f-83b8-6c6b0717e406","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":117,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7daf2084-08ad-4b6c-bdbf-f597201f823b","block_type":"box","text":"117","page_number":117,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"e454a3c9-b9ff-4fe9-b25f-eac7787c6835","block_type":"box","text":"Aviva Investors: Public","page_number":117,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"cac12f66-de85-4130-a268-d661bacccb31","block_type":"box","text":"For multi-strategy and property funds (“complex” funds):","page_number":117,"box":{"x":152,"y":87,"width":414,"height":12}},{"id":"71906681-84f0-494e-a197-4f883f602f8d","block_type":"box","text":"","page_number":117,"box":{"x":182,"y":124,"width":6,"height":4}},{"id":"858f0259-5e33-4be3-b6be-91b7f4700f04","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £2.5","page_number":117,"box":{"x":211,"y":121,"width":637,"height":11}},{"id":"3a460242-4ca3-4ee8-b870-ab491aab2897","block_type":"box","text":"billion up to £5 billion of assets under management is discounted by 0.01%.","page_number":117,"box":{"x":212,"y":141,"width":558,"height":11}},{"id":"45da134a-90f6-46a1-94a2-01bc17d472c7","block_type":"box","text":"","page_number":117,"box":{"x":182,"y":177,"width":6,"height":5}},{"id":"f5dbf3b6-8186-4421-a9cd-252b58bfc647","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £5 billion","page_number":117,"box":{"x":211,"y":174,"width":637,"height":12}},{"id":"8391362e-05a6-48c5-b5e6-1213a33e0b69","block_type":"box","text":"up to £7.5 billion of assets under management is discounted by 0.02%.","page_number":117,"box":{"x":212,"y":195,"width":524,"height":11}},{"id":"f5278aeb-71f0-4f88-9534-53e217334f1c","block_type":"box","text":"","page_number":117,"box":{"x":182,"y":231,"width":6,"height":4}},{"id":"09f53b1d-ef80-48ba-af08-1ebad0a7cac0","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £7.5","page_number":117,"box":{"x":211,"y":228,"width":637,"height":11}},{"id":"dedfd3dd-80f5-4e49-8c95-2a6e14b7007c","block_type":"box","text":"billion up to £10 billion of assets under management is discounted by 0.03%.","page_number":117,"box":{"x":212,"y":248,"width":567,"height":12}},{"id":"46c0f1a8-1a28-40f3-89d9-aeb14036619c","block_type":"box","text":"","page_number":117,"box":{"x":182,"y":285,"width":6,"height":4}},{"id":"f56a8350-bb0d-4ced-af21-6f55b2f0ec86","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £10 billion","page_number":117,"box":{"x":211,"y":282,"width":636,"height":11}},{"id":"5fb85518-ad4a-4163-801e-1a87d36d4c8e","block_type":"box","text":"up to £12.5 billion of assets under management is discounted by 0.04%.","page_number":117,"box":{"x":212,"y":302,"width":534,"height":11}},{"id":"2dd3a98c-e9ab-428b-aaab-adef21493aa7","block_type":"box","text":"","page_number":117,"box":{"x":182,"y":338,"width":6,"height":5}},{"id":"1c937edb-1acb-448e-895a-920322476274","block_type":"box","text":"the Fund Management Fee payable in respect of retail Classes in Funds with £12.5","page_number":117,"box":{"x":211,"y":335,"width":637,"height":12}},{"id":"631b701f-d6f4-415b-b314-ddf41846b2aa","block_type":"box","text":"billion plus of assets under management is discounted by 0.05%.","page_number":117,"box":{"x":212,"y":356,"width":480,"height":11}},{"id":"480a8a56-c0f3-43ca-9634-d495e10c265f","block_type":"box","text":"A numerical example for multi-strategy and property funds is set out below.","page_number":117,"box":{"x":151,"y":388,"width":554,"height":11}},{"id":"f0c1a7f5-4e15-4fb3-b62d-eef70f7e1c2e","block_type":"box","text":"Assets under management","page_number":117,"box":{"x":160,"y":421,"width":214,"height":11}},{"id":"f0d7c540-6eb4-4838-ab21-48201863061a","block_type":"box","text":"Discounted Fund Management Fee for a retail","page_number":117,"box":{"x":475,"y":421,"width":361,"height":11}},{"id":"aae97aa4-6805-4232-8fec-6675d0f2a4c0","block_type":"box","text":"Class of Share (for example a Class 1 Share)","page_number":117,"box":{"x":474,"y":435,"width":354,"height":11}},{"id":"ff04a5c9-968f-432e-b78e-4b89ffd95936","block_type":"box","text":"Example Fund Management Fee: 1.00%","page_number":117,"box":{"x":475,"y":456,"width":300,"height":11}},{"id":"ee8d26ef-8f1f-46b5-9de1-f973ff98a5bf","block_type":"box","text":"(please see below for the exact Fund","page_number":117,"box":{"x":474,"y":476,"width":274,"height":11}},{"id":"9197b2e5-92ef-466a-bc72-67c1da0a7b63","block_type":"box","text":"Management Fee charged by each Class of","page_number":117,"box":{"x":474,"y":490,"width":325,"height":11}},{"id":"fd3a39a8-5861-4140-bfbb-fe6b056bd09a","block_type":"box","text":"Share in each Fund)","page_number":117,"box":{"x":474,"y":504,"width":150,"height":11}},{"id":"dfe0f16e-e12b-4013-bcd7-a3a1099cb89b","block_type":"box","text":"£2.5 billion - £5 billion","page_number":117,"box":{"x":160,"y":525,"width":160,"height":9}},{"id":"d3cc1147-0621-46fb-9d07-c801e8c1524b","block_type":"box","text":"0.99%","page_number":117,"box":{"x":474,"y":525,"width":46,"height":9}},{"id":"9db0fcdd-c092-4c93-99b0-c6f2c91f17bc","block_type":"box","text":"£5 billion - £7.5 billion","page_number":117,"box":{"x":160,"y":547,"width":160,"height":8}},{"id":"bd8534cb-e67b-47ad-a529-d6285da6b4f1","block_type":"box","text":"0.98%","page_number":117,"box":{"x":474,"y":547,"width":46,"height":8}},{"id":"01c62f71-e0a1-4f97-a94d-591f263c8ab2","block_type":"box","text":"£7.5 billion - £10 billion","page_number":117,"box":{"x":160,"y":568,"width":169,"height":9}},{"id":"0ce8dcbc-f560-409c-923c-3121f7c7e0b5","block_type":"box","text":"0.97%","page_number":117,"box":{"x":474,"y":568,"width":46,"height":9}},{"id":"fed9726a-0187-449f-ad0c-722f1f4acdfa","block_type":"box","text":"£10 billion - £12.5 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For the avoidance of doubt, in the event that on any given","page_number":117,"box":{"x":151,"y":673,"width":697,"height":11}},{"id":"4b811083-1daa-426a-aee3-820133e54428","block_type":"box","text":"day the assets under management of a Fund are less than the base amount at which the","page_number":117,"box":{"x":151,"y":694,"width":697,"height":11}},{"id":"04e8f5c6-f6a2-4348-8507-f2670ec87ab8","block_type":"box","text":"discount starts to apply in accordance with the classification of that Fund, then no discount shall","page_number":117,"box":{"x":151,"y":714,"width":697,"height":11}},{"id":"96d15287-79bf-4770-9889-e25a34111f48","block_type":"box","text":"apply under this paragraph and the amount accrued in respect of the Fund Management Fee","page_number":117,"box":{"x":151,"y":735,"width":697,"height":11}},{"id":"f342df41-3abd-44d0-9c38-e4fc401f6201","block_type":"box","text":"shall be calculated by reference to the full value of the Fund Management Fee referred to in the","page_number":117,"box":{"x":151,"y":755,"width":697,"height":11}},{"id":"75662b28-5a83-4460-823b-9d6e9fcc1f15","block_type":"box","text":"table of charges below (as this may be adjusted by any discount which is applied to the Fund","page_number":117,"box":{"x":151,"y":776,"width":697,"height":11}},{"id":"d34ad8d9-6af9-4c6c-b30b-263344eb3fef","block_type":"box","text":"Management Fee other than pursuant to this paragraph). The ACD reserves the right to change","page_number":117,"box":{"x":152,"y":796,"width":696,"height":11}},{"id":"ab1cb3ec-e2d2-4958-9314-feb645a78eeb","block_type":"box","text":"the ranges at which discounts apply or the discount applied for any given range. In the event of","page_number":117,"box":{"x":151,"y":817,"width":697,"height":11}},{"id":"032131c5-55b0-4daf-8691-7548b46f01f0","block_type":"box","text":"any such change, the ACD will notify Shareholders in writing. The classification (“simple”,","page_number":117,"box":{"x":151,"y":837,"width":696,"height":11}},{"id":"17ee5c30-244c-40a1-8d06-d6b6f06147ad","block_type":"box","text":"“standard” or “complex”) of each Fund is set out in the table of charges below. The latest size","page_number":117,"box":{"x":151,"y":857,"width":697,"height":12}},{"id":"14b85e8f-695d-4a2e-b8d0-38edf5bd1974","block_type":"box","text":"of each Fund can be found on our website at","page_number":117,"box":{"x":151,"y":878,"width":330,"height":9}},{"id":"362d6f1f-a3a7-45c6-8519-6e12eaccd03f","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/fund\u0002","page_number":117,"box":{"x":487,"y":878,"width":361,"height":11}},{"id":"50669c61-3541-4503-af0a-158166b08d98","block_type":"box","text":"centre","page_number":117,"box":{"x":151,"y":899,"width":45,"height":8}},{"id":"11dd7905-34fb-4482-bd87-b91d91d4cf79","block_type":"box","text":".","page_number":117,"box":{"x":199,"y":906,"width":1,"height":1}},{"id":"a9f77508-4446-420c-aab5-765dbdb08b22","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":118,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"0e998f45-7605-441d-b363-59a96f86383b","block_type":"box","text":"118","page_number":118,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"bb616be9-7cfb-40e7-ac85-be2280fabecc","block_type":"box","text":"Aviva Investors: Public","page_number":118,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"bfe36040-fc12-45c7-b499-dc63a0087d96","block_type":"box","text":"Ongoing Charge","page_number":118,"box":{"x":151,"y":88,"width":163,"height":13}},{"id":"9e2aa05a-135f-4f86-8e37-a9e42f81578f","block_type":"box","text":"The Ongoing Charge represents the ongoing costs of managing each Fund. This is the figure","page_number":118,"box":{"x":151,"y":124,"width":697,"height":11}},{"id":"043903f6-0a0c-4fb9-bb4d-2600889ba10e","block_type":"box","text":"which, in accordance with current Applicable Law, is disclosed to investors in the Key Investor","page_number":118,"box":{"x":151,"y":145,"width":698,"height":11}},{"id":"062e8259-4ad9-4a78-bb2d-754166c24664","block_type":"box","text":"Information Document of each Fund. The Ongoing Charge is made up of:","page_number":118,"box":{"x":152,"y":165,"width":541,"height":11}},{"id":"00e06988-9ebd-4b2e-986b-a8da319019a0","block_type":"box","text":"a) the Fund Management Fee;","page_number":118,"box":{"x":186,"y":197,"width":235,"height":11}},{"id":"5e8ee64c-b8f5-4655-972d-e75c88a5e1f9","block_type":"box","text":"b) any fees, disbursements and expenses of tax, legal and other professional advisers in","page_number":118,"box":{"x":186,"y":218,"width":661,"height":11}},{"id":"b66fdb9f-9fe8-485c-95d2-c43527f827d4","block_type":"box","text":"relation to litigation pursued for, or on behalf of, the Company or Fund(s); and","page_number":118,"box":{"x":216,"y":238,"width":573,"height":12}},{"id":"89dcfeaa-2138-43ac-b734-6d4a831d1ca3","block_type":"box","text":"c) where a Fund invests a substantial portion of its assets in other funds, an amount for","page_number":118,"box":{"x":186,"y":259,"width":663,"height":11}},{"id":"68907b4d-7bbe-4877-a4f6-5b3ed2965875","block_type":"box","text":"the pro-rated charges of those other funds. These pro-rated charges are commonly","page_number":118,"box":{"x":215,"y":279,"width":633,"height":11}},{"id":"a307fcde-e197-4020-a715-c2966c1dc7bf","block_type":"box","text":"referred to as “synthetic charges” or the “synthetic” part of the Ongoing Charge. This","page_number":118,"box":{"x":216,"y":300,"width":632,"height":11}},{"id":"cb5dcf25-9e1f-4392-9c35-f08153f15a56","block_type":"box","text":"ensures that the publicised Ongoing Charge of a Fund takes account of the ongoing","page_number":118,"box":{"x":216,"y":320,"width":632,"height":11}},{"id":"0ea6528e-a70e-4d4e-ada6-c49ff2b6f64a","block_type":"box","text":"charges incurred by those other funds, even though they are not a direct cost, and so","page_number":118,"box":{"x":216,"y":341,"width":632,"height":11}},{"id":"de236bfa-df7f-4cce-b1dc-af28a83a3e20","block_type":"box","text":"are not actually paid out of the Scheme Property, of that Fund.","page_number":118,"box":{"x":216,"y":361,"width":461,"height":11}},{"id":"be11667c-ba38-4dac-896b-e48c31b6ccfb","block_type":"box","text":"It is important to note that the Ongoing Charge does not reflect the total costs of investing in","page_number":118,"box":{"x":152,"y":402,"width":696,"height":11}},{"id":"2f92ce6b-989b-422e-b978-16355ff3d8ad","block_type":"box","text":"the Funds, for example, it does not include performance fees (to the extent that these are","page_number":118,"box":{"x":151,"y":423,"width":697,"height":11}},{"id":"93620f9b-c1bd-47c6-bb71-06d8ada8795c","block_type":"box","text":"charged) or certain other payments permitted to be made out of the Scheme Property of the","page_number":118,"box":{"x":151,"y":443,"width":697,"height":11}},{"id":"5dff1543-2cc5-4e5e-8a00-a452361bc346","block_type":"box","text":"Fund (as referred to in more detail in the section headed “Other Payments out of Scheme","page_number":118,"box":{"x":152,"y":464,"width":696,"height":11}},{"id":"9c484188-f8ab-44e4-9be0-da7737c9105a","block_type":"box","text":"Property” below, such as the costs of acquiring and disposing of certain investments).","page_number":118,"box":{"x":152,"y":484,"width":695,"height":11}},{"id":"3f577c09-f37c-4833-a2f3-2af2ccc171b6","block_type":"box","text":"Furthermore, other one-off charges may be applicable which are applied directly to an investor’s","page_number":118,"box":{"x":152,"y":505,"width":696,"height":11}},{"id":"79f98ba3-a388-4674-a430-b95d98b488b6","block_type":"box","text":"investment, rather than being taken from the Scheme Property of the Fund, namely any Entry","page_number":118,"box":{"x":152,"y":525,"width":696,"height":11}},{"id":"c0e7b19c-c2a6-4d09-9664-5b09eb1d9fd8","block_type":"box","text":"Charge, Exit Charge, Switching Fee or Conversion Fee (which are referred to in more detail in","page_number":118,"box":{"x":151,"y":545,"width":697,"height":12}},{"id":"8b0859df-a20d-44b0-b831-5fa3e0affeec","block_type":"box","text":"the section headed “One-Off Charges” below).","page_number":118,"box":{"x":151,"y":566,"width":342,"height":11}},{"id":"d4c490a1-7a69-45f3-acec-87d8fb30bfaa","block_type":"box","text":"The Ongoing Charges figure is stated as a percentage of the average Net Asset Value of that","page_number":118,"box":{"x":151,"y":598,"width":697,"height":12}},{"id":"ed853871-b3b5-445d-87e1-1d1c9c559a0a","block_type":"box","text":"Fund. It is based on previous costs incurred and will be calculated (i) at the end of each annual","page_number":118,"box":{"x":152,"y":619,"width":695,"height":11}},{"id":"67a2d6d9-07fb-4d98-a6c2-051446d58b5a","block_type":"box","text":"accounting period, by reference to the actual costs incurred in the previous 12 month period","page_number":118,"box":{"x":151,"y":639,"width":696,"height":12}},{"id":"2962a65c-f27e-4cdf-8978-b032ed079795","block_type":"box","text":"and (ii) at the end of each interim half-yearly accounting period, by reference to the annualised","page_number":118,"box":{"x":151,"y":660,"width":697,"height":11}},{"id":"5a072a81-e45c-41d2-830b-42052fdac824","block_type":"box","text":"costs for the previous 6 month period (that is, the costs incurred in that 6 month period, adjusted","page_number":118,"box":{"x":151,"y":680,"width":696,"height":11}},{"id":"5f693da0-619a-4eaf-b0e1-4df4f6717e3a","block_type":"box","text":"so as to reflect what these costs would amount to over a 12 month period). It may also be based","page_number":118,"box":{"x":151,"y":701,"width":697,"height":11}},{"id":"a5849c1e-f047-4f86-af49-762c807d1aa3","block_type":"box","text":"on an estimate of upcoming costs where this provides a better indication of the expected costs","page_number":118,"box":{"x":151,"y":721,"width":697,"height":11}},{"id":"cbd0a0a7-d573-44c1-9730-c34c2e49cca4","block_type":"box","text":"in the relevant Class or Fund, in which case it will also be calculated as required.","page_number":118,"box":{"x":152,"y":742,"width":595,"height":11}},{"id":"59240e01-93eb-4f52-9902-c136b004ed50","block_type":"box","text":"However, specifically for the following Class of the following Funds, the ACD has capped the","page_number":118,"box":{"x":152,"y":774,"width":696,"height":11}},{"id":"640c74c1-79a7-4da8-bb5b-1cce2b864a7b","block_type":"box","text":"OCF at the levels indicated 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If charged, this fee is added to the purchase cost or deducted from the","page_number":131,"box":{"x":151,"y":267,"width":697,"height":12}},{"id":"304d533d-c03a-459e-b67f-3dcbc9958bfb","block_type":"box","text":"sale proceeds, as appropriate, and paid into and becomes a part of the Scheme Property of the","page_number":131,"box":{"x":151,"y":288,"width":697,"height":11}},{"id":"02267842-53de-44fc-acfe-dafc7f5a37c7","block_type":"box","text":"relevant Fund.","page_number":131,"box":{"x":152,"y":308,"width":104,"height":9}},{"id":"1a52f7ac-ae06-4c6f-998a-d600aab793cc","block_type":"box","text":"The ACD has no entitlement to the Investor Protection Fee.","page_number":131,"box":{"x":151,"y":341,"width":439,"height":9}},{"id":"96f2e6e8-f45f-47b2-84fa-2f4c46263250","block_type":"box","text":"The Investor Protection Fee, if any, will be determined by the ACD by reference to the costs of","page_number":131,"box":{"x":151,"y":373,"width":697,"height":11}},{"id":"2581a511-c524-434f-8633-f253472eadad","block_type":"box","text":"dealing in the underlying investments of the relevant Fund, including any dealing spreads,","page_number":131,"box":{"x":151,"y":394,"width":696,"height":11}},{"id":"f946e3e5-642b-40e9-a6b6-326b9f65addd","block_type":"box","text":"commission and transfer taxes and will be calculated at the Valuation Point of any relevant","page_number":131,"box":{"x":151,"y":414,"width":697,"height":11}},{"id":"efdfbb57-5ef6-413d-b746-372b028d2fb1","block_type":"box","text":"dealing of Shares triggering the need for an Investor Protection Fee.","page_number":131,"box":{"x":151,"y":434,"width":504,"height":12}},{"id":"71299648-c139-4209-8015-3ec89ed39258","block_type":"box","text":"The necessity to charge an Investor Protection Fee will depend on the volume of purchases or","page_number":131,"box":{"x":151,"y":467,"width":698,"height":11}},{"id":"a16cd2d5-6bf8-4d8c-a237-332767a0bad7","block_type":"box","text":"sales and an Investor Protection Fee may therefore be charged in the following circumstances:","page_number":131,"box":{"x":151,"y":487,"width":696,"height":12}},{"id":"3511cec2-70d3-43fa-81d0-3dd456568462","block_type":"box","text":"i) on a Fund experiencing large levels of net purchases (i.e. purchases less sales)","page_number":131,"box":{"x":212,"y":520,"width":635,"height":11}},{"id":"bda27a36-a548-4945-82ca-28d8ad89b33e","block_type":"box","text":"relative to its size. In these circumstances the Investor Protection Fee may be","page_number":131,"box":{"x":242,"y":540,"width":606,"height":11}},{"id":"7b1ed2c3-4a2e-4eca-a9fe-5d69f8bf0fa4","block_type":"box","text":"applied in particular to individual deals exceeding £15,000;","page_number":131,"box":{"x":242,"y":561,"width":433,"height":11}},{"id":"f999c510-0b6d-4663-9050-34a3fa0a261b","block_type":"box","text":"ii) on a Fund experiencing large levels of net sales (i.e. sales less purchases) relative","page_number":131,"box":{"x":212,"y":602,"width":636,"height":11}},{"id":"2e3c99a4-4709-4e0b-b92d-c57aa810ac9a","block_type":"box","text":"to its size. In these circumstances the Investor Protection Fee may be applied in","page_number":131,"box":{"x":241,"y":622,"width":607,"height":11}},{"id":"c9849397-aee5-46aa-85ce-9f76a7ed6239","block_type":"box","text":"particular to individual deals exceeding £15,000;","page_number":131,"box":{"x":242,"y":643,"width":356,"height":11}},{"id":"747b8c09-a7a0-4bef-a5b2-988b65700903","block_type":"box","text":"iii) on “large deals”. For these purposes a large deal is defined as a deal exceeding 2","page_number":131,"box":{"x":212,"y":684,"width":636,"height":11}},{"id":"f67658bd-5304-4977-a823-5104610e54b4","block_type":"box","text":"% of the size of a Fund;","page_number":131,"box":{"x":242,"y":704,"width":174,"height":10}},{"id":"05c550ec-7a30-46ca-a780-4ab65c1b741e","block_type":"box","text":"iv) where a Shareholder redeems or Switches a holding of Shares within 30 days of","page_number":131,"box":{"x":212,"y":745,"width":636,"height":11}},{"id":"dd0d9ec0-bde3-4828-b574-dc94cc84901c","block_type":"box","text":"its purchase;","page_number":131,"box":{"x":242,"y":766,"width":93,"height":11}},{"id":"74794de0-6e0d-450d-bad9-b063f5a388ef","block_type":"box","text":"v) where a Fund is an index tracking fund or is otherwise passively managed;","page_number":131,"box":{"x":211,"y":806,"width":583,"height":12}},{"id":"91186aa5-1f79-468d-9f9a-7b438bfe46e3","block_type":"box","text":"vi) in any other case where the ACD is of the opinion that the interests of the existing","page_number":131,"box":{"x":211,"y":841,"width":637,"height":11}},{"id":"91834071-355e-4093-aecf-74639e7b26ec","block_type":"box","text":"shareholders (for purchases) or remaining Shareholder (for sales) (i) require the","page_number":131,"box":{"x":242,"y":861,"width":606,"height":11}},{"id":"29d50c13-2886-44e1-a80b-bda95bccf20f","block_type":"box","text":"imposition of the Investor Protection Fee or (ii) might otherwise be adversely","page_number":131,"box":{"x":242,"y":882,"width":607,"height":11}},{"id":"fa5098d2-8956-4d7a-8d28-69bfe3bd37a7","block_type":"box","text":"affected.","page_number":131,"box":{"x":242,"y":902,"width":62,"height":9}},{"id":"f843ec75-685c-4514-a508-9192dc34f2ca","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 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the","page_number":132,"box":{"x":152,"y":128,"width":696,"height":12}},{"id":"dab6cf4e-1b4f-4adf-8cb9-46adffa076de","block_type":"box","text":"Company.","page_number":132,"box":{"x":151,"y":149,"width":74,"height":11}},{"id":"9ccbd14a-583b-49de-b6f3-2e2c5e42b4b5","block_type":"box","text":"In the twelve-month period to the end of December 2024, an Investor Protection Fee was","page_number":132,"box":{"x":152,"y":181,"width":659,"height":11}},{"id":"7524f159-ddd1-4f1c-8f4a-afcb41fefc4c","block_type":"box","text":"levied on twenty-one (21) occasions:","page_number":132,"box":{"x":152,"y":202,"width":270,"height":11}},{"id":"52f710c6-865d-4e06-87c9-12752fc032c6","block_type":"box","text":"","page_number":132,"box":{"x":182,"y":238,"width":6,"height":4}},{"id":"cbe55b4f-3717-4859-b120-1f5d748437ab","block_type":"box","text":"Twelve (12) were for Aviva Investors UK Listed Equity Fund (Class 8 Income) with an","page_number":132,"box":{"x":211,"y":235,"width":632,"height":11}},{"id":"f8e739cf-2cc3-44ce-82bf-e316d2565274","block_type":"box","text":"average amount of £5,481.58 (please note that this fund is in the process of being","page_number":132,"box":{"x":212,"y":255,"width":606,"height":12}},{"id":"c5a3f804-7a1f-40c6-8210-9c8246548c2b","block_type":"box","text":"terminated and is no longer available for new investment)","page_number":132,"box":{"x":211,"y":276,"width":425,"height":11}},{"id":"5b567fdf-6e8d-4679-b6df-adc5af4ffc6a","block_type":"box","text":"","page_number":132,"box":{"x":182,"y":300,"width":6,"height":5}},{"id":"5d8e070f-a81b-4c15-880e-925ac090a0d7","block_type":"box","text":"One (1) was for Aviva Investors Multi-Asset Core Fund I (Class D Accumulation) for","page_number":132,"box":{"x":212,"y":297,"width":619,"height":11}},{"id":"1f527b07-64f2-4e91-ba14-e78caf665188","block_type":"box","text":"an amount of £734.40","page_number":132,"box":{"x":212,"y":318,"width":162,"height":9}},{"id":"f9cdb9d4-0a1f-479b-83e9-7d805120e456","block_type":"box","text":"","page_number":132,"box":{"x":182,"y":342,"width":6,"height":4}},{"id":"1fc3cda3-dbc7-41da-b4a5-a891baf2e0bc","block_type":"box","text":"Three (3) were for Aviva Investors Multi-Asset Core Fund II (Class 2 Accumulation)","page_number":132,"box":{"x":211,"y":339,"width":615,"height":11}},{"id":"e704ba41-5326-4fdf-9a20-937ac7c72679","block_type":"box","text":"with an average amount of £1,710.75","page_number":132,"box":{"x":211,"y":359,"width":277,"height":12}},{"id":"507870b2-9240-462d-98b8-c97cb30e7f91","block_type":"box","text":"","page_number":132,"box":{"x":182,"y":384,"width":6,"height":4}},{"id":"d53e17f6-f2f4-40e0-9d29-a69de6c4badc","block_type":"box","text":"Three (3) were for Aviva Investors Multi-Asset Core Fund V (Class 2 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was for Aviva Investors Multi Manager Flexible Fund (Class 8 Income) for an","page_number":132,"box":{"x":212,"y":464,"width":628,"height":12}},{"id":"66105068-1407-4a49-8f1f-2e70f2a2cf01","block_type":"box","text":"amount of £11,310.70.","page_number":132,"box":{"x":212,"y":485,"width":165,"height":10}},{"id":"b23e89dc-6766-4741-b5aa-19cc7c195850","block_type":"box","text":"As dilution is directly related to the inflow and outflow of monies from the Company, it is not","page_number":132,"box":{"x":151,"y":526,"width":697,"height":11}},{"id":"5b3b49b8-5425-4372-97dc-8fdbf8d68b8b","block_type":"box","text":"possible to accurately predict whether a dilution will occur at any future point in time.","page_number":132,"box":{"x":151,"y":546,"width":696,"height":11}},{"id":"c5fc0058-a318-4484-b462-99553d665fc1","block_type":"box","text":"Consequently it is not possible to accurately predict how frequently the ACD will need to impose","page_number":132,"box":{"x":151,"y":567,"width":697,"height":11}},{"id":"224ac9a0-f8ef-45b3-b29b-118f8d528bd9","block_type":"box","text":"an Investor Protection Fee. Based on historic data and on its experience of managing the","page_number":132,"box":{"x":151,"y":587,"width":697,"height":11}},{"id":"00a4d997-3a2e-4d02-88cb-f82788535d5a","block_type":"box","text":"Funds, the ACD is unlikely to impose an Investor Protection Fee unless it considers that the","page_number":132,"box":{"x":152,"y":608,"width":696,"height":11}},{"id":"be00c394-935b-4552-a6d0-2e2735c8b46f","block_type":"box","text":"dealing costs relating to a Shareholder transaction are significant and will have a material","page_number":132,"box":{"x":151,"y":628,"width":697,"height":11}},{"id":"73ab2753-8c6d-4011-8772-fc3e1f429b40","block_type":"box","text":"impact on the value of the Fund in question. This paragraph will continue to be revised from","page_number":132,"box":{"x":152,"y":649,"width":695,"height":11}},{"id":"97d0e9ad-181f-4263-9585-91cbdcf606de","block_type":"box","text":"time to time.","page_number":132,"box":{"x":151,"y":669,"width":89,"height":9}},{"id":"06d18788-106b-4d69-a0f8-6a3a1689cfeb","block_type":"box","text":"Securities Lending Agent’s Fee","page_number":132,"box":{"x":151,"y":702,"width":280,"height":12}},{"id":"14846cd3-b55c-4ccb-81e3-b7569445ccc3","block_type":"box","text":"For the Funds which operate securities lending, the Securities Lending Agent is permitted to","page_number":132,"box":{"x":152,"y":746,"width":696,"height":11}},{"id":"3378adb1-12ad-4308-9237-da026e416865","block_type":"box","text":"deduct a monthly fee equating to 20 per cent of the securities lending income generated for the","page_number":132,"box":{"x":151,"y":766,"width":697,"height":11}},{"id":"7de6a5b5-3745-4ab2-b7c3-4c8ff3726c30","block_type":"box","text":"Fund. The fee will be charged to the Fund each month in respect of the securities lending","page_number":132,"box":{"x":152,"y":787,"width":696,"height":11}},{"id":"1a4aa2cf-1e20-4366-aa89-25361990e2bd","block_type":"box","text":"activity from the preceding month. No Securities Lending Agent fee will be deducted from the","page_number":132,"box":{"x":151,"y":807,"width":697,"height":11}},{"id":"1083ca6c-9fc0-4e6a-bcfe-85407c8e65af","block_type":"box","text":"Scheme Property if no revenue from securities lending activity has been generated in the","page_number":132,"box":{"x":151,"y":828,"width":697,"height":11}},{"id":"be9e06c0-9913-4790-a095-5c7b06054f1a","block_type":"box","text":"preceding month. No additional fee will be charged by the ACD.","page_number":132,"box":{"x":151,"y":848,"width":470,"height":11}},{"id":"5966f4d8-25fc-406f-a102-69eec2d9023c","block_type":"box","text":"Access to costs and charges information","page_number":132,"box":{"x":151,"y":875,"width":400,"height":13}},{"id":"5719bd31-f44a-4d9f-81e7-2cd8bb82bbdb","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":133,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"26e51fff-001a-486f-a2ea-61b2e701241b","block_type":"box","text":"133","page_number":133,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"76f3e1d8-1a83-4664-a52e-7ae80faf9c30","block_type":"box","text":"Aviva Investors: Public","page_number":133,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"30952cad-7235-4ccf-bbde-0baa418189b3","block_type":"box","text":"In addition to the information set out in the section headed “Fees and Expenses” and other","page_number":133,"box":{"x":152,"y":88,"width":669,"height":11}},{"id":"67aa94b1-5883-4560-ba2a-1f6a53c94c2a","block_type":"box","text":"than the Ongoing Charge, further costs and charges information for investors and prospective","page_number":133,"box":{"x":151,"y":108,"width":693,"height":11}},{"id":"8b33161b-84c6-4cde-aa08-b7b846df0fed","block_type":"box","text":"investors relating to MiFI Regulations and PRIIPs Regulation can also be found on the ACD’s","page_number":133,"box":{"x":152,"y":128,"width":690,"height":12}},{"id":"2d591d37-f3d9-43be-ae37-59bb796e48bc","block_type":"box","text":"website at","page_number":133,"box":{"x":151,"y":149,"width":75,"height":9}},{"id":"5e9fac85-d969-4561-aa24-05c65ea14ac6","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/regulatory/mifid-ii","page_number":133,"box":{"x":231,"y":149,"width":450,"height":11}},{"id":"d741ffdd-8bca-4373-947e-95a4fc9b75e6","block_type":"box","text":"or","page_number":133,"box":{"x":688,"y":151,"width":14,"height":7}},{"id":"a7e08a02-5f7d-4c11-b8a8-6f5bb98e82ed","block_type":"box","text":"www.avivainvestors.com/engb/capabilities/regulatory/eu-priips","page_number":133,"box":{"x":151,"y":169,"width":461,"height":12}},{"id":"47386c85-3a51-4647-8077-1cda461c4125","block_type":"box","text":".","page_number":133,"box":{"x":614,"y":177,"width":2,"height":1}},{"id":"56974e29-3a95-4af4-af80-94250f8e033b","block_type":"box","text":"Forward looking costs figures are estimates based on historic data, where available and","page_number":133,"box":{"x":152,"y":202,"width":695,"height":11}},{"id":"eb4626a8-3070-4299-b0d5-7e0e4fdb2795","block_type":"box","text":"relevant, or are based upon the MiFI Regulations guidelines for producing estimated forward","page_number":133,"box":{"x":152,"y":222,"width":696,"height":12}},{"id":"1ca63bc9-562e-470c-97e4-bdd8e9eb5bc5","block_type":"box","text":"looking costs figures when historic data is not available. Actual cost figures, which will be","page_number":133,"box":{"x":152,"y":243,"width":696,"height":11}},{"id":"cf7ddc61-3817-418a-bd66-4fe1b63181c3","block_type":"box","text":"reported on an ex-post basis, may vary from estimates given; in particular, research costs","page_number":133,"box":{"x":152,"y":263,"width":696,"height":11}},{"id":"a5f8eb02-1c2c-4df2-8155-785134e3c416","block_type":"box","text":"previously charged to the Funds will now be paid for by the ACD or Investment Manager.","page_number":133,"box":{"x":151,"y":284,"width":657,"height":11}},{"id":"eb853443-44d3-42a1-b481-826dfd2f856e","block_type":"box","text":"Research Costs","page_number":133,"box":{"x":152,"y":317,"width":150,"height":10}},{"id":"46cd73a1-86ca-4652-9666-e2dc03b545d8","block_type":"box","text":"Any third party research received in connection with investment advisory services that the","page_number":133,"box":{"x":151,"y":353,"width":697,"height":11}},{"id":"bdc751de-4967-467e-b7ea-8fc15a34f719","block_type":"box","text":"Investment Manager or the ACD provides to the Funds will be paid for by the Investment","page_number":133,"box":{"x":152,"y":373,"width":696,"height":11}},{"id":"004814ba-5414-41ad-9552-6597f4a59823","block_type":"box","text":"Manager or the ACD, as relevant in relation to each Fund, out of its fees and will not be charged","page_number":133,"box":{"x":152,"y":393,"width":696,"height":12}},{"id":"08f2eb54-1b39-4776-88ab-438e1c21a32e","block_type":"box","text":"to the Funds.","page_number":133,"box":{"x":151,"y":414,"width":96,"height":9}},{"id":"358555ba-b8cd-4554-90b4-9378e6ad5daa","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":134,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d3d949ac-2094-42d7-9e20-20f4e1add2c7","block_type":"box","text":"134","page_number":134,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"004cff89-14d0-4363-ac76-9c67dde23158","block_type":"box","text":"Aviva Investors: Public","page_number":134,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"00910afa-99ce-4a15-b95d-a3c11136da01","block_type":"box","text":"Changes to the Company and the Funds","page_number":134,"box":{"x":271,"y":88,"width":464,"height":16}},{"id":"eab489e5-4cda-4a39-a835-3f43d48bc2be","block_type":"box","text":"Where any changes are proposed to be made to the Company or a Fund the ACD will assess","page_number":134,"box":{"x":151,"y":159,"width":697,"height":11}},{"id":"5fbfef3a-984d-4b2c-b51c-9935a94bdc84","block_type":"box","text":"whether the change is fundamental, significant or notifiable in accordance with COLL 4.3. 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Depositary against liability in certain","page_number":138,"box":{"x":151,"y":218,"width":697,"height":11}},{"id":"91638344-ad1f-4520-8909-e50da737ea26","block_type":"box","text":"circumstances otherwise than in respect of failure to exercise due care and diligence.","page_number":138,"box":{"x":151,"y":238,"width":630,"height":12}},{"id":"94f3513b-811d-44d2-863f-0af9656925de","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":139,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"3ad548f1-ce5b-4737-818d-b6f99b3ae923","block_type":"box","text":"139","page_number":139,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"c1948374-ebc0-481a-84a9-a9f540731293","block_type":"box","text":"Aviva Investors: Public","page_number":139,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"a1f1db12-970a-408f-8d09-10f9c837291b","block_type":"box","text":"Meetings and Voting 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A general meeting must then be convened for a date no later than eight weeks after","page_number":139,"box":{"x":151,"y":389,"width":698,"height":11}},{"id":"2c4f78cc-2a96-4c08-95b0-383cacefa66b","block_type":"box","text":"receipt of such requisition.","page_number":139,"box":{"x":152,"y":409,"width":192,"height":11}},{"id":"687d3951-433d-42cf-979e-1f68be02eee1","block_type":"box","text":"Notice and Quorum","page_number":139,"box":{"x":152,"y":442,"width":191,"height":11}},{"id":"86f60110-2fd2-4999-8712-fc2a2e8e9ed3","block_type":"box","text":"Shareholders will receive at least 14 days' written notice of a Shareholders' meeting inclusive","page_number":139,"box":{"x":151,"y":478,"width":697,"height":11}},{"id":"5652b645-3189-4ae8-b2c2-2ffe92ddf999","block_type":"box","text":"of the date on which the notice is served and the day of the meeting. 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No business can be transacted at an adjourned meeting except","page_number":140,"box":{"x":151,"y":499,"width":697,"height":11}},{"id":"d3ba8109-f824-48a4-9c2b-b02c5b765943","block_type":"box","text":"business which might lawfully have been transacted at the meeting from which the adjournment","page_number":140,"box":{"x":151,"y":520,"width":697,"height":11}},{"id":"4c0263fb-7c84-4884-a6b1-36b6558837f1","block_type":"box","text":"took place.","page_number":140,"box":{"x":151,"y":540,"width":79,"height":11}},{"id":"4de7cec3-4b86-419d-b106-5340f388e2d8","block_type":"box","text":"Shareholders have rights under the COLL Sourcebook to demand a poll. In addition, a poll may","page_number":140,"box":{"x":151,"y":573,"width":697,"height":11}},{"id":"36e1e93a-1004-4751-8627-2f95221acdb6","block_type":"box","text":"be demanded by the chairman of the meeting or by the ACD on any resolution put to the vote","page_number":140,"box":{"x":151,"y":593,"width":697,"height":11}},{"id":"016877a8-c076-4fc1-a8eb-b214e145f38a","block_type":"box","text":"of a general meeting.","page_number":140,"box":{"x":151,"y":614,"width":156,"height":11}},{"id":"85f1e186-3d63-4a6c-b16c-325b6f9d71fe","block_type":"box","text":"Unless a poll is required, a declaration by the chairman that a resolution has been carried","page_number":140,"box":{"x":152,"y":646,"width":696,"height":11}},{"id":"05baff1e-c5fe-4bac-9ec1-6472c986c025","block_type":"box","text":"unanimously, or by a particular majority, or lost, and an entry to that effect in the minute book","page_number":140,"box":{"x":152,"y":666,"width":696,"height":12}},{"id":"02f6afc1-8e41-4414-8339-7f44625fe727","block_type":"box","text":"or computer record of proceedings will be taken without proof, as conclusive evidence of that","page_number":140,"box":{"x":151,"y":687,"width":697,"height":11}},{"id":"5070333a-74aa-4b45-bedb-f94f6ebdd4d4","block_type":"box","text":"fact. If a poll is required, it will be taken in such manner (including the use of ballot papers or","page_number":140,"box":{"x":151,"y":707,"width":698,"height":12}},{"id":"c1cddb31-7f49-48e3-bcb6-7eab13939b3a","block_type":"box","text":"electronic or computer voting system) as the chairman may direct.","page_number":140,"box":{"x":151,"y":728,"width":488,"height":11}},{"id":"13f84916-0a01-492d-b1fb-4573b5027f6e","block_type":"box","text":"The chairman of a general meeting may take any action he considers appropriate, for example,","page_number":140,"box":{"x":151,"y":760,"width":696,"height":11}},{"id":"73206f61-7ec4-407b-9724-19d1cb02e460","block_type":"box","text":"for the safety of people attending a general meeting, the proper and orderly conduct of the","page_number":140,"box":{"x":151,"y":781,"width":697,"height":11}},{"id":"53c75e0d-ae3f-4c4a-934b-1f6041eb51c7","block_type":"box","text":"general meeting or in order to reflect the wishes of the majority.","page_number":140,"box":{"x":151,"y":801,"width":468,"height":11}},{"id":"02faa552-4900-4f63-8e07-4c315395f808","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":141,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"f8228f9a-c44a-472e-87be-53a5662bb9a9","block_type":"box","text":"141","page_number":141,"box":{"x":828,"y":923,"width":18,"height":6}},{"id":"62451928-1a4a-4914-8536-1692a3d47948","block_type":"box","text":"Aviva Investors: Public","page_number":141,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"049d5913-8e39-4476-b19c-d2db169ef6ac","block_type":"box","text":"Corporations Acting by Representatives","page_number":141,"box":{"x":151,"y":88,"width":390,"height":13}},{"id":"66586a67-c92a-4fa6-af15-458eb63770fa","block_type":"box","text":"Any corporation which is a Shareholder may by resolution of its directors or other governing","page_number":141,"box":{"x":151,"y":124,"width":697,"height":11}},{"id":"41165375-e1de-4e0a-83dc-c7551ac33e56","block_type":"box","text":"body and in respect of any Share or Shares of which it is the holder authorise such individual","page_number":141,"box":{"x":151,"y":144,"width":697,"height":12}},{"id":"2c2c1e55-eba0-40f2-86d4-a0438aa01951","block_type":"box","text":"as it thinks fit to act as its representative at any general meeting of the Shareholders or of any","page_number":141,"box":{"x":151,"y":165,"width":697,"height":11}},{"id":"88a70a75-15fb-419c-af69-01a7775272e6","block_type":"box","text":"Class or Fund meeting. The individual so authorised shall be entitled to exercise the same","page_number":141,"box":{"x":151,"y":185,"width":697,"height":12}},{"id":"5311d3ea-f2c7-4476-b3c2-c7c77756ee90","block_type":"box","text":"powers on behalf of such corporation as the corporation could exercise in respect of such Share","page_number":141,"box":{"x":151,"y":206,"width":697,"height":11}},{"id":"5f692e4d-c550-439b-a860-c9bc59c3226b","block_type":"box","text":"or Shares if it were an individual Shareholder and such corporation shall be deemed to be","page_number":141,"box":{"x":151,"y":226,"width":697,"height":12}},{"id":"4e703db4-0895-44c8-bbf3-9d70b13fa764","block_type":"box","text":"present in person if an individual so authorised is present.","page_number":141,"box":{"x":151,"y":247,"width":427,"height":11}},{"id":"499c642a-cf10-4916-aac3-bb5c6fe053a0","block_type":"box","text":"A corporation which holds Shares as nominee may appoint more than one such representative,","page_number":141,"box":{"x":151,"y":279,"width":696,"height":11}},{"id":"839708c4-8d79-4389-9dd7-efa424df2bde","block_type":"box","text":"each in respect of a specified number of Shares which the corporation holds, and each such","page_number":141,"box":{"x":151,"y":300,"width":696,"height":11}},{"id":"83f84067-9a4e-41ce-8853-1b61240c6201","block_type":"box","text":"representative shall be entitled to exercise the powers mentioned above only in respect of the","page_number":141,"box":{"x":152,"y":320,"width":696,"height":11}},{"id":"53884b81-0d32-4071-b0d9-dff98d5b8a69","block_type":"box","text":"Shares concerned.","page_number":141,"box":{"x":151,"y":341,"width":139,"height":9}},{"id":"9a388eb1-58ae-461e-a2a3-0445dd337a0f","block_type":"box","text":"Any corporation which is a director of the Company may by resolution of its directors or other","page_number":141,"box":{"x":151,"y":373,"width":697,"height":11}},{"id":"66115227-2965-43da-9e80-09f4e501f467","block_type":"box","text":"governing body authorise such individual as it thinks fit to act as its representative at any","page_number":141,"box":{"x":151,"y":394,"width":697,"height":11}},{"id":"9bb7f0c4-f3de-4421-be8a-dd5d3e88dd23","block_type":"box","text":"general meeting of the Shareholders, or of any Class or Fund meeting or any meeting of the","page_number":141,"box":{"x":151,"y":414,"width":697,"height":11}},{"id":"ce57dc56-4798-40d2-b01b-0b7e75f08186","block_type":"box","text":"directors. The person so authorised shall be entitled to exercise the same powers at such","page_number":141,"box":{"x":151,"y":435,"width":697,"height":11}},{"id":"fcea60f3-e96f-4346-9878-e063748c63e6","block_type":"box","text":"meeting on behalf of such corporation as the corporation could exercise if it were an individual","page_number":141,"box":{"x":152,"y":455,"width":695,"height":11}},{"id":"0745cad7-bfb6-4cb8-b7f1-a5ac6bb70cb5","block_type":"box","text":"director and such corporation shall be deemed to be present in person if an individual so","page_number":141,"box":{"x":151,"y":475,"width":697,"height":11}},{"id":"bb0dc360-f783-4e20-be8e-310225e1dcfc","block_type":"box","text":"authorised is present.","page_number":141,"box":{"x":151,"y":496,"width":159,"height":11}},{"id":"0d00fa74-f08a-4f02-9426-687dca5afada","block_type":"box","text":"Class and Fund Meetings","page_number":141,"box":{"x":151,"y":529,"width":248,"height":13}},{"id":"e045c469-11aa-4870-b7c0-e3e2652651b5","block_type":"box","text":"The above provisions, unless the context otherwise requires, apply to Class meetings and","page_number":141,"box":{"x":151,"y":565,"width":697,"height":11}},{"id":"4bfc468d-efc1-4cd5-bfd7-c4e74295b64f","block_type":"box","text":"meetings of Funds as they apply to general meetings of Shareholders but by reference to","page_number":141,"box":{"x":152,"y":585,"width":696,"height":12}},{"id":"e4ec83d9-13c1-4b09-99f2-23f0f42c16cd","block_type":"box","text":"Shares of the Class or Fund concerned and the Shareholders and prices of such Shares.","page_number":141,"box":{"x":151,"y":606,"width":659,"height":11}},{"id":"340c5bb2-ed43-4335-bf1f-2b9128470d24","block_type":"box","text":"Variation of Class Rights","page_number":141,"box":{"x":151,"y":638,"width":244,"height":14}},{"id":"55179db1-8d14-4c37-953e-76dac044ebc1","block_type":"box","text":"The rights attached to a Class or Fund may only be varied with the sanction of a resolution","page_number":141,"box":{"x":151,"y":674,"width":697,"height":12}},{"id":"d5bc8ada-104c-409a-87ae-ebddec68e6a6","block_type":"box","text":"passed at a meeting of Shareholders of that Class or Fund by a 75 % majority of those votes","page_number":141,"box":{"x":151,"y":695,"width":697,"height":11}},{"id":"4cb1c5cc-5650-4421-95fd-c03c1e349987","block_type":"box","text":"validly cast for and against such resolution.","page_number":141,"box":{"x":151,"y":716,"width":318,"height":11}},{"id":"68f2c3e6-ab31-46a0-a84c-bf87e5bfb82c","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":142,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"db7fed16-b74b-40fd-ad51-7d991be91c84","block_type":"box","text":"142","page_number":142,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"8dddd7d7-45c0-4af2-b1b7-314cf86390f5","block_type":"box","text":"Aviva Investors: Public","page_number":142,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"9a8833dd-1e3b-4056-95b9-73c45174ba57","block_type":"box","text":"Taxation","page_number":142,"box":{"x":451,"y":91,"width":103,"height":12}},{"id":"cebf0736-e959-4ada-88ff-83ba7e81992f","block_type":"box","text":"General and Disclaimer","page_number":142,"box":{"x":151,"y":149,"width":229,"height":11}},{"id":"c58b3ec4-1521-47ef-86fa-07d664d616c7","block_type":"box","text":"The following is an outline of the ACD’s understanding of current UK taxation legislation and","page_number":142,"box":{"x":151,"y":185,"width":697,"height":11}},{"id":"d592debb-5931-43d4-baab-8892bbaa9d30","block_type":"box","text":"practice that applies to the Company and investments in the Company held by UK resident","page_number":142,"box":{"x":151,"y":206,"width":697,"height":11}},{"id":"15d6701c-7dab-4b9a-8796-6559ca10c5b4","block_type":"box","text":"investors. It does not apply to special categories of Shareholder such as dealers in securities","page_number":142,"box":{"x":152,"y":226,"width":696,"height":11}},{"id":"0dd8ccdf-9b51-4df5-b3b8-57fde4138dd5","block_type":"box","text":"and life insurance companies. The basis of taxation, any applicable relief and the rates of","page_number":142,"box":{"x":151,"y":247,"width":697,"height":11}},{"id":"93da6948-faa1-4286-8704-65152c72f371","block_type":"box","text":"taxation, may change in the future. Please note that the tax treatment of investors depends on","page_number":142,"box":{"x":151,"y":267,"width":697,"height":11}},{"id":"e10266f5-0a79-49ee-bdcd-917fdca13e9a","block_type":"box","text":"their individual circumstances and may be subject to change in the future. Shareholders are","page_number":142,"box":{"x":151,"y":288,"width":697,"height":11}},{"id":"b3467a2f-8f96-4b98-9423-dba82bcd0bc4","block_type":"box","text":"therefore recommended to consult their professional advisers for specific advice in connection","page_number":142,"box":{"x":151,"y":308,"width":696,"height":11}},{"id":"090b3d23-b441-4f12-b2d7-cebc04976cc9","block_type":"box","text":"with any decision to acquire, hold or dispose of Shares. Shareholders may be subject to taxation","page_number":142,"box":{"x":151,"y":329,"width":697,"height":11}},{"id":"3f67d5dc-eece-4c98-b0df-7fe9f81268d0","block_type":"box","text":"in a country other than the UK, for example because they reside or were established in that","page_number":142,"box":{"x":152,"y":349,"width":696,"height":11}},{"id":"f5cfcb92-af2e-4865-be0a-03cd135a534f","block_type":"box","text":"other country.","page_number":142,"box":{"x":151,"y":370,"width":101,"height":11}},{"id":"9a3a6ef5-84d4-41dd-a00f-79cc91de2cb1","block_type":"box","text":"Distributions","page_number":142,"box":{"x":152,"y":402,"width":128,"height":11}},{"id":"faad1339-fec5-4ddc-b8a3-59a114e5c4d3","block_type":"box","text":"The Funds will make dividend distributions or accumulations except where over 60% of the","page_number":142,"box":{"x":151,"y":438,"width":697,"height":11}},{"id":"0b702e1d-45dc-4b52-bf2f-0bc2666bcb6f","block_type":"box","text":"Fund’s property has been invested throughout the Distribution Period in interest-bearing or","page_number":142,"box":{"x":152,"y":459,"width":697,"height":11}},{"id":"ad2c718f-8a00-48a7-b065-eaf4839c31f9","block_type":"box","text":"similar investments, in which case it will make interest distributions or accumulations unless the","page_number":142,"box":{"x":151,"y":479,"width":697,"height":11}},{"id":"7abdc9ba-cae9-4086-8cc4-4e5463ae0d5c","block_type":"box","text":"ACD considers it more appropriate that dividend distributions or accumulations should be","page_number":142,"box":{"x":151,"y":500,"width":697,"height":11}},{"id":"846cfe16-78b1-447c-9aac-6ed1eb00bda3","block_type":"box","text":"made in respect of that Distribution Period. Details of which Funds pay interest distributions","page_number":142,"box":{"x":152,"y":520,"width":696,"height":11}},{"id":"230365f8-cf2e-4390-b197-7fb0233ded5f","block_type":"box","text":"are set out in the section headed “Income and Distributions” above.","page_number":142,"box":{"x":151,"y":541,"width":498,"height":9}},{"id":"d6c52f59-2d9e-4454-8f5b-9d9d06bec2bd","block_type":"box","text":"The Company","page_number":142,"box":{"x":151,"y":574,"width":138,"height":13}},{"id":"ffc4a0ec-a9f1-4745-ab22-cc8015fbee05","block_type":"box","text":"Each Fund of the Company will be treated as a separate entity for UK tax purposes. The Funds","page_number":142,"box":{"x":152,"y":609,"width":696,"height":12}},{"id":"6c0bed66-bbff-4365-bd3d-4f63d5d18a90","block_type":"box","text":"are liable to corporation tax at a rate of 20% on their net income, excluding dividends received","page_number":142,"box":{"x":151,"y":630,"width":697,"height":11}},{"id":"016c3058-2ab2-403a-b5db-eba8ecc7111f","block_type":"box","text":"from UK and most foreign companies and any part of the dividend distributions from a UK","page_number":142,"box":{"x":151,"y":651,"width":697,"height":11}},{"id":"915d30c4-009b-4f77-a56f-b62c02f500d5","block_type":"box","text":"collective investment scheme that represents UK dividends. The Funds may elect to tax foreign","page_number":142,"box":{"x":151,"y":671,"width":696,"height":11}},{"id":"9b96bcb6-8c34-4ad6-b499-863fc4272fa9","block_type":"box","text":"dividends from certain markets (“taxable foreign dividends”) in order to maximise a post-tax","page_number":142,"box":{"x":151,"y":691,"width":697,"height":12}},{"id":"ed41d57e-2f5a-4fc8-9f68-e42977d94855","block_type":"box","text":"return. Allowable expenses of management and any interest distributions are deducted from","page_number":142,"box":{"x":152,"y":712,"width":696,"height":11}},{"id":"7ac4cbc6-b3d3-47a4-b311-3fbc789ad6e2","block_type":"box","text":"the Fund’s income to arrive at its net income. A Fund may be entitled to offset some or all of","page_number":142,"box":{"x":151,"y":733,"width":697,"height":11}},{"id":"e2648744-589e-4088-981f-62c95eaa03ab","block_type":"box","text":"any foreign tax suffered on its overseas income against its liability to corporation tax. The Funds","page_number":142,"box":{"x":151,"y":753,"width":697,"height":11}},{"id":"9a55e243-a76d-400c-b624-e135dc6431f1","block_type":"box","text":"do not pay tax on any chargeable gains arising from the disposal of investments held by them,","page_number":142,"box":{"x":151,"y":773,"width":696,"height":12}},{"id":"bdcfd518-e878-4285-901c-d01afcd7d942","block_type":"box","text":"and are not normally taxable on any capital profits, gains or losses arising in respect of loan","page_number":142,"box":{"x":151,"y":794,"width":697,"height":11}},{"id":"7c47b59e-171a-4347-bbea-abc2e0d1e518","block_type":"box","text":"relationships or derivatives held by them.","page_number":142,"box":{"x":152,"y":815,"width":301,"height":11}},{"id":"82675b1e-981f-41aa-ad6c-469bc4c3361a","block_type":"box","text":"Foreign Tax","page_number":142,"box":{"x":152,"y":855,"width":93,"height":11}},{"id":"e1470712-3692-4b0e-bbff-e9d4aec158dc","block_type":"box","text":"Income received from overseas companies may be subject to foreign withholding tax","page_number":142,"box":{"x":152,"y":882,"width":696,"height":12}},{"id":"7adc650a-6558-4196-88f2-e2b61e083b62","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":143,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7fdf45fe-4c17-4099-ae8a-69583464acaa","block_type":"box","text":"143","page_number":143,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"69875508-e730-40a6-9d05-03325e264de2","block_type":"box","text":"Aviva Investors: Public","page_number":143,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"7e5a17d9-ab5d-4e6d-a584-64f710ae95f2","block_type":"box","text":"deductions. 