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As such,","page_number":8,"box":{"x":62,"y":521,"width":398,"height":11}},{"id":"164cd387-e734-4420-b4a8-9df573331449","block_type":"box","text":"the ACS Manager has been appointed to be the UK","page_number":8,"box":{"x":62,"y":534,"width":400,"height":12}},{"id":"399a70a2-6fda-4e5f-853c-17f4825f8ad9","block_type":"box","text":"AIFM of the Scheme, which is an alternative","page_number":8,"box":{"x":62,"y":548,"width":399,"height":10}},{"id":"2aa332e6-4d17-4b16-aee1-6ce178e39d49","block_type":"box","text":"investment fund, or 'UK AIF', for the purposes of the","page_number":8,"box":{"x":62,"y":562,"width":399,"height":11}},{"id":"e397907b-e89f-4981-be74-f8a7ffe305f8","block_type":"box","text":"UK AIFM Regime.","page_number":8,"box":{"x":63,"y":575,"width":132,"height":12}},{"id":"e5faa02c-101b-43e4-b984-9e9984791b76","block_type":"box","text":"The ACS Deed contains provisions governing the","page_number":8,"box":{"x":62,"y":595,"width":399,"height":11}},{"id":"095c3a45-2461-4f5d-90d0-b82e2e3e584c","block_type":"box","text":"responsibilities of the ACS Manager in relation to the","page_number":8,"box":{"x":63,"y":609,"width":398,"height":11}},{"id":"6b8f9884-0ff5-4284-ab1e-a3a0d16a6e51","block_type":"box","text":"management and administration of the Scheme and","page_number":8,"box":{"x":62,"y":622,"width":399,"height":11}},{"id":"0f2b7fbb-1cbc-46c8-91b1-eb61b9db068e","block_type":"box","text":"the issue, cancellation and redemption of the Units.","page_number":8,"box":{"x":62,"y":636,"width":398,"height":11}},{"id":"26edb348-923c-4c1a-8b7b-728d55aba3b5","block_type":"box","text":"The ACS Manager, as the alternative investment fund","page_number":8,"box":{"x":62,"y":650,"width":399,"height":11}},{"id":"5629e2a1-ed7a-486d-b103-5e14debe7b2c","block_type":"box","text":"manager of the Scheme, is responsible for the portfolio","page_number":8,"box":{"x":62,"y":663,"width":399,"height":12}},{"id":"11a96ca5-cf02-47de-812e-d44a791c36cb","block_type":"box","text":"management of the Scheme and exercising the risk","page_number":8,"box":{"x":62,"y":677,"width":400,"height":11}},{"id":"f99acbcf-3c54-4633-b8cc-6443b7826ff2","block_type":"box","text":"management function in respect of the Scheme. 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Further","page_number":8,"box":{"x":63,"y":901,"width":399,"height":12}},{"id":"a13a5819-c9cb-4484-a76b-ef02e6283a0e","block_type":"box","text":"details of the functions currently delegated by the ACS","page_number":8,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"03b158cc-8ee6-43b7-8608-28910ad27c94","block_type":"box","text":"Manager are set out in sections 6 to 9.","page_number":8,"box":{"x":524,"y":60,"width":283,"height":11}},{"id":"3f3f0d60-3a05-4987-a949-b8ec22e474bd","block_type":"box","text":"The registered office of the ACS Manager is 80","page_number":8,"box":{"x":523,"y":79,"width":400,"height":11}},{"id":"3cb7fbae-74c6-40f5-b111-e20ce66d090c","block_type":"box","text":"Fenchurch Street, London, EC3M 4AE.","page_number":8,"box":{"x":524,"y":93,"width":288,"height":10}},{"id":"1be02842-82b5-4ae4-89bb-7b5d090be506","block_type":"box","text":"The issued and paid-up share capital of the ACS","page_number":8,"box":{"x":523,"y":112,"width":399,"height":11}},{"id":"86c4bed7-8b46-4261-a8ef-657cc70a5c81","block_type":"box","text":"Manager is twenty one million five hundred thousand","page_number":8,"box":{"x":524,"y":126,"width":398,"height":11}},{"id":"104c5686-a054-4d68-86d2-a50e8738ab6b","block_type":"box","text":"ordinary shares of £1.","page_number":8,"box":{"x":523,"y":140,"width":160,"height":11}},{"id":"f2a3e8e3-4669-4c2b-b267-b95a5c6a11a0","block_type":"box","text":"The ACS Manager also acts as the ACS Manager to","page_number":8,"box":{"x":523,"y":159,"width":400,"height":11}},{"id":"cbedc603-b2fc-4f57-b646-0bc4c9833f10","block_type":"box","text":"another authorised contractual scheme as more fully","page_number":8,"box":{"x":523,"y":173,"width":400,"height":11}},{"id":"43beb7cc-17c8-4d0b-bab5-277bd4363242","block_type":"box","text":"described in Appendix 5.","page_number":8,"box":{"x":523,"y":187,"width":182,"height":11}},{"id":"8e9de9e7-cc90-41d6-a6e7-1fdf127c49ac","block_type":"box","text":"The directors of Aviva Investors UK Fund Services","page_number":8,"box":{"x":523,"y":206,"width":400,"height":9}},{"id":"b8363bb2-3ae9-4afe-82c0-a4a011d0c55c","block_type":"box","text":"Limited, as at the date of this Prospectus, are named","page_number":8,"box":{"x":524,"y":220,"width":398,"height":11}},{"id":"e922be67-b19b-4210-9e04-ccee91ba8861","block_type":"box","text":"below:","page_number":8,"box":{"x":524,"y":234,"width":46,"height":8}},{"id":"3283fb2e-8101-4fed-868a-34bb1c1478ef","block_type":"box","text":"J Barber","page_number":8,"box":{"x":523,"y":253,"width":63,"height":9}},{"id":"6c5261d8-5780-4303-a152-dd5d4f1ee889","block_type":"box","text":"M Bell","page_number":8,"box":{"x":524,"y":273,"width":44,"height":8}},{"id":"e184ce7d-9c56-4681-ba70-61f24808a734","block_type":"box","text":"M Kingdon","page_number":8,"box":{"x":524,"y":292,"width":78,"height":11}},{"id":"22822723-9bfa-411c-a715-778111f48472","block_type":"box","text":"J Lowe","page_number":8,"box":{"x":523,"y":312,"width":52,"height":9}},{"id":"d4eabc8f-ebd7-40d8-bfef-086a09205c04","block_type":"box","text":"K McClellan","page_number":8,"box":{"x":524,"y":331,"width":87,"height":9}},{"id":"c05cf7be-0fdb-4fc0-9982-0398b124082f","block_type":"box","text":"G Speirs","page_number":8,"box":{"x":523,"y":351,"width":64,"height":11}},{"id":"caa09391-22d3-4586-91b2-e100d673782a","block_type":"box","text":"All the above directors have various responsibilities","page_number":8,"box":{"x":523,"y":371,"width":400,"height":11}},{"id":"cd9bdf27-c45b-42fd-8c04-58746eb05ef7","block_type":"box","text":"within the Aviva Group. 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HSBC Bank plc is a","page_number":8,"box":{"x":524,"y":632,"width":399,"height":12}},{"id":"8872bc63-aa25-4537-a87a-c6e3b50d1c26","block_type":"box","text":"wholly owned subsidiary of HSBC Holdings plc. 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in","page_number":8,"box":{"x":523,"y":788,"width":399,"height":12}},{"id":"f9ccc599-4064-4e86-bd29-ede74469db77","block_type":"box","text":"doing so, shall comply with the UK AIFM Regime, the","page_number":8,"box":{"x":523,"y":802,"width":400,"height":11}},{"id":"65eba5f4-043f-46a4-9911-adcb3144baec","block_type":"box","text":"relevant FCA Rules and the terms of the ACS Deed.","page_number":8,"box":{"x":524,"y":816,"width":385,"height":9}},{"id":"62b56ed2-1c90-4351-a5d2-e0924c1c63dd","block_type":"box","text":"The Depositary’s duties include the following:","page_number":8,"box":{"x":523,"y":835,"width":334,"height":12}},{"id":"89af50a9-7ddf-4c9f-8fdd-b65413e4d324","block_type":"box","text":"(i) Ensuring that the Scheme’s cash flows are properly","page_number":8,"box":{"x":524,"y":855,"width":399,"height":11}},{"id":"5c7e72e6-2114-41a2-ae63-b82f6a28d5e9","block_type":"box","text":"monitored and that all payments made by or on 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FIL may also terminate","page_number":10,"box":{"x":524,"y":585,"width":399,"height":11}},{"id":"b31f119e-9a65-4dc6-a090-ccb06c774cfe","block_type":"box","text":"its investment management agreement on giving one","page_number":10,"box":{"x":524,"y":599,"width":399,"height":11}},{"id":"5eca2c0e-0eb6-4248-9001-67fd40d3cbe7","block_type":"box","text":"months' notice to the ACS Manager, however, in","page_number":10,"box":{"x":524,"y":612,"width":398,"height":11}},{"id":"0deac6fc-e755-44b1-8cc8-3194582a563c","block_type":"box","text":"certain limited circumstances, FIL may terminate its","page_number":10,"box":{"x":523,"y":626,"width":399,"height":11}},{"id":"1b50e779-3ab7-443a-b5ba-1c63ff1fd48b","block_type":"box","text":"investment management agreement with the ACS","page_number":10,"box":{"x":524,"y":639,"width":399,"height":12}},{"id":"6019ff9b-da13-4328-8892-c08e48eaa32f","block_type":"box","text":"Manager upon notice with immediate effect.","page_number":10,"box":{"x":524,"y":653,"width":322,"height":11}},{"id":"4d7b3e5e-936f-405e-8779-340c0c3a31d1","block_type":"box","text":"At the date of this Prospectus, FIL has sub-delegated","page_number":10,"box":{"x":523,"y":673,"width":399,"height":11}},{"id":"fd05daa0-24fc-44d3-b525-d399d83f1c82","block_type":"box","text":"its portfolio management duties to another company","page_number":10,"box":{"x":524,"y":686,"width":399,"height":12}},{"id":"87ea0b51-4d69-47b5-b119-70752f5d86a2","block_type":"box","text":"within its Group, FIL Investments International.","page_number":10,"box":{"x":523,"y":700,"width":345,"height":11}},{"id":"db4b762d-8e4a-4b74-9a66-a0cf314fbbb4","block_type":"box","text":"7. The Registrar","page_number":10,"box":{"x":535,"y":726,"width":155,"height":11}},{"id":"90588841-329b-4ab6-94e3-0cad0d15a389","block_type":"box","text":"The Registrar is the person responsible for maintaining","page_number":10,"box":{"x":523,"y":745,"width":399,"height":11}},{"id":"4666faa7-964b-4f3a-9414-68f931d823af","block_type":"box","text":"the Register under the terms of the ACS Deed for the","page_number":10,"box":{"x":523,"y":759,"width":400,"height":11}},{"id":"ad1dd7e1-0b26-4337-b9c3-21455e6db749","block_type":"box","text":"Scheme. The Register may be inspected at 80","page_number":10,"box":{"x":523,"y":772,"width":400,"height":12}},{"id":"8890876a-eb5e-4a5e-af64-1c156b3d28ce","block_type":"box","text":"Fenchurch Street, London, EC3M 4AE by or on behalf","page_number":10,"box":{"x":524,"y":786,"width":399,"height":11}},{"id":"52fc0964-cea9-42d5-a0ee-b524b99b630f","block_type":"box","text":"of the Unitholders, on any Business Day during Normal","page_number":10,"box":{"x":523,"y":800,"width":399,"height":11}},{"id":"20940142-dd7f-4eeb-8280-afd9507b893e","block_type":"box","text":"Business Hours.","page_number":10,"box":{"x":524,"y":814,"width":119,"height":8}},{"id":"b665cf04-b021-4a04-b9ce-f7dd83097b70","block_type":"box","text":"The Register is conclusive evidence of the title to Units","page_number":10,"box":{"x":523,"y":833,"width":400,"height":11}},{"id":"e4125c3b-acae-46b5-9ed9-a0bc21deffca","block_type":"box","text":"except in the case of any default in payment or transfer","page_number":10,"box":{"x":523,"y":847,"width":400,"height":11}},{"id":"39baf44e-76de-4bea-85ac-fcfbda5c0092","block_type":"box","text":"to a Scheme of cash or other property due and the","page_number":10,"box":{"x":523,"y":860,"width":400,"height":12}},{"id":"c26bed40-a491-41d2-978e-6efcd5c26fa8","block_type":"box","text":"Depositary and the ACS Manager are not obliged to","page_number":10,"box":{"x":524,"y":874,"width":399,"height":11}},{"id":"9cd2bd7a-3c57-4361-84a0-069faad9ac29","block_type":"box","text":"take notice of any trust or equity or other interest","page_number":10,"box":{"x":523,"y":888,"width":400,"height":11}},{"id":"6c817fe8-7076-49e4-b632-8fdc447d322f","block_type":"box","text":"affecting the title to any of the Units.","page_number":10,"box":{"x":523,"y":901,"width":265,"height":12}},{"id":"bb3823b4-db07-4915-854e-7c25ee34c97b","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 11","page_number":11,"box":{"x":62,"y":929,"width":309,"height":8}},{"id":"43c76ffe-50f7-44fa-9156-1c8c4b1b6700","block_type":"box","text":"8. The Securities Lending Agent","page_number":11,"box":{"x":74,"y":46,"width":283,"height":11}},{"id":"94c9dbea-67db-4ee9-b205-2750091747de","block_type":"box","text":"The Bank of New York Mellon, London Branch, of 160","page_number":11,"box":{"x":62,"y":65,"width":400,"height":11}},{"id":"2b19ef6f-d902-42be-a376-f45b00f0d0fb","block_type":"box","text":"Queen Victoria Street, London, EC4V 4LA has been","page_number":11,"box":{"x":62,"y":79,"width":399,"height":10}},{"id":"659f7097-9eb1-4fac-95be-f43a7a0814fa","block_type":"box","text":"appointed to act as securities lending agent for the","page_number":11,"box":{"x":62,"y":93,"width":399,"height":11}},{"id":"49c08bb3-c1a6-40af-806f-fdcc030275ea","block_type":"box","text":"Sub-Funds. The Securities Lending Agent has the","page_number":11,"box":{"x":62,"y":106,"width":399,"height":12}},{"id":"497e75f4-eb9d-4568-aa98-01f520b45604","block_type":"box","text":"discretion to arrange securities loans with approved","page_number":11,"box":{"x":62,"y":120,"width":399,"height":11}},{"id":"efd250a4-89ba-4280-92e0-74d1b88281cb","block_type":"box","text":"counterparties. Further details are provided in section","page_number":11,"box":{"x":62,"y":134,"width":399,"height":11}},{"id":"1c93f013-00ce-4d02-bedc-cc10db667d16","block_type":"box","text":"24 (b) below.","page_number":11,"box":{"x":62,"y":147,"width":95,"height":11}},{"id":"da648988-aff0-4121-a630-d4c107c678e1","block_type":"box","text":"9. The Administrator","page_number":11,"box":{"x":74,"y":173,"width":191,"height":9}},{"id":"42247faf-75fd-4d13-9fb4-d00277ef0951","block_type":"box","text":"The Administrator will act as the ACS Manager’s","page_number":11,"box":{"x":62,"y":192,"width":399,"height":12}},{"id":"759697c9-0bf2-4ca1-bad5-c35de631ea54","block_type":"box","text":"delegate, performing a number of fund administration","page_number":11,"box":{"x":62,"y":206,"width":399,"height":11}},{"id":"0e8b2a51-3756-4db6-be67-4d8f4097a255","block_type":"box","text":"services, including fund accounting (amongst other","page_number":11,"box":{"x":62,"y":220,"width":400,"height":11}},{"id":"e552bff5-f377-454f-bb80-a4aff2b16f24","block_type":"box","text":"things assisting the ACS Manager in calculating the","page_number":11,"box":{"x":62,"y":233,"width":399,"height":12}},{"id":"c86a75d4-1dca-4880-80ac-051e92552234","block_type":"box","text":"Unit price of a Sub-Fund), and client and fund","page_number":11,"box":{"x":63,"y":247,"width":398,"height":11}},{"id":"23b5a6e8-f970-4271-a441-8c02877de465","block_type":"box","text":"administration, (amongst other things assisting the","page_number":11,"box":{"x":62,"y":261,"width":399,"height":11}},{"id":"6761917e-daf8-4b24-98f9-6323e3962fe6","block_type":"box","text":"ACS Manager with its requirement to process requests","page_number":11,"box":{"x":62,"y":274,"width":399,"height":12}},{"id":"edfb49f4-63fc-45ce-be2b-6e1f9aed74bb","block_type":"box","text":"for subscriptions and redemptions for Units in a Sub\u0002","page_number":11,"box":{"x":62,"y":288,"width":399,"height":11}},{"id":"470868ec-5fba-4fa0-873a-8b81654f3e34","block_type":"box","text":"Fund and maintenance of the Register).","page_number":11,"box":{"x":63,"y":302,"width":293,"height":11}},{"id":"dd81e195-2844-44b1-b9f6-4a3093c241fa","block_type":"box","text":"10. The Auditor","page_number":11,"box":{"x":74,"y":327,"width":141,"height":9}},{"id":"c79be006-0cb1-443e-8fd8-a7227897d7bd","block_type":"box","text":"The Auditor’s responsibility is to audit and express an","page_number":11,"box":{"x":62,"y":347,"width":399,"height":11}},{"id":"16d7211c-e3c4-4959-9368-3a58589af02b","block_type":"box","text":"opinion on the financial statements of the Scheme in","page_number":11,"box":{"x":62,"y":360,"width":399,"height":11}},{"id":"a73362f7-0731-4626-896d-5f70263c66ee","block_type":"box","text":"accordance with applicable law and auditing","page_number":11,"box":{"x":62,"y":374,"width":399,"height":11}},{"id":"25a45348-192d-4c0b-b7a4-5812f4303a3a","block_type":"box","text":"standards.","page_number":11,"box":{"x":62,"y":388,"width":76,"height":9}},{"id":"b99a3aa2-3f0c-4321-8cd9-a11a03ada1e9","block_type":"box","text":"11. Unitholder’s Relationship with the Scheme","page_number":11,"box":{"x":74,"y":413,"width":387,"height":11}},{"id":"d1729ea4-59c0-4b28-aa7b-d50d30f3debf","block_type":"box","text":"In order to subscribe for Units, Unitholders must","page_number":11,"box":{"x":63,"y":433,"width":399,"height":10}},{"id":"4f29c8b3-c22e-4b16-8b57-2ff737eedc8b","block_type":"box","text":"complete an appropriate Form, Power of Attorney and","page_number":11,"box":{"x":62,"y":447,"width":399,"height":11}},{"id":"cfc358d2-2618-4c2c-9368-068c78bc871f","block_type":"box","text":"Investor Agreement. By doing so, Unitholders agree to","page_number":11,"box":{"x":63,"y":460,"width":399,"height":11}},{"id":"807a34e7-c453-4dcb-99dc-10bac56f04cf","block_type":"box","text":"subscribe for Units and to be bound by the terms of","page_number":11,"box":{"x":62,"y":474,"width":400,"height":11}},{"id":"beee548e-72f6-439a-a8c9-de65dd10ea39","block_type":"box","text":"this Prospectus and the ACS Deed. All Unitholders are","page_number":11,"box":{"x":62,"y":487,"width":399,"height":12}},{"id":"7436c5cc-8cdd-48f0-80b5-60381a1aeea6","block_type":"box","text":"entitled to the benefit of, are bound by, and are","page_number":11,"box":{"x":62,"y":501,"width":399,"height":11}},{"id":"0d39b0e9-e806-491d-8dad-a3c15a514c7d","block_type":"box","text":"deemed to have notice of, the provisions of the ACS","page_number":11,"box":{"x":62,"y":515,"width":399,"height":11}},{"id":"bbba13b9-3ee1-443e-ae85-4c6c7b36373e","block_type":"box","text":"Deed, copies of which are available as described in","page_number":11,"box":{"x":63,"y":528,"width":398,"height":12}},{"id":"4c80331c-9e2b-4597-a483-62d9c0b67365","block_type":"box","text":"section 36(vi) below. The provisions of the ACS Deed","page_number":11,"box":{"x":62,"y":542,"width":399,"height":11}},{"id":"fcbe3324-dcbe-49f2-a489-f8ec48b45860","block_type":"box","text":"are binding on the Depositary, the ACS Manager and","page_number":11,"box":{"x":62,"y":556,"width":399,"height":11}},{"id":"f061ac5f-76c6-4315-bd87-33b70e6053d9","block_type":"box","text":"the Unitholders and all persons claiming through them","page_number":11,"box":{"x":62,"y":570,"width":399,"height":11}},{"id":"05794544-41e2-48d9-b9b9-fcd3ec2b69b0","block_type":"box","text":"respectively as if all such Unitholders and persons had","page_number":11,"box":{"x":63,"y":583,"width":398,"height":11}},{"id":"9ea08f62-db0d-4d5a-bcaf-c67a983e644f","block_type":"box","text":"been party to such ACS Deed. The Unitholder","page_number":11,"box":{"x":62,"y":597,"width":400,"height":11}},{"id":"6cfcb00d-85f0-4127-b2a8-11ed6f7ffd27","block_type":"box","text":"Documents are governed by and at all times subject to","page_number":11,"box":{"x":63,"y":611,"width":399,"height":11}},{"id":"5e7d81f8-ccb8-41d4-9e2f-0880be6ab074","block_type":"box","text":"English law. The courts of England shall have","page_number":11,"box":{"x":63,"y":624,"width":398,"height":11}},{"id":"90d9d338-5898-4189-ae52-d1bfbf794977","block_type":"box","text":"jurisdiction in relation to claims made under them.","page_number":11,"box":{"x":61,"y":638,"width":368,"height":11}},{"id":"cff88cc8-7d60-43d4-b2ed-c36d00a7d927","block_type":"box","text":"Unitholders should note that the Scheme and the Sub\u0002","page_number":11,"box":{"x":63,"y":657,"width":398,"height":9}},{"id":"777e14ff-a110-4c01-8fba-070a50df2ad4","block_type":"box","text":"Funds may be adversely affected by the ability to","page_number":11,"box":{"x":63,"y":671,"width":398,"height":11}},{"id":"874fcccf-1362-4485-a0f4-d854729dfa15","block_type":"box","text":"recognise and enforce a foreign judgment in England.","page_number":11,"box":{"x":63,"y":685,"width":397,"height":11}},{"id":"0b4364f5-db00-4785-8d27-081af7620588","block_type":"box","text":"There are a number of legal instruments providing for","page_number":11,"box":{"x":62,"y":698,"width":400,"height":12}},{"id":"d587611d-99ae-4552-8757-30af35cc3160","block_type":"box","text":"the recognition and enforcement of judgments","page_number":11,"box":{"x":62,"y":712,"width":399,"height":11}},{"id":"b5fd6aea-085b-462b-841f-b6bfb428bea0","block_type":"box","text":"obtained from certain jurisdictions relating to certain","page_number":11,"box":{"x":62,"y":726,"width":399,"height":11}},{"id":"7dde104d-e13e-46c6-8437-7027f6edcd6e","block_type":"box","text":"matters in England. Judgments obtained in","page_number":11,"box":{"x":62,"y":739,"width":399,"height":11}},{"id":"ffb15f6e-df79-4985-aa9e-82a6a137e0f1","block_type":"box","text":"jurisdictions or relating to matters not covered by such","page_number":11,"box":{"x":61,"y":753,"width":400,"height":11}},{"id":"2bddd8ef-a13a-4678-b4e8-c380c73672b1","block_type":"box","text":"legal instruments may be enforceable in England at","page_number":11,"box":{"x":62,"y":767,"width":400,"height":11}},{"id":"c2242100-7dbe-4341-b0b3-64744ef7059d","block_type":"box","text":"common law. Nevertheless, there is uncertainty","page_number":11,"box":{"x":62,"y":780,"width":400,"height":11}},{"id":"8877fd4e-918b-42e4-8554-9189dd43d471","block_type":"box","text":"regarding the ability to enforce foreign judgments in","page_number":11,"box":{"x":63,"y":794,"width":398,"height":11}},{"id":"1e589820-7e4f-4a71-881a-3be558474d67","block_type":"box","text":"England, which may adversely affect the Scheme and","page_number":11,"box":{"x":63,"y":807,"width":398,"height":12}},{"id":"baceda37-3928-457f-934c-8d6d90c0d4bb","block_type":"box","text":"the Sub-Funds and the value of a Unitholder’s Units.","page_number":11,"box":{"x":62,"y":821,"width":387,"height":9}},{"id":"e507bef7-2b91-4e80-b2b8-2a641a7a9df8","block_type":"box","text":"Section 261P of the Financial Services and Markets","page_number":11,"box":{"x":62,"y":841,"width":399,"height":9}},{"id":"79543588-1596-4f84-b100-b33e905ea4df","block_type":"box","text":"Act 2000 provides for segregated liability between","page_number":11,"box":{"x":62,"y":854,"width":399,"height":12}},{"id":"d22aae83-7fc9-42ad-9ea9-463dbeb31ace","block_type":"box","text":"Sub-Funds. The concept of segregated liability is","page_number":11,"box":{"x":62,"y":868,"width":399,"height":11}},{"id":"5f9f24cd-aed0-4902-804d-eb59ac234ae1","block_type":"box","text":"relatively new. Accordingly, where claims are brought","page_number":11,"box":{"x":63,"y":882,"width":399,"height":11}},{"id":"7633ac9d-9cb8-41a8-9530-01fb4db11f12","block_type":"box","text":"by local creditors in foreign courts or under foreign law","page_number":11,"box":{"x":62,"y":895,"width":400,"height":12}},{"id":"931c0283-9815-488d-a564-ea6859d3372e","block_type":"box","text":"contracts, it is not yet known how those foreign courts","page_number":11,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"4bccce44-b687-4eeb-af79-c19630ff440e","block_type":"box","text":"will react to Section 261P.","page_number":11,"box":{"x":523,"y":59,"width":191,"height":9}},{"id":"d9e5345c-222e-4992-9d16-087150e6084c","block_type":"box","text":"12. Unitholder’s Rights Against Service","page_number":11,"box":{"x":536,"y":85,"width":387,"height":11}},{"id":"4c0fa4e8-9cc7-445e-be13-47774ee54b06","block_type":"box","text":"Providers","page_number":11,"box":{"x":583,"y":99,"width":76,"height":8}},{"id":"935b8930-8214-4538-b4b2-a1c4fe85e590","block_type":"box","text":"The Scheme is reliant on the performance of the","page_number":11,"box":{"x":523,"y":118,"width":400,"height":11}},{"id":"2f4a3f56-b951-4296-838b-530e2c395689","block_type":"box","text":"Service Providers.","page_number":11,"box":{"x":523,"y":132,"width":135,"height":9}},{"id":"bb99ccf5-db13-491c-8569-ec12c8474a06","block_type":"box","text":"No Unitholder will have any direct contractual claim","page_number":11,"box":{"x":524,"y":152,"width":398,"height":11}},{"id":"ca0c5211-db77-4bbd-b048-de52040f1529","block_type":"box","text":"against any Service Provider with respect to such","page_number":11,"box":{"x":523,"y":165,"width":399,"height":11}},{"id":"c6c80925-f48c-41b3-922d-138cc109a016","block_type":"box","text":"Service Provider’s default. This is without prejudice to","page_number":11,"box":{"x":523,"y":179,"width":400,"height":11}},{"id":"08759bf5-f451-45a2-8c9d-8a71bbc5eac3","block_type":"box","text":"any right a Unitholder may have to bring a claim","page_number":11,"box":{"x":523,"y":193,"width":399,"height":11}},{"id":"069b35a5-1f64-49a4-b3c7-d4afdacd5f90","block_type":"box","text":"against an FCA authorised Service Provider, the ACS","page_number":11,"box":{"x":523,"y":206,"width":399,"height":11}},{"id":"361ba589-8fdf-401c-ae9c-235b74ba398d","block_type":"box","text":"Manager or the Depositary under Section 138D of the","page_number":11,"box":{"x":524,"y":220,"width":399,"height":11}},{"id":"45f4cc20-3d85-4620-b123-e5528369d5fa","block_type":"box","text":"Financial Services and Markets Act 2000 (which","page_number":11,"box":{"x":524,"y":233,"width":398,"height":11}},{"id":"985265d2-c71d-4508-90c0-891f9104b1ef","block_type":"box","text":"provides that breach of an FCA rule by such Service","page_number":11,"box":{"x":524,"y":247,"width":399,"height":11}},{"id":"a6fefea0-6da1-472b-b357-c54adc93a511","block_type":"box","text":"Provider, the ACS Manager or the Depositary is","page_number":11,"box":{"x":524,"y":261,"width":399,"height":11}},{"id":"e6bd173d-010c-452e-8038-7f8c6c67452b","block_type":"box","text":"actionable by a private person who suffers loss as a","page_number":11,"box":{"x":523,"y":274,"width":400,"height":11}},{"id":"e29bb18f-1230-4855-b04d-bd99972c5933","block_type":"box","text":"result), or any tortious or contractual cause of action.","page_number":11,"box":{"x":524,"y":288,"width":398,"height":11}},{"id":"e34e7506-564c-48ae-834b-2432fbbad637","block_type":"box","text":"Unitholders who believe they may have a claim under","page_number":11,"box":{"x":524,"y":302,"width":399,"height":11}},{"id":"ecce2538-d5ee-4f17-bf3b-64658a29d42f","block_type":"box","text":"Section 138D of the Financial Services and Markets","page_number":11,"box":{"x":523,"y":315,"width":400,"height":9}},{"id":"864a8024-43d7-4e4c-b94c-29944b31a004","block_type":"box","text":"Act 2000, or in tort or contract, against any Service","page_number":11,"box":{"x":523,"y":329,"width":400,"height":11}},{"id":"a2dcd553-04e5-46cc-88b8-cad9958f4818","block_type":"box","text":"Provider, the ACS Manager or the Depositary in","page_number":11,"box":{"x":524,"y":343,"width":398,"height":11}},{"id":"7b503dda-1ddd-4f4e-829a-b812dabd3203","block_type":"box","text":"connection with their investment in the Scheme,","page_number":11,"box":{"x":523,"y":356,"width":399,"height":11}},{"id":"8f5e8bd3-e921-4edc-8aec-7884b401a5b0","block_type":"box","text":"should consult their legal adviser.","page_number":11,"box":{"x":523,"y":370,"width":247,"height":11}},{"id":"048b06cf-99a6-409e-8b16-cad1bcbed2d6","block_type":"box","text":"Unitholders may be eligible for compensation under","page_number":11,"box":{"x":524,"y":390,"width":399,"height":11}},{"id":"6a6c362d-309e-4463-ace2-e617d9f1be62","block_type":"box","text":"the FSCS if they have claims against the ACS","page_number":11,"box":{"x":523,"y":403,"width":399,"height":11}},{"id":"98c2f75d-361a-42bb-b80c-5853076f8afb","block_type":"box","text":"Manager, Depositary or another FCA authorised","page_number":11,"box":{"x":524,"y":417,"width":399,"height":11}},{"id":"ac0917bd-31a4-4560-838e-f9af51d0898e","block_type":"box","text":"Service Provider (including the Investment Managers)","page_number":11,"box":{"x":523,"y":430,"width":399,"height":12}},{"id":"10f7fa16-0c1e-45ef-b15f-b9377fd0fd08","block_type":"box","text":"which is in default. As set out in section 36(v), there","page_number":11,"box":{"x":523,"y":444,"width":400,"height":11}},{"id":"6440ac69-2b98-48a0-be7f-258a357c34e9","block_type":"box","text":"are limits on the amount of compensation available.","page_number":11,"box":{"x":523,"y":458,"width":399,"height":11}},{"id":"8eb1a259-da3e-4cb0-ad1a-7446b9598ee8","block_type":"box","text":"Further information about the FSCS is at","page_number":11,"box":{"x":524,"y":471,"width":399,"height":9}},{"id":"12ff37ff-d7ab-4c82-b957-909050c426aa","block_type":"box","text":"www.fscs.org.uk","page_number":11,"box":{"x":523,"y":485,"width":122,"height":11}},{"id":"09da9644-7b8f-4aba-90dc-f56968d44f68","block_type":"box","text":". To determine eligibility in relation to","page_number":11,"box":{"x":646,"y":485,"width":277,"height":11}},{"id":"d574cb4c-2799-46bf-abcc-b1757b38c7be","block_type":"box","text":"the FSCS, Unitholders should consult the website","page_number":11,"box":{"x":523,"y":499,"width":400,"height":10}},{"id":"3b61fa26-c4a4-45fc-8b9d-a95228ee3a9a","block_type":"box","text":"above and speak to their legal advisers.","page_number":11,"box":{"x":523,"y":513,"width":294,"height":11}},{"id":"40185f99-6297-4a3d-a249-b3d4d314687c","block_type":"box","text":"See section 5 above for a summary of the Depositary’s","page_number":11,"box":{"x":523,"y":532,"width":400,"height":11}},{"id":"75fa9a8f-e0d6-4425-aa29-e65a3fa4c333","block_type":"box","text":"liability to the Scheme.","page_number":11,"box":{"x":524,"y":546,"width":165,"height":11}},{"id":"fcda4a43-5c1c-46d9-9856-ad38f6b922bf","block_type":"box","text":"13. Subscription and Redemption of Units","page_number":11,"box":{"x":536,"y":571,"width":352,"height":11}},{"id":"784a6aeb-9824-48a6-b049-4dc1dcd7609d","block_type":"box","text":"(a)","page_number":11,"box":{"x":536,"y":597,"width":18,"height":11}},{"id":"3174d445-c692-490a-b26f-0d1f0e4144d9","block_type":"box","text":"Liquidity management","page_number":11,"box":{"x":583,"y":597,"width":177,"height":11}},{"id":"66f6100c-83f6-4483-ae7e-7e4654bdaeb6","block_type":"box","text":"The ACS Manager maintains a liquidity management","page_number":11,"box":{"x":523,"y":616,"width":400,"height":12}},{"id":"298fd01c-eaa4-4e0a-8487-66b2cb622f62","block_type":"box","text":"policy to monitor the liquidity risk of the Scheme, which","page_number":11,"box":{"x":524,"y":630,"width":398,"height":11}},{"id":"22c01f08-8c4a-4a57-86ee-3cf9cb27ac97","block_type":"box","text":"includes, among other tools and methods of","page_number":11,"box":{"x":524,"y":644,"width":399,"height":11}},{"id":"a287f248-9adc-4bc0-b331-1274c53b11f0","block_type":"box","text":"measurement, the use of stress tests under both","page_number":11,"box":{"x":524,"y":657,"width":398,"height":11}},{"id":"54ed1dbb-a55c-4045-9d41-386126e45d31","block_type":"box","text":"normal and exceptional circumstances.","page_number":11,"box":{"x":524,"y":671,"width":287,"height":11}},{"id":"16d736f3-ff2f-4b1b-99c9-4ae6c82ba3cf","block_type":"box","text":"The liquidity management systems and procedures","page_number":11,"box":{"x":523,"y":691,"width":400,"height":11}},{"id":"27f9c0fa-04e8-4cc9-b45c-c2464b054e40","block_type":"box","text":"employed by the ACS Manager enable it to measure","page_number":11,"box":{"x":523,"y":704,"width":400,"height":11}},{"id":"d4845e46-38bb-4ae8-98e5-9566690ad7e2","block_type":"box","text":"the liquidity of a Sub-Fund’s portfolio against","page_number":11,"box":{"x":523,"y":718,"width":400,"height":11}},{"id":"ade492c6-92e8-492c-aef5-ec316e8e986d","block_type":"box","text":"thresholds set by reference to each Sub-Fund’s","page_number":11,"box":{"x":523,"y":731,"width":400,"height":12}},{"id":"ed57fa3c-80d4-49e2-996a-e918de6726fa","block_type":"box","text":"redemption policy. The ACS Manager seeks to ensure","page_number":11,"box":{"x":524,"y":745,"width":399,"height":11}},{"id":"7beb5f50-6832-4ffe-8d84-7d39c0c05d05","block_type":"box","text":"that the Scheme and each Sub-Fund will remain within","page_number":11,"box":{"x":523,"y":759,"width":399,"height":9}},{"id":"b01c83da-46b5-4646-a4e8-e3fd2060462f","block_type":"box","text":"the liquidity limits set for it. The ACS Manager is also","page_number":11,"box":{"x":523,"y":772,"width":400,"height":12}},{"id":"2e0e4477-4abd-4b3f-bafd-619602523712","block_type":"box","text":"able to apply various tools and arrangements","page_number":11,"box":{"x":523,"y":786,"width":400,"height":11}},{"id":"98d56147-1952-453c-9dd6-ed2fa27d197d","block_type":"box","text":"necessary to respond appropriately to redemption","page_number":11,"box":{"x":524,"y":800,"width":398,"height":11}},{"id":"521aefb0-9d41-44a8-b24a-d58ef6e375d8","block_type":"box","text":"requests. In normal circumstances, redemption","page_number":11,"box":{"x":524,"y":814,"width":398,"height":11}},{"id":"ddc972f3-2bc1-4174-beaa-b4d6f83f5cf3","block_type":"box","text":"requests will be processed as set out below in section","page_number":11,"box":{"x":524,"y":827,"width":398,"height":11}},{"id":"22151dc6-fe75-4ff8-af26-245114b8a657","block_type":"box","text":"13(d). Other arrangements may also be used in","page_number":11,"box":{"x":524,"y":841,"width":398,"height":11}},{"id":"8efef9b8-0aaa-4780-ab4d-bef3e73d5025","block_type":"box","text":"response to redemption requests, including the use of","page_number":11,"box":{"x":524,"y":854,"width":399,"height":12}},{"id":"bf2e135f-1f05-469d-91db-79d8001b657e","block_type":"box","text":"the power of deferral or similar arrangements (as set","page_number":11,"box":{"x":523,"y":868,"width":400,"height":11}},{"id":"9c8676dd-f860-4a6b-93e1-592a52ce5b62","block_type":"box","text":"out in this document, for example in section 13(f))","page_number":11,"box":{"x":523,"y":882,"width":399,"height":11}},{"id":"6648f302-ee3c-4ae0-b97c-0b51974a93d7","block_type":"box","text":"which, if activated, will restrict the redemption rights","page_number":11,"box":{"x":523,"y":895,"width":400,"height":12}},{"id":"bc99f37c-5381-46ad-a850-100324e7e40d","block_type":"box","text":"Unitholders benefit from in the ordinary course. The","page_number":11,"box":{"x":524,"y":909,"width":399,"height":11}},{"id":"6446b9da-576e-4c1a-a60f-50bfaaf56ad6","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 12","page_number":12,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"17d39d95-a5c5-4451-94b6-7f2607b18acb","block_type":"box","text":"ACS Manager may also temporarily suspend","page_number":12,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"44a49833-1c6c-4cf9-aac7-78f73fa8c1be","block_type":"box","text":"redemptions in certain circumstances as set out in","page_number":12,"box":{"x":63,"y":60,"width":398,"height":10}},{"id":"4f42389a-94c9-4dfb-b474-239473a11695","block_type":"box","text":"section 13(h).","page_number":12,"box":{"x":62,"y":73,"width":100,"height":11}},{"id":"4fb1cf69-cbc0-4bcf-bccc-d09cb64a1b8c","block_type":"box","text":"(b)","page_number":12,"box":{"x":74,"y":99,"width":19,"height":11}},{"id":"1cc9db4f-e95a-44a8-92d1-d68a2c867f13","block_type":"box","text":"Subscription for Units","page_number":12,"box":{"x":122,"y":99,"width":174,"height":11}},{"id":"17706466-1082-4e4c-9195-036ad7f39c32","block_type":"box","text":"Subject to the policy on pricing (see section 18), an","page_number":12,"box":{"x":62,"y":118,"width":399,"height":11}},{"id":"e259743f-9e1b-40e3-9e09-2b8f73a71e6c","block_type":"box","text":"application to subscribe for Units in the Scheme for the","page_number":12,"box":{"x":62,"y":132,"width":399,"height":11}},{"id":"57c54e0f-38f8-46b4-ac88-d65bc558685d","block_type":"box","text":"first time must be made in writing to the ACS Manager.","page_number":12,"box":{"x":62,"y":145,"width":399,"height":12}},{"id":"da22a3b9-16a1-4e84-b925-5fd0e35b1f28","block_type":"box","text":"For all Sub-Funds there will be an initial offer period of","page_number":12,"box":{"x":63,"y":165,"width":399,"height":11}},{"id":"092dda5c-43a4-46e2-aca2-b950178ab03e","block_type":"box","text":"one day. During the initial offer period, the initial offer","page_number":12,"box":{"x":62,"y":179,"width":400,"height":11}},{"id":"d3afa97c-c7c1-4732-b464-a8ca506be631","block_type":"box","text":"price of the Units will be £1.00. Any subsequent","page_number":12,"box":{"x":62,"y":192,"width":400,"height":12}},{"id":"82a07dc8-64c1-45e6-adba-2e73152b484b","block_type":"box","text":"subscription for Units by an existing Unitholder may be","page_number":12,"box":{"x":62,"y":206,"width":399,"height":11}},{"id":"14fcbafc-69e8-47e1-adf4-c4bd1b5a5da3","block_type":"box","text":"made, during Normal Business Hours, by such forms","page_number":12,"box":{"x":62,"y":220,"width":399,"height":11}},{"id":"793e8402-4da1-470a-9e70-357c15e67008","block_type":"box","text":"of electronic communication as may be approved by","page_number":12,"box":{"x":62,"y":233,"width":400,"height":11}},{"id":"c5265e98-b48a-4a8e-ae5a-1762280c8068","block_type":"box","text":"the ACS Manager or any other method otherwise","page_number":12,"box":{"x":62,"y":247,"width":399,"height":11}},{"id":"b9756f21-b393-4037-b72c-cc8e7fc78a30","block_type":"box","text":"approved by the ACS Manager.","page_number":12,"box":{"x":62,"y":261,"width":233,"height":11}},{"id":"e4f7b82f-95a1-47b0-acb0-b33a585912a5","block_type":"box","text":"When placing an order to subscribe for Units for the","page_number":12,"box":{"x":62,"y":280,"width":399,"height":12}},{"id":"3f112569-ad13-4b64-b0fb-684515423360","block_type":"box","text":"first time, the ACS Manager will request that a Form be","page_number":12,"box":{"x":62,"y":294,"width":399,"height":11}},{"id":"d58e105b-b387-48de-a727-d8d98a661367","block_type":"box","text":"completed and returned to the ACS Manager.","page_number":12,"box":{"x":62,"y":307,"width":337,"height":12}},{"id":"dd4c7703-53a4-413c-99c6-9500417defd2","block_type":"box","text":"The ACS Manager reserves the right to reject, on","page_number":12,"box":{"x":62,"y":327,"width":399,"height":11}},{"id":"8997c48d-48c7-421f-8fd1-5f2959492e83","block_type":"box","text":"reasonable grounds, any application for Units in whole","page_number":12,"box":{"x":63,"y":341,"width":398,"height":11}},{"id":"ead6fc73-65a6-435e-8008-cbd1df0c473f","block_type":"box","text":"or in part. Failure to return a fully completed Form may","page_number":12,"box":{"x":62,"y":354,"width":400,"height":12}},{"id":"2f6d7fa8-f6e3-497a-8540-308294ac6292","block_type":"box","text":"result in a delay in the ACS Manager processing any","page_number":12,"box":{"x":63,"y":368,"width":399,"height":11}},{"id":"c4af374a-287a-4401-96eb-db86de4f185a","block_type":"box","text":"subsequent redemption request or may result in the","page_number":12,"box":{"x":62,"y":382,"width":399,"height":11}},{"id":"83adbd58-9f0a-4505-adb2-6ec5140e6203","block_type":"box","text":"ACS Manager withholding redemption proceeds.","page_number":12,"box":{"x":62,"y":395,"width":359,"height":12}},{"id":"50d830bf-06f6-45db-877f-20a301b452ae","block_type":"box","text":"All requests to subscribe for Units must be received by","page_number":12,"box":{"x":62,"y":415,"width":400,"height":11}},{"id":"16c544b9-d04d-4ddf-92d0-edce64ee4f4e","block_type":"box","text":"the Deal Cut-Off Point for the relevant Sub-Fund as set","page_number":12,"box":{"x":62,"y":429,"width":400,"height":9}},{"id":"968104fe-06a6-4151-8283-09f2270ced3c","block_type":"box","text":"out in Appendix 1 otherwise they will be held over to","page_number":12,"box":{"x":62,"y":443,"width":399,"height":11}},{"id":"0a38af55-d8df-4c7a-b6ab-84694b467338","block_type":"box","text":"the Valuation Point on the next Dealing Day for that","page_number":12,"box":{"x":62,"y":456,"width":400,"height":11}},{"id":"6c8b9b9c-257b-45be-afb7-d569c7645bc2","block_type":"box","text":"Sub-Fund. Purchase orders made by approved","page_number":12,"box":{"x":62,"y":470,"width":399,"height":11}},{"id":"ec616cc6-ad8d-426d-abd5-185501ee2009","block_type":"box","text":"electronic communication and received outside of","page_number":12,"box":{"x":62,"y":483,"width":400,"height":9}},{"id":"f95f1eb1-8771-47ef-9fa0-7336b462ccd6","block_type":"box","text":"Normal Business Hours will be affected as soon as","page_number":12,"box":{"x":63,"y":497,"width":398,"height":9}},{"id":"c514e05a-1ec5-48f5-af6a-1a1eb65d9613","block_type":"box","text":"possible on the next Business Day. Please note, to the","page_number":12,"box":{"x":62,"y":511,"width":399,"height":11}},{"id":"dd28bc0a-b6c5-4f4f-b5aa-4c9ffac66b45","block_type":"box","text":"extent being provided in advance of the associated","page_number":12,"box":{"x":62,"y":524,"width":399,"height":12}},{"id":"598c1758-718e-486e-9874-5b041650870b","block_type":"box","text":"subscription for Units, that monies received on a","page_number":12,"box":{"x":62,"y":538,"width":400,"height":11}},{"id":"2dc2e0a4-7019-4da9-8bba-70c4cc97da06","block_type":"box","text":"Business Day when there is not a Valuation Point","page_number":12,"box":{"x":63,"y":552,"width":399,"height":11}},{"id":"08e9e4bc-93de-4e1f-b812-dd19208e123a","block_type":"box","text":"and/or which is not a Dealing Day will not be invested","page_number":12,"box":{"x":62,"y":565,"width":399,"height":11}},{"id":"7c226463-368b-454d-864a-5c03f31e220c","block_type":"box","text":"in the relevant Sub-Fund until the Valuation Point on","page_number":12,"box":{"x":62,"y":579,"width":399,"height":9}},{"id":"fd43e414-0da3-424b-8007-20e37f44ed15","block_type":"box","text":"the next Dealing Day.","page_number":12,"box":{"x":62,"y":593,"width":158,"height":11}},{"id":"ced644d0-186b-4fee-9490-a9f6b0915ee7","block_type":"box","text":"A contract note will be sent to the applicant by","page_number":12,"box":{"x":62,"y":612,"width":400,"height":11}},{"id":"fd92629a-93bd-4dff-8508-ace360c80023","block_type":"box","text":"electronic communication on the next Business Day","page_number":12,"box":{"x":62,"y":626,"width":400,"height":11}},{"id":"d6a28e35-e751-4357-a0da-ab4b295da73d","block_type":"box","text":"after the Valuation Point applicable to the deal. The","page_number":12,"box":{"x":62,"y":639,"width":399,"height":12}},{"id":"8cf3d062-0f53-4d3a-8cd3-abd535821f7f","block_type":"box","text":"contract note will show the price of the relevant Units","page_number":12,"box":{"x":62,"y":653,"width":399,"height":11}},{"id":"a2bec6fd-38db-48a4-bda8-929e37d78c55","block_type":"box","text":"(per Unit and the total cost), shown to at least four","page_number":12,"box":{"x":63,"y":667,"width":399,"height":11}},{"id":"5afbe498-c520-4252-924b-b62db196a29a","block_type":"box","text":"significant figures. Except in the case of in specie","page_number":12,"box":{"x":62,"y":681,"width":399,"height":11}},{"id":"43d5c1dd-5732-49aa-9845-ba5e7365b52c","block_type":"box","text":"subscriptions (see section 13(g) below), if a Unitholder","page_number":12,"box":{"x":62,"y":694,"width":400,"height":11}},{"id":"18080ea5-d58d-471f-85f6-95ab6ef8a09f","block_type":"box","text":"has not already paid, it must ensure that the ACS","page_number":12,"box":{"x":62,"y":708,"width":399,"height":11}},{"id":"7665aad9-d4fc-4bf7-a8f4-1172b1b53160","block_type":"box","text":"Manager receives payment by close of business on the","page_number":12,"box":{"x":63,"y":721,"width":398,"height":12}},{"id":"a76555bf-685d-4541-9505-89c412dc2b79","block_type":"box","text":"third Business Day after the Valuation Point applicable","page_number":12,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"cd551816-cf68-499b-8313-1be47049b36d","block_type":"box","text":"to the deal. 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The 14 days","page_number":12,"box":{"x":523,"y":370,"width":400,"height":11}},{"id":"b10866d4-5fd3-472e-85d1-ca493c2c3c04","block_type":"box","text":"commences upon receipt of the contract note by the","page_number":12,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"7e7329e5-6eee-497f-b78e-e83ffcbc1e5c","block_type":"box","text":"Unitholder. A Unitholder will need to notify the ACS","page_number":12,"box":{"x":524,"y":397,"width":399,"height":11}},{"id":"a52a5f6a-1c3b-42c8-87ac-751009999c6b","block_type":"box","text":"Manager in writing that it wishes to exercise a right to","page_number":12,"box":{"x":524,"y":411,"width":399,"height":11}},{"id":"9eccb4fa-78e5-4f71-af1b-91c0c5466a28","block_type":"box","text":"cancel. Unitholders should note that exercising a right","page_number":12,"box":{"x":523,"y":425,"width":400,"height":11}},{"id":"88ff8898-5758-47ca-898b-c2b55a8d67be","block_type":"box","text":"to cancel does not necessarily mean that a Unitholder","page_number":12,"box":{"x":523,"y":438,"width":400,"height":11}},{"id":"0716558f-a73e-4dd9-be5a-cc94b0a82149","block_type":"box","text":"will receive back the amount invested. Unitholders will","page_number":12,"box":{"x":523,"y":452,"width":399,"height":9}},{"id":"18793ad7-47d4-43f2-a479-25bacb97272c","block_type":"box","text":"receive back an amount based on the subscription","page_number":12,"box":{"x":524,"y":466,"width":398,"height":11}},{"id":"2a65b8c2-e215-470c-9813-5deb092408ea","block_type":"box","text":"price next calculated following the ACS Manager's","page_number":12,"box":{"x":524,"y":479,"width":399,"height":11}},{"id":"f4343fca-dbcd-4f56-95e7-a35fd0000eed","block_type":"box","text":"receipt of a valid cancellation notice in writing. A","page_number":12,"box":{"x":524,"y":493,"width":399,"height":11}},{"id":"c05c1c62-38d1-407a-a65d-11c90fc5ebfa","block_type":"box","text":"Unitholder which has not yet paid for the investment","page_number":12,"box":{"x":524,"y":507,"width":399,"height":11}},{"id":"c4246606-672b-4cf1-860c-f00393da504f","block_type":"box","text":"will be liable to make up any shortfall. Proceeds from","page_number":12,"box":{"x":523,"y":520,"width":399,"height":11}},{"id":"1f674c4b-a586-4f8a-bc57-e874c5b13a8a","block_type":"box","text":"cancellation will be retained until the purchase","page_number":12,"box":{"x":523,"y":534,"width":400,"height":11}},{"id":"624dea30-c32f-464f-8ce2-020654229cef","block_type":"box","text":"payment has cleared. This may be for a period of up to","page_number":12,"box":{"x":524,"y":547,"width":399,"height":12}},{"id":"c9f3dd0a-c6ef-481f-af17-7d5d501834e0","block_type":"box","text":"21 calendar days from the date of subscription. No","page_number":12,"box":{"x":523,"y":561,"width":400,"height":11}},{"id":"7d4332a3-1bab-4410-8a0d-647d5e9469b9","block_type":"box","text":"interest will be paid on cancellation monies.","page_number":12,"box":{"x":524,"y":575,"width":320,"height":11}},{"id":"039cc4ce-b5e1-4fee-baf0-3451e14e8513","block_type":"box","text":"(d)","page_number":12,"box":{"x":536,"y":600,"width":18,"height":11}},{"id":"dd9e448c-34b3-4eae-b57f-f20bf3d0bd44","block_type":"box","text":"Redemption of Units","page_number":12,"box":{"x":583,"y":600,"width":163,"height":11}},{"id":"3d59b32f-665a-4245-b50b-eb3a56526f60","block_type":"box","text":"Subject to the policy on pricing (see section 18) and","page_number":12,"box":{"x":523,"y":620,"width":399,"height":11}},{"id":"6f9c5361-0726-48f2-adc7-d1d455c69877","block_type":"box","text":"the timing of each Sub-Fund’s Valuation Points for the","page_number":12,"box":{"x":523,"y":634,"width":400,"height":11}},{"id":"250577bd-3acb-4579-9104-997cfa9e3098","block_type":"box","text":"purposes of dealing (as set out in Appendix 1), Units","page_number":12,"box":{"x":524,"y":647,"width":399,"height":11}},{"id":"7b551867-1b02-4a8e-a207-3621a759a7b4","block_type":"box","text":"in any Sub-Fund may normally be redeemed during","page_number":12,"box":{"x":524,"y":661,"width":398,"height":11}},{"id":"4ccfb0cd-bb1f-433a-ab44-9b851859c348","block_type":"box","text":"Normal Business Hours. 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This will therefore allow the ACS Manager to","page_number":13,"box":{"x":62,"y":599,"width":399,"height":12}},{"id":"2d177a42-d898-4bd3-bcbd-1d27a7d9067c","block_type":"box","text":"protect the interests of continuing Unitholders by","page_number":13,"box":{"x":62,"y":613,"width":400,"height":11}},{"id":"cb825c5f-3da4-416f-96fc-172b29d4c14f","block_type":"box","text":"allowing the ACS Manager to match the sale of","page_number":13,"box":{"x":62,"y":627,"width":400,"height":11}},{"id":"4ef9f021-9f9b-486f-9023-b1522c2293b5","block_type":"box","text":"scheme property to the level of redemptions. This","page_number":13,"box":{"x":62,"y":640,"width":399,"height":11}},{"id":"65b1aaf3-c53f-4893-a0ea-c34d5959a9d3","block_type":"box","text":"should reduce the impact of dilution on the Scheme.","page_number":13,"box":{"x":62,"y":654,"width":399,"height":11}},{"id":"ca40f60e-7a67-47cb-bbaf-2802ba80741d","block_type":"box","text":"All Unitholders who have sought to redeem Units at","page_number":13,"box":{"x":62,"y":668,"width":400,"height":11}},{"id":"7ff59e1a-3974-4e9b-9bed-60ff43cb0a93","block_type":"box","text":"any Valuation Point at which redemptions are deferred","page_number":13,"box":{"x":62,"y":681,"width":399,"height":11}},{"id":"2f5bb71e-ba19-4f6d-b742-43d6de477db3","block_type":"box","text":"will be treated consistently and any redemption","page_number":13,"box":{"x":62,"y":695,"width":399,"height":11}},{"id":"5f4c2a2a-39bd-42ea-8c90-032dc2e346bf","block_type":"box","text":"requests received following the decision to defer","page_number":13,"box":{"x":63,"y":709,"width":399,"height":11}},{"id":"25ccc6df-8155-4665-bb9d-63e23e83f5e2","block_type":"box","text":"redemptions will not be processed until the redemption","page_number":13,"box":{"x":63,"y":722,"width":398,"height":11}},{"id":"338c95c2-223d-4073-8b11-62b840787ec8","block_type":"box","text":"requests that have been deferred to subsequent","page_number":13,"box":{"x":63,"y":736,"width":399,"height":11}},{"id":"a6264267-c47e-4b39-bb45-d3c4491d5b88","block_type":"box","text":"Valuation Points have been processed.","page_number":13,"box":{"x":62,"y":750,"width":289,"height":11}},{"id":"f667c193-437f-44b4-a281-3a5c52d22c32","block_type":"box","text":"(g)","page_number":13,"box":{"x":74,"y":775,"width":19,"height":11}},{"id":"008a8d79-f6a9-4f81-9104-375dc4d5579d","block_type":"box","text":"In specie subscriptions and redemptions","page_number":13,"box":{"x":122,"y":775,"width":325,"height":11}},{"id":"544b7daf-132e-4543-9daf-696526bec3b4","block_type":"box","text":"The ACS Manager may, at its discretion, arrange for","page_number":13,"box":{"x":62,"y":795,"width":400,"height":11}},{"id":"2c047cc5-d90e-4aed-888b-27a54f67d5d7","block_type":"box","text":"the Depositary to issue Units in exchange for assets","page_number":13,"box":{"x":62,"y":808,"width":399,"height":12}},{"id":"99b24fd1-9aa7-4a20-8940-f0c6e814020b","block_type":"box","text":"other than cash. The Depositary may, on the","page_number":13,"box":{"x":62,"y":822,"width":399,"height":11}},{"id":"59db4caf-dd86-4cbb-8f66-6135f83d85e6","block_type":"box","text":"instruction of the ACS Manager, pay out of the relevant","page_number":13,"box":{"x":62,"y":836,"width":400,"height":11}},{"id":"2be5c5a4-9a57-41b7-bfbf-c041074dae06","block_type":"box","text":"Sub-Fund assets other than cash as payment for the","page_number":13,"box":{"x":62,"y":849,"width":399,"height":11}},{"id":"050755b1-0e9a-471c-a0a2-8c5e0bcd6e6a","block_type":"box","text":"redemption of Units. An in specie subscription or in","page_number":13,"box":{"x":63,"y":863,"width":398,"height":11}},{"id":"99f0b814-dfb7-4d62-908e-c3d69fe335f9","block_type":"box","text":"specie redemption will only take place where the","page_number":13,"box":{"x":62,"y":877,"width":399,"height":11}},{"id":"148ac83b-ee2c-4cf1-aff0-5d0c64eb1754","block_type":"box","text":"Depositary has taken reasonable care to determine","page_number":13,"box":{"x":63,"y":890,"width":398,"height":11}},{"id":"80ee3635-6ccd-4967-9499-baf2376f88fe","block_type":"box","text":"that it is not likely to result in any material prejudice to","page_number":13,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"73716d47-9526-432f-bd77-03ec9d75875d","block_type":"box","text":"the interests of Unitholders in the relevant Sub-Fund.","page_number":13,"box":{"x":523,"y":59,"width":391,"height":9}},{"id":"633159f8-1306-4038-a096-16ec8a9372aa","block_type":"box","text":"The ACS Manager will not issue Units in any Sub-Fund","page_number":13,"box":{"x":523,"y":79,"width":400,"height":11}},{"id":"3dd0c4c5-2431-4a3d-9012-7a54511c9c8c","block_type":"box","text":"in exchange for assets the holding of which would be","page_number":13,"box":{"x":524,"y":93,"width":399,"height":11}},{"id":"41031ced-94fe-4b66-bb95-a96e755f3d5e","block_type":"box","text":"inconsistent with the investment objectives or policy of","page_number":13,"box":{"x":524,"y":106,"width":399,"height":11}},{"id":"3cdd0ac5-886f-48b5-a8b7-bcd5220e36f7","block_type":"box","text":"that Sub-Fund.","page_number":13,"box":{"x":523,"y":120,"width":109,"height":9}},{"id":"d0bcef7c-c129-4763-9f8e-f5049ecd0348","block_type":"box","text":"Where the ACS Manager elects to carry out an in","page_number":13,"box":{"x":523,"y":139,"width":399,"height":12}},{"id":"11b658cf-ee42-4756-bb40-aa02943fdf0d","block_type":"box","text":"specie redemption, it must notify the Unitholder of this","page_number":13,"box":{"x":523,"y":153,"width":400,"height":11}},{"id":"a46c5cf5-742c-4870-ae3d-a8d34b9f9157","block_type":"box","text":"in writing no later than the close of business on the","page_number":13,"box":{"x":524,"y":167,"width":399,"height":11}},{"id":"b6c8bd76-1c5f-40cc-b342-5556ae7d3470","block_type":"box","text":"second Business Day after the day on which it","page_number":13,"box":{"x":523,"y":181,"width":400,"height":11}},{"id":"3987c3ad-40bb-4ef1-9ae7-c7a0f6e0d69e","block_type":"box","text":"received selling instructions from the Unitholder","page_number":13,"box":{"x":524,"y":194,"width":351,"height":11}},{"id":"250575ea-c84e-4458-8edd-a54d49d09d12","block_type":"box","text":"Where there is an in specie redemption, the Depositary","page_number":13,"box":{"x":523,"y":214,"width":400,"height":11}},{"id":"ef55477b-e897-42a0-95aa-1ce3e17656f4","block_type":"box","text":"will, in accordance with the rules of the COLL","page_number":13,"box":{"x":523,"y":227,"width":400,"height":11}},{"id":"2a661d91-6d81-4b3b-a4f9-a7908938f5d3","block_type":"box","text":"Sourcebook, cancel the Units and transfer a","page_number":13,"box":{"x":523,"y":241,"width":400,"height":10}},{"id":"04dab12c-0ec7-417f-93d4-622c6940f93d","block_type":"box","text":"proportionate share of the assets of the relevant Sub\u0002","page_number":13,"box":{"x":524,"y":255,"width":398,"height":11}},{"id":"35108824-a600-4517-93fb-10bfd9aabb59","block_type":"box","text":"Fund or such selection from the property of the","page_number":13,"box":{"x":524,"y":268,"width":399,"height":12}},{"id":"b7d38478-6444-4e2b-95ea-16acfde811e6","block_type":"box","text":"Scheme as the Depositary, after consultation with the","page_number":13,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"9bcf3ae0-7a35-490e-83df-3fb0392d49e4","block_type":"box","text":"ACS Manager, decides is reasonable to the","page_number":13,"box":{"x":523,"y":296,"width":400,"height":11}},{"id":"210d3082-7610-4997-9880-82e4cd17502f","block_type":"box","text":"Unitholder, in either case having regard to the need to","page_number":13,"box":{"x":524,"y":310,"width":399,"height":11}},{"id":"98b245ca-1f9c-4341-85d8-3e52d990dc69","block_type":"box","text":"be fair both to the Unitholder taking the in specie","page_number":13,"box":{"x":524,"y":323,"width":399,"height":11}},{"id":"d8fc59e3-bf33-44ba-bbb9-279f4ddcd15e","block_type":"box","text":"redemption and to continuing Unitholders.","page_number":13,"box":{"x":524,"y":337,"width":308,"height":11}},{"id":"e731233f-8676-426b-9994-aca916feabb2","block_type":"box","text":"Irrespective of the value of the Units, where a","page_number":13,"box":{"x":524,"y":356,"width":399,"height":11}},{"id":"f6a92465-974d-445a-ba1f-58999ff2c2ec","block_type":"box","text":"Unitholder wishes to redeem and the ACS 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Unitholders should seek their own","page_number":14,"box":{"x":523,"y":114,"width":399,"height":11}},{"id":"6b0a5451-c587-4ca6-9b6c-baf1e0e0c3e1","block_type":"box","text":"professional tax advice in this regard.","page_number":14,"box":{"x":524,"y":128,"width":274,"height":11}},{"id":"4a6c9063-9b3b-4cd5-b699-5e5189430702","block_type":"box","text":"A Unitholder who switches Units in one Sub-Fund for","page_number":14,"box":{"x":523,"y":147,"width":400,"height":9}},{"id":"e95f6e2f-5065-4397-8193-892722732ef7","block_type":"box","text":"Units in any other Sub-Fund will not be given a right by","page_number":14,"box":{"x":524,"y":161,"width":399,"height":11}},{"id":"4a0d4706-784e-465a-b7b9-98c050627242","block_type":"box","text":"law