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Page 1 of 2
NON - UCITS RETAIL SCHEME
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. AI UK Listed Equity Income Fund, UK Institutional Accumulation Units, a sub - fund of the Aviva Investors Funds ACS (AIF ACS) (ISIN: GB00BDZZG803). This fund is managed by Aviva Investors UK Fund Services Limited. OBJECTIVES AND INVESTMENT POLICY
Objective: The Sub - Fund aims to deliver an income return in excess of the income return of the FTSE® All - Share Total Return Index over a rolling three year basis, whilst also aiming to grow your investment over the long term (5 years or more) by investing in shares of UK companies. Both the income and return aims are measured before the deduction of Sub Fund charges and tax. Core investment: At least 80% of the Sub - Fund will be invested in shares of UK companies (incorporated or domiciled in the UK), or non UK companies which are listed in the UK or which have significant trading activities in the UK. Other investments: The Sub - Fund may also invest in other shares, other funds (including funds managed by the Investment Manager), derivatives, cash and deposits. Derivatives may be used for investment purposes or to gain a particular market exposure which would otherwise be difficult or costly to achieve, or to manage the Sub - Fund's cash flows in a cost - effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Sub - Fund. Strategy: The Sub - Fund is actively managed, and the Investment Manager aims to achieve the Sub - Fund's objective by identifying businesses that trade at a substantial discount to their fair or intrinsic value and where the Investment Manager believes that profit gro wth will surpass expectations, as it believes these stocks provide the most attractive investment returns over the long term. The Sub - Fund is subject to Aviva Investors' baseline exclusion policy – please see Appendix 2 of the Prospectus for information on these limited investment restrictions. Performance & Risk Measurement: The Sub - Fund's performance is compared against the FTSE® All Share Total Return Index (the “Index”). The Sub - Fund does not base its investment process upon the Index, so will not hold every company in the Index and may also hold companies that do not form part of it. The Sub - Fund will not invest in shares of companies within the Aviva Group. The Sub - Fund uses a “tracking error” to measure the consistency of the Sub Fund's returns and the returns of the Index. In general, the lower the tracking
error, the more consistent the Sub - Fund's returns are relative to the Index, and vice - versa. The Sub - Fund is expected to have an average yearly tracking error of between 2% and 6% compared to the Index. In certain conditions the Sub - Fund may be outside of this range. The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of the UK's market capitalisation (total market value of a company's outstanding shares). The Index has been selected as a benchmark for performance and risk measurement because it is representative of the type of companies in which the Sub - Fund is likely to invest, and it is therefore an appropriate comparator for the Sub - Fund's performance. Note: FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in any FTSE index (the “Index”) vest in FTSE International Limited (“FTSE”). Aviva Investors Fund Name UK Listed Equity Income Fund has b een developed solely by Aviva Investors UK Fund Services Limited. Any FTSE Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Funds which refer to a FTSE Index and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the relevant Funds. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the relevant Funds or the suitability of the Index for the purpose to which it is being put by Aviva Investors UK Fund Services Limited. This is an accumulation unit class and any income from the Fund will remain in the Fund and reflected in the unit price. You can buy or sell units in this fund on any working day. We need to receive your instruction before 14:00pm UK time. If you contact us after that time, we will buy or sell units for you at the next working day's price. Recommendation: this fund may not be appropriate for investors who plan to withdraw their money within 5 years. For full investment objectives and policy details please refer to the Prospectus.
RISK AND REWARD PROFILE
1 2 3 4 5 6 7
Lower risk Higher risk Typically lower rewards Typically higher rewards This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may change over tim e. The lowest category does not mean 'risk free'. The value of investments and the income from them will change over time. The Fund price may fall or rise and you may not get back the original amount invested.
The Fund has been allocated a risk number based on the historic volatility of its share price or where insufficient information is available the risk number is calculated on a simulated basis, based on the historic volatility of appropriate asset classes. Derivatives risk: Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself. Target outcome risk: Any outcomes stated as targets are not guaranteed and may not be achieved. Income Risk: The investment objective of a Fund is to generate income, at times this may limit opportunities for capital growth. Full information on the risks applicable to the Fund is detailed in the Prospectus.
Page 2
Page 2 of 2 This key investor information is accurate as at 07/09/2026
CHARGES
One - off charges taken before or after you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 0.02% Charges taken from the Fund under certain specific conditions Performance fee none This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. The charges you pay contribute to the costs of running the fund, including the cost of distributing it, reducing the potential growth of your investment.You can find out the actual entry and exit charge from your financial adviser or distributor.
Certain charges are deducted from the capital of the Fund. The ongoing charges figure is based on last year's expenses for the year ending November 2025. The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more information about charges, please refer to the charges section in the Prospectus.
PAST PERFORMANCE
Unit Class FTSE All Share IA UK Equity Income
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 - 1.3 9.0 - 15.7 31.6 2.0 12.8 13.8 28.6 - 9.5 19.2 - 9.8 18.3 0.3 7.9 9.5 24.0 18.4 -130 -1.30 8.9 -1570 -15.70 31.56 2.04 12.8 13.7 28.6
Past performance is not indicative of future performance. It cannot provide a guarantee of returns that you will receive in the future. The fund was launched in April 2015 and issued UK Institutional Accumulation Units in October 2017. Source: Aviva Investors/Morningstar as at 31 December 2025. Past performance is calculated in GB Pounds. Units are priced in GB Pounds, the fund's base currency. The value of your investment and income from it may go down as well as up and you may not get back the amount you invested. All fees and charges are included in the performance calculation.
PRACTICAL INFORMATION
This document is specific to the Fund and unit class stated at the beginning of this document. The Fund is a Sub - fund of the Aviva Investors Funds ACS (AIF ACS), an umbrella structure comprising different Sub - funds and taking the form of a co - ownership sch eme. As a consequence of this, the Fund may be treated as tax transparent for the purpose of income and /or gains by relevant taxing jurisdictions. The Prospectus and the annual and half - yearly reports are prepared for the umbrella. The Fund is a non - UCITs retail scheme. This NURS - KII document is specific to this unit class. NURS - KII documents will be available for other unit classes within this Fund where they exist. The Fund's current unit price is calculated on each working day and is published daily on our website. The Depositary of the Fund is Bank of New York Mellon (International) Limited , 160 Queen Victoria Street, London, EC4V 4LA. It has delegated the function of Custodian of the Fund to Bank of New York Mellon (International) Limited. Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. The Fund is a Sub - fund of AIF ACS, an umbrella structure comprising different Sub - funds.
The assets of the Fund are beneficially owned by the unitholders in the Fund as tenants in common and must not be used to discharge any liabilities, or meet any claims against, any person other than the unitholders in the Fund. Further information about the Fund including other unit classes and dealing can be found in the Prospectus, available in English, and also in the latest annual and half - yearly Report and Accounts (English only) which are available free of charge from our w ebsite, www.avivainvestors.com. The details of the up - to - date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the web site www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority . AI UK Listed Equity Income Fund
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