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Accordingly, any such withholding tax","page_number":143,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"c29dbd9e-38fa-437b-b25e-351c09f7b904","block_type":"box","text":"incurred may reduce the returns to the Funds and investors.","page_number":143,"box":{"x":152,"y":170,"width":443,"height":11}},{"id":"1c8e3317-17e6-4b63-b413-a47057429254","block_type":"box","text":"Shareholders","page_number":143,"box":{"x":151,"y":223,"width":134,"height":10}},{"id":"9063d9c0-2884-4451-8ea3-d545ee47e551","block_type":"box","text":"Shareholders may potentially suffer tax both on any income they receive from their Shares and","page_number":143,"box":{"x":151,"y":259,"width":697,"height":11}},{"id":"a60b4afc-7864-4aec-9373-108b35f55806","block_type":"box","text":"on any profit they realise on disposing of their Shares.","page_number":143,"box":{"x":151,"y":279,"width":398,"height":11}},{"id":"c8e58b90-988c-4768-b5d5-6a3b347c07f2","block_type":"box","text":"Income Equalisation","page_number":143,"box":{"x":152,"y":312,"width":161,"height":11}},{"id":"b372daa6-1898-434b-839c-5582b9fec636","block_type":"box","text":"The price of a Share is based on the value of that Class’s proportionate interest in the relevant","page_number":143,"box":{"x":151,"y":344,"width":697,"height":11}},{"id":"14ec010a-620c-471f-9b43-d0d812d468e7","block_type":"box","text":"Fund including its proportionate interest in the income of the Fund since the preceding","page_number":143,"box":{"x":152,"y":364,"width":695,"height":12}},{"id":"2aedfeac-c418-4229-8b27-3dc4370e3a51","block_type":"box","text":"distribution or, in the case of Accumulation Shares, deemed distribution. In the case of the first","page_number":143,"box":{"x":151,"y":385,"width":697,"height":10}},{"id":"095f4e1d-c10c-4af4-9e05-24affbb7153c","block_type":"box","text":"distribution received a part of the amount, namely the equalisation payment, is a return of capital","page_number":143,"box":{"x":151,"y":405,"width":697,"height":12}},{"id":"bb78fc84-ae58-4278-82df-3299d2d407ba","block_type":"box","text":"and is not taxable as income in the hands of the Shareholder. 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Conversions/Switches between a different","page_number":144,"box":{"x":151,"y":822,"width":697,"height":9}},{"id":"b41ad6b5-b73d-4abe-9a04-eec4cf6de5a9","block_type":"box","text":"Type or Class (i.e. income to accumulation or vice versa) of Shares within the same Fund may","page_number":144,"box":{"x":151,"y":843,"width":697,"height":12}},{"id":"e12ff31b-ba74-42aa-8a42-ca93d7444e72","block_type":"box","text":"give rise to a disposal for capital gains tax purposes. 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or","page_number":146,"box":{"x":212,"y":533,"width":267,"height":11}},{"id":"1e9a266d-2b49-402d-ac29-28bd572d3c49","block_type":"box","text":"2.","page_number":146,"box":{"x":151,"y":574,"width":12,"height":8}},{"id":"d4a1dde2-8d3a-4656-b04b-66d0b2c35428","block_type":"box","text":"If the share capital of the Company is below its prescribed minimum or (in relation to","page_number":146,"box":{"x":212,"y":574,"width":636,"height":11}},{"id":"a9e5b90a-dd7d-4d84-adf9-5b18dbffaec0","block_type":"box","text":"any Fund) the Net Asset Value of the Fund is less than £1,000,000, or if a change in","page_number":146,"box":{"x":212,"y":594,"width":635,"height":11}},{"id":"b44c8210-10cc-42ed-9d33-c0434341c077","block_type":"box","text":"the laws or regulations of any country means that, in the ACD’s opinion, it is desirable","page_number":146,"box":{"x":211,"y":614,"width":637,"height":12}},{"id":"4bb8751e-6ed3-4c22-8227-d90028ae4b23","block_type":"box","text":"to wind up the Company or to terminate the Fund; or","page_number":146,"box":{"x":211,"y":635,"width":389,"height":11}},{"id":"5e1b04e8-18e2-4ebe-9fbe-611636174c87","block_type":"box","text":"3.","page_number":146,"box":{"x":151,"y":676,"width":12,"height":9}},{"id":"61784ef4-5428-4288-a704-af447022bd89","block_type":"box","text":"If the Financial Conduct Authority agrees to a request by the ACD for the revocation","page_number":146,"box":{"x":217,"y":676,"width":630,"height":11}},{"id":"dba66602-4b2c-4b1d-a210-2ec77cdfd3ed","block_type":"box","text":"of the authorisation order or to update its records in respect of the Company or the","page_number":146,"box":{"x":212,"y":696,"width":636,"height":12}},{"id":"3a250fa3-8ccd-4874-bad0-2967c28091f0","block_type":"box","text":"relevant Fund.","page_number":146,"box":{"x":212,"y":717,"width":105,"height":9}},{"id":"c42fbe1f-3058-4aad-80b4-933867e2ed36","block_type":"box","text":"Following the occurrence of any of the above:","page_number":146,"box":{"x":152,"y":758,"width":336,"height":11}},{"id":"923e8ac5-6a1c-4ce2-8c7f-ad47f4ff1c0e","block_type":"box","text":"1.","page_number":146,"box":{"x":152,"y":799,"width":11,"height":9}},{"id":"1841ba1f-9cfc-48d7-a8c5-0eee7eec2c58","block_type":"box","text":"COLL 6.2 (Dealing), COLL 6.3 (Valuation and Pricing) and COLL 5 (Investment and","page_number":146,"box":{"x":212,"y":799,"width":636,"height":11}},{"id":"68078cde-2e82-4e47-b104-07b6263cde9f","block_type":"box","text":"Borrowing Powers) will cease to apply to the Company or the particular Fund;","page_number":146,"box":{"x":212,"y":819,"width":572,"height":12}},{"id":"e5e95625-2157-44e6-b322-c00cab18d745","block_type":"box","text":"2.","page_number":146,"box":{"x":151,"y":861,"width":12,"height":8}},{"id":"3e7ef951-8e3e-4ac0-8c3a-d68ec1a68d69","block_type":"box","text":"The Company will cease to issue and cancel Shares in the Company or the particular","page_number":146,"box":{"x":211,"y":860,"width":638,"height":12}},{"id":"b7f9f7f9-4095-4ba5-a473-10800162cfb9","block_type":"box","text":"Fund;","page_number":146,"box":{"x":212,"y":881,"width":40,"height":10}},{"id":"a4859db7-8c2a-40ef-b65e-b677aba73737","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":147,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"eddf0458-51ad-4513-953c-43cd1449ddda","block_type":"box","text":"147","page_number":147,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"86a3e52f-aae7-4f25-81d0-58e9af70f9d2","block_type":"box","text":"Aviva Investors: Public","page_number":147,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"5678eb25-f280-40f1-85c1-f262532bc3d5","block_type":"box","text":"3.","page_number":147,"box":{"x":151,"y":88,"width":12,"height":8}},{"id":"9cfb241c-9556-4b5e-9bcd-ea09efd77097","block_type":"box","text":"The ACD will cease to sell or redeem Shares or arrange for the Company to issue or","page_number":147,"box":{"x":211,"y":87,"width":638,"height":12}},{"id":"19ac0164-9217-40ed-aa04-08eb5157f001","block_type":"box","text":"cancel them for the Company or the particular Fund;","page_number":147,"box":{"x":212,"y":108,"width":386,"height":11}},{"id":"5652cd47-55b1-4030-8644-db799edc92c2","block_type":"box","text":"4.","page_number":147,"box":{"x":151,"y":149,"width":12,"height":9}},{"id":"173597de-af80-4965-ab48-5f809c1a9b2a","block_type":"box","text":"No transfer of a Share will be registered and no other change to the Register will be","page_number":147,"box":{"x":212,"y":149,"width":636,"height":11}},{"id":"c652c1d9-007b-4d67-9eb4-6ec75f3aaf28","block_type":"box","text":"made without the sanction of the ACD;","page_number":147,"box":{"x":212,"y":169,"width":284,"height":11}},{"id":"f233abd6-8369-4dea-9ffd-c2109152635e","block_type":"box","text":"5.","page_number":147,"box":{"x":151,"y":204,"width":12,"height":9}},{"id":"3d98f2b6-2218-4e99-8e71-ec2371734e92","block_type":"box","text":"Where the Company is being wound-up, the Company will cease to carry on its","page_number":147,"box":{"x":211,"y":204,"width":637,"height":11}},{"id":"a2e30553-d2ea-46fb-936c-f23c43136b4b","block_type":"box","text":"business except in so far as it is beneficial for the winding up of the Company; and","page_number":147,"box":{"x":212,"y":224,"width":609,"height":11}},{"id":"4b5e472c-94ca-4e1f-b89b-0cea97cfc793","block_type":"box","text":"6.","page_number":147,"box":{"x":151,"y":265,"width":12,"height":9}},{"id":"a35e6257-8bbd-42de-9630-254b907b50c8","block_type":"box","text":"The corporate status and powers of the Company and, subject to the provisions of 1 to","page_number":147,"box":{"x":211,"y":265,"width":637,"height":11}},{"id":"dfcb2df9-efd4-4efc-86b6-0a99463b56ab","block_type":"box","text":"5 above, the powers of the ACD shall remain until the Company is dissolved.","page_number":147,"box":{"x":212,"y":285,"width":567,"height":12}},{"id":"d9525a3b-45fb-40a1-973b-dfd8678a8aee","block_type":"box","text":"Winding up under the COLL Sourcebook is carried out by the ACD. 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The purpose of these exclusions is to ensure that the Fund does not invest in companies","page_number":195,"box":{"x":152,"y":827,"width":696,"height":11}},{"id":"719ff806-99d3-443d-adc4-b4e5d19aac18","block_type":"box","text":"that derive prescribed levels of revenue from a range of activities, including certain fossil fuel","page_number":195,"box":{"x":151,"y":841,"width":697,"height":11}},{"id":"3294c2ba-c73b-4766-b852-66d248c02f09","block_type":"box","text":"(thermal coal, oil and gas) activities, or companies that have significant reserves of certain fossil","page_number":195,"box":{"x":152,"y":855,"width":695,"height":11}},{"id":"25c3089d-cf43-43d3-ac39-b15cf4cee52c","block_type":"box","text":"fuels, activities that are not compatible with animal welfare, or certain activities connected to","page_number":195,"box":{"x":151,"y":868,"width":697,"height":11}},{"id":"98d9aaa6-24ac-476b-a3ff-4536e5cb9eab","block_type":"box","text":"alcohol and gambling, genetic modification and adult entertainment –","page_number":195,"box":{"x":151,"y":882,"width":509,"height":11}},{"id":"b5f284fd-35ce-4f07-94cd-7df353e03091","block_type":"box","text":"please see Appendices","page_number":195,"box":{"x":665,"y":882,"width":183,"height":11}},{"id":"cafa32b1-dc58-4fca-9b2f-87a937699eef","block_type":"box","text":"2 and 3 for information on these investment restrictions","page_number":195,"box":{"x":151,"y":896,"width":444,"height":8}},{"id":"ab218b78-dc96-457e-b722-44bf0605b359","block_type":"box","text":".","page_number":195,"box":{"x":597,"y":903,"width":2,"height":1}},{"id":"fc96f680-fc87-4506-9285-e9798e6c3511","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":196,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"395fc709-07f3-4377-bc0f-e628161855f6","block_type":"box","text":"196","page_number":196,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"8aea4bfb-1a3d-4162-8ae8-d31de9b557e6","block_type":"box","text":"Aviva Investors: Public","page_number":196,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"30fb040a-7405-452a-b921-83e9d0a6bc85","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship","page_number":196,"box":{"x":152,"y":101,"width":696,"height":11}},{"id":"1a2f99a8-6ed0-4327-aa7d-c64260ad5633","block_type":"box","text":"exclusions, the more restrictive exclusions will apply. As these screens only exclude shares","page_number":196,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"743f23d9-19d3-4039-8db2-3ea2179620b3","block_type":"box","text":"and bonds issued by companies, this screening process is not applied to other investments, for","page_number":196,"box":{"x":151,"y":128,"width":698,"height":12}},{"id":"5918b532-3978-4fbc-a7b4-deb948b8e507","block_type":"box","text":"example, government bonds, cash and certain derivatives.","page_number":196,"box":{"x":151,"y":142,"width":432,"height":11}},{"id":"7dde3511-2670-4690-8a1b-bf099c923ca7","block_type":"box","text":"The Fund can invest in Green, Social, or Sustainability (","page_number":196,"box":{"x":151,"y":169,"width":447,"height":12}},{"id":"b5df3d77-f2e7-436b-8af8-d804032da21a","block_type":"box","text":"GSS","page_number":196,"box":{"x":600,"y":169,"width":34,"height":9}},{"id":"98af5560-06bc-4893-ab2d-ba9f2c338c55","block_type":"box","text":") bonds (see “Sustainability","page_number":196,"box":{"x":635,"y":169,"width":213,"height":12}},{"id":"661a2bbf-b909-4b9e-866a-26f4d751b1fb","block_type":"box","text":"Strategy” below for more detail on GSS bonds) issued by otherwise excluded issuers where","page_number":196,"box":{"x":151,"y":183,"width":697,"height":11}},{"id":"60ef86dc-29c3-44fd-b512-aa83ff955b84","block_type":"box","text":"there is strong evidence that the proceeds from the GSS bond are intended for projects or","page_number":196,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"7ac9f6df-9b33-48bb-819e-247093a4acca","block_type":"box","text":"initiatives with positive environmental, social, or sustainability benefits, and the use of proceeds","page_number":196,"box":{"x":152,"y":210,"width":696,"height":12}},{"id":"d2f16b68-a114-4188-8756-fd334661f7af","block_type":"box","text":"for that GSS bond meets the requirements of the Investment Manager’s Sustainability Strategy","page_number":196,"box":{"x":151,"y":224,"width":697,"height":11}},{"id":"d23ff999-a874-41f6-a9c2-1c3efce368c1","block_type":"box","text":"(see below).","page_number":196,"box":{"x":152,"y":238,"width":88,"height":11}},{"id":"dcab1d78-dc8c-49db-9c5a-838743241db1","block_type":"box","text":"Investment Strategy and Asset Selection:","page_number":196,"box":{"x":152,"y":265,"width":353,"height":11}},{"id":"0f4ff128-80ac-465b-ba3c-be607fbd78a3","block_type":"box","text":"The Fund is actively managed, selecting","page_number":196,"box":{"x":517,"y":265,"width":331,"height":11}},{"id":"e9188725-9192-449f-bfeb-f6e5f9f509f0","block_type":"box","text":"investments aligned to the Fund’s growth aims and volatility target, and in-line with the Fund’s","page_number":196,"box":{"x":152,"y":279,"width":696,"height":11}},{"id":"ed33b066-0cd6-40cf-8a1c-a7d40f1c600c","block_type":"box","text":"Sustainability Strategy (see below). The Investment Manager aims through the responsible","page_number":196,"box":{"x":151,"y":292,"width":697,"height":12}},{"id":"aa72403c-c934-47ce-a438-769cd8a36323","block_type":"box","text":"allocation of capital (stewardship) to encourage companies to improve environmental and/or","page_number":196,"box":{"x":151,"y":306,"width":698,"height":11}},{"id":"be8d7452-5951-4359-a24c-d26c84364d18","block_type":"box","text":"social outcomes through their products and services, and/or through their operations.","page_number":196,"box":{"x":151,"y":320,"width":629,"height":11}},{"id":"2a0cee9f-1e1b-4847-88a9-47c71d6ee425","block_type":"box","text":"In addition, the Investment Manager aims to provide returns consistent with the Fund’s volatility","page_number":196,"box":{"x":152,"y":347,"width":697,"height":11}},{"id":"a2a7576e-18bd-4c2a-b782-61127989d7a9","block_type":"box","text":"aims, based on a longer-term outlook, by blending different asset classes for diversification","page_number":196,"box":{"x":151,"y":361,"width":697,"height":11}},{"id":"91d4c0e6-ba1b-4459-92e4-f99af8bc60fa","block_type":"box","text":"purposes. The asset mix of the Fund will periodically be rebalanced taking into account these","page_number":196,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"b2103ad5-fed8-4827-a1a6-b4477e378b8d","block_type":"box","text":"aims and market conditions, whilst the Investment Manager may also engage in tactical asset","page_number":196,"box":{"x":151,"y":388,"width":697,"height":11}},{"id":"3025d43c-f06a-47d2-ad34-18e9f2206b47","block_type":"box","text":"allocation (“","page_number":196,"box":{"x":151,"y":402,"width":86,"height":11}},{"id":"35f5feb1-7267-47bc-91cc-88e4ab5baa62","block_type":"box","text":"TAA","page_number":196,"box":{"x":237,"y":402,"width":34,"height":8}},{"id":"a7987c2f-e458-48ef-9421-e24430ccf93d","block_type":"box","text":"”) decisions.","page_number":196,"box":{"x":272,"y":402,"width":89,"height":11}},{"id":"297dd536-e6f9-4616-ade8-4771931d476a","block_type":"box","text":"Derivatives may be used for efficient portfolio management purposes, for example, to gain","page_number":196,"box":{"x":152,"y":429,"width":696,"height":11}},{"id":"ae9983ba-bdc2-44d0-b7cf-ed5e3450e762","block_type":"box","text":"exposure to asset classes which may otherwise be difficult or costly to achieve, or to manage","page_number":196,"box":{"x":151,"y":443,"width":697,"height":11}},{"id":"20c53c9e-ed50-4b73-938c-509467e6c8a4","block_type":"box","text":"the Fund’s cash flows in a cost-effective manner, and to reduce risk within the Fund. Therefore,","page_number":196,"box":{"x":151,"y":456,"width":696,"height":11}},{"id":"8dda34f3-7107-4802-b3dd-d22b525539bb","block_type":"box","text":"derivatives used for these purposes may be more extensive at times when there are large cash","page_number":196,"box":{"x":151,"y":470,"width":697,"height":11}},{"id":"aa47aad4-f39a-44c4-ad9b-257994bd9231","block_type":"box","text":"inflows into the Fund. Derivatives may also be used for investment purposes to generate","page_number":196,"box":{"x":152,"y":484,"width":696,"height":11}},{"id":"158ea7e6-ab72-4813-af01-a8cbc1865d92","block_type":"box","text":"additional returns, for example to access TAA opportunities, but will not materially alter the risk","page_number":196,"box":{"x":151,"y":497,"width":697,"height":11}},{"id":"6831aadd-4210-4bca-8184-a5c3f50403f5","block_type":"box","text":"profile of the Fund.","page_number":196,"box":{"x":151,"y":511,"width":138,"height":11}},{"id":"a1780331-3a57-4277-b2d0-54520d32a0e7","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe","page_number":196,"box":{"x":151,"y":538,"width":697,"height":11}},{"id":"9d74e4c5-17a9-4d7a-b597-db0a4df8063c","block_type":"box","text":"(see above), the Fund must invest in its minimum stewardship allocation. To be eligible for","page_number":196,"box":{"x":152,"y":552,"width":697,"height":11}},{"id":"cc0c1752-deec-4823-9259-2707a1651b38","block_type":"box","text":"investment, the company must meet the Fund’s qualifying criteria through either the company’s:","page_number":196,"box":{"x":152,"y":566,"width":695,"height":11}},{"id":"cebc7071-c1e4-4c3e-bd2b-1a7973533df7","block_type":"box","text":"","page_number":196,"box":{"x":182,"y":597,"width":6,"height":4}},{"id":"8993f846-cbcd-4688-9f89-1762905f03df","block_type":"box","text":"Products and Services - c","page_number":196,"box":{"x":212,"y":594,"width":219,"height":9}},{"id":"58fe417f-3135-4e06-b53c-588278c72b0e","block_type":"box","text":"onsideration will be given to the revenue a company","page_number":196,"box":{"x":432,"y":594,"width":416,"height":11}},{"id":"cf090f1d-c310-41f9-a418-088b940ef289","block_type":"box","text":"generates from products and services that are linked to investment themes that fall","page_number":196,"box":{"x":212,"y":607,"width":636,"height":11}},{"id":"206f7375-3e9b-4d33-bc22-620e7e927abb","block_type":"box","text":"under one or more of the three pillars.","page_number":196,"box":{"x":212,"y":621,"width":279,"height":11}},{"id":"32cf8b4e-0043-49ad-be3c-7ca750ed582d","block_type":"box","text":"","page_number":196,"box":{"x":182,"y":639,"width":6,"height":4}},{"id":"5df13928-03a6-42d5-92ed-0d674e3a31cf","block_type":"box","text":"Operations –","page_number":196,"box":{"x":212,"y":636,"width":104,"height":11}},{"id":"be2ffc24-11ae-4ce3-897c-d6e355e8e566","block_type":"box","text":"consideration is given to the sustainability practices of a company’s","page_number":196,"box":{"x":325,"y":636,"width":523,"height":11}},{"id":"b8aaf88a-7650-4f86-9f9e-90d51eaa960e","block_type":"box","text":"operations. The Investment Manager may look at a range of factors to assess a","page_number":196,"box":{"x":212,"y":649,"width":636,"height":11}},{"id":"46315f40-1c5f-4aeb-bd4f-3ee70f6f5ff0","block_type":"box","text":"company’s operations against investment themes linked to the three pillars, including","page_number":196,"box":{"x":212,"y":663,"width":636,"height":11}},{"id":"3ecec1df-b015-421b-b127-b607b2a056fb","block_type":"box","text":"(for example) its governance commitments, policies and actions to manage social and","page_number":196,"box":{"x":212,"y":676,"width":636,"height":12}},{"id":"784161ce-cc91-4293-9518-25a19e87ec7b","block_type":"box","text":"environmental issues, and performance compared to peers.","page_number":196,"box":{"x":212,"y":690,"width":441,"height":11}},{"id":"80ade9dd-c380-4ffb-b6a0-9bb496f9bdaa","block_type":"box","text":"As noted above, a GSS bond may also be included in the Fund’s minimum stewardship","page_number":196,"box":{"x":151,"y":717,"width":697,"height":11}},{"id":"63e1457e-e5eb-453f-8d43-8f6f1d320ad5","block_type":"box","text":"allocation.","page_number":196,"box":{"x":151,"y":731,"width":73,"height":9}},{"id":"a9b944f7-6273-4896-8e5b-ebb13118fa41","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship","page_number":196,"box":{"x":244,"y":731,"width":604,"height":11}},{"id":"f60f12d9-5977-4ec6-aec8-87552fe3d34f","block_type":"box","text":"allocation is achieved","page_number":196,"box":{"x":151,"y":745,"width":172,"height":8}},{"id":"fb03ea56-cdd0-4a76-8667-582d997096db","block_type":"box","text":".","page_number":196,"box":{"x":326,"y":752,"width":1,"height":1}},{"id":"1f7bb8e3-1f52-4ae8-854c-904b80623d3c","block_type":"box","text":"Investors should note that, in the event the Fund has large cash holdings, as a result of or to","page_number":196,"box":{"x":152,"y":772,"width":696,"height":11}},{"id":"4089f5d9-5577-4201-9444-4f78cd06114e","block_type":"box","text":"facilitate dealing activity, the Fund’s minimum stewardship allocation may fall below 70%. Any","page_number":196,"box":{"x":151,"y":786,"width":698,"height":11}},{"id":"86a25b12-5b10-437d-aa06-7acb5a66e060","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary until such time as the cash is","page_number":196,"box":{"x":151,"y":799,"width":697,"height":11}},{"id":"4aaadba1-b164-4f26-8aaa-d6306cf01c0f","block_type":"box","text":"paid-out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":196,"box":{"x":151,"y":813,"width":697,"height":11}},{"id":"5f22fa32-bdbd-483e-a989-93e576f40fcb","block_type":"box","text":"policies.","page_number":196,"box":{"x":151,"y":827,"width":59,"height":11}},{"id":"08071eb6-6921-4da8-a43d-91885f4a0790","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":196,"box":{"x":151,"y":854,"width":697,"height":11}},{"id":"5b5d05e9-b24b-44d5-b62b-512f943b9794","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":196,"box":{"x":151,"y":868,"width":696,"height":11}},{"id":"2601da9e-b6cc-4305-b490-e83179146dc1","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets include investments","page_number":196,"box":{"x":151,"y":881,"width":697,"height":11}},{"id":"f223177f-3db7-4351-b581-8d8466451e5e","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":196,"box":{"x":151,"y":895,"width":696,"height":11}},{"id":"7079c240-981b-4c11-b4b1-d58d029ebc20","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":197,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"90271574-a393-4081-ac3e-1a39c52cbe52","block_type":"box","text":"197","page_number":197,"box":{"x":828,"y":923,"width":20,"height":6}},{"id":"c4b1be80-abb3-47ca-885d-75bd2c2596aa","block_type":"box","text":"Aviva Investors: Public","page_number":197,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"03798789-b0f1-4eb5-a446-8f46c56e40bd","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":197,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"6e954762-891b-4de5-bfaa-4a0828e34603","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":197,"box":{"x":151,"y":101,"width":696,"height":11}},{"id":"c884a60e-acfb-41f9-8138-8f86fb90432d","block_type":"box","text":"cash, money market instruments, third-party funds and derivatives) or where there is insufficient","page_number":197,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"e775298e-8f51-4978-a827-60b6d8c37b84","block_type":"box","text":"sustainability data available to determine if that investment meets the Investment Manager’s","page_number":197,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"ba434eed-0d92-4226-ac11-745ce171185a","block_type":"box","text":"criteria (for example, government issued bonds that are not GSS bonds). The Fund may hold","page_number":197,"box":{"x":151,"y":142,"width":697,"height":11}},{"id":"3f23831a-bb1d-43a9-94ca-38b9e88f807d","block_type":"box","text":"such neutral assets in order to support the financial objectives of the Fund, for liquidity purposes","page_number":197,"box":{"x":151,"y":156,"width":697,"height":11}},{"id":"383c5a00-6ce6-454a-899b-90642f7460fb","block_type":"box","text":"and for efficient portfolio management purposes.","page_number":197,"box":{"x":151,"y":169,"width":358,"height":12}},{"id":"52dc6cd1-8380-4421-b4c5-16c89f95776f","block_type":"box","text":"The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a","page_number":197,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"c3679ec8-7f4f-476d-9df5-627b3d3ae894","block_type":"box","text":"range of key sustainability indicators (KPIs) to ensure that the investments remain compliant","page_number":197,"box":{"x":152,"y":210,"width":696,"height":12}},{"id":"14595970-4c8a-45e6-af8d-6004309cca77","block_type":"box","text":"with the Investment Manager’s investment framework – please see “Sustainability Strategy”","page_number":197,"box":{"x":151,"y":224,"width":697,"height":11}},{"id":"0199a13e-24e7-417a-974b-619b6714c031","block_type":"box","text":"below for further information.","page_number":197,"box":{"x":151,"y":238,"width":216,"height":9}},{"id":"7dab8fd8-0e5f-48a0-8792-8de48eaef5db","block_type":"box","text":"The Fund is part of a range of four stewardship multi asset funds, each with their own risk","page_number":197,"box":{"x":151,"y":265,"width":698,"height":11}},{"id":"d5c12bc6-d03b-4e6f-a100-47b5927d76c7","block_type":"box","text":"profile, ranging from I (the lowest) to IV (the highest), This Fund is number I in the range with a","page_number":197,"box":{"x":151,"y":279,"width":697,"height":11}},{"id":"7b4a9c36-b99f-4cdf-8471-761a43a905b0","block_type":"box","text":"“defensive” risk profile, as defined by its risk range and Volatility Index. For more information","page_number":197,"box":{"x":151,"y":292,"width":696,"height":12}},{"id":"15be3f9e-b2f3-4e6e-b944-eef3fc7f0e3d","block_type":"box","text":"on these funds, please refer to the prospectus.","page_number":197,"box":{"x":151,"y":306,"width":344,"height":11}},{"id":"c40c01ba-58af-4718-bcc5-699cbd50a826","block_type":"box","text":"Performance and Risk Measurement:","page_number":197,"box":{"x":152,"y":333,"width":297,"height":9}},{"id":"fb383e42-542f-4af0-a06c-a4d78d222f19","block_type":"box","text":"The Fund’s financial performance can be compared","page_number":197,"box":{"x":457,"y":333,"width":391,"height":11}},{"id":"648d8301-fbc0-4967-bbc0-67ed61e05f74","block_type":"box","text":"against the Investment Association Mixed Investments 0-35% sector (the “","page_number":197,"box":{"x":151,"y":347,"width":594,"height":11}},{"id":"3a7649f2-18f8-4239-b45d-8f1cd61f6b70","block_type":"box","text":"Performance","page_number":197,"box":{"x":747,"y":347,"width":101,"height":9}},{"id":"8969ff8b-a351-47f9-a9f5-795ca3706cbf","block_type":"box","text":"Sector","page_number":197,"box":{"x":151,"y":360,"width":51,"height":9}},{"id":"dadf8abb-5344-4af1-b355-6520df1c6d0e","block_type":"box","text":"”). The Performance Sector has been chosen because it reflects the performance of","page_number":197,"box":{"x":203,"y":360,"width":645,"height":12}},{"id":"8a8019b6-8a71-4c01-acef-cbc3e47f79ae","block_type":"box","text":"other funds with a similar asset allocation, however, investors should be aware that the actual","page_number":197,"box":{"x":151,"y":374,"width":696,"height":11}},{"id":"2b65b394-936f-496c-abfa-5e3229def93c","block_type":"box","text":"asset allocation will be in line with the Fund’s volatility target and minimum stewardship","page_number":197,"box":{"x":151,"y":388,"width":697,"height":11}},{"id":"bcd5eddb-50c0-4f14-bbed-f5b1a9f41c17","block_type":"box","text":"allocation, and therefore the Performance Sector is only an indicator of the performance that","page_number":197,"box":{"x":151,"y":402,"width":697,"height":11}},{"id":"5d7426b2-a103-49ba-ac19-6ee7e3b1b732","block_type":"box","text":"may be expected.","page_number":197,"box":{"x":152,"y":415,"width":129,"height":11}},{"id":"496f4b06-868b-4c73-ad76-718c1c81aba7","block_type":"box","text":"The Fund’s volatility is measured against the Volatility Index. 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The Investment Manager may look at a range of factors to assess a","page_number":206,"box":{"x":212,"y":635,"width":636,"height":12}},{"id":"a8d05ddd-90e1-4e25-9c5a-c283c3eb1bf2","block_type":"box","text":"company’s operations against investment themes linked to the three pillars, including","page_number":206,"box":{"x":212,"y":649,"width":636,"height":11}},{"id":"a808fd3b-660b-4dfb-925b-629b62dc85e7","block_type":"box","text":"(for example) its governance commitments, policies and actions to manage social and","page_number":206,"box":{"x":212,"y":663,"width":636,"height":11}},{"id":"2bc0ebac-1f18-41b7-b4a3-8260bac62d53","block_type":"box","text":"environmental issues, and performance compared to peers.","page_number":206,"box":{"x":212,"y":676,"width":441,"height":11}},{"id":"ddaf1b83-4542-4952-8f4f-97e343df3427","block_type":"box","text":"As noted above, a GSS bond may also be included in the Fund’s minimum stewardship","page_number":206,"box":{"x":151,"y":704,"width":697,"height":11}},{"id":"ea2c89d2-761d-4a34-80fa-87c65c83f2c1","block_type":"box","text":"allocation.","page_number":206,"box":{"x":151,"y":717,"width":73,"height":9}},{"id":"d621ccdc-cc6d-4ef5-906c-4e23dcdfe61f","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship","page_number":206,"box":{"x":244,"y":717,"width":604,"height":11}},{"id":"31afbf87-15ab-41c5-9b27-416f696633b4","block_type":"box","text":"allocation is achieved","page_number":206,"box":{"x":151,"y":731,"width":172,"height":9}},{"id":"e1002ab9-406e-4eab-a0af-0466fbec93bf","block_type":"box","text":".","page_number":206,"box":{"x":326,"y":738,"width":1,"height":2}},{"id":"f5628542-7c7d-42ca-9c7a-39bfbd6d4c5a","block_type":"box","text":"Investors should note that, in the event the Fund has large cash holdings, as a result of or to","page_number":206,"box":{"x":152,"y":758,"width":696,"height":11}},{"id":"93e49514-53ce-4481-8c41-d2924d6aec07","block_type":"box","text":"facilitate dealing activity, the Fund’s minimum stewardship allocation may fall below 70%. Any","page_number":206,"box":{"x":151,"y":772,"width":698,"height":11}},{"id":"07da55e8-bd32-4c06-bc5b-ffe3274f0b54","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary until such time as the cash is","page_number":206,"box":{"x":151,"y":786,"width":697,"height":11}},{"id":"63034652-4403-4548-8c44-e0e71e419516","block_type":"box","text":"paid-out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":206,"box":{"x":151,"y":799,"width":697,"height":11}},{"id":"21c74d9e-6c6b-441e-8a59-23064fbebbde","block_type":"box","text":"policies.","page_number":206,"box":{"x":151,"y":813,"width":59,"height":11}},{"id":"55e20fbd-16a9-4cbd-ba3c-57e66021bdce","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":206,"box":{"x":151,"y":840,"width":697,"height":11}},{"id":"46aa9318-e786-4a70-8d20-5b9f5b40d0d1","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":206,"box":{"x":151,"y":854,"width":696,"height":11}},{"id":"afce3c75-cb33-4915-a1cb-9e095bacd74d","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets include investments","page_number":206,"box":{"x":151,"y":868,"width":697,"height":11}},{"id":"7d317956-c25d-4abc-9d16-f5bc121de9b7","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":206,"box":{"x":151,"y":881,"width":696,"height":11}},{"id":"652d6b48-2150-4f58-ab5c-426ae3266738","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":206,"box":{"x":151,"y":895,"width":697,"height":11}},{"id":"5a92548d-0d7d-4eaf-b758-20f9bf12802b","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":207,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"15ad212a-fe2c-4c45-b4bb-373dad37d9f0","block_type":"box","text":"207","page_number":207,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"dab4a36f-a5d4-4983-b254-43ea3441a92d","block_type":"box","text":"Aviva Investors: Public","page_number":207,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"48b9d568-b31a-4e41-b29e-b2e949de6d7c","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":207,"box":{"x":151,"y":87,"width":696,"height":12}},{"id":"4bece044-86b7-42a2-b294-b0bc549100a4","block_type":"box","text":"cash, money market instruments, third-party funds and derivatives) or where there is insufficient","page_number":207,"box":{"x":151,"y":101,"width":697,"height":11}},{"id":"0c39a42d-9649-43d3-8328-d82387eca90a","block_type":"box","text":"sustainability data available to determine if that investment meets the Investment Manager’s","page_number":207,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"aac871c7-8720-4c69-ad81-d7e838e5f372","block_type":"box","text":"criteria (for example, bonds issued by governments that are not GSS bonds). The Fund may","page_number":207,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"c91119d0-ea07-411f-b7eb-c5fecb26d4fb","block_type":"box","text":"hold such neutral assets in order to support the financial objectives of the Fund, for liquidity","page_number":207,"box":{"x":152,"y":142,"width":696,"height":11}},{"id":"dc66b52d-69d5-43d2-af80-844d18ff6aa3","block_type":"box","text":"purposes and for efficient portfolio management purposes.","page_number":207,"box":{"x":151,"y":156,"width":432,"height":11}},{"id":"1ba57e74-83a5-42ca-b660-b28784f0c8aa","block_type":"box","text":"The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a","page_number":207,"box":{"x":151,"y":183,"width":697,"height":11}},{"id":"12b0de1d-6cfa-47c4-8a04-79849d9b6d08","block_type":"box","text":"range of key sustainability indicators (KPIs) to ensure that the investments remain compliant","page_number":207,"box":{"x":152,"y":197,"width":696,"height":11}},{"id":"31c3ff55-6b62-41d0-aaa7-c17059df2423","block_type":"box","text":"with the Investment Manager’s investment framework – please see “Sustainability Strategy”","page_number":207,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"a703fef9-b388-40a4-aa55-c3897752077f","block_type":"box","text":"below for further information.","page_number":207,"box":{"x":151,"y":224,"width":212,"height":9}},{"id":"f4dc4b5f-1e68-4eed-a86c-494c46295496","block_type":"box","text":"The Fund is part of a range of four stewardship multi asset funds, each with their own risk","page_number":207,"box":{"x":151,"y":251,"width":698,"height":12}},{"id":"8e36eec1-4c1a-4251-843e-46a74d05e000","block_type":"box","text":"profile, ranging from I (the lowest) to IV (the highest). 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The Performance Sector has been chosen because it reflects the performance of","page_number":207,"box":{"x":203,"y":347,"width":645,"height":11}},{"id":"607d588c-fdb1-475a-ab8a-f38395636a4a","block_type":"box","text":"other funds with a similar asset allocation, however, investors should be aware that the actual","page_number":207,"box":{"x":151,"y":361,"width":696,"height":10}},{"id":"f6235575-60bb-45fd-a1b9-25ecb0f6c058","block_type":"box","text":"asset allocation will be in line with the Fund’s volatility target and minimum stewardship","page_number":207,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"216b77f9-8a98-4d77-87a6-260735512b2c","block_type":"box","text":"allocation, and therefore the Performance Sector is only an indicator of the performance that","page_number":207,"box":{"x":151,"y":388,"width":697,"height":11}},{"id":"0cce3dd6-b3fd-4d70-a794-112071da88d4","block_type":"box","text":"may be expected.","page_number":207,"box":{"x":152,"y":402,"width":129,"height":11}},{"id":"2e360655-8ece-4fd2-b4f5-f2f799047deb","block_type":"box","text":"The Fund’s volatility is measured against the Volatility Index. Volatility measures how much the","page_number":207,"box":{"x":151,"y":429,"width":697,"height":11}},{"id":"b721b3a7-0f14-402c-b758-d46d1a90fca3","block_type":"box","text":"returns of the Fund may fluctuate and is an indicator of the level of risk taken by the Investment","page_number":207,"box":{"x":152,"y":443,"width":696,"height":11}},{"id":"e94d2904-08a6-42b1-b78f-a0c782c41898","block_type":"box","text":"Manager. 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These pillars have been developed to encapsulate","page_number":207,"box":{"x":151,"y":620,"width":697,"height":11}},{"id":"a7444fa6-91f3-4045-8db8-7427c7f02e1f","block_type":"box","text":"the aims of the United Nations’ Sustainable Development Goals (SDGs), which the Investment","page_number":207,"box":{"x":151,"y":634,"width":697,"height":11}},{"id":"b58f5306-11f4-41bc-aba7-537f88292f3c","block_type":"box","text":"Manager believes provide a global consensus on major developmental challenges facing the","page_number":207,"box":{"x":152,"y":647,"width":696,"height":12}},{"id":"72a74388-b6b2-48bc-9526-c623dfee6220","block_type":"box","text":"world and on what activities or behaviours can (or can’t) be categorised as “sustainable”.","page_number":207,"box":{"x":151,"y":661,"width":655,"height":11}},{"id":"001f3958-faea-48ae-a5ce-4070afffb3b1","block_type":"box","text":"Following the exclusion of companies by the stewardship exclusions (as described above), 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its","page_number":207,"box":{"x":212,"y":840,"width":636,"height":11}},{"id":"69317aea-8ea9-45f8-b8ff-0de5a5ccfed1","block_type":"box","text":"governance commitments, policies and actions to manage social and environmental","page_number":207,"box":{"x":212,"y":854,"width":636,"height":11}},{"id":"48deb230-8c93-4343-bbe8-c20200737170","block_type":"box","text":"issues, and performance compared to peers.","page_number":207,"box":{"x":212,"y":868,"width":331,"height":11}},{"id":"41c85add-a9b7-4c07-8284-39d87c5580c3","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":208,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"a31061b6-7bf3-4529-89ed-297a95c4f52e","block_type":"box","text":"208","page_number":208,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"5e8fbab9-53b8-4273-8569-be86e1f013ff","block_type":"box","text":"Aviva Investors: 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The Investment Manager will therefore require","page_number":211,"box":{"x":152,"y":101,"width":696,"height":11}},{"id":"f6a88a5c-fc6f-4297-aff0-c32b5d40eba5","block_type":"box","text":"evidence (such as a formal commitment made in public or through direct engagement with the","page_number":211,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"950fe9e9-d000-4319-b46f-691ce514d3fa","block_type":"box","text":"company) that the company is investing in, researching and developing sustainable","page_number":211,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"79a874eb-ee77-42e8-9635-98f0a9142b9c","block_type":"box","text":"products/services, and that such products/services are likely to be a material (i.e. at least 20%)","page_number":211,"box":{"x":151,"y":142,"width":696,"height":11}},{"id":"9138bbb8-6788-4b0a-9af7-2e07de2c46b7","block_type":"box","text":"revenue stream for the company over time. In the case of issuers that are in the early stages","page_number":211,"box":{"x":152,"y":156,"width":696,"height":11}},{"id":"a0f349b2-9e86-4ea6-bcca-e3af1b12b5c2","block_type":"box","text":"of development or investment where there is no revenue data available yet, the Investment","page_number":211,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"6d83d901-5585-42ed-9439-ec2ae7483853","block_type":"box","text":"Manager may employ bespoke financial models to estimate the revenue potential of the","page_number":211,"box":{"x":152,"y":183,"width":696,"height":11}},{"id":"466c8a6f-6344-49c3-8c67-939f1067d6ee","block_type":"box","text":"business segment that can capture the unique nature of such investments.","page_number":211,"box":{"x":151,"y":197,"width":552,"height":11}},{"id":"7fc277fd-7249-49c0-acf0-385fa25712aa","block_type":"box","text":"Operations companies","page_number":211,"box":{"x":151,"y":222,"width":180,"height":11}},{"id":"eced47a6-16fc-4230-b751-24dffa58c336","block_type":"box","text":"To qualify for investment as an “operations” company, that company will need to demonstrate","page_number":211,"box":{"x":151,"y":248,"width":697,"height":11}},{"id":"633b7142-72b3-4b60-be54-7e1127c34d0c","block_type":"box","text":"that it is aligned or is actively aligning its business models and operations to one or more of the","page_number":211,"box":{"x":151,"y":262,"width":697,"height":11}},{"id":"24c9ddfe-79f6-406c-ab98-9127737bc0ff","block_type":"box","text":"investment themes linked to the three pillars (see the table above). 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This can include the company’s published policies for specific themes (e.g.","page_number":211,"box":{"x":219,"y":355,"width":628,"height":12}},{"id":"33271624-26b9-4b78-ada8-cc48c892bae9","block_type":"box","text":"biodiversity protection policy, for example), or broader company disclosures through","page_number":211,"box":{"x":218,"y":369,"width":630,"height":11}},{"id":"a7a71c60-b148-4516-abfd-4bdae95c86a9","block_type":"box","text":"widely accepted governance reporting frameworks (for example, the environmental","page_number":211,"box":{"x":218,"y":383,"width":629,"height":11}},{"id":"b3cf9832-33a6-4a2b-9339-23a1375b0962","block_type":"box","text":"disclosure and scoring system operated by organisations such as CDP Worldwide).","page_number":211,"box":{"x":218,"y":396,"width":617,"height":12}},{"id":"67f1c839-0214-4f84-ba7b-7322f49b314d","block_type":"box","text":"-","page_number":211,"box":{"x":158,"y":416,"width":3,"height":0}},{"id":"ac18a8d2-1b4f-4760-9bfb-12655e4d6c4e","block_type":"box","text":"Practices","page_number":211,"box":{"x":219,"y":410,"width":74,"height":9}},{"id":"df63a8f0-c0a9-42a1-959a-392aa2556b64","block_type":"box","text":":","page_number":211,"box":{"x":294,"y":413,"width":2,"height":6}},{"id":"214e789d-f0a9-4f8e-a97d-506c90308dd9","block_type":"box","text":"Commitments to specific company actions within its operations to manage","page_number":211,"box":{"x":303,"y":410,"width":545,"height":12}},{"id":"0ddb7786-cc3a-4815-b72e-b6bb2312672e","block_type":"box","text":"and mitigate social and environmental issues. 