to withdraw from or cancel the transaction.","page_number":14,"box":{"x":524,"y":175,"width":343,"height":8}},{"id":"52956701-3447-40aa-a45f-6f8ec40c3bd0","block_type":"box","text":"(j)","page_number":14,"box":{"x":536,"y":200,"width":12,"height":11}},{"id":"81aa03dc-cdb1-491b-963f-d4fbbc639d43","block_type":"box","text":"Mandatory redemption or cancellation of","page_number":14,"box":{"x":583,"y":200,"width":340,"height":11}},{"id":"2d0a43dd-ad09-4d0c-ae3a-95aa30bfec0b","block_type":"box","text":"Units","page_number":14,"box":{"x":583,"y":214,"width":40,"height":9}},{"id":"d6be0fad-8146-42c7-86dc-96942388822f","block_type":"box","text":"The ACS Manager may from time to time take such","page_number":14,"box":{"x":523,"y":233,"width":399,"height":12}},{"id":"a09848b3-059e-4d90-a8a4-a4ff02b30041","block_type":"box","text":"action and impose such restrictions as it thinks","page_number":14,"box":{"x":523,"y":247,"width":400,"height":11}},{"id":"af0dfb32-79eb-4cb2-a822-8515b8113b88","block_type":"box","text":"necessary for the purpose of ensuring that no Units in","page_number":14,"box":{"x":524,"y":261,"width":398,"height":11}},{"id":"6972c718-999b-44f2-9b54-a5042e17e898","block_type":"box","text":"any Sub-Fund are acquired or held by any person in","page_number":14,"box":{"x":523,"y":274,"width":399,"height":11}},{"id":"70f5b24c-87f9-4038-90a6-3f213bf1555c","block_type":"box","text":"circumstances (\"","page_number":14,"box":{"x":523,"y":288,"width":132,"height":11}},{"id":"e0f4e317-4ca9-4af0-98d8-0895818f23b3","block_type":"box","text":"relevant circumstances","page_number":14,"box":{"x":658,"y":288,"width":195,"height":9}},{"id":"8faff7d4-56db-46c6-92b8-622ffa647047","block_type":"box","text":"\") which","page_number":14,"box":{"x":855,"y":288,"width":67,"height":11}},{"id":"5d0ecefa-4587-4b07-a794-699d73ced303","block_type":"box","text":"constitute a breach of the law or governmental","page_number":14,"box":{"x":523,"y":302,"width":399,"height":11}},{"id":"cce1fff1-19c1-45e6-bab2-1f66e9342059","block_type":"box","text":"regulation (or any interpretation of a law or regulation","page_number":14,"box":{"x":524,"y":315,"width":398,"height":11}},{"id":"a0efcdf0-4770-4224-a1cc-a1dc7db051c1","block_type":"box","text":"by a competent authority) of any country or territory; or","page_number":14,"box":{"x":524,"y":329,"width":399,"height":11}},{"id":"5778a792-8cf7-44e8-8022-cbc41e9150b2","block_type":"box","text":"which would (or would if other Units were acquired or","page_number":14,"box":{"x":523,"y":343,"width":400,"height":11}},{"id":"427dd675-9855-42ca-923b-b4911f7b42ab","block_type":"box","text":"held in like circumstances) result in any Sub-Fund","page_number":14,"box":{"x":524,"y":356,"width":398,"height":11}},{"id":"90197e44-7e62-4b84-8313-e67f4bf55bab","block_type":"box","text":"incurring any liability to taxation or suffering any other","page_number":14,"box":{"x":524,"y":370,"width":399,"height":11}},{"id":"192995e0-01d2-41d6-9b05-94fab80d180f","block_type":"box","text":"adverse consequence (including a requirement to","page_number":14,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"9e63d33b-695b-49d5-a7be-e986eef328ab","block_type":"box","text":"register under any securities or investment or similar","page_number":14,"box":{"x":524,"y":397,"width":399,"height":11}},{"id":"7470e0eb-7a23-4f77-be28-f1ba4fa1f173","block_type":"box","text":"laws or governmental regulation of any country or","page_number":14,"box":{"x":524,"y":411,"width":399,"height":11}},{"id":"afa4c780-5cee-4b6d-a479-e1d536e77c3b","block_type":"box","text":"territory); and, in this connection, the ACS Manager","page_number":14,"box":{"x":523,"y":424,"width":400,"height":12}},{"id":"1d453b9c-676a-40da-bea2-0697b532c447","block_type":"box","text":"may reject at its discretion any subscription,","page_number":14,"box":{"x":524,"y":438,"width":398,"height":11}},{"id":"161415d1-16cc-4b70-8a94-827422f00ed6","block_type":"box","text":"redemption, switch or conversion of Units.","page_number":14,"box":{"x":524,"y":452,"width":309,"height":11}},{"id":"36327fef-680a-4ab0-b5f0-8b514f3b5512","block_type":"box","text":"In particular, all Unitholders must meet the eligibility","page_number":14,"box":{"x":524,"y":472,"width":399,"height":11}},{"id":"56d6196b-b975-4dbd-9668-d5c6e81ebc75","block_type":"box","text":"criteria set out in section 2.","page_number":14,"box":{"x":523,"y":485,"width":198,"height":9}},{"id":"170ffd18-6552-4b3b-8ba7-c3f03a006b8a","block_type":"box","text":"All US residents and citizens should note the","page_number":14,"box":{"x":523,"y":505,"width":400,"height":9}},{"id":"a9152475-ccc6-4b04-9bd5-21e2e3538e55","block_type":"box","text":"requirements of the Foreign Account Tax Compliance","page_number":14,"box":{"x":524,"y":518,"width":399,"height":12}},{"id":"fc2043b8-2193-4995-964a-efc120fce4fb","block_type":"box","text":"Act ('FATCA'), please see section 27(f).","page_number":14,"box":{"x":523,"y":532,"width":292,"height":11}},{"id":"169fe8d4-1b88-42b9-81de-3fe9e2de8423","block_type":"box","text":"If it comes to the notice of the ACS Manager that any","page_number":14,"box":{"x":524,"y":552,"width":399,"height":11}},{"id":"29c1b098-c9a3-4ed6-81d2-e416f93c743a","block_type":"box","text":"Units (\"","page_number":14,"box":{"x":524,"y":565,"width":55,"height":11}},{"id":"51abbd87-d20a-415c-988a-8ece443e45d7","block_type":"box","text":"affected Units","page_number":14,"box":{"x":581,"y":565,"width":113,"height":9}},{"id":"2337edd1-6692-41fe-9f05-253ff6bb7635","block_type":"box","text":"\") have been acquired or are","page_number":14,"box":{"x":696,"y":565,"width":227,"height":11}},{"id":"47a95335-afdd-4587-b7bd-480994c839c1","block_type":"box","text":"being held in each case whether beneficially or","page_number":14,"box":{"x":524,"y":579,"width":399,"height":11}},{"id":"89e52428-07de-4fab-b8ed-0f8fdd22638f","block_type":"box","text":"otherwise in any of the relevant circumstances referred","page_number":14,"box":{"x":523,"y":593,"width":399,"height":11}},{"id":"815244a0-ef79-4a9b-95f3-ef045d6639b9","block_type":"box","text":"to above or if it reasonably believes this to be the case","page_number":14,"box":{"x":523,"y":606,"width":400,"height":11}},{"id":"796140c8-e93e-4db4-8313-0d8a2d95ab06","block_type":"box","text":"the ACS Manager may give notice to the relevant","page_number":14,"box":{"x":523,"y":620,"width":400,"height":11}},{"id":"49f3a1ed-2b0a-4acc-bca2-8dbd78a22acb","block_type":"box","text":"Unitholder to convert or switch their holding to another","page_number":14,"box":{"x":524,"y":634,"width":399,"height":11}},{"id":"9bea6fee-0f53-4f5e-b829-414d4e1b50d0","block_type":"box","text":"Unit Class or Sub-Fund if a suitable Unit Class or Sub\u0002","page_number":14,"box":{"x":524,"y":647,"width":398,"height":9}},{"id":"08192dba-c678-4a7a-9ba9-6fa96b0913d5","block_type":"box","text":"Fund is available (and, in the case of a switch, subject","page_number":14,"box":{"x":524,"y":661,"width":399,"height":11}},{"id":"de6209ee-f403-4f03-b316-2dc0374e5de7","block_type":"box","text":"to the basis on which switching rights are offered) or","page_number":14,"box":{"x":523,"y":674,"width":400,"height":12}},{"id":"b298e490-71de-4a3a-b7fc-203ab19692bc","block_type":"box","text":"give notice to the relevant holder of the affected Units","page_number":14,"box":{"x":523,"y":688,"width":400,"height":11}},{"id":"c5c12d26-552b-46e7-8134-f6ace34ab60b","block_type":"box","text":"requiring the Unitholder to provide a request in writing","page_number":14,"box":{"x":524,"y":702,"width":398,"height":11}},{"id":"b823370b-8353-4fd7-a0eb-9b539f38839d","block_type":"box","text":"for the redemption or cancellation of such Units. If any","page_number":14,"box":{"x":523,"y":716,"width":400,"height":11}},{"id":"4bda408d-6696-41f3-84bb-bdf7b480a187","block_type":"box","text":"person upon whom such a notice is served does not","page_number":14,"box":{"x":524,"y":729,"width":399,"height":11}},{"id":"d4d6bdca-0f82-4d5a-be32-4eb639ce22db","block_type":"box","text":"within thirty days after the date of such notice request","page_number":14,"box":{"x":523,"y":743,"width":400,"height":11}},{"id":"bcfbb3a1-629b-40c1-9d40-46febffc6c3d","block_type":"box","text":"the conversion or switch of their holding of affected","page_number":14,"box":{"x":523,"y":757,"width":399,"height":11}},{"id":"60a197a9-3f56-496b-897c-c85447ffc80a","block_type":"box","text":"Units to another Unit Class or Sub-Fund if a suitable","page_number":14,"box":{"x":524,"y":770,"width":399,"height":9}},{"id":"ef99643a-f951-4002-abfa-200ae30b6cde","block_type":"box","text":"Unit Class or Sub-Fund is available (and, in the case","page_number":14,"box":{"x":524,"y":784,"width":399,"height":11}},{"id":"430eabc6-5f62-4053-935d-53c0ef221a23","block_type":"box","text":"of a switch, subject to the basis on which switching","page_number":14,"box":{"x":523,"y":797,"width":400,"height":12}},{"id":"7fc4ab94-a1ad-4c84-99eb-87585a848c55","block_type":"box","text":"rights are offered), or submit such request for","page_number":14,"box":{"x":524,"y":811,"width":399,"height":11}},{"id":"340a3bb7-bf82-4cf6-83c1-60c7e12997f8","block_type":"box","text":"redemption or cancellation of the affected Units, or","page_number":14,"box":{"x":524,"y":825,"width":399,"height":11}},{"id":"3ab4469b-4e60-41d8-8466-133c215a6eaa","block_type":"box","text":"establish to the satisfaction of the ACS Manager","page_number":14,"box":{"x":523,"y":838,"width":400,"height":12}},{"id":"777e8b49-2c2b-4f81-8c98-0d5ed5522170","block_type":"box","text":"(whose judgement shall be final and binding) that he","page_number":14,"box":{"x":524,"y":852,"width":399,"height":11}},{"id":"ffc187fc-7abd-46a7-90f3-f4aa690c3f78","block_type":"box","text":"and any person on whose behalf he holds the affected","page_number":14,"box":{"x":523,"y":866,"width":399,"height":11}},{"id":"aef0b310-3804-4cb2-aaa3-e559285ac8c2","block_type":"box","text":"Units are qualified and entitled to hold the Units, he","page_number":14,"box":{"x":524,"y":879,"width":399,"height":11}},{"id":"f478f5ec-fa77-4b55-a9a1-b4b7f8926538","block_type":"box","text":"shall be deemed upon the expiration of that thirty day","page_number":14,"box":{"x":523,"y":893,"width":400,"height":11}},{"id":"ca00cd6e-7b61-48b9-9754-b766b98a93a2","block_type":"box","text":"period to have given a request in writing for the","page_number":14,"box":{"x":524,"y":907,"width":399,"height":11}},{"id":"dad3b1cc-df4c-441b-bda2-b1c5ee997fc7","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 15","page_number":15,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"26033cce-a01e-43ea-8797-e0a883ccaf99","block_type":"box","text":"redemption or cancellation (at the discretion of the","page_number":15,"box":{"x":63,"y":46,"width":398,"height":11}},{"id":"227a3c28-3359-4b2a-b7e9-5183ece2c0ac","block_type":"box","text":"ACS Manager) of the affected Units.","page_number":15,"box":{"x":62,"y":59,"width":268,"height":12}},{"id":"001cd6a6-8a24-4ce9-b918-5d60e0d2243a","block_type":"box","text":"(k)","page_number":15,"box":{"x":74,"y":85,"width":18,"height":11}},{"id":"9446de96-42b5-40cc-82c1-5628b7f44803","block_type":"box","text":"Transfers of Units","page_number":15,"box":{"x":121,"y":85,"width":143,"height":9}},{"id":"21adad5c-d283-47fd-a196-6e9a532eaa13","block_type":"box","text":"A transfer of Units is not permitted.","page_number":15,"box":{"x":66,"y":105,"width":257,"height":11}},{"id":"e279d8a4-0504-47f8-8219-85c74ae531a4","block_type":"box","text":"14. Excessive Trading Policy","page_number":15,"box":{"x":74,"y":130,"width":248,"height":11}},{"id":"8f2410b1-10cc-4371-830b-7c53e9da10e6","block_type":"box","text":"The Sub-Funds do not knowingly allow investments","page_number":15,"box":{"x":62,"y":150,"width":399,"height":11}},{"id":"e6da5f9e-3a56-4f15-9c1d-1130c002fa88","block_type":"box","text":"that are associated with excessive trading practices as","page_number":15,"box":{"x":62,"y":163,"width":399,"height":12}},{"id":"5f7779c9-273a-4a34-b0e0-adb9c5470c9a","block_type":"box","text":"such practices may adversely affect the interests of all","page_number":15,"box":{"x":62,"y":177,"width":399,"height":11}},{"id":"8a4471b7-d196-40af-b221-8c0923ec10fd","block_type":"box","text":"Unitholders. Excessive trading includes individuals or","page_number":15,"box":{"x":63,"y":191,"width":399,"height":11}},{"id":"61517b48-5a13-41b2-994f-b19e8249aaa0","block_type":"box","text":"groups of individuals whose securities transactions","page_number":15,"box":{"x":62,"y":204,"width":399,"height":11}},{"id":"b12cc98f-9800-4f4a-b885-ff187001d976","block_type":"box","text":"seem to follow a timing pattern or are characterised by","page_number":15,"box":{"x":62,"y":218,"width":400,"height":11}},{"id":"173967ae-edc5-4cf9-b938-a1fa0c07b4c5","block_type":"box","text":"excessively frequent or large trades.","page_number":15,"box":{"x":62,"y":232,"width":267,"height":11}},{"id":"c59fbb67-dfb4-45e3-ae10-b6cfa24b73e9","block_type":"box","text":"Unitholders should, however, be aware that the Sub\u0002","page_number":15,"box":{"x":63,"y":251,"width":398,"height":10}},{"id":"5d5589f7-27d9-40ac-bb44-d33afdf52459","block_type":"box","text":"Funds may be utilised by certain Unitholders for asset","page_number":15,"box":{"x":63,"y":265,"width":399,"height":11}},{"id":"35f1de77-e925-4580-9e93-677573ba8623","block_type":"box","text":"allocation purposes or by structured product providers,","page_number":15,"box":{"x":62,"y":279,"width":399,"height":11}},{"id":"90e25ba9-543b-4ef8-82d3-730d94043b4c","block_type":"box","text":"which may require the periodic re-allocation of assets","page_number":15,"box":{"x":62,"y":292,"width":399,"height":11}},{"id":"c7bbaac5-986e-4abb-befe-cd421ce45858","block_type":"box","text":"between Sub-Funds. This activity will not normally be","page_number":15,"box":{"x":62,"y":306,"width":399,"height":11}},{"id":"48d2d218-0c4e-4c25-84e5-fabae5afe1d7","block_type":"box","text":"classed as excessive trading unless the activity","page_number":15,"box":{"x":62,"y":320,"width":400,"height":11}},{"id":"b60360ec-b103-4cc6-a543-b9ef2111e9f6","block_type":"box","text":"becomes, in the opinion of the ACS Manager, too","page_number":15,"box":{"x":62,"y":333,"width":399,"height":11}},{"id":"681bf4c3-d034-43ff-b22f-ebcb7f63b895","block_type":"box","text":"frequent or appears to follow a timing pattern.","page_number":15,"box":{"x":62,"y":347,"width":336,"height":11}},{"id":"5e971a3a-a179-41d5-9178-375810caa2e8","block_type":"box","text":"As well as the general power of the ACS Manager to","page_number":15,"box":{"x":62,"y":366,"width":399,"height":12}},{"id":"010e41a9-29e7-43a5-9129-92e886d7577d","block_type":"box","text":"refuse subscriptions, switches or conversions at their","page_number":15,"box":{"x":63,"y":380,"width":399,"height":11}},{"id":"22f95eef-ee44-4dae-97d1-9f97f445e353","block_type":"box","text":"discretion, powers exist in other sections of this","page_number":15,"box":{"x":62,"y":394,"width":399,"height":11}},{"id":"dd91deed-f997-462c-9f78-38b5a36f1c12","block_type":"box","text":"Prospectus to ensure that Unitholder interests are","page_number":15,"box":{"x":63,"y":407,"width":398,"height":11}},{"id":"b505cc01-849a-4a37-874c-2a3bf6a90de4","block_type":"box","text":"protected against excessive trading. These include in","page_number":15,"box":{"x":62,"y":421,"width":399,"height":11}},{"id":"9d5aae01-2957-4ed1-8dac-449e2baf2615","block_type":"box","text":"specie redemptions (see section 13(g)) and","page_number":15,"box":{"x":62,"y":435,"width":399,"height":11}},{"id":"29dc1670-98fa-41b8-86d9-042bf0087e57","block_type":"box","text":"conversion and switching rights (see section 13(i)).","page_number":15,"box":{"x":62,"y":448,"width":375,"height":12}},{"id":"ca8c6736-2efc-4ea8-a21c-a01679587a02","block_type":"box","text":"In addition, where excessive trading is suspected, the","page_number":15,"box":{"x":63,"y":468,"width":398,"height":11}},{"id":"7bc5d658-1c36-4dec-903f-334b20bb514b","block_type":"box","text":"Sub-Funds may:","page_number":15,"box":{"x":62,"y":481,"width":121,"height":12}},{"id":"b9865046-0ae1-4dde-b0d6-90a6edb20bda","block_type":"box","text":"combine Units that are under common ownership or","page_number":15,"box":{"x":62,"y":501,"width":400,"height":11}},{"id":"8e3dcc11-8489-4c23-8538-8105613360ea","block_type":"box","text":"control for the purposes of ascertaining whether an","page_number":15,"box":{"x":62,"y":515,"width":399,"height":11}},{"id":"f555193a-1db6-42bb-ae34-89316a684fdb","block_type":"box","text":"individual or a group of individuals can be deemed to","page_number":15,"box":{"x":62,"y":528,"width":400,"height":12}},{"id":"6b737edc-7944-47f4-860c-90aa60f4a2d7","block_type":"box","text":"be involved in excessive trading practices.","page_number":15,"box":{"x":62,"y":542,"width":399,"height":11}},{"id":"7fca721c-d441-477c-ab50-1f05a3fff986","block_type":"box","text":"Accordingly, the ACS Manager reserves the right to","page_number":15,"box":{"x":62,"y":556,"width":399,"height":11}},{"id":"f48ee1d8-e81a-43a6-a51c-dd1156f34bd1","block_type":"box","text":"reject any application for switches, conversions, and","page_number":15,"box":{"x":63,"y":570,"width":398,"height":11}},{"id":"b2c140cf-9829-47e8-ae47-e68f1cbd0487","block_type":"box","text":"subscription of Units from Unitholders whom they","page_number":15,"box":{"x":62,"y":583,"width":400,"height":11}},{"id":"a631091b-b145-4ac4-9cff-6d9bc9511877","block_type":"box","text":"consider to be excessive traders; and","page_number":15,"box":{"x":62,"y":597,"width":277,"height":10}},{"id":"2ef2e065-aeda-46bb-a9cb-fa98afa1d96d","block_type":"box","text":"(i) levy a redemption charge on the redemption","page_number":15,"box":{"x":93,"y":616,"width":368,"height":12}},{"id":"a9caf8d6-f821-4c0e-9600-ce5afe449e17","block_type":"box","text":"proceeds to Unitholders whom the ACS","page_number":15,"box":{"x":140,"y":630,"width":321,"height":11}},{"id":"fd340755-d42b-4029-ace6-2223e23c672f","block_type":"box","text":"Manager, in its reasonable opinion,","page_number":15,"box":{"x":140,"y":644,"width":321,"height":11}},{"id":"31c47696-0071-4c41-a101-316078bbb822","block_type":"box","text":"suspects of excessive trading. This charge","page_number":15,"box":{"x":140,"y":657,"width":321,"height":12}},{"id":"145aeee3-ce0d-443c-bd52-fd1ecc50b026","block_type":"box","text":"will be made for the benefit of the relevant","page_number":15,"box":{"x":139,"y":671,"width":323,"height":9}},{"id":"a71cb42d-525e-4a4f-b727-1565b3da4b61","block_type":"box","text":"Sub-Fund, and affected Unitholders will be","page_number":15,"box":{"x":140,"y":685,"width":321,"height":10}},{"id":"31bcede2-80d5-433c-b9a2-9e489385e45f","block_type":"box","text":"notified in their contract notes if such a fee","page_number":15,"box":{"x":140,"y":698,"width":321,"height":9}},{"id":"2b68ad98-de31-48b6-a439-135a83c57f8c","block_type":"box","text":"has been charged. The charge will be","page_number":15,"box":{"x":140,"y":712,"width":321,"height":11}},{"id":"a61b4ffe-466d-4cf5-8807-24cd5ac5d3cf","block_type":"box","text":"calculated by using the trading costs","page_number":15,"box":{"x":140,"y":726,"width":321,"height":11}},{"id":"e6286e01-c84e-426f-892d-96ef5dcb9a16","block_type":"box","text":"including the asset spread cost.","page_number":15,"box":{"x":140,"y":739,"width":233,"height":11}},{"id":"e6444a62-f58a-455c-9bfa-3969e801d104","block_type":"box","text":"15. Compliance with applicable laws and","page_number":15,"box":{"x":74,"y":765,"width":387,"height":11}},{"id":"39f05e69-198b-4526-af3f-888b734b548a","block_type":"box","text":"regulations","page_number":15,"box":{"x":122,"y":778,"width":89,"height":12}},{"id":"c9d7a84c-65e9-445a-a76a-0809f0b60666","block_type":"box","text":"As a result of any applicable laws and regulations,","page_number":15,"box":{"x":62,"y":798,"width":398,"height":11}},{"id":"c37991f6-dd7f-44b7-b932-d87be5833bdf","block_type":"box","text":"including but not limited to, relevant anti-money","page_number":15,"box":{"x":62,"y":812,"width":400,"height":11}},{"id":"612b4187-82b5-4d96-9ae0-cdfc0413568c","block_type":"box","text":"laundering legislation, tax laws and regulatory","page_number":15,"box":{"x":62,"y":825,"width":400,"height":12}},{"id":"55d374dd-62e8-4948-951f-d7f3d495c8d2","block_type":"box","text":"requirements, Unitholders may be required, in certain","page_number":15,"box":{"x":63,"y":839,"width":398,"height":11}},{"id":"e5269062-0707-47a0-adb5-0bdb56d8e273","block_type":"box","text":"circumstances, to provide additional documentation to","page_number":15,"box":{"x":62,"y":853,"width":399,"height":11}},{"id":"bf3ed6a6-caab-431e-a915-e694a474bcc0","block_type":"box","text":"confirm their identity, or provide other relevant","page_number":15,"box":{"x":62,"y":866,"width":400,"height":12}},{"id":"bf8a409c-5672-4613-8809-7ad4187f76dc","block_type":"box","text":"information pursuant to such laws and regulations, as","page_number":15,"box":{"x":62,"y":880,"width":399,"height":11}},{"id":"4e5be9fd-5d77-4320-80bf-c2d0e542239a","block_type":"box","text":"may be required from time to time, even if an existing","page_number":15,"box":{"x":62,"y":894,"width":399,"height":11}},{"id":"8a21e08d-73f3-4f3e-a0d1-d2cb25ee2ef5","block_type":"box","text":"Unitholder. Any information provided by Unitholders","page_number":15,"box":{"x":63,"y":907,"width":398,"height":11}},{"id":"bcb5048b-1960-4966-a7da-547d30d1bd8a","block_type":"box","text":"will be used only for the purposes of compliance with","page_number":15,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"c53f8246-d89f-4d28-89d5-4b4d9b91eb31","block_type":"box","text":"these requirements and all documentation will be duly","page_number":15,"box":{"x":523,"y":60,"width":400,"height":11}},{"id":"0fd5a6a9-6283-4319-8ed0-e329ecf3471c","block_type":"box","text":"returned to the relevant Unitholder. Until the ACS","page_number":15,"box":{"x":524,"y":73,"width":399,"height":9}},{"id":"4a63423d-e9e6-4abb-bbfe-345a7183038a","block_type":"box","text":"Manager receives the requested documentation or","page_number":15,"box":{"x":524,"y":87,"width":399,"height":11}},{"id":"b203ed42-101f-4beb-b8e8-f8b71c0f39c8","block_type":"box","text":"additional information, there may be a delay in","page_number":15,"box":{"x":523,"y":100,"width":399,"height":11}},{"id":"89bb9e28-a2c1-4a19-957c-9b2ec90b045d","block_type":"box","text":"processing any subsequent redemption request and","page_number":15,"box":{"x":524,"y":114,"width":398,"height":11}},{"id":"0a932e3b-b137-4ee6-bb7d-f7004fb46e35","block_type":"box","text":"the ACS Manager reserves the right in all cases to","page_number":15,"box":{"x":523,"y":128,"width":400,"height":11}},{"id":"978831c8-1a1f-4abf-896e-ae3b388086d9","block_type":"box","text":"withhold redemption proceeds until such a time as the","page_number":15,"box":{"x":523,"y":142,"width":400,"height":10}},{"id":"b5f54049-180d-4d5d-844c-320448a0d3f9","block_type":"box","text":"required documentation or additional information is","page_number":15,"box":{"x":524,"y":155,"width":399,"height":11}},{"id":"a1b13f00-42b5-4d06-9396-5a95cadaa60e","block_type":"box","text":"received.","page_number":15,"box":{"x":524,"y":169,"width":65,"height":9}},{"id":"205afc85-27e9-4258-b51f-2c50ece5ade8","block_type":"box","text":"Alternatively, the ACS Manager may employ a search","page_number":15,"box":{"x":523,"y":188,"width":399,"height":11}},{"id":"d4461f03-07e4-42bb-a8ea-5b207b36d789","block_type":"box","text":"of electronic data reference sources in order to access","page_number":15,"box":{"x":523,"y":202,"width":400,"height":9}},{"id":"411c58d9-311a-4e49-8a5c-3e88766396ea","block_type":"box","text":"information held electronically concerning the identity","page_number":15,"box":{"x":524,"y":216,"width":399,"height":11}},{"id":"e9ada1df-2651-414d-ba6c-bc510f2b2916","block_type":"box","text":"of a Unitholder, including information held by certain","page_number":15,"box":{"x":523,"y":229,"width":399,"height":11}},{"id":"342b9c38-13cc-4811-9d5f-45430638e4e1","block_type":"box","text":"government and consumer agencies. By completing","page_number":15,"box":{"x":523,"y":243,"width":399,"height":11}},{"id":"b94d74ed-8b84-48de-bc20-f344bd03d12d","block_type":"box","text":"the Form, Power of Attorney or Investor Agreement or","page_number":15,"box":{"x":523,"y":257,"width":400,"height":11}},{"id":"2647f505-3053-4246-8592-aaa45a8fa3a2","block_type":"box","text":"entering into a contract with the ACS Manager or one","page_number":15,"box":{"x":523,"y":270,"width":400,"height":11}},{"id":"8225ace4-a4d4-4c98-9ce6-c842f02f0b17","block_type":"box","text":"of its affiliates, Unitholders acknowledge that the ACS","page_number":15,"box":{"x":523,"y":284,"width":399,"height":11}},{"id":"ca9c0d86-62e8-49a1-9ded-736b8126949e","block_type":"box","text":"Manager may at any time initiate a search of","page_number":15,"box":{"x":524,"y":297,"width":399,"height":12}},{"id":"8a79cdc6-dbbb-4965-808e-3035a5f5af97","block_type":"box","text":"information held electronically in order to verify","page_number":15,"box":{"x":524,"y":311,"width":399,"height":11}},{"id":"f37a29cc-e335-4e34-b449-e22f8d3f240f","block_type":"box","text":"identity.","page_number":15,"box":{"x":524,"y":325,"width":55,"height":11}},{"id":"dd41e55f-b07c-413c-98da-b43666c0cb57","block_type":"box","text":"16. Valuation","page_number":15,"box":{"x":536,"y":351,"width":120,"height":8}},{"id":"3a41ae95-4363-4b5f-b7a0-993ac9e18f80","block_type":"box","text":"The ACS Manager calculates the value of the Units in","page_number":15,"box":{"x":523,"y":370,"width":399,"height":11}},{"id":"ce779b57-c175-4e50-b5b4-6c605582b32e","block_type":"box","text":"accordance with Appendix 4, as permitted by the","page_number":15,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"495d2218-899b-4491-a7e2-aa963c9e726c","block_type":"box","text":"COLL Sourcebook. The basis of the calculation is the","page_number":15,"box":{"x":523,"y":397,"width":400,"height":9}},{"id":"4268cd3a-2e38-4682-8051-17366023b7ef","block_type":"box","text":"value of the underlying assets of the Scheme. Assets","page_number":15,"box":{"x":523,"y":411,"width":400,"height":11}},{"id":"f5fcde1e-d31b-4eb6-b165-638767f0b44a","block_type":"box","text":"are valued on a single mid-market basis in accordance","page_number":15,"box":{"x":523,"y":425,"width":400,"height":11}},{"id":"92808fb8-f461-4b77-9877-8bfc0426d22d","block_type":"box","text":"with the COLL Sourcebook.","page_number":15,"box":{"x":523,"y":438,"width":203,"height":9}},{"id":"84ef9afd-5b5c-4908-8ed9-7c3fbbdf6308","block_type":"box","text":"The valuation is performed at the Valuation Point and","page_number":15,"box":{"x":523,"y":458,"width":399,"height":11}},{"id":"db1475a2-2985-4c85-a66c-8dd9ef1d55a4","block_type":"box","text":"the function is performed by the ACS Manager in","page_number":15,"box":{"x":523,"y":471,"width":399,"height":12}},{"id":"861c508f-63f5-44da-b13b-51966140ca9c","block_type":"box","text":"accordance with the COLL Sourcebook and the FUND","page_number":15,"box":{"x":523,"y":485,"width":399,"height":9}},{"id":"a607bc7a-eb78-4039-9d31-a34269744769","block_type":"box","text":"Sourcebook. The Valuation Point of each Sub-Fund is","page_number":15,"box":{"x":523,"y":499,"width":400,"height":9}},{"id":"af0cbb0d-9288-4cd5-98c8-1268260c33dc","block_type":"box","text":"set out in Appendix 1. Details and description of the","page_number":15,"box":{"x":523,"y":513,"width":400,"height":11}},{"id":"ba2cc8f2-db6a-43c5-ba05-7f4e205051f2","block_type":"box","text":"applicable valuation procedures are contained in","page_number":15,"box":{"x":523,"y":526,"width":399,"height":11}},{"id":"a32b9e09-85a6-4785-8370-f10da5cbf7ce","block_type":"box","text":"Appendix 7.","page_number":15,"box":{"x":523,"y":540,"width":87,"height":11}},{"id":"2109af52-ab19-490e-8f4f-d8cb06d6bcfc","block_type":"box","text":"The ACS Manager may at its discretion implement fair","page_number":15,"box":{"x":523,"y":559,"width":400,"height":12}},{"id":"282d4fdc-a4df-49cf-8395-0e18cfc728c4","block_type":"box","text":"value pricing policies in respect of any of the Sub\u0002","page_number":15,"box":{"x":523,"y":573,"width":400,"height":11}},{"id":"000c8d19-786e-4796-adba-ee235e830d0d","block_type":"box","text":"Funds. Fair value pricing will only apply where the ACS","page_number":15,"box":{"x":524,"y":587,"width":399,"height":11}},{"id":"2b5b0f06-fefd-469a-a2bd-b8a916f0eae1","block_type":"box","text":"Manager deems it to be appropriate and in the","page_number":15,"box":{"x":524,"y":600,"width":399,"height":12}},{"id":"95ad8238-7c09-4f84-9b60-bdf1ba284196","block_type":"box","text":"interests of Unitholders and has reasonable grounds","page_number":15,"box":{"x":524,"y":614,"width":399,"height":11}},{"id":"d7783e8e-7b16-4c3c-8abc-15000948af5c","block_type":"box","text":"to believe that no reliable price exists for one or more","page_number":15,"box":{"x":523,"y":628,"width":400,"height":11}},{"id":"ab6f0f2e-04cf-4448-aac1-ae205cadb0d7","block_type":"box","text":"underlying securities at a Valuation Point or the most","page_number":15,"box":{"x":524,"y":641,"width":399,"height":12}},{"id":"19dd1446-2b79-49ac-9108-ea10d16567cd","block_type":"box","text":"recent price available does not reflect the ACS","page_number":15,"box":{"x":524,"y":655,"width":398,"height":11}},{"id":"f9cdd043-49a7-4683-91c1-1fc80d2e8f32","block_type":"box","text":"Manager's best estimate of the value of a security at","page_number":15,"box":{"x":524,"y":669,"width":399,"height":11}},{"id":"adc9f7a6-97cb-4d4f-9c40-a4ee76315e23","block_type":"box","text":"the Valuation Point. In these circumstances the ACS","page_number":15,"box":{"x":523,"y":682,"width":399,"height":9}},{"id":"3bc9fb6e-2b97-4443-85cd-52c6857f5a9b","block_type":"box","text":"Manager may at its discretion value an investment at","page_number":15,"box":{"x":524,"y":696,"width":399,"height":11}},{"id":"8b785f07-a611-4dfc-b12e-b6a84f61f42c","block_type":"box","text":"a price which, in its opinion, reflects a fair and","page_number":15,"box":{"x":523,"y":710,"width":399,"height":11}},{"id":"6a8bf195-4f30-417c-81c2-3feedb21a046","block_type":"box","text":"reasonable price for that investment. Circumstances","page_number":15,"box":{"x":524,"y":723,"width":399,"height":11}},{"id":"43fe161f-44c3-4ba0-9555-03d47a4a9f8d","block_type":"box","text":"which may give rise to a fair value price being used","page_number":15,"box":{"x":523,"y":737,"width":399,"height":11}},{"id":"5d26132a-2ae2-4fe6-af31-b16759cc2a1d","block_type":"box","text":"include instances where there is no recent trade in the","page_number":15,"box":{"x":524,"y":751,"width":399,"height":8}},{"id":"727297a9-71fa-4797-9613-42431971dda0","block_type":"box","text":"investment concerned; or the occurrence of a","page_number":15,"box":{"x":524,"y":764,"width":399,"height":11}},{"id":"f526ca88-1ad0-47c6-af2f-c5b2ebc85aa3","block_type":"box","text":"significant event since the most recent price has been","page_number":15,"box":{"x":523,"y":778,"width":399,"height":11}},{"id":"8d2b244a-e4d4-4ca8-9a53-8f1fe907c5dd","block_type":"box","text":"determined. A significant event is one that means, in","page_number":15,"box":{"x":523,"y":792,"width":399,"height":11}},{"id":"4a9ff838-ae4c-46be-b677-b2b0f451d862","block_type":"box","text":"the ACS Manager's judgement, it no longer has","page_number":15,"box":{"x":523,"y":805,"width":400,"height":11}},{"id":"d2c41598-1d62-4125-b640-00dce96643ea","block_type":"box","text":"confidence in the most recent price of an investment,","page_number":15,"box":{"x":523,"y":819,"width":399,"height":11}},{"id":"0e68fe8f-3c6c-49c0-b38f-9a864e77c486","block_type":"box","text":"including in the case of a security or a basket of","page_number":15,"box":{"x":524,"y":832,"width":399,"height":12}},{"id":"9456fc7e-a49e-4fff-b590-64478c0a36ee","block_type":"box","text":"securities, that price is materially different to the price","page_number":15,"box":{"x":523,"y":846,"width":400,"height":11}},{"id":"908be22e-d322-405e-b6f2-022795e66cba","block_type":"box","text":"that it is reasonably believed would exist at the","page_number":15,"box":{"x":523,"y":860,"width":400,"height":11}},{"id":"f550cad5-44d0-40e3-b330-fdf8e4255a8d","block_type":"box","text":"Valuation Point had the relevant market been open.","page_number":15,"box":{"x":523,"y":874,"width":399,"height":11}},{"id":"30ebf341-e8ef-42f9-8026-8bdaaee0ebc1","block_type":"box","text":"For this purpose, the ACS Manager may utilise pre\u0002","page_number":15,"box":{"x":524,"y":887,"width":398,"height":11}},{"id":"1b898796-d574-40a3-a48a-f872b6e6dd86","block_type":"box","text":"determined trigger levels which take into account the","page_number":15,"box":{"x":523,"y":901,"width":400,"height":11}},{"id":"636c0301-6e6e-4fc9-8b2c-7f348c300030","block_type":"box","text":"materiality of any variance.","page_number":15,"box":{"x":524,"y":914,"width":197,"height":12}},{"id":"cad890c4-b4c6-434a-a85b-a1fea070a0c3","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 16","page_number":16,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"4e2d9f74-08e4-45ef-9f09-9968b29fde1b","block_type":"box","text":"When determining such fair value, one or more of a","page_number":16,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"597a0c1c-c038-45b8-b235-9bef406ba25c","block_type":"box","text":"variety of fair valuation methodologies may be used","page_number":16,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"69e6fe83-bfbe-4ed0-883b-b0895400edc4","block_type":"box","text":"(depending on factors including the asset type). For","page_number":16,"box":{"x":63,"y":73,"width":399,"height":11}},{"id":"4f4f4021-2f4d-4ca0-b76a-04b2ce2a6a41","block_type":"box","text":"example, the asset may be priced on the basis of the","page_number":16,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"ab446a82-79fc-4fff-a206-f1de12b15fe7","block_type":"box","text":"original cost of the investment or, alternatively, using","page_number":16,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"699aeaa3-3e17-4df5-b8f6-3305ea07cff6","block_type":"box","text":"proprietary or third party models (including models that","page_number":16,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"684ad3df-78c6-4b58-b7c6-9aace67b6107","block_type":"box","text":"rely upon direct portfolio management pricing inputs","page_number":16,"box":{"x":63,"y":128,"width":398,"height":11}},{"id":"9447d39b-31f6-4c4f-844c-f3c6c261557f","block_type":"box","text":"and which reflect the significance attributed to the","page_number":16,"box":{"x":62,"y":141,"width":399,"height":12}},{"id":"9af1750e-254a-447f-9273-676d1784eb2d","block_type":"box","text":"various factors and assumptions being considered).","page_number":16,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"a962cfe9-255a-4963-bdf6-f9672daaed71","block_type":"box","text":"Prices of actual, executed or historical transactions in","page_number":16,"box":{"x":63,"y":169,"width":398,"height":10}},{"id":"b6935d9f-29ba-4a32-9041-99940ef45439","block_type":"box","text":"the relevant asset and/or liability (or related or","page_number":16,"box":{"x":62,"y":182,"width":400,"height":11}},{"id":"402a8c16-61f3-4fca-bcfa-fbeed7931e9c","block_type":"box","text":"comparable assets and/or liabilities) or, where","page_number":16,"box":{"x":62,"y":196,"width":399,"height":11}},{"id":"24722140-dcd6-4174-ae35-084b7c844e2d","block_type":"box","text":"appropriate, an appraisal by a third party experienced","page_number":16,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"8758651e-eac6-4f3a-af31-d754d2e33e23","block_type":"box","text":"in the valuation of similar assets and/or liabilities, may","page_number":16,"box":{"x":62,"y":223,"width":400,"height":11}},{"id":"6e1c0a1d-4fcb-4c5c-bbfc-8a2fc5d9b04a","block_type":"box","text":"also be used as a basis for establishing the fair value","page_number":16,"box":{"x":62,"y":237,"width":399,"height":11}},{"id":"bb085e43-92eb-4bb3-b667-a10c81fcc239","block_type":"box","text":"of an asset or liability.","page_number":16,"box":{"x":62,"y":251,"width":159,"height":11}},{"id":"040704b0-fb5e-4973-b9c8-f3daada2a430","block_type":"box","text":"Where an adjustment is made as per the foregoing, it","page_number":16,"box":{"x":62,"y":270,"width":400,"height":11}},{"id":"57fd6c18-9de3-4218-b2a2-5f05e83740fc","block_type":"box","text":"will be applied consistently to all classes of Units within","page_number":16,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"0af739ac-4f2f-4574-a0b1-e47322a3138d","block_type":"box","text":"the same Sub-Fund.","page_number":16,"box":{"x":62,"y":297,"width":150,"height":9}},{"id":"32dfc262-8951-488a-ad0a-a0ab8711c585","block_type":"box","text":"At a Valuation Point the ACS Manager will calculate","page_number":16,"box":{"x":62,"y":317,"width":399,"height":11}},{"id":"518961ee-46cb-4164-8d22-6b48d495e048","block_type":"box","text":"Unit prices, using the most recent prices of the","page_number":16,"box":{"x":63,"y":331,"width":398,"height":11}},{"id":"f31bae10-130b-41fa-a844-a16791d62388","block_type":"box","text":"underlying securities that it can reasonably obtain. The","page_number":16,"box":{"x":63,"y":345,"width":398,"height":11}},{"id":"596071e0-3f88-4fff-bb5a-e1b2054fbe48","block_type":"box","text":"objective is to give an accurate value of the Sub-Fund","page_number":16,"box":{"x":62,"y":358,"width":399,"height":11}},{"id":"8b121dd3-b8cc-4105-862c-327162bc99fb","block_type":"box","text":"as at the Valuation Point. The Base Currency of each","page_number":16,"box":{"x":62,"y":372,"width":399,"height":11}},{"id":"246422dd-2e04-41ce-b230-8e7f353b77ce","block_type":"box","text":"Sub-Fund is sterling with the exception of the Aviva","page_number":16,"box":{"x":62,"y":385,"width":400,"height":12}},{"id":"4684755f-0f9e-49fa-b394-34ae1186b496","block_type":"box","text":"Investors Emerging Market Equity Core Fund which","page_number":16,"box":{"x":63,"y":399,"width":398,"height":11}},{"id":"4f337c12-b647-47d6-b460-c748fe541763","block_type":"box","text":"has a base currency of USD.","page_number":16,"box":{"x":62,"y":413,"width":213,"height":11}},{"id":"6355adc4-c675-48d2-9b08-23551c8b6f23","block_type":"box","text":"In respect of the AI Money Market VNAV Fund (the","page_number":16,"box":{"x":63,"y":432,"width":398,"height":11}},{"id":"9088b3a5-c31a-4a31-8503-63d971875d70","block_type":"box","text":"“VNAV Fund”) only:","page_number":16,"box":{"x":62,"y":446,"width":144,"height":11}},{"id":"25b1b531-e7c2-4ff2-97e8-499afce6c02b","block_type":"box","text":"The assets of the VNAV Fund shall be valued on a","page_number":16,"box":{"x":62,"y":466,"width":400,"height":8}},{"id":"1b5a83b8-7f0e-49c1-91fe-09f412f99c2c","block_type":"box","text":"daily basis using mark-to market wherever possible.","page_number":16,"box":{"x":62,"y":479,"width":383,"height":11}},{"id":"5ae657a4-0fe2-488b-b90e-ba258af6b6f6","block_type":"box","text":"When using mark-to market: (a) the asset of the VNAV","page_number":16,"box":{"x":62,"y":499,"width":400,"height":11}},{"id":"a45404d0-593d-46ea-9290-efee59a1ec0e","block_type":"box","text":"Fund shall be valued at the more prudent side of bid","page_number":16,"box":{"x":63,"y":513,"width":398,"height":11}},{"id":"f949ab59-1d5b-493b-a746-0a94d4628078","block_type":"box","text":"and offer unless the asset can be closed out at mid\u0002","page_number":16,"box":{"x":62,"y":526,"width":399,"height":9}},{"id":"cc14a7c5-6a3d-4e8b-b276-a5823ab04568","block_type":"box","text":"market; (b) only good quality market data shall be","page_number":16,"box":{"x":62,"y":540,"width":399,"height":11}},{"id":"52d6946e-18e7-4e9b-a00b-315e6dbcbb8a","block_type":"box","text":"used; such data shall be assessed on the basis of all","page_number":16,"box":{"x":63,"y":553,"width":398,"height":11}},{"id":"873d1f66-8572-4b3d-95de-96efd6579f42","block_type":"box","text":"of the following factors: (i) the number and quality of","page_number":16,"box":{"x":62,"y":567,"width":400,"height":11}},{"id":"f541e733-75ab-4209-9e22-59db1042c35f","block_type":"box","text":"the counterparties; (ii) the volume and turnover in the","page_number":16,"box":{"x":62,"y":581,"width":399,"height":11}},{"id":"ec641c00-49ff-4feb-9ac3-5bc737efdf5e","block_type":"box","text":"market of the asset of the VNAV Fund; (iii) the issue","page_number":16,"box":{"x":62,"y":594,"width":399,"height":11}},{"id":"0d2096e4-5810-4b44-98c0-e33c0f199671","block_type":"box","text":"size and the portion of the issue that the VNAV Fund","page_number":16,"box":{"x":62,"y":608,"width":399,"height":11}},{"id":"8b24f02c-eede-448e-b9f5-e1d0ab709a18","block_type":"box","text":"plans to buy or sell.","page_number":16,"box":{"x":62,"y":622,"width":142,"height":11}},{"id":"3abc70dd-4c23-4c9a-8f18-0bb806c15ea6","block_type":"box","text":"Where use of mark-to-market is not possible, or the","page_number":16,"box":{"x":62,"y":641,"width":399,"height":11}},{"id":"7e5fcd72-629c-48c0-abb0-d2243d6499cf","block_type":"box","text":"market data is not of sufficient quality, an asset of the","page_number":16,"box":{"x":62,"y":655,"width":399,"height":11}},{"id":"159edb99-096c-4911-8aec-f72de589b1b0","block_type":"box","text":"VNAV Fund shall be valued conservatively by using","page_number":16,"box":{"x":62,"y":669,"width":399,"height":11}},{"id":"4616510c-6b51-499e-b739-295573fff2f9","block_type":"box","text":"mark-to-model. The model shall accurately estimate","page_number":16,"box":{"x":62,"y":682,"width":399,"height":11}},{"id":"83547061-a8ac-41b5-97d7-1dfd605416fd","block_type":"box","text":"the intrinsic value of the asset of the VNAV Fund,","page_number":16,"box":{"x":62,"y":696,"width":399,"height":10}},{"id":"a6fa2082-dff0-4cd4-9fb1-dd78362572a4","block_type":"box","text":"based on all of the following up-to-date key factors: (a)","page_number":16,"box":{"x":62,"y":710,"width":399,"height":11}},{"id":"05886c48-986f-4a09-aa50-2d351c208298","block_type":"box","text":"the volume and turnover in the market of that asset; (b)","page_number":16,"box":{"x":62,"y":723,"width":399,"height":11}},{"id":"bd2afd1e-8876-4965-8f32-9fe45e58de4e","block_type":"box","text":"the issue size and the portion of the issue that the","page_number":16,"box":{"x":62,"y":737,"width":399,"height":11}},{"id":"e425a3a3-704c-4203-9a4a-b90c26317d5f","block_type":"box","text":"VNAV Fund plans to buy or sell; (c) market risk,","page_number":16,"box":{"x":62,"y":750,"width":399,"height":12}},{"id":"9d3bedde-9f1a-4f30-93ff-ec4e52f28ca6","block_type":"box","text":"interest rate risk, credit risk attached to the asset.","page_number":16,"box":{"x":62,"y":764,"width":399,"height":11}},{"id":"cc5ba99d-29ae-4c1b-8d0c-7eb22f2c2cd8","block_type":"box","text":"When using mark-to-model, the amortised cost","page_number":16,"box":{"x":62,"y":778,"width":400,"height":11}},{"id":"78a34542-f1ab-481b-afdf-fb7f88b85809","block_type":"box","text":"method shall not be used. Valuations shall be","page_number":16,"box":{"x":62,"y":792,"width":399,"height":8}},{"id":"1e04c62d-c3a4-46f6-85f4-e7ec0d43817c","block_type":"box","text":"communicated to the FCA.","page_number":16,"box":{"x":62,"y":805,"width":197,"height":9}},{"id":"f4a1d8fa-43a3-4574-867a-014c314301c7","block_type":"box","text":"The VNAV Fund shall calculate the value of the assets","page_number":16,"box":{"x":62,"y":825,"width":399,"height":9}},{"id":"c2f9bdee-af2f-497c-9395-60385bb44677","block_type":"box","text":"of the VNAV Fund per unit as the difference between","page_number":16,"box":{"x":62,"y":838,"width":399,"height":12}},{"id":"a3cd9293-8971-4efd-a8c3-566758ea15e9","block_type":"box","text":"the sum of all assets of the VNAV Fund and the sum","page_number":16,"box":{"x":62,"y":852,"width":399,"height":9}},{"id":"d58280ac-451c-4b7b-9067-1b8d4baab3fd","block_type":"box","text":"of all liabilities of the VNAV Fund valued in accordance","page_number":16,"box":{"x":62,"y":866,"width":399,"height":9}},{"id":"a81923bb-4e7b-4aa6-bdb0-f2fddd6e16cc","block_type":"box","text":"with mark-to-market or mark-to-model, or both, divided","page_number":16,"box":{"x":62,"y":879,"width":399,"height":11}},{"id":"18d0a35f-139e-4439-a836-b557c163c646","block_type":"box","text":"by the number of outstanding units or shares of the","page_number":16,"box":{"x":62,"y":893,"width":399,"height":11}},{"id":"78beabc9-ccd3-48d2-991a-87d8a39e84e4","block_type":"box","text":"VNAV Fund. The value of the assets of the VNAV Fund","page_number":16,"box":{"x":62,"y":907,"width":399,"height":8}},{"id":"c43a4adf-4e63-4349-a6d6-b06aa32f75c0","block_type":"box","text":"per unit or share shall be rounded to the nearest basis","page_number":16,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"79c4e78c-2903-415b-b24f-8838689fe543","block_type":"box","text":"point.","page_number":16,"box":{"x":524,"y":60,"width":38,"height":10}},{"id":"e78ccf57-21e1-48fc-8fc0-4620c74e6d5a","block_type":"box","text":"17. Prices of Units and Historic Performance","page_number":16,"box":{"x":536,"y":85,"width":387,"height":9}},{"id":"e3adec1f-531e-4417-95a7-e966d69d7a4e","block_type":"box","text":"Data","page_number":16,"box":{"x":583,"y":99,"width":35,"height":8}},{"id":"f712ccf4-8283-4ec6-9452-0078ec98ac1d","block_type":"box","text":"The ACS Manager will, on the completion of each","page_number":16,"box":{"x":523,"y":118,"width":399,"height":11}},{"id":"d1570831-8494-4d0c-8c8e-66bd70758121","block_type":"box","text":"valuation under section 16, advise the Depositary of","page_number":16,"box":{"x":523,"y":132,"width":400,"height":11}},{"id":"d905f26a-6dfa-40ac-8a78-9df7ff1c7608","block_type":"box","text":"the subscription and redemption prices. These are the","page_number":16,"box":{"x":523,"y":146,"width":400,"height":11}},{"id":"36dcd4f7-8ac0-4a14-8796-5a717303196d","block_type":"box","text":"prices which the ACS Manager has to pay to the","page_number":16,"box":{"x":524,"y":159,"width":399,"height":11}},{"id":"b704c36d-c02c-4e01-b24a-7591effde860","block_type":"box","text":"Depositary for the issue of Units or, the prices which","page_number":16,"box":{"x":524,"y":173,"width":398,"height":11}},{"id":"0c119d99-3a07-4b68-baeb-104fff751387","block_type":"box","text":"the ACS Manager will receive from the Depositary","page_number":16,"box":{"x":523,"y":186,"width":400,"height":12}},{"id":"8f7ac903-ab08-4d99-a2b9-f2159b9c3aa7","block_type":"box","text":"upon the cancellation of Units.","page_number":16,"box":{"x":524,"y":200,"width":222,"height":11}},{"id":"c3afcdde-e624-420a-a116-e8dfd2bd1bc4","block_type":"box","text":"The actual cost of subscribing for or redeeming Units","page_number":16,"box":{"x":523,"y":220,"width":400,"height":11}},{"id":"89e6a48d-edf2-4b1d-a263-3e71e588bacb","block_type":"box","text":"in a Sub-Fund may be higher or lower than the mid\u0002","page_number":16,"box":{"x":524,"y":233,"width":398,"height":12}},{"id":"6e1fc036-b4cc-44c9-aaec-952fa69c421a","block_type":"box","text":"market value used in calculating the Unit price. The","page_number":16,"box":{"x":524,"y":247,"width":399,"height":11}},{"id":"47590823-3b42-4f16-9dd2-6c9e9b2c48b2","block_type":"box","text":"ACS Manager may swing the price up (or down) to","page_number":16,"box":{"x":523,"y":261,"width":400,"height":11}},{"id":"66a3492c-ca82-4c47-8c9c-62b04e216452","block_type":"box","text":"protect Unitholders from the costs incurred by the Sub\u0002","page_number":16,"box":{"x":524,"y":274,"width":398,"height":11}},{"id":"8e278c2a-1a46-4e15-95fa-1bbbd5caafb0","block_type":"box","text":"Fund as a result of issuing or cancelling Units. This","page_number":16,"box":{"x":524,"y":288,"width":398,"height":11}},{"id":"cd305e60-55c9-45c6-a6ce-cd18b528b09f","block_type":"box","text":"particular method of arriving at the daily unit price is","page_number":16,"box":{"x":524,"y":302,"width":399,"height":11}},{"id":"ceac0fbb-325d-4cd7-acee-f0403cfd0a64","block_type":"box","text":"known as the swinging price method and it is this","page_number":16,"box":{"x":524,"y":315,"width":399,"height":11}},{"id":"250f0aa2-23e7-4a34-921f-f21223b8eb8a","block_type":"box","text":"method which will be used by the ACS Manager.","page_number":16,"box":{"x":524,"y":329,"width":398,"height":11}},{"id":"aae19837-7174-4da7-9500-c68d1e843b3f","block_type":"box","text":"Further details are set out in Appendix 7 under the","page_number":16,"box":{"x":524,"y":343,"width":399,"height":11}},{"id":"89eae26e-1d6d-4c23-9862-d285d939f663","block_type":"box","text":"heading Determination of Unit Price.","page_number":16,"box":{"x":524,"y":356,"width":267,"height":12}},{"id":"15c11ca3-568d-4b46-accf-9a4f01423f72","block_type":"box","text":"The ACS Manager may make an adjustment to the","page_number":16,"box":{"x":523,"y":376,"width":400,"height":11}},{"id":"dd255a28-cae8-4e3c-82a5-8ed641cde86d","block_type":"box","text":"price for the purpose of reducing dilution in the","page_number":16,"box":{"x":524,"y":390,"width":399,"height":11}},{"id":"b6a2b9e3-5130-4b45-abb9-3ddd00b41008","block_type":"box","text":"Scheme or to recover any amount which it had already","page_number":16,"box":{"x":523,"y":403,"width":400,"height":11}},{"id":"ec88abea-ef7b-4b24-b132-5fbc51120833","block_type":"box","text":"paid or reasonably expects to pay in the future in","page_number":16,"box":{"x":524,"y":417,"width":398,"height":11}},{"id":"1838761d-b04d-420e-9b94-9ff2aa165df7","block_type":"box","text":"relation to the issue or cancellation of Units.","page_number":16,"box":{"x":524,"y":431,"width":322,"height":8}},{"id":"e9c37437-85dd-446c-a784-17ea6f6ce841","block_type":"box","text":"Where the ACS Manager decides to make or not to","page_number":16,"box":{"x":523,"y":450,"width":400,"height":11}},{"id":"99f3f791-e142-4ba1-baf5-ba60fc89e2db","block_type":"box","text":"make a dilution adjustment, it will not do so for the","page_number":16,"box":{"x":524,"y":464,"width":399,"height":11}},{"id":"1c32af30-69e3-4787-b1da-ef892de4477b","block_type":"box","text":"purpose of creating a profit or avoiding a loss for the","page_number":16,"box":{"x":524,"y":477,"width":399,"height":12}},{"id":"a888ffe9-bf8f-40bd-9414-827dc28d43ca","block_type":"box","text":"account of an affected person.","page_number":16,"box":{"x":523,"y":491,"width":224,"height":11}},{"id":"8ac14c42-0526-4858-9ec8-ee83e3f56ae0","block_type":"box","text":"A dilution adjustment can be made when there is a net","page_number":16,"box":{"x":523,"y":511,"width":400,"height":11}},{"id":"b4ec0f52-627e-46a5-a858-8bf82b935474","block_type":"box","text":"flow in or out of the Scheme. 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The value of your investment","page_number":16,"box":{"x":523,"y":815,"width":400,"height":11}},{"id":"e2025d07-9495-42ae-b6ae-66e1401ae192","block_type":"box","text":"and any income you receive from it can go down","page_number":16,"box":{"x":523,"y":829,"width":399,"height":11}},{"id":"65c4fe22-d8b0-4c5b-adc9-791e92ecaf19","block_type":"box","text":"as well as up. You may get back less than the","page_number":16,"box":{"x":523,"y":843,"width":400,"height":11}},{"id":"08007137-f0d0-4f04-b8ed-488dfea5a9f7","block_type":"box","text":"amount you originally invested.","page_number":16,"box":{"x":523,"y":856,"width":250,"height":11}},{"id":"3d69ba7d-3b24-481a-a1bc-fde646f8925d","block_type":"box","text":"The performance figures in Appendix 1 may not be the","page_number":16,"box":{"x":523,"y":876,"width":400,"height":11}},{"id":"e99029de-234b-4f46-b728-74d0f0845beb","block_type":"box","text":"most up to date available. Please telephone the Client","page_number":16,"box":{"x":524,"y":889,"width":399,"height":12}},{"id":"fdcee92c-50c0-4ad0-a72a-271e470cafbb","block_type":"box","text":"Relationship Management Team on 0207 809 8135","page_number":16,"box":{"x":524,"y":903,"width":399,"height":11}},{"id":"21fe71de-3d92-4613-8af9-9104fae461ee","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 17","page_number":17,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"93d9e594-d264-4e3e-b848-8f3a4d7f5856","block_type":"box","text":"between 8:30am and 5:30pm on any Dealing Day for","page_number":17,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"85023c22-a558-4f5c-9d34-e0ae8fc468ff","block_type":"box","text":"the most recent information.*","page_number":17,"box":{"x":62,"y":59,"width":213,"height":9}},{"id":"8864b29b-42e3-4c09-99c8-851f5ac4489e","block_type":"box","text":"The performance of an index or other benchmark,","page_number":17,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"554a1676-718d-4f7a-b2de-3555153ceb89","block_type":"box","text":"where referred to in a Sub-Fund’s investment objective","page_number":17,"box":{"x":62,"y":93,"width":399,"height":11}},{"id":"469ee87f-dc72-462b-9a31-50aa11b2fab6","block_type":"box","text":"and policy is also shown in Appendix 1.","page_number":17,"box":{"x":62,"y":106,"width":290,"height":11}},{"id":"60a0b027-43fe-4fbd-86fc-815d1d9f73ea","block_type":"box","text":"Source for all data for the period 1 January 2024 to 31","page_number":17,"box":{"x":62,"y":126,"width":397,"height":11}},{"id":"73ee73f6-e6ee-49e1-9584-dc24aaf6cd7d","block_type":"box","text":"December 2024 is the ACS Manager. This is based on","page_number":17,"box":{"x":63,"y":139,"width":398,"height":12}},{"id":"c7358a99-189b-4acb-b3c8-ca5edf623c05","block_type":"box","text":"index provider data where applicable. Performance","page_number":17,"box":{"x":62,"y":153,"width":399,"height":11}},{"id":"09549f03-f0d9-489b-a563-9725a110283b","block_type":"box","text":"figures are based on net asset value, per the published","page_number":17,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"95e50b45-38cd-411f-971e-6d34815f6e3e","block_type":"box","text":"accounts and are shown after charges.","page_number":17,"box":{"x":62,"y":181,"width":287,"height":11}},{"id":"11dc0145-865b-4f3f-bedf-cb61fdd20822","block_type":"box","text":"Source for all data in subsequent periods: Aviva","page_number":17,"box":{"x":62,"y":200,"width":400,"height":11}},{"id":"8e772a12-0bd0-42a9-839b-a3a4c92f27d9","block_type":"box","text":"Investors/Lipper, Refinitiv Company, subject to the","page_number":17,"box":{"x":63,"y":214,"width":398,"height":11}},{"id":"292b7681-0f72-41f5-9611-0138cf6a6bc7","block_type":"box","text":"following: Copyright 2025 © Refinitiv. All rights","page_number":17,"box":{"x":62,"y":227,"width":399,"height":12}},{"id":"b362bd1b-b86a-488f-8e7b-700fa7b66df4","block_type":"box","text":"reserved. Lipper shall not be liable for any errors or","page_number":17,"box":{"x":63,"y":241,"width":399,"height":11}},{"id":"eac1f062-0c97-4479-bdbd-cb21a9bbb096","block_type":"box","text":"delays in the content, or for any actions taken in","page_number":17,"box":{"x":62,"y":255,"width":399,"height":11}},{"id":"c60cd3b2-ada6-4051-b4fa-d21ecaf23a03","block_type":"box","text":"reliance thereon. This is based on index provider data","page_number":17,"box":{"x":63,"y":269,"width":399,"height":10}},{"id":"ea74294e-f418-487d-8ee9-eddc6a4911e8","block_type":"box","text":"where applicable. All performance figures are","page_number":17,"box":{"x":62,"y":282,"width":399,"height":11}},{"id":"8c493a15-d0b4-4153-b6d1-0b56ab89a978","block_type":"box","text":"calculated based on the published price, with net","page_number":17,"box":{"x":62,"y":296,"width":400,"height":11}},{"id":"809040c2-42d4-4c10-8889-60e550b799d1","block_type":"box","text":"income reinvested in GBP, net of fees.","page_number":17,"box":{"x":62,"y":309,"width":285,"height":11}},{"id":"d0f617f1-ee9a-4381-8713-136484fe8388","block_type":"box","text":"Further information in respect of income returns,","page_number":17,"box":{"x":63,"y":329,"width":397,"height":11}},{"id":"158d2f89-4e39-497f-9333-adec4befbb31","block_type":"box","text":"tracking error and volatility (where applicable) is","page_number":17,"box":{"x":62,"y":343,"width":399,"height":11}},{"id":"84703630-7153-4729-a84f-58e23f81f287","block_type":"box","text":"available on request from the ACS Manager.","page_number":17,"box":{"x":62,"y":356,"width":329,"height":12}},{"id":"5294f423-8cda-469f-a221-fcb2b5ca9ac8","block_type":"box","text":"* Telephone calls may be recorded by the ACS","page_number":17,"box":{"x":62,"y":376,"width":399,"height":11}},{"id":"2a574d29-cc4b-4689-a60a-6db1291d05af","block_type":"box","text":"Manager, its delegates, their duly appointed agents","page_number":17,"box":{"x":63,"y":390,"width":398,"height":11}},{"id":"975a1232-2e21-4f8f-b499-9f257e3f7791","block_type":"box","text":"and any of their respective related, associated or","page_number":17,"box":{"x":62,"y":403,"width":400,"height":11}},{"id":"22cef6f2-381b-44cb-93a3-31b5c9dcc42c","block_type":"box","text":"affiliated companies for records keeping, security","page_number":17,"box":{"x":62,"y":417,"width":400,"height":11}},{"id":"658904b7-16b9-4d1b-bb90-0c481a7116ea","block_type":"box","text":"and/or training purposes, please see the paragraph","page_number":17,"box":{"x":62,"y":430,"width":399,"height":12}},{"id":"8184a0e5-3a53-4718-9a19-63860317ddfc","block_type":"box","text":"“Telephone Recording” below for further information.","page_number":17,"box":{"x":62,"y":444,"width":388,"height":11}},{"id":"08260033-c034-41fe-94b0-94b37cd3dfdd","block_type":"box","text":"18. Policy on Pricing","page_number":17,"box":{"x":74,"y":470,"width":182,"height":11}},{"id":"053d9e08-d512-4d7a-a067-c30838d932f5","block_type":"box","text":"When Units are subscribed for, they will be issued on","page_number":17,"box":{"x":62,"y":489,"width":399,"height":11}},{"id":"57da3b20-f92f-4a18-bf23-2b8b878f98ce","block_type":"box","text":"a forward pricing basis. 