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Page 1 of 2
NON - UCITS RETAIL SCHEME
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Aviva Investors Multi - Manager 20 - 60% Shares Fund, Class 2, Accumulation shares, GBP, a sub - fund of the Aviva Investors Portfolio Funds ICVC (ISIN: GB00B1N94W01). The Fund is managed by Aviva Investors UK Fun d Services Limited. OBJECTIVES AND INVESTMENT POLICY
Objective: The Fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 20 - 60% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Investors companies). Core investment: At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund's as set class exposures will be made up of the combined holdings of the other funds, of which between 20% and 60% of the combined holdings will be invested in the shares of companies, and a minimum of 30% in bonds and cash*. * Where this exposure to an asset c lass is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash. Other investments: The Fund may also invest indirectly in property. Derivatives may be used to gain ex posure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund's cash flows in a cost - effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivati ve usage is called “efficient portfolio management”. Strategy: The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager rel ies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an
optimum risk and reward profile within the limits of the Se ctor. The Sector is made up of other funds managed within these limits. This Fund is subject to Aviva Investors' baseline exclusion policy – please see Appendix 2 of the Prospectus for information on these limited investment restrictions. As this Fund typi cally invests in other third - party managed funds, the baseline exclusion policy will have limited impact on these Funds. Performance & Risk Measurement: The Fund's performance is measured against the Sector after charges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund's returns and the returns of the Sector. In general, the lower the tracking error, the more consist ent the Fund's returns are relative to the Sector, and vice - versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA's Sector Committee. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate measure for the Fund's performance. Other information: You can buy and sell shares on any London business day. Recommendation: this Fu nd may not be appropriate for investors who plan to withdraw their money within 5 years. This is an accumulation share class and any income from the Fund will remain in the Fund and is reflected in the share price. For full investment objectives and policy details please refer to the Prospectus.
RISK AND REWARD PROFILE
1 2 3 4 5 6 7
Lower risk Higher risk Typically lower rewards Typically higher rewards This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. The risk and reward cat egory shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean 'risk free'. The value of investments and the income from them will change over time. The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. The Fund has been allocated a risk number based on the higher of the historic volatility of its share price, the historic volatility of its current asset classes or its intended maximum risk levels. Collec tive investment risk: Investing in any type of collective investment involves certain risks and limitations that you would not face if investing in markets directly, including the risk of delay in liquidating your investment.
Counterparty risk: The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the Fund. Currency risk: Changes in currency exchange rates could reduce investment gains or increase investment losses. Exchange rates can change rapidly, significantly and unpredictably. Derivatives risk: Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses signific antly greater than the cost of the derivative itself. Emerging markets risk: Compared to developed markets, emerging markets can have greater political instability and limited investor rights and freedoms, and their securities can carry higher equity, mar ket, liquidity, credit and currency risk. Hedging risk: Any measures taken to offset specific risks will generate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain. Leverage risk: A small price decline on a "leveraged" underlying investment will create a correspondingly larger loss for the Fund. A high overall level of leverage and/or unusual market conditions could create significant losses for the Fund. Full information on the risks applicable to the Fund is detailed in the Prospectus.
Page 2
Page 2 of 2 This key investor information is accurate as at 06/02/2026
One - off charges taken bef ore or after you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 1.25% Charges taken from the Fund under certain specific conditions Performance fee None This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds run by Aviva Investors UK Fund Services Limited) you might pay less – you can find the actual entry and exit charges from your financial adviser/distributor. The ongoing charges figure is based on last year's expenses for the year ending 30 November 2025. The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more information about charges, including a full explanation of any performance fee (if applicable) please se e the charges sections of the Fund's Prospectus.
PAST PERFORMANCE
Share Class Performance Sector IA Mixed Investment 20 - 60% Shares
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 11.1 6.5 - 6.9 15.2 4.6 6.5 - 9.3 6.4 6.7 10.1 10.6 7.2 - 5.2 12.2 3.5 6.3 - 9.6 6.9 6.2 10.2 12.1 3.5 6.3 - 9.7 6.9 6.2 10.2 1.4 6.47 -690 -6.90 15.2 4.60 6.51 -931 -9.31 6.35 6.70 10.4
Past performance is no guide to future performance. The past performance shown in the chart opposite takes into account all charges except entry charges. The Share Class was launched on 24 April 2007. Performance is calculated in the Share Class currency which is GBP. Source: Aviva Investors/Morningstar as at 31 December 2025.
PRACTICAL INFORMATION
Depositary - J.P. Morgan Europe Limited More practical information about the Fund and copies of the Prospectus and the latest annual and half yearly reports are available free of charge from Aviva Investors UK Fund Services Limited PO Box 10410, Chelmsford, CM99 2AY. These documents will be in English and cover the whole ICVC. The latest published price of shares in the Fund and other infor mation on the Fund, including how to buy and sell shares, is also available at www.avivainvestors.co.uk. Shares other than Class 2 are offered by the Fund, as set out in the Prospectus. You may switch between funds in the Aviva Investors Portfolio Funds ICVC. An entry charge may apply to a switch but it is normally waived on most funds other than the structur ed/defined return funds. Details on switching are provided in the Prospectus.
The Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence, this might have an impact on your investment. The liabiliti es of the Fund are segregated and the assets of this Fund will not be used to pay debts of other funds. Aviva Investors UK Fund Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccura te or inconsistent with the relevant parts of the Prospectus for the Fund. The details of the up - to - date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office. The sub - fund launched on 24 April 2007, is authorised in the United Kingdom and regulated by The Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by The Financ ial Conduct Authority.
-15
-10
-5
0
5
10
15
20
Return %
CHARGES
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"text": "effective manner. Derivatives may also be used to reduce risk,"
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"text": "such as foreign currency risk within the Fund. This type of derivati"
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"text": "ies on an assessment of seven criteria (Parent,"
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"text": "Product, Philosophy, Process, People, Performance, Position) to determine"
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"text": "which funds are suitable for investment, with the intention of creating an"
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"text": "optimum risk and reward profile within the limits of the Se"
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"text": "of the Prospectus for information on these limited investment"
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"text": "restrictions. As this Fund typi"
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"text": "cally invests in other third"
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"text": "against the Sector after charges and taxes."
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"text": "The Fund uses a \u201ctracking error\u201d to measure the consistency between the"
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"text": "Fund\u0027s returns and the returns of the Sector. In general, the lower the"
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"text": "ent the Fund\u0027s returns are relative to the"
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"text": "certain conditions the Fund may be outside of this range."
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"text": "measurement because the Fund will be managed in line with the criteria of"
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"text": "to withdraw their money within 5 years."
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"text": "RISK AND REWARD PROFILE"
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"text": "rules, and may not be a reliable indication of the future risk profile of the"
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"text": "egory shown is not guaranteed to remain unchanged"
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"text": "and may change over time. The lowest category does not mean \u0027risk free\u0027."
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...