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To be included within a Fund’s minimum","page_number":212,"box":{"x":151,"y":613,"width":696,"height":11}},{"id":"155a77d3-d2dc-44d8-b7ab-b6df3c1d4680","block_type":"box","text":"stewardship allocation, the issuance of the bond must be included in one of the databases","page_number":212,"box":{"x":151,"y":627,"width":697,"height":11}},{"id":"a2c20fc3-405a-4d32-b7f3-08e65301ba43","block_type":"box","text":"maintained by the CBI and, where relevant, positively assessed by the CBI as satisfying the","page_number":212,"box":{"x":152,"y":640,"width":696,"height":12}},{"id":"067d534a-4491-4ff7-bb77-66c4ade5e8df","block_type":"box","text":"criteria attached to that database. This process reflects that the CBI has determined that the","page_number":212,"box":{"x":151,"y":654,"width":697,"height":11}},{"id":"1e8c8a9b-5f31-4f51-9772-2c29aee394ac","block_type":"box","text":"bonds are used in the furtherance of projects or initiatives that have positive environmental,","page_number":212,"box":{"x":151,"y":668,"width":696,"height":11}},{"id":"10b0528f-9dfb-404e-ae1a-fc03d5e6702b","block_type":"box","text":"social, decarbonisation, climate or other sustainability linked benefits. Each database has its","page_number":212,"box":{"x":151,"y":681,"width":697,"height":12}},{"id":"3fd4d307-f963-4597-b9d6-726bdeeab48f","block_type":"box","text":"own criteria for the inclusion of bonds on that database, with a published methodology relevant","page_number":212,"box":{"x":151,"y":695,"width":697,"height":11}},{"id":"b898f2c4-2a7f-4049-9ba4-6d1901812ed5","block_type":"box","text":"to the category of bond.","page_number":212,"box":{"x":151,"y":709,"width":174,"height":11}},{"id":"0e8f5e89-1a9f-4889-988a-58218b4e3331","block_type":"box","text":"The CBI continues to track the issuance of all bonds included on one of its databases. In the","page_number":212,"box":{"x":151,"y":734,"width":697,"height":9}},{"id":"c59c2183-33ed-4094-91d2-2274c85e3ac1","block_type":"box","text":"event a bond held by the Fund is subsequently identified by the Investment Manager as no","page_number":212,"box":{"x":151,"y":748,"width":697,"height":11}},{"id":"170d2bd9-68f0-4a97-921a-1d25a965b537","block_type":"box","text":"longer being included on the relevant CBI database, or is no longer positively assessed by the","page_number":212,"box":{"x":152,"y":761,"width":696,"height":12}},{"id":"976af069-2449-4a65-bb7b-261a3d85cf69","block_type":"box","text":"CBI as satisfying the relevant criteria for that database, the bond will no longer contribute","page_number":212,"box":{"x":151,"y":775,"width":697,"height":11}},{"id":"19175a70-9698-4f92-8f82-2e084f90546c","block_type":"box","text":"towards the Fund’s minimum stewardship allocation and may, if necessary, be disposed of in","page_number":212,"box":{"x":151,"y":789,"width":696,"height":11}},{"id":"84641462-6c35-4c49-ac00-5473f62f97d5","block_type":"box","text":"accordance with the monitoring and divestment policy used for the screens described above.","page_number":212,"box":{"x":151,"y":803,"width":696,"height":11}},{"id":"afb57875-7433-4f7a-b61b-33a5e21e9662","block_type":"box","text":"Further information on the CBI can be found at:","page_number":212,"box":{"x":152,"y":816,"width":348,"height":9}},{"id":"0f72d647-c558-42bc-b70a-7425cbcd1036","block_type":"box","text":"www.climatebonds.net","page_number":212,"box":{"x":506,"y":816,"width":168,"height":9}},{"id":"738c4a58-f020-4f74-98ca-3b26fd9ebecf","block_type":"box","text":".","page_number":212,"box":{"x":676,"y":824,"width":1,"height":1}},{"id":"6e8cff4b-b150-430a-9cee-72c0c80ba557","block_type":"box","text":"Monitoring","page_number":212,"box":{"x":152,"y":842,"width":84,"height":11}},{"id":"e6126393-7955-42e4-a558-5cf7f0e350d8","block_type":"box","text":"Once an investment is made, it is monitored by the Investment Manager to ensure that it","page_number":212,"box":{"x":151,"y":867,"width":697,"height":11}},{"id":"4be0f348-e392-4a78-b832-359d3b31ae10","block_type":"box","text":"continues to meet the requirements of the investment framework. If the available data indicates","page_number":212,"box":{"x":151,"y":881,"width":697,"height":11}},{"id":"d3b68a25-f82b-443e-9de9-14cd4c1b1ada","block_type":"box","text":"that this is no longer the case, the Investment Manager will conduct a qualitative review of the","page_number":212,"box":{"x":151,"y":894,"width":697,"height":12}},{"id":"27557e41-d91e-47ba-b2e0-d0ca45db6417","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":213,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"a7487a90-94fd-4df9-89ed-738581ba35c8","block_type":"box","text":"213","page_number":213,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"987324ef-9b97-4076-9bd0-87bc0f4ece1c","block_type":"box","text":"Aviva Investors: Public","page_number":213,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"809decbd-3948-4d07-8b1c-bbc8079091ee","block_type":"box","text":"relevant company. If the Investment Manager subsequently determines that the company no","page_number":213,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"c5ba04b2-6d91-44a3-adaa-6331a0a01f5a","block_type":"box","text":"longer meets the requirements of the investment framework, it will be disposed of as soon as","page_number":213,"box":{"x":152,"y":101,"width":696,"height":11}},{"id":"49521336-403c-4bae-89b3-ef79610a7ec2","block_type":"box","text":"reasonably practicable having regard to the interests of investors in the Fund.","page_number":213,"box":{"x":152,"y":115,"width":571,"height":11}},{"id":"bd1be8b9-7975-4cca-9e6d-566f09f622f9","block_type":"box","text":"Engagement","page_number":213,"box":{"x":152,"y":141,"width":99,"height":11}},{"id":"f1315b8a-6eb8-419c-b515-e75fad77cd36","block_type":"box","text":"The Investment Manager engages with investee companies on thematic issues with the aim of","page_number":213,"box":{"x":151,"y":160,"width":697,"height":11}},{"id":"59b004a7-f860-4295-9b1c-1857d47d78b3","block_type":"box","text":"positively influencing sustainable behaviours. Thematic engagement programmes will target a","page_number":213,"box":{"x":151,"y":174,"width":697,"height":11}},{"id":"69ddcb73-3823-4ab3-a325-a408a675bc17","block_type":"box","text":"subset of companies within the Fund, with specific engagement asks for companies to pursue","page_number":213,"box":{"x":151,"y":187,"width":697,"height":11}},{"id":"500489f5-34a3-47e1-b9a4-95cf76e7858b","block_type":"box","text":"progress on key themes and areas captured by the investment framework. 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As these screens only exclude shares","page_number":216,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"a5fa868f-b8e1-4d9c-8b5a-70475a3c920b","block_type":"box","text":"and bonds issued by companies, this screening process is not applied to other investments, for","page_number":216,"box":{"x":151,"y":128,"width":698,"height":12}},{"id":"50c7c6f7-c2c0-42d0-90b8-94bec3cd06a7","block_type":"box","text":"example, government bonds, cash and certain derivatives.","page_number":216,"box":{"x":151,"y":142,"width":432,"height":11}},{"id":"23efacf5-fee3-48eb-84b2-8a20617bcf46","block_type":"box","text":"The Fund can invest in Green, Social, or Sustainability (","page_number":216,"box":{"x":151,"y":169,"width":447,"height":12}},{"id":"bf5f7c2e-8b68-49f4-93e1-3b5957082a6b","block_type":"box","text":"GSS","page_number":216,"box":{"x":600,"y":169,"width":34,"height":9}},{"id":"a8514c68-505f-44ef-b7ca-1d6c17e88ab6","block_type":"box","text":") bonds (see “Sustainability","page_number":216,"box":{"x":635,"y":169,"width":213,"height":12}},{"id":"9b812a36-3113-4cad-83a4-5f3fc5887757","block_type":"box","text":"Strategy” below for more detail on GSS bonds) issued by otherwise excluded issuers where","page_number":216,"box":{"x":151,"y":183,"width":697,"height":11}},{"id":"58de1acc-18cc-4a51-9b41-3ad76f68ba8b","block_type":"box","text":"there is strong evidence that the proceeds from the GSS bond are intended for projects or","page_number":216,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"a140f325-7e6b-4075-8315-4a31831529d6","block_type":"box","text":"initiatives with positive environmental, social, or sustainability benefits, and the use of proceeds","page_number":216,"box":{"x":152,"y":210,"width":696,"height":12}},{"id":"70fbafbe-53df-4cd1-a69a-f0496534bb9f","block_type":"box","text":"for that GSS bond meets the requirements of the Investment Manager’s Sustainability Strategy","page_number":216,"box":{"x":151,"y":224,"width":697,"height":11}},{"id":"fa40e8fe-71a7-48e6-abdd-63a1116f8a04","block_type":"box","text":"(see below).","page_number":216,"box":{"x":152,"y":238,"width":88,"height":11}},{"id":"9ab0afc5-834c-4e47-a571-2c961779cd03","block_type":"box","text":"Investment Strategy and Asset Selection:","page_number":216,"box":{"x":152,"y":265,"width":353,"height":11}},{"id":"30ea2986-b0b0-45db-8830-62254f1d8163","block_type":"box","text":"The Fund is actively managed, selecting","page_number":216,"box":{"x":517,"y":265,"width":331,"height":11}},{"id":"785acd33-339c-47d8-bae9-ebb8ff92da34","block_type":"box","text":"investments aligned to the Fund’s growth aims and volatility target, and in-line with the Fund’s","page_number":216,"box":{"x":152,"y":279,"width":696,"height":11}},{"id":"5e6e1b20-efb4-4ade-b52f-76bf4e67e785","block_type":"box","text":"Sustainability Strategy (see below). The Investment Manager aims through the responsible","page_number":216,"box":{"x":151,"y":292,"width":697,"height":12}},{"id":"855656dd-7cf3-49c8-88c3-80db414c4691","block_type":"box","text":"allocation of capital (stewardship) to encourage companies to improve environmental and/or","page_number":216,"box":{"x":151,"y":306,"width":698,"height":11}},{"id":"a3a3fb2d-01b6-4cad-b6ef-c3bd6aaf5d03","block_type":"box","text":"social outcomes through their products and services, and/or through their operations.","page_number":216,"box":{"x":151,"y":320,"width":629,"height":11}},{"id":"8da9af90-b282-444a-9bbd-5bcfe34aa625","block_type":"box","text":"In addition, the Investment Manager aims to provide returns consistent with the Fund’s volatility","page_number":216,"box":{"x":152,"y":347,"width":697,"height":11}},{"id":"8ceb9c25-7472-4cb2-8bcd-dcf29f4ebc36","block_type":"box","text":"aims, based on a longer-term outlook, by blending different asset classes for diversification","page_number":216,"box":{"x":151,"y":361,"width":697,"height":11}},{"id":"5ff1fc5a-ca7b-4d64-991d-5d30087855c5","block_type":"box","text":"purposes. The asset mix of the Fund will periodically be rebalanced taking into account these","page_number":216,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"8f02b346-bdc8-4da0-85ab-8067e1f0a02a","block_type":"box","text":"aims and market conditions, whilst the Investment Manager may also engage in tactical asset","page_number":216,"box":{"x":151,"y":388,"width":697,"height":11}},{"id":"f675dd15-6034-40f0-a348-582591c9a500","block_type":"box","text":"allocation (“","page_number":216,"box":{"x":151,"y":402,"width":86,"height":11}},{"id":"3ab95f19-844b-4fbc-9676-0b5672ee60c9","block_type":"box","text":"TAA","page_number":216,"box":{"x":237,"y":402,"width":34,"height":8}},{"id":"089d1b08-3183-497d-9370-523b1943086d","block_type":"box","text":"”) decisions.","page_number":216,"box":{"x":272,"y":402,"width":89,"height":11}},{"id":"33be0c54-7b90-4c0a-9de4-5150180f39a5","block_type":"box","text":"Derivatives may be used for efficient portfolio management purposes, for example, to gain","page_number":216,"box":{"x":152,"y":429,"width":696,"height":11}},{"id":"fef9603c-1a29-4cd0-b5fc-6428323c4881","block_type":"box","text":"exposure to asset classes which may otherwise be difficult or costly to achieve, or to manage","page_number":216,"box":{"x":151,"y":443,"width":697,"height":11}},{"id":"283233d9-dd97-4f70-a230-3caf29b3a3b1","block_type":"box","text":"the Fund’s cash flows in a cost-effective manner, and to reduce risk within the Fund. Therefore,","page_number":216,"box":{"x":151,"y":456,"width":696,"height":11}},{"id":"e51d0523-c5c0-4687-b56e-9743418c8170","block_type":"box","text":"derivatives used for these purposes may be more extensive at times when there are large cash","page_number":216,"box":{"x":151,"y":470,"width":697,"height":11}},{"id":"023d0376-37af-4ac9-8934-0305214eb982","block_type":"box","text":"inflows into the Fund. Derivatives may also be used for investment purposes to generate","page_number":216,"box":{"x":152,"y":484,"width":696,"height":11}},{"id":"d0b76aa3-ad4d-4897-9d5f-8fc353ea2399","block_type":"box","text":"additional returns, for example to access TAA opportunities, but will not materially alter the risk","page_number":216,"box":{"x":151,"y":497,"width":697,"height":11}},{"id":"db5aa7c8-07fe-4c53-a8a6-6a69607280d1","block_type":"box","text":"profile of the Fund.","page_number":216,"box":{"x":151,"y":511,"width":138,"height":11}},{"id":"ff4572a4-41af-485a-ab11-ce2b6401903b","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe","page_number":216,"box":{"x":151,"y":538,"width":697,"height":11}},{"id":"5df93670-ba7b-452e-88f5-1298009a044a","block_type":"box","text":"(see above), the Fund must invest in its minimum stewardship allocation. To be eligible for","page_number":216,"box":{"x":152,"y":552,"width":697,"height":11}},{"id":"815267b8-31f8-452f-a886-ca5caebfcd48","block_type":"box","text":"investment, the company must meet the Fund’s qualifying criteria through either the company’s:","page_number":216,"box":{"x":152,"y":566,"width":695,"height":11}},{"id":"6587d993-cd80-4057-bfaa-f3cf92e7c0b6","block_type":"box","text":"","page_number":216,"box":{"x":182,"y":597,"width":6,"height":4}},{"id":"e3fe8748-6fe2-4518-bbfd-b83f19ba4a32","block_type":"box","text":"Products and Services -","page_number":216,"box":{"x":212,"y":594,"width":201,"height":9}},{"id":"f0f9132e-3fd6-482c-9b53-d6edb8df32ac","block_type":"box","text":"consideration will be given to the revenue a company","page_number":216,"box":{"x":423,"y":594,"width":425,"height":11}},{"id":"5a7b2b13-8e65-4c48-918e-3638384abdab","block_type":"box","text":"generates from products and services that are linked to investment themes that fall","page_number":216,"box":{"x":212,"y":607,"width":636,"height":11}},{"id":"7bbb259c-70e3-4f15-9e97-0c6083edce58","block_type":"box","text":"under one or more of the three pillars.","page_number":216,"box":{"x":212,"y":621,"width":279,"height":11}},{"id":"8ba26e01-4b72-4e63-9fda-50c97ce29f50","block_type":"box","text":"","page_number":216,"box":{"x":182,"y":639,"width":6,"height":4}},{"id":"88efc839-821d-4dd8-879a-99c5e38a5ef3","block_type":"box","text":"Operations -","page_number":216,"box":{"x":212,"y":636,"width":100,"height":11}},{"id":"5827c24b-d897-4e40-b2af-502a2db0487b","block_type":"box","text":"consideration is given to the sustainability practices of a company’s","page_number":216,"box":{"x":322,"y":636,"width":526,"height":11}},{"id":"6c013dae-c1e5-4854-8b83-6c0e4e6ffa10","block_type":"box","text":"operations. The Investment Manager may look at a range of factors to assess a","page_number":216,"box":{"x":212,"y":649,"width":636,"height":11}},{"id":"d9d88c46-f072-4621-8487-d4b56ce789ad","block_type":"box","text":"company’s operations against investment themes linked to the three pillars, including","page_number":216,"box":{"x":212,"y":663,"width":636,"height":11}},{"id":"0906bbcd-3770-49c9-bfca-22f1b7276a65","block_type":"box","text":"(for example) its governance commitments, policies and actions to manage social and","page_number":216,"box":{"x":212,"y":676,"width":636,"height":12}},{"id":"81de604e-7a87-4556-a7a1-4b4e598cb5ec","block_type":"box","text":"environmental issues, and performance compared to peers.","page_number":216,"box":{"x":212,"y":690,"width":441,"height":11}},{"id":"006d5a68-445b-4dd0-a7b0-f8b3eac68716","block_type":"box","text":"As noted above, a GSS bond may also be included in the Fund’s minimum stewardship","page_number":216,"box":{"x":151,"y":717,"width":697,"height":11}},{"id":"a5b2956a-80a3-48e4-844b-7b0a85627a51","block_type":"box","text":"allocation.","page_number":216,"box":{"x":151,"y":731,"width":73,"height":9}},{"id":"31d5ee39-fa36-4e14-bdd7-788794e74a69","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship","page_number":216,"box":{"x":244,"y":731,"width":604,"height":11}},{"id":"9683861b-d0b1-4c0e-a37c-5c2186730182","block_type":"box","text":"allocation is achieved","page_number":216,"box":{"x":151,"y":745,"width":172,"height":8}},{"id":"a9c938a5-575b-436f-b1ce-a17203831078","block_type":"box","text":".","page_number":216,"box":{"x":326,"y":752,"width":1,"height":1}},{"id":"70e623a3-7fdd-421e-9c52-c433c86cdd1b","block_type":"box","text":"Investors should note that, in the event the Fund has large cash holdings, as a result of or to","page_number":216,"box":{"x":152,"y":772,"width":696,"height":11}},{"id":"6d71a246-1c1a-4efd-b57e-ff3f0ce4e87f","block_type":"box","text":"facilitate dealing activity, the Fund’s minimum stewardship allocation may fall below 70%. Any","page_number":216,"box":{"x":151,"y":786,"width":698,"height":11}},{"id":"65d9d97a-41cc-477b-913e-cbce1cf09231","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary until such time as the cash is","page_number":216,"box":{"x":151,"y":799,"width":697,"height":11}},{"id":"905b0d27-eed3-481f-b57d-fd94b74c38a1","block_type":"box","text":"paid-out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":216,"box":{"x":151,"y":813,"width":697,"height":11}},{"id":"2c4dd9e8-0831-449a-bd7e-ca86780bbe63","block_type":"box","text":"policies.","page_number":216,"box":{"x":151,"y":827,"width":59,"height":11}},{"id":"8e015612-8a85-4e09-8faf-d66ffb61fedd","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":216,"box":{"x":151,"y":854,"width":697,"height":11}},{"id":"d888cf10-08e0-4bff-b26f-419831c0f721","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":216,"box":{"x":151,"y":868,"width":696,"height":11}},{"id":"ce59987d-def3-45bf-8434-12858907c41c","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets include investments","page_number":216,"box":{"x":151,"y":881,"width":697,"height":11}},{"id":"471f61a1-3c87-48e1-8e9c-e19a6597284c","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":216,"box":{"x":151,"y":895,"width":696,"height":11}},{"id":"6249210f-f759-4daa-8bfc-bd03399e32cc","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":217,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"5e8b24a5-10eb-4aed-b798-41160c7196c2","block_type":"box","text":"217","page_number":217,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"d8ab4731-f4f7-4566-85e0-bc7fab9208a0","block_type":"box","text":"Aviva Investors: Public","page_number":217,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"cb32d8b6-1a65-471d-9995-960e656c774f","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":217,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"4dfa6c8e-a93b-42e2-8415-b7734bfbf5a3","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":217,"box":{"x":151,"y":101,"width":696,"height":11}},{"id":"fd191e8a-d033-42b5-903d-80c3374186a3","block_type":"box","text":"cash, money market instruments, third-party funds and derivatives) or where there is insufficient","page_number":217,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"24d39644-5ec8-4f66-874c-53be2408e4a5","block_type":"box","text":"sustainability data available to determine if that investment meets the Investment Manager’s","page_number":217,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"69f4042d-5b6f-4803-b901-c45126cb1354","block_type":"box","text":"criteria (for example, bonds issued by governments that are not GSS bonds). 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The purpose of these exclusions is to ensure that the Fund does not invest in companies","page_number":225,"box":{"x":152,"y":814,"width":696,"height":11}},{"id":"23297377-8975-4907-807a-c6ec544d842c","block_type":"box","text":"that derive prescribed levels of revenue from a range of activities, including certain fossil fuel","page_number":225,"box":{"x":151,"y":827,"width":697,"height":12}},{"id":"b5b84d25-7701-4527-bd41-1987bd7fd868","block_type":"box","text":"(thermal coal, oil and gas) activities, or companies that have significant reserves of certain fossil","page_number":225,"box":{"x":152,"y":841,"width":695,"height":11}},{"id":"5f585775-cad0-412f-a10c-d7927f040e70","block_type":"box","text":"fuels, activities that are not compatible with animal welfare, or certain activities connected to","page_number":225,"box":{"x":151,"y":855,"width":697,"height":11}},{"id":"3a4eaf16-d100-43d7-bdb2-aa0dc083ae94","block_type":"box","text":"alcohol and gambling, genetic modification and adult entertainment –","page_number":225,"box":{"x":151,"y":868,"width":509,"height":12}},{"id":"eea1d1bf-684f-4b94-bd8d-79e7fb45c201","block_type":"box","text":"please see Appendices","page_number":225,"box":{"x":665,"y":868,"width":183,"height":11}},{"id":"53039bee-77db-4ba4-b78a-a2b7e0d167cc","block_type":"box","text":"2 and 3 for information on these investment restrictions","page_number":225,"box":{"x":151,"y":882,"width":444,"height":9}},{"id":"b907ac6e-75c7-4bce-a01a-28d6aa6741da","block_type":"box","text":".","page_number":225,"box":{"x":597,"y":889,"width":2,"height":2}},{"id":"5a1fa7f6-8b89-4c7f-ba4e-9a0c71f63ef7","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":226,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"278a6237-5654-474b-8efa-bfc05fd75795","block_type":"box","text":"226","page_number":226,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"9ec5a1e0-5c7a-45e9-8d6a-c624284a43d5","block_type":"box","text":"Aviva Investors: Public","page_number":226,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"45629e50-78ce-4bbe-846b-db2ce74331af","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship","page_number":226,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"13b22c11-4044-4ade-b072-591ea2f6e712","block_type":"box","text":"exclusions, the more restrictive exclusions will apply. 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The Investment Manager may look at a range of factors to assess a","page_number":226,"box":{"x":212,"y":635,"width":636,"height":12}},{"id":"bcccc6d5-1a55-4eb4-bf61-ad336db8e711","block_type":"box","text":"company’s operations against investment themes linked to the three pillars, including","page_number":226,"box":{"x":212,"y":649,"width":636,"height":11}},{"id":"0d03025c-3617-4e40-852d-00583e93125f","block_type":"box","text":"(for example) its governance commitments, policies and actions to manage social and","page_number":226,"box":{"x":212,"y":663,"width":636,"height":11}},{"id":"feda3387-44b3-4747-af16-d1ba6667a7ce","block_type":"box","text":"environmental issues, and performance compared to peers.","page_number":226,"box":{"x":212,"y":676,"width":441,"height":11}},{"id":"724ea859-18d5-431f-b4e5-cd9e2dbe2d06","block_type":"box","text":"As noted above, a GSS bond may also be included in the Fund’s minimum stewardship","page_number":226,"box":{"x":151,"y":704,"width":697,"height":11}},{"id":"3670a8d3-4e4a-42c3-aca7-b1af0fcfcc5c","block_type":"box","text":"allocation.","page_number":226,"box":{"x":151,"y":717,"width":73,"height":9}},{"id":"cac42fa2-f0b1-46cf-8055-9431a3fa0ead","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship","page_number":226,"box":{"x":244,"y":717,"width":604,"height":11}},{"id":"ffb702e5-eb6d-48f3-9032-581e73b28295","block_type":"box","text":"allocation is achieved","page_number":226,"box":{"x":151,"y":731,"width":172,"height":9}},{"id":"1cd79e56-a2fc-401d-be0f-1edecfc28426","block_type":"box","text":".","page_number":226,"box":{"x":326,"y":738,"width":1,"height":2}},{"id":"e4c2a2d2-4555-4fc8-ad4c-00d48d89c319","block_type":"box","text":"Investors should note that, in the event the Fund has large cash holdings, as a result of or to","page_number":226,"box":{"x":152,"y":758,"width":696,"height":11}},{"id":"f529f204-ef36-473f-8c9b-402c43e65d8d","block_type":"box","text":"facilitate dealing activity, the Fund’s minimum stewardship allocation may fall below 70%. Any","page_number":226,"box":{"x":151,"y":772,"width":698,"height":11}},{"id":"ba1ccb8e-2337-4e6a-9508-ad0060e8dde9","block_type":"box","text":"such shortfall in the stewardship allocation shall be temporary until such time as the cash is","page_number":226,"box":{"x":151,"y":786,"width":697,"height":11}},{"id":"7f0e1a0b-3d13-49ca-bcf6-a896a5319b3d","block_type":"box","text":"paid-out or invested (as the case may be) in accordance with the Fund’s liquidity management","page_number":226,"box":{"x":151,"y":799,"width":697,"height":11}},{"id":"129a39dd-4411-40f5-a161-2f98c5b0b3ba","block_type":"box","text":"policies.","page_number":226,"box":{"x":151,"y":813,"width":59,"height":11}},{"id":"4afbb1cb-6f18-4b60-854d-22eb7112f46c","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 30% of the Fund may be in investments","page_number":226,"box":{"x":151,"y":840,"width":697,"height":11}},{"id":"4f9a2f7a-615f-431c-909a-4c9eb847de96","block_type":"box","text":"that do not meet the standards required by the Investment Manager’s investment framework;","page_number":226,"box":{"x":151,"y":854,"width":696,"height":11}},{"id":"527b7f47-9712-43b4-b595-ba76026bd957","block_type":"box","text":"the Investment Manager refers to these as “neutral” assets. Neutral assets include investments","page_number":226,"box":{"x":151,"y":868,"width":697,"height":11}},{"id":"b7ce878c-c963-4731-b0d6-656c7d752c14","block_type":"box","text":"where the Investment Manager has determined that the issuing company has an overall neutral","page_number":226,"box":{"x":151,"y":881,"width":696,"height":11}},{"id":"fd13f2fa-a310-4af7-9c31-034f350a51da","block_type":"box","text":"alignment to the three pillars (see “Sustainability Strategy” below), the nature of the asset is","page_number":226,"box":{"x":151,"y":895,"width":697,"height":11}},{"id":"9262262f-4d03-40ea-a214-fba30d93b994","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":227,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"357b587e-cf56-4f64-a83a-74518e46678d","block_type":"box","text":"227","page_number":227,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"92045203-06d2-4fb4-a0ae-046c5f2bc1e4","block_type":"box","text":"Aviva Investors: Public","page_number":227,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"0b4c914a-d7b1-48c3-a6d5-108d658ceeb7","block_type":"box","text":"such that the sustainability characteristics of the asset are not possible to assess (for example,","page_number":227,"box":{"x":151,"y":87,"width":696,"height":12}},{"id":"c5e220e0-a149-4436-ab42-5a4006b9c8d1","block_type":"box","text":"cash, money market instruments, third-party funds and derivatives) or where there is insufficient","page_number":227,"box":{"x":151,"y":101,"width":697,"height":11}},{"id":"43f763f7-a09a-4f22-adf8-53a0bfafc265","block_type":"box","text":"sustainability data available to determine if that investment meets the Investment Manager’s","page_number":227,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"1e64eb4e-4e18-4877-925b-cfd29db0037f","block_type":"box","text":"criteria (for example, bonds issued by governments that are not GSS bonds). The Fund may","page_number":227,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"532a6dfd-5a6b-4dee-a06e-12933cfbdf53","block_type":"box","text":"hold such neutral assets in order to support the financial objectives of the Fund, for liquidity","page_number":227,"box":{"x":152,"y":142,"width":696,"height":11}},{"id":"497a2e0d-74e9-4df7-86cb-254e59405c6f","block_type":"box","text":"purposes and for efficient portfolio management purposes.","page_number":227,"box":{"x":151,"y":156,"width":432,"height":11}},{"id":"611f7dc6-5732-4fde-9cc6-d5a43ce2f41e","block_type":"box","text":"The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a","page_number":227,"box":{"x":151,"y":183,"width":697,"height":11}},{"id":"8794743b-bc42-4da5-9bea-a5503427d7bf","block_type":"box","text":"range of key sustainability indicators (KPIs) to ensure that the investments remain compliant","page_number":227,"box":{"x":152,"y":197,"width":696,"height":11}},{"id":"8b654c5b-56d2-4a15-bc0f-0f99fc8b238a","block_type":"box","text":"with the Investment Manager’s investment framework – please see “Sustainability Strategy”","page_number":227,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"04f52473-6725-4140-a2a5-70eddb60bfa3","block_type":"box","text":"below for further information.","page_number":227,"box":{"x":151,"y":224,"width":212,"height":9}},{"id":"d96ab607-0b75-4d44-8e58-35a20bd8d5f5","block_type":"box","text":"The Fund is part of a range of four stewardship multi asset funds, each with their own risk","page_number":227,"box":{"x":151,"y":251,"width":698,"height":12}},{"id":"5ebea5a5-cfe9-4122-ac11-aa3bf143879a","block_type":"box","text":"profile, ranging from I (the lowest) to IV (the highest). 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For more information","page_number":227,"box":{"x":151,"y":279,"width":697,"height":11}},{"id":"925574a9-19d3-40f5-a33a-c27fd147c6f2","block_type":"box","text":"on these funds, please refer to the prospectus.","page_number":227,"box":{"x":151,"y":292,"width":344,"height":11}},{"id":"96dfddeb-aeb8-4c8c-accd-fe93d367a9ca","block_type":"box","text":"Performance and Risk Measurement:","page_number":227,"box":{"x":152,"y":320,"width":297,"height":8}},{"id":"73c6817f-1358-4921-a0bf-bfa3efca2088","block_type":"box","text":"The Fund’s financial performance can be compared","page_number":227,"box":{"x":457,"y":320,"width":391,"height":11}},{"id":"01dd2a64-185e-42cb-9fed-ced14953ba07","block_type":"box","text":"against the Investment Association Mixed Investments 40-85% sector (the “","page_number":227,"box":{"x":151,"y":333,"width":594,"height":12}},{"id":"00a2034e-8343-4cea-b71d-9b2a62971080","block_type":"box","text":"Performance","page_number":227,"box":{"x":747,"y":333,"width":101,"height":9}},{"id":"99aa499e-4015-4a33-bde1-6c6e4574b6f6","block_type":"box","text":"Sector","page_number":227,"box":{"x":151,"y":347,"width":51,"height":9}},{"id":"389cc91b-ac22-4a09-b5cd-aa4c24fafd59","block_type":"box","text":"”). The Performance Sector has been chosen because it reflects the performance of","page_number":227,"box":{"x":203,"y":347,"width":645,"height":11}},{"id":"af87889b-7fd9-4f74-8a12-7810f7c0ae69","block_type":"box","text":"other funds with a similar asset allocation, however, investors should be aware that the actual","page_number":227,"box":{"x":151,"y":361,"width":696,"height":10}},{"id":"c4b1b76d-1e20-41b9-8a8f-60bb866e92e7","block_type":"box","text":"asset allocation will be in line with the Fund’s volatility target and minimum stewardship","page_number":227,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"02a0d7fc-18a9-426c-bfd3-f85ef43a0edd","block_type":"box","text":"allocation, and therefore the Performance Sector is only an indicator of the performance that","page_number":227,"box":{"x":151,"y":388,"width":697,"height":11}},{"id":"aab51504-82b1-4972-a774-83aae5469c0a","block_type":"box","text":"may be expected.","page_number":227,"box":{"x":152,"y":402,"width":129,"height":11}},{"id":"1f1fce08-8b01-4ced-90d3-2abf000e3e61","block_type":"box","text":"The Fund’s volatility is measured against the Volatility Index. Volatility measures how much the","page_number":227,"box":{"x":151,"y":429,"width":697,"height":11}},{"id":"0ecf16fa-46fb-4315-ac34-ae5fceeded0a","block_type":"box","text":"returns of the Fund may fluctuate and is an indicator of the level of risk taken by the Investment","page_number":227,"box":{"x":152,"y":443,"width":696,"height":11}},{"id":"f9edcb40-43b3-4eeb-830c-9a126a9d19b8","block_type":"box","text":"Manager. There may be times when the Fund operates outside of its defined volatility range.","page_number":227,"box":{"x":152,"y":456,"width":695,"height":11}},{"id":"9b5fed8f-fc45-4f60-8ca2-345a1ac91954","block_type":"box","text":"The Volatility Index has been selected as a target for risk measurement as it’s illustrative of the","page_number":227,"box":{"x":151,"y":470,"width":697,"height":11}},{"id":"ae6b078a-18a2-4bff-b6e5-f43cf22c3ba2","block_type":"box","text":"Fund’s asset mix and is therefore an appropriate measure of volatility.","page_number":227,"box":{"x":152,"y":484,"width":515,"height":11}},{"id":"ceada99b-d9c3-4025-9887-eb3c21b84cd2","block_type":"box","text":"The Fund does not base its investment process on either the Volatility Index or the Performance","page_number":227,"box":{"x":151,"y":511,"width":697,"height":11}},{"id":"98ba1f91-4fce-4e0f-9b85-165deeb2c224","block_type":"box","text":"Sector, so will not hold every asset in them and may also hold assets that do not form part of","page_number":227,"box":{"x":151,"y":524,"width":698,"height":12}},{"id":"706db00a-3b08-43e8-9df3-4d4cf60b333a","block_type":"box","text":"them. 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These pillars have been developed to encapsulate","page_number":227,"box":{"x":151,"y":620,"width":697,"height":11}},{"id":"4ca4f2f9-6926-4cba-bbe1-0f4e150aaac6","block_type":"box","text":"the aims of the United Nations’ Sustainable Development Goals (SDGs), which the Investment","page_number":227,"box":{"x":151,"y":634,"width":697,"height":11}},{"id":"e614dcb0-6a2a-4728-9862-d7c3de9fb604","block_type":"box","text":"Manager believes provide a global consensus on major developmental challenges facing the","page_number":227,"box":{"x":152,"y":647,"width":696,"height":12}},{"id":"6bbebb1e-349f-4942-af37-476685bbec9f","block_type":"box","text":"world and on what activities or behaviours can (or can’t) be categorised as “sustainable”.","page_number":227,"box":{"x":151,"y":661,"width":655,"height":11}},{"id":"79a01a8f-18f4-4d17-a11f-710c23c355f5","block_type":"box","text":"Following the exclusion of companies by the stewardship exclusions (as described above), to","page_number":227,"box":{"x":152,"y":688,"width":696,"height":12}},{"id":"045f35e6-dd7b-45f7-9b46-c9aecdb3a500","block_type":"box","text":"determine if an asset is eligible for the Fund’s minimum stewardship allocation, the Investment","page_number":227,"box":{"x":151,"y":702,"width":697,"height":11}},{"id":"6ce06b02-4606-4d84-91f3-7f704cd96f2f","block_type":"box","text":"Manager conducts a “deep dive assessment” to see if the issuer meets the Fund’s qualifying","page_number":227,"box":{"x":152,"y":716,"width":696,"height":11}},{"id":"04e501e5-39e3-47c0-9a8f-649971f4b83c","block_type":"box","text":"criteria through either the issuer’s:","page_number":227,"box":{"x":151,"y":730,"width":251,"height":11}},{"id":"a3e5faed-e82a-4de2-8ef9-4fb060eb0b97","block_type":"box","text":"","page_number":227,"box":{"x":182,"y":761,"width":6,"height":4}},{"id":"798d5af0-0f1e-40d4-8715-deff0c076be7","block_type":"box","text":"Products and 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its","page_number":227,"box":{"x":212,"y":840,"width":636,"height":11}},{"id":"074cc575-a96c-4b5c-82ad-efca477961bb","block_type":"box","text":"governance commitments, policies and actions to manage social and environmental","page_number":227,"box":{"x":212,"y":854,"width":636,"height":11}},{"id":"4f07e882-21f9-4f05-9060-27cfe48e69f8","block_type":"box","text":"issues, and performance compared to peers.","page_number":227,"box":{"x":212,"y":868,"width":331,"height":11}},{"id":"5a782f78-8b44-4ea3-9aeb-8fe47f2ae43e","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":228,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"c38f7287-f41d-4ac7-8ec1-4cbce7d715db","block_type":"box","text":"228","page_number":228,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"f50d18a7-3696-4a27-a422-11e3cdbeb268","block_type":"box","text":"Aviva Investors: 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The Investment Manager will therefore require","page_number":231,"box":{"x":152,"y":101,"width":696,"height":11}},{"id":"81d10d71-8449-4e86-b65f-ba0be6d4dddf","block_type":"box","text":"evidence (such as a formal commitment made in public or through direct engagement with the","page_number":231,"box":{"x":151,"y":115,"width":697,"height":11}},{"id":"114bec6a-49d5-4c4d-bf18-930abd5d058a","block_type":"box","text":"company) that the company is investing in, researching and developing sustainable","page_number":231,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"92a8a6d1-0bf1-4ec6-be24-2f9218257a30","block_type":"box","text":"products/services, and that such products/services are likely to be a material (i.e. at least 20%)","page_number":231,"box":{"x":151,"y":142,"width":696,"height":11}},{"id":"bb53370b-4907-4cdf-87e1-5d7ca087b478","block_type":"box","text":"revenue stream for the company over time. 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This can include the company’s published policies for specific themes (e.g.","page_number":231,"box":{"x":219,"y":355,"width":628,"height":12}},{"id":"5cd1645f-68bf-4d97-a9fb-835cae3f0b58","block_type":"box","text":"biodiversity protection policy, for example), or broader company disclosures through","page_number":231,"box":{"x":218,"y":369,"width":630,"height":11}},{"id":"3e6eb3f8-5c14-4472-91f3-64ae87c0a596","block_type":"box","text":"widely accepted governance reporting frameworks (for example, the environmental","page_number":231,"box":{"x":218,"y":383,"width":629,"height":11}},{"id":"274d87ae-d48e-4147-be6b-d301909df749","block_type":"box","text":"disclosure and scoring system operated by organisations such as CDP Worldwide).","page_number":231,"box":{"x":218,"y":396,"width":617,"height":12}},{"id":"a13b9f9a-82d3-4081-9330-28f26db1b104","block_type":"box","text":"-","page_number":231,"box":{"x":158,"y":416,"width":3,"height":0}},{"id":"46f8d3c3-0466-4425-910b-23dba6aa5302","block_type":"box","text":"Practices","page_number":231,"box":{"x":219,"y":410,"width":74,"height":9}},{"id":"1006b532-4586-4645-9a0f-be688ab8f976","block_type":"box","text":":","page_number":231,"box":{"x":294,"y":413,"width":2,"height":6}},{"id":"c09bc11f-fc59-40df-b0f5-63de42a99a44","block_type":"box","text":"Commitments to specific company actions within its operations to manage","page_number":231,"box":{"x":303,"y":410,"width":545,"height":12}},{"id":"2c172e2d-5ae9-46af-938b-160320a9cb72","block_type":"box","text":"and mitigate social and environmental issues. 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To be included within a Fund’s minimum","page_number":232,"box":{"x":151,"y":613,"width":696,"height":11}},{"id":"c96ed607-2f63-4da0-8d8a-6680c6904d40","block_type":"box","text":"stewardship allocation, the issuance of the bond must be included in one of the databases","page_number":232,"box":{"x":151,"y":627,"width":697,"height":11}},{"id":"fe663969-7c6b-49f6-8c1c-20bcf9fdb16c","block_type":"box","text":"maintained by the CBI and, where relevant, positively assessed by the CBI as satisfying the","page_number":232,"box":{"x":152,"y":640,"width":696,"height":12}},{"id":"04ed43a3-4741-4e47-8e74-f39616c55e59","block_type":"box","text":"criteria attached to that database. This process reflects that the CBI has determined that the","page_number":232,"box":{"x":151,"y":654,"width":697,"height":11}},{"id":"64fd9486-3694-4095-8484-3e924a134122","block_type":"box","text":"bonds are used in the furtherance of projects or initiatives that have positive environmental,","page_number":232,"box":{"x":151,"y":668,"width":696,"height":11}},{"id":"64c1d116-cf9d-477d-ab1c-90cd17b415ba","block_type":"box","text":"social, decarbonisation, climate or other sustainability linked benefits. Each database has its","page_number":232,"box":{"x":151,"y":681,"width":697,"height":12}},{"id":"0f0405ef-a083-4c52-8800-4dbbf0e7a904","block_type":"box","text":"own criteria for the inclusion of bonds on that database, with a published methodology relevant","page_number":232,"box":{"x":151,"y":695,"width":697,"height":11}},{"id":"7720568a-2816-44e9-aa7b-171c0c813408","block_type":"box","text":"to the category of bond.","page_number":232,"box":{"x":151,"y":709,"width":174,"height":11}},{"id":"d4aa7be0-5110-4b6a-a000-a797622e3b21","block_type":"box","text":"The CBI continues to track the issuance of all bonds included on one of its databases. In the","page_number":232,"box":{"x":151,"y":734,"width":697,"height":9}},{"id":"35c8f4ef-289f-4f36-9978-cfc2fb5a7ac6","block_type":"box","text":"event a bond held by the Fund is subsequently identified by the Investment Manager as no","page_number":232,"box":{"x":151,"y":748,"width":697,"height":11}},{"id":"55a67a56-ad9c-40ec-9492-ad504572fd52","block_type":"box","text":"longer being included on the relevant CBI database, or is no longer positively assessed by the","page_number":232,"box":{"x":152,"y":761,"width":696,"height":12}},{"id":"cf098fe6-be6d-4da1-8004-51e27d08bacb","block_type":"box","text":"CBI as satisfying the relevant criteria for that database, the bond will no longer contribute","page_number":232,"box":{"x":151,"y":775,"width":697,"height":11}},{"id":"89d099f6-7668-49ec-ae32-88023ed6502e","block_type":"box","text":"towards the Fund’s minimum stewardship allocation and may, if necessary, be disposed of in","page_number":232,"box":{"x":151,"y":789,"width":696,"height":11}},{"id":"08c7ea50-3cbb-435f-af56-f6327c1f03d2","block_type":"box","text":"accordance with the monitoring and divestment policy used for the screens described above.","page_number":232,"box":{"x":151,"y":803,"width":696,"height":11}},{"id":"3313c722-e831-4850-8885-ef7538595be6","block_type":"box","text":"Further information on the CBI can be found at:","page_number":232,"box":{"x":152,"y":816,"width":348,"height":9}},{"id":"b8e79814-01da-4ea8-a5d8-0255beb8473d","block_type":"box","text":"www.climatebonds.net","page_number":232,"box":{"x":506,"y":816,"width":168,"height":9}},{"id":"b433e82d-63c1-405e-b0ba-75a059ba667f","block_type":"box","text":".","page_number":232,"box":{"x":676,"y":824,"width":1,"height":1}},{"id":"31e8496a-3dd0-47b2-bbc7-843ae739fbc5","block_type":"box","text":"Monitoring","page_number":232,"box":{"x":152,"y":842,"width":84,"height":11}},{"id":"0e7d411d-97bd-4efc-b659-7754e14033e6","block_type":"box","text":"Once an investment is made, it is monitored by the Investment Manager to ensure that it","page_number":232,"box":{"x":151,"y":867,"width":697,"height":11}},{"id":"8c0b70bc-6537-4bb8-8c75-8f50d1e59652","block_type":"box","text":"continues to meet the requirements of the investment framework. If the available data indicates","page_number":232,"box":{"x":151,"y":881,"width":697,"height":11}},{"id":"01b6b9d3-1edf-4316-b8ee-6b15aa6c4d31","block_type":"box","text":"that this is no longer the case, the Investment Manager will conduct a qualitative review of the","page_number":232,"box":{"x":151,"y":894,"width":697,"height":12}},{"id":"bc0eba9b-a5e7-4b5a-8203-d34e6c931e1e","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":233,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"f581f316-b8bd-44b8-86a2-c59c3d90a08e","block_type":"box","text":"233","page_number":233,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"9d65c30a-62b6-41f1-98d4-a6b1b7452504","block_type":"box","text":"Aviva Investors: Public","page_number":233,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"c1612e12-f57a-415c-abe0-c7a8c21aa49d","block_type":"box","text":"relevant company. If the Investment Manager subsequently determines that the company no","page_number":233,"box":{"x":152,"y":88,"width":696,"height":11}},{"id":"f163f7a6-e355-4289-9a9e-5c5ba7eba60f","block_type":"box","text":"longer meets the requirements of the investment framework, it will be disposed of as soon as","page_number":233,"box":{"x":152,"y":101,"width":696,"height":11}},{"id":"97944383-9b40-459a-b82b-5d7245353066","block_type":"box","text":"reasonably practicable having regard to the interests of investors in the Fund.","page_number":233,"box":{"x":152,"y":115,"width":571,"height":11}},{"id":"ebb33263-da0d-440a-99d1-7c98021b4533","block_type":"box","text":"Engagement","page_number":233,"box":{"x":152,"y":141,"width":99,"height":11}},{"id":"3ce2f87b-fde8-41ef-b963-6f63772aedb9","block_type":"box","text":"The Investment Manager engages with investee companies on thematic issues with the aim of","page_number":233,"box":{"x":151,"y":160,"width":697,"height":11}},{"id":"6aba37e2-6887-4d85-8091-f304c37499ba","block_type":"box","text":"positively influencing sustainable behaviours. Thematic engagement programmes will target a","page_number":233,"box":{"x":151,"y":174,"width":697,"height":11}},{"id":"c8819605-b771-42b3-b2a6-93f95a5e54e0","block_type":"box","text":"subset of companies within the Fund, with specific engagement asks for companies to pursue","page_number":233,"box":{"x":151,"y":187,"width":697,"height":11}},{"id":"bd3aa649-8946-4486-83e1-01869fae277e","block_type":"box","text":"progress on key themes and areas captured by the investment framework. 