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Minimum Investment","page_number":17,"box":{"x":74,"y":691,"width":213,"height":8}},{"id":"858f7273-77fe-45c0-a325-15df32db77aa","block_type":"box","text":"If following a redemption or switch a holding in any","page_number":17,"box":{"x":63,"y":710,"width":399,"height":11}},{"id":"f49c11a3-7ec0-4011-b199-89218f88e1f7","block_type":"box","text":"class of Unit should fall below the Minimum Investment","page_number":17,"box":{"x":62,"y":724,"width":400,"height":9}},{"id":"a10f731a-9ecc-4626-878f-b1456697c50b","block_type":"box","text":"for that class, as detailed in Appendix 1, the ACS","page_number":17,"box":{"x":62,"y":737,"width":399,"height":12}},{"id":"bd7ebbb5-67d7-468d-91fd-fa57a05c23a6","block_type":"box","text":"Manager has the discretion to effect a redemption of a","page_number":17,"box":{"x":63,"y":751,"width":399,"height":11}},{"id":"93d2eb8e-b12c-4ea6-a7f6-b45cbd4166c2","block_type":"box","text":"Unitholder’s entire holding in that class of Unit.","page_number":17,"box":{"x":63,"y":765,"width":342,"height":11}},{"id":"b1e44bf4-f789-4428-a6b5-74200ea7998f","block_type":"box","text":"The ACS Manager will not be obliged to redeem Units","page_number":17,"box":{"x":62,"y":784,"width":399,"height":12}},{"id":"d06c510f-aeae-44ab-8ad1-637755fdfde9","block_type":"box","text":"if the number or value of the Units sought to be sold","page_number":17,"box":{"x":62,"y":798,"width":399,"height":11}},{"id":"6180dcbc-7afd-4fee-be71-d2b36aa7ef28","block_type":"box","text":"would result in the Unitholder holding less than any","page_number":17,"box":{"x":62,"y":812,"width":400,"height":11}},{"id":"2ab20ea3-f503-4994-a67b-0a2eef5185ef","block_type":"box","text":"Minimum Investment stated in Appendix 1 as the","page_number":17,"box":{"x":63,"y":825,"width":398,"height":11}},{"id":"1ac9092e-9d3d-4101-afb5-8a42061fc52c","block_type":"box","text":"minimum number or value of Units of the Unit Class","page_number":17,"box":{"x":62,"y":839,"width":399,"height":9}},{"id":"19a4806b-6d4b-447c-9b21-cf7abb797308","block_type":"box","text":"concerned that may be held.","page_number":17,"box":{"x":62,"y":853,"width":210,"height":11}},{"id":"a4e3c4b8-c4eb-4fc9-9bf4-e405523133ac","block_type":"box","text":"Minimum Investments may be waived at the ACS","page_number":17,"box":{"x":63,"y":872,"width":398,"height":11}},{"id":"355f7e48-bfdc-41a8-ab43-1913a4863a09","block_type":"box","text":"Manager's discretion.","page_number":17,"box":{"x":63,"y":886,"width":156,"height":11}},{"id":"f720931d-27f7-419c-9be4-33b7976fe59d","block_type":"box","text":"20. ACS Manager's Box","page_number":17,"box":{"x":535,"y":46,"width":206,"height":11}},{"id":"b239b321-eb7f-4546-9eca-ab327406584f","block_type":"box","text":"It is not the ACS Manager's policy as at the date of this","page_number":17,"box":{"x":524,"y":65,"width":398,"height":11}},{"id":"326077b1-13a7-43a4-a6a8-56910f6e6bbc","block_type":"box","text":"Prospectus to run a \"box\" (i.e. hold Units in the Sub\u0002","page_number":17,"box":{"x":524,"y":79,"width":398,"height":11}},{"id":"b41dadf3-2d0e-4f78-b245-50408632fde8","block_type":"box","text":"Funds in its own accounts).","page_number":17,"box":{"x":524,"y":93,"width":201,"height":11}},{"id":"2446efb0-9ff5-4a4e-828c-d1cc1ffb0107","block_type":"box","text":"21. Publication of Prices and Yields","page_number":17,"box":{"x":535,"y":118,"width":301,"height":9}},{"id":"8c4ea2b3-d80f-42e2-b3c5-1a0f9e085e1d","block_type":"box","text":"Daily prices for each Sub-Fund will be made publicly","page_number":17,"box":{"x":524,"y":138,"width":399,"height":11}},{"id":"d79696da-8bd3-4f9a-b479-49cbaf75cbcc","block_type":"box","text":"available through the ACS Manager's website,","page_number":17,"box":{"x":523,"y":151,"width":342,"height":12}},{"id":"fbf11f47-e1b3-4caf-8cbc-83356a1f1aad","block_type":"box","text":"https://www.avivainvestors.com/en\u0002","page_number":17,"box":{"x":524,"y":165,"width":261,"height":11}},{"id":"360d0738-65b9-473e-8d01-fd8b498f67f0","block_type":"box","text":"gb/institutional/fund-centre/tax-transparent.html","page_number":17,"box":{"x":523,"y":179,"width":350,"height":11}},{"id":"06ee7fa3-1ab9-4ad3-a057-5f122d361499","block_type":"box","text":",","page_number":17,"box":{"x":875,"y":186,"width":2,"height":3}},{"id":"86282d81-1027-402b-b2ae-938131a01430","block_type":"box","text":"or by calling its Client Relationship Management Team","page_number":17,"box":{"x":523,"y":198,"width":399,"height":11}},{"id":"ac7bd33c-dd03-4737-ab25-bc67223782e2","block_type":"box","text":"on 0207 809 8135. Please note that the published","page_number":17,"box":{"x":523,"y":212,"width":399,"height":11}},{"id":"96a92029-3637-49b0-8b0b-6f57a4325609","block_type":"box","text":"prices are for information only and these prices may","page_number":17,"box":{"x":524,"y":226,"width":399,"height":11}},{"id":"ee8da519-6ea9-4a19-807c-1547d6216ac5","block_type":"box","text":"not be the prices obtained when Units are dealt.","page_number":17,"box":{"x":524,"y":239,"width":398,"height":11}},{"id":"b89bc608-504f-4100-aebb-80e978737720","block_type":"box","text":"Please refer to section 16 for additional information.","page_number":17,"box":{"x":524,"y":253,"width":398,"height":9}},{"id":"019957b4-611b-45ce-bc36-2e83f0e053bf","block_type":"box","text":"Telephone calls may be recorded by the ACS","page_number":17,"box":{"x":523,"y":267,"width":400,"height":11}},{"id":"711fc0fb-c407-4555-bf7c-c1da36acbca3","block_type":"box","text":"Manager, its delegates, their duly appointed agents","page_number":17,"box":{"x":524,"y":280,"width":399,"height":12}},{"id":"112d9b04-266f-409f-b9df-4ba0088c251f","block_type":"box","text":"and any of their respective related, associated or","page_number":17,"box":{"x":523,"y":294,"width":400,"height":11}},{"id":"e0b0686e-351c-4566-8331-7aba5d2941e4","block_type":"box","text":"affiliated companies for records keeping, security","page_number":17,"box":{"x":523,"y":308,"width":400,"height":11}},{"id":"a8e4b333-beed-4460-814c-d4442f9a0263","block_type":"box","text":"and/or training purposes, please see the paragraph","page_number":17,"box":{"x":523,"y":321,"width":399,"height":11}},{"id":"e9776d66-8392-4560-a09c-fc07f9439d9a","block_type":"box","text":"“Telephone Recording” below for further information.","page_number":17,"box":{"x":523,"y":335,"width":388,"height":11}},{"id":"f70ef872-5494-4ced-8845-d514dd17ca30","block_type":"box","text":"The Units in the Sub-Funds of the Scheme are not","page_number":17,"box":{"x":523,"y":354,"width":400,"height":9}},{"id":"d8301f29-0e6a-4eea-b77b-70de585a890b","block_type":"box","text":"listed or dealt in or on any investment exchange.","page_number":17,"box":{"x":524,"y":368,"width":357,"height":11}},{"id":"f36e6ccf-4d06-4c75-bf15-96f6d61bf463","block_type":"box","text":"22. Classes of Units","page_number":17,"box":{"x":535,"y":394,"width":177,"height":9}},{"id":"56bef706-fe2f-41ff-922c-66bb65e5344d","block_type":"box","text":"The classes of Units currently available in each Sub\u0002","page_number":17,"box":{"x":523,"y":413,"width":399,"height":11}},{"id":"41a585e2-d0c3-43fd-a731-f6703715ba76","block_type":"box","text":"Fund are set out in Appendix 1. Each type of Unit","page_number":17,"box":{"x":524,"y":427,"width":399,"height":11}},{"id":"461d3658-790a-4846-80a7-ddbc74d83ec7","block_type":"box","text":"represents a beneficial interest in undivided shares in","page_number":17,"box":{"x":524,"y":441,"width":398,"height":11}},{"id":"6dbf184d-2e54-4b10-926a-6006fc944777","block_type":"box","text":"the property of the Scheme as detailed below. Each","page_number":17,"box":{"x":523,"y":454,"width":399,"height":11}},{"id":"b99185b0-b4d1-404d-8dfd-b2e0fea82255","block_type":"box","text":"Unit represents one undivided share in the property of","page_number":17,"box":{"x":524,"y":468,"width":399,"height":11}},{"id":"e8e5bf03-89d2-4b48-988b-25ca2dba831c","block_type":"box","text":"the relevant Sub-Fund. Each undivided Unit ranks pari","page_number":17,"box":{"x":523,"y":481,"width":399,"height":12}},{"id":"96b56d71-ac90-4827-804d-fd8b8aaed9f0","block_type":"box","text":"passu with other undivided Units in a Sub-Fund. The","page_number":17,"box":{"x":524,"y":495,"width":399,"height":11}},{"id":"04fb689f-30aa-4802-be3c-fe9ea775f536","block_type":"box","text":"nature of the rights represented by Units is that of a","page_number":17,"box":{"x":524,"y":509,"width":399,"height":11}},{"id":"2099c557-83db-427c-aba7-966c90682470","block_type":"box","text":"beneficial interest as tenants in common on the terms","page_number":17,"box":{"x":524,"y":522,"width":399,"height":9}},{"id":"73341edc-7935-40f6-b3fd-b1d8ec218658","block_type":"box","text":"of the ACS Deed. Unitholders are not liable for the","page_number":17,"box":{"x":523,"y":536,"width":400,"height":9}},{"id":"c4c53d9b-4a04-4bd5-9034-deb7b36d0e8c","block_type":"box","text":"debts of a Sub-Fund. The property of a Sub-Fund must","page_number":17,"box":{"x":523,"y":550,"width":400,"height":11}},{"id":"a096e6cd-2e81-47c8-918a-6c8ea4cb8b69","block_type":"box","text":"not be used to discharge any liabilities of, or meet any","page_number":17,"box":{"x":524,"y":564,"width":399,"height":11}},{"id":"1c048e79-84db-4931-a1bd-97b1718423b0","block_type":"box","text":"claims against, any person other than the Unitholders","page_number":17,"box":{"x":523,"y":577,"width":400,"height":11}},{"id":"faf2d723-e83c-427a-8020-8c22b2b94d54","block_type":"box","text":"in that Sub-Fund.","page_number":17,"box":{"x":524,"y":591,"width":126,"height":9}},{"id":"650949b2-1537-41a1-95e0-20974c9ae997","block_type":"box","text":"Where Accumulation Units are held, any income","page_number":17,"box":{"x":523,"y":611,"width":400,"height":11}},{"id":"c74f981d-1376-41b5-b20b-a425f00d29ec","block_type":"box","text":"arising in respect of an Accumulation Unit is","page_number":17,"box":{"x":523,"y":624,"width":400,"height":11}},{"id":"07885287-7fab-4ba5-a76e-5a2d2ab429a4","block_type":"box","text":"automatically accumulated and is reflected in the price","page_number":17,"box":{"x":523,"y":638,"width":400,"height":11}},{"id":"49ab049c-19a5-4c63-baa5-deeccf55ca21","block_type":"box","text":"of each Accumulation Unit. Allocation of income in","page_number":17,"box":{"x":523,"y":651,"width":399,"height":9}},{"id":"fc265a9f-19e1-4c26-bdd7-90a35cdd85fb","block_type":"box","text":"respect of Accumulation Units will be transferred to the","page_number":17,"box":{"x":524,"y":665,"width":399,"height":11}},{"id":"9dd3ee14-f216-4a37-ad09-d9b75839b535","block_type":"box","text":"capital property of the relevant Sub-Fund within 2","page_number":17,"box":{"x":523,"y":679,"width":400,"height":11}},{"id":"495d559a-e385-4c57-81a8-4afd189c186a","block_type":"box","text":"months of the end of the Annual Accounting Period to","page_number":17,"box":{"x":524,"y":692,"width":399,"height":12}},{"id":"e57678b8-4147-4e36-aff1-5c655e4d5823","block_type":"box","text":"which that income relates, but will be reflected in the","page_number":17,"box":{"x":523,"y":706,"width":400,"height":10}},{"id":"01258d49-d7a5-47e4-9c79-5b0dafeab7d8","block_type":"box","text":"capital value of Accumulation Units on the first","page_number":17,"box":{"x":523,"y":720,"width":400,"height":11}},{"id":"ab2d6cb7-753e-47f6-bf0b-7788ae17c688","block_type":"box","text":"business day following the end of that Annual","page_number":17,"box":{"x":524,"y":733,"width":398,"height":12}},{"id":"05060719-cccc-4644-a88f-95c476bcdfc5","block_type":"box","text":"Accounting Period.","page_number":17,"box":{"x":523,"y":747,"width":139,"height":11}},{"id":"ff452ffe-c2ed-48e6-b37f-7f650cc8b4b6","block_type":"box","text":"Where Income Distribution Units are held, relevant","page_number":17,"box":{"x":523,"y":767,"width":400,"height":10}},{"id":"9c80e4c3-243f-4431-8324-a792ee5f9aee","block_type":"box","text":"Unitholders will receive a net distribution payable","page_number":17,"box":{"x":524,"y":780,"width":399,"height":11}},{"id":"121f27ee-a6b3-4d1c-adc1-7ce9f3e11f25","block_type":"box","text":"according to the distribution details of the relevant Sub\u0002","page_number":17,"box":{"x":523,"y":794,"width":400,"height":11}},{"id":"69470526-e45a-4db4-8b00-050171ef8939","block_type":"box","text":"Fund, which are set out in Appendix 1. This distribution","page_number":17,"box":{"x":524,"y":808,"width":398,"height":11}},{"id":"aa0e6206-184f-44e5-8b82-d60089561f6f","block_type":"box","text":"will be automatically reinvested into the relevant Sub\u0002","page_number":17,"box":{"x":523,"y":821,"width":400,"height":11}},{"id":"7e18e8cf-8a59-440d-bbfb-e51fe3fca81f","block_type":"box","text":"Fund and additional Units will be allocated to each","page_number":17,"box":{"x":524,"y":835,"width":398,"height":9}},{"id":"8e939ac9-cb4e-4512-b7a1-f106c908889a","block_type":"box","text":"relevant Unitholder unless the Unitholder agrees with","page_number":17,"box":{"x":524,"y":849,"width":398,"height":11}},{"id":"88d266ad-aac3-4963-9774-39b4125815bc","block_type":"box","text":"the ACS Manager that the distribution is paid directly","page_number":17,"box":{"x":523,"y":862,"width":400,"height":11}},{"id":"67661e85-72da-4957-90f5-d0ed38f310be","block_type":"box","text":"into its bank account. This net distribution is calculated","page_number":17,"box":{"x":524,"y":876,"width":398,"height":9}},{"id":"a90fbc34-6b86-497c-945c-31317a8aa8f4","block_type":"box","text":"for each Unitholder as a proportion of the income, less","page_number":17,"box":{"x":523,"y":889,"width":400,"height":12}},{"id":"00fc689a-cb3d-4ec9-ad9c-6b5da274bd56","block_type":"box","text":"expenses and any taxation due, received by the Sub-","page_number":17,"box":{"x":523,"y":903,"width":399,"height":11}},{"id":"e91bde75-1be6-4491-aa04-08efbed97f06","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 18","page_number":18,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"ae0dffd6-39ea-4cac-b044-f637d36445a8","block_type":"box","text":"Fund on behalf of each Unitholder. After a period of six","page_number":18,"box":{"x":63,"y":46,"width":399,"height":11}},{"id":"1523a32c-d001-4dd9-a76c-d4d2404fbe97","block_type":"box","text":"years from the date of payment, any unclaimed","page_number":18,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"423404b6-5593-40cb-b59b-ac89be6e9e7d","block_type":"box","text":"distribution will be added to the capital property of the","page_number":18,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"91d01fbd-c623-4092-8ea2-5b1b843cc256","block_type":"box","text":"Sub-Fund and may be forfeited. No interest will be paid","page_number":18,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"430ad71d-fc05-45a9-adc8-da31f9624555","block_type":"box","text":"on unclaimed distribution monies.","page_number":18,"box":{"x":62,"y":100,"width":247,"height":9}},{"id":"37c4f81f-2e86-481e-b410-37a5c65ea220","block_type":"box","text":"Where both Income Distribution Units and","page_number":18,"box":{"x":62,"y":120,"width":399,"height":9}},{"id":"e3f8ae14-1375-45cf-bc2f-6b8053035f24","block_type":"box","text":"Accumulation Units are in existence in relation to a","page_number":18,"box":{"x":62,"y":134,"width":400,"height":9}},{"id":"0aad67aa-7d8c-4c54-a89c-6b1e7764913e","block_type":"box","text":"Sub-Fund, the relevant Unitholders’ proportionate","page_number":18,"box":{"x":62,"y":147,"width":399,"height":11}},{"id":"101de2bb-fa8a-48e6-8faf-7ddd25f2b6c1","block_type":"box","text":"interests in the Scheme property of the Sub-Fund","page_number":18,"box":{"x":62,"y":161,"width":399,"height":11}},{"id":"2cf51dad-9a0f-4339-9fcf-229af33f38b9","block_type":"box","text":"represented by each Accumulation Unit increases as","page_number":18,"box":{"x":63,"y":175,"width":398,"height":11}},{"id":"1da5c0ac-af02-4fad-988d-c0244f0e14cd","block_type":"box","text":"income is accumulated. Further, in these","page_number":18,"box":{"x":62,"y":188,"width":399,"height":11}},{"id":"4c7047b2-cc1c-4a12-bdcf-9744971b7ca1","block_type":"box","text":"circumstances, the income of the Sub-Fund is","page_number":18,"box":{"x":62,"y":202,"width":399,"height":10}},{"id":"9a2da937-a5f2-4cc7-b8f6-fbfea13957e9","block_type":"box","text":"allocated between Income Distribution Units and","page_number":18,"box":{"x":62,"y":216,"width":399,"height":8}},{"id":"7ffbfcf3-ff14-44b6-a283-1c8ddd3b64de","block_type":"box","text":"Accumulation Units according to the relevant","page_number":18,"box":{"x":62,"y":229,"width":400,"height":11}},{"id":"dbd16d61-32f3-40e0-945e-a347e789cddc","block_type":"box","text":"Unitholders’ proportionate interests in the Scheme","page_number":18,"box":{"x":63,"y":243,"width":398,"height":11}},{"id":"2da9120c-787c-44b3-8e38-1230bfb0cf1e","block_type":"box","text":"property of the Sub-Fund represented by the","page_number":18,"box":{"x":62,"y":256,"width":399,"height":12}},{"id":"422705f6-ef9f-48e3-9021-59f4ff16a99a","block_type":"box","text":"Accumulation Units and Income Distribution Units in","page_number":18,"box":{"x":62,"y":270,"width":399,"height":9}},{"id":"67b446d4-a0ff-4b77-ad0b-c13f1eaa0f87","block_type":"box","text":"existence at the end of the relevant distribution period.","page_number":18,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"f8a415b8-00a0-4297-a858-6316a4c4f883","block_type":"box","text":"The ACS Deed of the Scheme also permits further","page_number":18,"box":{"x":62,"y":303,"width":400,"height":11}},{"id":"19a59aaa-59f1-4921-90bb-46868df3ad05","block_type":"box","text":"classes of Units to be made available other than those","page_number":18,"box":{"x":62,"y":317,"width":399,"height":9}},{"id":"9a3874b1-5f3a-4e38-aa93-fd227a1a2d6a","block_type":"box","text":"currently available. Any such class of Unit may vary","page_number":18,"box":{"x":62,"y":331,"width":400,"height":11}},{"id":"bac86a32-cc0e-4d21-9ad1-53977c10896f","block_type":"box","text":"according to whether it accumulates or distributes","page_number":18,"box":{"x":62,"y":345,"width":399,"height":11}},{"id":"b01348d3-674e-4f6c-b9b3-3b0adf675349","block_type":"box","text":"income or attracts different fees and expenses, and as","page_number":18,"box":{"x":62,"y":358,"width":399,"height":11}},{"id":"8aa34541-da77-48ac-9b7b-b1242d007fc2","block_type":"box","text":"a result of this, monies may be deducted from classes","page_number":18,"box":{"x":62,"y":372,"width":399,"height":11}},{"id":"62d6d2c5-8f5c-4d9a-8001-3a38a7a3d4d3","block_type":"box","text":"in unequal proportions. 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The Depositary may create one or more","page_number":18,"box":{"x":62,"y":440,"width":399,"height":11}},{"id":"65136946-1029-4c8e-ad71-3c12fdcde8c5","block_type":"box","text":"classes of Units as instructed from time to time by the","page_number":18,"box":{"x":62,"y":454,"width":400,"height":11}},{"id":"06849011-d1b6-4484-b5de-08116cfc0c1f","block_type":"box","text":"ACS Manager. The creation of additional Unit Classes","page_number":18,"box":{"x":62,"y":467,"width":399,"height":12}},{"id":"74fee90d-28e0-4c1e-960b-879b4e4b9204","block_type":"box","text":"will not result in any material prejudice to the interests","page_number":18,"box":{"x":62,"y":481,"width":399,"height":11}},{"id":"6a4b425d-625d-4b91-be31-a3175c5a03ed","block_type":"box","text":"of holders of Units in existing Unit Classes.","page_number":18,"box":{"x":62,"y":495,"width":316,"height":11}},{"id":"bb9e92e4-3c02-4ff7-9fa9-bb8d7ec9efc8","block_type":"box","text":"23. 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The","page_number":19,"box":{"x":62,"y":227,"width":399,"height":12}},{"id":"cdb18673-4833-4d75-b99f-657ec272a854","block_type":"box","text":"Securities Lending Agent will not accept any securities","page_number":19,"box":{"x":62,"y":241,"width":399,"height":11}},{"id":"d5b0256a-ae06-4471-a990-fe2379b9da91","block_type":"box","text":"issued by Aviva Plc or the Securities Lending Agent,","page_number":19,"box":{"x":62,"y":255,"width":398,"height":11}},{"id":"4251ad50-8b6a-4389-8e6c-072ce01f1e00","block_type":"box","text":"or their respective affiliated companies, and will also","page_number":19,"box":{"x":62,"y":268,"width":399,"height":11}},{"id":"64e0ff85-f936-4d10-ab89-8423b23dbd06","block_type":"box","text":"not accept collateral where the issuer is a related party","page_number":19,"box":{"x":62,"y":282,"width":400,"height":11}},{"id":"ae4e8ca6-b67e-4f67-81b2-a24d0e67edae","block_type":"box","text":"of the counterparty. Non-Sovereign and Non\u0002","page_number":19,"box":{"x":62,"y":296,"width":399,"height":11}},{"id":"916c767d-b9c9-4427-848a-e172bb9b0119","block_type":"box","text":"Supranational issued Collateral, excluding sub one\u0002","page_number":19,"box":{"x":62,"y":309,"width":399,"height":12}},{"id":"13e7f7c7-b530-4d51-9c7c-39e7b97f1aa2","block_type":"box","text":"year money market instruments, will be restricted by","page_number":19,"box":{"x":62,"y":323,"width":400,"height":11}},{"id":"edf3fca8-34df-4a39-bb29-d677832daf8f","block_type":"box","text":"issuer to 10% of the Collateral value.","page_number":19,"box":{"x":62,"y":337,"width":271,"height":9}},{"id":"eff4bd14-3276-467d-846b-90f3daca21c4","block_type":"box","text":"Collateral will adequately cover securities lent under","page_number":19,"box":{"x":62,"y":356,"width":400,"height":11}},{"id":"0a3fec35-a923-4732-9a1a-9127d271f5ef","block_type":"box","text":"any Securities Lending Transactions and will continue","page_number":19,"box":{"x":62,"y":370,"width":399,"height":11}},{"id":"c0e9fde7-f8f2-4b93-b6fe-65460150b3ba","block_type":"box","text":"to be adequate only if its value is at all times at least","page_number":19,"box":{"x":62,"y":384,"width":400,"height":11}},{"id":"68cb3874-7d31-4c1b-abc1-428801bfe211","block_type":"box","text":"equal to the value of the securities transferred by the","page_number":19,"box":{"x":62,"y":397,"width":399,"height":11}},{"id":"855dde87-4f0f-44fc-9dda-8bd7bb5359be","block_type":"box","text":"Securities Lending Agent. This will be satisfied in","page_number":19,"box":{"x":62,"y":411,"width":399,"height":11}},{"id":"1fd039e3-e3db-42e7-8fdf-5328bd8d459c","block_type":"box","text":"respect of collateral where the validity of the collateral","page_number":19,"box":{"x":63,"y":425,"width":398,"height":11}},{"id":"34957819-98e0-46a1-ab89-d3627360511d","block_type":"box","text":"or the firm's interest in the collateral is about to expire","page_number":19,"box":{"x":62,"y":438,"width":399,"height":11}},{"id":"bb078d9e-9edb-43fa-82ba-6fbbe4c6e713","block_type":"box","text":"or has expired if sufficient collateral will again be","page_number":19,"box":{"x":62,"y":452,"width":399,"height":11}},{"id":"92422ac0-2089-4d1b-b212-cc609e7f0f5f","block_type":"box","text":"transferred or issued at the latest by the close of","page_number":19,"box":{"x":62,"y":466,"width":400,"height":11}},{"id":"aedb022f-dbc8-4312-9ae5-5b1f7338a481","block_type":"box","text":"business on the day of expiry.","page_number":19,"box":{"x":62,"y":479,"width":220,"height":11}},{"id":"035163ca-cb7f-492a-89cf-62ffcea47344","block_type":"box","text":"The collateral received is valued daily on a mark-to\u0002","page_number":19,"box":{"x":62,"y":499,"width":399,"height":11}},{"id":"45c8a4a6-9d62-4faa-9bf6-221aa2304741","block_type":"box","text":"market basis. As the types of collateral accepted are","page_number":19,"box":{"x":62,"y":513,"width":399,"height":11}},{"id":"4e62ab78-8dde-4fae-87bf-4f3d5bc3c26e","block_type":"box","text":"liquid with publicly available prices, a mark-to-market","page_number":19,"box":{"x":62,"y":526,"width":400,"height":11}},{"id":"0a39249c-f8a4-4152-9390-3b69e288c188","block_type":"box","text":"basis gives the best valuation. A haircut (a deduction","page_number":19,"box":{"x":62,"y":540,"width":399,"height":11}},{"id":"e6589854-371b-426b-91ba-2a264e943aba","block_type":"box","text":"to the valuation) is applied to the value of the collateral","page_number":19,"box":{"x":62,"y":553,"width":399,"height":11}},{"id":"13716b61-4299-450f-913a-185933ec6cd5","block_type":"box","text":"depending on the type of collateral received and","page_number":19,"box":{"x":62,"y":567,"width":399,"height":11}},{"id":"f9e3101f-c06a-4551-87b4-6a5012af96c2","block_type":"box","text":"positions will be subject to daily variation margin","page_number":19,"box":{"x":62,"y":581,"width":399,"height":11}},{"id":"67124aca-ce60-4f34-bc01-44159deebfd1","block_type":"box","text":"requirements.","page_number":19,"box":{"x":63,"y":595,"width":100,"height":10}},{"id":"1cf8bf85-dcc2-4c0b-8d18-b16a394ed432","block_type":"box","text":"All transactions are governed by industry standard","page_number":19,"box":{"x":62,"y":614,"width":399,"height":11}},{"id":"9d255335-b099-4c50-a05b-2eaefc77c9a5","block_type":"box","text":"documentation. The assets that may be subject to","page_number":19,"box":{"x":62,"y":628,"width":400,"height":11}},{"id":"a3a252d4-6004-43d5-9c68-9e83de8fda5c","block_type":"box","text":"securities lending and all collateral received is held","page_number":19,"box":{"x":62,"y":641,"width":399,"height":12}},{"id":"a0fe92dc-5f25-4959-8b2f-2c141693ed57","block_type":"box","text":"under the control of the Depositary for the benefit of","page_number":19,"box":{"x":63,"y":655,"width":399,"height":11}},{"id":"c9ef4c91-cd92-4fab-a190-1b5dd104e8f3","block_type":"box","text":"the underlying Sub-Fund.","page_number":19,"box":{"x":62,"y":669,"width":186,"height":11}},{"id":"21c33fd8-07d9-422b-b720-72bdbff88b05","block_type":"box","text":"Collateral may not be re-used and cash collateral","page_number":19,"box":{"x":62,"y":688,"width":399,"height":11}},{"id":"7cc0d6e9-2842-4012-95b2-9b246945c55a","block_type":"box","text":"reinvestment is not permitted.","page_number":19,"box":{"x":63,"y":702,"width":217,"height":11}},{"id":"1b95c715-dcd7-463a-bad4-9e9875f0ea91","block_type":"box","text":"Any income generated from stock lending will be","page_number":19,"box":{"x":62,"y":721,"width":399,"height":12}},{"id":"8fefa618-759a-4fbd-b540-f6c1b75ad82f","block_type":"box","text":"allocated between the relevant Sub-Fund and the","page_number":19,"box":{"x":62,"y":735,"width":399,"height":9}},{"id":"dbc4a360-7f32-44c0-a594-3fb0228f604b","block_type":"box","text":"Securities Lending Agent (who is an associated","page_number":19,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"9a46e9ef-eab7-469c-995b-35452f0366ca","block_type":"box","text":"company to the ACS Manager). For each Sub-Fund","page_number":19,"box":{"x":62,"y":762,"width":399,"height":12}},{"id":"7b679088-b098-4223-91bb-14b96929305d","block_type":"box","text":"operating securities lending, the Securities Lending","page_number":19,"box":{"x":62,"y":776,"width":399,"height":11}},{"id":"fc204d92-eaef-46de-9cbc-d9c7b6d9518f","block_type":"box","text":"agent is permitted to deduct a monthly fee equating to","page_number":19,"box":{"x":62,"y":790,"width":400,"height":11}},{"id":"3458e467-2072-4f22-a13f-d756ae67f02a","block_type":"box","text":"20 per cent of the Securities Lending income","page_number":19,"box":{"x":62,"y":803,"width":399,"height":12}},{"id":"bf31480b-8636-4c2c-a537-cb7cdb3ce2a2","block_type":"box","text":"generated for that Sub-Fund. The fee will be charged","page_number":19,"box":{"x":62,"y":817,"width":399,"height":11}},{"id":"944da655-8d75-464d-bcb5-3c55990bf21a","block_type":"box","text":"to the relevant Sub-Fund each month in respect of the","page_number":19,"box":{"x":62,"y":831,"width":399,"height":11}},{"id":"c850b810-b6b0-44f8-9179-1d29c0bddb07","block_type":"box","text":"Securities Lending activity from the preceding month.","page_number":19,"box":{"x":62,"y":844,"width":398,"height":12}},{"id":"42d7441c-e767-4fe1-ac19-f45d249ffb20","block_type":"box","text":"No Securities Lending Agent fee will be deducted from","page_number":19,"box":{"x":63,"y":858,"width":398,"height":11}},{"id":"bd31b87c-987d-4eee-b8ae-07ddcd418ae0","block_type":"box","text":"the Scheme Property if no revenue from securities","page_number":19,"box":{"x":62,"y":872,"width":399,"height":11}},{"id":"92961996-a84a-4d9a-8505-b09c381416be","block_type":"box","text":"lending activity has been generated in the preceding","page_number":19,"box":{"x":62,"y":885,"width":399,"height":12}},{"id":"2d6b3bda-7974-4cb5-a7f4-1847a1f21832","block_type":"box","text":"month. No additional fee will be charged by the ACS","page_number":19,"box":{"x":62,"y":899,"width":399,"height":11}},{"id":"a3d0f612-ea0c-4354-955e-b507f77eb2eb","block_type":"box","text":"Manager.","page_number":19,"box":{"x":63,"y":913,"width":68,"height":11}},{"id":"19e08043-4144-4fff-9e86-d3b73e0f18c9","block_type":"box","text":"(ii) TRS","page_number":19,"box":{"x":524,"y":46,"width":61,"height":11}},{"id":"f6eb182f-143b-4685-9311-064107ce08dd","block_type":"box","text":"A TRS is a swap agreement in which one party makes","page_number":19,"box":{"x":523,"y":65,"width":400,"height":11}},{"id":"0444c978-bb79-4635-b83f-d7274470f646","block_type":"box","text":"payments based on a set rate, either fixed or variable,","page_number":19,"box":{"x":524,"y":79,"width":398,"height":11}},{"id":"2c5e8ae9-b396-4bf2-9428-03c6c19425a3","block_type":"box","text":"while the other party makes payments based on the","page_number":19,"box":{"x":523,"y":93,"width":400,"height":11}},{"id":"ce919489-847a-4221-a8f0-56afcb967ebe","block_type":"box","text":"return of an underlying asset. The AI Balanced","page_number":19,"box":{"x":524,"y":106,"width":398,"height":12}},{"id":"2def4611-d332-449e-8c11-9f97f530fba2","block_type":"box","text":"Pension Fund, AI Balanced Life Fund and AI Cautious","page_number":19,"box":{"x":524,"y":120,"width":399,"height":10}},{"id":"c47043a6-b631-48c6-a681-d4ddaf17a7ea","block_type":"box","text":"Pension Fund are permitted to use TRS for investment","page_number":19,"box":{"x":524,"y":134,"width":399,"height":11}},{"id":"63af826d-a93f-45e6-bd61-73a865c987c5","block_type":"box","text":"purposes, or for efficient portfolio management, or to","page_number":19,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"2b94c8e9-e34d-47d3-92d1-6efce5980444","block_type":"box","text":"reduce risk. The Core Funds are permitted to use TRS","page_number":19,"box":{"x":524,"y":161,"width":399,"height":11}},{"id":"5d460137-0e40-40bb-b16c-3a3d276d6ff0","block_type":"box","text":"for efficient portfolio management, or to reduce risk.","page_number":19,"box":{"x":523,"y":175,"width":399,"height":11}},{"id":"5d854d2e-b4f5-42f5-9891-82d3d76301f0","block_type":"box","text":"TRS may be used to gain exposure to asset class","page_number":19,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"c4fa8558-8092-47a5-acfe-8fc03532c7f5","block_type":"box","text":"sectors or strategies that the Investment Manager","page_number":19,"box":{"x":523,"y":202,"width":400,"height":11}},{"id":"dde3b45f-520f-4166-8238-2aeb6192a714","block_type":"box","text":"believes that they cannot access effectively through","page_number":19,"box":{"x":524,"y":216,"width":398,"height":11}},{"id":"cacc08da-9248-4a60-b1d7-3f8310fd43f1","block_type":"box","text":"physical securities or exchange-traded derivatives","page_number":19,"box":{"x":524,"y":229,"width":399,"height":11}},{"id":"6f2a9e18-8099-409d-9f65-7302f5746f6b","block_type":"box","text":"such as futures contracts.","page_number":19,"box":{"x":523,"y":243,"width":190,"height":9}},{"id":"c6ae21fe-608b-4d45-b67b-64e919f7c605","block_type":"box","text":"Please refer to Appendix 1 which sets out for each of","page_number":19,"box":{"x":524,"y":263,"width":399,"height":11}},{"id":"febc7862-3dc6-4e9a-a468-a3220110555b","block_type":"box","text":"these Sub-Funds:","page_number":19,"box":{"x":523,"y":276,"width":131,"height":9}},{"id":"25fa6744-e07d-4882-b287-554c726faba0","block_type":"box","text":"","page_number":19,"box":{"x":524,"y":300,"width":5,"height":4}},{"id":"336cec7e-c87f-471c-b061-42c2d38ff0a1","block_type":"box","text":"The types of assets which may be subject to TRS","page_number":19,"box":{"x":553,"y":296,"width":367,"height":12}},{"id":"d7389405-b74d-4c75-902a-d2350b9336d6","block_type":"box","text":"","page_number":19,"box":{"x":524,"y":320,"width":5,"height":4}},{"id":"e662149a-c812-4071-aa23-59457a10d3dc","block_type":"box","text":"the maximum proportion of assets which may be","page_number":19,"box":{"x":559,"y":317,"width":364,"height":11}},{"id":"562c93b8-9e5f-4aab-8380-093a6e61cfd4","block_type":"box","text":"subject to TRS","page_number":19,"box":{"x":559,"y":331,"width":109,"height":11}},{"id":"d025403b-3d49-4ca0-ba6f-8b0260048764","block_type":"box","text":"","page_number":19,"box":{"x":524,"y":354,"width":5,"height":4}},{"id":"54e64b22-d20d-40c7-8330-bdae4e31e263","block_type":"box","text":"the expected proportion of assets which may be","page_number":19,"box":{"x":553,"y":351,"width":370,"height":11}},{"id":"8e536d71-3aff-453e-a17b-a95fa209bb81","block_type":"box","text":"subject to TRS","page_number":19,"box":{"x":553,"y":365,"width":109,"height":11}},{"id":"3a5efc33-1e18-4240-b3a1-90e26da49d2b","block_type":"box","text":"Accordingly, the disclosures made below under Article","page_number":19,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"4e702977-34f7-4eee-a217-366506cf7b65","block_type":"box","text":"14 of the Securities Financing Transaction Regulations","page_number":19,"box":{"x":524,"y":398,"width":399,"height":11}},{"id":"af4af919-3120-4035-81c6-2eced43fbcb1","block_type":"box","text":"have been made only in respect of the Sub-Funds","page_number":19,"box":{"x":524,"y":411,"width":398,"height":12}},{"id":"c7e5616f-2f2e-4eef-ac34-2a5cdf6482eb","block_type":"box","text":"permitted to use TRS as listed above.","page_number":19,"box":{"x":524,"y":425,"width":277,"height":11}},{"id":"301c3826-d3fc-4fee-8356-14f9ec49f4bc","block_type":"box","text":"All counterparties must meet certain criteria based","page_number":19,"box":{"x":523,"y":445,"width":399,"height":11}},{"id":"d9c99f34-a7cf-448b-8998-66b1826c4bfe","block_type":"box","text":"upon their credit rating, and Schroders usually","page_number":19,"box":{"x":524,"y":458,"width":399,"height":12}},{"id":"9d52ea0f-bef1-4c68-83e5-0416d696da34","block_type":"box","text":"transacts TRS with counterparties with a minimum","page_number":19,"box":{"x":523,"y":472,"width":399,"height":11}},{"id":"5411779a-5849-456f-b864-eb1486050709","block_type":"box","text":"rating of BBB or equivalent.","page_number":19,"box":{"x":524,"y":486,"width":202,"height":11}},{"id":"65586a0f-1a86-44e2-9201-bd08823ee3fa","block_type":"box","text":"There are no requirements based on legal status or","page_number":19,"box":{"x":523,"y":505,"width":400,"height":12}},{"id":"e2996cf9-a309-4fef-8418-e4e9edaf2640","block_type":"box","text":"country of origin, but the counterparty must be","page_number":19,"box":{"x":523,"y":519,"width":400,"height":11}},{"id":"c4a91af3-d961-4741-923a-c8c990b3218e","block_type":"box","text":"domiciled in jurisdictions where the relevant legal","page_number":19,"box":{"x":523,"y":533,"width":399,"height":11}},{"id":"454a4b97-fd63-4fb9-ab55-f921d1c8e601","block_type":"box","text":"documentation is enforceable.","page_number":19,"box":{"x":523,"y":546,"width":222,"height":9}},{"id":"f480f014-f55a-4eef-bf91-ae51f343cc27","block_type":"box","text":"Collateral is limited to UK Government debt and cash.","page_number":19,"box":{"x":523,"y":566,"width":398,"height":9}},{"id":"a4de1d4b-ef76-41e5-8a09-feafeb573aa2","block_type":"box","text":"No liquidity limits (beyond limits on the type of","page_number":19,"box":{"x":524,"y":585,"width":399,"height":12}},{"id":"7deeba9e-ec35-4bc0-9fda-b972d135097c","block_type":"box","text":"collateral accepted) are applied in relation to collateral","page_number":19,"box":{"x":523,"y":599,"width":399,"height":11}},{"id":"511297fe-106d-4af0-b2c2-7a691e9d1ffc","block_type":"box","text":"received. However, maturity limits are applied in","page_number":19,"box":{"x":524,"y":613,"width":398,"height":11}},{"id":"390946f8-5f22-47d2-9092-e29cfed607ad","block_type":"box","text":"relation to the collateral received across the selection","page_number":19,"box":{"x":524,"y":627,"width":398,"height":8}},{"id":"4aabe122-eb2c-43e6-aa33-0629fb323d46","block_type":"box","text":"of counterparties available, this will range from 50","page_number":19,"box":{"x":523,"y":640,"width":400,"height":11}},{"id":"5f34f41a-94dd-49eb-bfec-ad05103730ba","block_type":"box","text":"years to no maturity","page_number":19,"box":{"x":523,"y":654,"width":147,"height":11}},{"id":"1c5239b9-7e7c-4493-ad53-72bd548cb980","block_type":"box","text":".","page_number":19,"box":{"x":671,"y":661,"width":3,"height":1}},{"id":"e56625b4-baec-42fc-bb05-57c671f55cee","block_type":"box","text":"Collateral will be issued by an entity independent from","page_number":19,"box":{"x":523,"y":673,"width":399,"height":12}},{"id":"d465de67-e1ce-4ec9-8b58-0a3e692f3267","block_type":"box","text":"the counterparty and is not expected to display a high","page_number":19,"box":{"x":523,"y":687,"width":399,"height":11}},{"id":"923fd0e5-da59-4ec8-9f68-75709dc85b96","block_type":"box","text":"correlation with the performance of the counterparty.","page_number":19,"box":{"x":523,"y":701,"width":399,"height":11}},{"id":"b8cbb436-5759-4b42-905f-253fd8700cd5","block_type":"box","text":"Collateral will be sufficiently diversified in terms of UK","page_number":19,"box":{"x":523,"y":714,"width":400,"height":11}},{"id":"13418ea5-0736-4ba5-b7a3-7f1fc9a9499f","block_type":"box","text":"Government Debt issues.","page_number":19,"box":{"x":523,"y":728,"width":188,"height":9}},{"id":"bb35c45f-1c56-4c99-8faf-f9f9e107a8f1","block_type":"box","text":"The collateral received is valued daily on a mark-to\u0002","page_number":19,"box":{"x":523,"y":748,"width":400,"height":11}},{"id":"2a8712e9-f7ab-434d-b2ad-e0fd17365796","block_type":"box","text":"market basis. As the types of collateral accepted are","page_number":19,"box":{"x":524,"y":761,"width":399,"height":11}},{"id":"861503f1-2a2b-4e97-b384-b58d8081932b","block_type":"box","text":"liquid with publicly available prices, a mark-to-market","page_number":19,"box":{"x":524,"y":775,"width":399,"height":11}},{"id":"49f7cf0f-0146-49da-ae48-d80b2a47dbd5","block_type":"box","text":"basis gives the best valuation. A haircut (a deduction","page_number":19,"box":{"x":524,"y":789,"width":398,"height":11}},{"id":"83e9de29-ee18-4bdf-a973-95bcc0db4d74","block_type":"box","text":"to the valuation) is applied to the value of the collateral","page_number":19,"box":{"x":523,"y":802,"width":399,"height":11}},{"id":"1f2f13ea-8002-4ff7-a851-32027755ea34","block_type":"box","text":"depending on the type of collateral received and","page_number":19,"box":{"x":523,"y":816,"width":399,"height":11}},{"id":"a63a4eed-c895-49ba-9283-1220d65a6380","block_type":"box","text":"positions will be subject to daily variation margin","page_number":19,"box":{"x":524,"y":830,"width":398,"height":11}},{"id":"f92913fc-4c88-4720-b5bc-57fe84ad0a04","block_type":"box","text":"requirements.","page_number":19,"box":{"x":524,"y":843,"width":100,"height":11}},{"id":"517bee07-fa4d-4d97-97ba-a9da7a4824fb","block_type":"box","text":"All transactions are governed by industry standard","page_number":19,"box":{"x":523,"y":863,"width":399,"height":11}},{"id":"4f84f9c8-a860-44cb-8d6d-9c8c76be9b8f","block_type":"box","text":"documentation, which currently provides for the title","page_number":19,"box":{"x":523,"y":876,"width":400,"height":12}},{"id":"c7e31bd4-3d0b-4fdb-8b10-fa9bb45fb51b","block_type":"box","text":"transfer of collateral securities. The assets that may be","page_number":19,"box":{"x":523,"y":890,"width":400,"height":11}},{"id":"53d93a1f-967f-4377-a0be-6bd464db5be1","block_type":"box","text":"subject to TRS and all collateral received is held under","page_number":19,"box":{"x":523,"y":904,"width":400,"height":11}},{"id":"656a74a6-c343-40cf-aa1a-5bcc5b161faf","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 20","page_number":20,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"55fead79-2e09-43b7-a379-ed591e994e2c","block_type":"box","text":"the control of the Depositary for the benefit of the","page_number":20,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"0da34169-d143-4661-ab00-2ebdd1a289c8","block_type":"box","text":"underlying Sub-Fund.","page_number":20,"box":{"x":63,"y":59,"width":157,"height":12}},{"id":"af1cc03c-d763-42ce-b0b1-c499dab37468","block_type":"box","text":"Neither security or cash collateral will be reused or","page_number":20,"box":{"x":63,"y":85,"width":399,"height":11}},{"id":"5413485e-378b-4a44-9ac4-2c7f78a6c8e1","block_type":"box","text":"reinvested.","page_number":20,"box":{"x":63,"y":99,"width":79,"height":8}},{"id":"2e3d631d-6502-40a5-a75c-6a40eee814a3","block_type":"box","text":"The whole of any returns generated are credited to the","page_number":20,"box":{"x":62,"y":124,"width":400,"height":11}},{"id":"6bb11dbf-7898-43c0-a059-0b930cd4245f","block_type":"box","text":"relevant Sub-Fund and no costs or fees are assigned","page_number":20,"box":{"x":63,"y":138,"width":398,"height":11}},{"id":"1fd72dc0-0da5-4460-bcaa-e9abd8d46659","block_type":"box","text":"to the ACS Manager or third parties.","page_number":20,"box":{"x":62,"y":151,"width":267,"height":12}},{"id":"1ee91c59-c38a-49d5-8f64-4e6fe3ad66d6","block_type":"box","text":"(iii) Repo contracts","page_number":20,"box":{"x":63,"y":171,"width":139,"height":11}},{"id":"51c050c3-8fba-4c82-84e2-f1227c1e9e20","block_type":"box","text":"A repo contract is an agreement between a seller and","page_number":20,"box":{"x":62,"y":191,"width":399,"height":11}},{"id":"1e03cf1f-e791-4199-b89c-9a4d0ea20ec9","block_type":"box","text":"a buyer for the purchase or sale of securities, or the","page_number":20,"box":{"x":62,"y":204,"width":399,"height":11}},{"id":"88261641-5b4f-4ac7-8977-b2e20a8e95d7","block_type":"box","text":"buyer agrees to resell the securities or equivalent","page_number":20,"box":{"x":62,"y":218,"width":400,"height":11}},{"id":"9b68ed01-f8ad-41c7-91ba-17a6a90ad5e9","block_type":"box","text":"securities, at an agreed date and, usually, at a stated","page_number":20,"box":{"x":62,"y":232,"width":399,"height":11}},{"id":"27f442ed-9141-4684-94ba-fedb65128f14","block_type":"box","text":"price.","page_number":20,"box":{"x":62,"y":245,"width":39,"height":11}},{"id":"faf40619-f57a-445e-85f1-3b057ab2ed3c","block_type":"box","text":"Whilst Sub-Funds of the Scheme are permitted to","page_number":20,"box":{"x":62,"y":265,"width":399,"height":11}},{"id":"6fd41491-e9f4-4dc1-bc44-47a209bd229b","block_type":"box","text":"enter into repo contracts for the purposes of efficient","page_number":20,"box":{"x":62,"y":279,"width":400,"height":11}},{"id":"d41c41f8-ee76-4378-a3a2-162887cfe264","block_type":"box","text":"portfolio management, and there is no limit on the","page_number":20,"box":{"x":62,"y":292,"width":399,"height":11}},{"id":"5d58a2e9-e930-4f11-9548-38c7fd8924ee","block_type":"box","text":"maximum proportion of the Sub-Funds’ assets that","page_number":20,"box":{"x":62,"y":306,"width":400,"height":11}},{"id":"ed43d1c3-c9bd-4d63-8b9c-1085ffa53718","block_type":"box","text":"may be subject to such contracts, currently none of the","page_number":20,"box":{"x":62,"y":320,"width":399,"height":11}},{"id":"6dc4ae62-88a1-4c5a-83a4-07f5a3fa69a6","block_type":"box","text":"Sub-Funds of the Scheme make use of repo contracts,","page_number":20,"box":{"x":62,"y":333,"width":399,"height":11}},{"id":"66c51959-597a-420c-b117-6b35c4d720cc","block_type":"box","text":"accordingly, no disclosure regarding the use of repo","page_number":20,"box":{"x":62,"y":347,"width":399,"height":11}},{"id":"01f2a862-1cd7-401c-a1b1-08722145afaf","block_type":"box","text":"contracts, under Article 14 of the Securities Financing","page_number":20,"box":{"x":62,"y":360,"width":399,"height":12}},{"id":"e402e14d-ad44-4dba-ba48-9a4a3a782c2e","block_type":"box","text":"Transaction Regulations has been made.","page_number":20,"box":{"x":62,"y":374,"width":304,"height":11}},{"id":"26891e63-41d0-40c3-b614-be71426baf07","block_type":"box","text":"25. Leverage Ratios","page_number":20,"box":{"x":74,"y":400,"width":176,"height":11}},{"id":"b168c621-b7fb-4203-a598-47d8528dbc58","block_type":"box","text":"The maximum level of leverage which a Sub-Fund, or","page_number":20,"box":{"x":62,"y":419,"width":400,"height":11}},{"id":"8b872845-3e09-4594-850c-e9d385174871","block_type":"box","text":"the ACS Manager on that Sub-Fund’s behalf, is","page_number":20,"box":{"x":62,"y":433,"width":399,"height":11}},{"id":"45379929-262b-41f5-8a1d-fd8762e6586b","block_type":"box","text":"permitted to use as part of such Sub-Fund’s","page_number":20,"box":{"x":62,"y":446,"width":399,"height":12}},{"id":"78b6245f-dc77-4699-ad33-ca387b2e15e3","block_type":"box","text":"investment strategy is set out in Appendix 1.","page_number":20,"box":{"x":62,"y":460,"width":327,"height":11}},{"id":"4e29362d-3384-4305-ad91-6994211b0069","block_type":"box","text":"As required by the UK AIFM Regime, leverage is","page_number":20,"box":{"x":62,"y":480,"width":399,"height":11}},{"id":"b71a6759-64f8-47c3-aadd-fd3f515d3219","block_type":"box","text":"expressed as a ratio between a Sub-Fund’s total","page_number":20,"box":{"x":62,"y":493,"width":399,"height":11}},{"id":"37195e8c-cc39-46fb-809c-39a7bb24ad86","block_type":"box","text":"exposure and its net asset value. The generic","page_number":20,"box":{"x":62,"y":507,"width":400,"height":11}},{"id":"5f28e52c-1c1e-4874-9f44-bede7a1f3d32","block_type":"box","text":"examples below demonstrate the UK AIFM Regime","page_number":20,"box":{"x":62,"y":521,"width":399,"height":11}},{"id":"f24d4c64-5aff-4c58-818f-4239c529e357","block_type":"box","text":"prescribed methodologies that must be used for","page_number":20,"box":{"x":62,"y":534,"width":400,"height":12}},{"id":"b9ba6a36-b09b-4263-8c66-ddf3d11426e0","block_type":"box","text":"calculating such leverage ratios.","page_number":20,"box":{"x":62,"y":548,"width":237,"height":11}},{"id":"3959431d-ff34-4022-b962-5ce1a9348d77","block_type":"box","text":"If a Sub-Fund were to have 80% physical holding in","page_number":20,"box":{"x":63,"y":568,"width":398,"height":11}},{"id":"4f3f259e-6cf8-4a7d-8e0d-8950792556b9","block_type":"box","text":"direct investments, 20% exposure to index futures,","page_number":20,"box":{"x":62,"y":581,"width":398,"height":11}},{"id":"b016ed5c-0ec1-44d1-8b1c-3145fa7d67bd","block_type":"box","text":"30% forward FX (used to hedge) and 20% cash, in","page_number":20,"box":{"x":62,"y":595,"width":399,"height":11}},{"id":"f1eb6fa5-52a2-4dfe-b2d7-df2d9081588e","block_type":"box","text":"accordance with the UK AIFM Regime such Sub\u0002","page_number":20,"box":{"x":62,"y":609,"width":399,"height":11}},{"id":"93402371-ec2e-449a-bd32-4ac165e65973","block_type":"box","text":"Fund’s leverage would be expressed as follows:","page_number":20,"box":{"x":63,"y":622,"width":354,"height":12}},{"id":"4cf37afe-1d77-4892-acc1-4d98739deecc","block_type":"box","text":"","page_number":20,"box":{"x":62,"y":646,"width":6,"height":4}},{"id":"48f26988-1b8e-4cd5-8ae4-ea1de867d30e","block_type":"box","text":"using the commitment methodology, a ratio of","page_number":20,"box":{"x":93,"y":643,"width":369,"height":11}},{"id":"ce7301c6-e140-4c75-977b-bd4e12f8577d","block_type":"box","text":"1.2:1, where 1.2 represents this Sub-Fund’s","page_number":20,"box":{"x":93,"y":656,"width":368,"height":11}},{"id":"9589a184-af9d-44db-a618-1a4415a5378f","block_type":"box","text":"exposure to direct investments, index futures and","page_number":20,"box":{"x":92,"y":670,"width":369,"height":11}},{"id":"c3a69793-53a5-4bb0-b10c-7bde637fd5d9","block_type":"box","text":"cash; pursuant to the UK AIFM Regime forward FX","page_number":20,"box":{"x":92,"y":684,"width":370,"height":11}},{"id":"9c9ec5b9-63c6-4596-b067-bca1d379ad96","block_type":"box","text":"used for hedging can be netted against a fund’s","page_number":20,"box":{"x":93,"y":697,"width":368,"height":12}},{"id":"2d97e271-7aca-43ab-aafd-f19cdcc55d39","block_type":"box","text":"foreign currency exposure;","page_number":20,"box":{"x":92,"y":711,"width":197,"height":11}},{"id":"287c5fed-453c-4732-be5d-96896e4a4e34","block_type":"box","text":"","page_number":20,"box":{"x":62,"y":729,"width":6,"height":4}},{"id":"8076b92b-9f83-4a2f-883c-6d59686393b3","block_type":"box","text":"using the gross methodology, a ratio of 1.3:1,","page_number":20,"box":{"x":93,"y":726,"width":368,"height":11}},{"id":"f57c1cec-d69b-4108-8c3c-ed01702d1114","block_type":"box","text":"where 1.3 represents this Sub-Fund’s exposure to","page_number":20,"box":{"x":92,"y":739,"width":369,"height":11}},{"id":"6d7a38f4-df07-44c5-b095-3333026ea0f8","block_type":"box","text":"direct investments, index futures and forward FX;","page_number":20,"box":{"x":92,"y":753,"width":368,"height":10}},{"id":"1a5a3d78-2cb9-43f0-856c-040537761f66","block_type":"box","text":"pursuant to the UK AIFM Regime cash is excluded","page_number":20,"box":{"x":93,"y":767,"width":368,"height":11}},{"id":"2209ce6b-56ad-41be-8006-51309bd85a9d","block_type":"box","text":"from the gross method of calculation whereas","page_number":20,"box":{"x":92,"y":780,"width":369,"height":11}},{"id":"c1aedea6-7673-495d-8478-9441546388da","block_type":"box","text":"forward FX used for hedging cannot be netted.","page_number":20,"box":{"x":92,"y":794,"width":344,"height":11}},{"id":"f9e6c440-8e7b-425e-ba6e-11b55ac8b775","block_type":"box","text":"As demonstrated above, the expression of 1.2:1 does","page_number":20,"box":{"x":62,"y":813,"width":399,"height":11}},{"id":"fe595354-eac9-4e52-91a5-d28d4505dc4f","block_type":"box","text":"comprise “Incremental Exposure” through the use of","page_number":20,"box":{"x":62,"y":827,"width":400,"height":11}},{"id":"e3330485-e385-4b2e-aabc-59f63f940388","block_type":"box","text":"derivatives, and the Sub-Fund’s holdings in direct","page_number":20,"box":{"x":62,"y":840,"width":400,"height":12}},{"id":"4cc42065-a4c9-4e50-b8d7-f87f90d16e61","block_type":"box","text":"investments are also included. The exposure is","page_number":20,"box":{"x":62,"y":854,"width":399,"height":11}},{"id":"08bd847b-f998-4e09-9b73-bec1647344a4","block_type":"box","text":"calculated in accordance with the methodologies","page_number":20,"box":{"x":62,"y":868,"width":399,"height":11}},{"id":"aca7af06-b5de-4efe-bcb9-38f1b018a44f","block_type":"box","text":"expressly set out in the UK AIFM Regime.","page_number":20,"box":{"x":62,"y":882,"width":310,"height":11}},{"id":"3e1fe201-53c9-4d7a-aef0-44b4c79aa15f","block_type":"box","text":"If a Sub-Fund were to have 100% in collective","page_number":20,"box":{"x":63,"y":901,"width":398,"height":9}},{"id":"7acb16ff-0c2e-40cd-8c63-98fdeddbdcad","block_type":"box","text":"investment schemes, in accordance with the UK AIFM","page_number":20,"box":{"x":62,"y":915,"width":399,"height":10}},{"id":"b4611252-f30e-4a19-bf02-23d86a4bfed8","block_type":"box","text":"Regime such Sub-Fund’s leverage would be","page_number":20,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"01306b57-4ee8-44d2-af05-f8ae30c85f25","block_type":"box","text":"expressed as follows:","page_number":20,"box":{"x":523,"y":59,"width":159,"height":11}},{"id":"5a43a854-4ae8-42f5-94f2-68613f2f959f","block_type":"box","text":"","page_number":20,"box":{"x":524,"y":83,"width":5,"height":4}},{"id":"10edb9da-fcb0-43e6-954e-80694cd84597","block_type":"box","text":"using the commitment methodology, a ratio of 1:1,","page_number":20,"box":{"x":554,"y":80,"width":368,"height":11}},{"id":"1e00ebca-e915-47ed-bf57-fb70c2b474bd","block_type":"box","text":"where 1 represents this Sub-Fund’s exposure to","page_number":20,"box":{"x":553,"y":93,"width":370,"height":12}},{"id":"cef7dfe8-86e3-4bb8-b8d5-c2fb09c1d7f2","block_type":"box","text":"direct investments; and","page_number":20,"box":{"x":553,"y":107,"width":172,"height":10}},{"id":"b37f3c4e-4f5a-44d5-aadc-3366b29fa5bc","block_type":"box","text":"","page_number":20,"box":{"x":524,"y":125,"width":5,"height":4}},{"id":"287fc1fd-0b9a-4fec-bbbb-29dbd091cd62","block_type":"box","text":"using the gross methodology, a ratio of 1:1, where","page_number":20,"box":{"x":554,"y":122,"width":369,"height":11}},{"id":"f9828fbf-2578-44b5-a288-e4a0e02ffeb3","block_type":"box","text":"1 represents this Sub-Fund’s exposure to direct","page_number":20,"box":{"x":555,"y":135,"width":368,"height":11}},{"id":"99baef86-c645-4700-9a8c-956b6a385f90","block_type":"box","text":"investments.","page_number":20,"box":{"x":554,"y":149,"width":92,"height":9}},{"id":"72ebb169-5136-48a7-9d28-21753d1dcb6a","block_type":"box","text":"In this example, although the Sub-Fund is not subject","page_number":20,"box":{"x":524,"y":168,"width":399,"height":12}},{"id":"b6d0be96-4374-4335-848c-a24700094156","block_type":"box","text":"to Incremental Exposure, the leverage ratios are","page_number":20,"box":{"x":523,"y":182,"width":400,"height":11}},{"id":"483ef5bb-b553-449e-a4c2-8aac29e8bd27","block_type":"box","text":"above zero due to the exposure calculation being","page_number":20,"box":{"x":523,"y":196,"width":399,"height":11}},{"id":"63c40fc7-44fd-4b30-9f7d-ebb561b110d7","block_type":"box","text":"performed in accordance with the methodologies","page_number":20,"box":{"x":524,"y":210,"width":399,"height":11}},{"id":"a503e0a5-be38-4c66-9ce0-425e6e52b40b","block_type":"box","text":"expressly set out in the UK AIFM Regime.","page_number":20,"box":{"x":523,"y":223,"width":310,"height":11}},{"id":"ff31f613-8268-4eea-a791-e8e1493d012d","block_type":"box","text":"26. Risk Considerations","page_number":20,"box":{"x":535,"y":249,"width":209,"height":9}},{"id":"e858dd4c-30a0-4275-af5a-fe0ce5fdcf44","block_type":"box","text":"Potential Unitholders should consider the risk factors","page_number":20,"box":{"x":524,"y":268,"width":399,"height":9}},{"id":"a94e29e8-af98-46e3-befc-f698a76456e7","block_type":"box","text":"below