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Where disinvestment is either not possible","page_number":237,"box":{"x":152,"y":197,"width":712,"height":11}},{"id":"1ca545f7-62cb-4d85-86fc-e68fa8a8fe2b","block_type":"box","text":"or deemed to have a material adverse impact on investors, the ACD and Investment Manager","page_number":237,"box":{"x":151,"y":210,"width":714,"height":12}},{"id":"946dfacb-4828-4347-b881-d9119c8fefc9","block_type":"box","text":"may agree that the divestment period may be extended beyond 90 days, and may occur for a","page_number":237,"box":{"x":152,"y":224,"width":712,"height":11}},{"id":"f910f284-cba6-4d01-ac19-05eeeda7e34e","block_type":"box","text":"total period of up to 6 months.","page_number":237,"box":{"x":151,"y":238,"width":220,"height":11}},{"id":"0e4c3c7c-00c2-4504-a5f0-e3076f1ced1a","block_type":"box","text":"The ACD and the Investment Manager may also agree to extend the period of divestment by up","page_number":237,"box":{"x":151,"y":265,"width":713,"height":11}},{"id":"8bd75d3c-8ee9-4e15-b088-1d009bf42e35","block_type":"box","text":"to a total of 12 months from identifying that an asset is now excluded by the screens in either of","page_number":237,"box":{"x":151,"y":279,"width":714,"height":11}},{"id":"f53e1828-b1af-4114-ac49-0403538ac81d","block_type":"box","text":"the above circumstances where (i) the ACD is in the process of amending the exclusion policy in","page_number":237,"box":{"x":151,"y":292,"width":713,"height":12}},{"id":"34c70fd6-5f3c-4e39-96c4-ff0b5683a2b2","block_type":"box","text":"a manner which could affect the need to divest from such asset and (ii) they agree that it therefore","page_number":237,"box":{"x":151,"y":306,"width":713,"height":11}},{"id":"3588a2ba-e5ea-4224-9d12-a483298de775","block_type":"box","text":"would not be appropriate to have to dispose of such asset pending the associated update to the","page_number":237,"box":{"x":151,"y":320,"width":713,"height":11}},{"id":"a75c0669-a855-4f53-b215-a8bf29374581","block_type":"box","text":"Prospectus.","page_number":237,"box":{"x":152,"y":333,"width":86,"height":11}},{"id":"627df695-4a1c-4645-b232-905499d13d5d","block_type":"box","text":"On an exceptions basis and at all times acting in accordance with the principles of the exclusion","page_number":237,"box":{"x":151,"y":360,"width":713,"height":12}},{"id":"781eb2ff-e15f-418a-9568-005eb3e8f792","block_type":"box","text":"policy, the Investment Manager may decide not to add a company to the exclusion list when it","page_number":237,"box":{"x":151,"y":374,"width":713,"height":11}},{"id":"526d44d1-4645-48d3-900e-2d37e769ae5c","block_type":"box","text":"has exceeded the relevant threshold if in the Investment Manager’s opinion this was not a result","page_number":237,"box":{"x":152,"y":388,"width":712,"height":11}},{"id":"97fb9c15-f981-4b6e-8f88-088f794973db","block_type":"box","text":"of a deliberate action taken by the company and/or will only likely be temporary in nature or","page_number":237,"box":{"x":151,"y":402,"width":714,"height":11}},{"id":"fe54bd48-d212-4e0a-89fe-e151f4be3bac","block_type":"box","text":"because of planned actions by the company to reduce revenues from the relevant activity.","page_number":237,"box":{"x":151,"y":415,"width":712,"height":11}},{"id":"8422c99e-1c91-45f9-8f23-fd68de4d34a1","block_type":"box","text":"Examples of this would be if the relevant company had exceeded the threshold because of","page_number":237,"box":{"x":152,"y":429,"width":713,"height":11}},{"id":"1df9eca9-71f5-4884-9e31-c90e4bb0c6bc","block_type":"box","text":"commodity price volatility and not because of actions taken by the company to increase revenues","page_number":237,"box":{"x":151,"y":443,"width":713,"height":11}},{"id":"351cc520-e768-4aba-be51-f41291ae33ae","block_type":"box","text":"from the excluded activity or where the company has corporate actions planned to mitigate activity","page_number":237,"box":{"x":151,"y":456,"width":714,"height":11}},{"id":"f75e381c-78e5-478d-b33b-59c64955f0d4","block_type":"box","text":"from the revenue generating activity.","page_number":237,"box":{"x":151,"y":470,"width":270,"height":11}},{"id":"f8b8a73c-e023-4866-b08d-91792a196de6","block_type":"box","text":"This policy does not usually apply to:","page_number":237,"box":{"x":151,"y":497,"width":271,"height":11}},{"id":"5cbb4fd7-7943-4ca8-94d5-1c11c93d964f","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":528,"width":6,"height":5}},{"id":"a63064ea-f6da-4c1f-807c-65ef747b6e28","block_type":"box","text":"exposure to a well-diversified index through a derivative or an investment linked to","page_number":237,"box":{"x":242,"y":525,"width":622,"height":12}},{"id":"2c14c9ed-86b7-4d56-9053-e44d8c70b45c","block_type":"box","text":"that index, of which an excluded issuer is a constituent. A well-diversified financial","page_number":237,"box":{"x":241,"y":539,"width":623,"height":10}},{"id":"85a0507c-5575-44d0-9cd1-d35cd5f19cbb","block_type":"box","text":"index features at least 30 constituents and has individual constituent weightings not","page_number":237,"box":{"x":242,"y":553,"width":622,"height":11}},{"id":"036b1120-6b33-46b7-a41c-6721d66f0e76","block_type":"box","text":"more than 20% of the index (includes broad-based and sector indices);","page_number":237,"box":{"x":242,"y":566,"width":524,"height":11}},{"id":"58869af8-715c-46f6-8e3a-54d40afeeb3f","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":584,"width":6,"height":4}},{"id":"f5223ba5-8234-4fb1-a201-0205da778a8e","block_type":"box","text":"exposure to a non-diversified financial index through a derivative or an investment","page_number":237,"box":{"x":242,"y":581,"width":622,"height":11}},{"id":"b1e1c879-a798-43e7-b895-cc67a4694058","block_type":"box","text":"linked to that index, provided that: (i) the aggregate exposure of that financial index","page_number":237,"box":{"x":242,"y":594,"width":623,"height":12}},{"id":"592679c8-f8f4-40a0-8111-432340417782","block_type":"box","text":"to excluded companies is less than or equal to 20%; and (ii) the Fund’s total exposure","page_number":237,"box":{"x":241,"y":608,"width":623,"height":11}},{"id":"0c9c14f6-1a84-4589-b944-7470d25ff8c2","block_type":"box","text":"to excluded companies via such non-diversified financial index does not exceed 2.5%","page_number":237,"box":{"x":241,"y":622,"width":623,"height":11}},{"id":"c2d89bed-1dcc-42f2-9082-00b1e83ed692","block_type":"box","text":"of the Fund’s net asset value;","page_number":237,"box":{"x":242,"y":635,"width":217,"height":11}},{"id":"57f8cc71-e6c5-499c-93f4-d1fcb816a2f9","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":653,"width":6,"height":4}},{"id":"6aa11c5e-b658-4e67-a01c-4204f28146f1","block_type":"box","text":"collateral posted by counterparties;","page_number":237,"box":{"x":242,"y":650,"width":258,"height":11}},{"id":"4dfe77c5-cf68-4b79-bfd3-c7d56a7cb39a","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":668,"width":6,"height":4}},{"id":"d71bfe38-312e-453b-b5cf-4e4a5cf79abe","block_type":"box","text":"asset-backed securities (including collateralised loan obligations);","page_number":237,"box":{"x":242,"y":664,"width":484,"height":12}},{"id":"e34af52e-e8d4-457a-a9c4-9bdcce1fb572","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":682,"width":6,"height":4}},{"id":"0178cf67-818b-4535-a5e1-b666c5f79299","block_type":"box","text":"short selling of financial instruments issued by excluded issuers;","page_number":237,"box":{"x":242,"y":679,"width":474,"height":11}},{"id":"279c5e28-0557-4fad-8f09-98d1bd2e7b67","block_type":"box","text":"","page_number":237,"box":{"x":212,"y":696,"width":6,"height":5}},{"id":"fedbb7eb-bf1b-46ae-a529-89f27c8f083c","block_type":"box","text":"third party funds managed by external managers that may not operate equivalent","page_number":237,"box":{"x":241,"y":693,"width":623,"height":11}},{"id":"3bd0c73e-e6e6-4243-a53c-979856239864","block_type":"box","text":"exclusions or any index-tracking funds (whether managed by Aviva companies or by","page_number":237,"box":{"x":242,"y":707,"width":623,"height":11}},{"id":"de0e049b-12f7-4668-8b80-80cb20d6edc2","block_type":"box","text":"third parties) that passively replicate conventional or non-customised market indices.","page_number":237,"box":{"x":241,"y":720,"width":622,"height":12}},{"id":"a932795e-426f-4c40-aee4-d8711906c214","block_type":"box","text":"While consideration of environmental, social, and governance factors are an integral","page_number":237,"box":{"x":241,"y":734,"width":623,"height":11}},{"id":"a9d413b3-9855-4415-a4ca-f2a088a31292","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":238,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7523c31f-38e0-4920-9c85-979166a61fdd","block_type":"box","text":"238","page_number":238,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"85917bb2-05cd-4f89-83f3-722a2b351ff8","block_type":"box","text":"Aviva Investors: Public","page_number":238,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"40b48cf0-c3ec-4b37-af8c-9573b0dbe680","block_type":"box","text":"part of the fund selection process, the underlying funds may not operate exclusions","page_number":238,"box":{"x":242,"y":88,"width":622,"height":11}},{"id":"e3fd76e6-40a2-435b-8ca6-569cbfedbfef","block_type":"box","text":"equivalent to the exclusion policy.","page_number":238,"box":{"x":242,"y":101,"width":248,"height":11}},{"id":"9737f8b8-b4fa-430c-995c-9f4f37e80fa4","block_type":"box","text":"5","page_number":238,"box":{"x":492,"y":101,"width":5,"height":5}},{"id":"94f86244-2f10-4bc0-96cb-dff55e4bc085","block_type":"box","text":"In order to assess the application of the baseline exclusion policy, the Investment Manager relies","page_number":238,"box":{"x":152,"y":128,"width":712,"height":12}},{"id":"3397fcb8-834f-4532-a8b9-d91fa31beac7","block_type":"box","text":"on data provided by third-party providers. The Investment Manager’s ability to assess a company","page_number":238,"box":{"x":151,"y":142,"width":713,"height":11}},{"id":"a65ca865-a57c-4156-b9c0-0623489df35d","block_type":"box","text":"against the thresholds is therefore dependent on the availability, completeness, and accuracy of","page_number":238,"box":{"x":151,"y":156,"width":713,"height":11}},{"id":"b13e9572-b7e1-4942-aa02-2907125663ea","block_type":"box","text":"that third-party data and we cannot guarantee the quality of the data provided by third-party","page_number":238,"box":{"x":151,"y":169,"width":713,"height":12}},{"id":"521540c2-f5f6-4bbe-a134-360d3771301c","block_type":"box","text":"providers, nor do we independently test the methodologies used or data provided.","page_number":238,"box":{"x":151,"y":183,"width":605,"height":11}},{"id":"9c796acd-6874-4d51-a3f1-fed299b52d95","block_type":"box","text":"","page_number":238,"box":{"x":182,"y":214,"width":6,"height":5}},{"id":"e2ec3dbb-b86d-4915-91b5-b82d920bc1ad","block_type":"box","text":"Where third-party data is unavailable or incomplete, there may be instances where the","page_number":238,"box":{"x":211,"y":211,"width":653,"height":11}},{"id":"c4ae7618-ad3d-4bb9-bee6-7933ea418116","block_type":"box","text":"Investment Manager is unable to assess the company. In these cases, the company","page_number":238,"box":{"x":212,"y":225,"width":652,"height":11}},{"id":"8457c2be-388f-4cd9-a088-5538f90e6687","block_type":"box","text":"would be treated as eligible for investment for the purposes of the baseline exclusion","page_number":238,"box":{"x":211,"y":239,"width":653,"height":11}},{"id":"9c55f032-c65f-4d02-bca5-f814fc8c7d91","block_type":"box","text":"policy.","page_number":238,"box":{"x":212,"y":252,"width":45,"height":11}},{"id":"d6386bcd-cf44-44a8-acb2-1eba6c838189","block_type":"box","text":"","page_number":238,"box":{"x":182,"y":283,"width":6,"height":5}},{"id":"96f00b8f-7f88-49eb-a31d-1eb3bbb06fdc","block_type":"box","text":"Where third-party data is available, but there is reason to believe it may be inaccurate,","page_number":238,"box":{"x":211,"y":280,"width":652,"height":11}},{"id":"5e0992af-9d02-40bf-9d25-08eb9d959cb5","block_type":"box","text":"the Investment Manager would conduct its own review using publicly available","page_number":238,"box":{"x":211,"y":294,"width":653,"height":11}},{"id":"7f32204d-e874-414a-89f6-d77941c18cb5","block_type":"box","text":"information or direct engagement. Where the Investment Manager obtains verifiable","page_number":238,"box":{"x":212,"y":308,"width":652,"height":11}},{"id":"4ea4905d-853d-4256-ad78-90ddfe272e1a","block_type":"box","text":"evidence, and subject to appropriate controls, it may apply its own evidence-based","page_number":238,"box":{"x":212,"y":321,"width":652,"height":11}},{"id":"27b97650-86e6-4974-811f-9150ee22fba6","block_type":"box","text":"internal estimate in place of the third-party data.","page_number":238,"box":{"x":212,"y":335,"width":352,"height":11}},{"id":"9ee907ee-c402-497a-be65-25d0fbca9e96","block_type":"box","text":"Given the complexity of the available data, there is also a risk that the Investment Manager, or","page_number":238,"box":{"x":151,"y":362,"width":714,"height":11}},{"id":"41f34c17-c0e0-445d-9c67-2acd71054b47","block_type":"box","text":"the third-party data providers on which it may depend, may not interpret or apply the relevant","page_number":238,"box":{"x":151,"y":376,"width":713,"height":11}},{"id":"70489370-6c5e-4b28-a673-87ded281320f","block_type":"box","text":"sustainability characteristics correctly. In any other situation not explicitly listed above, where","page_number":238,"box":{"x":151,"y":390,"width":713,"height":11}},{"id":"c6eb20bc-0dbb-40c7-b172-a2cb9169cd2f","block_type":"box","text":"there may be data uncertainty or information may be lacking, including instances where it may be","page_number":238,"box":{"x":151,"y":403,"width":713,"height":11}},{"id":"b90c9eb9-b583-4394-a9ee-56a3333bed5a","block_type":"box","text":"discontinued by third-party providers, or where third-party methodology is not consistent with its","page_number":238,"box":{"x":151,"y":417,"width":713,"height":11}},{"id":"b6e522bd-069e-4dae-9c43-2aeddc1a76c9","block_type":"box","text":"intentions, the Investment Manager will exercise qualitative assessment based on the information","page_number":238,"box":{"x":152,"y":431,"width":712,"height":11}},{"id":"1d693737-efc7-4462-9d5a-40ca2293ccbb","block_type":"box","text":"available to it and at all times in keeping with the intentions of the baseline exclusion policy.","page_number":238,"box":{"x":151,"y":444,"width":675,"height":11}},{"id":"6e9895c5-4a6f-4625-8945-e7952ef60090","block_type":"box","text":"5","page_number":238,"box":{"x":151,"y":813,"width":4,"height":5}},{"id":"7c4e457f-6fc0-4c86-9e71-551060f90567","block_type":"box","text":"For example, where the Multi-asset Funds invest into funds that employ a standard passive","page_number":238,"box":{"x":182,"y":814,"width":666,"height":11}},{"id":"a1a37402-a2b9-4727-9e96-dda4233de771","block_type":"box","text":"strategy (whether managed by AIGSL or otherwise), these investments are likely to have","page_number":238,"box":{"x":181,"y":827,"width":667,"height":12}},{"id":"82109c17-800d-4daa-9a27-2b2294460626","block_type":"box","text":"limited ESG integration with investment decisions based on the composition of the relevant","page_number":238,"box":{"x":182,"y":841,"width":666,"height":11}},{"id":"3f4ea159-604e-48ac-b188-f23547b5ef6b","block_type":"box","text":"index. Equally, investors in the Aviva Investors Multi-Manager 20-60% Shares Fund, the","page_number":238,"box":{"x":182,"y":854,"width":666,"height":12}},{"id":"8484cdda-8df6-4b15-9834-f6ac6407e8e9","block_type":"box","text":"Aviva Investors Multi-Manager 40-85% Shares Fund and the Aviva Investors Multi\u0002","page_number":238,"box":{"x":181,"y":868,"width":667,"height":11}},{"id":"27061d68-27ad-4ff0-af90-609ddf1e5533","block_type":"box","text":"Manager Flexible Fund should note that, as these Funds typically invest in other third-party","page_number":238,"box":{"x":182,"y":882,"width":666,"height":11}},{"id":"a5e1cf12-f210-480d-8173-2414a40f778f","block_type":"box","text":"managed funds, this policy will have limited impact on these Funds.","page_number":238,"box":{"x":182,"y":896,"width":497,"height":11}},{"id":"2477eac3-4b06-48bb-b823-f501e5fc25fd","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":239,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7faeb95b-1ad7-4b03-9c15-c5f4c196b9a9","block_type":"box","text":"239","page_number":239,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"1bc0324f-3cb8-48d3-9407-d9ddb090892d","block_type":"box","text":"Aviva Investors: Public","page_number":239,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"7421528b-278b-403f-a8c0-946bfe0636da","block_type":"box","text":"Appendix 3","page_number":239,"box":{"x":437,"y":91,"width":125,"height":15}},{"id":"5bf49f9e-e538-4f1d-825a-afcbc4b2ab2c","block_type":"box","text":"Sustainability Disclosure – Stewardship Exclusions","page_number":239,"box":{"x":212,"y":112,"width":582,"height":16}},{"id":"d832df31-c494-4eae-927f-b7c37fde7151","block_type":"box","text":"This section applies to the following Fund only:","page_number":239,"box":{"x":151,"y":196,"width":378,"height":11}},{"id":"9d4d9e50-173c-4f86-8c76-28e23f09f3bb","block_type":"box","text":"","page_number":239,"box":{"x":182,"y":228,"width":6,"height":4}},{"id":"f2a46120-8183-400b-a45c-bd81c792edc5","block_type":"box","text":"Aviva Investors Multi-asset Stewardship Funds","page_number":239,"box":{"x":211,"y":225,"width":375,"height":11}},{"id":"fe4e146e-e6b3-48f2-b15d-469204e17732","block_type":"box","text":"The Multi-asset Stewardship Funds must each hold their minimum stewardship allocation","page_number":239,"box":{"x":151,"y":259,"width":697,"height":11}},{"id":"0d98660c-18ff-4eef-814f-f8bd8d31120c","block_type":"box","text":"whereby assets must be selected in accordance with the Investment Manager’s proprietary","page_number":239,"box":{"x":151,"y":279,"width":697,"height":11}},{"id":"85cc0cce-f46e-4d66-b0d3-843b1846588f","block_type":"box","text":"investment framework that aims – through the responsible allocation of capital (stewardship) –","page_number":239,"box":{"x":152,"y":300,"width":696,"height":11}},{"id":"da964b16-19de-450f-9f36-7fe274d39ec1","block_type":"box","text":"to encourage companies to improve environmental and/or social outcomes through their","page_number":239,"box":{"x":151,"y":320,"width":697,"height":11}},{"id":"afbc3439-c44e-4aa2-9fa9-b53247dfd782","block_type":"box","text":"products and services, and/or through their operations. 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2040.","page_number":241,"box":{"x":151,"y":162,"width":509,"height":11}},{"id":"6a57d029-47f1-4b2d-a8e6-a2776501e5ea","block_type":"box","text":"The Investment Manager aims to adopt a practical and pragmatic approach. On rare occasions,","page_number":241,"box":{"x":151,"y":190,"width":696,"height":11}},{"id":"7eaa9a0e-3bed-46b2-b467-2f561e7acc30","block_type":"box","text":"a company may be removed from the exclusion list where its exposure to the negative","page_number":241,"box":{"x":151,"y":210,"width":697,"height":12}},{"id":"ffbd7fac-da56-47c5-88a6-0059ac63a261","block_type":"box","text":"investment criteria is minor, inconsequential or immaterial. Any overrides or additions to the","page_number":241,"box":{"x":152,"y":231,"width":696,"height":11}},{"id":"f8be887b-07e1-4e8d-bba1-ae68f335c91f","block_type":"box","text":"exclusions will be at the discretion of Aviva Investors’ Sustainable Investments team.","page_number":241,"box":{"x":151,"y":251,"width":626,"height":9}},{"id":"6809dc35-89d2-42cd-9ad5-ed0352b3fcfc","block_type":"box","text":"The screens are reviewed on an ongoing basis for relevance and effectiveness. Where the","page_number":241,"box":{"x":151,"y":292,"width":697,"height":12}},{"id":"2349986b-a4b3-4db0-9eb4-5770b58034ea","block_type":"box","text":"Investment Manager introduces new screens, or revises the criteria of existing screens (for","page_number":241,"box":{"x":152,"y":313,"width":696,"height":11}},{"id":"100d6cf6-d38f-4af3-9811-7054ecb7d933","block_type":"box","text":"example, changes to the applicable revenue thresholds), and the application of such new","page_number":241,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"f2afbee9-6cb7-4789-b971-c30968c2108f","block_type":"box","text":"screens or revisions identifies that investments currently held now require exclusion,","page_number":241,"box":{"x":151,"y":354,"width":696,"height":11}},{"id":"ce677d94-2835-4f53-83a9-c57efd1893dc","block_type":"box","text":"disinvestment will occur as soon as reasonably practicable having regard to the interests of","page_number":241,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"102b91b9-b8e0-4fb5-ae33-c67024ce048c","block_type":"box","text":"investors in the Funds. Such disinvestment will typically be within 90 days, although may occur","page_number":241,"box":{"x":152,"y":395,"width":697,"height":11}},{"id":"197e1da5-4211-4431-a834-ea5af8eaf015","block_type":"box","text":"for a total period of up to 6 months where the Investment Manager considers it is in the interest","page_number":241,"box":{"x":151,"y":415,"width":697,"height":11}},{"id":"1e4a9041-08c8-41f2-b30d-94a44fe080ec","block_type":"box","text":"of investors to do so. Where disinvestment is either not possible, for example due to suspension","page_number":241,"box":{"x":151,"y":436,"width":696,"height":11}},{"id":"7a8ba6d4-11db-4a86-a243-c2b875f1ef92","block_type":"box","text":"of trading, or where it is deemed to have an adverse impact on investors, for example due to","page_number":241,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"c41958a2-b799-4566-b479-f2f8f95aa095","block_type":"box","text":"proximity to a bond’s maturity date, the ACD and Investment Manager may agree that the","page_number":241,"box":{"x":151,"y":476,"width":697,"height":12}},{"id":"91e52226-665c-40ea-919c-a703a5bb00f6","block_type":"box","text":"divestment period may be extended beyond 6 months.","page_number":241,"box":{"x":151,"y":497,"width":402,"height":11}},{"id":"ca82fb72-f7c8-4875-b03f-49891454b296","block_type":"box","text":"The list of excluded companies is monitored on an ongoing basis by the Investment","page_number":241,"box":{"x":151,"y":538,"width":697,"height":11}},{"id":"64f76e00-5cac-4108-b483-37ed5b4f2227","block_type":"box","text":"Manager. Through this on-going monitoring, investments currently held which are identified as","page_number":241,"box":{"x":152,"y":559,"width":696,"height":11}},{"id":"73bdb30a-30c8-4bbf-bed1-7a96a14e9abf","block_type":"box","text":"now requiring exclusion will be disposed of as soon as reasonably practicable having regard to","page_number":241,"box":{"x":152,"y":579,"width":696,"height":11}},{"id":"4758a34a-53d2-464e-9242-a59ccc6e9975","block_type":"box","text":"the interests of investors in the relevant Fund. The Investment Manager endeavours to disinvest","page_number":241,"box":{"x":151,"y":600,"width":697,"height":11}},{"id":"ffd3d85a-655c-457f-aff0-73aebb01351b","block_type":"box","text":"from such assets within 90 days of identifying that they no longer pass the screens. Where","page_number":241,"box":{"x":151,"y":620,"width":697,"height":11}},{"id":"1aef5843-d269-426c-bd35-f536600cbcfe","block_type":"box","text":"disinvestment is either not possible, for example due to suspension of trading, or where it is","page_number":241,"box":{"x":151,"y":640,"width":697,"height":12}},{"id":"3a33a337-47b0-482b-bea1-8faf896f2aec","block_type":"box","text":"deemed to have an adverse impact on investors, for example due to proximity to a bonds","page_number":241,"box":{"x":151,"y":661,"width":697,"height":11}},{"id":"48927d34-57bb-46b2-b065-6c361e8bbd37","block_type":"box","text":"maturity date, the ACD and Investment Manager may agree that the divestment period may be","page_number":241,"box":{"x":152,"y":681,"width":696,"height":12}},{"id":"01dc075a-80dc-429c-853b-76593ddc4faa","block_type":"box","text":"extended beyond 90 days.","page_number":241,"box":{"x":151,"y":702,"width":195,"height":11}},{"id":"dd82bf24-d739-4762-8da4-d10d141e12f6","block_type":"box","text":"The stewardship screens mean that the Multi-asset Stewardship Funds are not permitted to","page_number":241,"box":{"x":151,"y":734,"width":697,"height":11}},{"id":"7354a0e9-7455-4657-bfbe-b090924b116d","block_type":"box","text":"invest: (i) in the shares and bonds issued by any excluded companies; or (ii) with respect to","page_number":241,"box":{"x":152,"y":755,"width":696,"height":11}},{"id":"d8d92871-d7c4-42d8-a19a-8859d286eb8b","block_type":"box","text":"their minimum stewardship allocation, in any asset where there is not sufficient sustainability","page_number":241,"box":{"x":151,"y":775,"width":697,"height":11}},{"id":"167fb838-4621-4eb7-b0e6-3c1fd0114a0c","block_type":"box","text":"data available for the screens to be effective (for example, cash, certain derivatives, and","page_number":241,"box":{"x":151,"y":796,"width":697,"height":11}},{"id":"a611fb93-e52f-4519-8c6f-f3e2294f43d5","block_type":"box","text":"government bonds and supranational bonds (excluding GSS bonds)).","page_number":241,"box":{"x":151,"y":816,"width":514,"height":12}},{"id":"9e71c5e9-4939-4eca-a0fa-2ea77c9f13ab","block_type":"box","text":"The stewardship exclusions are also not effective where the relevant Multi-asset Stewardship","page_number":241,"box":{"x":151,"y":849,"width":697,"height":11}},{"id":"f6a11cf8-76e4-41ae-9335-6b407a0f1ff2","block_type":"box","text":"Fund has the following indirect exposure to an excluded company:","page_number":241,"box":{"x":152,"y":869,"width":489,"height":11}},{"id":"fa54357c-315b-489f-a009-e5a11f1d5608","block_type":"box","text":"","page_number":241,"box":{"x":182,"y":905,"width":6,"height":5}},{"id":"7201ef91-5e2b-42d8-b4a7-a32daab5792a","block_type":"box","text":"The Fund has indirect exposure to a broad-based financial index and excluded","page_number":241,"box":{"x":211,"y":902,"width":636,"height":11}},{"id":"59607484-3398-4cd8-9136-826ff275588c","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":242,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"8d2f98e6-2372-4e34-a44e-733f2ecfbb67","block_type":"box","text":"242","page_number":242,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"6ff64a91-92ae-43f2-b654-182d4b93019e","block_type":"box","text":"Aviva Investors: Public","page_number":242,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"3f255f7d-5795-4e8c-a3a9-afa5165a60d4","block_type":"box","text":"companies are constituents of the financial index;","page_number":242,"box":{"x":212,"y":88,"width":364,"height":11}},{"id":"946b9dc5-5961-4319-bd4c-d749518c70f0","block_type":"box","text":"","page_number":242,"box":{"x":182,"y":112,"width":6,"height":4}},{"id":"12435ff3-16ea-4e0b-a038-c9d2279a1308","block_type":"box","text":"The Fund engages in derivative short selling of financial instruments issued by an","page_number":242,"box":{"x":211,"y":109,"width":637,"height":11}},{"id":"36a95049-de39-411b-b5a0-deab745d0af1","block_type":"box","text":"excluded company;","page_number":242,"box":{"x":212,"y":129,"width":142,"height":11}},{"id":"f23fdc2a-c687-47ef-adc1-ce5ff456f207","block_type":"box","text":"","page_number":242,"box":{"x":182,"y":155,"width":7,"height":5}},{"id":"261900d3-642d-4670-aa88-a5740597012e","block_type":"box","text":"The Fund invests in other funds that do not apply the stewardship exclusions.","page_number":242,"box":{"x":211,"y":153,"width":573,"height":11}},{"id":"3c77df1a-151e-4edf-bce2-4b897e36b219","block_type":"box","text":"However, with the exception of GSS bonds, where the stewardship exclusions are not effective","page_number":242,"box":{"x":152,"y":206,"width":696,"height":11}},{"id":"d1e1cdf5-8b10-422b-8c85-5c5b3b8f43d3","block_type":"box","text":"and investments of this type that could potentially expose the Fund to excluded companies,","page_number":242,"box":{"x":151,"y":226,"width":696,"height":11}},{"id":"811b0b15-dafa-41de-a6b2-f6fb6bcefc5c","block_type":"box","text":"such assets may not be held as part of the Fund’s minimum stewardship allocation.","page_number":242,"box":{"x":151,"y":247,"width":616,"height":11}},{"id":"d21d4b6c-59f1-48b8-a676-b76dafcaed5d","block_type":"box","text":"For government bonds that are not GSS bonds, the Investment Manager ensures the three","page_number":242,"box":{"x":152,"y":279,"width":696,"height":11}},{"id":"fadc9c63-557b-45bb-aa56-41e3b8bda18d","block_type":"box","text":"pillars are not undermined by not investing in sovereign issuers captured by sanctions policy","page_number":242,"box":{"x":151,"y":300,"width":698,"height":11}},{"id":"15fd4905-885b-46b0-8c43-83e03cfa0e08","block_type":"box","text":"and/or with an Aviva Investors score of “2.5” or below. This score is produced by the Investment","page_number":242,"box":{"x":151,"y":320,"width":697,"height":11}},{"id":"14a183a3-172e-416a-8101-618a208f827a","block_type":"box","text":"Manager’s model that looks at the ESG profile of sovereigns. Scores range from 0 to 10, with","page_number":242,"box":{"x":152,"y":341,"width":696,"height":11}},{"id":"4dafd5fb-a1ed-4499-bc99-0b9b1f3ddad3","block_type":"box","text":"a low score indicating a relatively weak ESG profile. The Investment Manager’s view is that","page_number":242,"box":{"x":151,"y":361,"width":697,"height":11}},{"id":"03149e59-c908-495b-928e-6d54e66f043d","block_type":"box","text":"automatically excluding sovereign issuers with a score of 2.5 or below is appropriate for the","page_number":242,"box":{"x":151,"y":382,"width":697,"height":11}},{"id":"bd475ec8-c041-4c85-9885-4215e2aec2d4","block_type":"box","text":"Funds.","page_number":242,"box":{"x":152,"y":402,"width":48,"height":9}},{"id":"85a91b85-6612-4047-b01d-0bfb13034e73","block_type":"box","text":"Companies captured as having very severe controversies (Red Flags) by MSCI are not","page_number":242,"box":{"x":151,"y":434,"width":697,"height":12}},{"id":"37ced238-eef6-416c-b66d-331033a78e4a","block_type":"box","text":"investible by the Funds. However, if a company receives a Red Flag post-investment, the","page_number":242,"box":{"x":152,"y":455,"width":696,"height":11}},{"id":"839017c6-0819-44c0-acf9-02f69ff2b101","block_type":"box","text":"controversy report and supporting evidence will be assessed for additional validation before it","page_number":242,"box":{"x":151,"y":475,"width":697,"height":12}},{"id":"0fac8b12-1f3a-4272-9acc-f911cbd0405a","block_type":"box","text":"is placed into a divestment window.","page_number":242,"box":{"x":152,"y":496,"width":260,"height":11}},{"id":"7739ec88-6038-4ed2-b8b6-6edc10795d46","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":243,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"94d8ef9a-5340-4935-a3ea-d586aa78eb7a","block_type":"box","text":"243","page_number":243,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"8d4e8bb8-f6b3-4658-8207-18835968d805","block_type":"box","text":"Aviva Investors: Public","page_number":243,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"50dc7801-a83d-4098-9672-c3de5e526073","block_type":"box","text":"Appendix 4","page_number":243,"box":{"x":437,"y":88,"width":125,"height":16}},{"id":"9a4a77e5-6627-4944-9bbc-4cd7833b6077","block_type":"box","text":"Investment and Borrowing Powers and Restrictions","page_number":243,"box":{"x":212,"y":117,"width":576,"height":16}},{"id":"2d5d660a-44f3-4f04-8f5c-30b236670518","block_type":"box","text":"Investment restrictions","page_number":243,"box":{"x":152,"y":196,"width":226,"height":10}},{"id":"0fc0d7d9-f58c-4dee-b4db-21e9bd0e5250","block_type":"box","text":"The property of each Fund will be invested with the aim of achieving the investment objective","page_number":243,"box":{"x":151,"y":231,"width":697,"height":12}},{"id":"9181689e-2265-41b1-bbfe-bb83f7c68418","block_type":"box","text":"of that Fund but at all times subject to:","page_number":243,"box":{"x":151,"y":252,"width":282,"height":11}},{"id":"d0af6ca7-ca2a-409a-ba2c-095c1a92e0e0","block_type":"box","text":"(i) the limits on investment set out in COLL 5.6 that are applicable to Non-UCITS Retail","page_number":243,"box":{"x":152,"y":284,"width":695,"height":11}},{"id":"6c0a41f4-7105-43c3-aa73-dc396c81a152","block_type":"box","text":"Schemes (as summarised below); and","page_number":243,"box":{"x":199,"y":305,"width":284,"height":11}},{"id":"d855d87d-c1e4-4191-9790-5f625b002077","block_type":"box","text":"(ii) the Fund’s investment policy.","page_number":243,"box":{"x":152,"y":346,"width":261,"height":11}},{"id":"aeceb393-2d8c-42d3-8e1f-cdde9785c955","block_type":"box","text":"The ACD shall ensure that, taking account of the investment objectives and policy of each Fund,","page_number":243,"box":{"x":151,"y":387,"width":696,"height":11}},{"id":"4c39d19e-a1ea-4ab5-9255-1b76ffa7bc5d","block_type":"box","text":"the Scheme Property of the Fund aims to 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not","page_number":243,"box":{"x":152,"y":754,"width":696,"height":11}},{"id":"b879651a-a7fd-4349-9395-e30dae11e8d3","block_type":"box","text":"permitted to use derivatives, each Fund may invest in derivatives for Efficient Portfolio","page_number":243,"box":{"x":151,"y":775,"width":697,"height":11}},{"id":"928e3b18-ae7f-4662-bdb7-6df2f3ba59f2","block_type":"box","text":"Management (including hedging) purposes.","page_number":243,"box":{"x":152,"y":795,"width":319,"height":11}},{"id":"bc8c6777-d261-470d-9b0e-2ca52f4ef76f","block_type":"box","text":"The","page_number":243,"box":{"x":478,"y":795,"width":28,"height":9}},{"id":"c4f9e344-eea7-4872-ba1e-66053fa34d94","block_type":"box","text":"Funds of the Aviva Investors Multi-asset Core","page_number":243,"box":{"x":512,"y":795,"width":336,"height":9}},{"id":"20c32f07-9427-45d3-acc0-98760af2db00","block_type":"box","text":"Fund range, the Aviva Investors Multi-asset Plus Fund range and the Aviva Investors 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or","page_number":244,"box":{"x":212,"y":202,"width":581,"height":11}},{"id":"28aa56ff-9b76-4439-b470-05d9a87195c1","block_type":"box","text":"3.","page_number":244,"box":{"x":151,"y":223,"width":12,"height":8}},{"id":"16b00406-a47d-4224-af5e-5045cfea30ed","block_type":"box","text":"be recently issued transferable securities, provided that the terms of issue include an","page_number":244,"box":{"x":212,"y":222,"width":636,"height":11}},{"id":"a0d72352-6311-4f2c-ada0-3f5015f9a4b4","block_type":"box","text":"undertaking that application will be made to be admitted to an eligible market; and such","page_number":244,"box":{"x":212,"y":243,"width":636,"height":11}},{"id":"bd24d671-87ea-4ffc-ab83-e8b77993b8a9","block_type":"box","text":"admission is secured within a year of issue.","page_number":244,"box":{"x":212,"y":263,"width":320,"height":11}},{"id":"3fe47a67-2e3a-4630-9c0b-88f000010523","block_type":"box","text":"Up to 20% in aggregate in value of the Scheme Property of a Fund may 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money","page_number":244,"box":{"x":212,"y":395,"width":636,"height":11}},{"id":"893fa337-a9e7-433a-bc99-c80cb812bd6f","block_type":"box","text":"market instrument, but which are liquid and have a value which can be determined","page_number":244,"box":{"x":212,"y":416,"width":635,"height":11}},{"id":"7212b3b5-30bc-49f6-935d-2153d13cf3c1","block_type":"box","text":"accurately at any time;","page_number":244,"box":{"x":212,"y":436,"width":165,"height":11}},{"id":"23a5d8a7-8768-4ef9-8cf0-64d03e2e4561","block_type":"box","text":"3.","page_number":244,"box":{"x":151,"y":469,"width":12,"height":8}},{"id":"d9a7b5a9-6433-402d-9e3c-fd6b966ca34c","block_type":"box","text":"unregulated collective investment schemes.","page_number":244,"box":{"x":212,"y":469,"width":322,"height":11}},{"id":"7dc6aa8c-fb81-42eb-95e7-6b790685dd3b","block_type":"box","text":"The following paragraphs summarise the restrictions for Non-UCITS Retail Schemes generally","page_number":244,"box":{"x":151,"y":501,"width":697,"height":11}},{"id":"062639fe-9ba5-4eae-9205-921235b3dab5","block_type":"box","text":"under the COLL Sourcebook. However, each Fund is managed subject to its investment policy,","page_number":244,"box":{"x":152,"y":521,"width":695,"height":12}},{"id":"f13db30c-a80f-40f1-8f7a-648209e73305","block_type":"box","text":"and this indicates the likely type of investments which will be held.","page_number":244,"box":{"x":151,"y":542,"width":487,"height":11}},{"id":"86a02aa3-bc76-4062-9397-681352b98bc0","block_type":"box","text":"Eligible Markets","page_number":244,"box":{"x":152,"y":575,"width":158,"height":13}},{"id":"47adc1d8-032c-42ea-88a1-42887e0ea7c4","block_type":"box","text":"These are","page_number":244,"box":{"x":151,"y":611,"width":74,"height":8}},{"id":"93987167-6aad-4d5e-97de-283d59b47576","block_type":"box","text":"1.","page_number":244,"box":{"x":152,"y":643,"width":11,"height":9}},{"id":"b22d16ea-4894-455b-970f-aa96041091b5","block_type":"box","text":"regulated markets; or","page_number":244,"box":{"x":212,"y":643,"width":158,"height":11}},{"id":"1935f25d-db16-4226-b7cf-19cc30ae7ee4","block_type":"box","text":"2.","page_number":244,"box":{"x":151,"y":664,"width":12,"height":8}},{"id":"9a027e7e-e55e-43a6-9786-1ff6243b8788","block_type":"box","text":"markets established in the UK or an EEA State which are regulated, operate regularly","page_number":244,"box":{"x":212,"y":663,"width":636,"height":12}},{"id":"345b66ab-8ef9-418f-a1ab-4fde37e207d1","block_type":"box","text":"and are open to the public; or","page_number":244,"box":{"x":212,"y":684,"width":217,"height":11}},{"id":"42e5d424-8514-45cf-a785-307e4a2dec2c","block_type":"box","text":"3.","page_number":244,"box":{"x":151,"y":705,"width":12,"height":8}},{"id":"7d04c50d-64f2-4f7b-8223-19fe3539ae74","block_type":"box","text":"markets which the ACD, after consultation with and notification to the Depositary, has","page_number":244,"box":{"x":212,"y":704,"width":636,"height":11}},{"id":"170b25f0-1a55-4c2f-9f3d-982af82ae74f","block_type":"box","text":"decided are appropriate for the purpose of investment of or dealing in the property of a","page_number":244,"box":{"x":212,"y":725,"width":636,"height":11}},{"id":"256874ea-996d-4fc8-a4ec-9ed3ddf99066","block_type":"box","text":"Fund having regard to the relevant criteria in the COLL Sourcebook and guidance from","page_number":244,"box":{"x":212,"y":745,"width":636,"height":12}},{"id":"f9c62a97-25df-49b7-b59d-2f81a76fe870","block_type":"box","text":"the Financial Conduct Authority. Such markets must operate regularly, be regulated,","page_number":244,"box":{"x":211,"y":766,"width":636,"height":11}},{"id":"7985e5f4-c092-4dc3-a85e-5e3cd2cd9e2c","block_type":"box","text":"recognised, open to the public, adequately liquid and have arrangements for","page_number":244,"box":{"x":212,"y":786,"width":637,"height":11}},{"id":"d2648044-4129-4eb1-82ef-aa61b4e6410f","block_type":"box","text":"unimpeded transmission of income and capital to, or to the order of, the investors.","page_number":244,"box":{"x":212,"y":807,"width":604,"height":11}},{"id":"1d2ac4bc-7840-4453-ad5c-c69d9553a8e2","block_type":"box","text":"The eligible markets for the Funds are set out in Appendix 6.","page_number":244,"box":{"x":151,"y":848,"width":447,"height":11}},{"id":"d33a4253-46c6-46ac-991f-92ed858c6993","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":245,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"dc44b7f6-22cc-41f9-820f-d9c8f8101c16","block_type":"box","text":"245","page_number":245,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"a65dba2a-21c2-4a66-8f96-63dbd2bb061b","block_type":"box","text":"Aviva Investors: Public","page_number":245,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"1c309867-3399-44c3-ba5d-90df0f04c4e4","block_type":"box","text":"Spread","page_number":245,"box":{"x":151,"y":88,"width":74,"height":13}},{"id":"c52686d2-7559-472e-a207-c5a6a9a0181e","block_type":"box","text":"The requirements on spread of investments do not apply during any period in which it is not","page_number":245,"box":{"x":151,"y":124,"width":697,"height":11}},{"id":"e65a4234-f53e-41f9-ac6e-48452b7db090","block_type":"box","text":"reasonably practical to comply, provided that the requirement to maintain a prudent spread of","page_number":245,"box":{"x":152,"y":145,"width":696,"height":11}},{"id":"659671d9-e468-4745-aaa9-a86978d94d32","block_type":"box","text":"risk is complied with.","page_number":245,"box":{"x":152,"y":165,"width":151,"height":11}},{"id":"a45f290e-2651-4c6d-935c-59eb64afe2a3","block_type":"box","text":"When a Fund invests in Derivatives, the exposure to the underlying assets must not exceed the","page_number":245,"box":{"x":151,"y":197,"width":697,"height":11}},{"id":"0598832a-e655-44dc-b93a-321f112876a5","block_type":"box","text":"spread limits referred to below. However, if a Fund invests in an index-based derivative, the","page_number":245,"box":{"x":151,"y":218,"width":697,"height":11}},{"id":"f20ee92c-f28b-4ad0-90aa-b495125d28b9","block_type":"box","text":"underlying constituents of the index do not have to be taken into account for this purpose as","page_number":245,"box":{"x":152,"y":238,"width":696,"height":12}},{"id":"30e5f367-e0e4-4cfc-952e-7fafc7215f0b","block_type":"box","text":"long as the ACD in making such investments aims to maintain a prudent spread of risk.","page_number":245,"box":{"x":152,"y":259,"width":643,"height":11}},{"id":"49d7c69d-fe39-4bbb-96a3-f072ded5ba33","block_type":"box","text":"Spread: general","page_number":245,"box":{"x":151,"y":291,"width":125,"height":11}},{"id":"6bc445f7-48b0-4e48-85b5-59130bcb4254","block_type":"box","text":"This section on spread of investment generally does not apply to government and public","page_number":245,"box":{"x":151,"y":324,"width":697,"height":11}},{"id":"8b1948b9-1ac6-477f-985c-b6d4d5f42e8e","block_type":"box","text":"securities.","page_number":245,"box":{"x":151,"y":344,"width":73,"height":9}},{"id":"f0b3a779-56ae-4911-94df-0b685353da92","block_type":"box","text":"For the purpose of this section a “Single Body” is: (i) in relation to transferable securities and","page_number":245,"box":{"x":152,"y":376,"width":696,"height":12}},{"id":"d0adb2ff-5c25-4dda-bb59-49df3d130a6b","block_type":"box","text":"money market instruments, the person by whom they are issued; and (ii) in relation to deposits,","page_number":245,"box":{"x":152,"y":397,"width":695,"height":11}},{"id":"209f2007-e9b5-462d-b707-fa68063e635d","block_type":"box","text":"the person with whom they are placed.","page_number":245,"box":{"x":151,"y":417,"width":285,"height":11}},{"id":"88c67209-af01-482b-9d40-8bd27f787156","block_type":"box","text":"Not more than 20% in the value of the Scheme Property can consist of deposits with a Single","page_number":245,"box":{"x":152,"y":450,"width":696,"height":11}},{"id":"68484b6c-af8e-4bae-ad0a-fe5dde63aacf","block_type":"box","text":"Body. In applying this 20% limit, all uninvested cash comprising capital property that the","page_number":245,"box":{"x":152,"y":470,"width":696,"height":11}},{"id":"14cfd87c-cdb0-4de0-8739-53e0d88e1ee3","block_type":"box","text":"Depositary holds should be taken into account.","page_number":245,"box":{"x":152,"y":491,"width":345,"height":11}},{"id":"305a3267-88c3-4d42-9b56-caec130ef352","block_type":"box","text":"Not more than 10% in value of the Scheme Property is to consist of transferable securities or","page_number":245,"box":{"x":152,"y":523,"width":697,"height":11}},{"id":"4d6adada-ff74-45da-bf46-9e3d304e4c72","block_type":"box","text":"money market instruments issued by any Single Body. The limit of 10% is raised to 25% in","page_number":245,"box":{"x":152,"y":543,"width":696,"height":12}},{"id":"bd63bb80-41f4-4aed-a8cb-2b2143c00204","block_type":"box","text":"value of the Scheme Property in respect of covered bonds. For these purposes certificates","page_number":245,"box":{"x":151,"y":564,"width":697,"height":11}},{"id":"fe6b073c-42e2-4135-b93e-5e0243dd600a","block_type":"box","text":"representing certain securities are treated as equivalent to the underlying security.","page_number":245,"box":{"x":152,"y":585,"width":607,"height":11}},{"id":"f33a63bd-4e24-462f-b8c0-2937005c6c5c","block_type":"box","text":"Not more than 5% in value of the Scheme Property is to consist of warrants.","page_number":245,"box":{"x":152,"y":617,"width":561,"height":11}},{"id":"1f675d9d-9436-4ad9-8c34-67aae53ae65c","block_type":"box","text":"The exposure to any one counterparty in an OTC derivative transaction must not exceed 10%","page_number":245,"box":{"x":151,"y":649,"width":697,"height":11}},{"id":"6f855fb2-9436-4d16-b624-b98bddcb1e67","block_type":"box","text":"in value of the Scheme 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time.","page_number":246,"box":{"x":333,"y":120,"width":402,"height":11}},{"id":"594cba51-f61c-4984-b8f9-fa01e91d3c68","block_type":"box","text":"2.","page_number":246,"box":{"x":151,"y":153,"width":12,"height":8}},{"id":"5a745365-09c4-4073-876f-c0f64e733938","block_type":"box","text":"OTC derivative positions with the same counterparty may be netted provided that the","page_number":246,"box":{"x":212,"y":152,"width":636,"height":11}},{"id":"4952236f-628f-4aaa-94a1-6c194a1c91f0","block_type":"box","text":"netting procedures:","page_number":246,"box":{"x":212,"y":173,"width":141,"height":11}},{"id":"d8655364-c0d7-4e01-9892-210777a05b56","block_type":"box","text":"(a)","page_number":246,"box":{"x":271,"y":205,"width":18,"height":11}},{"id":"120ef513-28be-4035-b12f-17332fd33d82","block_type":"box","text":"comply with the conditions set out in Part Three, Title II, Chapter 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and","page_number":246,"box":{"x":212,"y":384,"width":434,"height":11}},{"id":"dd65e7e1-1a4e-4846-a64b-b432972f4954","block_type":"box","text":"(ii)","page_number":246,"box":{"x":152,"y":416,"width":16,"height":12}},{"id":"25df4a39-9245-4a04-9449-8a2914c50ef2","block_type":"box","text":"it is characterised by a daily mark-to-market valuation of the derivative positions and","page_number":246,"box":{"x":212,"y":416,"width":636,"height":12}},{"id":"a6027e44-6446-4f4d-aa05-d847e26bb4ee","block_type":"box","text":"an at least daily margining.","page_number":246,"box":{"x":212,"y":437,"width":197,"height":11}},{"id":"9bdc5202-8f2f-47e1-b671-3fe5fcf7e749","block_type":"box","text":"No more than 35% in value of the Scheme Property can consist of units/shares in one collective","page_number":246,"box":{"x":152,"y":469,"width":696,"height":11}},{"id":"559b9d56-53b0-4ac4-9d43-8bf5a77585c0","block_type":"box","text":"investment 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or","page_number":246,"box":{"x":151,"y":737,"width":697,"height":11}},{"id":"6e9bd2da-e22c-47b1-97d0-a6027b75abba","block_type":"box","text":"guaranteed by any one body, there is no limit on the amount of the Scheme Property which","page_number":246,"box":{"x":151,"y":757,"width":697,"height":12}},{"id":"06818185-d291-47f3-b062-822bf9f4137d","block_type":"box","text":"may be invested in Such Securities or in any one issue.","page_number":246,"box":{"x":152,"y":778,"width":409,"height":11}},{"id":"16a7595d-57d1-4768-8550-02219e921937","block_type":"box","text":"Notwithstanding the foregoing and except where the investment policy of any Fund is","page_number":246,"box":{"x":152,"y":810,"width":696,"height":11}},{"id":"ebd744c6-59a6-451e-a875-f6fcba4bf594","block_type":"box","text":"inconsistent with this, up to 100% of the Scheme Property may be invested in government and","page_number":246,"box":{"x":152,"y":830,"width":696,"height":12}},{"id":"003ebb56-a4b5-4cb6-9c15-06334c187c9c","block_type":"box","text":"public securities issued by or on behalf of or guaranteed by a single named issuer which may","page_number":246,"box":{"x":151,"y":851,"width":697,"height":11}},{"id":"bf77d590-198d-4d58-a81c-a9e6b1a4f76e","block_type":"box","text":"be any one of the issuers set out in Appendix 5.","page_number":246,"box":{"x":151,"y":872,"width":352,"height":11}},{"id":"d26a6428-673c-4391-b69c-dd9fb5fdee62","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":247,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"7b63c9a3-352b-49be-acd9-64e8be4150ce","block_type":"box","text":"247","page_number":247,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"f86528df-ff8e-4cf9-a3c9-a283070a7be8","block_type":"box","text":"Aviva Investors: Public","page_number":247,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"08f8a28f-8f54-4e0f-90cb-ce6a770059bf","block_type":"box","text":"A Fund may invest more than 35% in value of the Scheme Property in Such Securities issued","page_number":247,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"ae30856f-19a4-448c-8dda-2f6f18badf4f","block_type":"box","text":"by any one body provided that:","page_number":247,"box":{"x":151,"y":108,"width":228,"height":11}},{"id":"4bc8c1f0-eae0-406d-80e1-4315b4c8964c","block_type":"box","text":"1.","page_number":247,"box":{"x":152,"y":141,"width":11,"height":8}},{"id":"e4cbef42-d145-4f1e-a6d2-e747dff2f188","block_type":"box","text":"the ACD has before any such investment is made consulted with the Depositary and","page_number":247,"box":{"x":211,"y":140,"width":637,"height":12}},{"id":"a74d4157-fd12-4964-981b-18b286827cbd","block_type":"box","text":"as a result considers that the issuer of Such Securities is one which is appropriate in","page_number":247,"box":{"x":212,"y":161,"width":636,"height":11}},{"id":"cc3bc646-0b83-4a8a-a289-7a21f469b8b7","block_type":"box","text":"accordance with the investment objectives of the authorised Fund;","page_number":247,"box":{"x":212,"y":181,"width":489,"height":11}},{"id":"fae4c555-97ef-4ccf-b6dd-3a58c7cafd38","block_type":"box","text":"2.","page_number":247,"box":{"x":151,"y":202,"width":12,"height":8}},{"id":"824e08de-595e-463e-bd88-980752ae3487","block_type":"box","text":"up to 30% in value of the Scheme Property consists of Such Securities of any one","page_number":247,"box":{"x":212,"y":202,"width":636,"height":11}},{"id":"aed54039-5407-453d-af03-6408887e82bd","block_type":"box","text":"issue;","page_number":247,"box":{"x":212,"y":222,"width":41,"height":11}},{"id":"fd5a3572-2cf4-47f0-bdb3-9daf5f4e0233","block_type":"box","text":"3.","page_number":247,"box":{"x":151,"y":243,"width":12,"height":9}},{"id":"c098119d-d4bd-42c5-8a6f-fc4208d996e9","block_type":"box","text":"the Scheme Property includes Such Securities issued by that or another issuer, of at","page_number":247,"box":{"x":211,"y":243,"width":637,"height":11}},{"id":"009ed9e7-0db7-4c72-a42b-48d0aeec4a72","block_type":"box","text":"least six different issues;","page_number":247,"box":{"x":212,"y":263,"width":180,"height":11}},{"id":"0da7259c-e015-423f-aa70-aa1951c275c3","block_type":"box","text":"4.","page_number":247,"box":{"x":151,"y":284,"width":12,"height":8}},{"id":"b1bc2184-9020-4e7a-8987-c87c6084f263","block_type":"box","text":"the disclosures required by the Financial Conduct Authority have been made.","page_number":247,"box":{"x":211,"y":284,"width":572,"height":11}},{"id":"bdf80c4c-cb96-48a9-b355-360414e838fb","block_type":"box","text":"Investment in transferable securities","page_number":247,"box":{"x":152,"y":334,"width":355,"height":10}},{"id":"3361e141-1942-4aba-8928-65f744f2f927","block_type":"box","text":"(1) A Fund may invest in a transferable security only to the extent that the transferable security","page_number":247,"box":{"x":152,"y":370,"width":696,"height":11}},{"id":"e03a7cc3-ba2d-4500-b7dc-fd10abb2f107","block_type":"box","text":"fulfils the following:","page_number":247,"box":{"x":151,"y":390,"width":139,"height":12}},{"id":"94d9c2a2-d01a-46f7-ad16-c886db8c69fa","block_type":"box","text":"(a) the potential loss which a Fund may incur with respect to holding the transferable","page_number":247,"box":{"x":152,"y":423,"width":696,"height":11}},{"id":"55427f21-ffc1-4d8d-bd62-046993cb0415","block_type":"box","text":"security 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Where a transferable security or money market","page_number":255,"box":{"x":152,"y":582,"width":696,"height":12}},{"id":"969837e8-7cc0-4d79-b91b-d537648bd695","block_type":"box","text":"instrument embeds a derivative, this must be taken into account for the purposes of complying","page_number":255,"box":{"x":152,"y":603,"width":696,"height":11}},{"id":"4ce0fafa-61c4-4ac0-84f8-a49d6d4b3356","block_type":"box","text":"with these limits.","page_number":255,"box":{"x":151,"y":624,"width":121,"height":8}},{"id":"5cea4b20-75e3-46ea-896f-cbc18b64e227","block_type":"box","text":"Efficient Portfolio Management must satisfy three broadly based requirements:","page_number":255,"box":{"x":152,"y":656,"width":580,"height":11}},{"id":"5e08943c-8a4e-4cee-b5f7-d63589bb2d7a","block_type":"box","text":"1.","page_number":255,"box":{"x":152,"y":688,"width":11,"height":9}},{"id":"3a008975-9704-4e19-8de6-2dac9ba8298c","block_type":"box","text":"A transaction must be one which (along or in combination with one or more","page_number":255,"box":{"x":234,"y":688,"width":582,"height":11}},{"id":"7dba6843-197a-4d4b-ba57-36199f54a7f1","block_type":"box","text":"other) is reasonably believed by the ACD to be economically appropriate to the","page_number":255,"box":{"x":234,"y":709,"width":582,"height":11}},{"id":"9c5bc176-a1b1-4eab-a966-e63e84398635","block_type":"box","text":"efficient portfolio management of the Fund. 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One example of how the use of permitted","page_number":256,"box":{"x":448,"y":143,"width":368,"height":11}},{"id":"f01c1565-ab62-443f-a4cb-27d3032e33d1","block_type":"box","text":"transactions would achieve this aim is in the use of cross-currency","page_number":256,"box":{"x":296,"y":163,"width":521,"height":11}},{"id":"6529709c-e612-483e-8809-7b4975c34dd9","block_type":"box","text":"hedging where all or part of the currency exposure of the Scheme","page_number":256,"box":{"x":297,"y":184,"width":519,"height":11}},{"id":"0244cd14-be5b-4a5a-834d-62ec57984660","block_type":"box","text":"Property may be switched away from a currency the ACD considers","page_number":256,"box":{"x":297,"y":204,"width":519,"height":11}},{"id":"be2b90d0-0591-4ed3-a640-7cac8d9342c9","block_type":"box","text":"unduly prone to risk, to another currency. Another example is the use","page_number":256,"box":{"x":297,"y":225,"width":519,"height":11}},{"id":"07eb742d-6c10-4cb9-8cc8-bda569f46769","block_type":"box","text":"of permitted transactions in tactical asset allocation, which permits the","page_number":256,"box":{"x":297,"y":245,"width":519,"height":11}},{"id":"62819b2b-d0ff-422b-b27e-a498bdf07797","block_type":"box","text":"ACD to undertake a Switch in exposure of types of assets by use of","page_number":256,"box":{"x":296,"y":266,"width":520,"height":11}},{"id":"f4a81d14-717e-4295-a55b-0a925230cd4b","block_type":"box","text":"Derivatives, rather than through sale and purchase of the Scheme","page_number":256,"box":{"x":297,"y":286,"width":519,"height":11}},{"id":"be185470-40f6-4619-b7c1-12ac7c9c3dd7","block_type":"box","text":"Property.","page_number":256,"box":{"x":297,"y":307,"width":66,"height":11}},{"id":"dad3cfb0-b0d8-4abd-95ba-30c6bce64e0a","block_type":"box","text":"(b)","page_number":256,"box":{"x":235,"y":327,"width":18,"height":11}},{"id":"e3bbcc6f-7dba-4a09-bbcf-536c29afec5c","block_type":"box","text":"Reduction of cost","page_number":256,"box":{"x":297,"y":327,"width":143,"height":9}},{"id":"58cea5d1-27d2-47ba-abae-372d0b29e0d8","block_type":"box","text":". 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In the Financial Conduct Authority’s view, the","page_number":257,"box":{"x":151,"y":303,"width":697,"height":11}},{"id":"13cb32eb-f2f1-4139-b61b-b7e89f1f7b61","block_type":"box","text":"requirement in (a) above can be met where:","page_number":257,"box":{"x":152,"y":323,"width":323,"height":12}},{"id":"c15265dc-3f7d-4b03-82b6-705e75071a09","block_type":"box","text":"1.","page_number":257,"box":{"x":186,"y":356,"width":11,"height":9}},{"id":"194a60ce-e3ac-43ca-bbaa-25378c10ca88","block_type":"box","text":"the risks of the underlying financial instrument of a derivative can be","page_number":257,"box":{"x":256,"y":356,"width":560,"height":11}},{"id":"fc015e48-c0e2-45d8-8b9b-69ba98deaba3","block_type":"box","text":"appropriately represented by another financial instrument and the underlying","page_number":257,"box":{"x":256,"y":376,"width":560,"height":12}},{"id":"ba955534-73f0-45b0-a94c-6136a98e451e","block_type":"box","text":"financial instrument is highly liquid; or","page_number":257,"box":{"x":256,"y":397,"width":278,"height":11}},{"id":"a74b5299-f46d-40f5-b251-66d7d2c179a1","block_type":"box","text":"2.","page_number":257,"box":{"x":185,"y":432,"width":12,"height":8}},{"id":"94e07c74-62df-4ff8-aaf1-f65274dc206e","block_type":"box","text":"the ACD or the Depositary has the right to settle the derivative in cash, and","page_number":257,"box":{"x":256,"y":431,"width":560,"height":12}},{"id":"3dca755e-9303-47a1-bf36-15b5ba15e8de","block_type":"box","text":"cover exists within the Scheme Property which falls within one of the","page_number":257,"box":{"x":256,"y":452,"width":560,"height":11}},{"id":"ff621104-a61b-40a7-897c-e3bc80aef625","block_type":"box","text":"following asset classes:","page_number":257,"box":{"x":256,"y":472,"width":173,"height":12}},{"id":"13c763f8-f6b9-4f1b-ad07-d7b8156b7483","block_type":"box","text":"(a)","page_number":257,"box":{"x":257,"y":507,"width":18,"height":11}},{"id":"51e409e1-1c75-44f2-8117-0f7c28b565b9","block_type":"box","text":"cash;","page_number":257,"box":{"x":351,"y":507,"width":38,"height":11}},{"id":"db21542b-6adc-421a-94a6-839201f4ba37","block_type":"box","text":"(b)","page_number":257,"box":{"x":257,"y":542,"width":18,"height":11}},{"id":"1592469e-1ee6-451d-a9fb-d1938269e1b9","block_type":"box","text":"liquid debt instruments (e.g. government bonds of first credit","page_number":257,"box":{"x":352,"y":542,"width":464,"height":11}},{"id":"b621a6e4-538e-497e-a3ef-b05e1aefdb55","block_type":"box","text":"rating) with appropriate safeguards (in particular, haircuts); or","page_number":257,"box":{"x":352,"y":562,"width":453,"height":12}},{"id":"993084d9-8abd-44dc-be7f-49da551e8076","block_type":"box","text":"(c)","page_number":257,"box":{"x":257,"y":597,"width":17,"height":11}},{"id":"c8c853da-69c3-48d3-8040-694e9de85976","block_type":"box","text":"other highly liquid assets having regard to their correlation with","page_number":257,"box":{"x":351,"y":597,"width":464,"height":11}},{"id":"8c1853a8-875d-4fe1-b02f-0adbe460ff4c","block_type":"box","text":"the underlying of the financial derivative instruments, subject to","page_number":257,"box":{"x":351,"y":618,"width":465,"height":11}},{"id":"11020b90-9410-4c80-bad1-1fd0b15cf4cc","block_type":"box","text":"appropriate safeguards (e.g. haircuts where relevant).","page_number":257,"box":{"x":351,"y":638,"width":398,"height":11}},{"id":"19c90ea2-bd99-452a-94cc-622078df077c","block_type":"box","text":"Within these asset classes, an asset may be considered as liquid where","page_number":257,"box":{"x":294,"y":673,"width":522,"height":11}},{"id":"ab1533e0-cf88-4752-89df-59b54d4f56a4","block_type":"box","text":"the instrument can be converted into cash in no more than seven","page_number":257,"box":{"x":294,"y":693,"width":522,"height":9}},{"id":"5b568a10-1e44-4347-b401-fbb32e2922fa","block_type":"box","text":"business days at a price closely corresponding to the current valuation","page_number":257,"box":{"x":294,"y":714,"width":521,"height":11}},{"id":"6c10aa11-b4e2-4e74-9842-59f5cb65a2f8","block_type":"box","text":"of the financial instrument on its own market.","page_number":257,"box":{"x":294,"y":734,"width":330,"height":9}},{"id":"ac3f6ea8-eb1e-4912-a4d7-f9ed66d62734","block_type":"box","text":"OTC transactions in Derivatives","page_number":257,"box":{"x":151,"y":770,"width":310,"height":10}},{"id":"29e8aacd-8724-4ba9-9bba-a4785368f2bc","block_type":"box","text":"Any transaction in an OTC derivative must be:","page_number":257,"box":{"x":151,"y":805,"width":341,"height":12}},{"id":"3bc85996-14ff-40b7-a82a-6cbcc84a53df","block_type":"box","text":"1.","page_number":257,"box":{"x":152,"y":838,"width":11,"height":8}},{"id":"6edcf850-7046-41d6-afab-7c1a59c34c54","block_type":"box","text":"with an approved counterparty; 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a","page_number":258,"box":{"x":222,"y":88,"width":594,"height":11}},{"id":"cadf93ad-c826-423f-860e-8a05552106e2","block_type":"box","text":"CCP that is authorised in that capacity for the purposes of EMIR; a CCP that is","page_number":258,"box":{"x":223,"y":108,"width":593,"height":11}},{"id":"494c3fa2-8498-4872-b4e4-8dfb2fcd73bf","block_type":"box","text":"recognised in that capacity in accordance with the process set out in article 25 of","page_number":258,"box":{"x":223,"y":128,"width":593,"height":12}},{"id":"edfaa8df-d679-45cd-80e6-9f64cd1350d6","block_type":"box","text":"EMIR; or to the extent not already covered, a CCP supervised in a jurisdiction","page_number":258,"box":{"x":223,"y":149,"width":592,"height":11}},{"id":"300f6e12-e70d-48d7-ad61-a062a693bfa2","block_type":"box","text":"that has implemented the relevant G20 reforms on OTC derivatives to at least","page_number":258,"box":{"x":222,"y":169,"width":594,"height":12}},{"id":"253d344c-1a75-42fb-9f88-77e148299b4e","block_type":"box","text":"the same extent as the United Kingdom and is identified as having done so by","page_number":258,"box":{"x":222,"y":190,"width":594,"height":11}},{"id":"4889948e-f651-4877-b3b3-a9bfb2149ff5","block_type":"box","text":"the Financial Stability Board in its summary report on progress in implementation","page_number":258,"box":{"x":222,"y":210,"width":593,"height":12}},{"id":"8ee05f13-001d-4f9d-95ca-9bcc95fac29b","block_type":"box","text":"of G20 regulatory reforms dated 25 June 2019;","page_number":258,"box":{"x":222,"y":231,"width":348,"height":11}},{"id":"dc7102de-db3a-4048-b2f2-ee3c8a116efc","block_type":"box","text":"2.","page_number":258,"box":{"x":151,"y":266,"width":12,"height":8}},{"id":"96aa65c7-8936-4d8b-bade-26abee6862fd","block_type":"box","text":"on approved terms; the terms of the transaction in Derivatives are approved only","page_number":258,"box":{"x":222,"y":266,"width":594,"height":11}},{"id":"c18804fe-cf10-4687-ac4a-bd4e183f0367","block_type":"box","text":"if, the ACD carries out at least daily a reliable and verifiable valuation in respect","page_number":258,"box":{"x":223,"y":286,"width":593,"height":11}},{"id":"9ad01f37-5bab-4643-bff4-d4e0beedf106","block_type":"box","text":"of that transaction corresponding to its fair value and which does not rely only on","page_number":258,"box":{"x":222,"y":307,"width":593,"height":11}},{"id":"07c8ad5b-b442-431f-8728-37ec92dd3162","block_type":"box","text":"market quotations by the counterparty; and can enter into one or more further","page_number":258,"box":{"x":223,"y":327,"width":593,"height":11}},{"id":"b21619d7-abde-42fb-8888-44b74560dbfa","block_type":"box","text":"transactions to sell, liquidate or close out that transaction at any time, at its fair","page_number":258,"box":{"x":222,"y":348,"width":594,"height":11}},{"id":"ad00f1b8-31ea-4db6-891a-f00e64185f5e","block_type":"box","text":"value. For the purposes of paragraph 2 above, “fair value” is the amount for which","page_number":258,"box":{"x":222,"y":368,"width":593,"height":11}},{"id":"7044a858-04e6-4561-84b0-db8e0a563445","block_type":"box","text":"an asset could be exchanged, or a liability settled between knowledgeable, willing","page_number":258,"box":{"x":222,"y":389,"width":593,"height":11}},{"id":"889c2ecd-a892-4344-8e42-a9ffd7c8a9fc","block_type":"box","text":"parties in an arm’s length transaction. For the purposes also of this paragraph 2,","page_number":258,"box":{"x":223,"y":409,"width":592,"height":11}},{"id":"42071a4a-15eb-4d4b-842c-41d81c2577f7","block_type":"box","text":"the ACD must establish, implement and maintain arrangements and procedures","page_number":258,"box":{"x":222,"y":429,"width":594,"height":12}},{"id":"d533e17f-0446-47f4-9550-65a39ea5c6f4","block_type":"box","text":"which ensure appropriate, transparent and fair valuation of the exposures of the","page_number":258,"box":{"x":222,"y":450,"width":594,"height":11}},{"id":"88c359a0-214e-4156-9ae0-4fedb44d5014","block_type":"box","text":"Company to OTC derivatives and ensure that the fair value of OTC derivatives is","page_number":258,"box":{"x":223,"y":470,"width":593,"height":12}},{"id":"a5033903-2677-4a80-aa32-eb618f9f62d1","block_type":"box","text":"subject to adequate, accurate and independent assessment. Where the","page_number":258,"box":{"x":222,"y":491,"width":594,"height":11}},{"id":"ca33b801-24cb-494d-a9b2-aa209a1036bf","block_type":"box","text":"arrangements and procedures involve the performance of certain activities by","page_number":258,"box":{"x":222,"y":512,"width":594,"height":11}},{"id":"3b233ab7-39a6-4336-b1c6-8bc113659bcc","block_type":"box","text":"third parties, the ACD must comply with due diligence and additional","page_number":258,"box":{"x":222,"y":532,"width":593,"height":11}},{"id":"fd9e6720-1f6b-4999-a6a6-7928b557932b","block_type":"box","text":"requirements. The arrangements and procedures referred to in this paragraph","page_number":258,"box":{"x":223,"y":552,"width":592,"height":12}},{"id":"6106a45d-dc04-4e04-8d52-657642c2d9b8","block_type":"box","text":"must be adequate and proportionate to the nature and complexity of the OTC","page_number":258,"box":{"x":223,"y":573,"width":593,"height":11}},{"id":"f61b48f8-d953-4960-8de1-326fb1986e1c","block_type":"box","text":"derivative concerned and adequately documented;","page_number":258,"box":{"x":222,"y":594,"width":375,"height":11}},{"id":"79aa8c76-4916-467c-a91b-4cfddc61765b","block_type":"box","text":"3.","page_number":258,"box":{"x":151,"y":628,"width":12,"height":9}},{"id":"806c0775-a49a-4b49-a430-38db6662ead7","block_type":"box","text":"capable of reliable valuation; a transaction in Derivatives is capable of reliable","page_number":258,"box":{"x":223,"y":628,"width":593,"height":11}},{"id":"c91a0d98-478d-4ef7-8066-b53e0e327e3a","block_type":"box","text":"valuation only if the ACD having taken reasonable care determines that,","page_number":258,"box":{"x":222,"y":649,"width":593,"height":11}},{"id":"4ab7f53f-0089-4d1f-8035-5dc26310fc51","block_type":"box","text":"throughout the life of the derivative (if the transaction is entered into), it will be","page_number":258,"box":{"x":222,"y":669,"width":594,"height":11}},{"id":"78c304b1-8c46-4700-9aaa-b73f16676afc","block_type":"box","text":"able to value the investment concerned with reasonable accuracy: on the basis","page_number":258,"box":{"x":222,"y":690,"width":594,"height":11}},{"id":"6d24a740-0945-4c89-9b9d-61d17563e2a4","block_type":"box","text":"of an up to date market value which the ACD and the Depositary have agreed is","page_number":258,"box":{"x":222,"y":710,"width":594,"height":11}},{"id":"0a15d099-31ad-423f-9de4-34b782b3bf53","block_type":"box","text":"reliable, or, if this value is not available on the basis of a pricing model which the","page_number":258,"box":{"x":223,"y":731,"width":593,"height":11}},{"id":"909e203e-f54e-457a-97b7-3c9e0f89af72","block_type":"box","text":"ACD and Depositary have agreed uses an adequate recognised methodology.","page_number":258,"box":{"x":222,"y":751,"width":580,"height":11}},{"id":"32138ae6-57f2-4c8f-a348-ae04e4251a7d","block_type":"box","text":"4.","page_number":258,"box":{"x":151,"y":786,"width":12,"height":8}},{"id":"1c5b3e6e-6793-40ab-8c28-10ba3e81ba4e","block_type":"box","text":"subject to verifiable valuation; a transaction in Derivatives is subject to verifiable","page_number":258,"box":{"x":222,"y":786,"width":594,"height":11}},{"id":"889095ef-41dd-4a3f-aeaf-8a66b2dbee8b","block_type":"box","text":"valuation only if, throughout the life of the Derivative (if the transaction is entered","page_number":258,"box":{"x":222,"y":806,"width":593,"height":11}},{"id":"bf4c864d-c62d-4ab9-b1bf-23d393e42932","block_type":"box","text":"into) verification of the valuation is carried out by:","page_number":258,"box":{"x":223,"y":827,"width":361,"height":11}},{"id":"5a767e09-66ec-497a-ab6b-098693853d34","block_type":"box","text":"(a) an appropriate third party which is independent from the counterparty","page_number":258,"box":{"x":261,"y":861,"width":555,"height":12}},{"id":"1bc247a2-2e50-4dbf-a3c8-a45acb5a9bdb","block_type":"box","text":"of the Derivative, at an adequate frequency and in such a way that the","page_number":258,"box":{"x":261,"y":882,"width":555,"height":11}},{"id":"74ed895e-a7e6-428a-b3bd-426975e0002b","block_type":"box","text":"authorised fund manager is able to check it; or","page_number":258,"box":{"x":261,"y":902,"width":344,"height":12}},{"id":"2fd1043a-39d7-4bc2-9172-cf790ca93197","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":259,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"d1f5ae42-a7ea-48a6-bf8b-c08f1f12b946","block_type":"box","text":"259","page_number":259,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"eba38a39-2c3a-44dc-ac8b-be4adaee1e1a","block_type":"box","text":"Aviva Investors: Public","page_number":259,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"25e66051-0930-4073-87a1-119866275525","block_type":"box","text":"(b) a department within the authorised fund manager which is independent","page_number":259,"box":{"x":261,"y":87,"width":555,"height":12}},{"id":"e91c2969-057c-4808-aceb-f3a534b9c93c","block_type":"box","text":"from the department in charge of managing the Scheme Property and which","page_number":259,"box":{"x":260,"y":108,"width":555,"height":11}},{"id":"832342f0-684c-4eab-b275-7b00f6f3f755","block_type":"box","text":"is adequately equipped for such a purpose.","page_number":259,"box":{"x":261,"y":128,"width":319,"height":12}},{"id":"2b3681a3-a919-4adb-8670-39971c969e58","block_type":"box","text":"Collateral Policy","page_number":259,"box":{"x":151,"y":163,"width":130,"height":11}},{"id":"0ba84754-eb57-4689-8b57-1577fcaff286","block_type":"box","text":"All OTC derivatives entered into by a Fund, with the exception of physically settled FX forwards,","page_number":259,"box":{"x":151,"y":198,"width":696,"height":11}},{"id":"c25c10d6-a3c2-459c-b5a1-6ba1850f5322","block_type":"box","text":"are collateralised.","page_number":259,"box":{"x":151,"y":219,"width":129,"height":8}},{"id":"f567c162-7e20-4a03-b9b9-b7cf1f20b3e1","block_type":"box","text":"A Fund may be required to deliver collateral to a counterparty to reduce the credit risk that a","page_number":259,"box":{"x":151,"y":253,"width":697,"height":11}},{"id":"6e6a2862-1669-48c5-98da-e5cc759e2bf0","block_type":"box","text":"counterparty has to a Fund.","page_number":259,"box":{"x":151,"y":274,"width":203,"height":11}},{"id":"4eb97156-f4e5-4dc7-baba-3ba23dca89d6","block_type":"box","text":"Alternatively, where an OTC derivatives transaction gives rise to a Fund being exposed to the","page_number":259,"box":{"x":151,"y":308,"width":697,"height":12}},{"id":"11f5816e-5565-4c24-b9c0-7cac839d5bbc","block_type":"box","text":"credit risk of a derivatives counterparty, the counterparty shall deliver collateral for the benefit","page_number":259,"box":{"x":151,"y":329,"width":697,"height":11}},{"id":"fbabb7e8-aa8c-4324-9e26-b275aefdac7a","block_type":"box","text":"of the Fund. Collateral delivered by a counterparty to a Fund under a Credit Support Annex","page_number":259,"box":{"x":151,"y":349,"width":697,"height":11}},{"id":"1fa808f3-eddb-40dc-bbd4-13ef7976cce6","block_type":"box","text":"(CSA) is delivered by title transfer.","page_number":259,"box":{"x":152,"y":370,"width":252,"height":11}},{"id":"a7820b12-5ad8-4d8f-9efd-351c255e854d","block_type":"box","text":"Collateral received by a Fund from counterparties in respect of OTC transactions must meet","page_number":259,"box":{"x":151,"y":412,"width":697,"height":11}},{"id":"87a6eb74-8192-4dbf-8938-6eab1dd2b681","block_type":"box","text":"the eligibility criteria as set out in the Credit Support Annex (CSA) to the ISDA Master","page_number":259,"box":{"x":151,"y":434,"width":698,"height":11}},{"id":"3fe884c1-20c1-456d-a18d-9e5f4d1ff861","block_type":"box","text":"Agreement in place between the relevant Fund and the Counterparty. The Investment","page_number":259,"box":{"x":151,"y":455,"width":697,"height":11}},{"id":"2f13a941-9b04-4e3a-91cf-2e24bd96a65e","block_type":"box","text":"Manager’s policy is to restrict collateral under CSAs to cash or high quality, liquid government","page_number":259,"box":{"x":152,"y":476,"width":696,"height":12}},{"id":"f8ab28fa-1d2a-4da2-ab2b-6e30ad761b76","block_type":"box","text":"bonds. The CSAs may prescribe a cap on the maturity of the government bonds eligible to be","page_number":259,"box":{"x":151,"y":498,"width":697,"height":11}},{"id":"a4df8d88-ba00-43cb-b744-8410f3f7a881","block_type":"box","text":"received as collateral. Beyond this, and the limits on the type of collateral accepted, no","page_number":259,"box":{"x":152,"y":519,"width":696,"height":11}},{"id":"db13d10e-c705-4581-8aa0-c686f1ce91a6","block_type":"box","text":"additional liquidity limits are applied in relation to collateral received. Government bonds","page_number":259,"box":{"x":151,"y":540,"width":697,"height":12}},{"id":"ececc653-9bda-4ae8-8f05-5a169232dbe3","block_type":"box","text":"received as collateral by a Fund will be subject to the relevant haircuts under the CSA in place","page_number":259,"box":{"x":152,"y":562,"width":696,"height":11}},{"id":"20261b3d-a7d8-484d-af40-d1edaa34d2b6","block_type":"box","text":"between the Fund and a Counterparty. At a minimum these haircuts will comply with the","page_number":259,"box":{"x":151,"y":583,"width":697,"height":11}},{"id":"91c5e0ea-d72d-4445-aa2a-b055d9a7008e","block_type":"box","text":"minimum regulatory haircuts for government bonds, as set in the regulatory technical standards","page_number":259,"box":{"x":152,"y":605,"width":696,"height":11}},{"id":"d9ffeab0-db4d-40e4-9042-0ca8a214984e","block_type":"box","text":"implemented for uncleared OTC Derivatives by the UK for the purpose of EMIR. These","page_number":259,"box":{"x":152,"y":626,"width":696,"height":11}},{"id":"646d22dd-142d-49a9-b524-326b83babe47","block_type":"box","text":"minimum regulatory haircuts are as set out below:","page_number":259,"box":{"x":152,"y":648,"width":368,"height":11}},{"id":"8591cb25-94d9-449c-81a2-023be2b063d9","block_type":"box","text":"The ACD can accept collateral in excess of 20% of the Net Asset Value of each Fund in respect","page_number":259,"box":{"x":151,"y":809,"width":697,"height":11}},{"id":"9188a605-3153-496a-a4d1-4321f3d4a1a9","block_type":"box","text":"of debt obligations issued by a government. Should a Fund be fully collateralised by debt","page_number":259,"box":{"x":151,"y":829,"width":697,"height":11}},{"id":"8156fe57-a8ea-402a-8013-f938f05f6232","block_type":"box","text":"obligations issued by a government the ACD will ensure that the collateral received comprises","page_number":259,"box":{"x":151,"y":850,"width":697,"height":11}},{"id":"69365a51-562a-4a83-a57e-158054c0b3e1","block_type":"box","text":"at least six different issues and that no one issue comprises more than 30% of the Net Asset","page_number":259,"box":{"x":151,"y":870,"width":697,"height":11}},{"id":"2189c8ea-f78f-4ae6-8f22-6f915137bc6c","block_type":"box","text":"Value of a Fund.","page_number":259,"box":{"x":151,"y":891,"width":121,"height":8}},{"id":"6e0f527e-9ecb-4b63-9354-6bae730198fd","block_type":"box","text":"Collateral","page_number":259,"box":{"x":224,"y":691,"width":74,"height":9}},{"id":"4b79ae5b-e290-4b6e-abad-1ddf0b7295d1","block_type":"box","text":"–","page_number":259,"box":{"x":304,"y":696,"width":9,"height":1}},{"id":"9ab5964e-1d79-43c4-a277-66f8c3675a44","block_type":"box","text":"remaining time to","page_number":259,"box":{"x":319,"y":691,"width":139,"height":12}},{"id":"3c8d247b-d990-48e9-a9f9-133d85902966","block_type":"box","text":"Maturity","page_number":259,"box":{"x":464,"y":691,"width":64,"height":12}},{"id":"d695fca9-24ee-4d09-b10e-342e754892b9","block_type":"box","text":"Haircut","page_number":259,"box":{"x":696,"y":691,"width":56,"height":9}},{"id":"a649abba-bccc-48df-8a03-8e0b5d76c968","block_type":"box","text":"Less than or equal to one year","page_number":259,"box":{"x":162,"y":714,"width":225,"height":11}},{"id":"306a099c-9ffd-4a92-8b3a-6c036e36d0f2","block_type":"box","text":"0.5%","page_number":259,"box":{"x":610,"y":714,"width":36,"height":9}},{"id":"7e99fd4f-30d3-4334-b79c-fe9821002c25","block_type":"box","text":"More than one year and less than or equal to five years","page_number":259,"box":{"x":162,"y":737,"width":409,"height":11}},{"id":"e4171cd1-248a-4883-ad9d-500cd2cfad2f","block_type":"box","text":"2.0%","page_number":259,"box":{"x":609,"y":737,"width":37,"height":8}},{"id":"04960181-a9e5-44b5-8f27-186e61bf2499","block_type":"box","text":"More than five years","page_number":259,"box":{"x":162,"y":759,"width":150,"height":11}},{"id":"d5293608-b269-4569-a0c0-aeaa25460a5e","block_type":"box","text":"4.0%","page_number":259,"box":{"x":609,"y":759,"width":37,"height":9}},{"id":"c549d3bc-8541-4a15-8b61-61f35f5c2850","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":260,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"49b8c122-14e0-4f4d-83a8-4ecfad9a7dd4","block_type":"box","text":"260","page_number":260,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"1db82a12-8cf8-487e-9400-26db736d5684","block_type":"box","text":"Aviva Investors: Public","page_number":260,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"4b556b99-d1e7-42f6-969b-8e60121d7230","block_type":"box","text":"Collateral received should be issued by an entity that is independent from the counterparty","page_number":260,"box":{"x":151,"y":87,"width":670,"height":12}},{"id":"2c25bd9c-5d2d-417d-9121-325c99c0d9c9","block_type":"box","text":"and is not expected to display a high correlation with the performance of the counterparty.","page_number":260,"box":{"x":151,"y":103,"width":664,"height":11}},{"id":"a50e6061-527d-4a18-91e5-a96e9d5494d7","block_type":"box","text":"The collateral received is valued daily on a mark-to-market basis. As the types of collateral","page_number":260,"box":{"x":151,"y":131,"width":696,"height":11}},{"id":"02d9dea7-adb7-4a66-8e5d-abb3eb8fcfe2","block_type":"box","text":"accepted are liquid with publicly available prices, a mark-to-market basis gives the best","page_number":260,"box":{"x":151,"y":151,"width":697,"height":11}},{"id":"a67bd04e-50e1-48a9-bd59-00d6a903104d","block_type":"box","text":"valuation. The level of collateral is monitored and called for or returned to the full value of the","page_number":260,"box":{"x":151,"y":172,"width":697,"height":9}},{"id":"86c55590-5dc1-46d6-9594-d21b7a634561","block_type":"box","text":"contract (subject to minimum transfer values and haircuts).","page_number":260,"box":{"x":151,"y":192,"width":434,"height":11}},{"id":"50b28083-a4eb-4d9d-95a2-9848cbb350ec","block_type":"box","text":"Cash collateral may not be re-invested and may not be re-used.","page_number":260,"box":{"x":151,"y":227,"width":471,"height":11}},{"id":"2d350ee4-c14d-4143-94de-2bc59ef8c581","block_type":"box","text":"Non-cash collateral will not be sold, re-invested or pledged.","page_number":260,"box":{"x":152,"y":262,"width":437,"height":11}},{"id":"e88269fc-c4f2-4e24-8d37-443b7a9a8b70","block_type":"box","text":"Risk Management","page_number":260,"box":{"x":152,"y":297,"width":175,"height":13}},{"id":"af564924-685a-43a5-a663-1cc76d904fc0","block_type":"box","text":"An authorised fund manager must use a risk management process enabling it to monitor and","page_number":260,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"5f4ee606-3590-4b6d-b946-9eb34092400f","block_type":"box","text":"measure as frequently as appropriate the risk of a Fund’s positions and their contribution to the","page_number":260,"box":{"x":152,"y":353,"width":696,"height":12}},{"id":"642006c7-54c5-4779-b315-dfd02d0ee91c","block_type":"box","text":"overall risk profile of the Fund.","page_number":260,"box":{"x":151,"y":374,"width":223,"height":11}},{"id":"d149ed5f-1df4-429d-ba04-4a35cc3690f2","block_type":"box","text":"Immovables","page_number":260,"box":{"x":152,"y":407,"width":121,"height":10}},{"id":"94df0be0-681e-4202-a42d-9b444572d12f","block_type":"box","text":"Except where the investment policy of any Fund is inconsistent with this, up to 100% in value","page_number":260,"box":{"x":152,"y":443,"width":696,"height":11}},{"id":"4e6887e8-7639-4abd-933c-fa3fdd3c837c","block_type":"box","text":"of the Scheme Property may consist of approved immovables (property), subject to the","page_number":260,"box":{"x":151,"y":463,"width":697,"height":11}},{"id":"78b9ae7e-3477-4dac-90ae-52affd8900e2","block_type":"box","text":"Regulations.","page_number":260,"box":{"x":152,"y":484,"width":90,"height":11}},{"id":"8a5f27dc-1f5c-412d-a081-c548f44bd102","block_type":"box","text":"1. Any investment in land or a building held within the Scheme Property must be an immovable","page_number":260,"box":{"x":152,"y":516,"width":696,"height":11}},{"id":"a8539c4b-6c63-4d2f-85eb-dbd1c3f8ea28","block_type":"box","text":"within 2 to 5 below:","page_number":260,"box":{"x":211,"y":537,"width":141,"height":8}},{"id":"9a3fde2d-6332-4ef4-b2ce-bbac779add30","block_type":"box","text":"2. An immovable must:","page_number":260,"box":{"x":151,"y":578,"width":180,"height":8}},{"id":"d91ceabc-70fe-4fcd-92d3-6ea04fe3aa51","block_type":"box","text":"(a) be situated in the UK, any EEA State or Australia, Canada, Japan, New","page_number":260,"box":{"x":212,"y":618,"width":636,"height":12}},{"id":"589a364d-75f2-4067-9c4b-722b966b7edb","block_type":"box","text":"Zealand, Switzerland or the USA; and","page_number":260,"box":{"x":272,"y":639,"width":280,"height":10}},{"id":"7f40c95a-4fed-40b6-99b0-ad2aba9c9204","block_type":"box","text":"(b) if situated in","page_number":260,"box":{"x":212,"y":680,"width":148,"height":11}},{"id":"41c0196a-caf3-4542-9d43-b24e0aef4a87","block_type":"box","text":"(i)","page_number":260,"box":{"x":273,"y":700,"width":12,"height":12}},{"id":"813e98f5-9c1b-426e-9832-3f3aa3a5b839","block_type":"box","text":"England and Wales or Northern Ireland, be a freehold or leasehold","page_number":260,"box":{"x":333,"y":700,"width":515,"height":12}},{"id":"38ca87bb-5acf-4c42-963d-75149afb02f9","block_type":"box","text":"interest;","page_number":260,"box":{"x":333,"y":721,"width":57,"height":10}},{"id":"28e40da3-9316-446d-9ea9-0895b971bba8","block_type":"box","text":"(ii)","page_number":260,"box":{"x":273,"y":741,"width":16,"height":11}},{"id":"54e796ad-ac33-4cb5-b869-f59d700116a4","block_type":"box","text":"Scotland, be any interest or estate in or over land or heritable right","page_number":260,"box":{"x":333,"y":741,"width":515,"height":12}},{"id":"96881b1b-8e96-4f41-a43b-cf1dbf15386a","block_type":"box","text":"including a long lease;","page_number":260,"box":{"x":333,"y":762,"width":164,"height":11}},{"id":"aec9e18b-4027-42b5-96c5-1cfe82bf4fe0","block_type":"box","text":"(c) if situated elsewhere be equivalent to the to any of the interests mentioned in","page_number":260,"box":{"x":212,"y":803,"width":636,"height":11}},{"id":"ab8f4e53-b323-4e59-b264-925ac1391603","block_type":"box","text":"(b) above.","page_number":260,"box":{"x":273,"y":823,"width":72,"height":11}},{"id":"f378fcb6-ee1c-44e7-a0ef-c8f081205b95","block_type":"box","text":"3. 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The ACD must:","page_number":261,"box":{"x":151,"y":108,"width":143,"height":9}},{"id":"0779fbd8-996d-4afe-a19b-ad30806068c1","block_type":"box","text":"(a) have received a report from an appropriate valuer that:","page_number":261,"box":{"x":212,"y":128,"width":464,"height":11}},{"id":"39952a31-32f3-4ea6-b43b-75135ec78f3b","block_type":"box","text":"(i)","page_number":261,"box":{"x":273,"y":169,"width":12,"height":12}},{"id":"65af05c2-b0d9-4fc3-92c5-2ea80e75a98c","block_type":"box","text":"contains a valuation of the immovable (with or without any relevant","page_number":261,"box":{"x":333,"y":169,"width":515,"height":12}},{"id":"4bdc402a-74c8-4628-9289-0eeb3b5e868d","block_type":"box","text":"subsisting mortgage); and","page_number":261,"box":{"x":332,"y":190,"width":192,"height":11}},{"id":"a44cacfd-62b7-47e0-85d1-4e1761f830e1","block_type":"box","text":"(ii)","page_number":261,"box":{"x":273,"y":210,"width":16,"height":11}},{"id":"a3122829-4efe-4dc3-a0d5-dec857e9097e","block_type":"box","text":"states that, in the appropriate valuer’s opinion, the immovable would,","page_number":261,"box":{"x":332,"y":210,"width":515,"height":11}},{"id":"71d382df-fe33-4300-b43a-7877f092abdc","block_type":"box","text":"if acquired for the Company, be capable of being disposed of","page_number":261,"box":{"x":333,"y":231,"width":515,"height":11}},{"id":"fe489bc9-d36e-4d74-9f4e-ad8150d8a8f0","block_type":"box","text":"reasonably expeditiously at that valuation; 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and","page_number":262,"box":{"x":212,"y":169,"width":570,"height":12}},{"id":"57d86faf-f970-41b2-9f53-f6edb7abb641","block_type":"box","text":"(d) has not engaged himself or any of his Associates in relation to the finding of","page_number":262,"box":{"x":212,"y":210,"width":636,"height":12}},{"id":"72e4a848-9886-4ca2-ab32-7c89f06090f6","block_type":"box","text":"the immovable for the Company or of finding the Company for the immovable.","page_number":262,"box":{"x":272,"y":231,"width":575,"height":11}},{"id":"0f0ab57e-0d49-4fbf-b0be-461249b22f6b","block_type":"box","text":"The following limits apply in respect of immovables held as part of the Scheme Property:","page_number":262,"box":{"x":151,"y":272,"width":653,"height":11}},{"id":"0e160ce2-d07e-412e-8f5b-f11269e48e62","block_type":"box","text":"1.","page_number":262,"box":{"x":152,"y":313,"width":11,"height":8}},{"id":"780a3173-5b7d-41ff-8af1-1a844a70a8d4","block_type":"box","text":"not more than 15% in value of the Scheme Property may consist of any one immovable","page_number":262,"box":{"x":212,"y":313,"width":636,"height":11}},{"id":"2763b6ff-e76e-41a0-857a-66826d8b2c8a","block_type":"box","text":"(adjacent immovables in the vicinity of each other are treated as one immovable). 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The","page_number":264,"box":{"x":151,"y":300,"width":697,"height":11}},{"id":"ba371390-e80f-4b7b-8518-00dbe46feb6a","block_type":"box","text":"Company or the Depositary, at the time of delivery, receives collateral to cover against the risk","page_number":264,"box":{"x":151,"y":320,"width":697,"height":11}},{"id":"f2227081-cf83-4c2e-83f1-bfc4bd07f421","block_type":"box","text":"of the future redelivery not being completed. A repo contract is an agreement between a seller","page_number":264,"box":{"x":151,"y":341,"width":697,"height":11}},{"id":"713635fe-49e8-4b2d-a6bc-67e1f488e8cd","block_type":"box","text":"and a buyer for the purchase or sale of securities, or the buyer agrees to resell the securities","page_number":264,"box":{"x":151,"y":361,"width":697,"height":11}},{"id":"f0723d75-7549-4b83-a076-9f5a33079ff4","block_type":"box","text":"or equivalent securities, at an agreed date and, usually, at a stated price.","page_number":264,"box":{"x":151,"y":382,"width":538,"height":11}},{"id":"af534c63-0e48-4ffd-8234-790203de548e","block_type":"box","text":"The Company, or the Depositary at the Company’s request, may enter into securities lending","page_number":264,"box":{"x":151,"y":414,"width":697,"height":11}},{"id":"a07dccb7-8483-44f9-aea4-d7c0c517803f","block_type":"box","text":"transactions (involving a disposal of securities in a Fund and re-acquisition of equivalent","page_number":264,"box":{"x":151,"y":434,"width":697,"height":12}},{"id":"e73066ee-75dc-4259-b376-98abbf7c3b92","block_type":"box","text":"securities) when it reasonably appears to the Company to be appropriate to do so with a view","page_number":264,"box":{"x":151,"y":455,"width":697,"height":11}},{"id":"f1812acc-fea5-4bdb-acfd-e92346747191","block_type":"box","text":"to generating additional income for the relevant Fund with an acceptable degree of risk. Such","page_number":264,"box":{"x":151,"y":475,"width":697,"height":12}},{"id":"f9a35a90-ec0a-45d7-a25e-89b099019c4e","block_type":"box","text":"transactions must comply with conditions set out in the COLL Sourcebook, which require (inter","page_number":264,"box":{"x":151,"y":496,"width":697,"height":11}},{"id":"55ca315c-e19a-4f0c-bc1d-35da518b91ed","block_type":"box","text":"alia) that:","page_number":264,"box":{"x":151,"y":516,"width":67,"height":12}},{"id":"63167290-4194-40b2-941e-0f84ac3d828e","block_type":"box","text":"1.","page_number":264,"box":{"x":152,"y":549,"width":11,"height":8}},{"id":"43c286fa-77de-4807-b886-3e70d264ce9b","block_type":"box","text":"the securities lending transaction must be of a kind described in Section 263B of the","page_number":264,"box":{"x":211,"y":549,"width":637,"height":11}},{"id":"d4e0c62f-9bd6-40dd-b775-88ca3df086b5","block_type":"box","text":"Taxation of Chargeable Gains Act 1992;","page_number":264,"box":{"x":211,"y":569,"width":297,"height":12}},{"id":"ba58c6f6-cc65-4840-bdb9-df3ef280aad7","block_type":"box","text":"2.","page_number":264,"box":{"x":151,"y":611,"width":12,"height":8}},{"id":"8d4dc6fe-5800-403e-a5a1-05f36b25092a","block_type":"box","text":"the terms of the agreement under which the Depositary is to re-acquire the securities","page_number":264,"box":{"x":211,"y":610,"width":637,"height":11}},{"id":"69c07c46-4e5d-4795-ab0c-958c0f7a0cb6","block_type":"box","text":"for the account of the Company must be acceptable to the Depositary and in","page_number":264,"box":{"x":211,"y":631,"width":636,"height":11}},{"id":"b8136784-4b44-4665-ac08-e199c70bfd81","block_type":"box","text":"accordance with good market practice;","page_number":264,"box":{"x":212,"y":651,"width":285,"height":12}},{"id":"f884483b-a5da-4853-a553-5b0f4ecb1c0a","block_type":"box","text":"3.","page_number":264,"box":{"x":151,"y":693,"width":12,"height":8}},{"id":"ff2e8229-2da0-45f3-b050-bc172520805c","block_type":"box","text":"the counterparty must be acceptable in accordance with the COLL Sourcebook;","page_number":264,"box":{"x":211,"y":692,"width":590,"height":11}},{"id":"8e286bf2-58b0-4545-ae2b-9e7695c6babc","block_type":"box","text":"4.","page_number":264,"box":{"x":151,"y":733,"width":12,"height":9}},{"id":"acbf2885-ff4e-43b0-b91d-2c2245858120","block_type":"box","text":"the collateral obtained must be acceptable to the Depositary and must also be","page_number":264,"box":{"x":211,"y":733,"width":637,"height":11}},{"id":"7fb4601a-3900-4d4e-a263-6d6f4743c93d","block_type":"box","text":"adequate and sufficiently immediate as set down in the COLL Sourcebook.","page_number":264,"box":{"x":212,"y":754,"width":553,"height":11}},{"id":"33d22ad2-a076-48b7-86ad-c2c9fae5aa96","block_type":"box","text":"Further details are provided in the ‘Securities Financing Transactions Regulation’ section","page_number":264,"box":{"x":152,"y":795,"width":696,"height":11}},{"id":"76a8d3d5-c1ee-4ecf-bc6c-988209c1246b","block_type":"box","text":"below.","page_number":264,"box":{"x":151,"y":815,"width":46,"height":9}},{"id":"154479d2-8ca7-45ab-8e04-f6fc5be25ae4","block_type":"box","text":"Securities Financing Transactions Regulation","page_number":264,"box":{"x":151,"y":867,"width":443,"height":13}},{"id":"e4e6f19b-0642-4c3c-b9e9-af980681f29a","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 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is","page_number":265,"box":{"x":152,"y":128,"width":696,"height":12}},{"id":"75892704-c920-4489-9bb2-ffc98e143dac","block_type":"box","text":"no longer available for new investment) do not use SFTs or TRS.","page_number":265,"box":{"x":152,"y":149,"width":480,"height":11}},{"id":"243071bb-650e-4dc2-88b1-89a89193e889","block_type":"box","text":"The Aviva Investors Multi-asset Core Fund range, the Aviva Investors Multi-asset Plus Fund","page_number":265,"box":{"x":151,"y":181,"width":697,"height":12}},{"id":"469c549e-b64f-449f-aaf7-9a28b2726fe6","block_type":"box","text":"range and the Aviva Investors Multi-asset Stewardship Fund range may use SFTs and TRS.","page_number":265,"box":{"x":152,"y":202,"width":695,"height":11}},{"id":"f9074c94-d6ec-477e-aa57-9efdd051e781","block_type":"box","text":"The SFTs that may be undertaken by the Funds are limited to repo contracts and securities","page_number":265,"box":{"x":151,"y":222,"width":697,"height":11}},{"id":"235a4237-5242-440b-9f42-d511775da47d","block_type":"box","text":"lending. The Funds are permitted to enter into securities lending arrangements and repo","page_number":265,"box":{"x":152,"y":243,"width":696,"height":11}},{"id":"866562d6-091d-42c2-b15d-0873537489f7","block_type":"box","text":"contracts for the purposes of efficient portfolio management and are permitted to use TRS for","page_number":265,"box":{"x":151,"y":263,"width":698,"height":11}},{"id":"e0ab2c8b-de0e-4d5f-b9a6-722f266d35aa","block_type":"box","text":"investment purposes, or for efficient portfolio management, or to reduce risk. The types of","page_number":265,"box":{"x":152,"y":284,"width":696,"height":11}},{"id":"1198565a-6afe-4226-a84f-5fbc1e7752d8","block_type":"box","text":"assets which may be subject to repo contracts, securities lending and TRS will be limited to the","page_number":265,"box":{"x":151,"y":304,"width":697,"height":11}},{"id":"e7186623-6787-4266-b96b-ab7475677c9d","block_type":"box","text":"financial instruments permitted by the Funds’ investment policies. The assets that may be","page_number":265,"box":{"x":151,"y":325,"width":697,"height":11}},{"id":"0dad1198-8b93-4af6-9fae-e0f51da63ff0","block_type":"box","text":"subject to SFTs and all collateral received in respect of SFTs and TRS is held under the control","page_number":265,"box":{"x":151,"y":345,"width":696,"height":11}},{"id":"d9e2d1fb-c42b-4b70-a23f-bc834ea320a7","block_type":"box","text":"of the Depositary for the benefit of the Fund.","page_number":265,"box":{"x":151,"y":366,"width":326,"height":11}},{"id":"ded42e00-bba6-4eef-9b25-b37560998660","block_type":"box","text":"Typically the Funds will enter into TRS to gain exposure to the performance of an asset or","page_number":265,"box":{"x":151,"y":398,"width":666,"height":11}},{"id":"2a8faea3-b14b-437f-a03b-5b30cafc5ff0","block_type":"box","text":"asset class, and therefore, the Fund’s assets cannot be described as being ‘subject to’ TRS","page_number":265,"box":{"x":151,"y":418,"width":679,"height":12}},{"id":"d66304bf-96fa-49ae-8007-680a13dc00a6","block_type":"box","text":"As such, the maximum and expected percentages of TRS are given as the gross aggregate","page_number":265,"box":{"x":151,"y":439,"width":678,"height":11}},{"id":"84823dfa-0683-4e85-85e3-b8d6f0728c04","block_type":"box","text":"notional of TRS as a percentage of the NAV.","page_number":265,"box":{"x":152,"y":459,"width":328,"height":12}},{"id":"549fb2c7-072a-49cb-a53b-99893fb331eb","block_type":"box","text":"The maximum proportion of the assets of the Aviva Investors Multi-asset Core Fund range (I to","page_number":265,"box":{"x":151,"y":492,"width":697,"height":11}},{"id":"fa21e523-2dd7-4312-8c82-4b79f53196c7","block_type":"box","text":"V) which may be subject to SFTs and TRS is as follows:","page_number":265,"box":{"x":151,"y":512,"width":415,"height":11}},{"id":"28227565-99cf-4eb0-b41e-5a1aeb8556bf","block_type":"box","text":"Repo Contracts","page_number":265,"box":{"x":161,"y":545,"width":115,"height":11}},{"id":"1555386b-b67b-47eb-8e44-2b0e1f944b58","block_type":"box","text":"50%","page_number":265,"box":{"x":512,"y":546,"width":32,"height":8}},{"id":"7aba6a84-33f9-4f42-96e1-a8fd4504ea7b","block_type":"box","text":"TRS","page_number":265,"box":{"x":160,"y":566,"width":33,"height":9}},{"id":"e4794963-db4d-457c-bbe5-c5b8062ff254","block_type":"box","text":"50%","page_number":265,"box":{"x":512,"y":567,"width":32,"height":8}},{"id":"153d4bd9-00d7-4e4d-92be-d2e8bb7a1ed9","block_type":"box","text":"Securities Lending","page_number":265,"box":{"x":161,"y":587,"width":136,"height":12}},{"id":"740183b1-c417-4067-9943-2d18d8c4047a","block_type":"box","text":"50%","page_number":265,"box":{"x":512,"y":588,"width":32,"height":8}},{"id":"19d07995-a798-4621-a313-8aab8dbd8de6","block_type":"box","text":"The maximum proportion of the assets of the Aviva Investors Multi-asset Plus Fund range (I to","page_number":265,"box":{"x":151,"y":641,"width":697,"height":11}},{"id":"20d1a237-417b-4ec7-8b20-cb8263463881","block_type":"box","text":"V) which may be subject to SFTs and TRS is as follows:","page_number":265,"box":{"x":151,"y":661,"width":415,"height":12}},{"id":"52412109-6610-4019-b1ac-68a3276a8f71","block_type":"box","text":"Repo Contracts","page_number":265,"box":{"x":161,"y":694,"width":115,"height":11}},{"id":"44e8a39f-24f2-4557-9d2f-1d93914c74c7","block_type":"box","text":"50%","page_number":265,"box":{"x":512,"y":695,"width":32,"height":8}},{"id":"b3ed9ed5-4dc4-4d25-be8e-81ab61fd787b","block_type":"box","text":"TRS","page_number":265,"box":{"x":160,"y":715,"width":33,"height":9}},{"id":"fe9ae50e-045a-41fe-ba9a-7aa3c0d0060d","block_type":"box","text":"15%","page_number":265,"box":{"x":513,"y":716,"width":31,"height":8}},{"id":"339ea548-8ad5-4294-a9a3-367e47357b1c","block_type":"box","text":"Securities Lending","page_number":265,"box":{"x":161,"y":736,"width":136,"height":12}},{"id":"465f7341-0dc7-4fc1-9322-cb20c54cb15f","block_type":"box","text":"50%","page_number":265,"box":{"x":512,"y":737,"width":32,"height":8}},{"id":"1a34df1e-bda4-488a-a9f8-7ab28bb93659","block_type":"box","text":"The maximum proportion of the assets of the Aviva Investors Multi-asset Stewardship Fund","page_number":265,"box":{"x":151,"y":778,"width":697,"height":11}},{"id":"053d8d48-6d4a-4852-9cc0-3ab46960344d","block_type":"box","text":"range (I to IV) which may be subject to SFTs and TRS is as follows:","page_number":265,"box":{"x":152,"y":798,"width":504,"height":12}},{"id":"24938bd0-92ed-4e22-8b26-4a33f1ca1d95","block_type":"box","text":"Repo 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Contracts","page_number":266,"box":{"x":161,"y":141,"width":115,"height":11}},{"id":"3f2698e0-5d58-4591-813a-55d0417953aa","block_type":"box","text":"Each Fund in the Aviva Investors Multi-asset Core Fund range - 25%","page_number":266,"box":{"x":340,"y":141,"width":498,"height":11}},{"id":"e40eb3a7-4c5a-4e4c-b495-708ab89a4a42","block_type":"box","text":"TRS","page_number":266,"box":{"x":160,"y":162,"width":33,"height":9}},{"id":"c3d88b81-1fed-43df-81f9-e5717c2fe242","block_type":"box","text":"Aviva Investors Multi-asset Core Fund I – 35%","page_number":266,"box":{"x":338,"y":162,"width":345,"height":9}},{"id":"ba411aaa-0df5-4981-8b5e-07f54f5c8dd5","block_type":"box","text":"Aviva Investors Multi-asset Core Fund II – 35%","page_number":266,"box":{"x":338,"y":182,"width":349,"height":9}},{"id":"e28e3d03-a84c-46e4-8902-45a3a49bdab8","block_type":"box","text":"Aviva Investors Multi-asset Core Fund III – 35%","page_number":266,"box":{"x":338,"y":203,"width":354,"height":9}},{"id":"654e61bf-30c3-4411-9bda-811852a89e9e","block_type":"box","text":"Aviva Investors Multi-asset Core Fund IV – 30%","page_number":266,"box":{"x":338,"y":223,"width":356,"height":9}},{"id":"f9e27aed-8f45-494a-a1d6-7d8211b69945","block_type":"box","text":"Aviva Investors Multi-asset Core Fund V - 20%","page_number":266,"box":{"x":338,"y":244,"width":347,"height":9}},{"id":"e7903e99-f489-483d-9a8a-8847de28f304","block_type":"box","text":"Securities Lending","page_number":266,"box":{"x":161,"y":265,"width":136,"height":11}},{"id":"92c348f5-a755-4629-912a-db86fe1adecc","block_type":"box","text":"Each Fund in the Aviva Investors Multi-asset Core Fund range - 25%","page_number":266,"box":{"x":340,"y":265,"width":498,"height":11}},{"id":"60890e08-cfb1-4417-beba-972888ad8169","block_type":"box","text":"The expected proportion of the assets of the Aviva Investors Multi-asset Plus Fund range (I to","page_number":266,"box":{"x":151,"y":318,"width":697,"height":12}},{"id":"0d55d460-cd1a-494d-b204-37baaf6e4e37","block_type":"box","text":"V) which may be subject to SFTs and TRS is as follows:","page_number":266,"box":{"x":151,"y":339,"width":415,"height":11}},{"id":"ad8b777e-78ae-41d4-8440-812d944d8d29","block_type":"box","text":"Repo Contracts","page_number":266,"box":{"x":161,"y":372,"width":115,"height":11}},{"id":"12235dfa-0414-4ac5-ac3a-cd4cc1c6a4c2","block_type":"box","text":"20%","page_number":266,"box":{"x":512,"y":372,"width":32,"height":9}},{"id":"7a130ae5-d5b9-402c-bdc7-7792da478515","block_type":"box","text":"TRS","page_number":266,"box":{"x":160,"y":393,"width":33,"height":9}},{"id":"7127b09d-94ea-4a40-bf68-98e55a631713","block_type":"box","text":"10%","page_number":266,"box":{"x":513,"y":393,"width":31,"height":9}},{"id":"3f470257-6c11-4d20-8006-a27a2d31a09c","block_type":"box","text":"Securities Lending","page_number":266,"box":{"x":161,"y":414,"width":136,"height":11}},{"id":"b12eafc6-d0c5-46ea-97b4-1f4c747b9aa6","block_type":"box","text":"20%","page_number":266,"box":{"x":512,"y":414,"width":32,"height":9}},{"id":"d2f6fd1c-50cc-4478-855c-2305da051180","block_type":"box","text":"The expected proportion of the assets of the Aviva Investors Multi-asset Stewardship Fund","page_number":266,"box":{"x":151,"y":456,"width":696,"height":11}},{"id":"152b0040-6106-45cb-918b-03723b5c71a3","block_type":"box","text":"range (I to IV) which may be subject to SFTs and TRS is as follows:","page_number":266,"box":{"x":152,"y":476,"width":499,"height":11}},{"id":"d19db1ad-e120-4392-9e1f-47e5d081c6b3","block_type":"box","text":"Repo Contracts","page_number":266,"box":{"x":161,"y":509,"width":115,"height":11}},{"id":"69f31baa-03b4-449e-a6c8-461f5b1905b8","block_type":"box","text":"10%","page_number":266,"box":{"x":340,"y":509,"width":31,"height":9}},{"id":"259dee13-9745-422b-8060-97d235821977","block_type":"box","text":"TRS","page_number":266,"box":{"x":160,"y":530,"width":33,"height":9}},{"id":"2a0e6c9e-f3ba-4226-9280-ca3b7dba172b","block_type":"box","text":"10%","page_number":266,"box":{"x":340,"y":530,"width":31,"height":9}},{"id":"d8d5c53e-ebe3-4751-abe8-849da4050638","block_type":"box","text":"Securities