before investing in the Scheme (or, in the case","page_number":20,"box":{"x":524,"y":282,"width":399,"height":11}},{"id":"b1604c87-ee4e-4509-ba6c-629c085766a7","block_type":"box","text":"of specific risks applying to specific Sub-Funds, in","page_number":20,"box":{"x":523,"y":295,"width":399,"height":12}},{"id":"a31be928-3236-485d-a0a1-26d3465e436b","block_type":"box","text":"those Sub-Funds). This list must not be taken to be","page_number":20,"box":{"x":523,"y":309,"width":400,"height":11}},{"id":"6b67d7f0-3c74-431a-bc97-99c4c75ee7c8","block_type":"box","text":"comprehensive. It should also be noted that there may","page_number":20,"box":{"x":523,"y":323,"width":400,"height":11}},{"id":"af77197b-93e7-4dab-9a87-7818d4dea41f","block_type":"box","text":"be new risks that arise in the future which could not","page_number":20,"box":{"x":524,"y":336,"width":399,"height":9}},{"id":"e7066325-5d0e-48e7-a2d1-33b6c0edbdf2","block_type":"box","text":"have been anticipated in advance. Also, risk factors","page_number":20,"box":{"x":524,"y":350,"width":398,"height":11}},{"id":"de0d0223-1d5e-4363-b248-9040efe10bf1","block_type":"box","text":"listed will apply to different Sub-Funds to different","page_number":20,"box":{"x":524,"y":364,"width":399,"height":11}},{"id":"df8d8562-b90f-4785-9cd6-266d2c48f3d1","block_type":"box","text":"degrees, and for a given Sub-Fund this degree could","page_number":20,"box":{"x":523,"y":377,"width":399,"height":12}},{"id":"83db66f6-2b4a-46a6-ad2a-093301a4b437","block_type":"box","text":"increase or reduce through time.","page_number":20,"box":{"x":524,"y":391,"width":239,"height":11}},{"id":"a243ec9c-019d-4533-98e3-53954fcf3f88","block_type":"box","text":"Unitholders will need to decide whether or not an","page_number":20,"box":{"x":524,"y":411,"width":398,"height":9}},{"id":"b4fbe9c3-7da3-4832-b6cd-72b19087dffd","block_type":"box","text":"investment in a Sub-Fund is appropriate for their","page_number":20,"box":{"x":524,"y":424,"width":399,"height":11}},{"id":"6445f608-acdc-4199-8ab4-6e5db2a1e09c","block_type":"box","text":"requirements.","page_number":20,"box":{"x":524,"y":438,"width":100,"height":11}},{"id":"3730c830-8b04-4d98-be0f-2c3bc8434e41","block_type":"box","text":"Some of the risk factors below relate to the underlying","page_number":20,"box":{"x":523,"y":458,"width":399,"height":11}},{"id":"254e4b41-d54d-4e04-80f6-2114514ae4dc","block_type":"box","text":"collective investment schemes (\"","page_number":20,"box":{"x":523,"y":471,"width":242,"height":11}},{"id":"327e8382-cc01-4bf0-9477-3714ed294e53","block_type":"box","text":"underlying fund","page_number":20,"box":{"x":768,"y":471,"width":125,"height":11}},{"id":"72272ad1-5f76-4843-8427-5c8eac2d3237","block_type":"box","text":"\") in","page_number":20,"box":{"x":895,"y":471,"width":27,"height":11}},{"id":"9211bdee-9390-47c0-9107-979f8c852e8c","block_type":"box","text":"which the Sub-Funds invest but for that reason are","page_number":20,"box":{"x":523,"y":485,"width":400,"height":9}},{"id":"a4e04e3f-e913-4d51-bdad-1c30a4d8a4b4","block_type":"box","text":"also relevant to the Sub-Funds themselves.","page_number":20,"box":{"x":523,"y":499,"width":321,"height":9}},{"id":"12226aae-66af-411e-b1e8-88585078e009","block_type":"box","text":"(a)","page_number":20,"box":{"x":536,"y":524,"width":18,"height":11}},{"id":"d589cb7b-5c79-495d-bb08-0421964edd81","block_type":"box","text":"General Investment Risks","page_number":20,"box":{"x":583,"y":524,"width":204,"height":9}},{"id":"b1b540cd-2b66-4357-b4b2-7e8aeb45ca7e","block_type":"box","text":"The Sub-Funds are subject to fluctuations in capital","page_number":20,"box":{"x":523,"y":544,"width":399,"height":11}},{"id":"7eccc84f-5434-48fb-b8bb-1c7373c41340","block_type":"box","text":"value of their underlying investments which can be","page_number":20,"box":{"x":523,"y":557,"width":400,"height":12}},{"id":"44394e27-0f22-4086-961e-afd6995a2ffc","block_type":"box","text":"influenced by factors such as political and economic","page_number":20,"box":{"x":524,"y":571,"width":399,"height":11}},{"id":"819cf967-398e-472d-b275-1f2d80f2b28c","block_type":"box","text":"news, corporate earnings reports, demographic trends","page_number":20,"box":{"x":524,"y":585,"width":399,"height":11}},{"id":"842f2729-2eea-4f8d-aeea-1cad246898d3","block_type":"box","text":"and catastrophic events. The ACS Manager cannot","page_number":20,"box":{"x":523,"y":598,"width":400,"height":12}},{"id":"b3506221-fa3e-42c2-8948-fe4bd2122382","block_type":"box","text":"guarantee that it will achieve the objectives set out for","page_number":20,"box":{"x":523,"y":612,"width":400,"height":11}},{"id":"9ff07940-912a-4869-92a7-66aad1b850da","block_type":"box","text":"any Sub-Fund and in any particular period losses may","page_number":20,"box":{"x":523,"y":626,"width":400,"height":11}},{"id":"b7fcc0f3-aef2-444b-a192-fc74f3d49e44","block_type":"box","text":"be suffered. It is important for Unitholders to note that","page_number":20,"box":{"x":524,"y":639,"width":399,"height":11}},{"id":"460a54c6-9508-44a6-9160-7ac30a78b66f","block_type":"box","text":"past performance is not a guide to future performance","page_number":20,"box":{"x":524,"y":653,"width":399,"height":11}},{"id":"f0ce67d9-2650-4af9-b2a8-9ef739d1ea7d","block_type":"box","text":"or growth.","page_number":20,"box":{"x":523,"y":667,"width":73,"height":11}},{"id":"e73245df-bff8-4a22-8706-60d5b2c1251e","block_type":"box","text":"Unitholders should always bear in mind that the price","page_number":20,"box":{"x":524,"y":686,"width":399,"height":11}},{"id":"1f880744-5b66-4358-b3ba-5f99789f93a7","block_type":"box","text":"of Units in any Sub-Fund and the income from them","page_number":20,"box":{"x":523,"y":700,"width":399,"height":11}},{"id":"5471ed0a-b983-432f-b6f0-a838ec5ea3d5","block_type":"box","text":"can go down as well as up and are not guaranteed.","page_number":20,"box":{"x":523,"y":714,"width":399,"height":11}},{"id":"f9e56fb8-4bd1-4ab9-8ec0-94c6dcd1de9c","block_type":"box","text":"Unitholders may receive back less than the original","page_number":20,"box":{"x":524,"y":727,"width":398,"height":11}},{"id":"e5e79111-194f-453c-b059-2cdc8e027a25","block_type":"box","text":"amount invested. An investment in a Sub-Fund is not","page_number":20,"box":{"x":523,"y":741,"width":400,"height":9}},{"id":"e4eb5073-cd2c-4b04-9ef5-64f7e0db2268","block_type":"box","text":"intended to be a complete investment programme.","page_number":20,"box":{"x":524,"y":755,"width":372,"height":11}},{"id":"b983454e-3efa-45a5-af3b-8f5fe17d001a","block_type":"box","text":"Where cancellation rights apply to a contract any","page_number":20,"box":{"x":523,"y":774,"width":400,"height":11}},{"id":"cdc17c9f-33fc-4b30-9e2e-35a03ee629ab","block_type":"box","text":"Unitholder exercising such cancellation rights will not","page_number":20,"box":{"x":524,"y":788,"width":399,"height":11}},{"id":"3aa9abcf-b9e0-4053-bd99-5766d46dd262","block_type":"box","text":"obtain a full refund of the money paid on the making of","page_number":20,"box":{"x":523,"y":801,"width":400,"height":12}},{"id":"d26b4bd2-3f83-4287-9cdf-9b062daff472","block_type":"box","text":"the contract if the value of the investment falls before","page_number":20,"box":{"x":523,"y":815,"width":400,"height":9}},{"id":"19f4dab3-92dc-481e-bd9c-da8a0e5eb723","block_type":"box","text":"the cancellation notice is received by the ACS","page_number":20,"box":{"x":523,"y":829,"width":399,"height":11}},{"id":"d7075166-5281-463d-8649-eed65526e904","block_type":"box","text":"Manager as an amount equal to that fall will be","page_number":20,"box":{"x":524,"y":842,"width":399,"height":12}},{"id":"afd42f69-b92d-46f2-90b0-f14e9043e9da","block_type":"box","text":"deducted from any refund made to the Unitholder.","page_number":20,"box":{"x":523,"y":856,"width":369,"height":11}},{"id":"41ec687b-2bd4-46f1-8018-2b91ca0a3b35","block_type":"box","text":"An investment in a Sub-Fund is not protected against","page_number":20,"box":{"x":523,"y":876,"width":400,"height":11}},{"id":"a08a7dd2-1460-41a3-87b4-f7ecfb95ad8b","block_type":"box","text":"the effects of inflation. Inflation will reduce the","page_number":20,"box":{"x":523,"y":889,"width":400,"height":9}},{"id":"03cd89c0-4f0f-421d-b7a7-fb213b398724","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 21","page_number":21,"box":{"x":62,"y":929,"width":309,"height":8}},{"id":"6d864448-7b1e-4911-b3ad-6e88bcee6965","block_type":"box","text":"purchasing power of the money when an investment is","page_number":21,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"de41325b-6a2b-47fc-adcb-f2c6f5ab721a","block_type":"box","text":"redeemed.","page_number":21,"box":{"x":63,"y":60,"width":77,"height":8}},{"id":"44389cf5-dc77-44ca-a24e-f6a24c0842af","block_type":"box","text":"(i)","page_number":21,"box":{"x":63,"y":79,"width":12,"height":11}},{"id":"34657db2-1012-450f-a1d3-de8c826cfd38","block_type":"box","text":"Accumulation of Fees/Expenses","page_number":21,"box":{"x":109,"y":79,"width":258,"height":11}},{"id":"c13556bc-8288-4262-a85b-fb16cac66cca","block_type":"box","text":"As the Sub-Funds of the Scheme may invest in","page_number":21,"box":{"x":62,"y":99,"width":399,"height":11}},{"id":"e996a5f1-2da6-485b-8bef-6443a4cf89d9","block_type":"box","text":"underlying funds, the Unitholders may incur a","page_number":21,"box":{"x":63,"y":112,"width":399,"height":12}},{"id":"10681a40-1985-43b9-986e-a6d6a140dadd","block_type":"box","text":"duplication of fees (such as management fees,","page_number":21,"box":{"x":62,"y":126,"width":398,"height":11}},{"id":"81352097-dfe4-4c3c-9614-f4910b30b063","block_type":"box","text":"custody and transaction fees, other administration fees","page_number":21,"box":{"x":62,"y":140,"width":399,"height":11}},{"id":"5597e4c2-28b4-46c6-a6c6-56ac13bf5b41","block_type":"box","text":"and audit fees). To the extent these underlying funds","page_number":21,"box":{"x":62,"y":153,"width":399,"height":11}},{"id":"d706e20f-fd04-453f-a3fc-2a10d01c863d","block_type":"box","text":"are permitted to invest in turn in other funds,","page_number":21,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"a5d1f394-06fc-405f-bde4-5c34c0f98ca1","block_type":"box","text":"Unitholders may incur additional fees.","page_number":21,"box":{"x":63,"y":181,"width":277,"height":11}},{"id":"33c1f76a-e1c0-405b-851b-799a8e106a3c","block_type":"box","text":"(ii)","page_number":21,"box":{"x":63,"y":200,"width":16,"height":11}},{"id":"efc93aff-8c4a-4f21-8eb7-10561a0fb6ae","block_type":"box","text":"Charges from Capital","page_number":21,"box":{"x":111,"y":200,"width":169,"height":11}},{"id":"168d40bc-8eef-4f6b-a55e-fbc7013d0d92","block_type":"box","text":"Fees, costs and duties which are charged to each Sub\u0002","page_number":21,"box":{"x":63,"y":220,"width":398,"height":11}},{"id":"16b1f81c-f350-46cb-b7e0-8776429f998d","block_type":"box","text":"Fund may be treated as a capital expense. Whilst this","page_number":21,"box":{"x":63,"y":233,"width":398,"height":11}},{"id":"9ac3e860-200d-4e24-86fe-0f76485383c7","block_type":"box","text":"might allow more income to be distributed, it may also","page_number":21,"box":{"x":62,"y":247,"width":399,"height":11}},{"id":"8997db24-10d8-4dbc-99e0-d7aa5e33d661","block_type":"box","text":"result in capital erosion or constrain capital growth.","page_number":21,"box":{"x":63,"y":261,"width":397,"height":11}},{"id":"4c0f559c-81f3-4a57-92b1-61c501fb09aa","block_type":"box","text":"Please note that the ACS Manager does not consider","page_number":21,"box":{"x":63,"y":274,"width":399,"height":12}},{"id":"c470a621-1fc1-44e3-8c0c-c0eecb8866c3","block_type":"box","text":"that Unitholders seeking capital growth will be affected","page_number":21,"box":{"x":62,"y":288,"width":399,"height":11}},{"id":"79152e5f-0fa9-4b2d-a84c-0f3fcbd92698","block_type":"box","text":"by such a policy, as the income distributed will be","page_number":21,"box":{"x":62,"y":302,"width":399,"height":11}},{"id":"1e918317-ca7e-4e8d-873c-899e079f6763","block_type":"box","text":"automatically reinvested on their behalf.","page_number":21,"box":{"x":62,"y":315,"width":294,"height":11}},{"id":"6d9aac52-5b78-4810-9108-e09094029577","block_type":"box","text":"(iii)","page_number":21,"box":{"x":63,"y":335,"width":19,"height":11}},{"id":"3241f71e-5d11-402d-ac07-66e2feebd535","block_type":"box","text":"Counterparty Risk","page_number":21,"box":{"x":111,"y":335,"width":145,"height":11}},{"id":"2b0c6952-571c-4ea2-a74d-7c6b0c976ffc","block_type":"box","text":"See also ‘Credit Risk’. The bankruptcy or default of any","page_number":21,"box":{"x":62,"y":354,"width":400,"height":12}},{"id":"7259dc45-4d48-4072-b963-21ecefe8e9dc","block_type":"box","text":"counterparty could result in losses to any Sub-Fund. In","page_number":21,"box":{"x":62,"y":368,"width":399,"height":11}},{"id":"0cfb6d6e-43e0-47da-ae68-d7a3daaab43d","block_type":"box","text":"addition, a Sub-Fund may bear the risk of loss because","page_number":21,"box":{"x":62,"y":382,"width":399,"height":11}},{"id":"fa39702f-ce54-4732-ac37-2eefc501ed9b","block_type":"box","text":"a counterparty does not have the legal capacity to","page_number":21,"box":{"x":62,"y":396,"width":400,"height":11}},{"id":"d11056e9-77c8-4891-a75e-1444d3e8a587","block_type":"box","text":"enter into a transaction, or if the transaction becomes","page_number":21,"box":{"x":62,"y":409,"width":399,"height":11}},{"id":"84d7c5bf-1f20-4c05-85b9-f951574f5cee","block_type":"box","text":"unenforceable due to relevant legislation or regulation","page_number":21,"box":{"x":63,"y":423,"width":398,"height":11}},{"id":"d406de1b-1ab7-4f0e-a220-a3540dc66498","block_type":"box","text":"(see ‘Legal and Regulatory Risk’).","page_number":21,"box":{"x":63,"y":436,"width":249,"height":12}},{"id":"d9457844-1687-4c2d-b567-8ab880f6b549","block_type":"box","text":"In the case of any insolvency or failure of any such","page_number":21,"box":{"x":63,"y":456,"width":398,"height":11}},{"id":"41aa10ab-4f50-49ae-8162-d7d68ce98d42","block_type":"box","text":"party, a Sub-Fund might recover only a pro rata share","page_number":21,"box":{"x":62,"y":470,"width":399,"height":11}},{"id":"37582053-3d42-41f6-b94a-0863776bd5ca","block_type":"box","text":"of all property available for distribution to all of such","page_number":21,"box":{"x":62,"y":483,"width":399,"height":12}},{"id":"4af24b74-caee-4652-9a2f-1143639a58d6","block_type":"box","text":"party’s creditors and/or customers. Such an amount","page_number":21,"box":{"x":62,"y":497,"width":400,"height":11}},{"id":"6299c053-22cf-41b7-a23b-4c039dd5ad8f","block_type":"box","text":"may be less than the amounts owed to that Sub-Fund.","page_number":21,"box":{"x":62,"y":511,"width":399,"height":11}},{"id":"25a101f5-7d10-4132-b3fa-c65eb4a2e899","block_type":"box","text":"Trading in financial derivative instruments which have","page_number":21,"box":{"x":62,"y":530,"width":399,"height":12}},{"id":"1d8e0a7c-5892-4c9f-9edb-188d6cf85416","block_type":"box","text":"not been collateralised gives rise to direct counterparty","page_number":21,"box":{"x":62,"y":544,"width":400,"height":11}},{"id":"e3707756-5ff9-45d9-b7fb-d043aa07ade8","block_type":"box","text":"exposure. A Sub-Fund might mitigate much of this risk","page_number":21,"box":{"x":62,"y":557,"width":400,"height":12}},{"id":"c4ddd117-afa0-4f41-bd94-c70ab175dacd","block_type":"box","text":"by receiving collateral with a value at least equal to the","page_number":21,"box":{"x":62,"y":571,"width":399,"height":11}},{"id":"440471d4-9417-4725-af81-09ebe680d110","block_type":"box","text":"exposure to each counterparty but, to the extent that","page_number":21,"box":{"x":62,"y":585,"width":400,"height":11}},{"id":"eb0d2916-1841-4657-8839-f61d702a1976","block_type":"box","text":"any financial derivative instrument is not fully","page_number":21,"box":{"x":62,"y":599,"width":400,"height":11}},{"id":"d99ce581-40c3-4f05-8c36-b84903acf0bf","block_type":"box","text":"collateralised or, to the extent the Sub-Fund has","page_number":21,"box":{"x":62,"y":612,"width":399,"height":11}},{"id":"c884fdbb-2a1d-4ec4-8cd2-30ea61dc0728","block_type":"box","text":"provided collateral to the counterparty under a SFT in","page_number":21,"box":{"x":62,"y":626,"width":399,"height":11}},{"id":"81cc4ffc-8ec2-4e9e-be3a-d1f005ad25cd","block_type":"box","text":"excess of the termination value of the underlying","page_number":21,"box":{"x":62,"y":639,"width":399,"height":12}},{"id":"ddd6ebef-0c3d-4016-b574-e0e621e07704","block_type":"box","text":"contract, a default by the counterparty may result in a","page_number":21,"box":{"x":62,"y":653,"width":400,"height":11}},{"id":"044581c8-08f0-4639-a4f7-819a03d1f4cf","block_type":"box","text":"reduction in the value of a Sub-Fund. In the event of","page_number":21,"box":{"x":63,"y":667,"width":399,"height":9}},{"id":"a3d0c188-8fcc-4db0-9636-27c453dfc25b","block_type":"box","text":"the insolvency of the counterparty to a derivative, the","page_number":21,"box":{"x":62,"y":681,"width":399,"height":11}},{"id":"47df11c0-2a7d-4c7a-b132-f554945c2441","block_type":"box","text":"Sub-Fund of the Scheme will be treated as a general","page_number":21,"box":{"x":62,"y":694,"width":399,"height":11}},{"id":"88e3a0fa-089c-4cb5-b707-eff40e7d7873","block_type":"box","text":"creditor of such counterparty and will not have any","page_number":21,"box":{"x":62,"y":708,"width":400,"height":11}},{"id":"8e801c68-3bb1-4076-a62c-020381a9c59a","block_type":"box","text":"claim with respect to the underlying indebtedness.","page_number":21,"box":{"x":62,"y":722,"width":399,"height":11}},{"id":"c54167c0-7e50-43bb-923f-19165837c8fe","block_type":"box","text":"Consequently, that Sub-Fund of the Scheme will be","page_number":21,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"8a97708f-3cd3-450a-a24d-d6819dd42e94","block_type":"box","text":"subject to the credit risk of the counterparty as well as","page_number":21,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"47338832-f1f1-4d51-a31b-c48fdb0e38d5","block_type":"box","text":"that of the issuer of the indebtedness. As a result,","page_number":21,"box":{"x":62,"y":762,"width":398,"height":11}},{"id":"e44853b0-a8ca-4d18-9148-552f2a2faa74","block_type":"box","text":"concentrations of derivatives in any one counterparty","page_number":21,"box":{"x":62,"y":776,"width":400,"height":11}},{"id":"54ea7409-1653-4640-8419-a2fd3666a1ac","block_type":"box","text":"may subject a Sub-Fund to an additional degree of risk","page_number":21,"box":{"x":62,"y":790,"width":400,"height":11}},{"id":"0ab9993d-a9f9-41bf-87af-755068818566","block_type":"box","text":"with respect to defaults by such counterparty as well","page_number":21,"box":{"x":62,"y":803,"width":399,"height":12}},{"id":"afb14a96-61e7-481b-850a-b1a3f32a566c","block_type":"box","text":"as by the issuer of the underlying indebtedness.","page_number":21,"box":{"x":62,"y":817,"width":354,"height":11}},{"id":"118716e8-005b-426d-b677-b30c1d82cdd6","block_type":"box","text":"To mitigate counterparty risk the Scheme will only use","page_number":21,"box":{"x":62,"y":836,"width":399,"height":12}},{"id":"c1960329-8579-4f0b-9739-ea1d8bd7b857","block_type":"box","text":"preferred counterparties which it believes to be","page_number":21,"box":{"x":62,"y":850,"width":399,"height":11}},{"id":"db805b6d-2a25-4b59-9bd5-57abf639c9cb","block_type":"box","text":"creditworthy and may reduce the exposure incurred in","page_number":21,"box":{"x":62,"y":864,"width":399,"height":11}},{"id":"58ec38f2-d609-454c-9d45-1f27ab72fd34","block_type":"box","text":"connection with such transactions through the use of","page_number":21,"box":{"x":62,"y":878,"width":400,"height":11}},{"id":"876ac24b-a477-4322-9eac-e608350220e5","block_type":"box","text":"letter of credit or collateral. A formal review of each","page_number":21,"box":{"x":62,"y":891,"width":399,"height":9}},{"id":"d42cb364-e046-44f3-b821-abedfd3d80e4","block_type":"box","text":"new counterparty is completed and all approved","page_number":21,"box":{"x":62,"y":905,"width":399,"height":11}},{"id":"a903038e-d927-42ef-b347-ac9000441b43","block_type":"box","text":"counterparties regularly assessed. However there can","page_number":21,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"1db5997b-fef4-4372-9b78-8b5f72ab09e2","block_type":"box","text":"be no guarantee that a counterparty will not default or","page_number":21,"box":{"x":524,"y":59,"width":399,"height":12}},{"id":"dab8c985-52c8-48e9-b735-4ef38b083e9d","block_type":"box","text":"that a Sub-Fund of the Scheme will not sustain losses","page_number":21,"box":{"x":523,"y":73,"width":400,"height":9}},{"id":"ada0dde9-8725-40cc-b638-a67d5c7f935d","block_type":"box","text":"as a result.","page_number":21,"box":{"x":523,"y":87,"width":80,"height":9}},{"id":"6625fd8d-dc48-4961-8542-f4f74c6c613b","block_type":"box","text":"The ACS Manager is free to use one or more separate","page_number":21,"box":{"x":523,"y":106,"width":400,"height":12}},{"id":"bafe7db2-00f5-474b-8c4b-b30dfbf065f4","block_type":"box","text":"counterparties for derivative investments. Some or all","page_number":21,"box":{"x":523,"y":120,"width":399,"height":11}},{"id":"2f4020dc-54a9-4d32-aae3-4e7265c763ec","block_type":"box","text":"of these counterparties may be associates of the Aviva","page_number":21,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"4fe70d30-f70b-405f-b92d-c486d7e38941","block_type":"box","text":"Group.","page_number":21,"box":{"x":523,"y":147,"width":49,"height":11}},{"id":"e540b08a-5165-45e1-b9d9-bdc41cec10e2","block_type":"box","text":"(iv)","page_number":21,"box":{"x":524,"y":167,"width":21,"height":11}},{"id":"dfa9d9e5-259d-41c4-ae31-304e1df58d05","block_type":"box","text":"Credit Risk","page_number":21,"box":{"x":572,"y":167,"width":89,"height":9}},{"id":"b292efbe-4186-46a7-a69e-f6bd730256d2","block_type":"box","text":"See also ‘Counterparty Risk’. Credit risk is the risk that","page_number":21,"box":{"x":523,"y":186,"width":400,"height":12}},{"id":"7d019a0f-8152-4e08-9cf7-ef62e27d79ee","block_type":"box","text":"the counterparty to a financial instrument will fail to","page_number":21,"box":{"x":523,"y":200,"width":400,"height":11}},{"id":"d9f806f3-f4fd-48fb-ac58-0a29e7db8763","block_type":"box","text":"discharge an obligation. Each Sub-Fund will be","page_number":21,"box":{"x":523,"y":214,"width":400,"height":11}},{"id":"464116d3-ec82-48c5-adc0-7cca96aaeb88","block_type":"box","text":"exposed to a credit risk for the parties with whom it","page_number":21,"box":{"x":523,"y":227,"width":400,"height":12}},{"id":"ba914a91-de8f-4558-99ad-80735bd9159d","block_type":"box","text":"trades. Investing in sovereign debt, any other debt","page_number":21,"box":{"x":523,"y":241,"width":400,"height":11}},{"id":"283f99cd-65a7-495b-a4e5-4632e7a73296","block_type":"box","text":"guaranteed by a sovereign government, or corporate","page_number":21,"box":{"x":523,"y":255,"width":400,"height":11}},{"id":"475ae443-4ec3-431e-bf23-df6f23b38102","block_type":"box","text":"debt entails risks related to the issuer’s ability and","page_number":21,"box":{"x":523,"y":269,"width":399,"height":11}},{"id":"247eb193-a313-489b-a529-b3c143efa645","block_type":"box","text":"willingness to repay principal and pay interest. A","page_number":21,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"5b58aaf1-4c5f-4560-bf18-96e74980ef34","block_type":"box","text":"default by the issuer of the bond may impact the value","page_number":21,"box":{"x":523,"y":296,"width":400,"height":11}},{"id":"341d83c7-fe54-46f7-99eb-54f2245d9014","block_type":"box","text":"of a Sub-Fund. Short-term cash equivalent","page_number":21,"box":{"x":523,"y":309,"width":400,"height":11}},{"id":"9f10a11e-dd18-423a-ac01-3d580e5634c0","block_type":"box","text":"investments, such as commercial paper, bankers’","page_number":21,"box":{"x":524,"y":323,"width":398,"height":11}},{"id":"83e1d94b-408f-4f54-bc08-28e9c8fea229","block_type":"box","text":"acceptances, certificates of deposit, and repurchase","page_number":21,"box":{"x":523,"y":337,"width":400,"height":11}},{"id":"62a12656-8e13-4980-9698-f9ef54489766","block_type":"box","text":"transactions, are not guaranteed by any government","page_number":21,"box":{"x":523,"y":350,"width":400,"height":12}},{"id":"795e5c1d-1abc-40d0-a615-4ea2f5b81cef","block_type":"box","text":"and are subject to some risk of default.","page_number":21,"box":{"x":523,"y":364,"width":287,"height":11}},{"id":"e62fbd94-b703-4cb1-b28b-62ad08c3e503","block_type":"box","text":"Credit risk may also arise through a default by one or","page_number":21,"box":{"x":523,"y":384,"width":400,"height":11}},{"id":"050ead22-9b3a-4e0c-847c-675ebe3c2e65","block_type":"box","text":"several large institutions that are dependent on one","page_number":21,"box":{"x":523,"y":397,"width":400,"height":11}},{"id":"86eb768a-3f61-42a6-99a0-685eab5b6b90","block_type":"box","text":"another to meet their liquidity or operational needs, so","page_number":21,"box":{"x":523,"y":411,"width":400,"height":11}},{"id":"71f0d357-7ea6-4905-a551-aa9c0c5a72bd","block_type":"box","text":"that a default by one institution causes a series of","page_number":21,"box":{"x":523,"y":425,"width":400,"height":11}},{"id":"48958b54-edc4-46cd-8009-7a676706f293","block_type":"box","text":"defaults by the other institutions. This is sometimes","page_number":21,"box":{"x":523,"y":438,"width":399,"height":11}},{"id":"49f721b3-e614-4d8d-8cff-361bfb4a672c","block_type":"box","text":"referred to as a \"systemic risk\" and may adversely","page_number":21,"box":{"x":524,"y":452,"width":399,"height":11}},{"id":"07e89fcf-12fc-4dc9-bfd0-b3f3c3c3d5a4","block_type":"box","text":"affect financial intermediaries, such as clearing","page_number":21,"box":{"x":523,"y":466,"width":399,"height":11}},{"id":"cf2ae83c-baf0-4de1-970e-e313c719eb0b","block_type":"box","text":"agencies, clearing houses, banks, securities firms and","page_number":21,"box":{"x":523,"y":479,"width":399,"height":11}},{"id":"380bba4e-b61d-4188-aba6-f76b6f5ef9a8","block_type":"box","text":"exchanges, with which the Scheme interacts on a daily","page_number":21,"box":{"x":523,"y":493,"width":400,"height":11}},{"id":"5d681ea8-256f-4668-88e8-c67159dcab32","block_type":"box","text":"basis.","page_number":21,"box":{"x":524,"y":507,"width":41,"height":8}},{"id":"59ae800a-6216-4ecb-8d3c-5e42f7b32567","block_type":"box","text":"(v)","page_number":21,"box":{"x":524,"y":526,"width":17,"height":11}},{"id":"4713847d-4231-48c1-9663-7f73659f0e64","block_type":"box","text":"Determination of Unit Prices","page_number":21,"box":{"x":583,"y":526,"width":225,"height":9}},{"id":"bf6d0e62-2f42-4b9a-8ff0-ad702dcf3e4d","block_type":"box","text":"Where a Sub-Fund invests all or a proportion of its","page_number":21,"box":{"x":523,"y":546,"width":400,"height":11}},{"id":"7f707bf8-1689-4d17-889f-1c2f8f8c1c65","block_type":"box","text":"assets in underlying funds, an equivalent proportion of","page_number":21,"box":{"x":523,"y":559,"width":400,"height":12}},{"id":"6ff7404c-8485-4cb4-bca2-f176aa6b5ec5","block_type":"box","text":"the value of the Sub-Fund and hence the issue and","page_number":21,"box":{"x":523,"y":573,"width":399,"height":9}},{"id":"da85a734-cc32-490d-9a98-a6b248a035b1","block_type":"box","text":"redemption price of the Units, will be based on the","page_number":21,"box":{"x":524,"y":587,"width":399,"height":11}},{"id":"e4481442-1bec-45a7-ad6f-eabff0587ced","block_type":"box","text":"latest prices that are available for the investments held","page_number":21,"box":{"x":524,"y":600,"width":398,"height":11}},{"id":"8393eba5-9470-4800-9c7f-80efc9443e21","block_type":"box","text":"by the underlying funds. These latest prices may be","page_number":21,"box":{"x":524,"y":614,"width":399,"height":11}},{"id":"7665895f-a1f5-4bb8-a99f-0f4625745f98","block_type":"box","text":"estimated prices due to either the frequency or the","page_number":21,"box":{"x":523,"y":628,"width":400,"height":11}},{"id":"73b1d2a7-b234-4fca-b18a-10f3dee3cc80","block_type":"box","text":"timing of dealing in the investment vehicles in which","page_number":21,"box":{"x":523,"y":641,"width":399,"height":12}},{"id":"dfcb738b-7fe0-4894-b1c3-00ebef0a16d7","block_type":"box","text":"the underlying funds are invested or the time that is","page_number":21,"box":{"x":523,"y":655,"width":400,"height":11}},{"id":"6379d13d-813a-4e99-ba54-b685679899fe","block_type":"box","text":"required by the administrators of such investment","page_number":21,"box":{"x":524,"y":669,"width":399,"height":11}},{"id":"54fbb3da-f2d3-46ab-9600-75766dc0c092","block_type":"box","text":"vehicles to calculate final prices. Consequently, the","page_number":21,"box":{"x":523,"y":682,"width":400,"height":11}},{"id":"a68150ab-8ec7-466c-9f1f-9b1241910d12","block_type":"box","text":"value of the Sub-Fund and hence the issue and","page_number":21,"box":{"x":523,"y":696,"width":399,"height":9}},{"id":"6736a2c8-d57a-4362-bacb-92fdbc625ec8","block_type":"box","text":"redemption prices of the Units, may not accurately","page_number":21,"box":{"x":524,"y":710,"width":399,"height":11}},{"id":"cec9adb8-28a1-4421-827b-d505b0b2e862","block_type":"box","text":"reflect the value that would have been received by the","page_number":21,"box":{"x":524,"y":723,"width":399,"height":11}},{"id":"28a37a0a-f896-487f-9a2f-e1dba1c13d97","block_type":"box","text":"Sub-Fund had that holding been realised on that day.","page_number":21,"box":{"x":523,"y":737,"width":394,"height":11}},{"id":"d1a18e8a-580f-47db-ad9f-c6bf7405f575","block_type":"box","text":"The underlying funds may invest in investment","page_number":21,"box":{"x":523,"y":757,"width":400,"height":11}},{"id":"78b98941-e64e-4b9e-8a88-8f82bf020fb0","block_type":"box","text":"vehicles which do not permit holdings to be redeemed","page_number":21,"box":{"x":523,"y":770,"width":400,"height":11}},{"id":"fc5d2e30-ca18-43a8-b593-e32af7147004","block_type":"box","text":"on either as frequent a basis as that applying to the","page_number":21,"box":{"x":523,"y":784,"width":400,"height":11}},{"id":"68edc4ff-024c-43a5-adf1-3c6e51659966","block_type":"box","text":"Sub-Funds or on the same day as the Sub-Funds. In","page_number":21,"box":{"x":523,"y":797,"width":399,"height":12}},{"id":"d066fffd-6aaa-489b-bc36-575f70e114f2","block_type":"box","text":"the absence of published current redemption prices or","page_number":21,"box":{"x":523,"y":811,"width":400,"height":11}},{"id":"8c5f58cd-bc56-4172-80aa-15ce0d8353d1","block_type":"box","text":"net asset values the ACS Manager may have to","page_number":21,"box":{"x":524,"y":825,"width":399,"height":11}},{"id":"df29ae50-ad9d-490f-a71b-624d619a1aa0","block_type":"box","text":"determine valuations in respect of such investments.","page_number":21,"box":{"x":523,"y":838,"width":399,"height":12}},{"id":"25fb6ef4-673a-4a3d-b55d-836a117b7d02","block_type":"box","text":"Adequate information may not always be available to","page_number":21,"box":{"x":523,"y":852,"width":400,"height":11}},{"id":"c2888105-2783-4844-8057-95b3276371c8","block_type":"box","text":"the ACS Manager or the Investment Managers from","page_number":21,"box":{"x":523,"y":866,"width":399,"height":11}},{"id":"5ff01713-6033-4941-b04f-49036e58dd5c","block_type":"box","text":"underlying funds or other sources for that purpose and","page_number":21,"box":{"x":524,"y":879,"width":398,"height":12}},{"id":"e3d89588-4552-4f97-8f2e-4499c33bb570","block_type":"box","text":"consequently such valuations may not accurately","page_number":21,"box":{"x":523,"y":893,"width":400,"height":11}},{"id":"681acfa8-16a3-40ee-91a5-e7a0ed77239a","block_type":"box","text":"reflect the realisable value of the Sub-Funds’ holdings","page_number":21,"box":{"x":524,"y":907,"width":399,"height":11}},{"id":"ba783be5-7fd2-4b79-a96e-ae8419d966a8","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 22","page_number":22,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"cc883873-b0ff-440e-a391-be514eba7ea5","block_type":"box","text":"on the next dealing day of the underlying fund","page_number":22,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"ab2fb631-1093-46c2-b8f3-92777826bb6e","block_type":"box","text":"concerned or the value that would have been received","page_number":22,"box":{"x":62,"y":60,"width":399,"height":8}},{"id":"0dcf3172-b545-44a0-8356-6bab42525c13","block_type":"box","text":"by the Sub-Funds had those holdings been realised on","page_number":22,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"1dd7107a-1cd5-4a55-b8b7-305a2c792747","block_type":"box","text":"that day.","page_number":22,"box":{"x":62,"y":87,"width":62,"height":11}},{"id":"4e6b6c66-0ff1-4c2e-8ef9-83542835ecc2","block_type":"box","text":"(vi)","page_number":22,"box":{"x":63,"y":106,"width":21,"height":11}},{"id":"c433193c-2cef-46d1-a089-cf88f073b52f","block_type":"box","text":"Fund Liability Risk","page_number":22,"box":{"x":110,"y":106,"width":150,"height":11}},{"id":"ecf802f7-0148-4637-b61d-a3ba9c15b9a7","block_type":"box","text":"The Scheme is structured as an umbrella co\u0002","page_number":22,"box":{"x":62,"y":126,"width":399,"height":9}},{"id":"b4a86016-f14f-4ffb-9b45-771c4c9b1f5a","block_type":"box","text":"ownership Scheme with segregated liability between","page_number":22,"box":{"x":62,"y":139,"width":399,"height":12}},{"id":"b2862313-2aa1-4e1b-ade5-05b6ef7a1cb8","block_type":"box","text":"its Sub-Funds. The assets of one Sub-Fund will not be","page_number":22,"box":{"x":62,"y":153,"width":399,"height":9}},{"id":"57398786-8efd-4a77-8177-a13e63bb29c7","block_type":"box","text":"available to meet the liabilities of another. However,","page_number":22,"box":{"x":62,"y":167,"width":398,"height":10}},{"id":"83c07c8f-e6fb-4838-b032-323888ee6c35","block_type":"box","text":"the Scheme (through the ACS Manager) may operate","page_number":22,"box":{"x":62,"y":180,"width":399,"height":12}},{"id":"e06a85dd-278c-45d9-afa4-ad49e05ddb8e","block_type":"box","text":"or have assets held on its behalf or be subject to claims","page_number":22,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"45d50ece-94a5-4c28-bb46-f8cd97af337a","block_type":"box","text":"in the UK, or in other jurisdictions, whose courts may","page_number":22,"box":{"x":62,"y":208,"width":400,"height":11}},{"id":"66d0458c-010b-4683-8ca2-396fd797474e","block_type":"box","text":"not necessarily recognise such segregation of liability.","page_number":22,"box":{"x":62,"y":221,"width":398,"height":12}},{"id":"b11c8414-9751-472a-8bba-5ee298b0abf3","block_type":"box","text":"Therefore, it is not possible to be certain that the","page_number":22,"box":{"x":62,"y":241,"width":399,"height":11}},{"id":"6cbb3a0f-f46b-43c1-8dd5-20c8f81bde57","block_type":"box","text":"assets of a Sub-Fund will always be completely","page_number":22,"box":{"x":62,"y":255,"width":400,"height":11}},{"id":"da6ff113-4b4b-43dc-af36-3c7e9202709a","block_type":"box","text":"isolated from the liabilities of another Sub-Fund of the","page_number":22,"box":{"x":62,"y":268,"width":399,"height":9}},{"id":"56e0f502-dd11-40d6-95a9-1f75113f9c11","block_type":"box","text":"Scheme in every circumstance.","page_number":22,"box":{"x":62,"y":282,"width":231,"height":11}},{"id":"fcf60499-b2be-43d3-b034-8b1560f8945c","block_type":"box","text":"(vii)","page_number":22,"box":{"x":63,"y":302,"width":24,"height":11}},{"id":"a5ad9a37-1b89-476f-b4d4-f942bf045ec4","block_type":"box","text":"Currency Risk and Interest Rate Risk","page_number":22,"box":{"x":111,"y":302,"width":295,"height":11}},{"id":"90160535-6765-4aa2-8182-0d92f057f75b","block_type":"box","text":"The net asset value per Unit of a Sub-Fund will be","page_number":22,"box":{"x":62,"y":321,"width":400,"height":11}},{"id":"1ae941ba-8938-4937-8e39-6b74af23a1a1","block_type":"box","text":"computed in the Base Currency of the relevant Sub\u0002","page_number":22,"box":{"x":62,"y":335,"width":399,"height":11}},{"id":"51ba6a1e-731f-4822-a8e8-457a49c692e1","block_type":"box","text":"Fund whereas the investments held for the account of","page_number":22,"box":{"x":63,"y":349,"width":399,"height":8}},{"id":"e1a28c1e-030a-4d64-b0de-c9e2757e40f2","block_type":"box","text":"that Sub-Fund may be acquired in other currencies.","page_number":22,"box":{"x":62,"y":362,"width":399,"height":11}},{"id":"7e63d3ba-4662-49da-8490-ee2859bc276b","block_type":"box","text":"The value in terms of the Base Currency of a Sub\u0002","page_number":22,"box":{"x":62,"y":376,"width":399,"height":11}},{"id":"703feaad-2279-4abd-a1ae-598dafbed601","block_type":"box","text":"Fund, where designated in a currency different to that","page_number":22,"box":{"x":63,"y":390,"width":399,"height":11}},{"id":"a9f84076-93f3-4009-9e5c-5f2561fddf4a","block_type":"box","text":"of the currencies of the underlying investments, may","page_number":22,"box":{"x":62,"y":403,"width":400,"height":11}},{"id":"acafd43c-0cd4-41cd-9f1f-47ce804714ca","block_type":"box","text":"rise and fall due to currency exchange rate fluctuations","page_number":22,"box":{"x":63,"y":417,"width":398,"height":11}},{"id":"757b6437-fa3f-4e23-990a-9290693c66be","block_type":"box","text":"of individual currencies, such that the net asset value","page_number":22,"box":{"x":62,"y":431,"width":399,"height":10}},{"id":"9960c477-5d12-420b-8c7f-ba31efcd99b1","block_type":"box","text":"of a Sub-Fund will change in response to such","page_number":22,"box":{"x":62,"y":444,"width":399,"height":11}},{"id":"476693b5-64eb-4031-a2e8-15712bdb273f","block_type":"box","text":"fluctuations. Adverse movements in currency","page_number":22,"box":{"x":62,"y":458,"width":400,"height":11}},{"id":"ed448824-887f-49b4-88f3-24a2cfd9a307","block_type":"box","text":"exchange rates can result in a decrease in return and","page_number":22,"box":{"x":62,"y":472,"width":399,"height":11}},{"id":"624f881f-2ee7-42db-810e-ccf6f2c40dc0","block_type":"box","text":"a loss of capital separately from gains or losses","page_number":22,"box":{"x":62,"y":485,"width":399,"height":11}},{"id":"80f5cdc1-f105-4346-a59c-c01971c39a5e","block_type":"box","text":"otherwise made by such investments. The","page_number":22,"box":{"x":62,"y":499,"width":399,"height":11}},{"id":"2e815675-3a55-4939-8472-bbec89d29abd","block_type":"box","text":"performance of investments in securities denominated","page_number":22,"box":{"x":62,"y":513,"width":399,"height":11}},{"id":"74730d31-a152-4430-864a-6398709adc4f","block_type":"box","text":"in a specific currency will also depend on the interest","page_number":22,"box":{"x":62,"y":526,"width":400,"height":11}},{"id":"2bbc0cbc-de36-4de8-8fe1-53de6c8a109d","block_type":"box","text":"rate environment in the country issuing the security.","page_number":22,"box":{"x":63,"y":540,"width":381,"height":11}},{"id":"f7dd45a2-14e6-43d9-a6a0-dd6846296456","block_type":"box","text":"Except to the extent that values are independently","page_number":22,"box":{"x":63,"y":560,"width":399,"height":11}},{"id":"dbc14bd5-ed9f-4551-9273-582dbea4a08b","block_type":"box","text":"affected by currency exchange rate fluctuations, when","page_number":22,"box":{"x":62,"y":573,"width":399,"height":11}},{"id":"86d91ec9-4bdf-491a-9520-db813c2d22bd","block_type":"box","text":"interest rates decline, the value of fixed income","page_number":22,"box":{"x":62,"y":587,"width":399,"height":10}},{"id":"687419b3-7081-4e8b-a720-13eb4f68464d","block_type":"box","text":"securities generally can be expected to rise.","page_number":22,"box":{"x":62,"y":600,"width":398,"height":12}},{"id":"7d1849cd-f4e7-4aaa-9da2-31ffa99eb43c","block_type":"box","text":"Conversely, when interest rates rise, the value of fixed","page_number":22,"box":{"x":62,"y":614,"width":399,"height":11}},{"id":"f6c45665-a30e-43c2-8cb4-088fe54c5d01","block_type":"box","text":"income securities generally can be expected to","page_number":22,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"a0432733-354c-4a25-bfbe-7e0e1ba121be","block_type":"box","text":"decline.","page_number":22,"box":{"x":62,"y":641,"width":56,"height":9}},{"id":"df258bff-071a-42d3-ada1-7080f2c55c4a","block_type":"box","text":"(viii)","page_number":22,"box":{"x":63,"y":661,"width":28,"height":11}},{"id":"c4751c32-d5dd-40b8-821a-0c05851a5f6c","block_type":"box","text":"Leverage","page_number":22,"box":{"x":110,"y":661,"width":73,"height":11}},{"id":"6f619c64-3c05-4399-b1ef-0fa3d5902a5a","block_type":"box","text":"A Sub-Fund may be able to use leverage, including","page_number":22,"box":{"x":62,"y":680,"width":399,"height":12}},{"id":"399aebdf-75e6-4b22-954b-5d200903e461","block_type":"box","text":"through use of derivative instruments, in accordance","page_number":22,"box":{"x":62,"y":694,"width":399,"height":11}},{"id":"80149ab0-edda-4026-8191-86015cf596b7","block_type":"box","text":"with its investment objective and strategy as set out in","page_number":22,"box":{"x":62,"y":708,"width":399,"height":11}},{"id":"31258c9b-5a70-42ca-b10a-f8c43fb5f698","block_type":"box","text":"Appendix 1 and subject to the investment restrictions","page_number":22,"box":{"x":62,"y":722,"width":399,"height":11}},{"id":"566f7748-bd6d-4c0b-aee6-1be0d2cae26e","block_type":"box","text":"set out in Appendix 6.","page_number":22,"box":{"x":62,"y":735,"width":159,"height":11}},{"id":"51a10af5-0612-483f-9c05-bde4ecbd0009","block_type":"box","text":"Leverage will generally be generated by using","page_number":22,"box":{"x":63,"y":755,"width":398,"height":11}},{"id":"5a8527c6-9da4-4693-8987-605bc27b3758","block_type":"box","text":"derivatives that are inherently leveraged due to the","page_number":22,"box":{"x":62,"y":768,"width":399,"height":12}},{"id":"4367c5c4-53f6-494c-ba38-7d6b7be7df42","block_type":"box","text":"relatively small amount of deposit required to open a","page_number":22,"box":{"x":63,"y":782,"width":399,"height":11}},{"id":"776bc3da-3df1-4e9b-b3d6-06d20bce5e3a","block_type":"box","text":"position, including among others, forward contracts,","page_number":22,"box":{"x":62,"y":796,"width":398,"height":11}},{"id":"4c473f56-08fa-49f2-beb2-904aa5166e4d","block_type":"box","text":"futures contracts, options and swaps. A relatively small","page_number":22,"box":{"x":62,"y":809,"width":399,"height":12}},{"id":"cf4910fb-89af-4f62-aaa8-0156da4d564a","block_type":"box","text":"market movement may therefore have a potentially","page_number":22,"box":{"x":62,"y":823,"width":400,"height":11}},{"id":"d863522c-f120-4da0-8d43-ff8110459a8e","block_type":"box","text":"larger impact on derivatives than on standard bonds or","page_number":22,"box":{"x":62,"y":837,"width":400,"height":11}},{"id":"6a94e24d-1ea1-4bf6-933f-7f7e244bf130","block_type":"box","text":"equities, with the result that leveraged derivative","page_number":22,"box":{"x":62,"y":850,"width":399,"height":11}},{"id":"6180aded-52da-4dd0-8785-de8ddd4da429","block_type":"box","text":"positions may increase Sub-Fund volatility.","page_number":22,"box":{"x":62,"y":864,"width":316,"height":11}},{"id":"38a95636-171a-4d60-894b-8371b6c831a8","block_type":"box","text":"The Sub-Funds may have higher levels of leverage in","page_number":22,"box":{"x":62,"y":884,"width":399,"height":11}},{"id":"4ad0353a-b038-4170-b082-f14275373b3f","block_type":"box","text":"atypical or volatile market conditions, for example","page_number":22,"box":{"x":62,"y":897,"width":399,"height":11}},{"id":"c4d3dc21-1e6c-4347-b99b-cc877f928e3b","block_type":"box","text":"when there are sudden movements in investment","page_number":22,"box":{"x":62,"y":911,"width":400,"height":9}},{"id":"d4ad554b-abdc-4c9b-a68b-e2b550f9b3d1","block_type":"box","text":"prices due to difficult economic conditions in a sector","page_number":22,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"a6c888bd-2965-47a2-a179-9276554ff3f6","block_type":"box","text":"or region. In such circumstances, the ACS Manager or","page_number":22,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"3fe70e64-82d0-4e10-8768-b1c4b3da797c","block_type":"box","text":"its delegate may increase its use of derivatives in a","page_number":22,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"af8ddd87-f41b-4862-8309-88e30c5fd7fb","block_type":"box","text":"Sub-Fund in order to reduce the market risk to which","page_number":22,"box":{"x":523,"y":87,"width":399,"height":8}},{"id":"7e769137-15b8-43f2-b905-2cea62c99c3d","block_type":"box","text":"that Sub-Fund is exposed, this, in turn, would have the","page_number":22,"box":{"x":523,"y":100,"width":400,"height":11}},{"id":"732fc97e-7e8c-45fa-a60b-3d9f87721b7c","block_type":"box","text":"effect of increasing its levels of leverage.","page_number":22,"box":{"x":523,"y":114,"width":301,"height":11}},{"id":"9afcbb1b-63c2-4940-841e-28717793f48f","block_type":"box","text":"Leverage may also take the form of trading on margin,","page_number":22,"box":{"x":524,"y":134,"width":398,"height":11}},{"id":"deb0dda7-08d0-4074-86a1-fb0deda7280a","block_type":"box","text":"which will result in interest charges and, depending on","page_number":22,"box":{"x":523,"y":147,"width":399,"height":11}},{"id":"d6cd206e-8784-42f8-8168-822cdce22e7e","block_type":"box","text":"the amount of trading activity, such charges could be","page_number":22,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"f94e64b6-6136-4b89-81ea-f22769cfd1b4","block_type":"box","text":"substantial. The level of interest rates generally, and","page_number":22,"box":{"x":523,"y":175,"width":400,"height":11}},{"id":"e21d0525-58a5-4fce-827e-21031e3fe466","block_type":"box","text":"the rates at which a Sub-Fund can borrow in particular,","page_number":22,"box":{"x":523,"y":188,"width":399,"height":11}},{"id":"0850bccf-f2cd-4056-b9a2-5995ac4e3f07","block_type":"box","text":"will affect the operating results of that Sub-Fund.","page_number":22,"box":{"x":523,"y":202,"width":358,"height":11}},{"id":"627ecc72-4714-4b45-be65-d34a1d9a90c7","block_type":"box","text":"In general, the anticipated use of short-term margin","page_number":22,"box":{"x":524,"y":221,"width":398,"height":12}},{"id":"438eebbd-99b8-481a-adb2-751467ce08d8","block_type":"box","text":"borrowings may result in certain additional risks to the","page_number":22,"box":{"x":524,"y":235,"width":399,"height":11}},{"id":"911cc550-d31e-4aa8-8d70-a269903fbfbe","block_type":"box","text":"Sub-Funds. For example, should the securities","page_number":22,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"3f7bf302-24d3-4365-a5a2-abed2561df65","block_type":"box","text":"pledged to brokers to secure a Sub-Fund's margin","page_number":22,"box":{"x":524,"y":262,"width":398,"height":12}},{"id":"fcc84ee6-a29d-4293-8013-4a3c15fbb0b5","block_type":"box","text":"accounts decline in value, a Sub-Fund could be","page_number":22,"box":{"x":523,"y":276,"width":400,"height":10}},{"id":"f32f3cf7-b68d-490f-beff-9245f3324a62","block_type":"box","text":"subject to a “margin call”, pursuant to which a Sub\u0002","page_number":22,"box":{"x":523,"y":290,"width":399,"height":11}},{"id":"271ecac1-588a-40c1-a515-26848bcb19e4","block_type":"box","text":"Fund must either deposit additional funds or securities","page_number":22,"box":{"x":524,"y":303,"width":399,"height":11}},{"id":"2474e24c-99a5-48a9-9a1d-2922b9d68c1c","block_type":"box","text":"with the broker, or suffer mandatory liquidation of the","page_number":22,"box":{"x":523,"y":317,"width":400,"height":11}},{"id":"972464ff-6192-4619-927d-1f127c2bfd01","block_type":"box","text":"pledged securities to compensate for the decline in","page_number":22,"box":{"x":524,"y":331,"width":398,"height":11}},{"id":"9f88b2d1-6a88-4615-8135-a9bb068fe889","block_type":"box","text":"value. In the event of a sudden drop in the value of a","page_number":22,"box":{"x":523,"y":344,"width":400,"height":12}},{"id":"72f14c25-6a1e-43ce-9d3c-95cc4fea329c","block_type":"box","text":"Sub-Fund's assets, a Sub-Fund might not be able to","page_number":22,"box":{"x":523,"y":358,"width":400,"height":11}},{"id":"79bf04f6-19b4-4b35-9a57-cc78e78ee1a1","block_type":"box","text":"liquidate assets quickly enough to pay off its margin","page_number":22,"box":{"x":524,"y":372,"width":398,"height":11}},{"id":"82aeae65-55aa-48b0-8f16-4bf882956b72","block_type":"box","text":"debt. Whether any margin deposit will be required for","page_number":22,"box":{"x":523,"y":385,"width":400,"height":12}},{"id":"58f47eed-3c76-4c95-9113-016888b6959b","block_type":"box","text":"OTC options and other OTC instruments, such as","page_number":22,"box":{"x":523,"y":399,"width":400,"height":11}},{"id":"805d4578-0e7f-4504-a31c-b075fb160574","block_type":"box","text":"currency forwards, swaps and certain other derivative","page_number":22,"box":{"x":523,"y":413,"width":400,"height":11}},{"id":"212d0c16-11f5-4ec5-a3a7-9d38d5d65a70","block_type":"box","text":"instruments, will depend on the credit determinations","page_number":22,"box":{"x":524,"y":427,"width":399,"height":10}},{"id":"b4b6736e-6776-4e46-bb7a-de80beb14b24","block_type":"box","text":"and specific agreements of the parties to the","page_number":22,"box":{"x":523,"y":440,"width":400,"height":11}},{"id":"480f57a9-477f-4f2a-a46c-6902ffbfb78f","block_type":"box","text":"transaction, which are individually negotiated. Low","page_number":22,"box":{"x":523,"y":454,"width":400,"height":11}},{"id":"9e93a1c0-6527-4cd7-90c5-de3d6a5fffc7","block_type":"box","text":"margin deposits are indicative of the fact that any","page_number":22,"box":{"x":524,"y":467,"width":399,"height":12}},{"id":"27612ffc-cbe2-424b-aff4-d9d1200c031e","block_type":"box","text":"trading in certain derivatives markets is typically","page_number":22,"box":{"x":523,"y":481,"width":400,"height":11}},{"id":"6ba54cb0-12f8-4ef1-ad2a-5d00845da133","block_type":"box","text":"accompanied by a high degree of leverage. Low","page_number":22,"box":{"x":523,"y":495,"width":400,"height":11}},{"id":"3aca3254-9fa5-40dc-b186-d7b5dcd8acb7","block_type":"box","text":"margin deposits mean that a relatively small adverse","page_number":22,"box":{"x":524,"y":508,"width":399,"height":11}},{"id":"cddb5520-3d72-4caf-8e89-2f3bd2101b8d","block_type":"box","text":"price movement in a contract may result in immediate","page_number":22,"box":{"x":524,"y":522,"width":399,"height":11}},{"id":"86a58c61-56bf-47e4-aaae-3c78b7a88122","block_type":"box","text":"and substantial losses to the Unitholder. For example,","page_number":22,"box":{"x":523,"y":536,"width":399,"height":11}},{"id":"57900665-ed95-4e98-b6ca-d3f5a2633611","block_type":"box","text":"if at the time of purchase 10% of the price of a futures","page_number":22,"box":{"x":524,"y":549,"width":398,"height":11}},{"id":"4a44dc70-11f5-4221-94c8-72c48659a55f","block_type":"box","text":"contract is deposited as margin, a 10% decrease in the","page_number":22,"box":{"x":523,"y":563,"width":400,"height":11}},{"id":"b52bafb6-a5d2-4516-860d-504fb575cc00","block_type":"box","text":"price of the futures contract would, if the contract is","page_number":22,"box":{"x":524,"y":577,"width":399,"height":11}},{"id":"501a678f-0d2e-4222-b20f-d4366accea26","block_type":"box","text":"then closed out, result in a total loss of the value of","page_number":22,"box":{"x":523,"y":590,"width":400,"height":11}},{"id":"d5e4e63a-37f4-4e4a-927d-e6aa4fd17333","block_type":"box","text":"margin deposit before any deduction for the brokerage","page_number":22,"box":{"x":524,"y":604,"width":399,"height":11}},{"id":"b90ebf49-8e80-4831-b5f7-8bd6cd0020fd","block_type":"box","text":"commission. Thus, like other leveraged investments,","page_number":22,"box":{"x":523,"y":618,"width":399,"height":11}},{"id":"1c39efd4-c0db-45b9-a8e9-ae7685e65563","block_type":"box","text":"any purchase or sale of a futures contract, forward or","page_number":22,"box":{"x":523,"y":631,"width":400,"height":11}},{"id":"555535d2-552b-47a7-bcaa-0d02361d8cd8","block_type":"box","text":"other derivatives may result in losses in excess of the","page_number":22,"box":{"x":523,"y":645,"width":400,"height":11}},{"id":"a341246d-32bc-42f5-b7d8-ff9dd8a494c3","block_type":"box","text":"amount invested.","page_number":22,"box":{"x":523,"y":659,"width":126,"height":8}},{"id":"0dc5a018-7ec9-47fe-b6bd-79baa6091d37","block_type":"box","text":"Any investment income and gains earned on","page_number":22,"box":{"x":523,"y":678,"width":399,"height":11}},{"id":"0d87c9e2-1762-4239-9be8-70b037161979","block_type":"box","text":"investments made through the use of leverage that are","page_number":22,"box":{"x":524,"y":692,"width":399,"height":11}},{"id":"4f3b12c4-45c6-430f-807f-e8e49acf6aca","block_type":"box","text":"in excess of the interest costs associated therewith","page_number":22,"box":{"x":524,"y":705,"width":398,"height":9}},{"id":"9ccafac8-1ef3-4e27-8555-2843e25fafb1","block_type":"box","text":"may cause the net asset value of the Units in a Sub\u0002","page_number":22,"box":{"x":524,"y":719,"width":398,"height":11}},{"id":"11d1bbce-59a7-45f1-9fe0-469c61dd41c1","block_type":"box","text":"Fund to increase more rapidly than would otherwise be","page_number":22,"box":{"x":524,"y":733,"width":399,"height":11}},{"id":"77f7fc7b-a185-47b3-afaa-2e834e9de03c","block_type":"box","text":"the case. Conversely, where the associated interest","page_number":22,"box":{"x":523,"y":746,"width":400,"height":12}},{"id":"276c56d1-7e56-44b2-ba57-d57e2f968cea","block_type":"box","text":"costs are greater than such income and gains, the net","page_number":22,"box":{"x":523,"y":760,"width":400,"height":11}},{"id":"2f708631-ab1f-49eb-9987-0b7bebe14b3b","block_type":"box","text":"asset value of the Units in a Sub-Fund may decrease","page_number":22,"box":{"x":523,"y":774,"width":400,"height":11}},{"id":"a77d40f4-5eb0-488d-917e-cf8ac78752eb","block_type":"box","text":"more rapidly than would otherwise be the case. Any","page_number":22,"box":{"x":524,"y":788,"width":399,"height":11}},{"id":"b8f97b2e-f67c-485a-82d5-cc17c1eeb8e3","block_type":"box","text":"event which adversely affects the value of an","page_number":22,"box":{"x":523,"y":801,"width":399,"height":11}},{"id":"81b47e1d-2748-4595-aef5-a573f0065e5a","block_type":"box","text":"investment made by a Sub-Fund would be magnified","page_number":22,"box":{"x":524,"y":815,"width":398,"height":11}},{"id":"78447a71-0c56-40ff-a6e5-19bd708d63d1","block_type":"box","text":"to the extent that Sub-Fund is leveraged.","page_number":22,"box":{"x":523,"y":828,"width":302,"height":12}},{"id":"b4bbf272-64e7-4bb3-a905-c0a6ec7290b0","block_type":"box","text":"(ix)","page_number":22,"box":{"x":524,"y":848,"width":21,"height":11}},{"id":"7349e29e-ab2d-4ae4-a90b-7d55308607c7","block_type":"box","text":"Liquidity Risk","page_number":22,"box":{"x":583,"y":848,"width":111,"height":11}},{"id":"2a6c844b-dff9-49fd-9f85-3c637d49b4c0","block_type":"box","text":"Liquidity risk exists when the sale of assets or exit of","page_number":22,"box":{"x":524,"y":868,"width":399,"height":11}},{"id":"b43b261b-d22a-48e9-8376-a1b505e801cf","block_type":"box","text":"trading positions is impaired by such factors as","page_number":22,"box":{"x":523,"y":881,"width":400,"height":11}},{"id":"59c9bf92-aab8-4ec8-be10-9f6f4dc8171c","block_type":"box","text":"decreased trading volume, increased price volatility,","page_number":22,"box":{"x":523,"y":895,"width":399,"height":11}},{"id":"52151d09-3be7-4664-8dc3-645ee551ee08","block_type":"box","text":"industry and government regulations, and overall","page_number":22,"box":{"x":524,"y":909,"width":398,"height":11}},{"id":"9308f9d9-8943-458f-b41d-cd91cb116ea4","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 23","page_number":23,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"ed928d95-7992-4868-b397-6a49f62372b0","block_type":"box","text":"position size and complexity. It may be impossible or","page_number":23,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"a7ba1632-4ff4-4a23-b0e2-17f5a9d08660","block_type":"box","text":"costly for a Sub-Fund to liquidate positions