Lending","page_number":266,"box":{"x":161,"y":551,"width":136,"height":11}},{"id":"490d4021-00d9-4478-aea3-ec7fd1e850e3","block_type":"box","text":"25%","page_number":266,"box":{"x":339,"y":552,"width":32,"height":8}},{"id":"776aeb2c-037d-433f-ae29-6c4f5d7df5c1","block_type":"box","text":"The expected proportion of AUM subject to SFTs and TRS is indicative only and, depending on","page_number":266,"box":{"x":151,"y":605,"width":697,"height":11}},{"id":"f75fe415-943e-4e14-a3d5-e6ad0ba85127","block_type":"box","text":"market conditions and the strategies employed, the actual exposure may be outside of that","page_number":266,"box":{"x":152,"y":625,"width":696,"height":11}},{"id":"d9eb3b00-beee-4e78-8959-73dac9689efd","block_type":"box","text":"range at any given point in time. There may be times when the proportion of AUM subject to","page_number":266,"box":{"x":152,"y":646,"width":696,"height":11}},{"id":"f9d33d32-c6fa-4d0d-a89f-08b9d70cd071","block_type":"box","text":"SFTs and TRS is zero.","page_number":266,"box":{"x":151,"y":666,"width":168,"height":9}},{"id":"5a2ce70f-ba3f-4926-835c-338e57298978","block_type":"box","text":"Counterparty requirements","page_number":266,"box":{"x":151,"y":698,"width":215,"height":12}},{"id":"e769abdc-aa8d-47ce-83c1-503546ba4c75","block_type":"box","text":"Securities Lending","page_number":266,"box":{"x":151,"y":731,"width":137,"height":11}},{"id":"15647694-7e45-4122-bedb-d60fe9083c81","block_type":"box","text":"All counterparties must meet the requirements of the FCA COLL rules in respect of their","page_number":266,"box":{"x":151,"y":763,"width":698,"height":11}},{"id":"30835bdc-7e74-44b4-9e5d-f8f134edc29f","block_type":"box","text":"authorisation, supervision or registration. Counterparties must also meet certain criteria based","page_number":266,"box":{"x":151,"y":784,"width":696,"height":11}},{"id":"2d0e8465-f93c-4dd9-b09d-04d29686ab58","block_type":"box","text":"upon their credit rating or credit default swap price. Unrated counterparties can be used where","page_number":266,"box":{"x":152,"y":804,"width":696,"height":11}},{"id":"40032ab3-0400-4a6c-8b80-73fa2ce982b9","block_type":"box","text":"they are wholly owned by a parent company or their ultimate holding company meets certain","page_number":266,"box":{"x":151,"y":825,"width":697,"height":11}},{"id":"a14ddda9-3a49-4267-8df4-a8d3212c137d","block_type":"box","text":"credit rating criteria.","page_number":266,"box":{"x":151,"y":845,"width":145,"height":11}},{"id":"14e501b3-6352-41d7-a36d-9386169fb3cc","block_type":"box","text":"There are no requirements based on legal status or country of origin, but the counterparty must","page_number":266,"box":{"x":151,"y":877,"width":697,"height":12}},{"id":"adcc0506-8f02-46c1-b85f-93f7b8ca9cc9","block_type":"box","text":"be domiciled in jurisdictions where the relevant legal documentation is enforceable.","page_number":266,"box":{"x":151,"y":898,"width":614,"height":11}},{"id":"3d7803ff-18a7-4a23-b746-2e378033a434","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":267,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"46233c67-12d5-48f6-9e51-4b26fc8c93e5","block_type":"box","text":"267","page_number":267,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"d4511134-3dca-4715-9d07-4c82fc57b436","block_type":"box","text":"Aviva Investors: Public","page_number":267,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"9214f879-5a98-4b5c-bb1d-1ef3f7a53cd3","block_type":"box","text":"Repo contracts","page_number":267,"box":{"x":152,"y":88,"width":111,"height":11}},{"id":"7c5b8ee0-0717-4b1d-9f23-676cbe9c1a1f","block_type":"box","text":"All counterparties go through the Investment Manager’s credit approval process, including","page_number":267,"box":{"x":151,"y":120,"width":696,"height":11}},{"id":"7ed025d5-b7bb-4efc-9c30-2782d95ec63a","block_type":"box","text":"credit opinions sought from the Investment Manager’s analysts. All counterparties are approved","page_number":267,"box":{"x":151,"y":140,"width":697,"height":12}},{"id":"68eb389c-3bc0-42ef-9ce4-e6a7f896542e","block_type":"box","text":"by the Investment Manager’s credit risk manager. There are no requirements based on legal","page_number":267,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"dffe85b4-6d13-447a-92ec-f3b701e09d1b","block_type":"box","text":"status or country of origin, Ongoing monitoring of the CDS price of the counterparties is","page_number":267,"box":{"x":151,"y":181,"width":697,"height":12}},{"id":"5c985b5e-af72-4747-a551-c89b5e8c9b2f","block_type":"box","text":"undertaken by the Investment Manager and an in-depth review is undertaken at least annually.","page_number":267,"box":{"x":152,"y":202,"width":695,"height":11}},{"id":"d397912b-8bbc-4fca-a3e0-e57ea7ff163c","block_type":"box","text":"OTC derivatives including TRS","page_number":267,"box":{"x":151,"y":234,"width":228,"height":11}},{"id":"47739a88-b0d3-4c7e-860c-55ae7c14342c","block_type":"box","text":"Counterparties will only be approved by the Investment Manager if they meet minimum credit","page_number":267,"box":{"x":151,"y":266,"width":697,"height":12}},{"id":"92125c8b-6cde-40ce-8ae1-698cba0ae697","block_type":"box","text":"rating requirements as set by the Investment Manager.","page_number":267,"box":{"x":152,"y":287,"width":404,"height":11}},{"id":"4da42e52-2b31-47af-a8d9-6e5a3262e133","block_type":"box","text":"There are no requirements based on legal status or country of domicile, but before trading can","page_number":267,"box":{"x":151,"y":319,"width":696,"height":12}},{"id":"c9d687f8-f303-4e1c-8990-b37d34e31f2f","block_type":"box","text":"commence with an approved OTC Counterparty, formal documentation must be agreed","page_number":267,"box":{"x":151,"y":340,"width":696,"height":11}},{"id":"fa4e4f57-873c-45fc-bfac-5544e11bec71","block_type":"box","text":"between the parties. This involves the Investment Manager’s Legal team negotiating and","page_number":267,"box":{"x":151,"y":360,"width":696,"height":11}},{"id":"db3a9aff-67f2-409f-9e62-eae881a11382","block_type":"box","text":"executing an International Swaps and Derivatives Association (ISDA) agreement (typically a","page_number":267,"box":{"x":151,"y":381,"width":697,"height":11}},{"id":"22291102-14bb-4120-8e2b-ea70b8e3a883","block_type":"box","text":"2002 or 1992 ISDA Master Agreement and Schedule) with the counterparty on behalf of the","page_number":267,"box":{"x":151,"y":401,"width":697,"height":12}},{"id":"f67c8f75-9bab-47e8-a483-aaf43abf4176","block_type":"box","text":"Fund. The ISDA trading agreement creates a legally enforceable bilateral netting agreement in","page_number":267,"box":{"x":152,"y":422,"width":696,"height":11}},{"id":"e6ca1f73-7533-4e72-b300-4698c3edfa6c","block_type":"box","text":"respect of any non-centrally cleared OTC derivative contracts between the counterparty and","page_number":267,"box":{"x":152,"y":442,"width":696,"height":11}},{"id":"b388e708-0045-469a-a82c-6171d54e3dd8","block_type":"box","text":"the Fund.","page_number":267,"box":{"x":151,"y":463,"width":69,"height":9}},{"id":"ce41e4c7-98da-450a-a12c-6dfdc6e2e6b8","block_type":"box","text":"Collateral requirements","page_number":267,"box":{"x":151,"y":495,"width":186,"height":11}},{"id":"31a0aa97-771c-4ccc-af12-19abb25b4815","block_type":"box","text":"Securities lending","page_number":267,"box":{"x":151,"y":527,"width":131,"height":12}},{"id":"df426930-2c16-4796-9a05-2fc58e3ccb18","block_type":"box","text":"Collateral will meet the requirements of the FCA COLL rules and will be limited to cash,","page_number":267,"box":{"x":151,"y":560,"width":696,"height":11}},{"id":"b16c8356-3a05-4381-946b-8b603387ddce","block_type":"box","text":"government and supranational issued collateral restricted to issuers located in certain","page_number":267,"box":{"x":151,"y":580,"width":696,"height":12}},{"id":"cb0bf847-9440-4226-b2dd-07be5ea2550b","block_type":"box","text":"jurisdictions, equities listed on prime indices, corporate bonds and commercial paper.","page_number":267,"box":{"x":150,"y":601,"width":631,"height":11}},{"id":"308223fa-2a29-4656-9759-319d1dd9f048","block_type":"box","text":"Collateral must be liquid (as set out in the FCA COLL rules). No additional liquidity or maturity","page_number":267,"box":{"x":151,"y":633,"width":698,"height":11}},{"id":"46dd73cd-6277-4001-80be-ffb318a40900","block_type":"box","text":"limits (beyond limits on the type of collateral accepted) are applied in relation to collateral","page_number":267,"box":{"x":152,"y":654,"width":696,"height":11}},{"id":"8a5e3112-b1eb-4e18-bc8c-f1279c3b2cac","block_type":"box","text":"received","page_number":267,"box":{"x":152,"y":674,"width":61,"height":9}},{"id":"d7d40c0a-6143-4aa3-bf61-d00bde6e8edf","block_type":"box","text":".","page_number":267,"box":{"x":215,"y":681,"width":2,"height":2}},{"id":"4cfbaaac-0eb8-4312-aefa-fb4000238fcc","block_type":"box","text":"Collateral will be issued by the counterparty in line with the requirements of the FCA COLL","page_number":267,"box":{"x":151,"y":706,"width":697,"height":12}},{"id":"cda0880c-986e-4f3d-bfa0-5ed44f0456e9","block_type":"box","text":"rules. The Securities Lending Agent will not accept any securities issued by Aviva Plc or the","page_number":267,"box":{"x":152,"y":727,"width":696,"height":11}},{"id":"28e2aff6-011d-487b-9670-835b509d0413","block_type":"box","text":"Securities Lending Agent or their respective affiliated companies and will also not accept","page_number":267,"box":{"x":151,"y":747,"width":697,"height":12}},{"id":"e76691f3-b2df-4112-a082-b3944d134645","block_type":"box","text":"collateral where the issuer is a related party of the counterparty or where the collateral is","page_number":267,"box":{"x":151,"y":768,"width":697,"height":11}},{"id":"826f21fd-f751-4b31-a9f3-3a01344191e4","block_type":"box","text":"expected to display a high correlation with the performance of the counterparty. Non-Sovereign","page_number":267,"box":{"x":151,"y":788,"width":696,"height":12}},{"id":"3ce2c20a-979f-4f0d-bd72-86e9797a5b17","block_type":"box","text":"and Non-Supranational issued Collateral will be restricted by issuer to 10% of the collateral","page_number":267,"box":{"x":151,"y":809,"width":697,"height":11}},{"id":"17a313e6-c81c-46d7-8570-bf6b306c84f5","block_type":"box","text":"value. Sovereign and Supranational issued collateral will not exceed 20% of the Net Asset","page_number":267,"box":{"x":151,"y":829,"width":697,"height":12}},{"id":"3232b1a3-6b63-44e4-9546-6e3d6c6fa9b9","block_type":"box","text":"Value of a Fund per issuer, except a Fund may be fully collateralised by collateral issued by the","page_number":267,"box":{"x":151,"y":850,"width":697,"height":11}},{"id":"7b6ef014-f35b-4aad-9150-b1b53ed0078a","block_type":"box","text":"UK, an EU Member State, one or more of its local authorities, a country other than the UK or","page_number":267,"box":{"x":152,"y":870,"width":697,"height":11}},{"id":"38b75ed0-8959-4904-826b-9c76b4015d2a","block_type":"box","text":"an EU Member State, or a public international body to which the UK or one or more EU Member","page_number":267,"box":{"x":151,"y":891,"width":698,"height":11}},{"id":"9c82f78d-3ace-49e6-aca3-1dcafd45c6f9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":268,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"e483a311-572c-470c-96c5-fe3f242c2636","block_type":"box","text":"268","page_number":268,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"fa6330fd-9505-4b08-882f-c3f507010a9d","block_type":"box","text":"Aviva Investors: Public","page_number":268,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"a023932f-8ce2-435c-9814-ec5e6a0fcd12","block_type":"box","text":"States belong, providing the collateral received is from at least six different issues, and any","page_number":268,"box":{"x":151,"y":87,"width":697,"height":12}},{"id":"32c674e1-7eb5-46ce-b832-1b132db49493","block_type":"box","text":"single issue does not exceed 30% of the Net Asset Value of a Fund. Collateral will adequately","page_number":268,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"76160bd4-18db-4755-b3ee-ad55e3afd126","block_type":"box","text":"cover securities lent under any securities lending transactions and will continue to be adequate","page_number":268,"box":{"x":151,"y":129,"width":697,"height":11}},{"id":"cb43fa23-5ac5-4be2-be72-d334e62ade9b","block_type":"box","text":"only if its value is at all times at least equal to the value of the securities transferred by the","page_number":268,"box":{"x":151,"y":149,"width":697,"height":11}},{"id":"f86308af-37d0-4de7-9178-62f3dfb71225","block_type":"box","text":"Securities Lending Agent plus a premium. This will be satisfied in respect of collateral where","page_number":268,"box":{"x":151,"y":169,"width":697,"height":12}},{"id":"05c7b20c-926a-4fff-8127-2729712a206e","block_type":"box","text":"the validity of the collateral or the firm's interest in the collateral is about to expire or has expired","page_number":268,"box":{"x":151,"y":190,"width":697,"height":11}},{"id":"84579231-bb92-4426-9cd6-62ff320edf39","block_type":"box","text":"if sufficient collateral will again be transferred or issued at the latest by the close of business on","page_number":268,"box":{"x":152,"y":210,"width":696,"height":12}},{"id":"664ccf49-0293-4277-94c5-992e22da0593","block_type":"box","text":"the day of expiry.","page_number":268,"box":{"x":151,"y":231,"width":126,"height":11}},{"id":"5e87ba11-2be5-40b5-903b-b903a67736a9","block_type":"box","text":"The collateral received is valued daily on a mark-to-market basis. As the types of collateral","page_number":268,"box":{"x":151,"y":263,"width":696,"height":11}},{"id":"8cde8f64-724e-4383-b910-510c4f9bad33","block_type":"box","text":"accepted are liquid with publicly available prices, a mark-to-market basis gives the best","page_number":268,"box":{"x":151,"y":284,"width":697,"height":11}},{"id":"bfed13cb-3a91-41dc-ae01-9e5817891ac4","block_type":"box","text":"valuation. A haircut (a deduction to the valuation) is applied to the value of the collateral","page_number":268,"box":{"x":151,"y":304,"width":696,"height":11}},{"id":"18a7dd2b-9b07-426b-b6bc-e638374f5ef4","block_type":"box","text":"depending on the type of collateral received and positions will be subject to daily variation","page_number":268,"box":{"x":151,"y":325,"width":696,"height":11}},{"id":"316d2f31-3c63-4ed5-84dd-a3750ad6651c","block_type":"box","text":"margin requirements.","page_number":268,"box":{"x":152,"y":345,"width":156,"height":11}},{"id":"e9948349-1705-48c9-b3eb-1c4562de62a4","block_type":"box","text":"All transactions are governed by industry standard documentation. The assets that may be","page_number":268,"box":{"x":151,"y":378,"width":697,"height":11}},{"id":"fefca2d3-5195-4b8a-ae8c-315df1df62ba","block_type":"box","text":"subject to securities lending are held under the control of the Depositary for the benefit of the","page_number":268,"box":{"x":151,"y":398,"width":697,"height":11}},{"id":"ea443263-7e68-46ca-b5b5-19b4d92ae4f1","block_type":"box","text":"underlying Fund and all collateral received is transferred to the Depositary or its agent.","page_number":268,"box":{"x":152,"y":419,"width":638,"height":11}},{"id":"2a6b9392-ab03-4a04-9c3f-ffe0b899b82f","block_type":"box","text":"Collateral may not be re-used and cash collateral reinvestment is not permitted.","page_number":268,"box":{"x":151,"y":451,"width":588,"height":11}},{"id":"b708fc1d-5785-4386-9679-cd2c8f9f3488","block_type":"box","text":"TRS","page_number":268,"box":{"x":151,"y":483,"width":32,"height":9}},{"id":"4eaecc1f-d9ac-49ef-9744-3f1f830e098f","block_type":"box","text":"Refer to the “Collateral Policy” section in this Appendix 4.","page_number":268,"box":{"x":152,"y":516,"width":421,"height":11}},{"id":"142264d3-55e6-4dcc-a43a-137138293366","block_type":"box","text":"Repo contracts","page_number":268,"box":{"x":152,"y":548,"width":111,"height":11}},{"id":"7da6fa32-b4a7-418d-a0fb-b00431a4fa97","block_type":"box","text":"Collateral will meet the requirements of the FCA COLL rules and will be limited to government","page_number":268,"box":{"x":151,"y":580,"width":697,"height":12}},{"id":"9e5cc3b5-3579-49ba-96e6-2d541794ca8e","block_type":"box","text":"bonds.","page_number":268,"box":{"x":151,"y":601,"width":48,"height":9}},{"id":"41167f4e-50a0-4022-b6f4-cc938c9b139b","block_type":"box","text":"Collateral must be liquid (as set out in the FCA COLL rules). No additional liquidity or maturity","page_number":268,"box":{"x":151,"y":633,"width":698,"height":11}},{"id":"729222dd-3899-4028-b2e2-66b27e1686f3","block_type":"box","text":"limits (beyond limits on the type of collateral accepted) are applied in relation to collateral","page_number":268,"box":{"x":152,"y":654,"width":696,"height":11}},{"id":"7b4d513e-8191-4b81-b045-e853cdb5aae2","block_type":"box","text":"received","page_number":268,"box":{"x":152,"y":674,"width":61,"height":9}},{"id":"317eaa56-18c2-4f14-a318-cbaa86a9aaed","block_type":"box","text":".","page_number":268,"box":{"x":215,"y":681,"width":2,"height":2}},{"id":"2a882a26-f987-49d8-aaf1-9e43ad8eaeb0","block_type":"box","text":"Collateral will be issued by the counterparty in line with the requirements of the FCA COLL","page_number":268,"box":{"x":151,"y":706,"width":697,"height":12}},{"id":"2d3cca8d-3d50-4aeb-8d74-95e517537db6","block_type":"box","text":"rules. Collateral received should be issued by an entity that is independent from the","page_number":268,"box":{"x":152,"y":727,"width":696,"height":11}},{"id":"05e3ed97-5e39-43b7-affd-155b41b5cc84","block_type":"box","text":"counterparty and is not expected to display a high correlation with the performance of the","page_number":268,"box":{"x":151,"y":748,"width":697,"height":11}},{"id":"84c142bb-b439-48ff-b6c4-7c3723489a42","block_type":"box","text":"counterparty.","page_number":268,"box":{"x":151,"y":769,"width":96,"height":10}},{"id":"9e7d0f56-9482-456b-b23f-6d1ac51fc507","block_type":"box","text":"Collateral received will not exceed 20% of the Net Asset Value of a Fund per issuer, except a","page_number":268,"box":{"x":151,"y":800,"width":697,"height":11}},{"id":"63915ad0-e1da-4cd0-95cf-041c158d870d","block_type":"box","text":"Fund may be fully collateralised by collateral issued by the UK or an EU Member State, one or","page_number":268,"box":{"x":152,"y":821,"width":696,"height":11}},{"id":"9a5c4c8c-9cba-4325-aee3-272046363e8a","block_type":"box","text":"more of its local authorities, a country other than the UK and the EU Member States, or a public","page_number":268,"box":{"x":152,"y":841,"width":696,"height":11}},{"id":"c0beda10-24e1-4a28-bb9a-ddaeb21d45c8","block_type":"box","text":"international body to which the UK or one or more EU Member States belong, providing the","page_number":268,"box":{"x":152,"y":862,"width":696,"height":11}},{"id":"390fa124-0101-47f1-b887-46759f469861","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":269,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"85953920-e046-4bd5-aca1-a2ee1e51ab1c","block_type":"box","text":"269","page_number":269,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"007f8097-e41f-4095-b73a-b97c07690437","block_type":"box","text":"Aviva Investors: Public","page_number":269,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"1d044e21-ddf5-4bcc-9115-b74ad9c159ec","block_type":"box","text":"collateral received is from at least six different issues, and any single issue does not exceed","page_number":269,"box":{"x":151,"y":88,"width":697,"height":11}},{"id":"5a4178ef-825e-418e-a319-1ce82202f302","block_type":"box","text":"30% of the Net Asset Value of a Fund.","page_number":269,"box":{"x":151,"y":108,"width":283,"height":9}},{"id":"1d04b858-dcf7-4a97-91e2-17ff6b2aad84","block_type":"box","text":"For","page_number":269,"box":{"x":152,"y":141,"width":24,"height":8}},{"id":"f7be64f2-d4b6-4cc9-b718-09d98d711f33","block_type":"box","text":"any repo contracts entered into overnight, the repo trade and associated collateral are","page_number":269,"box":{"x":184,"y":141,"width":664,"height":11}},{"id":"53da774f-9eb1-49eb-9a0c-0c129036c90a","block_type":"box","text":"valued at the point of execution. A haircut (a deduction to the valuation) is applied to the value","page_number":269,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"b7ab27c2-80ab-4ee2-8bee-699c8ddf2e1d","block_type":"box","text":"of the collateral to account for any intraday price movements. For term repo contracts, collateral","page_number":269,"box":{"x":151,"y":181,"width":697,"height":11}},{"id":"706c3992-a18d-4174-826d-cbde4770fe70","block_type":"box","text":"received is valued daily on a mark-to-market basis. As the types of collateral accepted are liquid","page_number":269,"box":{"x":152,"y":202,"width":695,"height":11}},{"id":"3cb45cbf-43fc-4850-871f-1b46f6d49930","block_type":"box","text":"with publicly available prices, a mark-to-market basis gives the best valuation. A haircut may","page_number":269,"box":{"x":151,"y":222,"width":697,"height":12}},{"id":"8b783f81-5710-4d9a-a7c7-622b44110ef6","block_type":"box","text":"be applied to the value of the collateral depending on the terms of the repo contract and type","page_number":269,"box":{"x":151,"y":243,"width":697,"height":11}},{"id":"d5d5e7ff-929d-48ed-8d92-520538891ed0","block_type":"box","text":"of collateral received, and positions will be subject to daily variation margin requirements.","page_number":269,"box":{"x":151,"y":263,"width":659,"height":11}},{"id":"bf0777ef-3d0d-40db-b01c-7c56afa529a6","block_type":"box","text":"All transactions are governed by industry standard documentation, which provides for the title","page_number":269,"box":{"x":151,"y":296,"width":697,"height":11}},{"id":"26d5ec9a-9606-4559-90dd-2d278b4a752d","block_type":"box","text":"transfer of collateral securities. The assets that may be subject to repo contracts and all","page_number":269,"box":{"x":151,"y":316,"width":696,"height":11}},{"id":"70f7edac-6de0-4720-aa1b-daf137d4bfe3","block_type":"box","text":"collateral received is held under the control of the Depositary for the benefit of the underlying","page_number":269,"box":{"x":151,"y":337,"width":697,"height":11}},{"id":"b3cb069a-79e9-41f8-ab69-42290355bab2","block_type":"box","text":"Fund.","page_number":269,"box":{"x":152,"y":357,"width":40,"height":9}},{"id":"8a6dae25-1c38-4f6e-87d7-940be5888812","block_type":"box","text":"Collateral may not be re-used and cash collateral reinvestment is not permitted.","page_number":269,"box":{"x":151,"y":389,"width":588,"height":12}},{"id":"7b18fa98-c6c3-4c18-ad38-c6be164f52cb","block_type":"box","text":"Revenue generation","page_number":269,"box":{"x":152,"y":422,"width":158,"height":11}},{"id":"c6b7eaa4-2647-45ca-9432-063f3537fb81","block_type":"box","text":"Any income generated from stock lending will be allocated between the Fund and the Securities","page_number":269,"box":{"x":151,"y":454,"width":697,"height":11}},{"id":"ce438fe0-333f-469c-a364-b1cb9f38655b","block_type":"box","text":"Lending Agent. The Securities Lending agent is permitted to deduct a monthly fee equating to","page_number":269,"box":{"x":152,"y":474,"width":696,"height":12}},{"id":"91a5dee7-9a7d-44e7-8979-d80e60842291","block_type":"box","text":"20 per cent of the Securities Lending income generated. The fee will be charged to the Fund","page_number":269,"box":{"x":151,"y":495,"width":697,"height":11}},{"id":"65a08f5c-2a55-413f-9bca-11e885bf8d8a","block_type":"box","text":"each month in respect of the Securities Lending activity from the preceding month.","page_number":269,"box":{"x":151,"y":516,"width":609,"height":11}},{"id":"47a9ad37-ece4-4b5a-a75b-f479d5ac0769","block_type":"box","text":"All revenues arising from TRS and Repo contracts will be returned to the relevant Fund and the","page_number":269,"box":{"x":151,"y":548,"width":697,"height":11}},{"id":"17c7f5c0-7856-417d-8631-276bd3de2e0f","block_type":"box","text":"ACD will not take any fees or costs out of those revenues additional to the Fees set out in the","page_number":269,"box":{"x":151,"y":568,"width":697,"height":12}},{"id":"66a26304-4272-4ed5-8cb1-575a9e22001b","block_type":"box","text":"section headed “Fees and Expenses” above.","page_number":269,"box":{"x":151,"y":589,"width":331,"height":11}},{"id":"d5dfef2a-5ff8-4206-85f5-6c9d33377783","block_type":"box","text":"Underwriting and Stock Placings","page_number":269,"box":{"x":152,"y":622,"width":319,"height":13}},{"id":"6be05a4d-9436-44a2-85c1-535d5226fcfc","block_type":"box","text":"Underwriting and sub-underwriting contracts and placings may also, subject to certain","page_number":269,"box":{"x":152,"y":658,"width":696,"height":11}},{"id":"580fe24a-2f91-43ca-9981-13706691778a","block_type":"box","text":"conditions set out in the COLL Sourcebook, be entered into for the account of the Company.","page_number":269,"box":{"x":151,"y":678,"width":683,"height":11}},{"id":"70b1fab5-2acf-4d64-a0da-7db5378a296b","block_type":"box","text":"Borrowing powers","page_number":269,"box":{"x":152,"y":711,"width":181,"height":14}},{"id":"82b71b04-6d6a-40a7-87ee-f2b7bd264c58","block_type":"box","text":"1.","page_number":269,"box":{"x":152,"y":747,"width":11,"height":9}},{"id":"70fdc042-4a65-46ed-9204-de9b1f4cd0ad","block_type":"box","text":"The ACD may, on the instructions of the Company and subject to the COLL","page_number":269,"box":{"x":211,"y":747,"width":637,"height":11}},{"id":"b206ebe8-9ef4-4ebd-817c-a18d1a170097","block_type":"box","text":"Sourcebook borrow money from an Eligible Institution or an Approved Bank for the use of the","page_number":269,"box":{"x":151,"y":768,"width":697,"height":11}},{"id":"56fdeb7b-f686-424b-a22a-f87e64e697e4","block_type":"box","text":"Company on the terms that the borrowing is to be repayable out of the Scheme Property.","page_number":269,"box":{"x":151,"y":788,"width":658,"height":11}},{"id":"23271fe8-e488-4c14-8328-3a85553de604","block_type":"box","text":"2.","page_number":269,"box":{"x":151,"y":821,"width":12,"height":8}},{"id":"fb83433e-c112-4ef3-a0d5-a93b418e1b4f","block_type":"box","text":"The ACD must ensure that borrowing does not, on any Business Day, exceed 10% of","page_number":269,"box":{"x":211,"y":820,"width":637,"height":12}},{"id":"637a6df4-dabf-4ea5-bf86-d049a6e46b3e","block_type":"box","text":"the value of the Scheme Property.","page_number":269,"box":{"x":151,"y":841,"width":252,"height":11}},{"id":"d807c8fe-2dbd-4cb8-8d27-2cce2db83f9e","block_type":"box","text":"3.","page_number":269,"box":{"x":151,"y":874,"width":12,"height":8}},{"id":"6c4983e8-0101-4dd4-a10b-2cb39a9f4c6f","block_type":"box","text":"These borrowing restrictions do not apply to “back to back” borrowing for cover for","page_number":269,"box":{"x":211,"y":873,"width":638,"height":11}},{"id":"050da4e9-27d8-456d-9304-5bdcf922c2d2","block_type":"box","text":"transactions in derivatives and forward transactions.","page_number":269,"box":{"x":151,"y":894,"width":384,"height":9}},{"id":"f90d5579-163f-4e75-b4a4-726253cd2471","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":270,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"45af0faf-6ab3-489a-86b8-84e2cbab4092","block_type":"box","text":"270","page_number":270,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"7ecc2c46-3446-4318-8549-f395bbfddf4a","block_type":"box","text":"Aviva Investors: Public","page_number":270,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"8ed6f7c4-ea0d-4df9-ad96-79b907663e5e","block_type":"box","text":"4.","page_number":270,"box":{"x":151,"y":88,"width":12,"height":8}},{"id":"b7442e1c-d27a-46eb-bcb1-0a241dc38e1e","block_type":"box","text":"The Company must not issue any debenture unless it acknowledges or creates a","page_number":270,"box":{"x":211,"y":87,"width":637,"height":12}},{"id":"3ac4a624-b1e8-4288-8e88-930c0fce56fe","block_type":"box","text":"borrowing that complies with the COLL Sourcebook as it applies to the Company.","page_number":270,"box":{"x":151,"y":108,"width":602,"height":11}},{"id":"de8e1146-3930-4501-8e57-5a23c26aa34e","block_type":"box","text":"5.","page_number":270,"box":{"x":151,"y":141,"width":12,"height":8}},{"id":"6e5e6fec-938f-4beb-ba3f-bf0a669445b7","block_type":"box","text":"None of the money in the scheme property of a Fund may be lent, and for these","page_number":270,"box":{"x":212,"y":140,"width":636,"height":12}},{"id":"c969b953-6f4d-4874-a68d-2a8f9ea1cc5d","block_type":"box","text":"purposes, money is lent by a Fund if it is paid to a person (the “payee”) on the basis that it","page_number":270,"box":{"x":151,"y":161,"width":697,"height":11}},{"id":"b8be9e75-062c-44e0-90d4-70f31243379f","block_type":"box","text":"should be repaid, whether or not by the payee.","page_number":270,"box":{"x":151,"y":181,"width":344,"height":11}},{"id":"e22c2f49-7ea4-4758-a727-4a78938ecbde","block_type":"box","text":"6.","page_number":270,"box":{"x":151,"y":223,"width":12,"height":8}},{"id":"a5ccf265-3f24-4f9a-af6c-cfc4ddd8f855","block_type":"box","text":"Acquiring a debenture is not lending for the purposes of (7) above; nor is the placing of","page_number":270,"box":{"x":211,"y":222,"width":637,"height":12}},{"id":"dfaf6914-1703-4b0e-9485-a57911a65c65","block_type":"box","text":"money on deposit or in a current account.","page_number":270,"box":{"x":152,"y":243,"width":306,"height":11}},{"id":"8c43cb82-a1ff-4bff-8f9e-049b018459e6","block_type":"box","text":"7.","page_number":270,"box":{"x":151,"y":284,"width":12,"height":8}},{"id":"71baf774-48ac-4a34-b388-19a7d18a5f3c","block_type":"box","text":"Paragraph (5) above does not prevent the Company from providing the ACD with funds","page_number":270,"box":{"x":212,"y":284,"width":636,"height":11}},{"id":"e7514a16-61a4-4dca-b321-e0d7b5d47e74","block_type":"box","text":"to meet expenditure to be incurred by him for the purposes of the Company (or for the purposes","page_number":270,"box":{"x":151,"y":304,"width":697,"height":11}},{"id":"2c67ae53-761c-4669-bf79-05fa81599513","block_type":"box","text":"of enabling the ACD properly to perform his duties as ACD of the Company) or from doing","page_number":270,"box":{"x":151,"y":325,"width":697,"height":11}},{"id":"95813c91-cc57-4407-b5e0-2f3ba55d61d9","block_type":"box","text":"anything to enable the ACD to avoid incurring such expenditure.","page_number":270,"box":{"x":151,"y":345,"width":473,"height":11}},{"id":"fc424076-2f76-477d-9994-7108c3505ac8","block_type":"box","text":"Restrictions on lending of property other than money","page_number":270,"box":{"x":152,"y":387,"width":515,"height":13}},{"id":"4d68ad2c-d935-4d13-95ed-dc2583fdb89f","block_type":"box","text":"1.","page_number":270,"box":{"x":152,"y":411,"width":11,"height":8}},{"id":"ebf51e03-a84c-425d-adc0-20fbec05beaf","block_type":"box","text":"The scheme property of a Fund other than money must not be lent by way of deposit","page_number":270,"box":{"x":211,"y":411,"width":637,"height":11}},{"id":"0f4dd4b5-fc8c-4182-b05b-5b092d1c59e4","block_type":"box","text":"or otherwise.","page_number":270,"box":{"x":151,"y":431,"width":94,"height":9}},{"id":"f9fc49d9-db4a-4ae9-91f5-9347777c4805","block_type":"box","text":"2.","page_number":270,"box":{"x":151,"y":464,"width":12,"height":8}},{"id":"28e84891-0c30-4937-b517-6f217fdab17e","block_type":"box","text":"Transactions permitted by COLL 5.4 (stock lending) are not to be regarded as lending","page_number":270,"box":{"x":211,"y":464,"width":637,"height":11}},{"id":"f757c80d-a749-4ba4-9241-9fd6d0a2e468","block_type":"box","text":"for the purposes of (1).","page_number":270,"box":{"x":151,"y":484,"width":168,"height":11}},{"id":"252ce855-42f6-4a68-a20f-5f84e7f7d369","block_type":"box","text":"3.","page_number":270,"box":{"x":151,"y":517,"width":12,"height":8}},{"id":"a989d523-0575-4f13-98c5-1daac18d3ff1","block_type":"box","text":"Where transactions in derivatives or forward transactions are used for the account of a","page_number":270,"box":{"x":211,"y":516,"width":637,"height":9}},{"id":"d1ee6c57-62fb-48f0-ba4f-d5b59a400596","block_type":"box","text":"Fund in accordance with the rules in the COLL Sourcebook, nothing in paragraphs (1) and (2)","page_number":270,"box":{"x":152,"y":537,"width":696,"height":11}},{"id":"6864d308-c2cd-4482-a72f-32d185d7b310","block_type":"box","text":"prevents the Company, or the Depositary at the request of the Company, from:","page_number":270,"box":{"x":151,"y":557,"width":582,"height":12}},{"id":"eecdbba9-a385-43cf-8ec9-0dcdde3f8e14","block_type":"box","text":"(i) lending, depositing, pledging or charging Scheme Property for margin requirements;","page_number":270,"box":{"x":212,"y":578,"width":635,"height":11}},{"id":"6d5e7ac3-689e-40b2-a545-5ab94de09c5c","block_type":"box","text":"or","page_number":270,"box":{"x":151,"y":601,"width":14,"height":6}},{"id":"db4d6532-1ee9-4250-ab9a-4ecfa321bdaa","block_type":"box","text":"(ii) transferring Scheme Property under the terms of an agreement in relation to margin","page_number":270,"box":{"x":212,"y":619,"width":635,"height":11}},{"id":"83a6534e-df99-446a-a3b0-fb88c3b4710d","block_type":"box","text":"requirements, provided that the ACD reasonably considers that both the agreement","page_number":270,"box":{"x":212,"y":639,"width":636,"height":12}},{"id":"9e9a6354-af60-4a29-9944-d32f38b9d63a","block_type":"box","text":"and the margin arrangements made under it (including in relation to the level of margin)","page_number":270,"box":{"x":212,"y":660,"width":635,"height":11}},{"id":"e3f1daa4-b46e-4ebc-9457-072d0a8d8684","block_type":"box","text":"provide appropriate protection to Shareholders.","page_number":270,"box":{"x":212,"y":680,"width":349,"height":11}},{"id":"cc255247-34e7-4203-bff1-810d6db4d890","block_type":"box","text":"Guarantees and indemnities","page_number":270,"box":{"x":151,"y":722,"width":275,"height":10}},{"id":"e810ee25-9b4c-4478-bf5e-84209e409c15","block_type":"box","text":"1.","page_number":270,"box":{"x":152,"y":767,"width":11,"height":8}},{"id":"e6a8b077-8d62-4614-af4a-fbad9df5ab5a","block_type":"box","text":"Neither the Company nor the Depositary for the account of the Company may provide","page_number":270,"box":{"x":212,"y":766,"width":636,"height":11}},{"id":"1ace3cff-15fa-4539-8aa8-cff794566e81","block_type":"box","text":"any guarantee or indemnity in respect of the obligation of any person.","page_number":270,"box":{"x":212,"y":787,"width":513,"height":11}},{"id":"4045b6bd-ed07-41a8-a8b4-7ee23cce474c","block_type":"box","text":"2.","page_number":270,"box":{"x":151,"y":828,"width":12,"height":9}},{"id":"29cb29e1-a403-4037-96ae-b7f750799fe0","block_type":"box","text":"None of the Scheme Property of a Fund may be used to discharge any obligation","page_number":270,"box":{"x":212,"y":828,"width":635,"height":11}},{"id":"02d53c4b-c7c9-4039-8bba-1f365b54d722","block_type":"box","text":"arising under a guarantee or indemnity with respect to the obligation of any person.","page_number":270,"box":{"x":212,"y":848,"width":614,"height":11}},{"id":"973068a2-9552-41e9-b5a5-06c1eaedeb0a","block_type":"box","text":"3.","page_number":270,"box":{"x":151,"y":890,"width":12,"height":8}},{"id":"d198b7af-6ac0-4d91-9ec7-582055801a7a","block_type":"box","text":"Paragraphs 1 and 2, above, do not apply to:","page_number":270,"box":{"x":212,"y":889,"width":324,"height":12}},{"id":"3a959863-c68b-4e81-b7f7-980a6e1ff2a3","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 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OEIC","page_number":271,"box":{"x":212,"y":128,"width":636,"height":12}},{"id":"8a0b959f-9132-4b3d-b00b-114d3fae40c6","block_type":"box","text":"Regulations;","page_number":271,"box":{"x":211,"y":149,"width":91,"height":11}},{"id":"b5c9ceb3-fa3e-4251-9514-c847b7903980","block_type":"box","text":"(c) an indemnity (other than any provision in it which is void under regulation 62 of the","page_number":271,"box":{"x":212,"y":169,"width":636,"height":12}},{"id":"8257aad2-4eab-4384-af0a-9606e1ac8101","block_type":"box","text":"OEIC Regulations) given to the Depositary against any liability incurred by it as a","page_number":271,"box":{"x":212,"y":190,"width":636,"height":11}},{"id":"e8f59c5d-5a0d-4f19-854a-1be736dcaa60","block_type":"box","text":"consequence of the safekeeping of any of the Scheme Property by it or by anyone","page_number":271,"box":{"x":212,"y":210,"width":636,"height":12}},{"id":"51e6dff9-ebc7-45e3-80e2-f144a2c2a557","block_type":"box","text":"retained by it to assist it to perform its function of the safekeeping of the Scheme","page_number":271,"box":{"x":212,"y":231,"width":636,"height":11}},{"id":"cf5c66a8-4324-49f9-be3f-089f78b24e37","block_type":"box","text":"Property; and","page_number":271,"box":{"x":212,"y":252,"width":99,"height":11}},{"id":"bd389ee6-fac6-4cbc-9014-f594e9b3d970","block_type":"box","text":"(d) an indemnity given to a person winding up a scheme if the indemnity is given for","page_number":271,"box":{"x":212,"y":272,"width":636,"height":11}},{"id":"b6a61c1c-0cd8-4f44-baff-d4b7350eb443","block_type":"box","text":"the purposes of arrangements by which the whole or part of the property of that scheme","page_number":271,"box":{"x":211,"y":292,"width":637,"height":12}},{"id":"078592c7-7b1f-4dfe-ad0c-f09c7ede8eda","block_type":"box","text":"becomes the first property of a Fund and the holders of Shares in the scheme become","page_number":271,"box":{"x":212,"y":313,"width":636,"height":11}},{"id":"1265e416-9aba-405e-8c3e-60e6a3f9dce4","block_type":"box","text":"the first Shareholders in the relevant Fund.","page_number":271,"box":{"x":211,"y":333,"width":316,"height":9}},{"id":"04d88053-4bb9-4eee-a2d0-0527d8d93b49","block_type":"box","text":"Leverage","page_number":271,"box":{"x":152,"y":355,"width":93,"height":13}},{"id":"7913beb2-cfa3-4fcd-a978-8d23f037241a","block_type":"box","text":"A Fund may use techniques and instruments to increase its exposure, including through","page_number":271,"box":{"x":151,"y":390,"width":697,"height":11}},{"id":"ce8c13f7-27d2-4671-9822-a0b7a3caeced","block_type":"box","text":"borrowing (see the paragraph headed “Borrowing Powers” above), stock lending (see the","page_number":271,"box":{"x":151,"y":411,"width":697,"height":11}},{"id":"b64027df-7ef6-47d9-86ba-32eb25c9adf4","block_type":"box","text":"paragraph headed “Stock Lending” above) or through derivatives (see the paragraphs headed","page_number":271,"box":{"x":151,"y":431,"width":696,"height":11}},{"id":"0243b68b-9c5e-4729-8632-95a42ab723c6","block_type":"box","text":"“Derivatives and Forward Transactions”, “Requirement to cover sales” and “OTC transactions","page_number":271,"box":{"x":151,"y":452,"width":697,"height":11}},{"id":"4cbba247-5e3f-4b44-86d4-60daf770e2c6","block_type":"box","text":"in Derivatives” above). The use of such methods to increase a Fund's exposure is subject to","page_number":271,"box":{"x":152,"y":472,"width":696,"height":11}},{"id":"219d8c5c-3356-491d-ae83-fa3819973b99","block_type":"box","text":"the restrictions specified above and under the COLL Sourcebook.","page_number":271,"box":{"x":151,"y":493,"width":484,"height":11}},{"id":"0f1070dc-5f32-4a42-8761-665c64403d20","block_type":"box","text":"Leverage Ratios","page_number":271,"box":{"x":152,"y":525,"width":128,"height":11}},{"id":"c2eff026-8bef-4e36-b3f6-0a3ecc8861e5","block_type":"box","text":"The maximum level of leverage which a Fund, or the Manager on that Fund’s behalf, is","page_number":271,"box":{"x":151,"y":557,"width":697,"height":12}},{"id":"e1c9f13c-cbf9-49ef-be1b-637578852b27","block_type":"box","text":"permitted to use as part of such Fund’s investment strategy is set out in Appendix 10.","page_number":271,"box":{"x":151,"y":578,"width":631,"height":11}},{"id":"aeebd476-008e-4ee2-8ccd-fcfe5c9829f2","block_type":"box","text":"As required by the UK AIFM Regime, leverage is expressed as a ratio between a Fund’s total","page_number":271,"box":{"x":151,"y":610,"width":697,"height":11}},{"id":"587ada02-9e5b-4f72-9c1e-9f821987af72","block_type":"box","text":"exposure and its net asset value. The generic examples below demonstrate the UK AIFM","page_number":271,"box":{"x":151,"y":631,"width":696,"height":11}},{"id":"13a7798f-56b9-4711-b55c-66de85602ebb","block_type":"box","text":"Regime prescribed methodologies that must be used for calculating such leverage ratios.","page_number":271,"box":{"x":152,"y":651,"width":658,"height":12}},{"id":"9aeb5a17-fc94-4ce3-b9e0-72142b0cf69f","block_type":"box","text":"If a fund were to have 80% physical holding in collective investment schemes, 20% exposure","page_number":271,"box":{"x":152,"y":684,"width":696,"height":11}},{"id":"89415d3f-97ab-4e17-8278-ab06f7e78a2c","block_type":"box","text":"to index futures, 30% forward FX (used to hedge) and 20% cash, in accordance with the UK","page_number":271,"box":{"x":151,"y":704,"width":698,"height":11}},{"id":"86133666-b409-4ff9-983b-ae5cdbba7d70","block_type":"box","text":"AIFM Regime such fund’s leverage would be expressed as follows:","page_number":271,"box":{"x":151,"y":725,"width":497,"height":11}},{"id":"baf8caf2-20af-40e6-b52e-3b2f77404379","block_type":"box","text":"• using the commitment methodology, a ratio of 1.2:1, where 1.2 represents this fund’s","page_number":271,"box":{"x":181,"y":757,"width":667,"height":11}},{"id":"bcf23aa2-00d2-4bd1-8ff9-fe31993aa8fb","block_type":"box","text":"exposure to collective investment schemes, index futures and cash; pursuant to the UK","page_number":271,"box":{"x":212,"y":777,"width":636,"height":12}},{"id":"c45a7b70-5111-4849-a61e-44d509d58531","block_type":"box","text":"AIFM Regime forward FX used for hedging can be netted against a fund’s foreign","page_number":271,"box":{"x":211,"y":798,"width":636,"height":11}},{"id":"e07c9314-6049-42c8-b81d-5b8b47622796","block_type":"box","text":"currency exposure;","page_number":271,"box":{"x":212,"y":821,"width":140,"height":8}},{"id":"eaa9361b-39b6-4558-b90e-896790bb4aa1","block_type":"box","text":"• using the gross methodology, a ratio of 1.3:1, where 1.3 represents this fund’s exposure","page_number":271,"box":{"x":181,"y":839,"width":667,"height":11}},{"id":"057f67bb-d6d5-41d1-b2b1-9f4516116478","block_type":"box","text":"to collective investment schemes, index futures and forward FX; pursuant to the UK","page_number":271,"box":{"x":211,"y":859,"width":637,"height":11}},{"id":"c0bba958-7be1-46d1-a35b-fc11ccc20872","block_type":"box","text":"AIFM Regime cash is excluded from the gross method of calculation whereas forward","page_number":271,"box":{"x":211,"y":880,"width":637,"height":11}},{"id":"9711fd5a-e569-4452-a768-e816d1c3754d","block_type":"box","text":"FX used for hedging cannot be netted.","page_number":271,"box":{"x":212,"y":900,"width":283,"height":11}},{"id":"dc9d6dde-b621-4278-9e68-2d5d7c45ef70","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":272,"box":{"x":151,"y":922,"width":312,"height":9}},{"id":"9cb24433-f6f9-4323-8091-bbd7444225f2","block_type":"box","text":"272","page_number":272,"box":{"x":827,"y":923,"width":21,"height":6}},{"id":"da370fe4-e07e-41bb-9699-824bef30a3d4","block_type":"box","text":"Aviva Investors: Public","page_number":272,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"369189da-7ccb-4dd1-90fc-29fee195de21","block_type":"box","text":"As demonstrated above, the expression of 1.2:1 does comprise “Incremental Exposure” (as","page_number":272,"box":{"x":151,"y":108,"width":697,"height":11}},{"id":"9ffebd20-e245-4bc1-8c5d-a211443af7ef","block_type":"box","text":"defined in Appendix 10) through the use of derivatives, and the fund’s holdings in collective","page_number":272,"box":{"x":151,"y":128,"width":697,"height":12}},{"id":"f6d29805-d222-4d8a-bb00-40d6713edaaa","block_type":"box","text":"investment schemes are also included. The exposure is calculated in accordance with the","page_number":272,"box":{"x":152,"y":149,"width":696,"height":11}},{"id":"de604e9d-c7e5-4f3b-959e-90bda04a1663","block_type":"box","text":"methodologies expressly set out in the UK AIFM Regime.","page_number":272,"box":{"x":152,"y":170,"width":423,"height":11}},{"id":"06fc3e12-61e2-4144-8940-ec509cd74fcb","block_type":"box","text":"If a fund were to have 100% in collective investment schemes, in accordance with the UK AIFM","page_number":272,"box":{"x":152,"y":202,"width":695,"height":10}},{"id":"d4026713-f592-4b97-bbe4-4ecbe92bcb00","block_type":"box","text":"Regime such fund’s leverage would be expressed as follows:","page_number":272,"box":{"x":152,"y":222,"width":451,"height":12}},{"id":"a73e25d0-73e5-4840-b6a4-0a7b0802f2f5","block_type":"box","text":"• using the commitment methodology, a ratio of 1:1, where 1 represents this fund’s","page_number":272,"box":{"x":181,"y":255,"width":667,"height":11}},{"id":"e6d6a601-d90e-4e96-90b9-58d595b79c6f","block_type":"box","text":"exposure to collective investment schemes; and","page_number":272,"box":{"x":212,"y":275,"width":354,"height":11}},{"id":"34319174-babf-413b-b8fc-62f093f49991","block_type":"box","text":"• using the gross methodology, a ratio of 1:1, where 1 represents this fund’s exposure to","page_number":272,"box":{"x":181,"y":296,"width":667,"height":11}},{"id":"79ec115d-91e7-4c19-bda7-cac32b94e819","block_type":"box","text":"collective investment schemes.","page_number":272,"box":{"x":212,"y":316,"width":229,"height":9}},{"id":"246fddb3-bf5e-4dde-9426-7e0b0b8f7ad9","block_type":"box","text":"In this example, although the fund is not leveraged (referred to as “Incremental Exposure”, see","page_number":272,"box":{"x":152,"y":357,"width":696,"height":11}},{"id":"2b458293-843b-43ea-b362-a509dd341a93","block_type":"box","text":"Appendix 10 for further details), the leverage ratios are above zero due to the exposure","page_number":272,"box":{"x":151,"y":377,"width":697,"height":12}},{"id":"3a288725-0588-4392-be07-f1d7c5a3564d","block_type":"box","text":"calculation being performed in accordance with the methodologies expressly set out in the UK","page_number":272,"box":{"x":151,"y":398,"width":698,"height":11}},{"id":"39241ea5-8937-48c9-8af3-b92080d63b26","block_type":"box","text":"AIFM Regime.","page_number":272,"box":{"x":151,"y":419,"width":105,"height":11}},{"id":"ec4d4372-2d9a-4cbf-be8c-e1a85a6ad63d","block_type":"box","text":"General","page_number":272,"box":{"x":151,"y":452,"width":80,"height":10}},{"id":"b24006f1-4bf6-49b9-8aa6-94aff6c084a4","block_type":"box","text":"A potential breach of any of these limits does not prevent the exercise of rights conferred by","page_number":272,"box":{"x":151,"y":487,"width":697,"height":12}},{"id":"1f39450a-c649-432f-be17-37651ff48e8e","block_type":"box","text":"investments held by the Fund if the consent of the Depositary is obtained in writing but, in the","page_number":272,"box":{"x":152,"y":508,"width":696,"height":11}},{"id":"79cbb2a2-a16b-4585-b470-2f7f9aa59505","block_type":"box","text":"event of a consequent breach, the ACD must then take such steps as are necessary to restore","page_number":272,"box":{"x":151,"y":528,"width":697,"height":11}},{"id":"1d97fbe6-c354-43eb-8390-29ac1962f6bd","block_type":"box","text":"compliance with the investment limits as soon as practicable having regard to the interests of","page_number":272,"box":{"x":151,"y":549,"width":697,"height":11}},{"id":"f3dec3f7-2eeb-454e-b44f-a0175200436d","block_type":"box","text":"Shareholders.","page_number":272,"box":{"x":151,"y":569,"width":102,"height":9}},{"id":"02a56860-9c15-4b3c-9c03-1495819b5666","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 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behalf","page_number":273,"box":{"x":150,"y":185,"width":700,"height":11}},{"id":"f082b6c8-cf4b-493e-8c0c-31a72d67042b","block_type":"box","text":"of or guaranteed by the following 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All rights reserved. Lipper shall not be liable for any errors or delays","page_number":287,"box":{"x":151,"y":504,"width":697,"height":11}},{"id":"d5c975e3-46cd-4782-a0f8-0690b7ca4268","block_type":"box","text":"in the content, or for any actions taken in reliance thereon. This is based on index provider","page_number":287,"box":{"x":152,"y":525,"width":697,"height":11}},{"id":"37044204-ccf3-4025-978b-8dbeb2633c17","block_type":"box","text":"data where applicable. 