rapidly","page_number":23,"box":{"x":62,"y":59,"width":400,"height":12}},{"id":"514f9414-a8a9-49a2-a35d-c6117171f216","block_type":"box","text":"particularly if there are other market participants","page_number":23,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"4b36a97a-a380-4bd7-82bb-1abbd1dcd4ac","block_type":"box","text":"seeking to dispose of similar assets at the same time","page_number":23,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"c86207a8-e057-4247-90ff-41c7281cffb4","block_type":"box","text":"or the relevant market is otherwise moving against a","page_number":23,"box":{"x":62,"y":100,"width":400,"height":12}},{"id":"a3e1af78-43ab-4d24-a3dd-7bed31783061","block_type":"box","text":"position or in the event of trading halts or daily price","page_number":23,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"03bbb0cb-12c2-4913-8720-eba051054e03","block_type":"box","text":"movement limits on the market or otherwise.","page_number":23,"box":{"x":62,"y":128,"width":399,"height":8}},{"id":"47f409a2-6c9c-4bb6-a3f3-015366c6d1b8","block_type":"box","text":"Derivative transactions that are particularly large or","page_number":23,"box":{"x":63,"y":142,"width":399,"height":11}},{"id":"cbd5da8a-a428-4acd-98b4-53076540d920","block_type":"box","text":"traded off market (i.e. over the counter) and bonds","page_number":23,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"39c72028-66c9-4fc4-8c4c-ae21502506c8","block_type":"box","text":"traded in the secondary market or collateral or","page_number":23,"box":{"x":62,"y":169,"width":400,"height":11}},{"id":"8d5840ee-5db7-4598-99d7-5633929b6913","block_type":"box","text":"securities which has been received by a Sub-Fund","page_number":23,"box":{"x":62,"y":182,"width":399,"height":11}},{"id":"11e6f75f-6576-45c1-a55c-8caab54117b0","block_type":"box","text":"under a SFT may be less liquid and it may be difficult","page_number":23,"box":{"x":63,"y":196,"width":399,"height":11}},{"id":"08c5455a-c72e-4690-b48e-fab7e27a49d6","block_type":"box","text":"to achieve fair value on transactions (see ‘Valuation","page_number":23,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"3716a87c-d962-4cf9-adab-ca87d16c70fb","block_type":"box","text":"Risk’). Closing positions held in the secondary markets","page_number":23,"box":{"x":63,"y":223,"width":398,"height":12}},{"id":"ad43d0f4-cc30-43d7-bba1-e4327d038453","block_type":"box","text":"prematurely, for instance to meet client redemption","page_number":23,"box":{"x":62,"y":237,"width":399,"height":11}},{"id":"213c1ccf-c200-4819-bb5f-b3464119be08","block_type":"box","text":"requests, can result in increased transaction costs","page_number":23,"box":{"x":63,"y":251,"width":398,"height":11}},{"id":"3f0e126b-e965-491d-a510-08b4ae16b88a","block_type":"box","text":"which will be reflected in the investment returns.","page_number":23,"box":{"x":62,"y":264,"width":354,"height":9}},{"id":"93fa0056-3aa4-458c-ae17-c07bc0401d06","block_type":"box","text":"(x)","page_number":23,"box":{"x":63,"y":284,"width":17,"height":11}},{"id":"7ec9906f-b91d-4c13-a133-2fe2fc89bc4b","block_type":"box","text":"Legal and Regulatory Risk","page_number":23,"box":{"x":110,"y":284,"width":212,"height":11}},{"id":"e631a594-1538-4134-a1a9-c96e45c86f6c","block_type":"box","text":"Legal, tax and regulatory changes could occur during","page_number":23,"box":{"x":63,"y":304,"width":398,"height":11}},{"id":"ce0ebf8b-2d50-4882-8876-b7040fa50084","block_type":"box","text":"the term of a Sub-Fund.","page_number":23,"box":{"x":62,"y":317,"width":175,"height":9}},{"id":"2d145544-cca7-4005-bf99-cd8ca926ef2f","block_type":"box","text":"Over recent years global financial markets have","page_number":23,"box":{"x":62,"y":337,"width":399,"height":11}},{"id":"ba88645d-e482-44a1-b2c2-07ef398d3abb","block_type":"box","text":"undergone pervasive and fundamental disruption and","page_number":23,"box":{"x":63,"y":350,"width":398,"height":12}},{"id":"3b1c38e8-9094-42c7-aa2d-5f85e0e19622","block_type":"box","text":"regulators in many jurisdictions have implemented or","page_number":23,"box":{"x":63,"y":364,"width":399,"height":11}},{"id":"3b41dcda-5c21-42aa-bd63-0c35d803ed39","block_type":"box","text":"proposed a number of regulatory measures and may","page_number":23,"box":{"x":62,"y":378,"width":400,"height":11}},{"id":"aa05ffa5-b0f0-4183-b5f4-666e678cc022","block_type":"box","text":"continue to do so. For example, the regulatory and tax","page_number":23,"box":{"x":62,"y":391,"width":400,"height":12}},{"id":"3c697a9a-07a6-4736-8837-5b1630f8091b","block_type":"box","text":"environment for derivative instruments is evolving, and","page_number":23,"box":{"x":62,"y":405,"width":399,"height":11}},{"id":"e5afe0af-d9ca-4180-88d9-23a1ed452d59","block_type":"box","text":"changes in the regulation or taxation of derivative","page_number":23,"box":{"x":62,"y":419,"width":399,"height":11}},{"id":"9f5c5436-4189-4d7f-8497-54e45edf6358","block_type":"box","text":"instruments may adversely affect the value of","page_number":23,"box":{"x":62,"y":432,"width":400,"height":11}},{"id":"22f449db-1d2e-4ded-8a2b-2f6a519e59cb","block_type":"box","text":"derivative instruments held by a Sub-Fund and the","page_number":23,"box":{"x":62,"y":446,"width":399,"height":11}},{"id":"43555b86-a17e-4a3a-926b-3858ffb6b27d","block_type":"box","text":"ability of a Sub-Fund to pursue its trading strategies.","page_number":23,"box":{"x":62,"y":460,"width":399,"height":11}},{"id":"5823e1bc-b07f-48e7-9659-37cb8ea575ad","block_type":"box","text":"Further, legislation and regulation may render a","page_number":23,"box":{"x":63,"y":473,"width":399,"height":12}},{"id":"e1e58b5b-557e-4140-be98-d03fc7ff02e5","block_type":"box","text":"transaction, to which a Sub-Fund is a party, void or","page_number":23,"box":{"x":62,"y":487,"width":400,"height":11}},{"id":"99c204f9-903f-4545-b91a-0a37b11099cf","block_type":"box","text":"unenforceable.","page_number":23,"box":{"x":63,"y":501,"width":108,"height":8}},{"id":"f55107e9-d01c-4825-bf16-a8682f9bb230","block_type":"box","text":"These interventions have sometimes been unclear in","page_number":23,"box":{"x":62,"y":520,"width":399,"height":9}},{"id":"b2efd162-1db5-469d-a9a5-96c7c9cdc51b","block_type":"box","text":"scope and application, resulting in confusion and","page_number":23,"box":{"x":62,"y":534,"width":399,"height":11}},{"id":"2f27bcda-d5b3-45f1-bd50-3cdc70d11f3f","block_type":"box","text":"uncertainty which in itself has been detrimental to the","page_number":23,"box":{"x":63,"y":547,"width":398,"height":12}},{"id":"3bbd88d8-1b9c-45b9-8da5-348cdfdc5e9b","block_type":"box","text":"efficient functioning of financial markets. It is","page_number":23,"box":{"x":62,"y":561,"width":399,"height":11}},{"id":"b4d81f32-28b3-4bf2-8b14-bbb9cc260f50","block_type":"box","text":"impossible to predict with certainty what additional","page_number":23,"box":{"x":62,"y":575,"width":399,"height":11}},{"id":"0016dd96-239c-44d7-9565-29b18e73d759","block_type":"box","text":"interim or permanent governmental restrictions may be","page_number":23,"box":{"x":62,"y":589,"width":399,"height":11}},{"id":"01753333-2e6c-4245-8a0b-d874a747dc9d","block_type":"box","text":"imposed in the future and/or the effect of such","page_number":23,"box":{"x":62,"y":602,"width":399,"height":11}},{"id":"c3870f2b-ab60-42bc-981e-5c153002a731","block_type":"box","text":"restrictions on global markets and the ACS Manager's","page_number":23,"box":{"x":63,"y":616,"width":398,"height":11}},{"id":"466fac6d-05d7-4a87-b074-e6b79c684735","block_type":"box","text":"ability to implement a Sub-Fund’s investment","page_number":23,"box":{"x":62,"y":629,"width":400,"height":12}},{"id":"95c130ca-86e0-4222-b1a0-18ac374a4f6e","block_type":"box","text":"objectives.","page_number":23,"box":{"x":62,"y":643,"width":77,"height":11}},{"id":"56ff4205-6052-4ae7-973e-c679900789b6","block_type":"box","text":"(xi)","page_number":23,"box":{"x":63,"y":663,"width":21,"height":11}},{"id":"fdb80c2e-f4b8-4b32-a8e2-d8729313b3a9","block_type":"box","text":"Market Risk","page_number":23,"box":{"x":110,"y":663,"width":95,"height":8}},{"id":"70b2f2d8-d741-48a4-a980-79a4528ec714","block_type":"box","text":"The price of a Sub-Fund’s investments, including,","page_number":23,"box":{"x":62,"y":682,"width":399,"height":11}},{"id":"dd46d17f-f507-4378-971a-209b92152249","block_type":"box","text":"without limitation, fixed income securities, equities and","page_number":23,"box":{"x":62,"y":696,"width":399,"height":11}},{"id":"07b43e5d-8185-4a71-b429-319c58c11442","block_type":"box","text":"all derivative instruments, can be highly volatile. Price","page_number":23,"box":{"x":62,"y":710,"width":399,"height":11}},{"id":"d7292ca2-3da2-4fad-9625-0c1f72756d8f","block_type":"box","text":"movements of fixed income securities, equities,","page_number":23,"box":{"x":62,"y":723,"width":398,"height":11}},{"id":"9a720272-4e9d-4bad-b68d-4b9d96fce7c4","block_type":"box","text":"forward contracts, derivatives contracts and other","page_number":23,"box":{"x":62,"y":737,"width":400,"height":10}},{"id":"d4351c9f-4bd9-46dd-aea1-0bd8947e7aea","block_type":"box","text":"instruments in which a Sub-Fund’s assets may be","page_number":23,"box":{"x":62,"y":750,"width":399,"height":12}},{"id":"35003c70-b56e-499d-b65f-cd09cf9f0fd0","block_type":"box","text":"invested are influenced by, among other things,","page_number":23,"box":{"x":62,"y":764,"width":399,"height":11}},{"id":"d5692442-ec43-4211-9aef-fb36efa35844","block_type":"box","text":"interest rates, changing supply and demand","page_number":23,"box":{"x":62,"y":778,"width":399,"height":11}},{"id":"6194e350-9ab7-4a64-adb4-5efe94efb2f5","block_type":"box","text":"relationships, trade, fiscal, monetary and exchange","page_number":23,"box":{"x":63,"y":792,"width":398,"height":11}},{"id":"4a1a3be0-c549-4e8c-a22d-310e2560601d","block_type":"box","text":"control programs and policies of governments, and","page_number":23,"box":{"x":62,"y":805,"width":399,"height":11}},{"id":"b0276f12-369a-42f3-a185-49ca7eb1aa79","block_type":"box","text":"national and international political and economic","page_number":23,"box":{"x":62,"y":819,"width":400,"height":11}},{"id":"4795bc0b-e970-4acb-b001-9cdb0b60897c","block_type":"box","text":"events and policies (see ‘Legal and Regulatory Risk’).","page_number":23,"box":{"x":62,"y":832,"width":398,"height":12}},{"id":"d69f2cc5-fc46-4324-b304-d3c4993b20c7","block_type":"box","text":"Such intervention often is intended directly to influence","page_number":23,"box":{"x":62,"y":846,"width":399,"height":11}},{"id":"6d006a84-ccee-4610-84f8-539e8299aba8","block_type":"box","text":"prices and may, together with other factors, cause all","page_number":23,"box":{"x":62,"y":860,"width":399,"height":11}},{"id":"6a1ff423-72db-4523-9cbc-145a5f416cb2","block_type":"box","text":"of such markets to move rapidly in the same direction","page_number":23,"box":{"x":62,"y":874,"width":399,"height":11}},{"id":"3d031d75-2f35-4c1d-8388-c51d05ba9ca5","block_type":"box","text":"because of, among other things, interest rate","page_number":23,"box":{"x":62,"y":887,"width":399,"height":11}},{"id":"0f9f75bf-1f04-46e5-ad0a-af46d875afbf","block_type":"box","text":"fluctuations (see ‘Currency Risk and Interest Rate","page_number":23,"box":{"x":62,"y":901,"width":399,"height":11}},{"id":"b5a01e6b-612d-428e-8e8a-224bc4167d2a","block_type":"box","text":"Risk’).","page_number":23,"box":{"x":63,"y":914,"width":44,"height":11}},{"id":"f22b54aa-7d34-46b0-bd9d-6a1dc97827c5","block_type":"box","text":"(xii)","page_number":23,"box":{"x":524,"y":46,"width":24,"height":11}},{"id":"e4ff1fff-9d12-43cb-883e-f1e121d762b7","block_type":"box","text":"New Issues","page_number":23,"box":{"x":571,"y":46,"width":91,"height":9}},{"id":"21161030-405c-4b82-add5-fe601096549d","block_type":"box","text":"Sub-Funds may invest indirectly via an underlying fund","page_number":23,"box":{"x":523,"y":65,"width":399,"height":11}},{"id":"4965ac98-4302-4e76-9da1-9ecb51d3253f","block_type":"box","text":"or directly in initial public offerings or new debt issues.","page_number":23,"box":{"x":523,"y":79,"width":399,"height":11}},{"id":"8a506a50-cf67-4026-9703-5e4402637039","block_type":"box","text":"The prices of securities involved in initial public","page_number":23,"box":{"x":523,"y":93,"width":400,"height":11}},{"id":"67f9f826-d39f-43ec-80a4-039a7cf68acd","block_type":"box","text":"offerings or new debt issues are often subject to","page_number":23,"box":{"x":523,"y":106,"width":400,"height":12}},{"id":"f0c87d78-44e4-44f7-843e-78d63ee42673","block_type":"box","text":"greater and more unpredictable price changes than","page_number":23,"box":{"x":523,"y":120,"width":399,"height":11}},{"id":"f65b8c61-829a-4480-897f-61b6dece5f98","block_type":"box","text":"more established securities.","page_number":23,"box":{"x":524,"y":134,"width":205,"height":8}},{"id":"3e789acf-23ae-4b56-806d-194ed35c7c9c","block_type":"box","text":"(xiii)","page_number":23,"box":{"x":524,"y":153,"width":28,"height":11}},{"id":"571d1db7-b953-4eb6-aca8-527245e2ddc9","block_type":"box","text":"Settlement Risk","page_number":23,"box":{"x":572,"y":153,"width":126,"height":9}},{"id":"a82fd145-3d34-43c9-8872-d4c0dd75a558","block_type":"box","text":"Settlement risk is the risk that a counterparty fails to","page_number":23,"box":{"x":523,"y":173,"width":400,"height":11}},{"id":"65e7e54e-e978-4671-87f5-4acb5dfbcc7f","block_type":"box","text":"deliver the terms of a contract (i.e. defaults at","page_number":23,"box":{"x":523,"y":186,"width":400,"height":11}},{"id":"77855ecb-203f-4c61-8ba7-f37778085ea7","block_type":"box","text":"settlement) and of any timing differences in settlement","page_number":23,"box":{"x":523,"y":200,"width":400,"height":11}},{"id":"0feef719-257a-4c56-b509-a04436107c84","block_type":"box","text":"between the two parties. Each Sub-Fund bears the risk","page_number":23,"box":{"x":524,"y":214,"width":399,"height":11}},{"id":"4d3941a1-3e20-40da-a90c-ae415f6dd032","block_type":"box","text":"of settlement default due to exposure to the risk of","page_number":23,"box":{"x":523,"y":227,"width":400,"height":12}},{"id":"e31e68ca-1e6d-45c3-85f8-f0a7c1ea1176","block_type":"box","text":"default of certain counterparties (see ‘Credit Risk’ and","page_number":23,"box":{"x":523,"y":241,"width":399,"height":11}},{"id":"4548392d-b811-41ec-8de2-de7c4c40136c","block_type":"box","text":"‘Counterparty Risk’). In addition, market practices in","page_number":23,"box":{"x":524,"y":255,"width":398,"height":11}},{"id":"6e15049b-50c4-41cc-85c2-fc008619ff17","block_type":"box","text":"relation to the settlement of transactions and the","page_number":23,"box":{"x":524,"y":268,"width":399,"height":9}},{"id":"a78c3b64-8dab-4c90-b1a2-ec0bf941d4bb","block_type":"box","text":"custody of assets could provide increased risks (see","page_number":23,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"47d54e13-9416-4ca3-8bc3-4b1feed3b9a1","block_type":"box","text":"also ‘Market Risk’ and ‘Legal and Regulatory Risk’).","page_number":23,"box":{"x":523,"y":296,"width":382,"height":11}},{"id":"97ad5ab0-f1b2-4c6c-9be9-2e364567e311","block_type":"box","text":"(xiv)","page_number":23,"box":{"x":524,"y":315,"width":29,"height":11}},{"id":"5d662fb4-9317-484a-bdf4-53b8abe2a0e0","block_type":"box","text":"Tax","page_number":23,"box":{"x":573,"y":316,"width":28,"height":8}},{"id":"4e17b6d1-aa19-4c3f-95fa-6ec32ccfe580","block_type":"box","text":"The information provided in section 27 is based, to the","page_number":23,"box":{"x":523,"y":335,"width":400,"height":11}},{"id":"c0b12eb0-804f-47c5-b151-a337484a35ad","block_type":"box","text":"best knowledge of the ACS Manager, upon tax law and","page_number":23,"box":{"x":524,"y":349,"width":398,"height":11}},{"id":"1e1b7a2f-0f0a-40f4-9b54-912442c490a4","block_type":"box","text":"practice as at the date of this Prospectus. Tax","page_number":23,"box":{"x":524,"y":362,"width":399,"height":11}},{"id":"6a47531a-3588-4714-8cef-f5556a7a7a6f","block_type":"box","text":"legislation, the tax status of the ACS Manager and the","page_number":23,"box":{"x":524,"y":376,"width":399,"height":11}},{"id":"c2613d39-1907-4fe5-8026-f8c4bd9975b2","block_type":"box","text":"Sub-Funds, the taxation of Unitholders and any tax","page_number":23,"box":{"x":523,"y":389,"width":400,"height":12}},{"id":"e117b063-d34f-4b86-abeb-5c72e989d747","block_type":"box","text":"reliefs, and the consequences of such tax status and","page_number":23,"box":{"x":524,"y":403,"width":398,"height":11}},{"id":"228708f4-1de5-4934-a019-1a54f84f0b82","block_type":"box","text":"tax reliefs, may change from time to time. Any change","page_number":23,"box":{"x":523,"y":417,"width":400,"height":11}},{"id":"087bcfd4-58fa-401f-b855-6661c656feaf","block_type":"box","text":"in the taxation legislation in UK or in any jurisdiction","page_number":23,"box":{"x":524,"y":431,"width":398,"height":11}},{"id":"acf3b11e-23d5-4a1e-9c20-9c7718c5a647","block_type":"box","text":"where a Sub-Fund is registered, marketed or invested","page_number":23,"box":{"x":523,"y":444,"width":399,"height":11}},{"id":"dfd0bd61-71a6-4b77-80f0-af8ac8f8a04b","block_type":"box","text":"could affect the tax status of the Sub-Funds, affect the","page_number":23,"box":{"x":523,"y":458,"width":400,"height":10}},{"id":"b818373a-a4e7-425b-ab36-25e07aa9398c","block_type":"box","text":"value of the relevant Sub-Fund's investments in the","page_number":23,"box":{"x":523,"y":471,"width":400,"height":9}},{"id":"c84d1901-2239-479a-a5f6-d7d8a5abbbef","block_type":"box","text":"affected jurisdiction, affect the relevant Sub-Fund's","page_number":23,"box":{"x":523,"y":485,"width":400,"height":11}},{"id":"5e7b329e-193d-4b17-8b56-c3521ce33ff5","block_type":"box","text":"ability to achieve its investment objective, and/or alter","page_number":23,"box":{"x":523,"y":499,"width":400,"height":11}},{"id":"1fee2a6a-46de-4233-b3fa-c8d512b03837","block_type":"box","text":"the post-tax returns to Unitholders. Where the Sub\u0002","page_number":23,"box":{"x":523,"y":512,"width":400,"height":12}},{"id":"265d2008-f0f4-4eac-a169-78cf12faae0a","block_type":"box","text":"Fund invests in derivatives the preceding sentence","page_number":23,"box":{"x":524,"y":526,"width":399,"height":11}},{"id":"c6f184e5-bd23-4e81-b3f5-037dcbb8d784","block_type":"box","text":"may also extend to the jurisdiction of the governing law","page_number":23,"box":{"x":524,"y":540,"width":399,"height":11}},{"id":"8f234e37-2e77-4210-ac7a-92fb3901b286","block_type":"box","text":"of the derivative contract and/or the derivative","page_number":23,"box":{"x":523,"y":553,"width":400,"height":9}},{"id":"7512cb0c-8f59-4ec2-ba73-23e93af2fdde","block_type":"box","text":"counterparty and/or to the market(s) comprising the","page_number":23,"box":{"x":523,"y":567,"width":400,"height":11}},{"id":"51627c6d-f7f7-45ff-a365-65af0a3c9279","block_type":"box","text":"underlying exposure(s) of the derivative.","page_number":23,"box":{"x":524,"y":581,"width":296,"height":11}},{"id":"cb5d374b-e78f-42cf-b1fd-03074448cd98","block_type":"box","text":"The availability and value of any tax reliefs available to","page_number":23,"box":{"x":523,"y":600,"width":400,"height":11}},{"id":"ad7588d6-499b-4a6c-a938-875cf81c4b90","block_type":"box","text":"Unitholders depend on the individual circumstances of","page_number":23,"box":{"x":524,"y":614,"width":399,"height":11}},{"id":"bad8f959-3899-46db-9223-93ddfeabf4eb","block_type":"box","text":"Unitholders. The information in section 27 is not","page_number":23,"box":{"x":524,"y":628,"width":399,"height":8}},{"id":"a3af24ad-a976-45e2-baf2-540fca0aef30","block_type":"box","text":"exhaustive and does not constitute legal or tax advice.","page_number":23,"box":{"x":523,"y":641,"width":399,"height":12}},{"id":"742e2c3a-dfac-415c-8c82-0ed4af108291","block_type":"box","text":"Prospective Unitholders are urged to consult their tax","page_number":23,"box":{"x":524,"y":655,"width":399,"height":11}},{"id":"f61b98ee-fa90-4f92-a5d2-d43cf808f48e","block_type":"box","text":"advisors with respect to their particular tax situations","page_number":23,"box":{"x":523,"y":669,"width":400,"height":11}},{"id":"e03484f2-8444-406a-99da-fec5074852f5","block_type":"box","text":"and the tax effects of an investment in the Sub-Funds.","page_number":23,"box":{"x":523,"y":682,"width":399,"height":9}},{"id":"403e35da-244c-46d3-886b-89ad7a6fad9d","block_type":"box","text":"Where a Sub-Fund invests in a jurisdiction where the","page_number":23,"box":{"x":523,"y":702,"width":400,"height":11}},{"id":"b5c6a248-2bf1-41fc-b1b6-a4bb5f9b15f7","block_type":"box","text":"tax regime is not fully developed or is not sufficiently","page_number":23,"box":{"x":523,"y":716,"width":400,"height":11}},{"id":"587f0918-8f91-409c-aa3e-904607269447","block_type":"box","text":"certain, for example jurisdictions in the Middle East,","page_number":23,"box":{"x":523,"y":729,"width":399,"height":11}},{"id":"152662c7-1350-4261-8d6d-73b63d01b6fd","block_type":"box","text":"the relevant Sub-Fund, the ACS Manager, the","page_number":23,"box":{"x":523,"y":743,"width":400,"height":11}},{"id":"75fe4b2a-50e1-4b33-9d3d-d4424c6e4ec5","block_type":"box","text":"Investment Managers, the Depositary and the","page_number":23,"box":{"x":524,"y":757,"width":399,"height":11}},{"id":"2173a183-a674-47b6-b9ec-f3351e0e89b9","block_type":"box","text":"Administrator shall not be liable to account to any","page_number":23,"box":{"x":523,"y":770,"width":400,"height":11}},{"id":"9fca9f59-beb8-42f2-9070-245aefd164ab","block_type":"box","text":"Unitholder for any payment made or suffered by the","page_number":23,"box":{"x":524,"y":784,"width":399,"height":11}},{"id":"a89eccb7-39b7-4eb7-8394-b89f172282fa","block_type":"box","text":"relevant Sub-Fund in good faith to a fiscal authority for","page_number":23,"box":{"x":524,"y":797,"width":399,"height":12}},{"id":"6f176f78-7bb5-441e-9ac4-bfd9b2e1f395","block_type":"box","text":"taxes or other charges of the Sub-Fund","page_number":23,"box":{"x":523,"y":811,"width":399,"height":11}},{"id":"6d569116-b1a8-4404-a805-f5984bd4434b","block_type":"box","text":"notwithstanding that it is later found that such","page_number":23,"box":{"x":524,"y":825,"width":398,"height":11}},{"id":"70d95d33-3a04-4e32-8d40-c1eeb1d2c3c8","block_type":"box","text":"payments need not or ought not have been made or","page_number":23,"box":{"x":524,"y":839,"width":399,"height":11}},{"id":"ac73f17a-ccf4-466d-844f-8aefa58e59e0","block_type":"box","text":"suffered. Conversely, where through fundamental","page_number":23,"box":{"x":523,"y":852,"width":399,"height":11}},{"id":"5c6ae72c-0838-4cb4-8766-2301544a74fd","block_type":"box","text":"uncertainty as to the tax liability, adherence to best or","page_number":23,"box":{"x":524,"y":866,"width":399,"height":11}},{"id":"4c7681ee-9f3f-48ec-8c01-e13e8251c1e2","block_type":"box","text":"common market practice (to the extent that there is no","page_number":23,"box":{"x":523,"y":879,"width":400,"height":11}},{"id":"e046da3a-0210-4c46-968d-5bd1a1c32b0b","block_type":"box","text":"established best practice) is subsequently challenged","page_number":23,"box":{"x":523,"y":893,"width":399,"height":11}},{"id":"7ea58bd8-63e1-4b5a-a8c2-cef139e939f7","block_type":"box","text":"or the lack of a developed mechanism for practical and","page_number":23,"box":{"x":523,"y":907,"width":399,"height":11}},{"id":"3a2f461d-b494-4a08-b623-13ea03c5d3b3","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 24","page_number":24,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"74b18bff-db76-4f30-97b1-3aae1c9bd842","block_type":"box","text":"timely payment of taxes, the relevant Sub-Fund pays","page_number":24,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"4c2a9916-ffd2-473f-8e0e-c9374a8c97fe","block_type":"box","text":"taxes relating to previous years, any related interest or","page_number":24,"box":{"x":62,"y":60,"width":400,"height":11}},{"id":"4701c9d1-0c4e-44c9-970b-42ebacae84e4","block_type":"box","text":"late filing penalties will likewise be chargeable to the","page_number":24,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"b169ad1b-1c09-46d2-bfe4-39f03f7fe959","block_type":"box","text":"Sub-Fund. Such late paid taxes will normally be","page_number":24,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"149e0521-fac1-4003-8e8e-e917f6cb4946","block_type":"box","text":"debited to the Sub-Fund at the point the decision to","page_number":24,"box":{"x":62,"y":100,"width":399,"height":11}},{"id":"ed808bfc-6428-41f2-a548-b924a4cd8333","block_type":"box","text":"accrue the liability in the Sub-Fund accounts is made.","page_number":24,"box":{"x":62,"y":114,"width":396,"height":11}},{"id":"559f6f61-fab9-4e55-9032-29f0a74f4f75","block_type":"box","text":"(xv)","page_number":24,"box":{"x":63,"y":134,"width":25,"height":11}},{"id":"abd93f3b-d884-43f3-94cf-95dfcff4deef","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":112,"y":134,"width":114,"height":8}},{"id":"db7f3225-ac2d-47a5-85bc-c97e9089b092","block_type":"box","text":"Financial instruments that are illiquid and/or not","page_number":24,"box":{"x":63,"y":153,"width":399,"height":11}},{"id":"b8871c74-2c9d-460e-899e-92858c7da918","block_type":"box","text":"publicly traded may not have readily available prices","page_number":24,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"b23a9071-3d2b-408f-a2ff-ebf36e62c04f","block_type":"box","text":"and may therefore be difficult to value. Dealer supplied","page_number":24,"box":{"x":62,"y":181,"width":399,"height":11}},{"id":"a33f61c8-71b8-4d0a-90e5-a310e32e60f4","block_type":"box","text":"quotations or pricing models developed by third","page_number":24,"box":{"x":62,"y":194,"width":399,"height":11}},{"id":"985cb8fc-300b-45f9-aa3a-a216acbcd189","block_type":"box","text":"parties, the ACS Manager, its affiliates and/or","page_number":24,"box":{"x":62,"y":208,"width":400,"height":11}},{"id":"86f9beae-8c22-4ce0-9032-f85dda321948","block_type":"box","text":"delegates, may be utilised in valuations and the","page_number":24,"box":{"x":62,"y":222,"width":399,"height":11}},{"id":"01f76ee9-25a8-42be-baae-4ac2339ae15e","block_type":"box","text":"calculation of the net asset value of each Sub-Fund.","page_number":24,"box":{"x":62,"y":235,"width":399,"height":9}},{"id":"97b71bd8-c996-467c-aee8-546c284b9698","block_type":"box","text":"Such methodologies may be based upon assumptions","page_number":24,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"8b11393a-a2fd-411d-b43e-bf972fbc969a","block_type":"box","text":"and estimates that are subject to error. Unitholders","page_number":24,"box":{"x":62,"y":263,"width":399,"height":11}},{"id":"1f3a7cf1-2202-44bf-a5a3-f7a79a5f2847","block_type":"box","text":"should be aware that in these circumstances a","page_number":24,"box":{"x":62,"y":276,"width":400,"height":9}},{"id":"906a04d8-8235-47ca-a457-5cf878c90402","block_type":"box","text":"possible conflict of interest may arise, as the higher the","page_number":24,"box":{"x":62,"y":290,"width":399,"height":11}},{"id":"6f0382cc-cea9-4e17-96cb-e93362765546","block_type":"box","text":"estimated valuation of the securities the higher the","page_number":24,"box":{"x":62,"y":303,"width":399,"height":12}},{"id":"2b26b376-19bc-491a-9bc9-a23532abd536","block_type":"box","text":"fees payable to the ACS Manager, Investment","page_number":24,"box":{"x":62,"y":317,"width":400,"height":11}},{"id":"121e5c37-6a5b-48bf-b46e-8a6dfa506c17","block_type":"box","text":"Managers or the Administrator. Any party providing","page_number":24,"box":{"x":63,"y":331,"width":398,"height":11}},{"id":"eec68479-41f0-4215-bb37-1140404fef7f","block_type":"box","text":"valuation services may, in the absence of its","page_number":24,"box":{"x":62,"y":344,"width":399,"height":12}},{"id":"3f26a653-50cf-4ce6-a94c-34b29c899298","block_type":"box","text":"negligence, be indemnified out of the property of the","page_number":24,"box":{"x":62,"y":358,"width":399,"height":11}},{"id":"4cd51348-6177-4286-a52c-ce1f6e1ab95b","block_type":"box","text":"relevant Sub-Fund from all claims and losses which","page_number":24,"box":{"x":63,"y":372,"width":398,"height":9}},{"id":"6cb4cf5c-fd1c-4afe-896f-773ceaba2f6e","block_type":"box","text":"such party may incur directly or indirectly arising out of","page_number":24,"box":{"x":62,"y":385,"width":400,"height":12}},{"id":"d705f2c4-b452-41a0-a5f8-69ebf8200250","block_type":"box","text":"or in connection with the performance of such","page_number":24,"box":{"x":62,"y":399,"width":399,"height":11}},{"id":"15beec3b-31e1-487d-a9bd-83c8175391ec","block_type":"box","text":"valuation services. In addition, given the nature of such","page_number":24,"box":{"x":62,"y":413,"width":399,"height":11}},{"id":"b2755241-4235-4621-886e-2ff64b866687","block_type":"box","text":"investment, determinations as to their fair value may","page_number":24,"box":{"x":62,"y":426,"width":400,"height":12}},{"id":"c61ce48a-3d69-4894-b4c9-3d9e810ea9ae","block_type":"box","text":"not represent the actual amount that will be realised","page_number":24,"box":{"x":62,"y":440,"width":399,"height":11}},{"id":"926e8440-c1a2-4890-ab40-d5b624b78b5e","block_type":"box","text":"upon the eventual disposal of such investments.","page_number":24,"box":{"x":63,"y":454,"width":355,"height":11}},{"id":"74aeba14-1851-4d2d-a37f-dddf7d301f01","block_type":"box","text":"(xvi)","page_number":24,"box":{"x":63,"y":473,"width":29,"height":11}},{"id":"029940c8-713b-473c-8301-ddd912743969","block_type":"box","text":"Suspension and Deferral of dealings","page_number":24,"box":{"x":110,"y":473,"width":291,"height":11}},{"id":"097da399-298f-4d49-8deb-a114a3be89ff","block_type":"box","text":"In certain circumstances the right to redeem Units may","page_number":24,"box":{"x":63,"y":493,"width":399,"height":11}},{"id":"db171956-51c4-4f51-a455-c618d062228d","block_type":"box","text":"be deferred or suspended (see the sections 13 (f) and","page_number":24,"box":{"x":62,"y":506,"width":399,"height":12}},{"id":"f06b2605-1b5a-4e4a-8088-d03f374d9545","block_type":"box","text":"13 (h)).","page_number":24,"box":{"x":63,"y":520,"width":51,"height":11}},{"id":"fa5fd2fb-93d7-41b0-96f6-b443879d8701","block_type":"box","text":"The Sub-Funds are open-ended; therefore, there may","page_number":24,"box":{"x":62,"y":540,"width":400,"height":11}},{"id":"d8080911-a12d-4101-92c7-c1ac58505cdc","block_type":"box","text":"be a large amount of subscriptions or redemptions of","page_number":24,"box":{"x":62,"y":553,"width":400,"height":12}},{"id":"db6a85a5-2508-471b-8084-e91d8c1a0405","block_type":"box","text":"Units during a short period of time. Large levels of","page_number":24,"box":{"x":63,"y":567,"width":399,"height":11}},{"id":"6e425ff4-9361-4768-af82-7db60e49f4df","block_type":"box","text":"redemption requests may cause a Sub-Fund to","page_number":24,"box":{"x":63,"y":581,"width":398,"height":11}},{"id":"2116954f-dbe8-47f6-9591-3ac7b3016843","block_type":"box","text":"liquidate its investments over a shorter period than it","page_number":24,"box":{"x":62,"y":595,"width":400,"height":10}},{"id":"8f279247-411d-40d8-87fe-979ea447a6e2","block_type":"box","text":"would otherwise have taken in order to meet such","page_number":24,"box":{"x":62,"y":608,"width":399,"height":9}},{"id":"5a699e9b-14e2-40df-b870-09f1672256dc","block_type":"box","text":"redemption requests. This may affect the Net Asset","page_number":24,"box":{"x":63,"y":622,"width":399,"height":11}},{"id":"86dda9e1-57a7-4d27-9c1a-5cc7a563dc48","block_type":"box","text":"Value of the Scheme Property and consequently the","page_number":24,"box":{"x":62,"y":635,"width":399,"height":11}},{"id":"88a44029-f420-4e74-9d16-bea118405d04","block_type":"box","text":"Net Asset Value per Unit may fall.","page_number":24,"box":{"x":63,"y":649,"width":248,"height":11}},{"id":"3eed1af3-26d8-467b-b7ec-86c61126a607","block_type":"box","text":"(xvii)","page_number":24,"box":{"x":74,"y":669,"width":34,"height":11}},{"id":"0ce1a4fb-805f-4083-aa62-9e622a083509","block_type":"box","text":"Delivery Versus Payment (“DvP”)","page_number":24,"box":{"x":129,"y":669,"width":265,"height":11}},{"id":"36991d89-7dfe-4568-8c58-773f206b3c47","block_type":"box","text":"Exemption","page_number":24,"box":{"x":123,"y":682,"width":85,"height":11}},{"id":"e4408cd6-19fd-4506-a7d3-ff190572d2bb","block_type":"box","text":"The ACS Manager may apply the Delivery versus","page_number":24,"box":{"x":74,"y":702,"width":387,"height":11}},{"id":"58689c96-0876-4da0-95c9-f4a2199da5ce","block_type":"box","text":"Payment (“DvP”) exemption for Unitholders that","page_number":24,"box":{"x":75,"y":716,"width":387,"height":11}},{"id":"1155e6f0-b4f6-43eb-8525-0a83447f99c5","block_type":"box","text":"consent, as set out in the FCA Client Asset Rules","page_number":24,"box":{"x":74,"y":729,"width":387,"height":10}},{"id":"85b8d7e3-ac4c-4678-a54b-7693c503fa35","block_type":"box","text":"(“CASS Rules”) governing the protection of client","page_number":24,"box":{"x":74,"y":743,"width":388,"height":11}},{"id":"3fb22bec-703c-4f9e-b7f8-0f8a5adccef2","block_type":"box","text":"assets. Usually, when the ACS Manager receives","page_number":24,"box":{"x":74,"y":756,"width":387,"height":12}},{"id":"97126508-48ce-4226-9a3c-2f259673c59a","block_type":"box","text":"Unitholders’ money in the course of settling","page_number":24,"box":{"x":75,"y":770,"width":386,"height":11}},{"id":"e7863c2a-e3fd-4542-9724-bd5ec2d298ff","block_type":"box","text":"transactions the ACS Manager is obliged to handle","page_number":24,"box":{"x":74,"y":784,"width":387,"height":11}},{"id":"9e938f45-9142-427d-9569-dc0ba6e88628","block_type":"box","text":"money received or held in the course of or in","page_number":24,"box":{"x":74,"y":797,"width":387,"height":12}},{"id":"51153081-23dd-4399-b96f-61fbf4f6b8d8","block_type":"box","text":"connection with the issue or redemption of Units","page_number":24,"box":{"x":74,"y":811,"width":387,"height":11}},{"id":"a40459d2-f710-43cd-afc8-d909e9ea9978","block_type":"box","text":"(“Client Money”) in accordance with the CASS Rules,","page_number":24,"box":{"x":74,"y":825,"width":387,"height":11}},{"id":"1e4ba387-21df-44c4-8430-b29ee0ee526b","block_type":"box","text":"which amongst other provisions require the ACS","page_number":24,"box":{"x":74,"y":838,"width":387,"height":12}},{"id":"5575205e-eac7-412f-ac24-2d09044bf9d0","block_type":"box","text":"Manager to segregate Client Money from the assets","page_number":24,"box":{"x":75,"y":852,"width":386,"height":11}},{"id":"373774f3-8c45-4851-8522-cf063954d3b7","block_type":"box","text":"of the ACS Manager. 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Money which is not","page_number":24,"box":{"x":536,"y":100,"width":387,"height":11}},{"id":"12308ac7-7a8d-4717-b2cf-6bef5c696096","block_type":"box","text":"treated as Client Money is not protected on the","page_number":24,"box":{"x":535,"y":114,"width":388,"height":11}},{"id":"1c45cc91-40e8-481d-b79c-712773e94e42","block_type":"box","text":"insolvency of the ACS Manager and will form part of","page_number":24,"box":{"x":536,"y":128,"width":387,"height":11}},{"id":"3e8a6dc1-4393-4eea-ac04-28f000283817","block_type":"box","text":"the ACS Manager’s insolvent estate.","page_number":24,"box":{"x":535,"y":141,"width":270,"height":12}},{"id":"35a07b4a-d580-4598-8b28-981b4c8a2009","block_type":"box","text":"(xviii)","page_number":24,"box":{"x":554,"y":161,"width":37,"height":11}},{"id":"dd268178-39ec-4f7c-ac88-03b1591e2579","block_type":"box","text":"Exclusion Policies","page_number":24,"box":{"x":619,"y":161,"width":147,"height":9}},{"id":"f172afe4-623e-474b-84e6-e49248047167","block_type":"box","text":"Where a Sub-Fund applies an exclusion policy (for","page_number":24,"box":{"x":523,"y":180,"width":400,"height":12}},{"id":"99aa8227-b51f-46fb-a469-9a592a7f383c","block_type":"box","text":"example, the Aviva Investors’ baseline exclusion","page_number":24,"box":{"x":523,"y":194,"width":399,"height":11}},{"id":"7f5115dc-e8b2-481e-9ab1-9a4b10cd804e","block_type":"box","text":"policy) or ESG-based exclusionary criteria in its","page_number":24,"box":{"x":524,"y":208,"width":399,"height":11}},{"id":"f76ec61e-3938-4c5c-a44c-c7e987cd5b5b","block_type":"box","text":"investment selection process, this may result in the","page_number":24,"box":{"x":524,"y":222,"width":399,"height":11}},{"id":"972f6c03-a336-415e-86ab-1ec54de2a607","block_type":"box","text":"relevant Sub-Fund foregoing opportunities to buy","page_number":24,"box":{"x":524,"y":235,"width":399,"height":11}},{"id":"a2258d67-6da9-4679-80fa-a395c679ce94","block_type":"box","text":"certain investments when it might otherwise be","page_number":24,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"34452d60-a3e3-4b6d-b492-27d901bd0f70","block_type":"box","text":"advantageous to do so, and/or selling investments","page_number":24,"box":{"x":523,"y":262,"width":400,"height":12}},{"id":"dcb5715d-439d-4f49-bceb-7b8c2fa71826","block_type":"box","text":"when it might be disadvantageous to do so.","page_number":24,"box":{"x":523,"y":276,"width":321,"height":11}},{"id":"bf640333-2146-4828-864d-17d155f88ce4","block_type":"box","text":"(b)","page_number":24,"box":{"x":536,"y":302,"width":18,"height":11}},{"id":"36f441b1-9ca7-463b-913f-79478f3348df","block_type":"box","text":"Risks Associated with Investment","page_number":24,"box":{"x":583,"y":302,"width":340,"height":8}},{"id":"57e17517-7197-49c3-918d-2d5c9b1a9cf1","block_type":"box","text":"Techniques","page_number":24,"box":{"x":582,"y":315,"width":93,"height":11}},{"id":"a390221f-3afa-444f-adad-337625fe6cbd","block_type":"box","text":"(i)","page_number":24,"box":{"x":524,"y":335,"width":12,"height":11}},{"id":"3848f264-8722-43df-b56e-9725e63aa9a6","block_type":"box","text":"Delayed Delivery Transactions","page_number":24,"box":{"x":572,"y":335,"width":242,"height":11}},{"id":"9f217b5f-0fb9-45be-908a-5b8e17bb7180","block_type":"box","text":"Each Sub-Fund that invests in fixed income","page_number":24,"box":{"x":524,"y":354,"width":399,"height":9}},{"id":"edb350b5-30ae-4a5f-a8dc-b317d563a1ff","block_type":"box","text":"transferable securities may purchase TBAs, for","page_number":24,"box":{"x":523,"y":368,"width":400,"height":11}},{"id":"f82ae332-57fe-42ca-9232-26ac144cb2d3","block_type":"box","text":"example US mortgages. This generally refers to a","page_number":24,"box":{"x":523,"y":382,"width":400,"height":11}},{"id":"c4375326-ad13-45a1-9f95-dd33baac412e","block_type":"box","text":"forward contract on a pool of mortgages in which the","page_number":24,"box":{"x":523,"y":395,"width":400,"height":12}},{"id":"69dfda20-131f-453e-a92c-71d84cbcd56a","block_type":"box","text":"specific mortgages are not announced and allocated","page_number":24,"box":{"x":523,"y":409,"width":399,"height":11}},{"id":"379aaea9-73a6-47e1-9c59-e36c4e6275fd","block_type":"box","text":"prior to a specified delivery date. TBAs are not settled","page_number":24,"box":{"x":524,"y":423,"width":398,"height":11}},{"id":"3499ff66-8ccc-45b7-a72c-36573237141d","block_type":"box","text":"at the time of purchase, which may lead to leveraged","page_number":24,"box":{"x":523,"y":436,"width":399,"height":12}},{"id":"3f12ab9c-88cc-48fa-89c1-79f84ed5cff3","block_type":"box","text":"positions within a Sub-Fund. Purchasing a TBA","page_number":24,"box":{"x":524,"y":450,"width":399,"height":11}},{"id":"820651f8-7cd6-498f-9eab-ddac4a7ad6b1","block_type":"box","text":"involves a risk of loss if the value of the security to be","page_number":24,"box":{"x":524,"y":464,"width":399,"height":11}},{"id":"bff8a8d8-707e-4620-9567-51e7b634d01c","block_type":"box","text":"purchased declines prior to the settlement date and","page_number":24,"box":{"x":524,"y":478,"width":398,"height":10}},{"id":"9d724539-fa7d-4a40-bf71-c871276f301c","block_type":"box","text":"exposes a Sub-Fund to additional counterparty default","page_number":24,"box":{"x":523,"y":491,"width":400,"height":11}},{"id":"54181e95-fb09-438f-b7ad-b6445704b97a","block_type":"box","text":"risk. A Sub-Fund may dispose of a commitment prior","page_number":24,"box":{"x":524,"y":505,"width":399,"height":11}},{"id":"f1e7fca2-34c6-41b4-91e6-743f33044627","block_type":"box","text":"to settlement if it is deemed appropriate to do so.","page_number":24,"box":{"x":523,"y":518,"width":399,"height":11}},{"id":"4913c92d-177c-4426-80b5-ef898e31aae8","block_type":"box","text":"Proceeds of TBA sales are not received until the","page_number":24,"box":{"x":524,"y":532,"width":399,"height":9}},{"id":"eed4e401-5121-41f6-bd46-f25af3cda76d","block_type":"box","text":"contractual settlement date. TBAs will be treated as","page_number":24,"box":{"x":523,"y":546,"width":400,"height":8}},{"id":"7ba9b568-d728-45c4-9ac5-c72d62db2379","block_type":"box","text":"derivative instruments.","page_number":24,"box":{"x":523,"y":560,"width":166,"height":8}},{"id":"5bddc893-2ca2-47f1-926c-8f5deddeb1d0","block_type":"box","text":"(ii)","page_number":24,"box":{"x":524,"y":579,"width":16,"height":11}},{"id":"d3e217fd-4f24-4d8b-a4bb-1e206ded67d0","block_type":"box","text":"Derivatives (General)","page_number":24,"box":{"x":572,"y":579,"width":167,"height":11}},{"id":"d2afc2b5-ef5a-4244-945d-20a4f0b61aea","block_type":"box","text":"In accordance with the investment restrictions set out","page_number":24,"box":{"x":524,"y":599,"width":399,"height":8}},{"id":"5f6d8a11-0b49-406c-9586-5df86932d2ee","block_type":"box","text":"in Appendix 6, each of the Sub-Funds may use","page_number":24,"box":{"x":524,"y":612,"width":399,"height":11}},{"id":"55ba6e30-0d47-4486-8154-8e718fd64161","block_type":"box","text":"derivatives for the purposes of “efficient portfolio","page_number":24,"box":{"x":523,"y":626,"width":400,"height":11}},{"id":"6b70f534-a267-4f2c-a010-88e8cf62aeeb","block_type":"box","text":"management” (in order to reduce risk and/or costs)","page_number":24,"box":{"x":524,"y":639,"width":398,"height":12}},{"id":"c2d4eee1-6dcc-4ba4-b60b-271f06d07438","block_type":"box","text":"and/or to achieve the investment objective (to","page_number":24,"box":{"x":523,"y":653,"width":400,"height":11}},{"id":"523f4ca8-449b-4afa-ad62-c97cb547bdd3","block_type":"box","text":"generate additional income or capital), as further","page_number":24,"box":{"x":523,"y":667,"width":400,"height":11}},{"id":"80457204-6f6a-4ea4-8463-f2534e8cad28","block_type":"box","text":"described in Appendix 6.","page_number":24,"box":{"x":523,"y":681,"width":182,"height":11}},{"id":"b35f2f38-c62f-4d81-90fa-aca3a116e6c9","block_type":"box","text":"The use of derivatives may expose any Sub-Fund to a","page_number":24,"box":{"x":523,"y":700,"width":400,"height":11}},{"id":"15af151c-f89f-4262-b94e-0b669a08ae46","block_type":"box","text":"certain degree of risk. These risks may include credit","page_number":24,"box":{"x":523,"y":714,"width":400,"height":11}},{"id":"0f655e53-c0b3-45bb-9868-29f72d249a09","block_type":"box","text":"risk with regard to counterparties with whom a Sub\u0002","page_number":24,"box":{"x":524,"y":727,"width":399,"height":12}},{"id":"63d2aca7-09b4-4ad6-8bf8-e24267f50081","block_type":"box","text":"Fund trades, the risk of settlement default, lack of","page_number":24,"box":{"x":524,"y":741,"width":399,"height":10}},{"id":"aa274dec-af95-4770-8032-d572770a8202","block_type":"box","text":"liquidity of the derivative, imperfect tracking between","page_number":24,"box":{"x":524,"y":755,"width":398,"height":11}},{"id":"908e39f5-ab4d-4329-b574-3ab2d34a9b2e","block_type":"box","text":"the change in value of the derivative and the change","page_number":24,"box":{"x":523,"y":768,"width":400,"height":12}},{"id":"a307dbf5-96fe-46ba-a41c-0f0a32324f09","block_type":"box","text":"in value of the underlying asset that the relevant Sub\u0002","page_number":24,"box":{"x":524,"y":782,"width":399,"height":11}},{"id":"9c71cc09-bab4-417b-8041-8fa53a22fb9f","block_type":"box","text":"Fund is seeking to track and greater transaction costs","page_number":24,"box":{"x":524,"y":796,"width":399,"height":11}},{"id":"da1395f9-6011-484f-9af7-66de04564877","block_type":"box","text":"than investing in the underlying assets directly.","page_number":24,"box":{"x":523,"y":809,"width":345,"height":12}},{"id":"2ca9035f-97d3-477f-be6e-c518d80d249f","block_type":"box","text":"In accordance with standard industry practice when","page_number":24,"box":{"x":524,"y":829,"width":398,"height":11}},{"id":"ccc3bf5e-b5b4-46b6-8e91-7242e65557f6","block_type":"box","text":"purchasing derivatives, a Sub-Fund may be required","page_number":24,"box":{"x":524,"y":842,"width":398,"height":12}},{"id":"202ed07f-7424-48c4-b097-a3498dcb2634","block_type":"box","text":"to secure its obligations to its counterparty. For non\u0002","page_number":24,"box":{"x":523,"y":856,"width":400,"height":11}},{"id":"3c7d28f9-85bc-40cc-b020-41dcbc93202f","block_type":"box","text":"fully funded derivatives, this may involve the placing of","page_number":24,"box":{"x":523,"y":870,"width":400,"height":11}},{"id":"63318871-2ff9-49da-b012-f3997d1a3be5","block_type":"box","text":"initial and/or variation margin assets with the","page_number":24,"box":{"x":524,"y":884,"width":399,"height":11}},{"id":"fc4e4661-2f90-4ffc-ba65-486a0e809054","block_type":"box","text":"counterparty. For derivatives which require a Sub\u0002","page_number":24,"box":{"x":523,"y":897,"width":399,"height":11}},{"id":"a1aec1fe-0a97-4056-bcf1-120ad7026c6f","block_type":"box","text":"Fund to place initial margin assets with a counterparty,","page_number":24,"box":{"x":524,"y":911,"width":398,"height":11}},{"id":"3016fec3-0033-4682-b27b-58006ccc2575","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 25","page_number":25,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"2db12d8d-a3ee-4c5a-879b-a3f383aeebda","block_type":"box","text":"such assets may not be segregated from the","page_number":25,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"664343c6-9df1-41c5-b15d-f3728e659123","block_type":"box","text":"counterparty's own assets and, being freely","page_number":25,"box":{"x":62,"y":59,"width":400,"height":12}},{"id":"b9d91698-d92f-4ce5-904f-07e323bd57ec","block_type":"box","text":"exchangeable and replaceable, that Sub-Fund may","page_number":25,"box":{"x":62,"y":73,"width":400,"height":11}},{"id":"20d36656-5fd8-45cf-9931-05634d1b1c7e","block_type":"box","text":"have a right to the return of equivalent assets rather","page_number":25,"box":{"x":62,"y":87,"width":400,"height":11}},{"id":"3b512b4f-0c7f-42f1-8c63-0c21da4a5be9","block_type":"box","text":"than the original margin assets deposited with the","page_number":25,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"b1e14b76-f7e4-44ac-969c-05dff19ca90e","block_type":"box","text":"counterparty. These deposits or assets may exceed","page_number":25,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"f4bf11f7-4d32-4785-993f-51c013bfe820","block_type":"box","text":"the value of the relevant Sub-Fund's obligations to the","page_number":25,"box":{"x":62,"y":128,"width":399,"height":11}},{"id":"ac6197d5-ff21-4356-b441-aac9d11c009d","block_type":"box","text":"counterparty in the event that the counterparty","page_number":25,"box":{"x":62,"y":142,"width":400,"height":11}},{"id":"bc40d743-c167-470f-89ae-3e9d23f85d59","block_type":"box","text":"requires excess margin or collateral. In addition, as the","page_number":25,"box":{"x":63,"y":155,"width":398,"height":11}},{"id":"1d5011cc-f342-4baf-a1bd-544d943dff86","block_type":"box","text":"terms of a derivative may provide for one counterparty","page_number":25,"box":{"x":62,"y":169,"width":400,"height":11}},{"id":"b1292584-abe4-4e2d-ab3d-a8bcc3014ca8","block_type":"box","text":"to provide collateral to the other counterparty to cover","page_number":25,"box":{"x":62,"y":182,"width":400,"height":11}},{"id":"3ed950a3-dc67-4fd1-8fbb-b51b9b9ef14d","block_type":"box","text":"the variation margin exposure arising under the","page_number":25,"box":{"x":62,"y":196,"width":399,"height":11}},{"id":"06ac1ce2-5d08-40dd-88b3-a091cc777573","block_type":"box","text":"derivative only if a minimum transfer amount is","page_number":25,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"dd802d97-ced5-4cd1-ae22-7fa9a8779967","block_type":"box","text":"triggered, a Sub-Fund may have an uncollateralised","page_number":25,"box":{"x":62,"y":223,"width":399,"height":12}},{"id":"1eaa35c4-61b1-4eaf-a80f-871b409e89b2","block_type":"box","text":"risk exposure to a counterparty under a derivative up","page_number":25,"box":{"x":63,"y":237,"width":398,"height":11}},{"id":"5c034304-0bb8-4f89-b252-a3d8dfe940e0","block_type":"box","text":"to such minimum transfer amount.","page_number":25,"box":{"x":62,"y":251,"width":252,"height":8}},{"id":"3a1d25f7-3c6d-4e35-b763-e7099d5bfc6a","block_type":"box","text":"Derivative contracts can be highly volatile, and the","page_number":25,"box":{"x":63,"y":270,"width":398,"height":11}},{"id":"e52f4c2e-e320-4bf4-8df2-b9e6ec1af705","block_type":"box","text":"amount of initial margin is generally small relative to","page_number":25,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"f5f60f98-0816-49f7-9ee2-e8d7321a5d8b","block_type":"box","text":"the size of the contract so that transactions may be","page_number":25,"box":{"x":62,"y":297,"width":399,"height":12}},{"id":"f221770d-462d-48a1-8150-7edfd168d8b2","block_type":"box","text":"leveraged in terms of market exposure. A relatively","page_number":25,"box":{"x":62,"y":311,"width":400,"height":11}},{"id":"be944b0b-0981-46f5-8cb6-8f504abe6d5b","block_type":"box","text":"small market movement may have a potentially larger","page_number":25,"box":{"x":62,"y":325,"width":400,"height":11}},{"id":"1c0a7de3-c03f-4633-b9ea-c9218764ed2b","block_type":"box","text":"impact on derivatives than on standard bonds or","page_number":25,"box":{"x":62,"y":339,"width":400,"height":11}},{"id":"fd64017a-ca7e-417b-baed-427fccc45c3a","block_type":"box","text":"equities and leveraged positions can therefore","page_number":25,"box":{"x":62,"y":352,"width":400,"height":11}},{"id":"6620d566-f8ba-4ba9-ab10-7025fe49d1ab","block_type":"box","text":"increase Sub-Fund volatility. Whilst the Sub-Funds will","page_number":25,"box":{"x":62,"y":366,"width":399,"height":11}},{"id":"7e33fd54-2264-489a-81fe-2e4b4c0645c2","block_type":"box","text":"not borrow money to leverage they may for example","page_number":25,"box":{"x":62,"y":379,"width":399,"height":12}},{"id":"ea2e90d4-8157-4c4d-b41f-a826230e1043","block_type":"box","text":"take synthetic short positions through derivatives to","page_number":25,"box":{"x":62,"y":393,"width":399,"height":11}},{"id":"7b8ffaa6-f837-4b4c-b6fb-d36fac3c8e56","block_type":"box","text":"adjust their exposure, always within the restrictions","page_number":25,"box":{"x":62,"y":407,"width":399,"height":11}},{"id":"54f06b74-0d12-4469-80d5-740f3cb17277","block_type":"box","text":"provided for in Appendix 6.","page_number":25,"box":{"x":62,"y":420,"width":198,"height":11}},{"id":"9a1d4399-3a09-46a3-97c4-11a66b625a62","block_type":"box","text":"Certain Sub-Funds may enter into long positions","page_number":25,"box":{"x":62,"y":440,"width":399,"height":11}},{"id":"3f9a2777-1315-464e-bcf5-bc7b3e6de5c5","block_type":"box","text":"executed using derivatives such as futures positions","page_number":25,"box":{"x":62,"y":454,"width":399,"height":11}},{"id":"ed9db2e0-0418-48f2-8a9b-fb1341ec0890","block_type":"box","text":"including currency forwards. Additional risks","page_number":25,"box":{"x":62,"y":467,"width":400,"height":12}},{"id":"558ddabb-6d6b-4219-9470-1e5021a8796c","block_type":"box","text":"associated with investing in derivatives may include a","page_number":25,"box":{"x":62,"y":481,"width":400,"height":11}},{"id":"17c76008-347b-4608-a430-2fb8b812ddcf","block_type":"box","text":"counterparty breaching its obligations to provide","page_number":25,"box":{"x":62,"y":495,"width":399,"height":11}},{"id":"273bf2b3-1aff-4c1e-841f-d48c55baddfa","block_type":"box","text":"collateral, or due to operational issues (such as time","page_number":25,"box":{"x":62,"y":508,"width":399,"height":11}},{"id":"1e4672aa-c7a0-408b-85d7-6fd791d79ce4","block_type":"box","text":"gaps between the calculation of risk exposure to a","page_number":25,"box":{"x":62,"y":522,"width":400,"height":11}},{"id":"60c50f6f-1602-4a3a-85b4-b5d55cf0abad","block_type":"box","text":"counterparty's provision of additional collateral or","page_number":25,"box":{"x":62,"y":536,"width":400,"height":11}},{"id":"2f159ca8-5419-4636-b30a-80ff9684943c","block_type":"box","text":"substitutions of collateral or the sale of collateral in the","page_number":25,"box":{"x":62,"y":549,"width":399,"height":9}},{"id":"2e26000d-3f11-4633-b11a-70ee17979b90","block_type":"box","text":"event of a default by a counterparty), there may be","page_number":25,"box":{"x":62,"y":563,"width":399,"height":11}},{"id":"38f5bac3-1175-42c3-b889-28034ef4b1f4","block_type":"box","text":"instances where a Sub-Fund's credit exposure to its","page_number":25,"box":{"x":62,"y":577,"width":399,"height":11}},{"id":"4389c05b-6f26-424a-9a23-31c790a2dcbf","block_type":"box","text":"counterparty under a derivative contract is not fully","page_number":25,"box":{"x":62,"y":590,"width":400,"height":11}},{"id":"90862e45-e2e0-415a-9a58-186a72fdf28a","block_type":"box","text":"collateralised but each Sub-Fund will continue to","page_number":25,"box":{"x":62,"y":604,"width":399,"height":9}},{"id":"e322c433-5715-4fca-bc31-b65d1e25ef4c","block_type":"box","text":"observe the limits set out in Appendix 6. The use of","page_number":25,"box":{"x":62,"y":618,"width":400,"height":11}},{"id":"3d9d5fae-39c3-40a8-9c0f-295f99d8b889","block_type":"box","text":"derivatives may also expose a Sub-Fund to legal risk,","page_number":25,"box":{"x":62,"y":631,"width":399,"height":11}},{"id":"879958aa-5369-452b-887a-455503c92209","block_type":"box","text":"which is the risk of loss resulting from changing laws","page_number":25,"box":{"x":62,"y":645,"width":399,"height":11}},{"id":"30954f60-9570-45ec-b0f4-931af0a86263","block_type":"box","text":"or from the unexpected application of a law or","page_number":25,"box":{"x":62,"y":659,"width":400,"height":11}},{"id":"5b281ac3-5b3a-44fb-99b4-34c6cf83124f","block_type":"box","text":"regulation, or because a court declares a contract not","page_number":25,"box":{"x":63,"y":672,"width":399,"height":11}},{"id":"69d02751-5850-4236-9aa0-ec6544b80907","block_type":"box","text":"legally enforceable.","page_number":25,"box":{"x":62,"y":686,"width":142,"height":11}},{"id":"679b82b9-abe6-4ed5-a975-ce0ceb3251c6","block_type":"box","text":"Sub-Funds may use derivatives to facilitate complex","page_number":25,"box":{"x":62,"y":705,"width":400,"height":12}},{"id":"f37b996a-48b2-468c-acd5-33fee08c32fc","block_type":"box","text":"management techniques. This may involve:","page_number":25,"box":{"x":62,"y":719,"width":321,"height":11}},{"id":"5fd416fa-0d08-45c4-af48-c851753ff858","block_type":"box","text":"(i) using swap contracts to hedge interest rate","page_number":25,"box":{"x":93,"y":739,"width":368,"height":11}},{"id":"6ee1552c-fefb-4d69-898d-5690fbe23ed8","block_type":"box","text":"risk;","page_number":25,"box":{"x":141,"y":752,"width":28,"height":11}},{"id":"e4add3b7-5cf2-47bb-bb07-45e773891705","block_type":"box","text":"(ii) using currency derivatives to buy or sell","page_number":25,"box":{"x":93,"y":772,"width":368,"height":11}},{"id":"b3dd0ed2-9de6-4b1b-9d10-5bd355830dcb","block_type":"box","text":"currency risk;","page_number":25,"box":{"x":140,"y":786,"width":98,"height":11}},{"id":"3c210e43-0fbb-4eec-8bf0-6dc016f3f116","block_type":"box","text":"(iii) buying and selling options for investment","page_number":25,"box":{"x":93,"y":805,"width":369,"height":11}},{"id":"2db10ed1-3cc4-4363-a5ac-a07fc693dcaa","block_type":"box","text":"purposes;","page_number":25,"box":{"x":140,"y":821,"width":71,"height":9}},{"id":"e85c595a-5674-4686-b024-eabf9d7f57da","block_type":"box","text":"(iv) using credit default swaps to buy or sell","page_number":25,"box":{"x":93,"y":838,"width":368,"height":12}},{"id":"59970688-e1fa-4e85-8ec3-79c3223fec76","block_type":"box","text":"credit risk;","page_number":25,"box":{"x":140,"y":852,"width":74,"height":10}},{"id":"192917a2-50a3-4892-81ff-aaa68722fdf4","block_type":"box","text":"(v) using volatility derivatives to adjust volatility","page_number":25,"box":{"x":93,"y":872,"width":369,"height":11}},{"id":"3d076fa8-8dfb-44d8-b9bb-b5c3d2ecba8e","block_type":"box","text":"risk;","page_number":25,"box":{"x":141,"y":885,"width":28,"height":11}},{"id":"0d819f7d-8ba1-45ec-886e-0dbe647f76fb","block_type":"box","text":"(vi) using contracts for difference to gain market","page_number":25,"box":{"x":554,"y":46,"width":369,"height":11}},{"id":"ba504f7a-5034-48d2-a683-85f54e14d518","block_type":"box","text":"exposure;","page_number":25,"box":{"x":601,"y":62,"width":72,"height":8}},{"id":"04be71b6-4067-4422-b91b-b6d13ca76d9d","block_type":"box","text":"(vii) using synthetic short positions to take","page_number":25,"box":{"x":554,"y":79,"width":369,"height":11}},{"id":"6b05df13-fc57-4362-a4ab-4cffefa9a56f","block_type":"box","text":"advantage of any negative investment","page_number":25,"box":{"x":601,"y":93,"width":322,"height":11}},{"id":"c0247544-ad6a-4b85-96dc-ced1039b11be","block_type":"box","text":"views; and","page_number":25,"box":{"x":601,"y":106,"width":78,"height":11}},{"id":"22a13fe4-a6b9-4f6a-a7eb-a8828877ab3a","block_type":"box","text":"(viii) using synthetic long positions to gain market","page_number":25,"box":{"x":554,"y":126,"width":369,"height":11}},{"id":"1ddb9857-3d2e-464c-b952-66e08c8ef58b","block_type":"box","text":"exposure.","page_number":25,"box":{"x":601,"y":142,"width":72,"height":9}},{"id":"5416eab9-788a-4777-b5ed-5cdf0e94a16c","block_type":"box","text":"Market leverage obtained through derivatives is","page_number":25,"box":{"x":524,"y":159,"width":399,"height":11}},{"id":"329ff686-d08e-46f5-bf51-e9a40d173565","block_type":"box","text":"expressed through a Sub-Fund's gross market","page_number":25,"box":{"x":523,"y":173,"width":400,"height":11}},{"id":"096387f2-4070-46bc-bc32-a148512837af","block_type":"box","text":"exposure to the underlying reference assets of the","page_number":25,"box":{"x":523,"y":186,"width":400,"height":12}},{"id":"a71acb5f-cc59-46bd-8f5e-cd6439c021be","block_type":"box","text":"derivatives contracts. Gross market exposure may","page_number":25,"box":{"x":523,"y":200,"width":400,"height":11}},{"id":"f3b82e53-eed8-45a7-bdfd-06401d331130","block_type":"box","text":"vary although, a Sub-Fund's global exposure, which is","page_number":25,"box":{"x":523,"y":214,"width":400,"height":11}},{"id":"440c28cf-72b4-4a52-a9ee-0255642951c2","block_type":"box","text":"the aggregate sum of its obligations under the","page_number":25,"box":{"x":523,"y":227,"width":400,"height":12}},{"id":"335772d3-c25d-45b0-918b-c9cd00c3563f","block_type":"box","text":"derivative contracts, shall not exceed the total net","page_number":25,"box":{"x":523,"y":241,"width":400,"height":10}},{"id":"76825c5e-ef09-4deb-a7f1-59df8eec6929","block_type":"box","text":"value of the Sub-Fund. Furthermore, a Sub-Fund's","page_number":25,"box":{"x":523,"y":255,"width":400,"height":10}},{"id":"1be9dd27-c21a-4085-977d-b7b4bf73fff4","block_type":"box","text":"overall risk exposure will remain within the limits","page_number":25,"box":{"x":523,"y":269,"width":400,"height":10}},{"id":"bf56609d-8cf4-46b4-a9b4-afbbd7e7c3cb","block_type":"box","text":"imposed by the COLL Sourcebook, as further","page_number":25,"box":{"x":524,"y":282,"width":399,"height":11}},{"id":"d7c7e986-d6ab-48b1-9cad-044312826a4f","block_type":"box","text":"described in Appendix 6. The ACS Manager's current","page_number":25,"box":{"x":523,"y":296,"width":400,"height":11}},{"id":"89ef8045-4dd5-4394-8f80-831c01e456e5","block_type":"box","text":"policy concerning the use of derivatives to gain market","page_number":25,"box":{"x":524,"y":309,"width":399,"height":12}},{"id":"2439b816-3d3d-4fe0-ac23-cb2808f742de","block_type":"box","text":"leverage is disclosed within the relevant product","page_number":25,"box":{"x":524,"y":323,"width":399,"height":11}},{"id":"c45952a5-6bd4-40ec-bd67-a83d585a0894","block_type":"box","text":"literature which is available on request.","page_number":25,"box":{"x":524,"y":337,"width":287,"height":11}},{"id":"b97a057b-4e60-4ce8-b2da-cd37a076865f","block_type":"box","text":"Where derivative instruments are used in this manner","page_number":25,"box":{"x":523,"y":356,"width":400,"height":9}},{"id":"bfed986d-612d-4e70-8757-a7046eefb4a0","block_type":"box","text":"the overall risk profile of a Sub-Fund may be","page_number":25,"box":{"x":523,"y":370,"width":400,"height":11}},{"id":"5488c0eb-0f13-45f0-9c97-48eb16d1368b","block_type":"box","text":"increased. The ACS Manager uses a risk","page_number":25,"box":{"x":524,"y":384,"width":399,"height":11}},{"id":"c8e52431-f4a9-462c-83e5-ced979a49205","block_type":"box","text":"management process, to monitor and measure as","page_number":25,"box":{"x":524,"y":397,"width":399,"height":11}},{"id":"641df4cc-70e2-47bc-bec6-5bdd6b84bd53","block_type":"box","text":"frequently as appropriate the risk of a Sub-Fund's","page_number":25,"box":{"x":523,"y":411,"width":400,"height":11}},{"id":"9add9cdb-9332-4ca1-9307-d7736b67a640","block_type":"box","text":"portfolio and contribution of the underlying investments","page_number":25,"box":{"x":524,"y":425,"width":399,"height":11}},{"id":"b6635742-08e9-412c-8020-6bbe182c314f","block_type":"box","text":"to the overall risk profile of the Sub-Fund.","page_number":25,"box":{"x":523,"y":438,"width":305,"height":11}},{"id":"a9a5afda-6002-4be2-abe1-44d835f909c4","block_type":"box","text":"Where consistent with its investment objectives and","page_number":25,"box":{"x":523,"y":458,"width":399,"height":11}},{"id":"b738cf80-cb8e-44f0-9637-e80ce2affaef","block_type":"box","text":"policy a Sub-Fund may utilise, directly or indirectly (for","page_number":25,"box":{"x":524,"y":471,"width":399,"height":12}},{"id":"fe5ec38f-6292-4719-94d9-74eab57d7809","block_type":"box","text":"example through investment in another fund) a variety","page_number":25,"box":{"x":523,"y":485,"width":400,"height":11}},{"id":"d045a31c-e50f-4219-b883-9f8834cd33e0","block_type":"box","text":"of exchange traded and OTC derivative instruments","page_number":25,"box":{"x":523,"y":499,"width":400,"height":11}},{"id":"b38e5e25-97b1-47fd-8208-03d792c8f3a3","block_type":"box","text":"including, call options, put options, stock index options,","page_number":25,"box":{"x":524,"y":513,"width":398,"height":11}},{"id":"3e0cfbf3-2f2f-45e8-a811-f4170aa09167","block_type":"box","text":"credit default swaps, credit linked notes, equity default","page_number":25,"box":{"x":523,"y":526,"width":400,"height":11}},{"id":"64940578-ee27-4c75-a133-ca0d8f4d9a4e","block_type":"box","text":"swaps, SFTs, TRSs, asset swaps, interest rate swaps,","page_number":25,"box":{"x":523,"y":540,"width":399,"height":11}},{"id":"5e36024e-f3a7-42cd-8975-ae1a71a5d73c","block_type":"box","text":"contracts for difference, swaptions, warrants, forward","page_number":25,"box":{"x":523,"y":553,"width":399,"height":11}},{"id":"106f7dee-49b3-47ea-a497-2a22bc6edd0f","block_type":"box","text":"contracts and future contracts, for hedging purposes","page_number":25,"box":{"x":523,"y":567,"width":400,"height":11}},{"id":"67eb5ab1-6046-4271-a978-d80f7f9bbf46","block_type":"box","text":"and to reduce risk. Please see Appendix 1 for the","page_number":25,"box":{"x":523,"y":581,"width":400,"height":11}},{"id":"9b4ad83d-12c3-4f5f-a329-e143bdbafb58","block_type":"box","text":"derivative instruments utilised by each Sub-Fund.","page_number":25,"box":{"x":523,"y":594,"width":365,"height":12}},{"id":"9fab73f3-8497-4071-a601-7e85d9a0af3a","block_type":"box","text":"Losses in excess of the amount invested may be","page_number":25,"box":{"x":524,"y":614,"width":399,"height":11}},{"id":"f768910e-5e33-4396-a015-d2aee3ebdf15","block_type":"box","text":"incurred from investment in such derivative","page_number":25,"box":{"x":524,"y":628,"width":399,"height":8}},{"id":"5c0ac1ed-170d-4b9c-b915-551211320db5","block_type":"box","text":"instruments due to low margin deposits creating","page_number":25,"box":{"x":524,"y":641,"width":398,"height":12}},{"id":"a2dafef0-018b-4c5c-a36e-36cd0d035406","block_type":"box","text":"leverage which is typically associated with investment","page_number":25,"box":{"x":524,"y":655,"width":399,"height":11}},{"id":"e7d5bb58-a130-4da1-807f-5477a40f0dc5","block_type":"box","text":"in such instruments. These instruments may be","page_number":25,"box":{"x":524,"y":669,"width":399,"height":11}},{"id":"d4e9a31a-4cf3-436b-bb49-3d3a3361d402","block_type":"box","text":"sensitive to small price movements, may be","page_number":25,"box":{"x":523,"y":682,"width":400,"height":11}},{"id":"cb41f952-c20a-47f8-970e-693a0a9105ab","block_type":"box","text":"considered illiquid and could be difficult to price under","page_number":25,"box":{"x":523,"y":696,"width":400,"height":11}},{"id":"52a3893a-3d56-4dcd-85b1-6bf0ca2ebbc2","block_type":"box","text":"certain market conditions.","page_number":25,"box":{"x":523,"y":710,"width":190,"height":8}},{"id":"9604bf00-d8b7-44fe-bca3-3dc007463581","block_type":"box","text":"(iii)","page_number":25,"box":{"x":524,"y":729,"width":20,"height":11}},{"id":"94321923-0537-4bc2-841c-c97b9cc8b3fa","block_type":"box","text":"Derivative Strategies","page_number":25,"box":{"x":584,"y":729,"width":166,"height":11}},{"id":"d446f3cf-21ea-45d0-b15f-d506dd76f172","block_type":"box","text":"A Sub-Fund’s exposure to derivative strategies will","page_number":25,"box":{"x":523,"y":749,"width":399,"height":11}},{"id":"f9f37941-dc48-41fa-b258-9948c922f0ed","block_type":"box","text":"mainly be obtained directly or indirectly through","page_number":25,"box":{"x":524,"y":763,"width":398,"height":11}},{"id":"fae793c0-480d-41af-9240-7b5259e1e25e","block_type":"box","text":"related: (i) transferable securities and money market","page_number":25,"box":{"x":524,"y":776,"width":399,"height":11}},{"id":"d1a83739-9501-440b-ae69-071d6db80dcd","block_type":"box","text":"instruments; (ii) units of closed-ended investment","page_number":25,"box":{"x":524,"y":790,"width":399,"height":11}},{"id":"486ac3e7-e579-44f1-9106-3bafa421e080","block_type":"box","text":"companies; (iii) financial instruments linked or backed","page_number":25,"box":{"x":523,"y":803,"width":399,"height":11}},{"id":"2fa85fdd-520f-48c7-ae7e-30a42fca9754","block_type":"box","text":"to the performance of underlying financial instruments;","page_number":25,"box":{"x":523,"y":817,"width":399,"height":11}},{"id":"fd347a25-9406-47b6-9ce4-67507f73ed53","block_type":"box","text":"(iv) UCITS and/or other undertakings for collective","page_number":25,"box":{"x":524,"y":831,"width":399,"height":11}},{"id":"84689edc-4bf9-45ba-9867-dacd8603f4d9","block_type":"box","text":"investment investing in these strategies and financial","page_number":25,"box":{"x":524,"y":844,"width":398,"height":12}},{"id":"8ef3f4d3-2da3-415c-8cf4-26918b2faa0a","block_type":"box","text":"instruments; and (v) financial derivatives instruments","page_number":25,"box":{"x":524,"y":858,"width":399,"height":11}},{"id":"05c46062-2e31-4aba-b8b1-48df8a45115e","block_type":"box","text":"on these financial instruments.","page_number":25,"box":{"x":523,"y":872,"width":225,"height":8}},{"id":"8173788b-010c-4a64-a14f-a52fa7726b56","block_type":"box","text":"The strategies may involve a degree of illiquidity (see","page_number":25,"box":{"x":523,"y":891,"width":400,"height":12}},{"id":"7516e17f-20ff-49e8-aee9-19e9945c61e7","block_type":"box","text":"‘Liquidity Risk’) as well as a potentially high level of","page_number":25,"box":{"x":524,"y":905,"width":399,"height":11}},{"id":"388b10fd-bfc7-405f-a537-c3fbd3d4df36","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 26","page_number":26,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"8cc0f710-a9ec-463c-a38d-76a89e87accf","block_type":"box","text":"leverage, and be represented by physical and/or","page_number":26,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"200a0729-4bec-4055-a2d1-dbbb3dcbf374","block_type":"box","text":"synthetic short selling. Their magnitude will depend on","page_number":26,"box":{"x":62,"y":60,"width":399,"height":11}},{"id":"c73b0023-47fb-4266-b97f-d579aa4786a7","block_type":"box","text":"the exposure taken by the relevant Sub-Fund and","page_number":26,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"2b76b7e3-c2f6-4b8a-b6be-7cbaf140f3d7","block_type":"box","text":"certain or unexpected market conditions.","page_number":26,"box":{"x":62,"y":87,"width":300,"height":11}},{"id":"d9b9fbc3-7728-4833-9b5b-d1cd6006e2d1","block_type":"box","text":"(iv)","page_number":26,"box":{"x":63,"y":106,"width":21,"height":11}},{"id":"41ba46a7-a42e-4c33-af86-a8443b17f55d","block_type":"box","text":"Forward Contracts","page_number":26,"box":{"x":123,"y":106,"width":149,"height":9}},{"id":"bde3ddeb-a8ee-46c9-be5c-17abd36cf8bb","block_type":"box","text":"The ACS Manager or its delegates may enter into","page_number":26,"box":{"x":62,"y":126,"width":399,"height":11}},{"id":"1f10f539-3949-4443-8c77-60b4f702a0a0","block_type":"box","text":"forward contracts and options on behalf of a Sub-Fund","page_number":26,"box":{"x":62,"y":139,"width":399,"height":12}},{"id":"df7a5388-c33a-4b99-89c6-d71c9b64b179","block_type":"box","text":"which are not traded on exchanges and are generally","page_number":26,"box":{"x":62,"y":153,"width":400,"height":11}},{"id":"bcabca88-2a36-454c-98d4-9654187bde44","block_type":"box","text":"not regulated. There are no limitations on daily price","page_number":26,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"c2be60f3-f7f0-44c5-aeb8-71c12eb78fe0","block_type":"box","text":"moves of forward contracts. Counterparties with whom","page_number":26,"box":{"x":62,"y":180,"width":399,"height":12}},{"id":"e41142c4-d06c-4ed9-a5a4-2acdbc851cb2","block_type":"box","text":"a Sub-Fund may maintain accounts may require a","page_number":26,"box":{"x":62,"y":194,"width":400,"height":11}},{"id":"d9c4d094-f001-482a-9288-90c77da19cf5","block_type":"box","text":"Sub-Fund to deposit margin with respect to such","page_number":26,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"3b8c08bb-2d13-4a74-9874-407c2954e64b","block_type":"box","text":"trading, although margin requirements are often","page_number":26,"box":{"x":62,"y":221,"width":399,"height":12}},{"id":"0ae0699f-2de7-4b2c-bf9b-991f8681a1c5","block_type":"box","text":"minimal or non-existent. A Sub-Fund’s counterparties","page_number":26,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"84181d55-86e6-43ca-85e8-1e7b4f07f1b6","block_type":"box","text":"are not required to continue to make markets in such","page_number":26,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"66dcd2ff-01ac-4872-b277-0e1bd7fe4042","block_type":"box","text":"contracts and these contracts can experience periods","page_number":26,"box":{"x":62,"y":263,"width":399,"height":11}},{"id":"29abd5c7-f1ec-4a64-a54d-b2f5f511d434","block_type":"box","text":"of illiquidity, sometimes of significant duration (see","page_number":26,"box":{"x":62,"y":276,"width":399,"height":11}},{"id":"9419b382-085a-4adc-9e8f-eaab336e6b1e","block_type":"box","text":"‘Liquidity Risk’). There have been periods during which","page_number":26,"box":{"x":62,"y":290,"width":399,"height":11}},{"id":"a85972e3-5caf-4e75-9c2e-7b2cb9882e38","block_type":"box","text":"certain counterparties have refused to continue to","page_number":26,"box":{"x":62,"y":303,"width":399,"height":11}},{"id":"67707e25-60cc-40d0-9c41-8faad9f133f2","block_type":"box","text":"quote prices for forward contracts or have quoted","page_number":26,"box":{"x":62,"y":317,"width":399,"height":11}},{"id":"6a7f3f80-99aa-4396-8b1c-dbbd089cba5b","block_type":"box","text":"prices with an unusually wide spread (the difference","page_number":26,"box":{"x":62,"y":331,"width":399,"height":11}},{"id":"983bfba1-74c2-479a-b8dc-efccd427e714","block_type":"box","text":"between the price at which the counterparty is","page_number":26,"box":{"x":62,"y":345,"width":399,"height":11}},{"id":"b4e64cd8-0126-4724-a671-8f5772bca433","block_type":"box","text":"prepared to buy and that at which it is prepared to sell).","page_number":26,"box":{"x":62,"y":358,"width":398,"height":11}},{"id":"0df0a11c-5b1c-42bf-adc3-bbfd9bd528c8","block_type":"box","text":"Arrangements to trade forward contracts may be made","page_number":26,"box":{"x":62,"y":372,"width":399,"height":11}},{"id":"a9292f23-3596-4688-9d17-90a69b34a221","block_type":"box","text":"with only one or a few counterparties, which potentially","page_number":26,"box":{"x":62,"y":385,"width":400,"height":12}},{"id":"196a0ea6-5945-491c-a971-8a3a2b59001e","block_type":"box","text":"reduces liquidity (see ‘Liquidity Risk’). The imposition","page_number":26,"box":{"x":63,"y":399,"width":398,"height":11}},{"id":"0b8c856e-6c09-4e39-b423-638928c2ac4a","block_type":"box","text":"of credit controls by governmental authorities might","page_number":26,"box":{"x":62,"y":413,"width":400,"height":11}},{"id":"ef1ecb8e-3bd0-4c4c-8121-80a32c29677b","block_type":"box","text":"limit such forward trading to less than that which the","page_number":26,"box":{"x":62,"y":426,"width":399,"height":12}},{"id":"6a01265f-2001-4a9f-b7c0-a6cc832fe160","block_type":"box","text":"ACS Manager would otherwise recommend, to the","page_number":26,"box":{"x":62,"y":440,"width":399,"height":11}},{"id":"3d2be99a-384c-40ae-b78a-97b0dee56fb4","block_type":"box","text":"possible detriment of a Sub-Fund (see ‘Legal and","page_number":26,"box":{"x":62,"y":454,"width":399,"height":11}},{"id":"c9ee6174-03e8-4506-9691-6bfe8752ca25","block_type":"box","text":"Regulatory Risk’). Additionally, disruptions can occur","page_number":26,"box":{"x":63,"y":467,"width":399,"height":12}},{"id":"95abe42b-80ce-463f-99f7-1491ccbc295a","block_type":"box","text":"in any market traded by a Sub-Fund due to unusually","page_number":26,"box":{"x":62,"y":481,"width":400,"height":11}},{"id":"1fadcd8c-20f8-459d-b855-d54b054154cf","block_type":"box","text":"high trading volume, political intervention or other","page_number":26,"box":{"x":62,"y":495,"width":400,"height":11}},{"id":"9c2dad35-6143-4518-b2bc-347d55f8bf5d","block_type":"box","text":"factors. Market illiquidity or disruption could result in","page_number":26,"box":{"x":62,"y":508,"width":399,"height":11}},{"id":"72b3932e-d60f-4fc3-bc2b-90871c949c79","block_type":"box","text":"major losses to a Sub-Fund. In addition, a Sub-Fund","page_number":26,"box":{"x":62,"y":522,"width":399,"height":11}},{"id":"7458f095-bdb3-478b-8ec6-ea1cbfb13082","block_type":"box","text":"may be exposed to credit risks with regard to","page_number":26,"box":{"x":62,"y":536,"width":399,"height":11}},{"id":"d006c8b3-4f32-4825-9c2b-8a85680bafa6","block_type":"box","text":"counterparties with whom it trades as well as risks","page_number":26,"box":{"x":62,"y":549,"width":400,"height":11}},{"id":"0201de84-08d7-4658-aa24-ef6bd31396f7","block_type":"box","text":"relating to settlement default (see ‘Credit Risk’,","page_number":26,"box":{"x":63,"y":563,"width":398,"height":11}},{"id":"60727d3e-6249-40ff-b6f7-2f57bcad3c67","block_type":"box","text":"‘Counterparty Risk’ and ‘Settlement Risk’). Such risks","page_number":26,"box":{"x":62,"y":577,"width":399,"height":11}},{"id":"03e324e8-e6aa-44e8-9bbb-58a07b0b64ae","block_type":"box","text":"could result in substantial losses to a Sub-Fund.","page_number":26,"box":{"x":62,"y":590,"width":354,"height":9}},{"id":"785b6d1f-34a4-40d3-86e2-5f5fc34883f5","block_type":"box","text":"(v)","page_number":26,"box":{"x":63,"y":610,"width":17,"height":11}},{"id":"13eb6ad0-61ab-4632-bcfa-ceefa50a9802","block_type":"box","text":"Futures","page_number":26,"box":{"x":123,"y":610,"width":61,"height":9}},{"id":"266237a9-2b69-44d9-995e-8d0299750a71","block_type":"box","text":"Futures are standardised contracts between two","page_number":26,"box":{"x":63,"y":629,"width":398,"height":9}},{"id":"8e89e677-8a42-4e23-9566-065fc049b032","block_type":"box","text":"parties to buy or sell a specified asset or index with a","page_number":26,"box":{"x":62,"y":643,"width":400,"height":11}},{"id":"8d470d4e-8c2a-4bf9-9890-acc63c1d2545","block_type":"box","text":"standardised quantity for a price agreed upon today","page_number":26,"box":{"x":62,"y":657,"width":400,"height":11}},{"id":"718beafb-3fee-43ab-ac17-aed664091764","block_type":"box","text":"with delivery and payment occurring at a future","page_number":26,"box":{"x":62,"y":670,"width":400,"height":12}},{"id":"c16b3d79-cf8b-4c8e-a6d9-f2993eca0a79","block_type":"box","text":"delivery date.","page_number":26,"box":{"x":62,"y":684,"width":98,"height":11}},{"id":"9692c5fe-d9fd-4b91-b954-092d198f4dee","block_type":"box","text":"They are negotiated on an exchange acting as an","page_number":26,"box":{"x":62,"y":704,"width":399,"height":11}},{"id":"fc9624fd-f0d0-47a8-bad5-910737af8275","block_type":"box","text":"intermediary between parties.","page_number":26,"box":{"x":62,"y":717,"width":218,"height":11}},{"id":"aa68bb82-f8b5-4c9f-9400-ba684eb404e5","block_type":"box","text":"A Sub-Fund may enter into futures transactions as","page_number":26,"box":{"x":62,"y":737,"width":399,"height":11}},{"id":"c2c7dd28-109d-42c3-b8b0-b02a5f7b94c1","block_type":"box","text":"either the buyer or seller and may combine them to","page_number":26,"box":{"x":62,"y":751,"width":399,"height":11}},{"id":"5438af27-51d6-4099-8779-c9cce4e5fa91","block_type":"box","text":"form a particular trading strategy as well as use futures","page_number":26,"box":{"x":62,"y":764,"width":399,"height":11}},{"id":"e5e8b686-2e47-47cc-80fd-49b29838ef1b","block_type":"box","text":"for reducing an existing risk.","page_number":26,"box":{"x":62,"y":778,"width":207,"height":11}},{"id":"bab334ba-e376-48b3-a2fd-f900d21b9eba","block_type":"box","text":"Futures positions may be illiquid (see ‘Liquidity Risk’)","page_number":26,"box":{"x":63,"y":797,"width":398,"height":12}},{"id":"123e44b1-a90d-4365-bda0-8c7192acb157","block_type":"box","text":"because certain exchanges limit fluctuations in certain","page_number":26,"box":{"x":62,"y":811,"width":399,"height":11}},{"id":"0f6863cd-4493-46b7-a694-926a5a6fe7e0","block_type":"box","text":"futures contract prices during a single day by","page_number":26,"box":{"x":62,"y":825,"width":400,"height":11}},{"id":"696d3a93-3cf6-47e2-a9bd-c9e80e1970e6","block_type":"box","text":"regulations or an exchange or the Commodity Futures","page_number":26,"box":{"x":63,"y":838,"width":398,"height":12}},{"id":"5b054f70-13dd-416e-bfc6-ca3ab1cf963d","block_type":"box","text":"Trading Commission may suspend trading in a","page_number":26,"box":{"x":62,"y":852,"width":400,"height":11}},{"id":"f813c4ce-6643-45b4-ac5c-28b890c5280f","block_type":"box","text":"particular contract, order immediate liquidation and","page_number":26,"box":{"x":62,"y":866,"width":399,"height":11}},{"id":"0be988c8-7284-4e37-9c98-9b1497e0b52b","block_type":"box","text":"settlement of a particular contract, or order that trading","page_number":26,"box":{"x":62,"y":879,"width":399,"height":12}},{"id":"a502faee-0fbc-45e6-8036-c95fa08d2e01","block_type":"box","text":"in a particular contract be conducted for liquidation","page_number":26,"box":{"x":62,"y":893,"width":399,"height":11}},{"id":"45ed843f-13f2-44df-b2d8-d7b8f6d21337","block_type":"box","text":"only.","page_number":26,"box":{"x":62,"y":907,"width":33,"height":11}},{"id":"a60744b9-4c6e-4cf2-915c-337fd3d0aed1","block_type":"box","text":"Investments in futures may also involve the following","page_number":26,"box":{"x":524,"y":46,"width":398,"height":11}},{"id":"e464a3e7-40de-4082-b3b9-fce0082b651d","block_type":"box","text":"non-exhaustive list of risks see ‘Market Risk’,","page_number":26,"box":{"x":524,"y":59,"width":398,"height":11}},{"id":"62974a68-4beb-4be5-8e0e-e9fed157efc1","block_type":"box","text":"‘Settlement Risk’.","page_number":26,"box":{"x":524,"y":73,"width":127,"height":9}},{"id":"eb580c28-7cdd-497f-bdcf-49bde99ac0f5","block_type":"box","text":"(vi)","page_number":26,"box":{"x":524,"y":93,"width":21,"height":11}},{"id":"22d53d64-a06e-40ee-85ec-5d4ee07d8db8","block_type":"box","text":"Hedging Techniques","page_number":26,"box":{"x":584,"y":93,"width":165,"height":11}},{"id":"19ec51b7-b693-4d5d-935a-8efd0fac8cd3","block_type":"box","text":"Hedging techniques could involve a variety of","page_number":26,"box":{"x":524,"y":112,"width":399,"height":12}},{"id":"97f99bab-8c41-42ab-9a0e-b0e940f924f1","block_type":"box","text":"derivative transactions (see ‘Derivatives (General)’).","page_number":26,"box":{"x":523,"y":126,"width":399,"height":11}},{"id":"6cc7ccdc-0de0-4a36-a5c4-80cffa984e30","block_type":"box","text":"As a result, hedging techniques involve different risks","page_number":26,"box":{"x":523,"y":140,"width":400,"height":11}},{"id":"688fb62f-4c76-4f4d-b46f-eb2bec917160","block_type":"box","text":"than those of underlying investments, including","page_number":26,"box":{"x":523,"y":153,"width":399,"height":11}},{"id":"5d850fe4-6ad0-4e9d-8078-c0578e6533ab","block_type":"box","text":"liquidity risk and the potential for loss in excess of the","page_number":26,"box":{"x":524,"y":167,"width":399,"height":11}},{"id":"d0f24c60-903a-4d0c-9998-96a3f5d4dd58","block_type":"box","text":"amount invested. In particular, the variable degree of","page_number":26,"box":{"x":523,"y":181,"width":400,"height":11}},{"id":"34977d4a-eb32-4cd1-b170-ac9c57c95528","block_type":"box","text":"correlation between price movements of hedging","page_number":26,"box":{"x":523,"y":194,"width":399,"height":11}},{"id":"84812434-080e-4b70-8202-0f3c616a7a27","block_type":"box","text":"instruments and price movements in the position being","page_number":26,"box":{"x":524,"y":208,"width":398,"height":11}},{"id":"e82b5fab-abca-43d8-8895-eb0b4208e50c","block_type":"box","text":"hedged creates the possibility that losses on the hedge","page_number":26,"box":{"x":524,"y":222,"width":399,"height":11}},{"id":"80cf77c0-95b4-4ab8-8a47-49f2f885eabb","block_type":"box","text":"may be greater than gains in the value of a Sub-Fund’s","page_number":26,"box":{"x":524,"y":235,"width":399,"height":11}},{"id":"ad0b13ba-205b-41ae-a327-a0ec18000ad2","block_type":"box","text":"positions. In addition, although the contemplated use","page_number":26,"box":{"x":524,"y":249,"width":399,"height":11}},{"id":"36586705-3dc6-45fa-818d-3f2234512f4a","block_type":"box","text":"of these techniques should minimise the risk of loss","page_number":26,"box":{"x":523,"y":263,"width":399,"height":11}},{"id":"89538613-98a0-421e-adde-5da112f2ed98","block_type":"box","text":"due to a decline in the value of the hedged position, at","page_number":26,"box":{"x":523,"y":276,"width":400,"height":11}},{"id":"a817ca3b-02b8-4aeb-90c0-845703414449","block_type":"box","text":"the same time they may limit any potential gains","page_number":26,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"53f2ea13-9d82-4998-b2eb-f278e07e8366","block_type":"box","text":"resulting from an increase in the value of such","page_number":26,"box":{"x":524,"y":303,"width":398,"height":12}},{"id":"2029c0d2-0380-4cb8-ba7b-9b0043907c01","block_type":"box","text":"positions. The ability of a Sub-Fund to hedge","page_number":26,"box":{"x":524,"y":317,"width":399,"height":11}},{"id":"4d9a2f60-8b93-4613-9807-8734f6fbf57e","block_type":"box","text":"successfully will depend on the ACS Manager's, or its","page_number":26,"box":{"x":523,"y":331,"width":400,"height":11}},{"id":"9c172366-8fa9-4c3c-90f2-65d9785d8bb7","block_type":"box","text":"delegate’s, ability to predict pertinent market","page_number":26,"box":{"x":523,"y":345,"width":400,"height":11}},{"id":"5bf248ef-b930-4e41-8097-94afe0f50e90","block_type":"box","text":"movements, and as a consequence there can be no","page_number":26,"box":{"x":524,"y":358,"width":399,"height":11}},{"id":"847eab2e-ffa8-4cc4-b421-d7f68cd67166","block_type":"box","text":"assurance that hedging transactions will be successful","page_number":26,"box":{"x":523,"y":372,"width":399,"height":11}},{"id":"18d19848-f8b0-4c90-96b0-a1b0ba2f6804","block_type":"box","text":"in protecting against adverse market and/or currency","page_number":26,"box":{"x":524,"y":385,"width":399,"height":12}},{"id":"bc69c05f-1da6-43e3-a84f-83d3c1664fbe","block_type":"box","text":"movements.","page_number":26,"box":{"x":524,"y":400,"width":89,"height":8}},{"id":"75f65f5c-3a1f-4242-a804-65d28ce74179","block_type":"box","text":"(vii)","page_number":26,"box":{"x":524,"y":419,"width":24,"height":11}},{"id":"21f0d271-0ffd-46b1-8daf-5590d3a6574e","block_type":"box","text":"Investment in UCITS and/or Other","page_number":26,"box":{"x":584,"y":418,"width":341,"height":9}},{"id":"9708bd03-07c5-4a0a-ac5a-9ced67bde54f","block_type":"box","text":"Collective Investment Schemes","page_number":26,"box":{"x":585,"y":432,"width":250,"height":9}},{"id":"e49a2045-1e90-496b-ba60-b3685bd907ab","block_type":"box","text":"Where a Sub-Fund invests in other collective","page_number":26,"box":{"x":523,"y":452,"width":400,"height":9}},{"id":"49619457-22d4-4feb-896d-c8d0f4596747","block_type":"box","text":"investment schemes or exchange traded funds, it will","page_number":26,"box":{"x":524,"y":466,"width":398,"height":11}},{"id":"470194b4-4c8f-4e91-919c-81f1de5a8f83","block_type":"box","text":"assume any specific risks associated with those","page_number":26,"box":{"x":523,"y":479,"width":400,"height":11}},{"id":"4e14cc33-34f5-4d87-bad5-851f1db9903e","block_type":"box","text":"schemes or funds. Furthermore, there may be","page_number":26,"box":{"x":523,"y":493,"width":400,"height":11}},{"id":"1966255b-c0d8-4730-bab1-64642f6c0c19","block_type":"box","text":"additional costs to a Sub-Fund with this strategy,","page_number":26,"box":{"x":523,"y":506,"width":399,"height":12}},{"id":"1a2637fd-186f-48f1-a53b-52ddd6b5ff60","block_type":"box","text":"arising out of the double charging incurred, as the","page_number":26,"box":{"x":523,"y":520,"width":400,"height":11}},{"id":"80f44a19-bc37-4bce-bba2-74d5215a969a","block_type":"box","text":"underlying schemes can also have initial or entry","page_number":26,"box":{"x":524,"y":534,"width":399,"height":11}},{"id":"f62a47dc-00c3-4c78-9712-ad65d371d464","block_type":"box","text":"charges and annual management charges plus","page_number":26,"box":{"x":523,"y":548,"width":400,"height":11}},{"id":"b230249e-3501-4e67-bbb1-e124307987e7","block_type":"box","text":"additional attributable expenses. The charges levied","page_number":26,"box":{"x":523,"y":561,"width":399,"height":11}},{"id":"256895c3-9a55-40ca-831c-343fb776d554","block_type":"box","text":"by both the Scheme and the underlying scheme in","page_number":26,"box":{"x":524,"y":575,"width":398,"height":11}},{"id":"89828b9f-b3de-4887-a9a3-165c5feb015e","block_type":"box","text":"which a Sub-Fund invests, will indirectly affect a","page_number":26,"box":{"x":523,"y":588,"width":400,"height":12}},{"id":"7fec1639-13c3-4f8b-9d3d-49527a7e83b2","block_type":"box","text":"Unitholder’s investment.","page_number":26,"box":{"x":524,"y":602,"width":176,"height":9}},{"id":"b613c47a-1f3d-48f5-80ed-df8bb04432c5","block_type":"box","text":"(viii)","page_number":26,"box":{"x":524,"y":622,"width":28,"height":11}},{"id":"937942c2-4fb7-4274-b8ef-e0214a0d0709","block_type":"box","text":"Options","page_number":26,"box":{"x":585,"y":622,"width":62,"height":11}},{"id":"37a542bc-5587-40d7-991f-df7077a18f16","block_type":"box","text":"An option is the right (but not the obligation) to buy or","page_number":26,"box":{"x":523,"y":641,"width":400,"height":12}},{"id":"320eb0e9-4fc9-41f2-a003-ab02bb3bac67","block_type":"box","text":"sell a particular asset or index at a stated price at some","page_number":26,"box":{"x":523,"y":655,"width":400,"height":11}},{"id":"1ac25761-93ba-49c9-b6ac-8f74aa763f5b","block_type":"box","text":"date in the future. In exchange for the rights conferred","page_number":26,"box":{"x":523,"y":669,"width":399,"height":11}},{"id":"5fea5286-914c-48da-be20-c7555446b2dc","block_type":"box","text":"by the option, the option buyer has to pay the option","page_number":26,"box":{"x":524,"y":682,"width":398,"height":11}},{"id":"d7968245-0384-4a76-87ab-51fcb3d8f18d","block_type":"box","text":"seller a premium for carrying on the risk that comes","page_number":26,"box":{"x":523,"y":696,"width":400,"height":11}},{"id":"00e1f6d7-a050-42ef-9dd1-71ee9f26cf10","block_type":"box","text":"with the obligation. The option premium depends on","page_number":26,"box":{"x":523,"y":710,"width":399,"height":11}},{"id":"3394fb74-0820-478b-ac53-9ffb3dcc2f0f","block_type":"box","text":"the strike price, volatility of the underlying, as well as","page_number":26,"box":{"x":523,"y":723,"width":400,"height":11}},{"id":"d97459b3-fb7a-4306-b3bc-ffccfed31074","block_type":"box","text":"the time remaining to expiration. Options may be listed","page_number":26,"box":{"x":523,"y":737,"width":399,"height":11}},{"id":"03bbcbaf-a7b8-4994-8619-7b192aa81983","block_type":"box","text":"or dealt in OTC.","page_number":26,"box":{"x":523,"y":751,"width":117,"height":8}},{"id":"32e174b1-db1b-4c82-88c0-4071dc537088","block_type":"box","text":"A Sub-Fund may enter into option transactions as","page_number":26,"box":{"x":523,"y":770,"width":400,"height":11}},{"id":"d1b36cd4-c42e-40b7-ae34-24d5b063fd4c","block_type":"box","text":"either the buyer or seller of this right and may combine","page_number":26,"box":{"x":523,"y":784,"width":400,"height":11}},{"id":"d709f97f-88c1-4b4b-ab15-8314e531664b","block_type":"box","text":"them to form a particular trading strategy as well as","page_number":26,"box":{"x":523,"y":797,"width":400,"height":12}},{"id":"22283a82-7e86-4c37-b23a-1769bb29df29","block_type":"box","text":"use options for reducing an existing risk.","page_number":26,"box":{"x":524,"y":811,"width":297,"height":11}},{"id":"f887caea-d8af-4d36-bbbf-2e3380b25e35","block_type":"box","text":"If the ACS Manager or its delegate is incorrect in its","page_number":26,"box":{"x":524,"y":831,"width":399,"height":11}},{"id":"d45109c9-48d9-413b-b655-932e465e75ad","block_type":"box","text":"expectation of changes in the market prices or","page_number":26,"box":{"x":523,"y":844,"width":400,"height":12}},{"id":"bee7b596-8f32-4833-8fbb-a82e250625ed","block_type":"box","text":"determination of the correlation between the","page_number":26,"box":{"x":523,"y":858,"width":400,"height":9}},{"id":"0dfe554b-b3be-440d-9c78-53c2c0881225","block_type":"box","text":"instruments or indices on which the options are written","page_number":26,"box":{"x":524,"y":872,"width":398,"height":11}},{"id":"cfc0afe4-fd3e-44c9-b3ed-891d56d6fd8b","block_type":"box","text":"or purchased and the instruments in a Sub-Fund’s","page_number":26,"box":{"x":523,"y":885,"width":399,"height":11}},{"id":"3fb99705-4e86-4ca5-b463-b0edbe7b93b5","block_type":"box","text":"investment portfolio, that Sub-Fund may incur losses","page_number":26,"box":{"x":524,"y":899,"width":399,"height":11}},{"id":"e9cb5b43-126d-412f-aff8-cd4369464a88","block_type":"box","text":"that it would not otherwise incur.","page_number":26,"box":{"x":523,"y":913,"width":238,"height":8}},{"id":"623e349e-6744-43af-9a8f-11629d7ca54f","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 27","page_number":27,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"b5b255be-ad43-4e3b-ada0-e98bf4060ba4","block_type":"box","text":"Investment in options may involve the following non\u0002","page_number":27,"box":{"x":63,"y":46,"width":398,"height":11}},{"id":"687ae921-d047-4d8f-88c7-72d48dc2dacf","block_type":"box","text":"exhaustive list of risks, see ‘Market Risk’, ‘Settlement","page_number":27,"box":{"x":62,"y":59,"width":400,"height":11}},{"id":"f9ffc9aa-c980-45a0-b930-476724a6bf66","block_type":"box","text":"Risk’, ‘Counterparty Risk’, ‘Liquidity Risk’. Their","page_number":27,"box":{"x":63,"y":73,"width":399,"height":11}},{"id":"3916f8ca-0ea5-49d4-9ed5-b0a5439d26cb","block_type":"box","text":"magnitude will depend on the exposure taken by a","page_number":27,"box":{"x":62,"y":87,"width":400,"height":11}},{"id":"09be5f0e-9d31-4f07-b73f-816018babc1d","block_type":"box","text":"Fund and certain or unexpected market conditions.","page_number":27,"box":{"x":63,"y":100,"width":375,"height":11}},{"id":"532688c8-6a64-4e2a-b51d-5e0a245bc1b2","block_type":"box","text":"(ix)","page_number":27,"box":{"x":63,"y":120,"width":21,"height":11}},{"id":"7ff35472-6305-43d9-8143-b620f458e5c6","block_type":"box","text":"OTC Transactions","page_number":27,"box":{"x":124,"y":120,"width":143,"height":9}},{"id":"0d95999e-8606-4fa7-a6c8-8c379b79f638","block_type":"box","text":"There is less governmental regulation and supervision","page_number":27,"box":{"x":62,"y":140,"width":399,"height":11}},{"id":"3454975a-815f-400e-a5cf-23dce4521cd9","block_type":"box","text":"of transactions in OTC markets (in which currencies,","page_number":27,"box":{"x":62,"y":153,"width":399,"height":11}},{"id":"d00af42f-fa22-45f0-9d3d-e6ab9c7e808e","block_type":"box","text":"forward, spot and option contracts, credit default","page_number":27,"box":{"x":62,"y":167,"width":400,"height":11}},{"id":"86b5572d-f445-4024-81cb-49a470b0d0ce","block_type":"box","text":"swaps, TRS, and certain options on currencies and","page_number":27,"box":{"x":62,"y":180,"width":399,"height":12}},{"id":"99f9f64d-2282-468a-a104-881fd503ced1","block_type":"box","text":"other types of derivative instruments are generally","page_number":27,"box":{"x":62,"y":194,"width":400,"height":11}},{"id":"507ff43d-130d-436e-ac41-b508287a7bbd","block_type":"box","text":"traded) than organised stock exchanges. Many of the","page_number":27,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"66faa239-cd7e-440f-a62f-a68b78f16a0f","block_type":"box","text":"protections afforded to transactions on organised","page_number":27,"box":{"x":62,"y":221,"width":399,"height":12}},{"id":"486e4fe5-bdfc-4e44-9ad9-844e0e5c77ca","block_type":"box","text":"exchanges such as the performance guarantee of an","page_number":27,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"f2f13bd6-ed6d-4047-a88b-9fcac18f6752","block_type":"box","text":"exchange clearing house may not exist for OTC","page_number":27,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"59e87509-1d6f-4d95-a7c6-b7a77dfc0df5","block_type":"box","text":"transactions. The risk of counterparty default therefore","page_number":27,"box":{"x":62,"y":263,"width":399,"height":11}},{"id":"68eb13f6-cfae-44fc-90e5-bcbcd5a743b4","block_type":"box","text":"exists (see ‘Counterparty Risk’ and ‘Credit Risk’).","page_number":27,"box":{"x":62,"y":276,"width":362,"height":11}},{"id":"3404fb30-96c0-4455-a252-47df142d3b76","block_type":"box","text":"The ACS Manager or its delegates will regularly","page_number":27,"box":{"x":62,"y":296,"width":400,"height":11}},{"id":"49c8cd76-380e-4fc3-9755-51ec28a19b70","block_type":"box","text":"assess the credit and counterparty risk arising from","page_number":27,"box":{"x":62,"y":309,"width":399,"height":12}},{"id":"258cba80-da43-42aa-bd4a-63dfdc9a1401","block_type":"box","text":"trading activities e.g. counterparty risk exposures","page_number":27,"box":{"x":62,"y":323,"width":399,"height":11}},{"id":"ae3b57a8-2d52-4513-9444-975971864be1","block_type":"box","text":"resulting from adverse movements in the prices or","page_number":27,"box":{"x":63,"y":337,"width":399,"height":11}},{"id":"a54d119f-204e-4abe-a2bf-26b0b821c47a","block_type":"box","text":"volatility of market prices and will assess the hedging","page_number":27,"box":{"x":62,"y":350,"width":399,"height":12}},{"id":"3a67c66d-f7fe-4af8-956b-17976ce45578","block_type":"box","text":"effectiveness on an ongoing basis. Counterparty","page_number":27,"box":{"x":62,"y":364,"width":400,"height":11}},{"id":"fdbcd31e-cec9-4439-b592-8d8f16064026","block_type":"box","text":"exposures are monitored against internal limits or","page_number":27,"box":{"x":62,"y":378,"width":400,"height":11}},{"id":"af55fdb9-d39e-44f8-bdc4-36c1b6af0c6a","block_type":"box","text":"thresholds as applicable. Further, in contrast to","page_number":27,"box":{"x":62,"y":391,"width":399,"height":11}},{"id":"abc103e6-3b08-4dd9-8d1c-b21c1b481a23","block_type":"box","text":"exchange traded instruments, forward, spot and option","page_number":27,"box":{"x":62,"y":405,"width":399,"height":11}},{"id":"0e67fa6d-0848-4701-97ee-950fa58c9ae9","block_type":"box","text":"contracts on currencies do not provide the ACS","page_number":27,"box":{"x":62,"y":418,"width":399,"height":12}},{"id":"40663db9-4627-4478-b656-0814ce592512","block_type":"box","text":"Manager or its delegate with the possibility to offset a","page_number":27,"box":{"x":63,"y":432,"width":399,"height":11}},{"id":"76fe9434-950f-49ee-841b-0a2b9eb8ef6b","block_type":"box","text":"Sub-Fund’s obligations through an equal and opposite","page_number":27,"box":{"x":62,"y":446,"width":399,"height":11}},{"id":"f5356dc0-0ce6-471e-906b-609b06172030","block_type":"box","text":"transaction. For this reason when entering into","page_number":27,"box":{"x":62,"y":460,"width":399,"height":11}},{"id":"736b29c0-426e-4742-89e5-fbab15e2fd13","block_type":"box","text":"forward, spot or options contracts, a Sub-Fund may be","page_number":27,"box":{"x":62,"y":473,"width":399,"height":11}},{"id":"b0290d87-1592-4bce-9df2-3d8b043ae2ef","block_type":"box","text":"required and must be able to perform its obligations","page_number":27,"box":{"x":63,"y":487,"width":398,"height":11}},{"id":"2416377d-2408-41b9-8236-c49d4c15faaf","block_type":"box","text":"under the contracts.","page_number":27,"box":{"x":63,"y":501,"width":145,"height":8}},{"id":"60dfcccf-dff0-4802-af83-64f4558562d5","block_type":"box","text":"(x)","page_number":27,"box":{"x":63,"y":520,"width":17,"height":11}},{"id":"3eac9530-7764-4201-a285-571f532e1867","block_type":"box","text":"Swap Transactions","page_number":27,"box":{"x":123,"y":520,"width":152,"height":11}},{"id":"1aa99764-5048-460b-8a0d-379365a11e22","block_type":"box","text":"Swap transactions are privately negotiated OTC","page_number":27,"box":{"x":62,"y":540,"width":399,"height":11}},{"id":"899c9692-4494-40c3-a177-238150701ce1","block_type":"box","text":"derivative products in which two parties agree to","page_number":27,"box":{"x":62,"y":554,"width":399,"height":11}},{"id":"48e63949-aecc-4c88-af25-e78580b2468b","block_type":"box","text":"exchange payment streams of a notional amount in","page_number":27,"box":{"x":62,"y":567,"width":399,"height":11}},{"id":"47d25c3b-d786-44c2-a422-779842b3ad87","block_type":"box","text":"relation to an asset or index. The notional amount is","page_number":27,"box":{"x":63,"y":581,"width":398,"height":9}},{"id":"da3a3b6a-c3b6-4b09-b1f1-48fd73ad482f","block_type":"box","text":"usually not exchanged between counterparties. By","page_number":27,"box":{"x":63,"y":595,"width":399,"height":11}},{"id":"179668c4-0ee9-43df-a044-26c8855a387f","block_type":"box","text":"consequence, cash or collateral may be required.","page_number":27,"box":{"x":62,"y":608,"width":365,"height":11}},{"id":"aa20f7f4-9f44-456a-be35-831f9036f168","block_type":"box","text":"Swaps transactions can typically either be in the form","page_number":27,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"e60583e6-50eb-429c-b1ad-96bb2ac9d54e","block_type":"box","text":"of a credit default swap, a contract for difference, an","page_number":27,"box":{"x":62,"y":641,"width":399,"height":11}},{"id":"967bf236-4310-445f-b36e-5b78915e7ec4","block_type":"box","text":"interest rate swap, a TRS and an interest rate","page_number":27,"box":{"x":62,"y":655,"width":399,"height":11}},{"id":"79a9754a-6074-4237-abb5-3bfd4d3e3022","block_type":"box","text":"swaption. A Sub-Fund may enter into swap","page_number":27,"box":{"x":62,"y":668,"width":400,"height":12}},{"id":"18d2d75c-c2bc-4f7f-9862-1d33afc536c5","block_type":"box","text":"transactions as either the buyer or seller of this right","page_number":27,"box":{"x":62,"y":682,"width":400,"height":11}},{"id":"2767795e-cd74-4526-8958-bc79483340c1","block_type":"box","text":"and may combine them to form a particular trading","page_number":27,"box":{"x":62,"y":696,"width":399,"height":11}},{"id":"f9058c50-d85e-45a8-957c-4213b5b3305f","block_type":"box","text":"strategy as well as using swap transactions for","page_number":27,"box":{"x":62,"y":710,"width":400,"height":11}},{"id":"702de81a-039c-4604-9f3f-9485a3be0090","block_type":"box","text":"reducing an existing risk.","page_number":27,"box":{"x":63,"y":723,"width":182,"height":11}},{"id":"d55e796d-fccc-4e7d-8646-a1d107cf5210","block_type":"box","text":"A credit default swap allows the transfer of default risk.","page_number":27,"box":{"x":62,"y":743,"width":399,"height":11}},{"id":"0755b783-b180-4dee-8208-5bc30901da79","block_type":"box","text":"This allows Unitholders to effectively buy insurance on","page_number":27,"box":{"x":62,"y":757,"width":399,"height":11}},{"id":"cf949281-0264-4dcd-9e87-3f5339825c06","block_type":"box","text":"a bond they hold (hedging the investment) or buy","page_number":27,"box":{"x":62,"y":770,"width":400,"height":11}},{"id":"741d5df8-4056-4c0d-a5e8-ad815a6bbd7b","block_type":"box","text":"protection on a bond they do not physically own where","page_number":27,"box":{"x":62,"y":784,"width":399,"height":11}},{"id":"17759ab2-2218-4d31-b518-bf71d5979a78","block_type":"box","text":"the investment view is that the stream of coupon","page_number":27,"box":{"x":62,"y":797,"width":399,"height":11}},{"id":"7fcd265d-0edd-4fc0-ace2-6394318b3a28","block_type":"box","text":"payments required will be less than the payments","page_number":27,"box":{"x":62,"y":811,"width":399,"height":11}},{"id":"1a248d7a-e40a-4714-81a5-ab105aecb684","block_type":"box","text":"received due to the decline in credit quality.","page_number":27,"box":{"x":63,"y":825,"width":319,"height":11}},{"id":"d4c2840d-09f4-4cd6-b4ad-e165283b6451","block_type":"box","text":"A contract for difference is a contract between two","page_number":27,"box":{"x":62,"y":844,"width":399,"height":9}},{"id":"78191aba-9c22-4455-80d7-18946848f64e","block_type":"box","text":"parties, typically described as the buyer and the seller","page_number":27,"box":{"x":62,"y":858,"width":400,"height":11}},{"id":"c064a762-306e-4c1d-a4db-55835aa2c2de","block_type":"box","text":"stipulating that the seller will pay to the buyer the","page_number":27,"box":{"x":62,"y":872,"width":399,"height":11}},{"id":"5182f110-b5fe-4137-ba41-3dc2c82d2b81","block_type":"box","text":"difference between the current value of an asset and","page_number":27,"box":{"x":62,"y":885,"width":399,"height":9}},{"id":"0934cb02-fda2-49f6-95e4-77fc45d7f50f","block_type":"box","text":"its value at contract time (if the difference is negative,","page_number":27,"box":{"x":62,"y":899,"width":399,"height":11}},{"id":"26440222-1733-410c-90ea-77931ccbb433","block_type":"box","text":"the buyer pays the seller instead).","page_number":27,"box":{"x":62,"y":913,"width":250,"height":11}},{"id":"a197394a-42f7-49bf-a4fb-4a19c162b328","block_type":"box","text":"Interest rate swaps involve an exchange with another","page_number":27,"box":{"x":524,"y":46,"width":399,"height":11}},{"id":"5eff8b8f-7934-4aed-8acd-7f3c2e812fc6","block_type":"box","text":"party of respective commitments to pay or receive","page_number":27,"box":{"x":524,"y":59,"width":399,"height":12}},{"id":"4f0e80b7-d0fd-4bb0-9495-a362d24afc34","block_type":"box","text":"interest, such as an exchange of fixed rate payments","page_number":27,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"cfec72cd-aac5-4812-bf43-3e0a823b35a7","block_type":"box","text":"for floating rate payments. Currency swaps may","page_number":27,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"d91997a7-da30-4294-84cf-fffd9e724ef4","block_type":"box","text":"involve the exchange of rights to make or receive","page_number":27,"box":{"x":524,"y":100,"width":399,"height":12}},{"id":"59037e52-5291-4ae4-841a-13de4fc6de5c","block_type":"box","text":"payments in specified currencies. TRS involve the","page_number":27,"box":{"x":524,"y":114,"width":399,"height":11}},{"id":"96e178c3-131b-42e9-9fed-a6412fc0f8de","block_type":"box","text":"exchange of the right to receive the total return,","page_number":27,"box":{"x":523,"y":128,"width":399,"height":11}},{"id":"21b091bd-2120-4af9-830d-3464eb2de36c","block_type":"box","text":"coupons plus capital gains or losses, of a specified","page_number":27,"box":{"x":523,"y":141,"width":399,"height":12}},{"id":"27388a96-52b0-494b-9e93-a46e0d7efa5d","block_type":"box","text":"reference asset, index or basket of assets against the","page_number":27,"box":{"x":524,"y":155,"width":399,"height":11}},{"id":"675f89f9-67f3-4d48-ab57-4cc5ae48a021","block_type":"box","text":"right to make fixed or floating payments.","page_number":27,"box":{"x":524,"y":169,"width":295,"height":11}},{"id":"ac724f40-e836-415d-9b35-83005cd20d43","block_type":"box","text":"Where a Sub-Fund enters into interest rate swaps or","page_number":27,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"0ab28831-8167-4868-96a8-0f13186106d6","block_type":"box","text":"TRSs on a net basis, the two payment streams are","page_number":27,"box":{"x":523,"y":202,"width":400,"height":11}},{"id":"6b2a8453-ee46-4541-a38f-f12c64af0325","block_type":"box","text":"netted out, with each party receiving or paying, as the","page_number":27,"box":{"x":524,"y":216,"width":399,"height":11}},{"id":"4906f36a-9568-4258-a83b-717905fcafef","block_type":"box","text":"case may be, only the net amount of the two payments.","page_number":27,"box":{"x":523,"y":229,"width":399,"height":11}},{"id":"8e28ec8b-c5a2-431d-8bb3-5c5ad5239709","block_type":"box","text":"Interest rate or TRS entered into on a net basis do not","page_number":27,"box":{"x":524,"y":243,"width":399,"height":9}},{"id":"9fbc33e6-98a5-4751-af09-c5b160f530b1","block_type":"box","text":"involve the physical delivery of investments, other","page_number":27,"box":{"x":524,"y":257,"width":399,"height":11}},{"id":"7ac7f771-d2fb-42bf-886f-31efbf8d7142","block_type":"box","text":"underlying assets or principal. Accordingly, it is","page_number":27,"box":{"x":524,"y":270,"width":399,"height":11}},{"id":"c4663b16-b943-4995-b689-2e042a77548f","block_type":"box","text":"intended that the risk of loss with respect to interest","page_number":27,"box":{"x":524,"y":284,"width":399,"height":11}},{"id":"2d26c2e8-431a-4348-b795-b4ed891317c0","block_type":"box","text":"rate swaps is limited to the net amount of interest","page_number":27,"box":{"x":524,"y":297,"width":399,"height":12}},{"id":"1d775e42-5e02-4d9c-9ab0-b1fb8bde7a09","block_type":"box","text":"payments that a Sub-Fund is contractually obligated to","page_number":27,"box":{"x":524,"y":311,"width":399,"height":11}},{"id":"673ea072-3b5e-4977-baa3-f7e754976104","block_type":"box","text":"make (or in the case of TRS, the net amount of the","page_number":27,"box":{"x":524,"y":325,"width":399,"height":11}},{"id":"dd6a241c-0c0f-4cc7-9f66-3b4403132210","block_type":"box","text":"difference between the total rate of return of a","page_number":27,"box":{"x":523,"y":338,"width":400,"height":9}},{"id":"e2db039c-447a-423f-8f97-e4ef2efb556e","block_type":"box","text":"reference investment, index or basket of investments","page_number":27,"box":{"x":524,"y":352,"width":399,"height":11}},{"id":"7b5b2ff4-c6dc-4f8c-b9e3-aacd794d53de","block_type":"box","text":"and the fixed or floating payments). If the other party","page_number":27,"box":{"x":523,"y":366,"width":400,"height":11}},{"id":"b1d5ddcf-d0c5-4900-8529-ebf4fabdeba6","block_type":"box","text":"to an interest rate swap or TRS defaults, in normal","page_number":27,"box":{"x":523,"y":379,"width":399,"height":11}},{"id":"956f5bb3-8443-4f63-838e-f3820b7bdffe","block_type":"box","text":"circumstances each Sub-Fund’s risk of loss consists of","page_number":27,"box":{"x":523,"y":393,"width":400,"height":9}},{"id":"84f374d0-4dce-450f-bc3b-5a9890b74c92","block_type":"box","text":"the net amount of interest or total return payments that","page_number":27,"box":{"x":523,"y":407,"width":400,"height":11}},{"id":"b6b3cc5b-5645-4089-a269-b111d0f612bc","block_type":"box","text":"each party is contractually entitled to receive. In","page_number":27,"box":{"x":523,"y":421,"width":399,"height":11}},{"id":"faf6e439-7f57-4192-9438-715627216599","block_type":"box","text":"contrast, currency swaps usually involve the delivery","page_number":27,"box":{"x":523,"y":434,"width":400,"height":11}},{"id":"63bff920-0b07-4193-acd0-6d9931d57225","block_type":"box","text":"of the entire principal value of one designated currency","page_number":27,"box":{"x":523,"y":448,"width":400,"height":11}},{"id":"7cbbfd8d-79ef-42b0-ac76-818ac37cd7dc","block_type":"box","text":"in exchange for the other designated currency.","page_number":27,"box":{"x":524,"y":461,"width":398,"height":12}},{"id":"02575f29-121e-44be-9aa4-05ff9d01a1d4","block_type":"box","text":"Therefore, the entire principal value of a currency swap","page_number":27,"box":{"x":523,"y":475,"width":400,"height":11}},{"id":"1e6b022a-c24d-43b3-bb5c-c75e90e3d97e","block_type":"box","text":"is subject to the risk that the other party to the swap","page_number":27,"box":{"x":524,"y":489,"width":399,"height":11}},{"id":"ca79acf3-baea-44d7-a90d-80e57a429851","block_type":"box","text":"will default on its contractual delivery obligations.","page_number":27,"box":{"x":523,"y":502,"width":360,"height":12}},{"id":"8548de10-5fe9-411b-bdd6-2cc0eef811bb","block_type":"box","text":"Certain Sub-Funds may also buy or sell interest rate","page_number":27,"box":{"x":523,"y":522,"width":400,"height":11}},{"id":"671805d9-e456-4d15-9b6b-19b2fe80e01a","block_type":"box","text":"swaption contracts. These give the purchaser the right,","page_number":27,"box":{"x":523,"y":536,"width":399,"height":11}},{"id":"75d2cf98-8155-4909-9e05-a603040937e1","block_type":"box","text":"but not the obligation to enter into an interest rate swap","page_number":27,"box":{"x":524,"y":549,"width":399,"height":11}},{"id":"a7274c9e-73f7-4916-b4f3-ad81667e5a9a","block_type":"box","text":"at a pre-set interest rate within a specified period of","page_number":27,"box":{"x":523,"y":563,"width":400,"height":11}},{"id":"ede9202e-808d-4e45-888f-b7577314d042","block_type":"box","text":"time.","page_number":27,"box":{"x":523,"y":577,"width":34,"height":8}},{"id":"ee2aaed5-7209-4c43-8133-98261d78a23a","block_type":"box","text":"If the ACS Manager or its delegate is incorrect in its","page_number":27,"box":{"x":524,"y":596,"width":399,"height":11}},{"id":"d81aea6d-156e-4334-83a6-f093bf9931a4","block_type":"box","text":"forecasts of market values, interest rates and currency","page_number":27,"box":{"x":523,"y":610,"width":400,"height":11}},{"id":"001d321f-7be9-473a-bcc3-e39a2ccd2cf4","block_type":"box","text":"exchange rates, the investment performance of a Sub\u0002","page_number":27,"box":{"x":523,"y":623,"width":400,"height":12}},{"id":"65407986-b039-4473-8d06-af5adaffa448","block_type":"box","text":"Fund would be less favourable than it would have been","page_number":27,"box":{"x":524,"y":637,"width":398,"height":9}},{"id":"a67aae00-bad0-4319-b424-746ee111f0db","block_type":"box","text":"if these investment techniques were not used.","page_number":27,"box":{"x":524,"y":651,"width":338,"height":11}},{"id":"f139cd4d-aaf5-4609-9a67-4ed008d8735e","block_type":"box","text":"Illiquidity in the swaps market may prevent a