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obligations, the Manager is required to express the level which the","page_number":327,"box":{"x":152,"y":361,"width":696,"height":11}},{"id":"b1b18b99-c93d-4a5e-9ce8-e5b033e7e294","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":327,"box":{"x":152,"y":382,"width":697,"height":11}},{"id":"f34cec9e-3dc8-4d3c-b337-48c0f20d0649","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":327,"box":{"x":151,"y":402,"width":697,"height":12}},{"id":"44d520bf-df43-43d3-a04d-a97aeab66bc6","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":327,"box":{"x":151,"y":423,"width":697,"height":11}},{"id":"98a3ceb0-4de6-4e65-90da-a7bf4c027ddb","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":327,"box":{"x":151,"y":443,"width":697,"height":11}},{"id":"7f1153fd-cfd4-44bf-ae24-1f1346098482","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":327,"box":{"x":151,"y":464,"width":697,"height":11}},{"id":"9e9f677f-35b1-4aa4-b9a3-28255e0a99a8","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":327,"box":{"x":152,"y":484,"width":696,"height":11}},{"id":"45f6345a-e5c3-4ac8-bf9e-f6ea390135cd","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":327,"box":{"x":152,"y":505,"width":696,"height":11}},{"id":"671bed15-bf73-4510-80f2-71cd190efa63","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":327,"box":{"x":151,"y":525,"width":697,"height":11}},{"id":"7f626ed8-4c7e-446f-9401-a783c0dcd2dd","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":327,"box":{"x":151,"y":546,"width":296,"height":11}},{"id":"dad7bc1c-7540-44c5-80c1-29d7425a982d","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":327,"box":{"x":151,"y":578,"width":697,"height":11}},{"id":"72e2f4cc-5b14-42c4-b1e6-4a0b18fa83c9","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":327,"box":{"x":151,"y":599,"width":697,"height":11}},{"id":"0e9a9249-117d-4ed1-b0b6-236729faa5b3","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":327,"box":{"x":151,"y":619,"width":697,"height":11}},{"id":"bb9fabf7-2cde-451f-a67a-5e3c790c3126","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":327,"box":{"x":151,"y":639,"width":697,"height":12}},{"id":"9c5a0cec-0cb3-474f-9280-a279d19a3475","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":327,"box":{"x":151,"y":660,"width":697,"height":11}},{"id":"75981a3a-65e9-4216-81a4-00652f1ca41a","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":327,"box":{"x":151,"y":681,"width":696,"height":11}},{"id":"54aaf659-759e-4387-9ee9-97ad296da65d","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":327,"box":{"x":152,"y":701,"width":517,"height":11}},{"id":"48d47ab0-bf37-469d-b5f6-7b574093da5a","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":327,"box":{"x":151,"y":734,"width":697,"height":11}},{"id":"3f88a6ce-ad55-446a-85dd-962a2a307280","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":327,"box":{"x":151,"y":754,"width":697,"height":11}},{"id":"2d5248b2-0245-46bf-af20-a029ecd62b1d","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":327,"box":{"x":152,"y":774,"width":696,"height":12}},{"id":"565753a1-825f-48ce-adaf-4db51764a107","block_type":"box","text":"leveraged at the ratio of 1:1 using the commitment methodology and 1.1:1 using the gross","page_number":327,"box":{"x":152,"y":795,"width":696,"height":11}},{"id":"8dee072d-35cf-4b87-913b-70a2d9f938c9","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":327,"box":{"x":152,"y":815,"width":695,"height":12}},{"id":"04770859-1049-4903-aecf-a6ff58fb2f5b","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":327,"box":{"x":151,"y":836,"width":694,"height":11}},{"id":"cbb18371-47fd-4131-9f44-ff15ef9474e0","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":327,"box":{"x":152,"y":856,"width":547,"height":11}},{"id":"e84a5603-d461-49bd-bb8f-281ef029c0df","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":328,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"be75b8cf-3515-47ba-b9af-7fa181b043ec","block_type":"box","text":"Aviva Investors: Public","page_number":328,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"3f67c4c2-7fc3-4967-bb85-80b49e0abf08","block_type":"box","text":"Aviva Investors Multi-Manager 40-85% Shares Fund","page_number":328,"box":{"x":151,"y":118,"width":499,"height":13}},{"id":"059b9c69-fe53-47ca-bf2a-ce99ec2202b8","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":328,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"91406304-23c2-437f-9490-4092309bff3a","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":328,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"c737f329-3b5d-4d8b-837b-fc6ebac11456","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":328,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"619e2f54-0eea-4d12-9c61-7fad05dc491a","block_type":"box","text":"Appendix 4.","page_number":328,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"fe2e1928-8624-45fb-8439-30093d3dd710","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":328,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"9e4fad93-fd08-46bd-99b6-b9266517faae","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":328,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"4578cba0-b7e5-4029-94be-fb468256541c","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":328,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"06a77929-99e8-4eae-80d4-0376db5737de","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":328,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"8a56e96f-adf1-4077-9a0e-6eeaa58d6776","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":328,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"9cce1eb7-636a-4b14-a5d8-24259f91d881","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":328,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"092f5454-d7aa-4114-adfb-577c7674d52f","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":328,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"45ce0e07-397d-420a-80b8-bb253e65da31","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":328,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"9e691b6d-a91b-405a-a37b-ae4021c83ae4","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":328,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"a08e74d8-2f00-4fd7-9302-49e02012f700","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":328,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"ff422e86-3557-4b09-a456-09b50b512ca9","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":328,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"a6015feb-bea9-4cb5-b421-736b3ab66d90","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":328,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"98df5def-db45-4957-9567-cd0b3853073a","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":328,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"0a5459c6-ba1b-4524-a809-6961762a730a","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":328,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"fcc6014a-b7b4-43b4-b63b-c5461c664899","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":328,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"9a7853c5-050e-4748-870a-1231940c0eb8","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":328,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"acfc2d16-6108-4d50-b115-cf38f6b701b4","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":328,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"edc43b25-b8a3-4cb5-b513-b116d63d3ba6","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":328,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"779143f3-a8c6-4a76-aaa5-fcd2a56c7ba0","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":328,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"3794515b-884b-41b9-a455-ab4ab7cdf1c8","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":328,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"89a87c9b-397a-49fb-a454-ec2729bcfffc","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":328,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"1f46c079-0fc0-4e96-b588-933cca9fe328","block_type":"box","text":"leveraged at the ratio of 1:1 using the commitment methodology and 1.1:1 using the gross","page_number":328,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"aa98ac25-96b8-41c3-9403-b1fc4eb295b6","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":328,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"027c1693-efbc-4855-9daf-e080d2decebc","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":328,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"c12ead2d-f594-445c-aeed-0061e7e79be5","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":328,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"e0cc6fbd-ac8f-4a86-818f-6b8347eb3b13","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":329,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"adf4468f-9713-4bf9-bdfd-805016ee1ef2","block_type":"box","text":"Aviva Investors: Public","page_number":329,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"bdf64c3e-b9cb-4dfc-bac2-18e336714bda","block_type":"box","text":"Aviva Investors Multi-Manager Flexible Fund","page_number":329,"box":{"x":151,"y":118,"width":432,"height":13}},{"id":"5b9da6a0-a2d5-4147-839e-742910add278","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":329,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"6b4dee12-aaf4-4eb5-95ce-1c13bb217527","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":329,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"9ed1dd81-1245-47a3-b3fd-483d68facbce","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":329,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"6d0cf10d-2d5a-4b30-a60f-88393d97b287","block_type":"box","text":"Appendix 4.","page_number":329,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"cfbd4313-24e7-44a3-87a8-41bdfea166f8","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":329,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"962dc72c-a718-4a73-8aee-544ce210bd2c","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":329,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"0cc2435b-b7b2-4374-a9fc-0296335d763c","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":329,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"967c7adf-a954-4969-a1e0-1fc43745ab4c","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":329,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"c297a5fc-8b99-4925-a586-5918b59eb747","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":329,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"7870734f-cbd1-4115-a4df-92e230a2daa9","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":329,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"adc72140-1168-468d-bc1e-4b5ba963ea43","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":329,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"0efcedd3-09d2-4265-9249-7009a6cbc443","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":329,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"80a147b9-9378-40c7-9166-1a6e4952ea60","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":329,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"2c4d7cff-0447-4bdf-8fda-056b23ddfdf8","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":329,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"2bc3ab6f-f4a4-4ddf-8c3b-04debfd6ce02","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":329,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"03519285-cc6e-4738-92b6-7f1cb4afa5c2","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":329,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"8414889d-70b6-49bb-aee0-0e1c2a697240","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":329,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"24005dad-5462-4b7d-bd19-be5532f4b1f9","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":329,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"ad32f628-ff50-42dd-9ef4-ffbfb6261d6c","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":329,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"dbd381e9-cf8c-42cf-9329-ffaabee20f35","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":329,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"2f9faa3a-3c11-4c30-a3b7-d6ff8d07234a","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":329,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"f1bb3a8b-b5bf-471f-9a8a-d352773b7751","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":329,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"ddb19f5a-d66a-46cf-a60d-93680f403f15","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":329,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"4b73f7a2-8ae2-46b5-b44d-c76ee9a4279c","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":329,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"94b8a256-1876-444d-805b-457b9fedf75d","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":329,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"31bc4204-f3bb-4624-8100-62244d8aec25","block_type":"box","text":"leveraged at the ratio of 1:1 using the commitment methodology and 1.1:1 using the gross","page_number":329,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"5be0df66-b7a5-470b-bcad-d207e5c2a60c","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":329,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"87340c5d-1ee0-40a3-b9e9-071956e9beb9","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":329,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"8e9bf43d-25b2-45b1-afcd-5c93e2db1dca","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":329,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"fc7325c9-c85e-4db3-99b8-cafc86b36246","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":330,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"6b052193-545b-48c0-999f-b1fe72f4a4c2","block_type":"box","text":"Aviva Investors: Public","page_number":330,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"2cc01e11-dd98-4c94-a5af-5543e045c767","block_type":"box","text":"Aviva Investors Multi-Asset Core Fund I","page_number":330,"box":{"x":151,"y":118,"width":386,"height":11}},{"id":"fd05681e-5f82-4c3a-a80f-dfa127c754ee","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":330,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"98cd77da-c9bf-4d13-bce4-e563a7af521b","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":330,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"b1129bd2-1472-4a39-94ec-29c74c0c7a54","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":330,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"6498f33c-3638-4ada-b87d-36299ffa3226","block_type":"box","text":"Appendix 4.","page_number":330,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"3fb3ebb9-1496-45cd-8f1a-5156ef5193eb","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":330,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"e8eee1ad-a1a4-4ab4-ab1d-9604bf56b4e8","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":330,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"4b2eaf16-9b09-486c-b045-77ef16202813","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":330,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"8a312f2f-e152-4413-8a3f-784112974672","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":330,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"e59ffd5b-673f-4967-b210-2d9aadc429e7","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":330,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"9ec18b7f-f3f7-44dd-92fb-32725c92c0b9","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":330,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"adce87c0-1235-40e0-a3a9-93c48abe5c3f","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":330,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"15ea20ef-96f2-4342-aa82-0386be4030c4","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":330,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"a8f85142-a7a7-466c-97a7-ffecb2ba827a","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":330,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"5de6f3dd-6ec0-446e-8030-7dfbb04cae5c","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":330,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"408d0d64-330a-4e32-93f4-6f8d6b3c1acb","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":330,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"d2c9d95b-d5f2-457c-b15d-50e156c033ba","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":330,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"07c64763-9258-46b7-b981-80ad152c1b9d","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":330,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"89688869-5cf4-487f-8426-0df9dce35e35","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":330,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"01494308-401f-45d9-9013-9613774b01be","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":330,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"a9e40aba-edea-445c-a52f-191872a412f7","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":330,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"0ef0c253-3920-48bd-bcbd-c3d7c92acf19","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":330,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"6b31239f-20d0-4997-b280-1509122b14c9","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":330,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"b2c038ba-5002-4fa5-b27f-a29e412b2165","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":330,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"9790b7c5-8902-4ffd-b4f3-50f3868e9941","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":330,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"2ce723b9-6a10-46bc-ac26-9f6ead444714","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":330,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"ff0c7ec7-d534-4d9f-9d25-fc79181e793d","block_type":"box","text":"leveraged at the ratio of 1.5:1 using the commitment methodology and 4:1 using the gross","page_number":330,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"8d2bd2b1-8894-499c-8315-81610655064b","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":330,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"860cca5b-53ed-433e-aeca-c92211f2100e","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.6:1","page_number":330,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"912902c2-8884-4374-92b5-425aa982d574","block_type":"box","text":"using the commitment methodology and 5.5:1 using the gross methodology.","page_number":330,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"2e9b47d7-9298-49b4-93f5-55f5b640d248","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":331,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"bf914c40-8c1f-4ca6-95ab-bf08617cd76e","block_type":"box","text":"Aviva Investors: Public","page_number":331,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"341cbe96-d712-471e-9009-fa73724a7b25","block_type":"box","text":"Aviva Investors Multi-Asset Core Fund II","page_number":331,"box":{"x":151,"y":118,"width":392,"height":11}},{"id":"d47f619a-6d00-425e-a9fb-e94043f87473","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":331,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"de63d52a-b3ee-4b46-b8e0-396ec3861a9e","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":331,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"341a3f39-af97-4fdb-9565-d923263b3fb5","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":331,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"9d9df778-5357-456a-95a8-4b7330f92569","block_type":"box","text":"Appendix 4.","page_number":331,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"974c399f-8d7a-4559-a306-b2a316845049","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":331,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"10cca556-49bb-4243-bb51-06a81dc30527","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":331,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"5cbbc047-0314-41fa-bb59-b8d19a17bcd7","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":331,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"f58e7480-2f31-4ce8-87ba-5ffb0553402b","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":331,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"515dd197-f84e-44d7-ae55-c5a3e3985690","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":331,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"6feb2cda-05c1-4683-b7fd-028d112dd23b","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":331,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"6b6a6d57-ea89-4fd0-af80-d02ea37cb0a3","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":331,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"39ebfe9f-1589-4bcc-b1e6-59bc3a9e7a70","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":331,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"7849bfa3-4d6a-4172-8f84-325b945e6b9a","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":331,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"055d0af3-9da7-4b4c-9b56-730819e59916","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":331,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"aa8123fc-076e-4d49-aa6a-4abde457104b","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":331,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"640449ca-9e65-4284-85d1-d9ed8f76b9ee","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":331,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"d1f9646c-e830-4108-8e6e-8a5070d733e8","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":331,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"602e7519-ebb9-4b7b-bd47-f896acf052cb","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":331,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"5d1462dd-d8b1-425e-887b-c7cdeb9cad3f","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":331,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"79446a6d-a5c9-4daf-8dc3-61797fdcd1bb","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":331,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"ef531d05-db86-4dc5-996e-71a69c3ce632","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":331,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"c70760fc-34cd-4400-8134-33405478e405","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":331,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"34286fce-a52f-4381-b0c7-ce51d83ded8e","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":331,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"0c4e6d0c-4f6a-47c0-bde4-645cdf5a6b1c","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":331,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"2fcd81eb-5d1d-46de-9f6b-9682d92103b1","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":331,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"3c086cf9-54e1-4a5e-b98d-bedbc6f9dd0c","block_type":"box","text":"leveraged at the ratio of 1.5:1 using the commitment methodology and 3:1 using the gross","page_number":331,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"65a98097-d658-4ae1-bccc-ef7022054364","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":331,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"f0da779b-6f31-43a9-83b2-8f3a44dba2d5","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.6:1","page_number":331,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"2ac9ca1d-252e-487b-9253-b22f4af99d64","block_type":"box","text":"using the commitment methodology and 4:1 using the gross methodology.","page_number":331,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"32fa4efe-2c44-4561-8846-1c0d11ef83fb","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":332,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"0dcb51f3-8347-4a75-9b6b-ac14df9563cf","block_type":"box","text":"Aviva Investors: Public","page_number":332,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"c4e02c87-3592-4fbd-b8d0-c36e0d53b3b8","block_type":"box","text":"Aviva Investors Multi-Asset Core Fund III","page_number":332,"box":{"x":151,"y":118,"width":397,"height":11}},{"id":"786899e8-3dd8-41dd-a109-55da3fd9cf0b","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":332,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"d3b0efc4-689e-4341-b21a-1b03eb635ee4","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":332,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"426f08bc-07f7-4724-932a-3debacb77e0f","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":332,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"6f71140d-b6f2-461c-a1da-26c3663f90af","block_type":"box","text":"Appendix 4.","page_number":332,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"b2d7cee2-161c-44cc-843c-bca98636517b","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":332,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"74ed701e-6f57-4512-966a-875e9681d20b","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":332,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"0257ea83-e107-445a-9dc8-e9bc398e8129","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":332,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"823f12e4-bb0c-4e4b-8c02-d2696fca5b85","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":332,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"13ad6f82-7baa-49a4-91fd-32b741247a9f","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":332,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"e6e1365d-d27f-48ab-bf5a-8dbb5b03512a","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":332,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"53dd6088-85eb-401b-929f-d57aac626dd0","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":332,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"93e007ed-d30c-4d43-9474-63c66b5710c9","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":332,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"0e0a0e1b-543e-4a76-a834-a5222121778a","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":332,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"45ab9700-4431-4a90-866c-698d21b50613","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":332,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"3b97f1b6-c048-421b-9dab-be1a432f2238","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":332,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"1d1e11db-0ef0-4928-866a-ddaa4a937e5f","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":332,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"6ee6a98f-72bf-44e5-91c1-6f389326afbe","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":332,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"93d34b4a-4f26-4a23-839e-80c4f14f2f78","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":332,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"6bc2bf2b-7552-4609-9286-8d1ac9c02cbe","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":332,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"119dbb1f-d95f-4434-88e4-37dca116b91c","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":332,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"8b375d0f-f491-4427-9280-c2428178e59a","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":332,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"554d8e44-6213-4190-9e87-4b0e14d82e73","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":332,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"5cd9cc6f-8578-4851-a9a7-febc3a276217","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":332,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"e56289e6-9f96-4a85-ad5a-6d5fd1ef0c41","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":332,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"d6d96f44-993b-48c5-8381-9ae1e5c9e92c","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":332,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"c7af01b3-5e82-4fd7-ac3d-2def6cf0c1f8","block_type":"box","text":"leveraged at the ratio of 1.5:1 using the commitment methodology and 2.6:1 using the gross","page_number":332,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"0b8dcf4d-a540-4256-8067-aa888c4ba0e2","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":332,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"7c974859-a978-4726-8ef8-e4ec41a00f18","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.6:1","page_number":332,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"7be7fc05-300d-4a6e-957b-97c1ede74ded","block_type":"box","text":"using the commitment methodology and 3.5:1 using the gross methodology.","page_number":332,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"aa6dc9e9-70f4-459d-9220-5090fbbe55c5","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":333,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"0847324a-0eb8-4736-9969-4c237ca8521c","block_type":"box","text":"Aviva Investors: Public","page_number":333,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"554091ed-2436-40d4-a7e8-3ebd206fc641","block_type":"box","text":"Aviva Investors Multi-Asset Core Fund IV","page_number":333,"box":{"x":151,"y":118,"width":400,"height":11}},{"id":"fe2089c4-1fbe-4069-84e1-c6bcee805c36","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":333,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"f8f76ca1-2c59-4168-aaf2-797a17b64573","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":333,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"dff36492-cc0a-418b-a207-67ed806cf959","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":333,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"57fc92e7-31c9-4ad8-ab53-beade12eaf0f","block_type":"box","text":"Appendix 4.","page_number":333,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"1bf46c69-adce-4ae5-bd1c-983e32ac2584","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":333,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"687034e4-f543-494e-b12b-ad62ab38385b","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":333,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"995f12c6-db07-4cad-908e-ea805815e0cb","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":333,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"0d2d2c95-1212-4d77-8072-25c058a8fca6","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":333,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"3a205017-62c9-4165-a35c-03264a3b07e4","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":333,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"a7a72d53-acda-4148-9b73-e73fd97e902f","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":333,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"48195def-62ea-4997-9766-5784c88db92e","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":333,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"e7439598-de91-44c6-b1d8-dca9452df83c","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":333,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"eaadcbbc-130e-4199-90f5-a9d81ded4a5c","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":333,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"cf9c8e56-7120-40ff-8807-ce56c0989588","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":333,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"bd0d6a41-5137-44f7-ba11-b3eba2512892","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":333,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"b941fdc4-bb5b-436a-8642-46370838aa2c","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":333,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"7609f314-470b-4ad5-b31f-3adbf56b49de","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":333,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"7770d36d-5aa3-42f3-90b2-baf9b91fa8db","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":333,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"7f38c952-d797-4d59-95cd-3a500661bf26","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":333,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"633a3e0c-ba11-4de0-8d06-4afec5d495b3","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":333,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"e705dd06-2c6d-4a61-9df0-7e6baa60c315","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":333,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"dc7ad008-774b-4e73-9af8-a95d2a44f424","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":333,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"10b1a873-08b5-41a6-b5a9-1fb7d7dedef1","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":333,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"4df49f98-c41e-405c-9077-a99a00dfda38","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":333,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"8b1a25ed-597d-4469-ab01-1aa09fdea29f","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":333,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"b03c6797-ba4a-4e36-af5d-61f2be652e51","block_type":"box","text":"leveraged at the ratio of 1.5:1 using the commitment methodology and 2:1 using the gross","page_number":333,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"9766ba82-6bf4-4ab8-8c36-c604bb315c6f","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":333,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"c7a5c362-c2ae-4799-94e0-60d0403b7a8d","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.6:1","page_number":333,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"8500d773-f827-4c9c-835b-0705efdd8c61","block_type":"box","text":"using the commitment methodology and 2.5:1 using the gross methodology.","page_number":333,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"21863c16-0696-4e3d-bff0-d9c42f60b5a2","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":334,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"c8ce1a4d-b50f-48e6-b0f5-c79dfd58a2b2","block_type":"box","text":"Aviva Investors: Public","page_number":334,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"b44761d0-3e39-432e-b6fd-67400806ef9a","block_type":"box","text":"Aviva Investors Multi-Asset Core Fund V","page_number":334,"box":{"x":151,"y":118,"width":394,"height":11}},{"id":"d4a598f0-3604-46f5-afd2-6ac767b6c8f4","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":334,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"d036779b-8ed8-4657-9531-69dfcfbb6877","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":334,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"c64e3aad-eb20-40d3-8ff0-cdbf4911a0d5","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":334,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"7b488fe3-7de4-4ea7-9e22-f89af04caff6","block_type":"box","text":"Appendix 4.","page_number":334,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"4ec3fda4-9e19-46ce-95de-2363e09fdcaf","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":334,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"895744ff-df0c-41f1-ba5f-8805e688c03c","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":334,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"d2a54ce6-7343-4429-9b51-0c4f58506e86","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":334,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"f3804e5d-9a1f-49e4-9a1a-66a766ff9c47","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":334,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"0fe2c9d2-c5ce-4ff6-ba31-c1815112a192","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":334,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"4732861a-e8c4-4d59-b88c-d3ade294ff6a","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":334,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"3b932071-4a27-4a1f-a05b-13a07f23927f","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":334,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"8050a493-de51-4c9b-a74b-9447ea2d16a3","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":334,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"28aec5b5-1351-4de4-98f1-1d2d219d1aa0","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":334,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"316acede-d65d-4705-b6a8-54e4bdd71c02","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":334,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"50192205-beaf-4ea0-b33a-1e3e7b3f6fa7","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":334,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"314767cb-dbb3-4b7a-aad1-99fd2fa1fc80","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":334,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"8117ddcc-1e8d-4888-bc60-1c441abec786","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":334,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"b2ba0938-788e-4564-bbae-36df651e06e2","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":334,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"2036f160-53ad-4892-9d51-5777088bff2c","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":334,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"49fd3745-a748-46ef-979e-275a0b3b92cb","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":334,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"e4cf69c5-0908-4043-8145-48e8a1737af5","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":334,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"ec81b734-1e45-48e7-9fd7-77f5a81de004","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":334,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"6e24d801-e876-49bf-ae08-56f5e26d1acf","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":334,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"fc5ddc6e-ada5-43ac-b889-8ea0289b6c3c","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":334,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"3c9eeb60-3315-4366-be74-5dfa88e2cda8","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":334,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"c501aec9-e5dd-4da7-b272-c03f63250f9f","block_type":"box","text":"leveraged at the ratio of 1.5:1 using the commitment methodology and 2:1 using the gross","page_number":334,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"79f19e8c-4168-4066-9fe6-1e8d4baca9d3","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":334,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"08f51e69-9131-4925-a704-7131d7d5ec28","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.6:1","page_number":334,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"78850a9b-bad3-421d-914e-b5d3bbe6c420","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":334,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"521287cc-d66c-46ab-aca0-433fe2c26aa9","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":335,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"780e8dc3-eb79-4641-87c3-f34e392556c7","block_type":"box","text":"Aviva Investors: Public","page_number":335,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"c16b2345-9aad-4c80-8edb-dc48819eafd6","block_type":"box","text":"Aviva Investors Multi-Asset Stewardship Fund I","page_number":335,"box":{"x":151,"y":118,"width":460,"height":13}},{"id":"54ca4492-3d2c-4cd5-9b6c-4d7679f14924","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":335,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"82764909-cf6d-4656-aab7-dca2b915122f","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":335,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"bff6cb77-ac7a-48de-a52f-217d476de739","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":335,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"8207a931-18bd-43fd-a2f1-a217bd4f8558","block_type":"box","text":"Appendix 4.","page_number":335,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"f2bf7137-2fbb-4161-80b5-04b1ba8263ac","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":335,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"e3419248-00ae-4e9e-9687-a24b765f05c3","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":335,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"97292a2e-3da5-4a2d-9f7f-8b4c4096c197","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":335,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"d6f28150-a5c4-4bbb-8289-c90a7ab39752","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":335,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"3d034481-f8a0-495c-b89f-eb54b1cf32aa","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":335,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"02f4b16a-15bf-41f0-9522-030111e36d68","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":335,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"0d8ad5bc-9358-4507-a224-eb5b00a8b3b7","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":335,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"91d7d028-6e24-4da2-974a-278eebbb382d","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":335,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"e0091a22-749c-4cfa-87f3-b5f2c99ee3cc","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":335,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"e64a7454-d0f2-4ce1-bb1c-6364cced872c","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":335,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"687bd0e9-dc91-469a-802e-863b12175be4","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":335,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"3b73b42a-6d12-4e54-ad4e-d8249cec42a6","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":335,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"eba05240-b5a8-44ea-8d0d-ed0a692fd3c5","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":335,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"d1c51a48-777b-446c-93a5-260a71feafc9","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":335,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"d1e4e6fd-0a46-4144-a529-066df8d55d24","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":335,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"1e82bf7b-68f5-440f-849f-f07b0cf8c6d6","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":335,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"29694f2e-5613-498c-8767-8242f7c80f77","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":335,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"7ecf2db1-09ca-42df-aa6a-71c95889b889","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":335,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"94e299d4-7470-4ad0-b677-5fc1fa09e0be","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":335,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"5f090612-46f8-4615-932b-93e6596283c1","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":335,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"0118c558-9dba-4d1e-b797-fa48e4495293","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":335,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"1fefd1f9-5ec8-475a-bfdb-a3d3e7f54dca","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.5:1 using the gross","page_number":335,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"d78418cf-d3d0-4111-99a8-a55afd87e54c","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":335,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"de3a6c85-05ff-427a-99a2-bb7191342fa0","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":335,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"875c2086-6ad1-4157-9a26-baf5a7c8a638","block_type":"box","text":"using the commitment methodology and 3:1 using the gross methodology.","page_number":335,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"e7c4bf87-bf10-4147-82da-dd5aa004cf73","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":336,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"a86c8872-0dce-4e79-8785-45e48b1e5218","block_type":"box","text":"Aviva Investors: Public","page_number":336,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"8c78b30a-f0a2-4d34-8f84-80a3a55d1862","block_type":"box","text":"Aviva Investors Multi-Asset Stewardship Fund II","page_number":336,"box":{"x":151,"y":118,"width":466,"height":13}},{"id":"02a9e3ce-92e0-4009-9370-856a22226cc2","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":336,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"ee335e06-14a1-4300-bba0-67f3aebea84d","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":336,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"95878423-6586-4ab9-8db8-82436747dba3","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":336,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"5cffffbf-d40f-4c79-80a3-e2ccce5122fc","block_type":"box","text":"Appendix 4.","page_number":336,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"60764ed7-e6a8-43a1-b28a-96071f24bf21","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":336,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"39cb6f16-6c6f-4eec-a698-1d5c35d6792c","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":336,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"6eb7997d-955e-4693-8dee-0599793f844e","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":336,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"5efbb0b0-5ab9-4892-b02c-ce3021730660","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":336,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"6c8593e7-c2d9-417e-b28d-8772a1b8b734","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":336,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"8a9a5448-5a00-421c-8bde-87a52c078ffe","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":336,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"ce862f62-52fd-4fe4-82b0-7794683d522a","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":336,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"0c5a6e7e-afe2-4319-b905-e846f4790b0a","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":336,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"18f53b02-658d-4864-81d4-94355153b5cf","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":336,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"617035b6-ed60-493a-a81c-67aca1ed9206","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":336,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"673ec850-9953-4251-85b0-7a7e2b4d5b76","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":336,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"fa0810ac-9b02-4a4d-af1d-2d11a096e41d","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":336,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"219cf9d5-bf82-459a-9699-093abd3b9903","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":336,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"2b888863-9ad1-47ec-b53e-66ea5f67badb","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":336,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"217da661-1ad7-44b3-8f15-d2f412c953f4","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":336,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"718563aa-5bd6-4196-baa7-00ba0654b4da","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":336,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"2daf05db-3baf-44d3-bcd0-ba7c4f9822f8","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":336,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"70fa3a2d-ca02-48a4-b76d-2c6a5a83fdf3","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":336,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"eb7ca7a1-f4bc-4f8f-8211-5511b5861d85","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":336,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"022bbbef-e0c5-4356-8b52-2d4de3cacecd","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":336,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"63f74754-a31d-4990-9826-f265e4c51f95","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":336,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"9a64073d-8393-47a1-9dc8-93b1413b95f7","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.5:1 using the gross","page_number":336,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"e6ea2f80-9d26-43fe-807f-ef38d7f1d670","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":336,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"7edf20f8-722b-403c-b88c-75de977fe3e3","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":336,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"7c26ea5a-06c1-46b6-9b7f-d1b4ba36c03c","block_type":"box","text":"using the commitment methodology and 3.2:1 using the gross methodology.","page_number":336,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"7418716b-7712-4b54-a229-29dea7ef0bf4","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":337,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"2e5e83ea-c06e-4822-b0dd-5bf3036c7e5c","block_type":"box","text":"Aviva