Sub-Fund","page_number":27,"box":{"x":524,"y":670,"width":398,"height":12}},{"id":"e6174e81-af86-4575-86ac-efea632d81b3","block_type":"box","text":"from being able to roll its swap positions on expiry","page_number":27,"box":{"x":523,"y":684,"width":400,"height":11}},{"id":"d121e406-c6fb-4241-8bc3-052db8aeb132","block_type":"box","text":"which in turn may result in a Sub-Fund being","page_number":27,"box":{"x":523,"y":698,"width":399,"height":11}},{"id":"00753210-5239-4b40-a7d2-bfa30476c79e","block_type":"box","text":"temporarily unable to pursue its investment objective.","page_number":27,"box":{"x":523,"y":711,"width":399,"height":11}},{"id":"f345b36d-69f5-4d95-b85a-f31faa2bd3e8","block_type":"box","text":"In addition, the market for credit default swaps may","page_number":27,"box":{"x":524,"y":725,"width":399,"height":11}},{"id":"5a6376ff-35b1-4f5d-b4a9-ad271fd762e2","block_type":"box","text":"sometimes be more illiquid than bond markets (see","page_number":27,"box":{"x":523,"y":739,"width":400,"height":11}},{"id":"d6b849e2-c41d-4f32-84d5-1bb4d091fb74","block_type":"box","text":"‘Liquidity Risk’).","page_number":27,"box":{"x":524,"y":752,"width":114,"height":12}},{"id":"3f3a21b8-e316-4752-b8f0-22903b43f2dd","block_type":"box","text":"The investment in options may also involve the","page_number":27,"box":{"x":523,"y":772,"width":400,"height":11}},{"id":"8fd7dc49-3fbe-4ccc-b6a2-b7fd78ae6723","block_type":"box","text":"following non-exhaustive list of risks; see ‘Market","page_number":27,"box":{"x":523,"y":786,"width":400,"height":11}},{"id":"6ce11a2a-e640-405d-88bf-95c5a718a210","block_type":"box","text":"Risk’, ‘Credit Risk’, ‘Counterparty Risk’. Their","page_number":27,"box":{"x":524,"y":799,"width":399,"height":11}},{"id":"642bbac7-db62-47a0-9f30-e156b5851b44","block_type":"box","text":"magnitude will depend on the exposure taken by the","page_number":27,"box":{"x":524,"y":813,"width":399,"height":11}},{"id":"035f8f42-406c-4979-82b0-128f0484eea4","block_type":"box","text":"relevant Sub-Fund and certain or unexpected market","page_number":27,"box":{"x":524,"y":827,"width":399,"height":11}},{"id":"c843b58b-16d0-43a3-b2cf-63f211c1a4c5","block_type":"box","text":"conditions.","page_number":27,"box":{"x":523,"y":840,"width":78,"height":9}},{"id":"fed5e560-f543-4e61-930a-0f019f8cd94d","block_type":"box","text":"(xi)","page_number":27,"box":{"x":524,"y":860,"width":21,"height":11}},{"id":"e7ae1810-d2af-4493-b75d-eee7bbbe610f","block_type":"box","text":"When Issued and Forward Commitment","page_number":27,"box":{"x":586,"y":860,"width":339,"height":9}},{"id":"ab70571b-0285-4f8f-bd0a-e5a6106fc8d7","block_type":"box","text":"Securities","page_number":27,"box":{"x":584,"y":873,"width":80,"height":9}},{"id":"89c32e19-c053-4e62-9f91-a3ccb744f3b5","block_type":"box","text":"A Sub-Fund may purchase “when-issued” securities","page_number":27,"box":{"x":523,"y":893,"width":400,"height":11}},{"id":"8e313beb-3243-47a6-a76e-f33fac77b7e0","block_type":"box","text":"and may contract to purchase or sell securities for a","page_number":27,"box":{"x":523,"y":907,"width":400,"height":11}},{"id":"2dbb1bc5-e1c2-478c-93bf-d3887de7a547","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 28","page_number":28,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"207e8cf3-b737-427c-87fa-7183ec269e80","block_type":"box","text":"fixed price at a future date beyond the usual settlement","page_number":28,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"9e93d813-c915-4218-b878-ac0757f475c7","block_type":"box","text":"time. When-issued securities are securities that have","page_number":28,"box":{"x":62,"y":60,"width":399,"height":8}},{"id":"657f8616-e2e2-49ee-bc19-511d92a39891","block_type":"box","text":"been authorized, but not yet received and can be used","page_number":28,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"69198556-d4d2-49c0-9e0f-20260b94c95c","block_type":"box","text":"to hedge against anticipated changes in interest rates","page_number":28,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"46fabc7f-a614-4ccc-97ec-0127c0ff7466","block_type":"box","text":"and prices or for speculative purposes.","page_number":28,"box":{"x":62,"y":100,"width":286,"height":11}},{"id":"17336174-a04b-47da-ba51-1a1501093d39","block_type":"box","text":"Forward commitment transactions involve a","page_number":28,"box":{"x":63,"y":120,"width":399,"height":9}},{"id":"b339a56a-4b8d-4508-93ec-862e075d1fa6","block_type":"box","text":"commitment by a Sub-Fund to purchase or sell","page_number":28,"box":{"x":62,"y":134,"width":399,"height":11}},{"id":"bba8ccf1-42bc-4747-a882-4ab8180888d1","block_type":"box","text":"securities at a future price and date.","page_number":28,"box":{"x":62,"y":147,"width":265,"height":11}},{"id":"cfb8c5bb-a193-4e9d-a349-47f080b46e7a","block_type":"box","text":"The purchase of such securities involves the risk of the","page_number":28,"box":{"x":62,"y":167,"width":399,"height":11}},{"id":"c16099b0-2ad3-4a04-a87c-bccdbbca4815","block_type":"box","text":"value of the security being purchased declining before","page_number":28,"box":{"x":62,"y":181,"width":399,"height":11}},{"id":"f155c5fe-f6ae-4e94-a910-83ff07cb7d12","block_type":"box","text":"the purchase date. Equally the sale of securities on a","page_number":28,"box":{"x":62,"y":194,"width":400,"height":11}},{"id":"231c08f1-2831-42e6-b25b-61d8b4ae62a1","block_type":"box","text":"forward commitment basis can expose a Sub-Fund to","page_number":28,"box":{"x":62,"y":208,"width":399,"height":11}},{"id":"c293b01c-39b3-4347-aa9f-2798296ef121","block_type":"box","text":"the risk of the value of the security being sold","page_number":28,"box":{"x":62,"y":221,"width":399,"height":12}},{"id":"77dc5177-efbe-4877-a9f4-b75668e956a2","block_type":"box","text":"increasing prior to settlement. Such securities may be","page_number":28,"box":{"x":62,"y":235,"width":399,"height":11}},{"id":"5fce7177-cb35-4199-94cb-3126ae08f412","block_type":"box","text":"disposed of prior to settlement if deemed appropriate","page_number":28,"box":{"x":62,"y":249,"width":399,"height":11}},{"id":"d13f01f1-73b1-41e0-82b5-a5efb49b1bc9","block_type":"box","text":"by the ACS Manager.","page_number":28,"box":{"x":62,"y":262,"width":158,"height":12}},{"id":"d76ee393-a150-4fbd-92ec-80dd1254c02a","block_type":"box","text":"(xii)","page_number":28,"box":{"x":63,"y":282,"width":24,"height":11}},{"id":"aeefd167-357a-4567-a976-1635577ac687","block_type":"box","text":"SFTs","page_number":28,"box":{"x":110,"y":282,"width":40,"height":9}},{"id":"f5dcdce9-9a4f-4a19-a549-987c8530c362","block_type":"box","text":"The primary risk in any SFT is counterparty credit risk","page_number":28,"box":{"x":62,"y":302,"width":400,"height":11}},{"id":"c6c86fa7-78fb-4ffa-b14c-05b509aeaca8","block_type":"box","text":"(see “Counterparty Risk”),","page_number":28,"box":{"x":63,"y":315,"width":190,"height":12}},{"id":"c4a37730-115d-4f82-b3af-8c9927fad39a","block_type":"box","text":"Risk is mitigated by the choice of counterparty and the","page_number":28,"box":{"x":63,"y":335,"width":398,"height":11}},{"id":"c5757706-2ff6-4ca7-905c-5be2c082f4b1","block_type":"box","text":"use of collateral. In the event of a counterparty default,","page_number":28,"box":{"x":63,"y":349,"width":398,"height":11}},{"id":"3cbd234b-7608-4077-a9f2-df1442f3efc6","block_type":"box","text":"collateral securities delivered by the failing","page_number":28,"box":{"x":62,"y":362,"width":399,"height":11}},{"id":"b2172d0e-f9a9-4741-a6d8-f587c4870183","block_type":"box","text":"counterparty are sold, and the sale proceeds used to","page_number":28,"box":{"x":62,"y":376,"width":400,"height":11}},{"id":"5549657d-d887-4994-98f5-53c6551eb2e4","block_type":"box","text":"purchase replacement loan securities. There is a risk","page_number":28,"box":{"x":62,"y":390,"width":400,"height":11}},{"id":"f160f567-d803-402d-9ffc-3c8eed3b0d9f","block_type":"box","text":"that these collateral sale proceeds are insufficient to","page_number":28,"box":{"x":62,"y":403,"width":399,"height":11}},{"id":"372cd31f-e2c1-4eae-ad07-c3b08948813c","block_type":"box","text":"purchase the replacement loan securities, leading the","page_number":28,"box":{"x":62,"y":417,"width":399,"height":11}},{"id":"6f102aff-60a2-48f9-8cbd-a32713432463","block_type":"box","text":"Sub-Fund to incur a loss. This risk is mitigated by the","page_number":28,"box":{"x":62,"y":430,"width":399,"height":12}},{"id":"82cb34e3-1fdb-448d-bf6d-30e08ef01c8b","block_type":"box","text":"fact that all SFT activity is governed by industry","page_number":28,"box":{"x":62,"y":444,"width":400,"height":11}},{"id":"38dbd217-41c5-461d-856e-a303d2f43861","block_type":"box","text":"standard legal documentation and collateralised to a","page_number":28,"box":{"x":62,"y":458,"width":400,"height":11}},{"id":"05df58ad-616b-45be-bcb4-febbbfaf4ee7","block_type":"box","text":"minimum value of 100% of the loan portfolio.","page_number":28,"box":{"x":62,"y":471,"width":398,"height":12}},{"id":"5cbfc9dc-3878-4bd3-8f91-d948771dc2b7","block_type":"box","text":"Collateral, consisting of liquid, marketable securities,","page_number":28,"box":{"x":62,"y":485,"width":398,"height":11}},{"id":"f00d1e58-976a-4d45-aabf-9c65052b8813","block_type":"box","text":"is valued daily on a mark-to-market basis.","page_number":28,"box":{"x":62,"y":499,"width":308,"height":11}},{"id":"555b00a0-5aa1-4c85-8151-e6ccfb95d3d5","block_type":"box","text":"SFTs also involve operational liquidity risk arising","page_number":28,"box":{"x":62,"y":518,"width":399,"height":12}},{"id":"749ea3d2-cd8b-4a27-9b00-85ba2ba66d4c","block_type":"box","text":"where a Sub-Fund may be unable to settle the sale of","page_number":28,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"883154e2-cc96-4354-8e4c-20baf43223c8","block_type":"box","text":"a security if it cannot be recalled from a borrowing","page_number":28,"box":{"x":62,"y":546,"width":399,"height":11}},{"id":"4ae8dc0f-5540-4b65-b826-32fb58b8305f","block_type":"box","text":"counterparty on a timely basis. This risk is mitigated by","page_number":28,"box":{"x":62,"y":560,"width":400,"height":11}},{"id":"7eea9967-16e5-49bc-bfb0-72d830043852","block_type":"box","text":"a comprehensive set of systems and procedures in","page_number":28,"box":{"x":62,"y":573,"width":399,"height":11}},{"id":"e3cfd178-5d9f-45b4-a0fd-56cd5bd2b0f8","block_type":"box","text":"place to ensure that any security on loan may be","page_number":28,"box":{"x":62,"y":587,"width":399,"height":11}},{"id":"2a9f0697-7293-47ba-82ac-04bb75cfda4d","block_type":"box","text":"recalled at any time as required from the borrowing","page_number":28,"box":{"x":63,"y":600,"width":398,"height":12}},{"id":"b7a6b038-cce9-4116-bbf0-89bab97ad318","block_type":"box","text":"counterparty.","page_number":28,"box":{"x":62,"y":615,"width":96,"height":10}},{"id":"c4328dc4-a143-47f8-a587-5aee40f72816","block_type":"box","text":"(c)","page_number":28,"box":{"x":74,"y":640,"width":18,"height":11}},{"id":"e971fef7-e3cf-4e04-93d2-b25bb23e2084","block_type":"box","text":"Risk Factors Specific to Certain Sub-Funds","page_number":28,"box":{"x":122,"y":640,"width":340,"height":11}},{"id":"3f41f30b-c3fa-4049-8f82-b36917ca88f5","block_type":"box","text":"The following are relevant to a Sub-Fund depending","page_number":28,"box":{"x":62,"y":659,"width":399,"height":11}},{"id":"2407cfa9-1fa7-400b-baaf-80353ceada27","block_type":"box","text":"on the investment objective and policy of that Sub\u0002","page_number":28,"box":{"x":62,"y":673,"width":399,"height":11}},{"id":"1a27b7ba-8ea8-4093-8fe9-4bfe18b451a6","block_type":"box","text":"Fund. Details of which specific risk factors are relevant","page_number":28,"box":{"x":63,"y":686,"width":399,"height":11}},{"id":"25a4a29b-5967-4ca2-b270-b2de30f88ff8","block_type":"box","text":"for a Sub-Fund are set out in Appendix 1.","page_number":28,"box":{"x":62,"y":700,"width":305,"height":11}},{"id":"1e790e5a-32eb-4867-b617-e9086be6a26c","block_type":"box","text":"(i)","page_number":28,"box":{"x":63,"y":720,"width":12,"height":11}},{"id":"f36e2ce8-4970-4900-af95-9c2d6d85c76a","block_type":"box","text":"Emerging Markets","page_number":28,"box":{"x":110,"y":720,"width":145,"height":11}},{"id":"d32691cc-4ce2-4eb8-a1d6-1b8015a126d8","block_type":"box","text":"Where a Sub-Fund invests in emerging markets, it is","page_number":28,"box":{"x":62,"y":739,"width":399,"height":11}},{"id":"62064298-76b9-439b-b53c-6b6d625ee3b5","block_type":"box","text":"likely to be more volatile than one that invests in","page_number":28,"box":{"x":62,"y":753,"width":399,"height":11}},{"id":"b775479a-00dc-4260-bb01-9ff0de57abff","block_type":"box","text":"developed markets. These markets may not be as","page_number":28,"box":{"x":62,"y":767,"width":399,"height":11}},{"id":"594c454d-f487-4352-a82c-dff94247a77d","block_type":"box","text":"strictly regulated, and securities may be harder to buy","page_number":28,"box":{"x":62,"y":780,"width":400,"height":11}},{"id":"71019404-612d-47bc-995a-c4921c852705","block_type":"box","text":"and sell than those in more developed markets. These","page_number":28,"box":{"x":62,"y":794,"width":399,"height":11}},{"id":"e381a126-5c36-4112-805d-b71d39e754ac","block_type":"box","text":"markets may also be politically unstable which can","page_number":28,"box":{"x":62,"y":808,"width":399,"height":11}},{"id":"d46244ac-a448-4de0-b84d-ac0070da52b1","block_type":"box","text":"result in the Sub-Fund carrying more risk.","page_number":28,"box":{"x":63,"y":821,"width":305,"height":11}},{"id":"b89b8c7c-a21e-4ef4-a5e8-8130f6893ada","block_type":"box","text":"(ii)","page_number":28,"box":{"x":67,"y":841,"width":16,"height":11}},{"id":"304e2a4b-ac71-4afe-938e-40caea590b9a","block_type":"box","text":"Smaller Companies","page_number":28,"box":{"x":110,"y":841,"width":155,"height":11}},{"id":"c342ea58-6478-4983-b4f9-e3076d7b93b1","block_type":"box","text":"Where a Sub-Fund invests in shares of smaller","page_number":28,"box":{"x":62,"y":860,"width":400,"height":9}},{"id":"5d931171-a8d6-4a0c-a008-082d05503e76","block_type":"box","text":"companies, these shares can be more volatile and","page_number":28,"box":{"x":62,"y":874,"width":399,"height":11}},{"id":"c2243a3f-8bb0-4a78-83bc-2149550fe39f","block_type":"box","text":"may be harder to buy and sell than larger company","page_number":28,"box":{"x":62,"y":888,"width":400,"height":11}},{"id":"34ffe02d-1998-48e5-a48a-1f890aaee59e","block_type":"box","text":"shares which can result in the Sub-Fund carrying more","page_number":28,"box":{"x":62,"y":901,"width":399,"height":12}},{"id":"c8f92ce1-7827-4a7d-b54d-dbb2e68f7e74","block_type":"box","text":"risk.","page_number":28,"box":{"x":63,"y":915,"width":28,"height":9}},{"id":"a189fc4d-daa8-4ca2-8b0a-d1fd5af6f6c3","block_type":"box","text":"(iii)","page_number":28,"box":{"x":528,"y":46,"width":20,"height":11}},{"id":"70c5175e-8165-4b9d-818b-02b9239d177b","block_type":"box","text":"Fixed Interest","page_number":28,"box":{"x":607,"y":46,"width":110,"height":9}},{"id":"ab32663f-f6db-42de-b03a-695c4254c195","block_type":"box","text":"Where a Sub-Fund invests in fixed interest securities,","page_number":28,"box":{"x":523,"y":65,"width":399,"height":11}},{"id":"df6ee062-47e9-40fb-abf2-bbbc30490ef5","block_type":"box","text":"such as corporate or government bonds, the value","page_number":28,"box":{"x":523,"y":79,"width":400,"height":11}},{"id":"c5f29546-f653-4600-b6ad-1aa17deb9238","block_type":"box","text":"may go up and down as interest rates change. If","page_number":28,"box":{"x":524,"y":93,"width":399,"height":11}},{"id":"12d132ed-ea6b-476b-908b-7e9769d77789","block_type":"box","text":"interest rates rise, the value is likely to fall. Bonds with","page_number":28,"box":{"x":524,"y":106,"width":398,"height":11}},{"id":"cc39624e-1a2c-4708-8148-a3187f658531","block_type":"box","text":"a lower credit rating are known as sub-investment","page_number":28,"box":{"x":523,"y":120,"width":400,"height":11}},{"id":"148643f3-12f0-48e8-96d5-0128c6002c0b","block_type":"box","text":"grade or junk bonds. These carry an increased risk that","page_number":28,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"dab24dc4-75ce-4cec-bb69-c2cf1749b433","block_type":"box","text":"the issuer of the bond will be unable to continue the","page_number":28,"box":{"x":523,"y":147,"width":400,"height":9}},{"id":"cdd51163-59a8-4630-b7c4-304fefeaea87","block_type":"box","text":"interest payments or return the capital at maturity.","page_number":28,"box":{"x":524,"y":161,"width":367,"height":11}},{"id":"dbc3d8c2-850b-4bdd-acfc-54bfa39dbced","block_type":"box","text":"(iv)","page_number":28,"box":{"x":524,"y":181,"width":21,"height":11}},{"id":"f9cfb0e0-21a9-4b4f-99a0-4f98ba59d135","block_type":"box","text":"Asset-Backed Securities","page_number":28,"box":{"x":606,"y":180,"width":197,"height":9}},{"id":"51d30703-a719-40e3-a4c8-3844009ee678","block_type":"box","text":"Asset-backed securities represent interests in pools of","page_number":28,"box":{"x":523,"y":200,"width":400,"height":11}},{"id":"e2783be4-23fd-440c-8abf-c767a4243062","block_type":"box","text":"consumer loans such as: credit card receivables,","page_number":28,"box":{"x":523,"y":214,"width":399,"height":10}},{"id":"f9a2d303-05b7-44cc-86d6-c9cb5412fbfd","block_type":"box","text":"motor vehicle loans and leases, or leases on","page_number":28,"box":{"x":524,"y":228,"width":398,"height":10}},{"id":"d5c25549-199a-4240-99e3-bed970fdf3b4","block_type":"box","text":"equipment such as computers, and are subject to","page_number":28,"box":{"x":523,"y":241,"width":400,"height":11}},{"id":"9da334de-0731-4007-a695-026c9dfca3a6","block_type":"box","text":"certain additional risks. Due to the nature of the","page_number":28,"box":{"x":523,"y":255,"width":400,"height":8}},{"id":"a8910b15-eaef-4e95-b982-02307d0f1934","block_type":"box","text":"underlying assets, the ability of an issuer of asset\u0002","page_number":28,"box":{"x":524,"y":268,"width":399,"height":12}},{"id":"ab6c419a-df5e-480f-835f-92c8808bfab0","block_type":"box","text":"backed securities to enforce its security interest in the","page_number":28,"box":{"x":524,"y":282,"width":399,"height":11}},{"id":"af8bd0d5-c794-4e7a-b298-caa351751a4b","block_type":"box","text":"underlying assets may be limited.","page_number":28,"box":{"x":524,"y":296,"width":245,"height":11}},{"id":"31b8b746-aa32-4995-adb0-6c149900bce1","block_type":"box","text":"The principal (amount loaned) on asset-backed","page_number":28,"box":{"x":523,"y":315,"width":399,"height":11}},{"id":"a4b9d19d-3b4f-4a38-94ef-93e24049a38a","block_type":"box","text":"securities may be prepaid at any time. Voluntary","page_number":28,"box":{"x":523,"y":329,"width":400,"height":11}},{"id":"cfbd1dd9-2c89-490d-838b-df99301f53f6","block_type":"box","text":"prepayment of the loan will reduce the yield and","page_number":28,"box":{"x":524,"y":343,"width":398,"height":11}},{"id":"78dd6c6a-d937-40a4-983a-527d161f07fe","block_type":"box","text":"market value of an asset-backed security.","page_number":28,"box":{"x":524,"y":356,"width":307,"height":11}},{"id":"80fd18c9-b045-4ae7-9c24-a2327aeebed4","block_type":"box","text":"Rising interest rates tend to extend the duration of","page_number":28,"box":{"x":524,"y":376,"width":399,"height":11}},{"id":"9533aceb-0fc9-4edd-b6d9-0ef919708e4f","block_type":"box","text":"asset-backed securities, making them more sensitive","page_number":28,"box":{"x":523,"y":390,"width":400,"height":11}},{"id":"cfc7ba55-1c6c-4c1e-adf6-56ea6412d230","block_type":"box","text":"to changes in interest rates. As a result, in a period of","page_number":28,"box":{"x":523,"y":403,"width":400,"height":11}},{"id":"1e98d6a7-aada-43f7-86ec-655ba1ceb5c0","block_type":"box","text":"rising interest rates, volatility of asset-backed","page_number":28,"box":{"x":524,"y":417,"width":398,"height":11}},{"id":"5a4725e2-ea95-4fdb-99f2-7fc14cd02d8f","block_type":"box","text":"securities may increase. The risk of default by","page_number":28,"box":{"x":523,"y":431,"width":400,"height":11}},{"id":"9050f1cf-b539-48dc-9dc5-b6b3d3cd437b","block_type":"box","text":"borrowers is greater during periods of rising interest","page_number":28,"box":{"x":524,"y":444,"width":399,"height":11}},{"id":"d1a2a932-f9f2-4243-9705-607ab4e544bc","block_type":"box","text":"rates and/or unemployment rates.","page_number":28,"box":{"x":524,"y":458,"width":248,"height":11}},{"id":"3b40f08c-b099-4ba6-b41f-148d9b62b1bd","block_type":"box","text":"When interest rates are declining, there are usually","page_number":28,"box":{"x":523,"y":478,"width":400,"height":11}},{"id":"38232f1f-3939-4265-9f2e-098f059c9325","block_type":"box","text":"more prepayments of loans as borrowers are","page_number":28,"box":{"x":524,"y":491,"width":399,"height":11}},{"id":"84d739f4-eed3-4777-a7d4-df943fce5ae2","block_type":"box","text":"motivated to pay off debt and refinance at new lower","page_number":28,"box":{"x":524,"y":505,"width":399,"height":11}},{"id":"06953f1b-00fa-4296-b169-88d3f2ad2195","block_type":"box","text":"rates, which will shorten the life of asset-backed","page_number":28,"box":{"x":524,"y":518,"width":398,"height":11}},{"id":"d8d07f7b-2d47-46d2-acf8-5e04f2b373d9","block_type":"box","text":"securities, reducing the potential capital growth. The","page_number":28,"box":{"x":523,"y":532,"width":400,"height":11}},{"id":"c725d07f-0047-4272-9c15-91ad0fa3a8de","block_type":"box","text":"reinvestment of cash received from prepayments will,","page_number":28,"box":{"x":524,"y":546,"width":398,"height":11}},{"id":"cce8d4c8-ecf6-4296-965c-14884404b1c4","block_type":"box","text":"therefore, usually be on less attractive terms and at a","page_number":28,"box":{"x":523,"y":559,"width":400,"height":12}},{"id":"e83ab152-3b26-41d1-a8c9-6229631dba93","block_type":"box","text":"lower interest rate than the original investment,","page_number":28,"box":{"x":524,"y":573,"width":398,"height":11}},{"id":"33b7aaf1-d266-49ac-8beb-a871ebbc266f","block_type":"box","text":"lowering the yield payable. 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Chinese authorities may","page_number":31,"box":{"x":110,"y":563,"width":352,"height":11}},{"id":"42ae4031-d2fd-400f-87af-be960bccdf1d","block_type":"box","text":"impose measures that result in additional costs","page_number":31,"box":{"x":110,"y":577,"width":351,"height":11}},{"id":"2447bac7-aaa1-4d10-aa95-1eb41154febd","block_type":"box","text":"and/or have the effect of blocking, limiting or","page_number":31,"box":{"x":110,"y":590,"width":352,"height":11}},{"id":"63c1e613-4744-40ee-9595-6f8245f3e9a5","block_type":"box","text":"otherwise restricting trading, potentially","page_number":31,"box":{"x":110,"y":604,"width":352,"height":11}},{"id":"ac413622-7c9e-49a5-a3c3-4ac87f5a637d","block_type":"box","text":"hindering the Sub-Fund in implementing it’s","page_number":31,"box":{"x":110,"y":617,"width":351,"height":12}},{"id":"eabd9b80-e894-4bd1-88c0-523ce4b46a94","block_type":"box","text":"intended investment strategy.","page_number":31,"box":{"x":110,"y":631,"width":217,"height":11}},{"id":"e7f3f8da-4020-42cd-aff6-2c0bc086c3d5","block_type":"box","text":"(xvii)","page_number":31,"box":{"x":93,"y":657,"width":33,"height":11}},{"id":"04d1b87d-b122-4b1e-bb3c-897985fa131e","block_type":"box","text":"Benchmark Indices","page_number":31,"box":{"x":140,"y":657,"width":152,"height":9}},{"id":"353ed891-38cd-4c80-a490-baf8dacd476e","block_type":"box","text":"The constituents of a Sub-Fund’s benchmark Index","page_number":31,"box":{"x":62,"y":676,"width":400,"height":9}},{"id":"9e2eadf8-6c25-405b-9cb7-4e1b6190ea36","block_type":"box","text":"may change over time. Potential investors in a Sub\u0002","page_number":31,"box":{"x":62,"y":690,"width":399,"height":11}},{"id":"5caedfc8-8d2a-4868-a8c6-bedb7359eb2c","block_type":"box","text":"Fund may obtain a breakdown of the constituents of","page_number":31,"box":{"x":63,"y":704,"width":399,"height":11}},{"id":"0aa5eab4-6427-4101-989e-e79e4e6a76dd","block_type":"box","text":"the relevant benchmark Index from the website of the","page_number":31,"box":{"x":62,"y":717,"width":399,"height":9}},{"id":"6d3de6d7-ab0e-4398-b519-8c1af09d2f77","block_type":"box","text":"index provider (as referred to in the relevant","page_number":31,"box":{"x":62,"y":731,"width":400,"height":11}},{"id":"f6d56fbf-b785-45ba-b1bf-f2dc3032c3d4","block_type":"box","text":"benchmark Index description outlined in Appendix 1).","page_number":31,"box":{"x":62,"y":745,"width":398,"height":11}},{"id":"ac2aa753-95eb-4df7-b3bd-0ddf321786bd","block_type":"box","text":"There is no assurance that a Sub-Fund’s benchmark","page_number":31,"box":{"x":62,"y":758,"width":400,"height":9}},{"id":"6985483a-8946-42e6-9bdf-0144a4fb852f","block_type":"box","text":"Index will continue to be calculated and published on","page_number":31,"box":{"x":63,"y":772,"width":398,"height":11}},{"id":"f7b00fcd-cb84-4e8a-932d-b734f996867b","block_type":"box","text":"the basis described in this Prospectus or that it will not","page_number":31,"box":{"x":62,"y":786,"width":400,"height":11}},{"id":"f2377a56-e7f5-4852-8ffe-a1d1d2c27f35","block_type":"box","text":"be amended significantly. The past performance of","page_number":31,"box":{"x":62,"y":799,"width":400,"height":11}},{"id":"6e408ce7-210f-4240-b2b3-8dc85072c550","block_type":"box","text":"each benchmark Index is not a guide to future","page_number":31,"box":{"x":62,"y":813,"width":399,"height":11}},{"id":"3935b6ee-c0c3-490a-ab94-543df07f48fc","block_type":"box","text":"performance.","page_number":31,"box":{"x":62,"y":827,"width":97,"height":11}},{"id":"de90ee08-0c32-407d-9d6f-4d3a5deb0fef","block_type":"box","text":"The ACS Manager may, if it considers it in the interests","page_number":31,"box":{"x":62,"y":854,"width":399,"height":11}},{"id":"4b68d0a9-252b-4fd7-aa12-27c701ad5266","block_type":"box","text":"of any Sub-Fund to do so, and with the consent of the","page_number":31,"box":{"x":62,"y":867,"width":399,"height":12}},{"id":"94846183-4d76-4cd4-89b9-d4f6a88daf66","block_type":"box","text":"Depositary and FCA as necessary in accordance with","page_number":31,"box":{"x":63,"y":881,"width":398,"height":11}},{"id":"4c38e7b4-d406-402b-be62-e4ad768586ec","block_type":"box","text":"COLL, and in line with Unitholder approval and notice","page_number":31,"box":{"x":62,"y":895,"width":399,"height":11}},{"id":"d895d658-d0f5-48d3-8c98-f95daafa8d3d","block_type":"box","text":"requirements as set out in COLL 4.3, substitute","page_number":31,"box":{"x":63,"y":908,"width":398,"height":12}},{"id":"67b6832a-9a5e-4f06-882d-051f1541e4a2","block_type":"box","text":"another index for the benchmark Index in","page_number":31,"box":{"x":523,"y":46,"width":399,"height":9}},{"id":"8bed36d2-7dee-476a-a677-e1c3c6f66974","block_type":"box","text":"circumstances such as the following:","page_number":31,"box":{"x":523,"y":59,"width":271,"height":12}},{"id":"d070a714-e5f3-4dad-b7a9-76b60fbab281","block_type":"box","text":"• the weightings of constituent securities of the 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as","page_number":31,"box":{"x":523,"y":210,"width":400,"height":11}},{"id":"588ab4d9-ef75-46fd-abaf-9a94aa8f5890","block_type":"box","text":"the market standard for investors in the particular","page_number":31,"box":{"x":523,"y":223,"width":400,"height":11}},{"id":"5000c776-49bf-4474-9740-d4358f5a3620","block_type":"box","text":"market and/or would be regarded as of greater benefit","page_number":31,"box":{"x":524,"y":237,"width":399,"height":11}},{"id":"a73dacb7-1f34-46ba-85dc-331da0b6829b","block_type":"box","text":"to the Unitholders than the existing benchmark Index;","page_number":31,"box":{"x":523,"y":251,"width":395,"height":11}},{"id":"1226a5df-1ae6-407c-a301-6c224f8c7b36","block_type":"box","text":"• it becomes difficult to invest in stocks comprised","page_number":31,"box":{"x":523,"y":264,"width":399,"height":11}},{"id":"657b35e0-0a03-4a34-8109-294edd238df0","block_type":"box","text":"within the particular benchmark Index;","page_number":31,"box":{"x":523,"y":278,"width":281,"height":11}},{"id":"7312062c-c490-430c-a845-2a30185833a8","block_type":"box","text":"• the benchmark Index provider increases its charges","page_number":31,"box":{"x":523,"y":292,"width":400,"height":11}},{"id":"63baa946-b7d3-4a79-b5ba-94bd9b33bc0c","block_type":"box","text":"to a level which the ACS Manager considers too high;","page_number":31,"box":{"x":523,"y":305,"width":397,"height":11}},{"id":"e50dbe7b-003b-466e-9224-d11b7177472f","block_type":"box","text":"• the quality (including accuracy and availability of","page_number":31,"box":{"x":523,"y":319,"width":400,"height":11}},{"id":"0006e003-e849-4a18-a0ed-d4db92ded196","block_type":"box","text":"data) of a particular benchmark Index has, in the","page_number":31,"box":{"x":523,"y":332,"width":400,"height":12}},{"id":"f3ace771-4d68-4f13-b628-eced084ee284","block_type":"box","text":"opinion of the ACS Manager, deteriorated;","page_number":31,"box":{"x":523,"y":346,"width":313,"height":11}},{"id":"cf584d68-34ef-4c63-a9bd-7916f6c230e9","block_type":"box","text":"• a liquid futures market in which a particular Sub-Fund","page_number":31,"box":{"x":523,"y":360,"width":399,"height":11}},{"id":"255ce90e-570c-44ff-a2ee-70c445466f0e","block_type":"box","text":"is investing ceases to be available; or","page_number":31,"box":{"x":524,"y":374,"width":277,"height":11}},{"id":"52d198f3-f809-44b5-98ea-3ffbd733b2d6","block_type":"box","text":"• where an index becomes available which more","page_number":31,"box":{"x":523,"y":387,"width":400,"height":9}},{"id":"2cc61b06-3ae8-4843-a2e1-6c1477ee956b","block_type":"box","text":"accurately represents the likely tax treatment of the","page_number":31,"box":{"x":523,"y":401,"width":400,"height":11}},{"id":"42c2993c-eba0-4c85-93e7-c0e2a6f9dba0","block_type":"box","text":"investing Sub-Fund in relation to the component","page_number":31,"box":{"x":524,"y":414,"width":399,"height":12}},{"id":"e0bdaca3-85a0-4f9e-8763-1c7e435be159","block_type":"box","text":"securities in that index.","page_number":31,"box":{"x":523,"y":428,"width":169,"height":9}},{"id":"6a77552c-b477-4c97-93da-132650d4d60a","block_type":"box","text":"(xviii)","page_number":31,"box":{"x":554,"y":454,"width":37,"height":11}},{"id":"bc00f722-6dcc-47e9-8667-6e4de73bc7c1","block_type":"box","text":"Index-Related Risk","page_number":31,"box":{"x":602,"y":454,"width":149,"height":8}},{"id":"e7cf6354-c66d-4fe9-a489-95b18be6e471","block_type":"box","text":"In order to meet its investment objective, each Core","page_number":31,"box":{"x":524,"y":473,"width":399,"height":11}},{"id":"c1b17f62-57ce-4cab-9134-e69df7469926","block_type":"box","text":"Fund will aim to deliver returns which are similar to the","page_number":31,"box":{"x":524,"y":487,"width":399,"height":9}},{"id":"0e96d3f6-e1f5-4778-ab0e-19a042664bb3","block_type":"box","text":"returns of its benchmark Index as published by the","page_number":31,"box":{"x":524,"y":501,"width":399,"height":11}},{"id":"36087549-9d5f-40a8-960f-8b7463e5009b","block_type":"box","text":"relevant index provider. While index providers do","page_number":31,"box":{"x":524,"y":514,"width":399,"height":11}},{"id":"2874eb63-1563-4362-a0a4-f3b0184120a6","block_type":"box","text":"provide descriptions of what each benchmark Index is","page_number":31,"box":{"x":524,"y":528,"width":399,"height":11}},{"id":"0c114619-d82b-4f14-b37d-2b5f91fd4d9a","block_type":"box","text":"designed to achieve, index providers do not generally","page_number":31,"box":{"x":523,"y":542,"width":400,"height":11}},{"id":"4dfb3ed2-8bcb-46cd-b241-cf8882af604a","block_type":"box","text":"provide any warranty or accept any liability in relation","page_number":31,"box":{"x":524,"y":555,"width":398,"height":11}},{"id":"31c5a9b1-a36d-4444-8f15-e2d5e4559ebf","block_type":"box","text":"to the quality, accuracy or completeness of data in","page_number":31,"box":{"x":523,"y":569,"width":399,"height":11}},{"id":"698b0e2a-18ce-4a87-8b98-25ad1348bb1f","block_type":"box","text":"respect of their benchmark indices, nor any guarantee","page_number":31,"box":{"x":524,"y":582,"width":399,"height":12}},{"id":"9685d62c-cba8-41be-9b7a-1bbbb51756ac","block_type":"box","text":"that the published indices will be in line with their","page_number":31,"box":{"x":523,"y":596,"width":400,"height":11}},{"id":"55a7f8b3-8680-4841-93ed-2e9f96c3a825","block_type":"box","text":"described benchmark index methodologies. Errors in","page_number":31,"box":{"x":523,"y":610,"width":399,"height":11}},{"id":"e6899953-d4bc-4dbc-9b27-4cb228693095","block_type":"box","text":"respect of the quality, accuracy and completeness of","page_number":31,"box":{"x":524,"y":624,"width":399,"height":11}},{"id":"7f452475-ec2b-4a30-8661-771a8a67dac4","block_type":"box","text":"the data may occur from time to time and may not be","page_number":31,"box":{"x":523,"y":637,"width":400,"height":11}},{"id":"1892d0d8-96ca-4c54-a67e-224c8656ac7f","block_type":"box","text":"identified and corrected for a period of time, in","page_number":31,"box":{"x":524,"y":651,"width":398,"height":11}},{"id":"8a918bb8-446d-4c38-a8a6-5a96002cd4db","block_type":"box","text":"particular where the indices are less commonly used.","page_number":31,"box":{"x":524,"y":665,"width":398,"height":11}},{"id":"73a839ef-0bbb-4009-b51d-43f8ba514a4f","block_type":"box","text":"Any such errors may potentially result in a negative or","page_number":31,"box":{"x":523,"y":678,"width":400,"height":11}},{"id":"49cd113d-cf21-4e8c-9f80-52581c5d0fd5","block_type":"box","text":"positive performance impact to a Sub-Fund and, by","page_number":31,"box":{"x":524,"y":692,"width":399,"height":11}},{"id":"813edbe8-e4e0-49cc-8f88-363c4b7d2b9f","block_type":"box","text":"extension, impact its Unitholders. Apart from","page_number":31,"box":{"x":523,"y":705,"width":399,"height":12}},{"id":"495dae25-f2dc-4c50-985c-3582c2497a6e","block_type":"box","text":"scheduled rebalances, index providers may carry out","page_number":31,"box":{"x":523,"y":719,"width":400,"height":11}},{"id":"f4b21332-a366-498a-a549-f9f679965200","block_type":"box","text":"additional ad hoc rebalances to their benchmark","page_number":31,"box":{"x":523,"y":733,"width":400,"height":8}},{"id":"5b7ac8ce-1a3f-41c6-a32a-cbc70558eecd","block_type":"box","text":"indices in order, for example, to correct an error in the","page_number":31,"box":{"x":524,"y":746,"width":399,"height":11}},{"id":"e616bf6b-8e94-43d6-bc7b-dcee894c55df","block_type":"box","text":"selection of index constituents. Where the benchmark","page_number":31,"box":{"x":523,"y":760,"width":400,"height":9}},{"id":"71878c1a-447c-4457-96c5-3256c3f946dc","block_type":"box","text":"Index of a Sub-Fund is rebalanced and that Sub-Fund","page_number":31,"box":{"x":524,"y":774,"width":398,"height":9}},{"id":"3e089d4f-5f47-46eb-8ff5-02b7472f0a15","block_type":"box","text":"in turn rebalances its portfolio to bring it in line with its","page_number":31,"box":{"x":524,"y":787,"width":399,"height":12}},{"id":"58fa7efe-7b1e-4984-8b87-f1cef9ae9f21","block_type":"box","text":"benchmark Index, any transaction costs (including any","page_number":31,"box":{"x":524,"y":801,"width":399,"height":11}},{"id":"15fe4ec7-6ab6-4497-99ea-80bacef483eb","block_type":"box","text":"capital gains tax and/or transaction taxes) and market","page_number":31,"box":{"x":523,"y":815,"width":400,"height":11}},{"id":"8fc5038b-5207-46e2-9e36-9e3c1d5b77c4","block_type":"box","text":"exposure arising from such portfolio rebalancing will","page_number":31,"box":{"x":523,"y":828,"width":399,"height":12}},{"id":"5969f51a-80ec-4b26-8b67-f5f9ec7b33dc","block_type":"box","text":"be borne by that Sub-Fund and, by extension, its","page_number":31,"box":{"x":524,"y":842,"width":399,"height":11}},{"id":"1c9623e3-19a3-448b-8737-735a3dbfbc23","block_type":"box","text":"Unitholders. Unscheduled rebalances to the","page_number":31,"box":{"x":524,"y":856,"width":399,"height":9}},{"id":"878bdb84-11f7-468d-a17a-841b0d1f15ba","block_type":"box","text":"benchmark Index may also expose a Fund to tracking","page_number":31,"box":{"x":524,"y":869,"width":398,"height":12}},{"id":"637a3e33-2d4e-42bb-9a13-47c8c90da774","block_type":"box","text":"error risk (see below). Therefore, errors and additional","page_number":31,"box":{"x":523,"y":883,"width":399,"height":11}},{"id":"33812125-549c-4d28-a7ff-112c5e792ad2","block_type":"box","text":"ad hoc rebalances carried out by an index provider to","page_number":31,"box":{"x":523,"y":897,"width":400,"height":11}},{"id":"c0b0ba8f-464b-4120-9d0c-f4b10663147b","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 32","page_number":32,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"bbfcb2d4-c60e-4342-a0e2-546407c79411","block_type":"box","text":"a Sub-Fund’s benchmark Index may increase the","page_number":32,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"13d161eb-633d-41f8-b613-6a1af1dca919","block_type":"box","text":"costs and market exposure risk of that Sub-Fund.","page_number":32,"box":{"x":62,"y":59,"width":365,"height":11}},{"id":"beae2efb-d5ad-40f9-aa57-50ee019442c2","block_type":"box","text":"(xix)","page_number":32,"box":{"x":93,"y":85,"width":29,"height":11}},{"id":"43262c42-22e4-4f6b-a90e-a352c9635ff3","block_type":"box","text":"Tracking Error","page_number":32,"box":{"x":144,"y":85,"width":115,"height":11}},{"id":"ab883c47-abd6-45f6-b1ac-addec3a32b82","block_type":"box","text":"In order to meet its investment objective, each Core","page_number":32,"box":{"x":63,"y":104,"width":398,"height":12}},{"id":"255ca835-6496-43f4-b1f1-55356a9fc7b3","block_type":"box","text":"Fund will aim to deliver returns which are similar to the","page_number":32,"box":{"x":63,"y":118,"width":398,"height":9}},{"id":"52e72564-02f0-495e-b286-cffb6f3ea1ee","block_type":"box","text":"returns of its benchmark Index, whilst seeking to","page_number":32,"box":{"x":63,"y":132,"width":398,"height":11}},{"id":"231fd4d5-ecb6-4c58-b88c-49ae9248490e","block_type":"box","text":"minimise tracking error to that benchmark Index.","page_number":32,"box":{"x":62,"y":146,"width":399,"height":11}},{"id":"2175478c-2e70-43e6-988a-78db32be82db","block_type":"box","text":"However, the Core Funds do not have an index\u0002","page_number":32,"box":{"x":63,"y":159,"width":398,"height":11}},{"id":"96d0091a-79ac-4070-8bc7-64b308bc8704","block_type":"box","text":"replicating strategy and there is no guarantee that the","page_number":32,"box":{"x":63,"y":173,"width":398,"height":11}},{"id":"c7d62fab-fb9d-47e5-8a97-6a9df920ce93","block_type":"box","text":"Sub-Funds will stay within their expected average","page_number":32,"box":{"x":62,"y":186,"width":399,"height":12}},{"id":"5014a464-0051-4f2d-916c-30ecfd29a93a","block_type":"box","text":"yearly tracking error range (as specified in each Core","page_number":32,"box":{"x":62,"y":200,"width":399,"height":11}},{"id":"181043fb-1cee-4915-9d43-8f759c7bb67e","block_type":"box","text":"Fund’s investment policy).","page_number":32,"box":{"x":63,"y":214,"width":191,"height":11}},{"id":"6fa57cb0-774c-4ee5-a5e5-05c09f5b3e56","block_type":"box","text":"The Core Funds may be subject to tracking error risk,","page_number":32,"box":{"x":62,"y":239,"width":399,"height":12}},{"id":"a7e37635-c591-4c48-b096-9c92d2d9017f","block_type":"box","text":"which is the risk that the relevant Sub-Fund’s returns","page_number":32,"box":{"x":62,"y":253,"width":399,"height":9}},{"id":"1e6c3882-ba18-4538-9a6f-43791752792a","block_type":"box","text":"will not be similar to that of the benchmark Index from","page_number":32,"box":{"x":62,"y":267,"width":399,"height":8}},{"id":"9c6900de-cd81-4063-a7f5-a9dc17fface5","block_type":"box","text":"time to time. The impact of tracking error risk may be","page_number":32,"box":{"x":62,"y":280,"width":399,"height":12}},{"id":"d0ead78b-1991-45e9-982e-7b7140154dcc","block_type":"box","text":"either positive or negative depending on the underlying","page_number":32,"box":{"x":62,"y":294,"width":399,"height":11}},{"id":"35842a6c-088a-49fa-bd3f-3e247ca61109","block_type":"box","text":"circumstances. Tracking error risk may occur for a","page_number":32,"box":{"x":62,"y":308,"width":400,"height":11}},{"id":"9e240a75-3f27-4f81-a4ff-2ef53119bd9e","block_type":"box","text":"number of reasons:","page_number":32,"box":{"x":62,"y":321,"width":142,"height":9}},{"id":"85105e6b-7ede-4129-9cb7-adcf17f79adb","block_type":"box","text":"• Due to the application of the Aviva Investors’ baseline","page_number":32,"box":{"x":62,"y":347,"width":399,"height":11}},{"id":"e4edc5b3-a25e-4fc9-bb0b-d2dc845144f4","block_type":"box","text":"exclusion policy and/or the ESG Overlay, as more fully","page_number":32,"box":{"x":62,"y":360,"width":400,"height":12}},{"id":"b4ed0e3f-de18-4378-ac7f-5237f0a06b45","block_type":"box","text":"described in each Core Fund’s investment policy.","page_number":32,"box":{"x":62,"y":374,"width":364,"height":11}},{"id":"ce7a7d63-3886-4545-b0d8-127c21630efc","block_type":"box","text":"• An inability to hold constituents of the benchmark","page_number":32,"box":{"x":62,"y":400,"width":400,"height":11}},{"id":"efa3bb4d-0342-4c31-bc21-29b0b40edfae","block_type":"box","text":"Index, for example where there are local market","page_number":32,"box":{"x":63,"y":413,"width":399,"height":11}},{"id":"fa1ae037-fe17-4e61-9175-5b124136bc05","block_type":"box","text":"trading restrictions, small illiquid components and/or","page_number":32,"box":{"x":62,"y":427,"width":400,"height":11}},{"id":"cc31d82f-55c4-4088-8ee1-fb8c72138fa9","block_type":"box","text":"where the COLL Sourcebook and/or any other","page_number":32,"box":{"x":62,"y":441,"width":400,"height":11}},{"id":"5f71bcf3-5bb0-4d9f-ad17-c0d1a284dcbc","block_type":"box","text":"applicable regulations and/or policies of the ACS","page_number":32,"box":{"x":62,"y":454,"width":399,"height":11}},{"id":"e6da0706-a911-4e0d-920c-f4fdd3489a88","block_type":"box","text":"Manager limit exposure to the constituents of the","page_number":32,"box":{"x":63,"y":468,"width":398,"height":11}},{"id":"fff92dc6-3f55-426c-9d99-dc758ac715fa","block_type":"box","text":"benchmark Index.","page_number":32,"box":{"x":62,"y":482,"width":131,"height":8}},{"id":"05c049ab-c6b3-4d4a-87d5-40a624b660c8","block_type":"box","text":"• Cash management and trading costs from","page_number":32,"box":{"x":62,"y":507,"width":399,"height":11}},{"id":"b57dc803-fffd-4ae7-bcdf-0e8aea34dda7","block_type":"box","text":"rebalancing the Core Fund to the benchmark Index.","page_number":32,"box":{"x":63,"y":521,"width":381,"height":11}},{"id":"d3b6cbb4-07b7-4142-81d3-334269582b10","block_type":"box","text":"• Where the Core Fund and its benchmark Index are","page_number":32,"box":{"x":62,"y":546,"width":400,"height":9}},{"id":"dce4158b-0163-4648-8948-777f1ea83bcc","block_type":"box","text":"priced at different valuation points. In such","page_number":32,"box":{"x":62,"y":560,"width":399,"height":11}},{"id":"c016beb3-b270-4044-a7d1-cb9cea370031","block_type":"box","text":"circumstances the performance of the Sub-Fund at its","page_number":32,"box":{"x":62,"y":574,"width":399,"height":11}},{"id":"8793f10a-8bfd-406e-b45d-0dfd0c7bb2ce","block_type":"box","text":"valuation point, relative to the performance of","page_number":32,"box":{"x":62,"y":587,"width":400,"height":11}},{"id":"2304410e-fb8a-4091-a5a7-689353670c97","block_type":"box","text":"benchmark Index, will be different compared to the","page_number":32,"box":{"x":62,"y":601,"width":399,"height":11}},{"id":"6f0f926c-773a-45c5-9bd1-562c55b2189d","block_type":"box","text":"performance that would have been attained had the","page_number":32,"box":{"x":62,"y":615,"width":399,"height":11}},{"id":"f4b2958c-6249-489b-ac4f-43e5af883da5","block_type":"box","text":"Sub-Fund and the benchmark Index been priced at the","page_number":32,"box":{"x":62,"y":628,"width":399,"height":11}},{"id":"cae14f4f-f405-4f6c-9c46-45c019f20d3e","block_type":"box","text":"same time.","page_number":32,"box":{"x":62,"y":642,"width":80,"height":9}},{"id":"e5579056-4948-46fd-9333-cf052fd8c892","block_type":"box","text":"• Where the pricing point between the Core Fund and","page_number":32,"box":{"x":62,"y":667,"width":399,"height":12}},{"id":"bec44b83-edce-44e3-bdb7-298a6d7355eb","block_type":"box","text":"its benchmark Index is the same, the underlying","page_number":32,"box":{"x":62,"y":681,"width":399,"height":11}},{"id":"de7f9d23-2ca0-4269-9605-4dad60f0b116","block_type":"box","text":"markets on which securities are traded do not always","page_number":32,"box":{"x":62,"y":695,"width":399,"height":11}},{"id":"f702cfc2-25b2-4e14-a0f1-4c6717bd00f0","block_type":"box","text":"close at the same time as this pricing point and so","page_number":32,"box":{"x":62,"y":709,"width":399,"height":11}},{"id":"d335d1e6-dbb6-4e12-a1ff-8877c26becee","block_type":"box","text":"there is a period of time between certain markets’ close","page_number":32,"box":{"x":62,"y":722,"width":399,"height":11}},{"id":"2f3d2f5b-b594-4d5b-9b17-6ad029081efd","block_type":"box","text":"and the Sub-Fund’s valuation point during which prices","page_number":32,"box":{"x":62,"y":736,"width":399,"height":11}},{"id":"0ff4ca61-5988-4754-95e5-de258c24fb8c","block_type":"box","text":"can move considerably, consequently there may be","page_number":32,"box":{"x":62,"y":749,"width":399,"height":12}},{"id":"7bca37ab-a774-4b2e-9d5b-e66acfb1be84","block_type":"box","text":"times when the ACS Manager will apply a fair value","page_number":32,"box":{"x":62,"y":763,"width":399,"height":11}},{"id":"d3074ff7-b31b-410e-9435-d7472ef069e0","block_type":"box","text":"accounting policy, as described above. Such fair value","page_number":32,"box":{"x":62,"y":777,"width":399,"height":11}},{"id":"f0ea6aa5-b799-4e37-9fdf-8326c14e3217","block_type":"box","text":"pricing may affect the performance differential as the","page_number":32,"box":{"x":62,"y":790,"width":399,"height":12}},{"id":"320328a3-6764-4c49-b467-b75cce6e5efe","block_type":"box","text":"relevant benchmark Indices may not implement a fair","page_number":32,"box":{"x":63,"y":804,"width":399,"height":11}},{"id":"554e7489-47f3-4468-a9c5-cb43e0ed3027","block_type":"box","text":"value accounting policy.","page_number":32,"box":{"x":62,"y":818,"width":176,"height":11}},{"id":"b6b12913-0504-432b-aa2e-2c2185d692a0","block_type":"box","text":"• Certain aspects of the way that that the Sub-Fund","page_number":32,"box":{"x":62,"y":843,"width":399,"height":11}},{"id":"085c148e-7ee8-4819-b405-df36f17b911b","block_type":"box","text":"operates including differences in the pricing sources","page_number":32,"box":{"x":62,"y":857,"width":399,"height":11}},{"id":"c8056f40-ff56-4df5-9dc4-caf7d3ddabb1","block_type":"box","text":"used by the Sub-Fund and the benchmark Index, the","page_number":32,"box":{"x":63,"y":870,"width":398,"height":12}},{"id":"5d6e5d9f-b4b0-4277-bb06-cdfa2bfae1b0","block_type":"box","text":"timing of cash flows in or out of the Sub-Fund and the","page_number":32,"box":{"x":62,"y":884,"width":399,"height":11}},{"id":"e3761a5d-c32b-4bc2-a2cf-3def192b4277","block_type":"box","text":"operation of a swinging price method.","page_number":32,"box":{"x":62,"y":898,"width":277,"height":11}},{"id":"b10e5ab1-f1bb-4a26-9345-61c07345d9a2","block_type":"box","text":"Other factors may also include but are not limited to:","page_number":32,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"2e7cfc2a-91e4-4d93-83da-5a3a389070cd","block_type":"box","text":"withholding tax if any suffered by an Core Fund on any","page_number":32,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"ba9414a6-2392-470b-9c82-f73b84eb0d96","block_type":"box","text":"income received from its investments (the level and","page_number":32,"box":{"x":524,"y":73,"width":398,"height":11}},{"id":"35b9c29e-2a4d-4183-b512-3b5ce5ca311a","block_type":"box","text":"quantum of the performance differential arising due to","page_number":32,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"921983c5-62c3-4637-a182-cebd123ba9ab","block_type":"box","text":"withholding taxes depends on various factors such as","page_number":32,"box":{"x":523,"y":100,"width":400,"height":12}},{"id":"a8e35b50-bc9a-4b06-95b2-b66e8c776208","block_type":"box","text":"any reclaims filed by the Custodian with various tax","page_number":32,"box":{"x":523,"y":114,"width":400,"height":11}},{"id":"6622fb11-2e6d-47f4-8736-e3aeb1666d6c","block_type":"box","text":"authorities and any benefits obtained by a Sub-Fund","page_number":32,"box":{"x":523,"y":128,"width":399,"height":11}},{"id":"6be392fa-0acc-4cc8-9df2-423710b7a829","block_type":"box","text":"and/or Unitholder under a tax treaty), a new tax levied","page_number":32,"box":{"x":523,"y":141,"width":399,"height":12}},{"id":"5971c147-a376-4f64-b755-ab201c7b7151","block_type":"box","text":"on securities held by a Sub-Fund or any stock lending","page_number":32,"box":{"x":523,"y":155,"width":399,"height":11}},{"id":"82a31903-f67e-4157-bd2d-bd4223386720","block_type":"box","text":"activities carried out by a Sub-Fund.","page_number":32,"box":{"x":523,"y":169,"width":266,"height":11}},{"id":"3c47ff03-c140-49b9-8958-cb055b286205","block_type":"box","text":"27. Taxation","page_number":32,"box":{"x":535,"y":194,"width":115,"height":9}},{"id":"ee9bc6a7-3e55-4e60-8e32-5280d0851532","block_type":"box","text":"The following provides guidance to United Kingdom","page_number":32,"box":{"x":523,"y":214,"width":399,"height":11}},{"id":"8d1602bd-095f-4573-95d5-31a7e9d35cec","block_type":"box","text":"(\"","page_number":32,"box":{"x":524,"y":227,"width":9,"height":12}},{"id":"1d312155-52f2-42f3-bfa0-e6f3564b9e06","block_type":"box","text":"UK","page_number":32,"box":{"x":536,"y":228,"width":23,"height":8}},{"id":"08fdcd99-d9e5-4ca6-9cd7-5537a2dd954f","block_type":"box","text":"\") corporate taxpayers other than dealers in","page_number":32,"box":{"x":560,"y":227,"width":362,"height":12}},{"id":"04c87010-fe14-4719-9db7-1826af1a304d","block_type":"box","text":"securities on the UK taxation treatment of an ACS.","page_number":32,"box":{"x":523,"y":241,"width":399,"height":9}},{"id":"4a46a31f-ca98-49cf-8d4a-548d52f03a88","block_type":"box","text":"This summary is general in nature and it is strongly","page_number":32,"box":{"x":523,"y":255,"width":400,"height":11}},{"id":"236b8d69-8831-4056-8cae-64b9cda59a9d","block_type":"box","text":"recommended that Unitholders and potential","page_number":32,"box":{"x":524,"y":269,"width":398,"height":10}},{"id":"951e531b-bde5-4b37-a4e2-f2b35c329575","block_type":"box","text":"Unitholders seek professional tax advice on their own","page_number":32,"box":{"x":524,"y":282,"width":398,"height":11}},{"id":"dd60058b-3d0b-4e6a-a0de-bbe4831240f8","block_type":"box","text":"situation. The taxation treatment outlined below could","page_number":32,"box":{"x":523,"y":296,"width":399,"height":9}},{"id":"be1fa5f7-fcec-4157-99ed-92eaca913b49","block_type":"box","text":"also change in future.","page_number":32,"box":{"x":523,"y":309,"width":159,"height":12}},{"id":"81e441ff-10a6-4cd2-9cde-1db4ff920adf","block_type":"box","text":"(a)","page_number":32,"box":{"x":536,"y":335,"width":18,"height":11}},{"id":"2fd4b980-fa05-430c-89d4-e4e58ca575c4","block_type":"box","text":"Taxation of each Sub-Fund of the Scheme","page_number":32,"box":{"x":582,"y":335,"width":335,"height":9}},{"id":"32faaacb-2e74-4848-97a5-37786e003928","block_type":"box","text":"As the Scheme is an umbrella co-ownership ACS","page_number":32,"box":{"x":523,"y":354,"width":399,"height":12}},{"id":"50413e07-1268-47d4-8498-4f6ddd2aac8b","block_type":"box","text":"neither the Scheme nor its Sub-Funds are subject to","page_number":32,"box":{"x":524,"y":368,"width":399,"height":11}},{"id":"59a7abc3-d6f6-4c94-80eb-e6a7299f8b27","block_type":"box","text":"UK tax on income or capital profits.","page_number":32,"box":{"x":524,"y":382,"width":257,"height":11}},{"id":"56b5bad2-63bb-4fa1-9435-7db1de83fa61","block_type":"box","text":"(b)","page_number":32,"box":{"x":536,"y":407,"width":18,"height":12}},{"id":"6278c5f4-b240-4dd7-adcc-5eeea02d54ff","block_type":"box","text":"Taxation of Unitholders","page_number":32,"box":{"x":582,"y":407,"width":187,"height":9}},{"id":"a5c8ea4e-d78e-415a-abd9-bcb00470dfe3","block_type":"box","text":"Each Sub-Fund is tax transparent for income purposes","page_number":32,"box":{"x":524,"y":427,"width":399,"height":11}},{"id":"2d5a0c67-d4d0-410e-bf2c-f1f6915ee39e","block_type":"box","text":"meaning that UK tax-paying Unitholders are subject to","page_number":32,"box":{"x":524,"y":441,"width":399,"height":11}},{"id":"a5f17550-f919-4610-9175-aacce0b89ebe","block_type":"box","text":"tax on their share of income, net of allowable","page_number":32,"box":{"x":523,"y":454,"width":400,"height":11}},{"id":"d570241e-83af-4a9c-b217-c92df8b018f3","block_type":"box","text":"expenses, as it arises to the relevant Sub-Fund and","page_number":32,"box":{"x":523,"y":468,"width":399,"height":11}},{"id":"efc1bf89-d45f-4640-b550-91dd83bd088f","block_type":"box","text":"not on distributions of income after deduction of","page_number":32,"box":{"x":524,"y":482,"width":399,"height":8}},{"id":"b295e948-9303-49b5-8beb-b9832fcaecee","block_type":"box","text":"expenses. Unitholders will therefore need information","page_number":32,"box":{"x":523,"y":495,"width":399,"height":11}},{"id":"b0793674-225a-47dd-a748-8fa6e2645f0f","block_type":"box","text":"on their share of each Sub-Fund’s income, expenses","page_number":32,"box":{"x":523,"y":509,"width":400,"height":11}},{"id":"cc787978-6401-437b-bbe8-06a05ed0231c","block_type":"box","text":"and tax suffered on underlying investments with","page_number":32,"box":{"x":523,"y":522,"width":399,"height":12}},{"id":"7677f469-3df3-4cbf-8c9f-95c2ebe37fc2","block_type":"box","text":"reference to their holding period.","page_number":32,"box":{"x":524,"y":536,"width":239,"height":11}},{"id":"e1a59116-6228-48e4-b0c3-19ff0c47162b","block_type":"box","text":"The ACS Manager will provide Unitholders in the","page_number":32,"box":{"x":523,"y":556,"width":400,"height":11}},{"id":"743a434e-b384-4f7a-b5b6-3eac72147d5f","block_type":"box","text":"Scheme with daily price components and an annual","page_number":32,"box":{"x":523,"y":569,"width":399,"height":12}},{"id":"a9f2cd8c-0761-4b63-933b-822a111c0480","block_type":"box","text":"report showing their share of each Sub-Fund’s income","page_number":32,"box":{"x":524,"y":583,"width":399,"height":11}},{"id":"d92dbfdc-5d17-4174-8803-8b8109b95503","block_type":"box","text":"(and other amounts taxable as income or potentially","page_number":32,"box":{"x":524,"y":597,"width":399,"height":11}},{"id":"561c7c76-563e-44ca-a656-7d67e797711a","block_type":"box","text":"deductible from income) that should help those","page_number":32,"box":{"x":523,"y":610,"width":400,"height":11}},{"id":"95c3e4c8-6658-44a7-8cee-b02a1bfacf3b","block_type":"box","text":"Unitholders liable to UK taxation to comply with their","page_number":32,"box":{"x":524,"y":624,"width":399,"height":11}},{"id":"81ef59d0-5b3d-4252-829a-d1d76eaffc8e","block_type":"box","text":"fiscal obligations. For the avoidance of doubt, this","page_number":32,"box":{"x":523,"y":638,"width":400,"height":11}},{"id":"f52edf00-5c0a-4060-94da-f1b3ed4fe90d","block_type":"box","text":"information does not extend to chargeable gains (and","page_number":32,"box":{"x":524,"y":651,"width":398,"height":12}},{"id":"4e28d9fc-9948-4975-8e93-8318c4ca341b","block_type":"box","text":"allowable losses) realised by Sub-Funds and","page_number":32,"box":{"x":523,"y":665,"width":399,"height":11}},{"id":"e7852e8e-8ba4-4051-8d02-b37686eb76d6","block_type":"box","text":"Unitholders remain responsible for complying with","page_number":32,"box":{"x":524,"y":679,"width":398,"height":11}},{"id":"0d84bc03-ffed-41ac-9ca6-0158db008c59","block_type":"box","text":"their