Investors: Public","page_number":337,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"e6b90dae-a07a-4f9f-956e-0fe27b5855a4","block_type":"box","text":"Aviva Investors Multi-Asset Stewardship Fund III","page_number":337,"box":{"x":151,"y":118,"width":471,"height":13}},{"id":"b41e738e-4ec1-4b9d-b5c8-8b7e563f1b0f","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":337,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"8cca0149-6642-4c0c-83eb-e37eee9e487a","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":337,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"9939b019-afdf-48f2-8221-c0a841f544b4","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":337,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"613c08a5-7046-4aa9-9229-7f42b8a313e5","block_type":"box","text":"Appendix 4.","page_number":337,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"901c9bc0-b323-41a4-b958-cd5c83ea811f","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":337,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"350c7e94-ce60-4437-b74a-ad2c56135862","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":337,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"58a9ea03-a12a-42bf-9d07-2ed1ae95c584","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":337,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"ecc5231c-e344-4c23-86c1-55012c05b524","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":337,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"0c121d42-19ae-413c-b36b-754839efdb0a","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":337,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"592107d9-ac1a-4cd7-acbe-33e88e74fdb0","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":337,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"e7021716-4f55-46ae-9a9b-1693294cc7f3","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":337,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"8c44e4d7-56bf-46db-b1dd-63984520f46f","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":337,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"cc51bb78-0c55-4899-8687-02668030f5d4","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":337,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"b3aaa9a9-f1b9-4ca3-a165-5ebf8fc83921","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":337,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"7b0a4205-d8f2-4a01-84f4-d92f28b911e9","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":337,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"b1d7c405-d77b-4868-b39a-d0333014b219","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":337,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"6a3409fb-c161-4a50-8633-5b35e4dd95a1","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":337,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"004a7693-435c-48fa-9c70-1ea0777078ce","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":337,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"b4f08c5e-abc8-4f60-93ff-e6c5466df8ac","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":337,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"9a3a86f6-3149-4baa-9e81-9401b421185f","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":337,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"63d322fd-c35f-4f92-884d-061d6ccee2db","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":337,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"f86f8430-608c-4bb0-a3ec-a64f747d1b5c","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":337,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"26ae1bb8-6987-43e3-bc79-a0316c7bc67d","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":337,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"5334fd73-0ece-41e0-aeab-37eec5013889","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":337,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"feb5a32b-ce6b-4057-8673-c9f0ea69c01f","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":337,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"382d23be-9f1d-487a-80f0-9615ee9bc2be","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.5:1 using the gross","page_number":337,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"e4ee3a2d-6ea4-40a8-b7c4-3abdef755c78","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":337,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"e1f1bf56-9bff-4433-a4a5-2c60b95ddcf6","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":337,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"50b70c82-3f1b-429e-b739-b6f7e20da16c","block_type":"box","text":"using the commitment methodology and 3.4:1 using the gross methodology.","page_number":337,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"0b40d311-ecd5-4676-b8de-46de41ecfa6d","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":338,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"02fe582d-39d2-4e49-a3db-15a246deac54","block_type":"box","text":"Aviva Investors: Public","page_number":338,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"f41f7fd6-3d66-41e8-9c85-b124393a8349","block_type":"box","text":"Aviva Investors Multi-Asset Stewardship Fund IV","page_number":338,"box":{"x":151,"y":118,"width":473,"height":13}},{"id":"e46afe2f-2eb4-4890-bbf9-1e316caf5635","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":338,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"184cc91f-d660-462e-8855-99a962a1b1cc","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":338,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"9ab93808-f18b-41e3-bcb0-8529ce634bf2","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":338,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"ddaf0b49-0c3c-42fc-81e1-2021fcb4df11","block_type":"box","text":"Appendix 4.","page_number":338,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"03b43cf0-628d-461a-9803-a750edbf261c","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":338,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"09ebde0a-459c-448b-9108-2887111d1b5d","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":338,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"994fb8f7-91ee-42f8-8ce3-35203da11767","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":338,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"2527360c-2003-4ad2-abf0-cc8b85a5b826","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":338,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"8e13fedc-1236-4bf9-a105-648fddfd18a9","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":338,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"051ffecc-167a-48ef-bc52-40a4bc850e9f","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":338,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"c2be13bb-7973-42e0-86d9-d4641e55df6e","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":338,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"25f15721-ae97-4a66-b091-afafb722dfcd","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":338,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"921d781b-901f-4b90-9e29-331d595e6cf5","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":338,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"f5673cbf-852d-4d03-88de-6f62bf928284","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":338,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"0fd45deb-4f33-4213-a206-610bf9dd87fb","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":338,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"d7e2bd0f-1675-4f3b-ba93-1a74d3878706","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":338,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"82a704a5-14c5-4650-8d3b-463474136ad4","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":338,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"071e837a-7b20-41af-a103-626e69ad0576","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":338,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"94cc6dd0-6168-4323-b757-4066c929a0c6","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":338,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"0ebd181c-672d-4b0b-9906-0575b6199242","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":338,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"dadb72b7-e400-42ec-a5ad-5d69a489c523","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":338,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"7aefa772-ea95-4699-b42c-ec2cb038bdfb","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":338,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"9f9d5cb7-5fea-4731-a4da-f65700d36f76","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":338,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"32b1c254-10a3-4835-8c65-619205c937f0","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":338,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"940b41b0-850e-4e48-85b4-c9f90f6e94fc","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":338,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"7137bf8b-645f-487f-af14-0d09648d27e1","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.5:1 using the gross","page_number":338,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"2ec6321d-a4bd-4971-9b55-415d3c718b2d","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":338,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"b2b61019-965d-4934-a17f-a18138a6aa73","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":338,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"be989d2e-c615-4b71-b351-eb04175d4e14","block_type":"box","text":"using the commitment methodology and 3.6:1 using the gross methodology.","page_number":338,"box":{"x":152,"y":787,"width":561,"height":11}},{"id":"3cabb3b5-f52e-4480-9af4-f45d4553d0f2","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":339,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"78601674-374f-41ca-92c9-f19113b89f57","block_type":"box","text":"Aviva Investors: Public","page_number":339,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"1f793e0a-6d79-4396-ab0b-601888e11446","block_type":"box","text":"Aviva Investors Multi-Asset Plus Fund I","page_number":339,"box":{"x":151,"y":118,"width":382,"height":11}},{"id":"e2b9ea60-94d9-47a1-9b02-c830b6ae8976","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":339,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"ac4d844c-f854-434f-8b4c-a0992cd15f80","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":339,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"258752b1-c04e-445b-a27e-361b1460f2c5","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":339,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"1fd07e4b-3a05-4305-8815-51f186d95ba2","block_type":"box","text":"Appendix 4.","page_number":339,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"47f49002-33c2-4b22-83eb-7176d684ba62","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":339,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"34846cd5-aad4-4ba2-83bc-4bb6435b7193","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":339,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"f5031d8f-2e60-4e3e-aad9-539f7e431fc4","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":339,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"9f5a2aac-d2b2-4a52-89c3-a9dc88b34bfb","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":339,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"39cc12a3-b0ae-4363-a13a-684f7c2088ed","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":339,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"9f2296df-2c7c-4484-97f2-ba69e2f32571","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":339,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"dcc1369d-c2d8-47e1-9d0c-73ae37f3d065","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":339,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"fff8c0cd-4aa1-4e39-9ae3-91155da426f5","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":339,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"677d10b2-817f-41ec-8a29-d268b0f8f27f","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":339,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"f474fa3b-0097-4a31-a412-fea910d6750d","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":339,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"d83f352a-9359-4bf8-8459-b62677dda9d2","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":339,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"4e696722-f2ce-48fc-8d48-9ec078089e38","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":339,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"51a2cd3f-a22f-4f85-a8ba-2a06a7dc3994","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":339,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"b57c6053-29b4-4f4d-bfbf-38897017b35e","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":339,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"62a3edb0-edae-46a8-bf96-9438325cfbae","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":339,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"be4a6a0a-35d7-4278-9895-40a8f94800ec","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":339,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"8a7db67a-247d-4f48-b651-7a96ad6ef871","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":339,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"504b2660-645a-490d-855d-233ada1a7f2f","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":339,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"860d5db3-8ace-474e-9720-c3084f219a2e","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":339,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"2998bdf8-37a4-45af-8d7c-82a70abf23a7","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":339,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"47ed0240-f01b-4531-8e2f-262d680bdb08","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":339,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"0b8b4846-a490-4903-86db-a382727db1df","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.2:1 using the gross","page_number":339,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"677a5440-3f73-4145-815d-7ba1dd6fc990","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":339,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"950e6802-9fb1-424b-a597-ff3a3914a972","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":339,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"dc72d85d-6cf2-45ad-bddc-9ecc54d7226d","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":339,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"2977a849-04e4-4e3c-9cf1-a0d725b18c9f","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":340,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"e56cb23c-3f85-441f-8628-3cf42a58e7d4","block_type":"box","text":"Aviva Investors: Public","page_number":340,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"8d9286b8-e3f6-4eb5-bbb2-0913dc667bf1","block_type":"box","text":"Aviva Investors Multi-Asset Plus Fund II","page_number":340,"box":{"x":151,"y":118,"width":388,"height":11}},{"id":"6ad3d78a-d563-41af-a8e2-d601d95cae5c","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":340,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"f8a3e34d-2269-4bc2-8f81-833e93c77f69","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":340,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"9d29fd21-f4a5-48c5-bebf-70af50249cac","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":340,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"07d05b11-847b-4f6d-93f6-f77fb60d62be","block_type":"box","text":"Appendix 4.","page_number":340,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"410704b2-87eb-4fe7-8318-65881ec847e1","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":340,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"f521f4ec-e1e0-48fe-82bb-b2042a27c3d6","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":340,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"b0d6f7a6-c7e3-494e-bcf2-3f2b06c0986b","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":340,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"1c2fe09c-00a0-4d18-9d72-5124688a05e5","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":340,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"66cb2194-079e-4e03-997b-278481993058","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":340,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"01846275-3771-4553-862f-561e0d469391","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":340,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"bf63affa-0e3b-4b3b-84ae-70cda208ed86","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":340,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"cdf8e3df-2f79-4f00-8c01-f4c2ede343c5","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":340,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"84633c5a-9f03-48b4-89c9-8f4d2b48f943","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":340,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"8e536c68-7b5b-45af-bb43-fe59d1ee4751","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":340,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"44fc12d6-2f09-4d96-be80-72a94e79e9f8","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":340,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"fc7d9430-d314-4d52-9b0b-7c31e3704c0d","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":340,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"3d522d97-d227-4b51-904b-ced1156289fa","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":340,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"33773881-988e-48b7-9016-ba1588ea2518","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":340,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"36ea0b47-bfbc-45f7-a783-02870d65c062","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":340,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"03bc7f5e-5feb-440f-9876-f080933e26af","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":340,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"691fcf08-5149-404e-b115-4686a4a91698","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":340,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"e9f0a800-d155-4404-b708-8bd06281db35","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":340,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"1a1b3894-7138-4545-8f2c-a281c432b791","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":340,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"7dc13f26-0374-4ee3-b10a-cff89f01050e","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":340,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"faa9d575-6906-4b04-9538-33b4fee078d3","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":340,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"af3789e1-9b68-49b5-b7ae-874bbd909869","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.2:1 using the gross","page_number":340,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"e807908d-8c49-4f83-832d-2755b94e0209","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":340,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"70b6acbf-0531-48e3-919f-4808471a75e0","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":340,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"3a67c887-d6e1-446c-8165-f8f1c7a23c06","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":340,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"c7a87797-a0f2-49ef-9181-06a945d1d437","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":341,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"3aee1899-07e5-4b2e-9e63-3a7e45507d0e","block_type":"box","text":"Aviva Investors: Public","page_number":341,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"6ecfd262-2d09-4c9c-9b82-3e78e74dcc10","block_type":"box","text":"Aviva Investors Multi-Asset Plus Fund III","page_number":341,"box":{"x":151,"y":118,"width":394,"height":11}},{"id":"3602f924-eb27-4684-b8ef-57afab87d62b","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":341,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"61e7870c-e2d4-4580-bb5c-52513cdb03ea","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":341,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"0e6144a1-6737-4857-9ad2-9d8852daab04","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":341,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"904a4b24-1ec7-4de9-b7e1-3516d2dddf39","block_type":"box","text":"Appendix 4.","page_number":341,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"5a93df1f-d0d0-4024-ad9f-b8fa26bc7fdb","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":341,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"04d0a2c5-e681-4bfa-9c7c-b0d77cbf2a1e","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":341,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"2e4891d0-b141-40fd-a509-f0e0ffd160e2","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":341,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"751d8fe3-3c29-4b4d-8c87-85f47b5f444e","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":341,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"d4098038-0e96-4929-86a3-1e09c0adb340","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":341,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"5d8e53a6-93cc-4892-894d-692f40beb2c3","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":341,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"e04e0275-d6d5-4749-ab1c-d38959d27e80","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":341,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"0b6ab6fb-672b-491a-a18d-f8fb4f08524d","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":341,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"32a7447b-3c41-4af0-8c62-144d6fb1473c","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":341,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"e1215723-100c-45f9-bf1e-5c5c9780951f","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":341,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"a7b6ea49-3c56-46f0-b1d2-c89303eed9b3","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":341,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"d0cafeb2-8f35-411f-814d-7e1b8e0fdc86","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":341,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"d3087130-b70f-449a-ad4d-0fb087dbed4e","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":341,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"2de14b90-818b-4a11-a4d4-22b9692adcd6","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":341,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"34d7c36e-8c3a-4034-a4b8-97a6a9094ae3","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":341,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"24d066bf-dde7-4398-a6d1-f6d3826d8342","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":341,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"74326e8b-32c3-4246-84ac-ae4aa01459cc","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":341,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"b6bf5c29-6184-4129-8652-b23e9e27a543","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":341,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"d3133d70-2bb6-49b7-b9d3-69c63a29e61b","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":341,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"f227dec6-e5d8-4ed0-bd9b-8fb5c25074cd","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":341,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"18c8a3cf-4dd0-4187-ae41-01906ccfa807","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":341,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"47a4b26a-69b2-458e-9e68-63c4e71681ef","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.2:1 using the gross","page_number":341,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"0842c058-643a-49fb-a2f8-157b7a264de4","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":341,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"eef651ac-50f1-421b-8cd0-a7d7732e39d0","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":341,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"1915f41a-34b6-459d-b088-34c35be0d2ad","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":341,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"1ddb8a9f-8202-4a22-aff9-d4bf38f337fd","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":342,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"613eda0a-e8f3-4a97-8fe0-0ab9a98a6d19","block_type":"box","text":"Aviva Investors: Public","page_number":342,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"fcd7d326-3094-4de5-8d58-0cd1acc73319","block_type":"box","text":"Aviva Investors Multi-Asset Plus Fund IV","page_number":342,"box":{"x":151,"y":118,"width":396,"height":11}},{"id":"54fd4cbb-9a8b-4744-9142-5766984d5e25","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":342,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"65dc6d10-ec71-4cc8-86c1-2f1700d154da","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":342,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"6e9ba74d-666e-4610-bdeb-e5158f5cfd7b","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":342,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"8df5f345-5887-40e8-98aa-4132acee8919","block_type":"box","text":"Appendix 4.","page_number":342,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"f0f81ab5-ea9f-4c78-a482-1ab3fda3d6da","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":342,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"d696430b-a804-445a-803f-f0b88dffc8db","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":342,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"ce9e8370-f79c-4ae8-a359-c38b61f98cfc","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":342,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"a7a27953-293c-4c63-93db-9a6337138572","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":342,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"f3b269df-5203-47bc-9a89-84f23bd92b7a","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":342,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"2e558aed-d838-4cd7-a62d-49a5264ffc78","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":342,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"0746cd6f-d8c6-4bbe-9f69-9d2002ac6e23","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":342,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"acd3c5dc-4256-44a0-b2c5-364d558deafe","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":342,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"2faecc90-3682-4499-ae57-620da38f4244","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":342,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"1a0373d2-0c60-4512-831a-3444ef6cc5ce","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":342,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"2d0d35cb-d5d2-4340-9573-33dfb38485a8","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":342,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"b3a9a2f8-cecd-4a08-94c4-d9782f60d139","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":342,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"b29c4fb4-18fe-4e4e-bba2-a2ef6b02ab00","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":342,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"28271891-1885-4498-acf8-db9228df9195","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":342,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"d8fbb2d3-a396-44ab-ac89-b1a77c3c4e99","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":342,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"6706d611-a253-48b9-ab3e-6533310ea07a","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":342,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"843c08ad-d7b2-4f55-a5be-2c6bcf9f8b63","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":342,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"adeb98bb-4c39-49d3-acc4-c01d4849eb8a","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":342,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"18a341c8-e7ec-4994-bd63-a961bcfaa880","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":342,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"179877cb-d89b-4c96-825e-ef16236713c8","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":342,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"e5760aa3-6432-4ae9-8cbd-007e6a92c396","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":342,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"0572656b-a544-43f5-978a-06220a4c2228","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.2:1 using the gross","page_number":342,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"989c7557-025b-4e23-a280-e0a61d24e435","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":342,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"ffb91bdc-ae15-4981-8dcb-0a22829af9fe","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":342,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"6496ac81-cbb1-4207-a58f-7cbc27c0e4be","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":342,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"93784044-6992-46a0-8c06-72a67d318777","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":343,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"2a845d5a-1524-4526-a103-78b309e5f8f6","block_type":"box","text":"Aviva Investors: Public","page_number":343,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"77d7f31d-25e7-4c06-bcf3-6d91d535cc36","block_type":"box","text":"Aviva Investors Multi-Asset Plus Fund V","page_number":343,"box":{"x":151,"y":118,"width":390,"height":11}},{"id":"cef2a746-8cbb-4f89-b896-305de59db792","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":343,"box":{"x":151,"y":154,"width":652,"height":11}},{"id":"c7f36e36-c970-4929-bffe-aa4eea64a850","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":343,"box":{"x":151,"y":186,"width":697,"height":11}},{"id":"929de552-8c7a-4a26-9313-4cd65ee9b47b","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":343,"box":{"x":152,"y":207,"width":695,"height":11}},{"id":"e1068722-0a1a-486f-9489-fec33a880331","block_type":"box","text":"Appendix 4.","page_number":343,"box":{"x":151,"y":227,"width":87,"height":11}},{"id":"87437c0d-46c0-4c1a-8040-8b145b8ef76d","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":343,"box":{"x":152,"y":260,"width":493,"height":11}},{"id":"3e6e2271-9802-413f-a10e-e62cd9e7b35a","block_type":"box","text":"Pursuant to its regulatory obligations, the Manager is required to express the level which the","page_number":343,"box":{"x":152,"y":292,"width":696,"height":11}},{"id":"21ca11b9-ea15-463c-a4c2-f40fb9b19db7","block_type":"box","text":"Fund's leverage will not exceed. For the purposes of this disclosure, leverage is any method by","page_number":343,"box":{"x":152,"y":312,"width":697,"height":12}},{"id":"0abe798e-e1a9-4701-9651-4ed28dbcd038","block_type":"box","text":"which the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s","page_number":343,"box":{"x":151,"y":333,"width":697,"height":11}},{"id":"b1ae47e0-c71b-4b38-ad06-eabd0510662c","block_type":"box","text":"exposure may be increased by using derivatives, by reinvesting cash borrowings, through","page_number":343,"box":{"x":151,"y":354,"width":697,"height":11}},{"id":"87b2c2b2-562d-4ec1-af5c-831db7f9f9f5","block_type":"box","text":"securities lending or securities borrowing arrangements, or by such other means as may be","page_number":343,"box":{"x":151,"y":374,"width":697,"height":11}},{"id":"4ddda6be-40bb-480a-9a11-be4d4c707fbc","block_type":"box","text":"permitted to be used pursuant to that fund’s investment objectives and strategy (such increase","page_number":343,"box":{"x":151,"y":394,"width":697,"height":12}},{"id":"ed08bad8-ed47-4d7a-80e8-f7b02f6eedff","block_type":"box","text":"referred to herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two","page_number":343,"box":{"x":152,"y":415,"width":696,"height":11}},{"id":"26c561d1-1c5f-477d-99e2-50d5cbbb2b16","block_type":"box","text":"methodologies for calculating overall exposure of a fund: the “gross methodology” and the","page_number":343,"box":{"x":152,"y":435,"width":696,"height":12}},{"id":"6b2e3ae6-1700-43d7-b2de-48b654544b0b","block_type":"box","text":"“commitment methodology”. These methodologies are briefly summarised below but are set","page_number":343,"box":{"x":151,"y":456,"width":697,"height":11}},{"id":"484cd329-d9cf-495f-a9c1-f6b85618e847","block_type":"box","text":"out in full detail in the UK AIFM Regime.","page_number":343,"box":{"x":151,"y":476,"width":296,"height":12}},{"id":"f3e656a7-06b0-41a9-a59f-56afcbe27bd0","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":343,"box":{"x":151,"y":509,"width":697,"height":11}},{"id":"796e9042-6f24-4942-8ef8-73955c6992bc","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":343,"box":{"x":151,"y":529,"width":697,"height":11}},{"id":"f3f6ab01-cff3-4278-977c-514e11b0801c","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":343,"box":{"x":151,"y":550,"width":697,"height":11}},{"id":"022d0307-69b3-4924-a5bd-99929dc2d32d","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":343,"box":{"x":151,"y":570,"width":697,"height":11}},{"id":"16d7040d-7d9e-4a3f-acd4-9761695f41f4","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":343,"box":{"x":151,"y":591,"width":697,"height":11}},{"id":"99f4926d-a14c-4932-9a93-7a6fc2343e55","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":343,"box":{"x":151,"y":611,"width":696,"height":11}},{"id":"6beff27d-ad89-47dd-a1c1-89220884a5e5","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":343,"box":{"x":152,"y":632,"width":517,"height":11}},{"id":"2c813d8b-8434-4139-981d-0d99e00e7bc9","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":343,"box":{"x":151,"y":664,"width":697,"height":11}},{"id":"169c4229-2728-47f0-ab0d-51ab6c683d20","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":343,"box":{"x":151,"y":684,"width":697,"height":12}},{"id":"475d3b3f-ae9b-4b25-9a96-cfed7233e83d","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":343,"box":{"x":152,"y":705,"width":696,"height":11}},{"id":"9ada0873-e28f-4638-9e11-cf5bda760155","block_type":"box","text":"leveraged at the ratio of 1.2:1 using the commitment methodology and 1.4:1 using the gross","page_number":343,"box":{"x":152,"y":725,"width":696,"height":12}},{"id":"a1d5524c-e3a7-4144-80e3-9774a8bd5e19","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":343,"box":{"x":152,"y":746,"width":695,"height":11}},{"id":"618b7096-bce3-457e-aefb-2d0912d46eaf","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.5:1","page_number":343,"box":{"x":151,"y":766,"width":694,"height":12}},{"id":"8ed5f710-faeb-4d19-b0f4-1fa273d97d78","block_type":"box","text":"using the commitment methodology and 2:1 using the gross methodology.","page_number":343,"box":{"x":152,"y":787,"width":547,"height":11}},{"id":"cccd5f8e-ff82-45c0-8f8a-6ad5cb693353","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":344,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"2ab0ed80-b7c9-4d8b-952b-fa9bce87b855","block_type":"box","text":"Aviva Investors: Public","page_number":344,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"60778a22-96d5-4ec8-a2b6-2f10937860da","block_type":"box","text":"Aviva Investors UK Listed Equity Fund (please note that this fund is in the","page_number":344,"box":{"x":151,"y":118,"width":703,"height":13}},{"id":"49762570-1797-41ba-9d7a-2d23b6df85a2","block_type":"box","text":"process of being terminated and is no longer available for new","page_number":344,"box":{"x":152,"y":143,"width":702,"height":13}},{"id":"18348b75-f227-48d5-927a-b0de336f2890","block_type":"box","text":"investment)","page_number":344,"box":{"x":152,"y":167,"width":117,"height":13}},{"id":"dd442cb5-6114-4c6f-8da0-44ad4ecb8cbf","block_type":"box","text":"Types and sources of leverage and circumstances in which leverage may be used","page_number":344,"box":{"x":151,"y":203,"width":652,"height":11}},{"id":"8897c978-7590-4d9e-aee0-35c8acf918a9","block_type":"box","text":"The Fund may incur leverage (whether through borrowing of cash or securities, or embedded","page_number":344,"box":{"x":151,"y":235,"width":697,"height":12}},{"id":"fbcee727-eb7b-487d-b15a-fc25a90893a2","block_type":"box","text":"in derivative positions) in the circumstances, and subject to the provisions, which are set out in","page_number":344,"box":{"x":152,"y":256,"width":695,"height":11}},{"id":"18dba37e-dcb1-41e4-9860-9b5910cf5d2c","block_type":"box","text":"Appendix 4.","page_number":344,"box":{"x":151,"y":276,"width":87,"height":11}},{"id":"1473312a-7398-44a0-8e1b-2398e31cc309","block_type":"box","text":"Leverage as required to be calculated by the UK AIFM Regime","page_number":344,"box":{"x":152,"y":309,"width":493,"height":11}},{"id":"944638ad-7eca-4522-ba5e-d19f4558d629","block_type":"box","text":"Pursuant to its regulatory obligations, the ACD is required to express the level which the Fund's","page_number":344,"box":{"x":152,"y":341,"width":696,"height":11}},{"id":"fce3e6f0-242b-4051-a3f3-4450136ccde8","block_type":"box","text":"leverage will not exceed. For the purposes of this disclosure, leverage is any method by which","page_number":344,"box":{"x":152,"y":362,"width":695,"height":11}},{"id":"b77c617d-4f74-44de-a02f-216b79b4477b","block_type":"box","text":"the Fund’s exposure is increased beyond its holding of securities and cash. A fund’s exposure","page_number":344,"box":{"x":151,"y":382,"width":697,"height":11}},{"id":"3f5cfa0e-b18d-4b3d-b9da-0e29c7c730c3","block_type":"box","text":"may be increased by using derivatives, by reinvesting cash borrowings, through securities","page_number":344,"box":{"x":152,"y":403,"width":696,"height":11}},{"id":"c1617cc3-2449-46e0-b126-8960a5b2e251","block_type":"box","text":"lending or securities borrowing arrangements, or by such other means as may be permitted to","page_number":344,"box":{"x":152,"y":423,"width":696,"height":11}},{"id":"6ba12dc8-06ec-4f0f-b2fd-fb8b6a9d4812","block_type":"box","text":"be used pursuant to that fund’s investment objectives and strategy (such increase referred to","page_number":344,"box":{"x":151,"y":443,"width":697,"height":12}},{"id":"e1caf475-1fe1-46c6-8cae-f0a5083ee3bb","block_type":"box","text":"herein as the “Incremental Exposure”). The UK AIFM Regime prescribes two methodologies","page_number":344,"box":{"x":152,"y":464,"width":696,"height":11}},{"id":"2c18d871-fc26-4bea-89e8-8108124faa47","block_type":"box","text":"for calculating overall exposure of a fund: the “gross methodology” and the “commitment","page_number":344,"box":{"x":151,"y":485,"width":697,"height":11}},{"id":"1f082329-0162-4e6d-a9fc-c608a4d12aeb","block_type":"box","text":"methodology”. These methodologies are briefly summarised below but are set out in full detail","page_number":344,"box":{"x":152,"y":505,"width":695,"height":11}},{"id":"a97a38e4-fdd8-40ee-8293-95f44de5368e","block_type":"box","text":"in the UK AIFM Regime.","page_number":344,"box":{"x":152,"y":526,"width":178,"height":11}},{"id":"74013a53-52b6-42b2-a583-7845f6590532","block_type":"box","text":"The commitment methodology takes account of the hedging and netting arrangements","page_number":344,"box":{"x":151,"y":558,"width":697,"height":11}},{"id":"234a35ec-23bf-42d3-9a27-78d1d79ba6ad","block_type":"box","text":"employed by a fund at any given time (purchased and sold derivative positions will be netted","page_number":344,"box":{"x":151,"y":578,"width":697,"height":12}},{"id":"59b343af-369a-4724-8c01-98120419952f","block_type":"box","text":"where both relate strictly to the same underlying asset). This calculation of exposure includes","page_number":344,"box":{"x":151,"y":599,"width":697,"height":11}},{"id":"53c97ea8-340e-4d89-a5be-dff900a0235d","block_type":"box","text":"all Incremental Exposure as well as the fund’s own physical holdings and cash. By contrast, the","page_number":344,"box":{"x":151,"y":619,"width":697,"height":11}},{"id":"67f9a22c-f3d0-48f4-b8cd-545833e06fe7","block_type":"box","text":"gross methodology does not take account of the netting or hedging arrangements employed by","page_number":344,"box":{"x":151,"y":640,"width":697,"height":11}},{"id":"7dd311b0-6ae0-41d7-8c07-ebeea54f6cf3","block_type":"box","text":"a fund. This calculation of exposure under the gross methodology includes all Incremental","page_number":344,"box":{"x":151,"y":660,"width":696,"height":12}},{"id":"63cf0f1d-0b64-4523-897d-71d5e2a9061e","block_type":"box","text":"Exposure as well as the fund’s own physical holdings, excluding cash.","page_number":344,"box":{"x":152,"y":681,"width":517,"height":11}},{"id":"ada5ead5-73f7-4933-a183-5ff5d5a6f912","block_type":"box","text":"The UK AIFM Regime requires that each leverage ratio be expressed as the ratio between a","page_number":344,"box":{"x":151,"y":713,"width":697,"height":11}},{"id":"b83d9b2c-22c0-4530-bf03-bc395ae11c0a","block_type":"box","text":"fund's total exposure (including securities and cash) and its net asset value. Using the","page_number":344,"box":{"x":151,"y":734,"width":697,"height":11}},{"id":"7918183f-88bc-4e34-b51a-93de3e283eec","block_type":"box","text":"methodologies prescribed under the UK AIFM Regime, the Fund is generally expected to be","page_number":344,"box":{"x":152,"y":754,"width":696,"height":11}},{"id":"35706654-c084-4fc4-aa9a-efbeb1da68d7","block_type":"box","text":"leveraged at the ratio of 1:1 using the commitment methodology and 1:1 using the gross","page_number":344,"box":{"x":152,"y":775,"width":696,"height":11}},{"id":"f7e2d9f3-4604-45a7-a966-9dcee99767f4","block_type":"box","text":"methodology. The Fund may, however, have higher levels of leverage, including in atypical and","page_number":344,"box":{"x":152,"y":795,"width":695,"height":11}},{"id":"bdff7126-01d6-49ec-866c-d8b473208c74","block_type":"box","text":"volatile market conditions. In such circumstances, leverage will not exceed the ratio of 1.1:1","page_number":344,"box":{"x":151,"y":816,"width":694,"height":11}},{"id":"9aff76dd-1ea4-47e5-968e-dbf2dd79cf6c","block_type":"box","text":"using the commitment methodology and 1.1:1 using the gross methodology.","page_number":344,"box":{"x":152,"y":836,"width":561,"height":11}},{"id":"9bab7e22-2c9d-400d-a612-fe8f829db254","block_type":"box","text":"AI Portfolio Funds ICVC Prospectus (3 August 2026)","page_number":345,"box":{"x":151,"y":948,"width":312,"height":9}},{"id":"0b9dc20a-a0a9-411d-b4b9-719d5aa269a1","block_type":"box","text":"Aviva Investors: Public","page_number":345,"box":{"x":34,"y":970,"width":121,"height":7}},{"id":"d5a48c99-c1be-49ab-b807-a8985ac38fbb","block_type":"box","text":"Appendix 11","page_number":345,"box":{"x":430,"y":118,"width":135,"height":16}},{"id":"296c5bc5-5fa4-49d1-b81a-140e67bba26f","block_type":"box","text":"Remuneration Policy","page_number":345,"box":{"x":384,"y":137,"width":239,"height":16}},{"id":"f882e3eb-c118-4d1d-80e7-e4ce2a23d3d8","block_type":"box","text":"Remuneration Policy","page_number":345,"box":{"x":152,"y":187,"width":187,"height":12}},{"id":"aba2ec44-b66a-4898-81ad-b90f0e65e936","block_type":"box","text":"Aviva Investors has adopted a remuneration policy which applies to employees in Aviva","page_number":345,"box":{"x":151,"y":221,"width":697,"height":11}},{"id":"a707b0d0-c81c-4ae6-add4-cba6eca393d0","block_type":"box","text":"Investors (including those working on behalf of the ACD or the Investment Manager). The","page_number":345,"box":{"x":152,"y":242,"width":696,"height":11}},{"id":"d055a3c7-f926-4522-8cf7-322cec5d6ecc","block_type":"box","text":"remuneration policy provides market competitive remuneration, thereby protecting against the","page_number":345,"box":{"x":152,"y":262,"width":696,"height":11}},{"id":"3238a359-4e3e-4b5d-9b46-37bb965ecf74","block_type":"box","text":"risk of not having people with the talent needed to maintain and deliver on the strategy, and","page_number":345,"box":{"x":152,"y":283,"width":695,"height":11}},{"id":"1baac420-9342-4ca9-8521-f0595b6301fd","block_type":"box","text":"incentivises relevant staff to achieve both the annual business plan and the longer term","page_number":345,"box":{"x":152,"y":303,"width":696,"height":11}},{"id":"dacdf903-24d0-48f1-9d02-ed3a3bfc70cc","block_type":"box","text":"strategic objectives of the Group","page_number":345,"box":{"x":151,"y":324,"width":244,"height":11}},{"id":"9ce04e29-4cbd-4771-8c19-f68eb37f18b2","block_type":"box","text":"as well as promoting sound and effective risk management","page_number":345,"box":{"x":402,"y":324,"width":446,"height":11}},{"id":"a2c235e9-e6ac-474a-bdf6-d326407696e4","block_type":"box","text":"consistent with the risk profile of the funds. Significant levels of deferral aid retention and align","page_number":345,"box":{"x":151,"y":344,"width":696,"height":11}},{"id":"462aaff9-5ac2-41a0-95f6-0072b053ec35","block_type":"box","text":"the interests of key personnel. As well as rewarding the achievement of objectives, variable","page_number":345,"box":{"x":151,"y":365,"width":697,"height":11}},{"id":"2f970bad-48c9-4554-9c65-ed9ac7ba2ffd","block_type":"box","text":"remuneration can be zero if performance thresholds are not met.","page_number":345,"box":{"x":152,"y":385,"width":477,"height":11}},{"id":"aa1126b8-f012-483b-959e-ea2b2e4e7010","block_type":"box","text":"The Aviva Investors Remuneration Committee has been established to support and advise on","page_number":345,"box":{"x":151,"y":417,"width":697,"height":12}},{"id":"8c66ee40-7e4e-4aed-bd22-1daabf86037f","block_type":"box","text":"the overall remuneration policy for Aviva Investors and the employment, remuneration, reward","page_number":345,"box":{"x":151,"y":438,"width":697,"height":11}},{"id":"1a9e3a91-5231-4aea-b599-a06863b4b286","block_type":"box","text":"and benefits terms for Aviva Investors’ senior management and material employees and to","page_number":345,"box":{"x":151,"y":458,"width":697,"height":12}},{"id":"5051ad65-557b-4df9-8d0c-f44d798fd9b7","block_type":"box","text":"review and make recommendations on remuneration matters.","page_number":345,"box":{"x":152,"y":479,"width":454,"height":9}},{"id":"c362c9cd-cb05-4f25-823d-bcde8e20e566","block_type":"box","text":"Up to date details of the remuneration policy, including but not limited to (i) a description of how","page_number":345,"box":{"x":152,"y":511,"width":696,"height":12}},{"id":"b56d5bfa-c6c8-47ad-83d1-54e0894ca8c5","block_type":"box","text":"remuneration and benefits are calculated and (ii) the identities of persons responsible for","page_number":345,"box":{"x":152,"y":532,"width":697,"height":11}},{"id":"478d8a3f-011d-4e2b-9f1f-fb1c4c88b5ee","block_type":"box","text":"awarding remuneration and benefits, including the composition of the Aviva Investors","page_number":345,"box":{"x":151,"y":552,"width":697,"height":11}},{"id":"1f6ea7b5-9410-480d-9c49-cbe5e5ecd237","block_type":"box","text":"Remuneration Committee, are available from the ACD’s website at","page_number":345,"box":{"x":152,"y":573,"width":696,"height":10}},{"id":"f242f197-02f9-4cfd-8abd-da54b3055134","block_type":"box","text":"www.avivainvestors.com/en-gb/capabilities/regulatory","page_number":345,"box":{"x":151,"y":593,"width":398,"height":12}},{"id":"58af7b69-9dba-402e-aa02-1e41dd252828","block_type":"box","text":". A paper copy of the information","page_number":345,"box":{"x":551,"y":593,"width":296,"height":11}},{"id":"5e05d83a-bd1e-465e-8b09-a6da2bfbd88e","block_type":"box","text":"available from the ACD’s website in relation to remuneration is also available free of charge on","page_number":345,"box":{"x":151,"y":614,"width":696,"height":11}},{"id":"5cb825be-f7c7-4627-8ee9-07c6806ee8af","block_type":"box","text":"request from the ACD.","page_number":345,"box":{"x":152,"y":634,"width":164,"height":11}}],"unit":"per_mille","page_width":595,"page_height":842,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":345}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.4.0","execution_id":"68f78202-8328-434d-953b-16c03ac057ac"},"user_id":1000227,"date_created":"2026-08-23T17:44:20.260000Z","date_modified":"2026-08-23T17:44:20.260000Z","private":false}