obligations and ensuring that appropriate claims","page_number":32,"box":{"x":523,"y":692,"width":400,"height":12}},{"id":"c506302e-ec3e-46f0-ac74-44ec23801e45","block_type":"box","text":"and elections are made.","page_number":32,"box":{"x":523,"y":706,"width":177,"height":9}},{"id":"6e3a69d6-6626-4063-a000-bc2ff033e4d1","block_type":"box","text":"For tax on chargeable gains purposes, Units are","page_number":32,"box":{"x":524,"y":726,"width":399,"height":11}},{"id":"8bfcb820-722f-42e8-bc87-abcbee9e2e2d","block_type":"box","text":"deemed to be assets. Therefore UK Unitholders are","page_number":32,"box":{"x":523,"y":739,"width":400,"height":9}},{"id":"ec53b9cb-54ae-43f5-ade7-5338cf2e1ff3","block_type":"box","text":"liable to tax, to the extent net gains are made, on","page_number":32,"box":{"x":524,"y":753,"width":398,"height":11}},{"id":"d85935da-5374-4c93-9f18-bd851e88ed34","block_type":"box","text":"disposal of their Units rather than when the Sub-Funds","page_number":32,"box":{"x":523,"y":767,"width":400,"height":11}},{"id":"466f06c9-cc7a-438e-a9af-a1b74e79452c","block_type":"box","text":"realise gains. UK insurance companies must consider","page_number":32,"box":{"x":524,"y":780,"width":399,"height":11}},{"id":"0b27e858-ee83-4fbf-be72-ed745fcd986f","block_type":"box","text":"the impact of section 212 Taxation of Chargeable","page_number":32,"box":{"x":523,"y":794,"width":400,"height":11}},{"id":"f84080a8-341c-41c8-aae4-ce0f28a040b7","block_type":"box","text":"Gains Act 1992 which imposes an annual deemed","page_number":32,"box":{"x":523,"y":807,"width":399,"height":12}},{"id":"42344d25-7054-4de3-86a4-bf97f58070d6","block_type":"box","text":"disposal on holdings in collective investment schemes","page_number":32,"box":{"x":523,"y":821,"width":400,"height":11}},{"id":"b83e8f14-8fdc-475e-aa3c-6d71a222a922","block_type":"box","text":"such as UK co-ownership ACSs and section 213 of the","page_number":32,"box":{"x":523,"y":835,"width":400,"height":11}},{"id":"2e2e65f3-e02f-472f-8f7c-9082b8a0f1f4","block_type":"box","text":"same Act which dictates when such gains or losses are","page_number":32,"box":{"x":523,"y":849,"width":400,"height":11}},{"id":"f8fd6d7a-1593-4d10-a4fc-bc67b77a61f2","block_type":"box","text":"brought into the charge to tax. This will generally be","page_number":32,"box":{"x":524,"y":862,"width":399,"height":11}},{"id":"076f7c8c-db99-4db4-b64f-924c8114e160","block_type":"box","text":"over a seven year period but this period may be","page_number":32,"box":{"x":523,"y":876,"width":400,"height":11}},{"id":"7223a9c4-6345-47af-98a8-9fb4c80a519b","block_type":"box","text":"reduced in certain circumstances.","page_number":32,"box":{"x":524,"y":890,"width":247,"height":8}},{"id":"9aaf3aef-396b-4514-a024-8201d4b29a9d","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 33","page_number":33,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"eae2724b-d42a-4696-9715-ba4f958fcd3f","block_type":"box","text":"There is no stamp duty on dealings of Units in the Sub\u0002","page_number":33,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"8986a352-a712-4d5d-8505-832f3b632fdc","block_type":"box","text":"Funds.","page_number":33,"box":{"x":63,"y":60,"width":48,"height":8}},{"id":"2a8eeb08-05b2-4b48-88c6-8e85e992be3a","block_type":"box","text":"(c)","page_number":33,"box":{"x":63,"y":85,"width":17,"height":11}},{"id":"c523281f-b83c-403c-bb6c-9637562c8f78","block_type":"box","text":"Income equalisation","page_number":33,"box":{"x":110,"y":85,"width":159,"height":11}},{"id":"b57cead1-bc2e-4d83-896f-12aa78354fcb","block_type":"box","text":"Each Sub-Fund is tax transparent for income purposes","page_number":33,"box":{"x":63,"y":104,"width":398,"height":12}},{"id":"d548fe3f-6bff-4a32-ba99-c9ff2af4e9c8","block_type":"box","text":"meaning that UK tax-paying Unitholders are subject to","page_number":33,"box":{"x":62,"y":118,"width":399,"height":11}},{"id":"3970099b-ed49-4eb7-aa92-28319ba4539e","block_type":"box","text":"tax on their share of income, net of allowable","page_number":33,"box":{"x":62,"y":132,"width":399,"height":10}},{"id":"710df1c9-795f-4261-9f32-959c427e4916","block_type":"box","text":"expenses, as it arises to the Sub-Fund and not on","page_number":33,"box":{"x":62,"y":145,"width":399,"height":12}},{"id":"a8b11331-bf58-4ba1-ad08-b95b4cf67c5a","block_type":"box","text":"distributions of income after deduction of expenses.","page_number":33,"box":{"x":62,"y":159,"width":381,"height":11}},{"id":"2ffa97e8-ee95-4854-9d62-f1fa85e78ca5","block_type":"box","text":"Unitholders will be advised of their share of aggregated","page_number":33,"box":{"x":63,"y":185,"width":398,"height":11}},{"id":"c3fbbd97-7229-4bd5-9c89-0e6a23fbd176","block_type":"box","text":"accrued income, expenses and withholding tax paid on","page_number":33,"box":{"x":62,"y":199,"width":399,"height":11}},{"id":"ce30af3c-ad6c-4f68-8bef-874dbaa1fbee","block_type":"box","text":"overseas dividends, if applicable. When a Unit is","page_number":33,"box":{"x":62,"y":212,"width":399,"height":11}},{"id":"c467bc49-44f6-43d8-a2d1-21f560a6a61b","block_type":"box","text":"purchased during the distribution period, part of the","page_number":33,"box":{"x":62,"y":226,"width":400,"height":11}},{"id":"5187e0e7-f1a9-4f47-80cf-5f4ea8a9d7b9","block_type":"box","text":"purchase price of the Unit reflects the relevant share","page_number":33,"box":{"x":62,"y":239,"width":399,"height":11}},{"id":"b39f8225-91eb-405f-8975-6f2604ab14cd","block_type":"box","text":"of income and expenses accrued by the Sub-Fund,","page_number":33,"box":{"x":62,"y":253,"width":398,"height":11}},{"id":"224d9d97-2430-4f61-9673-d4e10cc389f3","block_type":"box","text":"and this will be disclosed on the contract note.","page_number":33,"box":{"x":62,"y":267,"width":340,"height":8}},{"id":"6cf21162-7d0b-4588-ab92-72d402e2fb91","block_type":"box","text":"The subscription price disclosed on the contract note","page_number":33,"box":{"x":62,"y":292,"width":399,"height":11}},{"id":"80e75ac5-653a-47ca-8a4c-071047047208","block_type":"box","text":"reflects the acquisition cost which, in respect of","page_number":33,"box":{"x":63,"y":306,"width":399,"height":11}},{"id":"1cec55cd-cb82-47f3-bf42-ab6d499716f1","block_type":"box","text":"determining the base cost of the Units for the purposes","page_number":33,"box":{"x":62,"y":320,"width":399,"height":11}},{"id":"86fdb23c-51d1-41fd-9822-a013459fc9f5","block_type":"box","text":"of chargeable gains, should be adjusted by the","page_number":33,"box":{"x":62,"y":333,"width":399,"height":11}},{"id":"ac9539c3-7618-4cac-acf1-6484d2320ddb","block_type":"box","text":"relevant share of income and expenses accrued by the","page_number":33,"box":{"x":63,"y":347,"width":398,"height":11}},{"id":"979c98b8-3de0-498c-b209-9833cfe018a5","block_type":"box","text":"Sub-Fund as disclosed on the contract note.","page_number":33,"box":{"x":62,"y":360,"width":327,"height":9}},{"id":"3bfa27bf-81c6-40fa-8994-8621b9cd10d9","block_type":"box","text":"It is the responsibility of the Unitholder to maintain a","page_number":33,"box":{"x":63,"y":386,"width":399,"height":11}},{"id":"bd409662-66e9-4d79-af86-e65fc68b1c9b","block_type":"box","text":"record of the relevant amount(s) of income","page_number":33,"box":{"x":63,"y":400,"width":398,"height":11}},{"id":"1fd5e315-73a7-48a6-af45-3167558e83a1","block_type":"box","text":"equalisation and to make the appropriate adjustment","page_number":33,"box":{"x":62,"y":413,"width":400,"height":11}},{"id":"dd6d8e1a-ffe9-4b33-8732-fd15d4be1a7b","block_type":"box","text":"when completing their tax calculations.","page_number":33,"box":{"x":62,"y":427,"width":285,"height":11}},{"id":"10fd3fd8-127d-4ed2-982e-7afd85405333","block_type":"box","text":"Income equalisation will be applied on all of the Sub\u0002","page_number":33,"box":{"x":63,"y":452,"width":398,"height":12}},{"id":"fe4cb891-05ad-4cfb-9e09-91d25dc1537c","block_type":"box","text":"Funds in issue.","page_number":33,"box":{"x":63,"y":468,"width":110,"height":9}},{"id":"570a44d2-8f9f-4e72-bb87-d720d64d265d","block_type":"box","text":"(d)","page_number":33,"box":{"x":63,"y":496,"width":18,"height":11}},{"id":"21174cf2-a92a-4bec-8fc8-4ddf17695b51","block_type":"box","text":"Taxation of investments held by the Scheme","page_number":33,"box":{"x":109,"y":496,"width":353,"height":11}},{"id":"940cb6b0-db83-41ca-ba6e-774e82e2bd63","block_type":"box","text":"To the extent that withholding taxes on investment","page_number":33,"box":{"x":62,"y":515,"width":400,"height":12}},{"id":"c6380fcc-68bc-4c61-9826-1be51b4ae7b0","block_type":"box","text":"profits are not reclaimable the Unitholder is liable for","page_number":33,"box":{"x":62,"y":529,"width":400,"height":11}},{"id":"86f8711c-9390-4b40-a167-c1193b72acac","block_type":"box","text":"the withholding tax on their share.","page_number":33,"box":{"x":62,"y":543,"width":249,"height":11}},{"id":"b5ec8115-cd1f-45c1-81b7-9e3f6b98a8e9","block_type":"box","text":"To help ensure the correct withholding tax treatment in","page_number":33,"box":{"x":62,"y":562,"width":399,"height":11}},{"id":"b7a2a0f1-be9c-42b6-a2e1-2307c7835043","block_type":"box","text":"respect of Scheme investments, Unitholders must","page_number":33,"box":{"x":63,"y":576,"width":399,"height":11}},{"id":"da9f11a7-df6d-4b35-80c6-7e6d14d30a2b","block_type":"box","text":"notify the ACS Manager or transfer agent of any","page_number":33,"box":{"x":62,"y":590,"width":400,"height":11}},{"id":"4cff43c4-1d0a-4cc9-87e1-a79486c4a3e5","block_type":"box","text":"change in tax status.","page_number":33,"box":{"x":62,"y":603,"width":152,"height":12}},{"id":"0034e646-ee66-4a8f-a483-e385b6c7884d","block_type":"box","text":"To the extent the Depositary, the ACS Manager, the","page_number":33,"box":{"x":62,"y":623,"width":399,"height":11}},{"id":"c675b797-7bff-4415-9f67-ded4d42d49ba","block_type":"box","text":"Investment Manager, any other provider of services to","page_number":33,"box":{"x":63,"y":637,"width":398,"height":11}},{"id":"d9f8c890-18ff-4f85-ac5a-8dd4e1bc03ed","block_type":"box","text":"or in relation to the Scheme, any Sub-Fund, any","page_number":33,"box":{"x":62,"y":650,"width":400,"height":11}},{"id":"1727a455-aea2-47ba-8ca6-babbce0b764e","block_type":"box","text":"underlying investment or any of their respective","page_number":33,"box":{"x":63,"y":664,"width":398,"height":11}},{"id":"cbfca2ce-58f6-4a24-9391-970acfdeea7c","block_type":"box","text":"delegates or agents is liable to pay any taxation","page_number":33,"box":{"x":62,"y":678,"width":399,"height":11}},{"id":"1b8e0778-0993-4c07-aa5a-e9d18d55b276","block_type":"box","text":"because of the ownership of Units, whether directly or","page_number":33,"box":{"x":62,"y":691,"width":400,"height":11}},{"id":"290978f6-091b-4ceb-9c23-0e091ed82b6a","block_type":"box","text":"indirectly, by any Unitholder and such taxation is not","page_number":33,"box":{"x":62,"y":705,"width":400,"height":11}},{"id":"d3079b03-209a-4ec7-9743-77a24c556b2f","block_type":"box","text":"paid by the relevant Unitholder on its own account, he","page_number":33,"box":{"x":62,"y":719,"width":399,"height":11}},{"id":"dd2d0ca8-bd04-4172-a7de-cc63306dfc10","block_type":"box","text":"shall pay an amount equal to the amount of the","page_number":33,"box":{"x":62,"y":732,"width":399,"height":11}},{"id":"ebf04bfb-75c0-4fbc-b61b-a11b5aed7586","block_type":"box","text":"taxation to the relevant Sub-Fund (or otherwise as the","page_number":33,"box":{"x":62,"y":746,"width":399,"height":11}},{"id":"6656c7c1-4504-4398-8609-ba14fbff9ce8","block_type":"box","text":"ACS Manager may direct) before the time it becomes","page_number":33,"box":{"x":62,"y":759,"width":399,"height":12}},{"id":"fbdcf6c1-5c2c-4fb8-bc99-279f333ed404","block_type":"box","text":"payable by the affected person. To the extent the","page_number":33,"box":{"x":62,"y":773,"width":399,"height":11}},{"id":"fbe08a74-1506-4e05-b092-771e22d1630e","block_type":"box","text":"amount of the taxation is not so paid, the Unitholder","page_number":33,"box":{"x":62,"y":787,"width":400,"height":11}},{"id":"bda476a7-32cb-4e11-9b2e-07fc2e5a393f","block_type":"box","text":"shall indemnify the ACS Manager, the other","page_number":33,"box":{"x":62,"y":800,"width":400,"height":12}},{"id":"088a1708-c22f-4c9d-a475-076b8016faa0","block_type":"box","text":"Unitholders or former Unitholders in the relevant Sub\u0002","page_number":33,"box":{"x":63,"y":814,"width":398,"height":9}},{"id":"ecbbcc74-713c-4528-951d-79e0ab98e255","block_type":"box","text":"Fund or class, as appropriate, and any of the other","page_number":33,"box":{"x":63,"y":828,"width":399,"height":11}},{"id":"6818ac98-20fd-415d-9afe-d8bba8fd673a","block_type":"box","text":"persons mentioned who are affected by such taxation","page_number":33,"box":{"x":62,"y":841,"width":399,"height":11}},{"id":"dc6b4b52-014e-42e8-b05a-180e1a798a8a","block_type":"box","text":"in relation to all such amounts of taxation. The ACS","page_number":33,"box":{"x":62,"y":855,"width":399,"height":9}},{"id":"176e601a-82cc-4511-be32-fe3bbaf1473e","block_type":"box","text":"Manager in relation to the relevant Sub-Fund, or class,","page_number":33,"box":{"x":63,"y":869,"width":398,"height":11}},{"id":"d4be1bd0-ad5f-4b02-a6f4-12399e50cd44","block_type":"box","text":"as appropriate, in which the Unitholder holds Units","page_number":33,"box":{"x":62,"y":882,"width":399,"height":11}},{"id":"d660b875-3d6d-4b4a-b664-720dfaccb607","block_type":"box","text":"shall have the right to deduct and set off the amount of","page_number":33,"box":{"x":62,"y":896,"width":400,"height":11}},{"id":"79688086-0c44-42d0-a1fd-7ef1045f1733","block_type":"box","text":"such taxation from any income distributed to or","page_number":33,"box":{"x":62,"y":910,"width":400,"height":11}},{"id":"f591e6be-d2d3-4f88-b4fd-dc4ef1835942","block_type":"box","text":"accumulated on any Units owned by that Unitholder.","page_number":33,"box":{"x":523,"y":46,"width":399,"height":11}},{"id":"faf236c5-52e8-4778-984e-2069a65525ac","block_type":"box","text":"Further, any amounts equal to such taxation and not","page_number":33,"box":{"x":524,"y":60,"width":399,"height":11}},{"id":"24d134bc-3f2a-4250-b0b3-41377bd7cb3b","block_type":"box","text":"paid as described may be deducted from any proceeds","page_number":33,"box":{"x":524,"y":73,"width":399,"height":11}},{"id":"c4e45b03-8b71-4234-aa76-a36b01588bb3","block_type":"box","text":"payable where a redemption request is met. 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Such information may","page_number":33,"box":{"x":524,"y":430,"width":399,"height":12}},{"id":"f5a2f357-cb64-46cf-8a18-65d8e2ff2baf","block_type":"box","text":"include the identity of Unitholders, their tax","page_number":33,"box":{"x":524,"y":444,"width":399,"height":11}},{"id":"01700435-df29-42d8-9481-a61caf51dcc0","block_type":"box","text":"identification numbers, their status under the","page_number":33,"box":{"x":524,"y":458,"width":399,"height":10}},{"id":"15d238c0-24cd-4f63-93eb-dc1589931d9f","block_type":"box","text":"information exchange agreements, their tax residency","page_number":33,"box":{"x":524,"y":471,"width":399,"height":12}},{"id":"ac63330d-95f6-4f64-bb38-7c179c535930","block_type":"box","text":"status, payments made to the Unitholders in respect of","page_number":33,"box":{"x":523,"y":485,"width":400,"height":11}},{"id":"ba320b6c-19e7-4612-9a1a-7f20db06da51","block_type":"box","text":"their Units and the value of the Units at the end of the","page_number":33,"box":{"x":523,"y":499,"width":400,"height":9}},{"id":"289dbd8c-0698-462f-81ca-98fe2a1c15e0","block_type":"box","text":"calendar year. The ACS Manager may pass this","page_number":33,"box":{"x":523,"y":512,"width":400,"height":12}},{"id":"470bea52-94e1-42aa-b1c6-8e0c34225882","block_type":"box","text":"information to HM Revenue & Customs who may, if","page_number":33,"box":{"x":524,"y":526,"width":399,"height":11}},{"id":"20c7f526-814f-48c7-8830-5ed2a2a262aa","block_type":"box","text":"necessary, share this information with overseas","page_number":33,"box":{"x":524,"y":540,"width":399,"height":11}},{"id":"927f07f1-f6d8-433e-a1de-e30faf623c28","block_type":"box","text":"government agencies (including those outside the","page_number":33,"box":{"x":523,"y":553,"width":400,"height":12}},{"id":"bed615dc-676e-469e-a9b6-4cc15f7b9b81","block_type":"box","text":"EEA).","page_number":33,"box":{"x":524,"y":567,"width":41,"height":11}},{"id":"f139f747-8748-4dbd-beb3-91a0a9575a89","block_type":"box","text":"Although it is the intention of the ACS Manager that all","page_number":33,"box":{"x":523,"y":594,"width":399,"height":12}},{"id":"cb84ed0e-7232-4354-be79-58ada6adb1d2","block_type":"box","text":"of the Sub-Funds shall comply with the FATCA","page_number":33,"box":{"x":523,"y":608,"width":400,"height":11}},{"id":"56f22231-f2ba-4c0a-a4a7-78fd530aba3a","block_type":"box","text":"provisions, the ACS Manager is not able to guarantee","page_number":33,"box":{"x":524,"y":622,"width":399,"height":11}},{"id":"a61b7f14-c870-46b4-b0cc-10385b361053","block_type":"box","text":"that this will always be the case. Any failure in this","page_number":33,"box":{"x":523,"y":635,"width":400,"height":11}},{"id":"25a02c59-046e-4918-851d-6080d4fc7d22","block_type":"box","text":"regard, may result in withholding tax of 30% being","page_number":33,"box":{"x":524,"y":649,"width":398,"height":11}},{"id":"dcbb3469-2718-4ff0-8ad4-fbec600df5a0","block_type":"box","text":"deducted from US sourced payments. Were such tax","page_number":33,"box":{"x":523,"y":663,"width":400,"height":11}},{"id":"459b8c1a-fc15-4850-8efb-696658bf41be","block_type":"box","text":"to be suffered, it shall be charged to the relevant Sub\u0002","page_number":33,"box":{"x":523,"y":676,"width":399,"height":12}},{"id":"3179bb31-01ad-4a18-b482-53398da63de9","block_type":"box","text":"Fund.","page_number":33,"box":{"x":524,"y":690,"width":40,"height":9}},{"id":"3beac477-32d1-4170-93fd-a86092c5b348","block_type":"box","text":"A condition of investing, or of continuing to invest, is","page_number":33,"box":{"x":523,"y":717,"width":400,"height":12}},{"id":"fb289e86-e209-4c1b-9c2c-a74ee8e18be6","block_type":"box","text":"that, upon request from the ACS Manager or its","page_number":33,"box":{"x":523,"y":731,"width":400,"height":11}},{"id":"e6c2bb66-bb89-4584-a368-978fa5ba61a3","block_type":"box","text":"delegate, Unitholders provide accurate information to","page_number":33,"box":{"x":523,"y":745,"width":400,"height":11}},{"id":"3c842948-5e3f-4b4f-a0a8-7617bfd898a2","block_type":"box","text":"be passed on to HM Revenue & Customs which may,","page_number":33,"box":{"x":524,"y":758,"width":398,"height":11}},{"id":"b338bd7b-a912-4ff2-b273-5338f1d79b7c","block_type":"box","text":"as already stated, be shared with other overseas","page_number":33,"box":{"x":523,"y":772,"width":400,"height":11}},{"id":"45fc1dec-1f7e-4d74-8843-7ba1c6c44939","block_type":"box","text":"government agencies.","page_number":33,"box":{"x":523,"y":786,"width":163,"height":11}},{"id":"b22ba398-049d-45ce-935c-8f62804fa5a8","block_type":"box","text":"The Scheme may also require information in respect","page_number":33,"box":{"x":523,"y":805,"width":400,"height":11}},{"id":"635ca26e-8edb-4bf8-a86c-9ecec2265537","block_type":"box","text":"of Unitholders (and their direct or indirect investors) in","page_number":33,"box":{"x":523,"y":819,"width":399,"height":11}},{"id":"1bae896b-c935-4829-b1db-bd2b516331d6","block_type":"box","text":"order to assess the tax liabilities of the Scheme, any","page_number":33,"box":{"x":523,"y":832,"width":400,"height":12}},{"id":"85027bc3-ea43-454b-beb5-8cbdb8632dd4","block_type":"box","text":"Sub-Fund or any underlying investment.","page_number":33,"box":{"x":523,"y":846,"width":296,"height":11}},{"id":"f8bcfcf1-d5ac-41ce-85ee-083f7b8104bf","block_type":"box","text":"(f)","page_number":33,"box":{"x":524,"y":872,"width":13,"height":11}},{"id":"3fafb102-141a-4a60-a886-9c0dedec5821","block_type":"box","text":"Conversion, redemption or cancellation","page_number":33,"box":{"x":544,"y":872,"width":314,"height":11}},{"id":"1bf4f989-4a6a-4d0a-b27e-bbab6c7f911b","block_type":"box","text":"When the holder of any Units in any Class fails or","page_number":33,"box":{"x":523,"y":891,"width":400,"height":11}},{"id":"812dda9b-0954-4a99-856f-01337007ecdf","block_type":"box","text":"ceases for whatever reason to be entitled to receive","page_number":33,"box":{"x":523,"y":905,"width":400,"height":9}},{"id":"580ecfef-8e9c-4be0-be58-dff5b9a9204d","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 34","page_number":34,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"23ae9b68-adfc-48a3-85f1-625c63bb9e10","block_type":"box","text":"distributions or have allocations made in respect of his","page_number":34,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"72b86a7a-174d-4102-969a-6eedab759063","block_type":"box","text":"holding of Units, in terms of the ACS Manager making","page_number":34,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"546a02a2-62b9-4d14-9eae-62b254535b5e","block_type":"box","text":"or not making any deduction of applicable tax before","page_number":34,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"1eaccbb8-4bc8-41cf-b587-000f0b819daf","block_type":"box","text":"the distribution or allocation to the Unitholder or in","page_number":34,"box":{"x":62,"y":87,"width":399,"height":8}},{"id":"9136b364-e7ab-4d0e-ba77-82f0b37f3853","block_type":"box","text":"terms of the entitlement of the Unitholder to any","page_number":34,"box":{"x":62,"y":100,"width":400,"height":11}},{"id":"0cdaec21-3623-4f34-9302-c2a7e60f81d6","block_type":"box","text":"particular rate of withholding tax whether or not under","page_number":34,"box":{"x":62,"y":114,"width":400,"height":11}},{"id":"aedf15b9-3e76-41e3-bfcf-71a267cf3c17","block_type":"box","text":"an applicable double taxation convention or other","page_number":34,"box":{"x":62,"y":128,"width":400,"height":11}},{"id":"64ef0c2f-8b27-4bc0-9161-f7a24b48ca52","block_type":"box","text":"agreement, as is envisaged for such Class, he shall,","page_number":34,"box":{"x":62,"y":141,"width":398,"height":12}},{"id":"871d74a8-1e02-4aaa-9bda-fc3ed7a6e429","block_type":"box","text":"without delay, give notice of this to the ACS Manager","page_number":34,"box":{"x":62,"y":155,"width":400,"height":11}},{"id":"f0541144-c998-426b-8456-8f6229682d84","block_type":"box","text":"and the ACS Manager shall, upon receipt of such","page_number":34,"box":{"x":62,"y":169,"width":399,"height":11}},{"id":"156e4435-42c2-467a-b695-e64b8c718bc8","block_type":"box","text":"notice, treat the Unitholder concerned as if it had","page_number":34,"box":{"x":62,"y":182,"width":399,"height":11}},{"id":"439a6255-b60b-4d39-9c16-4b9ad06a1ebf","block_type":"box","text":"served on the ACS Manager a conversion notice in","page_number":34,"box":{"x":62,"y":196,"width":399,"height":11}},{"id":"0e23ca7f-0204-4072-b763-1e5c0f1b183a","block_type":"box","text":"accordance with the ACS Deed requesting conversion","page_number":34,"box":{"x":62,"y":210,"width":399,"height":11}},{"id":"31adcf45-3381-4b45-b06b-39325649c8f0","block_type":"box","text":"of all the relevant Units owned by such holder for Units","page_number":34,"box":{"x":62,"y":223,"width":399,"height":11}},{"id":"f59b5860-5f8d-4a9f-8ac3-b692825ccd03","block_type":"box","text":"of the Class or Classes which, in the opinion of the","page_number":34,"box":{"x":62,"y":237,"width":399,"height":11}},{"id":"139ad4fc-6795-4e46-a069-277776235150","block_type":"box","text":"ACS Manager, such Unitholder is entitled to hold and","page_number":34,"box":{"x":62,"y":250,"width":399,"height":12}},{"id":"bccfb3fb-1989-4951-877d-45111de7075a","block_type":"box","text":"most nearly equate to the Class or Classes being","page_number":34,"box":{"x":62,"y":264,"width":399,"height":11}},{"id":"d38e7dea-8d44-42c9-ab6b-ea704aa5b64a","block_type":"box","text":"converted by that holder; or, if there is, in the opinion","page_number":34,"box":{"x":62,"y":278,"width":399,"height":11}},{"id":"585d47fa-b920-4505-abf2-a16da1497119","block_type":"box","text":"of the ACS Manager, no suitable alternative Class, the","page_number":34,"box":{"x":62,"y":291,"width":399,"height":12}},{"id":"74264bd6-8a26-4e51-bfe0-04b0f3e02fb8","block_type":"box","text":"ACS Manager shall, upon receipt of such notice, treat","page_number":34,"box":{"x":62,"y":305,"width":400,"height":11}},{"id":"33f138f5-7544-44d6-80ef-29a195ad4df2","block_type":"box","text":"the Unitholder concerned as if it had given a request in","page_number":34,"box":{"x":62,"y":319,"width":399,"height":11}},{"id":"e36c3a9e-2a1a-46b4-b6cb-1831eadd1f0a","block_type":"box","text":"writing for the redemption or cancellation (at the","page_number":34,"box":{"x":62,"y":332,"width":399,"height":12}},{"id":"1d80904f-aa20-4ab6-98f5-3a366b63796d","block_type":"box","text":"discretion of the ACS Manager) of the affected Units.","page_number":34,"box":{"x":62,"y":346,"width":391,"height":11}},{"id":"eb9700c5-aab3-433a-9456-e9561d2d12b5","block_type":"box","text":"If at any time the ACS Manager becomes aware that","page_number":34,"box":{"x":63,"y":366,"width":399,"height":11}},{"id":"77785b5b-183e-492f-ae8e-b98bbfe5235b","block_type":"box","text":"the holder of any Units, on which it makes or intends","page_number":34,"box":{"x":62,"y":379,"width":399,"height":12}},{"id":"c9217a3b-798c-4952-88a3-217c6088605e","block_type":"box","text":"to make distributions or allocations without any tax","page_number":34,"box":{"x":62,"y":393,"width":400,"height":11}},{"id":"ea183acb-49b8-4670-8fb7-716a0d9cadf8","block_type":"box","text":"being deducted or accounted for by the ACS Manager,","page_number":34,"box":{"x":62,"y":407,"width":398,"height":11}},{"id":"9c2be78c-6ab9-46b9-886b-1224fa55004f","block_type":"box","text":"has failed or ceased for whatever reason to be entitled","page_number":34,"box":{"x":62,"y":420,"width":399,"height":9}},{"id":"3f09c46c-b974-4636-917f-c54815e932df","block_type":"box","text":"to receive distributions or have allocations made in","page_number":34,"box":{"x":62,"y":434,"width":399,"height":9}},{"id":"30dcf2ed-9faa-4068-96c8-21519896be08","block_type":"box","text":"respect of his holding of such Units without deduction","page_number":34,"box":{"x":63,"y":448,"width":398,"height":11}},{"id":"dd3076d7-48b1-429b-b23c-0fdf7d4a3c4e","block_type":"box","text":"of applicable tax or in terms of the Unitholder's","page_number":34,"box":{"x":62,"y":461,"width":399,"height":11}},{"id":"769f23e4-70f2-47bc-97ad-a3faa7db2e19","block_type":"box","text":"entitlement to any particular rate of withholding tax,","page_number":34,"box":{"x":62,"y":475,"width":399,"height":11}},{"id":"f5d38b9e-b6a2-4539-b972-42c1cd9f76d7","block_type":"box","text":"whether or not under an applicable double taxation","page_number":34,"box":{"x":62,"y":489,"width":399,"height":11}},{"id":"763d0464-cf49-448a-a8f6-5a18a2089306","block_type":"box","text":"convention or other agreement for the relevant Class,","page_number":34,"box":{"x":62,"y":502,"width":399,"height":12}},{"id":"5c5f3277-1688-446d-aeec-904fdb1ce167","block_type":"box","text":"then the ACS Manager shall, without delay, treat the","page_number":34,"box":{"x":62,"y":516,"width":399,"height":11}},{"id":"4947222f-26ad-4947-8e6d-c5cb756f6162","block_type":"box","text":"Unitholder concerned as if it had served on the ACS","page_number":34,"box":{"x":63,"y":530,"width":398,"height":8}},{"id":"33f9db11-bacf-4e8f-991b-0258909d6362","block_type":"box","text":"Manager a conversion notice in accordance with the","page_number":34,"box":{"x":63,"y":543,"width":398,"height":12}},{"id":"3b5bcd16-056c-424f-9fe6-d7b6aebe3121","block_type":"box","text":"ACS Deed requesting conversion of all the 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ACS","page_number":34,"box":{"x":62,"y":625,"width":399,"height":11}},{"id":"760966af-d6e8-40a4-a788-c8777911d191","block_type":"box","text":"Manager, no suitable alternative Class, the ACS","page_number":34,"box":{"x":63,"y":639,"width":398,"height":11}},{"id":"8285c664-3a3a-47c3-80a1-99d10ebeced5","block_type":"box","text":"Manager shall, upon receipt of such notice, treat the","page_number":34,"box":{"x":63,"y":653,"width":398,"height":11}},{"id":"35fe567a-c249-4760-ba03-c37f34493eb6","block_type":"box","text":"Unitholder concerned as if it had given a request in","page_number":34,"box":{"x":63,"y":666,"width":398,"height":11}},{"id":"95bac0c1-060f-41d4-bd9c-2453869d8eb9","block_type":"box","text":"writing for the redemption or cancellation (at the","page_number":34,"box":{"x":62,"y":680,"width":399,"height":11}},{"id":"0640d674-61a9-42c2-a256-b57365bc0eed","block_type":"box","text":"discretion of the ACS Manager) of the affected 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Unitholder","page_number":34,"box":{"x":62,"y":768,"width":400,"height":9}},{"id":"fd74f983-bb06-4a0a-abaf-3648b95ad133","block_type":"box","text":"concerned and may be accounted for in any","page_number":34,"box":{"x":62,"y":781,"width":400,"height":12}},{"id":"4e9b946c-9175-4f85-8041-d5e89fa189c7","block_type":"box","text":"adjustment made of the number of new Units to be","page_number":34,"box":{"x":62,"y":795,"width":399,"height":11}},{"id":"f57cd11e-a15a-459c-a5d3-d27f3e4c72b8","block_type":"box","text":"issued.","page_number":34,"box":{"x":62,"y":809,"width":51,"height":9}},{"id":"ed6e5fd1-3ec9-42d5-9a19-96b68287ef64","block_type":"box","text":"28. Charges","page_number":34,"box":{"x":74,"y":834,"width":113,"height":11}},{"id":"c91071a2-5d48-4d74-bafc-43fdcc4337ca","block_type":"box","text":"The current charges made for each Sub-Fund are","page_number":34,"box":{"x":62,"y":854,"width":399,"height":11}},{"id":"db119a20-94fa-4bf6-b625-85ea9d902024","block_type":"box","text":"shown below (subject to applicable value added tax","page_number":34,"box":{"x":62,"y":867,"width":400,"height":12}},{"id":"93c7c5a0-1c4a-4ff5-959d-e1bd83b2b6d1","block_type":"box","text":"(\"VAT\"), if any thereon). On giving at least 60 days'","page_number":34,"box":{"x":63,"y":881,"width":398,"height":11}},{"id":"2f8d38db-385d-48ef-998a-199fdb8cdebd","block_type":"box","text":"written notice to Unitholders, the ACS Manager may,","page_number":34,"box":{"x":62,"y":895,"width":398,"height":11}},{"id":"cdfd8f45-b87b-4597-9622-522c43733a09","block_type":"box","text":"where relevant, increase any of the charges on the","page_number":34,"box":{"x":62,"y":909,"width":399,"height":11}},{"id":"c6eae92c-dfe5-4042-a826-8e64fa71468e","block_type":"box","text":"Sub-Funds provided any such increase does not","page_number":34,"box":{"x":523,"y":46,"width":400,"height":11}},{"id":"fdcd0ce9-eb12-4193-a694-b1eead19d7c0","block_type":"box","text":"constitute a fundamental change to the Sub-Fund. Any","page_number":34,"box":{"x":523,"y":59,"width":400,"height":12}},{"id":"1e2c5041-b8fb-4b6e-95ae-683efbe025e6","block_type":"box","text":"change to charges which constitutes a fundamental","page_number":34,"box":{"x":523,"y":73,"width":399,"height":11}},{"id":"145b40f7-00e1-4621-ad4d-da6d1515f631","block_type":"box","text":"change will require prior Unitholder consent. For","page_number":34,"box":{"x":523,"y":87,"width":400,"height":11}},{"id":"f04ac376-f060-4c71-a941-07781206b4d5","block_type":"box","text":"details of the categorisation of fundamental, significant","page_number":34,"box":{"x":523,"y":100,"width":400,"height":12}},{"id":"a03d9d20-64f2-45d7-853f-340db45b017d","block_type":"box","text":"and notifiable changes, please see section 31.","page_number":34,"box":{"x":523,"y":114,"width":343,"height":11}},{"id":"865c09bb-b545-473f-9974-d9466eca4bc2","block_type":"box","text":"Fees, costs and duties which are charged on the Sub\u0002","page_number":34,"box":{"x":524,"y":134,"width":398,"height":11}},{"id":"c7def247-dd72-42d5-89f5-b58dbf4637d5","block_type":"box","text":"Funds may, at the ACS Manager’s discretion, be","page_number":34,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"f149b3e0-f2f5-40f0-a457-42780ee7dd07","block_type":"box","text":"charged to income or treated as a capital expense. The","page_number":34,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"9475c251-6bed-4a28-939b-37d6ec3285ea","block_type":"box","text":"current policy of the ACS Manager is to treat all fees,","page_number":34,"box":{"x":523,"y":174,"width":399,"height":12}},{"id":"5993db6f-0d97-4333-96fb-013703edd5e6","block_type":"box","text":"costs and duties charged on the Sub-Funds as a","page_number":34,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"c12e7bdc-68cb-4008-a436-bb5b9bc25061","block_type":"box","text":"capital expense, but the ACS Manager could, in the","page_number":34,"box":{"x":523,"y":202,"width":400,"height":11}},{"id":"a49a883f-f1fb-4e8b-87c8-99f4fd0054d0","block_type":"box","text":"future, decide that it is more appropriate for these fees,","page_number":34,"box":{"x":523,"y":216,"width":399,"height":11}},{"id":"3a4ec21f-fa8e-462a-a4b0-64dea3d743bd","block_type":"box","text":"costs and duties to be charged against income. Should","page_number":34,"box":{"x":523,"y":229,"width":400,"height":11}},{"id":"a0ff6dd9-fbc8-408d-bc73-7a0640cfdb44","block_type":"box","text":"this occur Unitholders will be notified either by an entry","page_number":34,"box":{"x":523,"y":243,"width":400,"height":11}},{"id":"9a37cf4f-f5cc-4d94-b8de-bcde1ac5c40c","block_type":"box","text":"in the ACS Manager’s report or by special notification.","page_number":34,"box":{"x":524,"y":256,"width":398,"height":12}},{"id":"37e32aca-7ed6-4e16-87cb-4787d074f3f5","block_type":"box","text":"(a)","page_number":34,"box":{"x":536,"y":282,"width":18,"height":11}},{"id":"61880ea0-466f-4453-b1ab-4bcf0f047a0d","block_type":"box","text":"ACS Management Charge","page_number":34,"box":{"x":582,"y":282,"width":205,"height":11}},{"id":"82262cac-e620-4748-ad64-b3ed9d03b202","block_type":"box","text":"The ACS Manager is permitted to deduct from each","page_number":34,"box":{"x":523,"y":302,"width":399,"height":11}},{"id":"c91cc046-ea22-4980-8fa5-4be67a3a01c1","block_type":"box","text":"Sub-Fund an ACS management charge (in respect of","page_number":34,"box":{"x":523,"y":315,"width":400,"height":11}},{"id":"4911cf13-4a83-4bef-9a0a-ded95aafd58d","block_type":"box","text":"investment management services provided to the","page_number":34,"box":{"x":524,"y":329,"width":399,"height":11}},{"id":"c47fd394-7265-485d-92ab-3b6aa14517fa","block_type":"box","text":"Scheme). However, with the exception of:","page_number":34,"box":{"x":523,"y":343,"width":308,"height":11}},{"id":"045544fe-a06f-4e53-a33a-dfaec50d6c91","block_type":"box","text":"","page_number":34,"box":{"x":523,"y":368,"width":9,"height":1}},{"id":"af90218c-2868-4f0d-9ecf-54e225c24bb5","block_type":"box","text":"UK Fund of Fund Accumulation Units (“FoF","page_number":34,"box":{"x":572,"y":363,"width":351,"height":11}},{"id":"96ee2ba0-cedc-498a-a7fe-0dd78d1d90b1","block_type":"box","text":"Units”); and","page_number":34,"box":{"x":572,"y":377,"width":84,"height":11}},{"id":"3594ec2c-6900-4250-a08c-f3fce2563b4d","block_type":"box","text":"","page_number":34,"box":{"x":523,"y":402,"width":9,"height":1}},{"id":"c288cda5-34d1-4f77-8495-0f49c4466c6c","block_type":"box","text":"UK Feeder Fund Accumulation Units (“Feeder","page_number":34,"box":{"x":572,"y":397,"width":351,"height":11}},{"id":"4b79877b-d40e-4e20-bffa-64016f4e9f8a","block_type":"box","text":"Units”);","page_number":34,"box":{"x":572,"y":411,"width":51,"height":11}},{"id":"d56e5770-d403-46ca-8bc9-d892559b1e70","block_type":"box","text":"this charge will not be paid out of the property of a Sub\u0002","page_number":34,"box":{"x":523,"y":430,"width":400,"height":11}},{"id":"ce9919c0-07d6-4575-b516-33269031cf20","block_type":"box","text":"Fund but instead will be charged in the manner set out","page_number":34,"box":{"x":524,"y":444,"width":399,"height":11}},{"id":"e9e80201-7bc0-4324-a856-dd831937a598","block_type":"box","text":"in an investor agreement entered into between the","page_number":34,"box":{"x":524,"y":458,"width":399,"height":11}},{"id":"ca787b54-ca10-441d-ad08-6e63b7a372b6","block_type":"box","text":"ACS Manager and the Unitholder. This does not","page_number":34,"box":{"x":523,"y":471,"width":400,"height":12}},{"id":"9d8bc36f-b651-4bcf-8eac-351ded98c5fe","block_type":"box","text":"preclude the ACS Manager from changing the","page_number":34,"box":{"x":524,"y":485,"width":399,"height":11}},{"id":"a883d294-ad1a-49c9-beab-d82927ae2d86","block_type":"box","text":"arrangement by giving due notice as agreed with the","page_number":34,"box":{"x":523,"y":499,"width":400,"height":11}},{"id":"ee7dc514-38d8-4a76-b6a4-3381050b4f3d","block_type":"box","text":"Depositary to the Unitholder.","page_number":34,"box":{"x":524,"y":512,"width":210,"height":11}},{"id":"368630f6-07ae-4958-8b30-28aa05391495","block_type":"box","text":"In respect of FoF Units any ACS Management Charge:","page_number":34,"box":{"x":524,"y":532,"width":398,"height":11}},{"id":"c092a8e8-b5f5-4f52-a641-9d09bf541d63","block_type":"box","text":"","page_number":34,"box":{"x":524,"y":556,"width":5,"height":4}},{"id":"cbdfaaa2-7aa3-446c-a849-fb69a3e3dbb4","block_type":"box","text":"will be deducted from Scheme property of the","page_number":34,"box":{"x":570,"y":552,"width":353,"height":12}},{"id":"3fb83512-bf23-47f8-96cd-c28f4176b5e8","block_type":"box","text":"FoF Units of the relevant Sub-Fund.","page_number":34,"box":{"x":572,"y":566,"width":264,"height":9}},{"id":"c0c84e59-9aa0-4fb4-a2d9-4a514c24d16c","block_type":"box","text":"","page_number":34,"box":{"x":524,"y":589,"width":5,"height":5}},{"id":"02c464df-a2c6-4bc3-b0d6-dd98f5ed5a01","block_type":"box","text":"will accrue daily, and will be calculated as a","page_number":34,"box":{"x":570,"y":586,"width":353,"height":11}},{"id":"f88feca1-d0c5-4abd-a77d-3e64620d07c1","block_type":"box","text":"percentage of the net asset value of the FoF","page_number":34,"box":{"x":571,"y":600,"width":352,"height":11}},{"id":"6e287e27-be8d-4629-86ab-426bcc07e6d6","block_type":"box","text":"Units within the relevant Sub-Fund on the","page_number":34,"box":{"x":572,"y":614,"width":351,"height":9}},{"id":"35922ce7-c4ea-48fd-950a-e63a42630bd7","block_type":"box","text":"previous Business Day, calculated on a mid\u0002","page_number":34,"box":{"x":571,"y":627,"width":351,"height":11}},{"id":"5f9a32aa-0661-4fc1-ba72-ea88706897bf","block_type":"box","text":"market basis.","page_number":34,"box":{"x":571,"y":641,"width":98,"height":9}},{"id":"27ac3fcd-66ea-4841-8518-8e45bb8cdf62","block_type":"box","text":"","page_number":34,"box":{"x":524,"y":665,"width":5,"height":4}},{"id":"89056520-2d20-49d9-81de-a79214ad7e56","block_type":"box","text":"is payable quarterly in arrears.","page_number":34,"box":{"x":571,"y":662,"width":224,"height":11}},{"id":"d39c76c0-bc95-4398-98c2-6c97ad2fdfff","block_type":"box","text":"","page_number":34,"box":{"x":524,"y":685,"width":5,"height":4}},{"id":"5bd2ae58-abb2-47bf-bf4b-4d4d4081cb4c","block_type":"box","text":"may be greater than the fees payable by the","page_number":34,"box":{"x":571,"y":682,"width":352,"height":11}},{"id":"5c7c2555-0f00-4468-b8bf-7583a4d92872","block_type":"box","text":"ACS Manager in respect of investment","page_number":34,"box":{"x":570,"y":695,"width":353,"height":12}},{"id":"5794e837-0f55-4e26-92cf-baa109874792","block_type":"box","text":"management services provided by the","page_number":34,"box":{"x":571,"y":709,"width":352,"height":11}},{"id":"bae59f30-16fa-4998-b9e8-0d1e18d1b69b","block_type":"box","text":"Investment Manager. In these circumstances,","page_number":34,"box":{"x":572,"y":723,"width":350,"height":11}},{"id":"86ce27ed-9234-497e-99a2-8beaf039ae7e","block_type":"box","text":"the portion of the ACS management charge that","page_number":34,"box":{"x":570,"y":736,"width":353,"height":12}},{"id":"fa635016-0f06-48d9-8a9c-170f53fff614","block_type":"box","text":"exceeds the fees payable by the ACS Manager","page_number":34,"box":{"x":571,"y":750,"width":352,"height":11}},{"id":"0eda64ca-a939-4cff-96b3-8bc5cb9d9892","block_type":"box","text":"will be retained by the ACS Manager.","page_number":34,"box":{"x":570,"y":764,"width":276,"height":11}},{"id":"b0dfd4a9-b0a0-40e2-92eb-36c24c598e3b","block_type":"box","text":"Where FoF Units or Feeder Units have been made","page_number":34,"box":{"x":523,"y":783,"width":400,"height":9}},{"id":"40ac0f49-3f97-4940-8756-cde86a9cb023","block_type":"box","text":"available on Sub-Funds where AIGSL is the","page_number":34,"box":{"x":523,"y":797,"width":400,"height":9}},{"id":"9835c15f-57b6-4496-873a-f90d8daa40cd","block_type":"box","text":"Investment Manager, the ACS Manager currently","page_number":34,"box":{"x":524,"y":811,"width":399,"height":11}},{"id":"197ee858-b2a8-4f44-91c8-53d4a1daea03","block_type":"box","text":"charges 0.00% in respect of the FoF Units and Feeder","page_number":34,"box":{"x":523,"y":824,"width":400,"height":11}},{"id":"d88ef7f0-aae6-4120-baa0-3999e2402b71","block_type":"box","text":"Units, respectively, within the relevant Sub-Fund.","page_number":34,"box":{"x":524,"y":838,"width":398,"height":11}},{"id":"822465c7-2cba-4ed5-a836-232f33d06458","block_type":"box","text":"Where FoF Units have been made available on Sub\u0002","page_number":34,"box":{"x":523,"y":851,"width":399,"height":9}},{"id":"f4848aeb-f7f2-4caf-a8be-a68dfd348552","block_type":"box","text":"Funds where AIGSL is not the Investment Manager,","page_number":34,"box":{"x":524,"y":865,"width":398,"height":11}},{"id":"ed371eb4-6566-44ad-be39-b3338e7656b8","block_type":"box","text":"the rate of any ACS Management Charge is stipulated","page_number":34,"box":{"x":523,"y":879,"width":399,"height":11}},{"id":"5e409187-d0ce-4676-bff1-bfe827556564","block_type":"box","text":"per relevant Sub-Fund in Appendix 1 of this","page_number":34,"box":{"x":524,"y":892,"width":399,"height":12}},{"id":"8c29bcd1-b1b2-41bd-92c6-ddd2388277e5","block_type":"box","text":"Prospectus.","page_number":34,"box":{"x":524,"y":906,"width":86,"height":11}},{"id":"2a2bc700-e09d-4b19-bc89-a685fbc58627","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 35","page_number":35,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"bd653636-0bbe-4656-b93b-7b8feb4294bd","block_type":"box","text":"This fee will comprise the fee payable to the ACS","page_number":35,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"3d6e0d4b-320c-482c-9e6f-9d9879c259e7","block_type":"box","text":"Manager for all of its services, therefore including the","page_number":35,"box":{"x":63,"y":59,"width":398,"height":12}},{"id":"4faa9d43-c069-4657-9b50-1f7e1879b970","block_type":"box","text":"expenses of the ACS Manager in respect of the","page_number":35,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"3b86fb7f-2786-46a2-a4ac-d2d5a966791c","block_type":"box","text":"administration and the oversight of its respective","page_number":35,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"a7c64833-a9fe-485b-b0e6-33a7b8ac6964","block_type":"box","text":"delegates, unless otherwise specified in this","page_number":35,"box":{"x":62,"y":100,"width":399,"height":12}},{"id":"248735ee-8f9c-4a76-90da-fa9adb674ee5","block_type":"box","text":"Prospectus, as well as investment management","page_number":35,"box":{"x":63,"y":114,"width":399,"height":11}},{"id":"72450984-7fd3-4e2e-bbeb-876a5c879e89","block_type":"box","text":"services to the Sub-Fund, but will be reduced in","page_number":35,"box":{"x":62,"y":128,"width":399,"height":10}},{"id":"0702487c-93f6-449b-89b2-e588ccb0f7f3","block_type":"box","text":"respect of the pro-rated annual management charges","page_number":35,"box":{"x":63,"y":141,"width":398,"height":12}},{"id":"fe826e91-be7e-43ac-b2ba-3a862df9bdd4","block_type":"box","text":"borne by the Sub-Fund’s investment in any underlying","page_number":35,"box":{"x":62,"y":155,"width":399,"height":11}},{"id":"7434c235-6614-4c3a-aeb2-161041e0e80e","block_type":"box","text":"fund in which the Sub-Fund invests from time to time.","page_number":35,"box":{"x":62,"y":169,"width":394,"height":9}},{"id":"29000efd-888b-4d95-b2e9-00e9887cf7aa","block_type":"box","text":"As such, should the annual management charge","page_number":35,"box":{"x":62,"y":188,"width":399,"height":11}},{"id":"a1ad724a-90d4-452f-b7fe-764a750afc31","block_type":"box","text":"incurred by the underlying funds increase, the amount","page_number":35,"box":{"x":62,"y":202,"width":400,"height":11}},{"id":"36910f09-8df9-4e30-93bd-f6710c49074f","block_type":"box","text":"of the ACS management charge that is deducted from","page_number":35,"box":{"x":62,"y":215,"width":399,"height":12}},{"id":"d0cc587e-e708-497d-bbe4-23a3ef773849","block_type":"box","text":"Scheme property and which is payable to the ACS","page_number":35,"box":{"x":62,"y":229,"width":399,"height":11}},{"id":"265dcead-0f67-45fe-9d6d-e7898d20f333","block_type":"box","text":"Manager will decrease. Conversely, should the annual","page_number":35,"box":{"x":63,"y":243,"width":398,"height":11}},{"id":"e1ec5e14-780c-41b9-934a-3c7690948ac4","block_type":"box","text":"management charge incurred by the underlying funds","page_number":35,"box":{"x":62,"y":257,"width":399,"height":11}},{"id":"d2e10f41-e933-47bf-8aee-6daf2dc445b5","block_type":"box","text":"decrease, the amount of the ACS management charge","page_number":35,"box":{"x":62,"y":270,"width":399,"height":11}},{"id":"39f066e4-15ac-44af-9bff-ca104494c149","block_type":"box","text":"that is deducted from Scheme property and which is","page_number":35,"box":{"x":62,"y":284,"width":399,"height":11}},{"id":"b9ea0e54-2882-49b4-b912-dbf6273ee225","block_type":"box","text":"payable to the ACS Manager will increase.","page_number":35,"box":{"x":62,"y":297,"width":314,"height":12}},{"id":"9433f56b-6559-4de8-b639-bbc0f5a002e1","block_type":"box","text":"The ACS Manager may make a charge to the property","page_number":35,"box":{"x":62,"y":317,"width":400,"height":11}},{"id":"2b480f09-0fba-4719-a2fe-2a7400294ab4","block_type":"box","text":"of the Sub-Fund(s) in respect of any future Unit","page_number":35,"box":{"x":62,"y":331,"width":400,"height":11}},{"id":"4d51286c-7531-4fb5-8502-aae908caf077","block_type":"box","text":"Classes issued by amendment to this prospectus. In","page_number":35,"box":{"x":62,"y":344,"width":399,"height":12}},{"id":"6844ae0d-d845-4a1e-a47c-0107d15a5385","block_type":"box","text":"certain circumstances where one Sub-Fund of the","page_number":35,"box":{"x":62,"y":358,"width":399,"height":9}},{"id":"b2e37f3e-de75-44ac-b955-ba7031466aee","block_type":"box","text":"Scheme invests in Units of another, the ACS","page_number":35,"box":{"x":62,"y":372,"width":399,"height":10}},{"id":"06fc8625-0144-48ca-87f0-af72847e02ce","block_type":"box","text":"Management charge will not be charged to the","page_number":35,"box":{"x":63,"y":386,"width":398,"height":11}},{"id":"4132ae86-510e-40ab-a009-304d57a2533f","block_type":"box","text":"investing Sub-Fund. Further information is provided at","page_number":35,"box":{"x":62,"y":399,"width":400,"height":11}},{"id":"f9169c0a-a618-4a95-85e1-dcfa709c8959","block_type":"box","text":"paragraph 5.8 of Appendix 6 below.","page_number":35,"box":{"x":62,"y":413,"width":263,"height":11}},{"id":"27ddd3f6-b15e-4d0c-83ba-89f493da90ad","block_type":"box","text":"(b)","page_number":35,"box":{"x":74,"y":438,"width":19,"height":11}},{"id":"5e86f573-3427-4bbb-8451-0486396d446b","block_type":"box","text":"Administration Charge","page_number":35,"box":{"x":121,"y":438,"width":180,"height":11}},{"id":"ad3d461d-9708-40ad-b5f4-33cd34a87f44","block_type":"box","text":"The ACS Manager is permitted to deduct from each","page_number":35,"box":{"x":62,"y":458,"width":399,"height":11}},{"id":"30796940-f64c-4417-91e3-f21462860243","block_type":"box","text":"Sub-Fund an administration charge, which 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of","page_number":35,"box":{"x":62,"y":546,"width":400,"height":11}},{"id":"d26e3ce0-6b68-4983-bb76-e582a3301d3c","block_type":"box","text":"the Scheme:","page_number":35,"box":{"x":62,"y":559,"width":92,"height":9}},{"id":"15149474-f417-4f6d-b681-182600b5e9dc","block_type":"box","text":"","page_number":35,"box":{"x":62,"y":583,"width":6,"height":4}},{"id":"da6a6885-0d93-455f-9040-b8b1aa8fdcb8","block_type":"box","text":"the expenses of the ACS Manager in respect of","page_number":35,"box":{"x":92,"y":580,"width":370,"height":11}},{"id":"9ea05612-0bc4-4797-aa6b-b9be55d8d44c","block_type":"box","text":"the administration and the oversight of its","page_number":35,"box":{"x":92,"y":593,"width":369,"height":12}},{"id":"e0276e79-8735-4baf-ae5f-947f2c705a59","block_type":"box","text":"respective delegates, unless otherwise specified","page_number":35,"box":{"x":93,"y":607,"width":368,"height":11}},{"id":"f93cf3d7-cb40-46ea-8d41-89db6efb3a0c","block_type":"box","text":"in this 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the Sub-Funds (excluding the","page_number":35,"box":{"x":553,"y":93,"width":370,"height":12}},{"id":"d80c8474-1984-4045-8f26-a0895285a5dd","block_type":"box","text":"expenses and disbursements of the Auditor, see","page_number":35,"box":{"x":554,"y":107,"width":369,"height":11}},{"id":"db88ecc9-0470-4931-9811-645f44c254ef","block_type":"box","text":"(d) (viii) below);","page_number":35,"box":{"x":554,"y":121,"width":112,"height":11}},{"id":"d0ad3353-34f7-4e0d-8f57-0a05c711afb3","block_type":"box","text":"","page_number":35,"box":{"x":524,"y":144,"width":5,"height":5}},{"id":"009c50b7-7378-47b9-8361-8a6c8e7f5541","block_type":"box","text":"the ACS Manager is also entitled to receive all","page_number":35,"box":{"x":553,"y":141,"width":369,"height":11}},{"id":"c4812f8b-914c-4f13-8831-659b912c9a12","block_type":"box","text":"reasonable, properly documented out of pocket","page_number":35,"box":{"x":554,"y":155,"width":369,"height":11}},{"id":"1303e9e6-d8c0-4b06-922f-e667e4229494","block_type":"box","text":"expenses incurred in the performance of its duties","page_number":35,"box":{"x":554,"y":168,"width":369,"height":12}},{"id":"377b80ad-d2f4-4297-b4c3-0c81c03ebec0","block_type":"box","text":"and responsibilities.","page_number":35,"box":{"x":553,"y":182,"width":146,"height":11}},{"id":"062b2f8e-644f-471f-a2c5-ef04a030acad","block_type":"box","text":"The aggregate administration charge for each Sub\u0002","page_number":35,"box":{"x":523,"y":202,"width":399,"height":11}},{"id":"a1b068d6-864a-4e25-b0a9-ddd3e776ef70","block_type":"box","text":"Fund will not exceed 0.07% per annum of the relevant","page_number":35,"box":{"x":524,"y":215,"width":399,"height":11}},{"id":"92d035f4-236d-4fa4-aa05-d7568164aaed","block_type":"box","text":"Sub-Fund’s value. However, the ACS Manager","page_number":35,"box":{"x":523,"y":229,"width":400,"height":11}},{"id":"1157007a-694e-41bf-8f9f-3758a7528886","block_type":"box","text":"estimates that the current aggregate administration","page_number":35,"box":{"x":523,"y":243,"width":399,"height":11}},{"id":"b21be2d3-baa0-4f21-a506-c1422f110e2e","block_type":"box","text":"charge will be up to 0.03% per annum of the relevant","page_number":35,"box":{"x":523,"y":256,"width":400,"height":12}},{"id":"acf52020-21d2-473d-8663-3a11dcce3fe4","block_type":"box","text":"Sub-Fund’s value.","page_number":35,"box":{"x":523,"y":270,"width":134,"height":9}},{"id":"232bc3a3-5d9f-41fb-b6f6-aaaa836b0792","block_type":"box","text":"Any change to these figures will be notified to","page_number":35,"box":{"x":523,"y":290,"width":400,"height":11}},{"id":"c76e8b5b-61f4-4577-99e4-ca67f3794420","block_type":"box","text":"Unitholders in accordance with this Prospectus.","page_number":35,"box":{"x":524,"y":303,"width":350,"height":11}},{"id":"70855678-60db-4b22-bacb-817c02341bdc","block_type":"box","text":"The administration charges will accrue daily and is","page_number":35,"box":{"x":523,"y":323,"width":400,"height":11}},{"id":"8d13676b-df8d-4647-8f3d-8c710ecdc64f","block_type":"box","text":"calculated as a percentage of the net asset value of","page_number":35,"box":{"x":523,"y":336,"width":400,"height":12}},{"id":"5c4356e7-6ca3-44a8-add2-f79e8a8fb278","block_type":"box","text":"the Units within the relevant Sub-Fund on the previous","page_number":35,"box":{"x":523,"y":350,"width":400,"height":11}},{"id":"e06a1a1a-678a-4b0c-9807-9e2dc969a7b2","block_type":"box","text":"Business Day calculated on a mid-market basis and","page_number":35,"box":{"x":524,"y":364,"width":398,"height":11}},{"id":"0cda611c-d675-4629-a4a5-58cf2f7fbb3f","block_type":"box","text":"will be paid monthly in arrears as soon as practical","page_number":35,"box":{"x":523,"y":378,"width":399,"height":11}},{"id":"1a8e6b92-2b0a-402f-8508-e719fc37d27a","block_type":"box","text":"after the month end.","page_number":35,"box":{"x":523,"y":391,"width":148,"height":9}},{"id":"f9a11f8b-3e40-47bd-bb54-783e78f662ee","block_type":"box","text":"(c)","page_number":35,"box":{"x":536,"y":417,"width":17,"height":11}},{"id":"10053b6d-f455-4851-9ba7-60c9cb6e4d7a","block_type":"box","text":"Depositary's Expenses","page_number":35,"box":{"x":583,"y":417,"width":182,"height":11}},{"id":"d6ae8d87-26e9-4b3b-85f2-dc82ee07f4a7","block_type":"box","text":"In addition to the Depositary’s fee which will form part","page_number":35,"box":{"x":524,"y":436,"width":399,"height":11}},{"id":"cfcaeda4-1a9c-4ec5-902c-c932e7ebb8c7","block_type":"box","text":"of the administration charge, the Depositary is entitled","page_number":35,"box":{"x":523,"y":450,"width":399,"height":11}},{"id":"406f07d7-8a92-4300-b0ab-5f10b0058eb3","block_type":"box","text":"to receive reimbursement out of the property of each","page_number":35,"box":{"x":523,"y":464,"width":399,"height":11}},{"id":"f3f6cf30-ecfe-4b97-9b4e-a1a7e901d67d","block_type":"box","text":"Sub-Fund for expenses properly incurred in","page_number":35,"box":{"x":523,"y":477,"width":399,"height":11}},{"id":"d6947173-5330-44e9-83ce-eae10b02b80d","block_type":"box","text":"performing or arranging for the performance of","page_number":35,"box":{"x":524,"y":491,"width":399,"height":11}},{"id":"05277fdf-df4f-48aa-af1b-3f51311bb1cd","block_type":"box","text":"functions conferred on it by the ACS Deed, the","page_number":35,"box":{"x":523,"y":504,"width":400,"height":12}},{"id":"f14dec9f-8e25-4136-9d4b-565d9b834bb7","block_type":"box","text":"Prospectus, the FCA Handbook, the Depositary","page_number":35,"box":{"x":524,"y":518,"width":399,"height":11}},{"id":"12948bc8-f596-4d9e-bbc2-ae64c7ce2de0","block_type":"box","text":"Services Agreement or by general law. 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The Depositary’s reimbursement","page_number":35,"box":{"x":524,"y":750,"width":399,"height":12}},{"id":"e12ec843-243c-403a-94ac-225720600135","block_type":"box","text":"shall accrue when the relevant transaction or other","page_number":35,"box":{"x":523,"y":764,"width":400,"height":9}},{"id":"f895207d-64fb-45ce-adb3-f401886eb433","block_type":"box","text":"dealing is effected and shall be paid monthly in arrears.","page_number":35,"box":{"x":523,"y":778,"width":399,"height":11}},{"id":"b0768ef0-a256-4057-a9f2-224fd921de05","block_type":"box","text":"On the winding up of the Scheme, a Sub-Fund or the","page_number":35,"box":{"x":523,"y":797,"width":400,"height":11}},{"id":"80807172-b865-4f49-a266-22ddd10a1b9f","block_type":"box","text":"redemption and cancellation of a class of Units, the","page_number":35,"box":{"x":524,"y":811,"width":399,"height":11}},{"id":"a5e959ec-c063-4832-ad7d-deebe37d7770","block_type":"box","text":"Depositary will be paid all accrued and owing fees,","page_number":35,"box":{"x":524,"y":825,"width":398,"height":11}},{"id":"4d9c97d9-6f24-4345-89e6-d5a1f60a3b75","block_type":"box","text":"charges and reimbursement of expenses due up to the","page_number":35,"box":{"x":523,"y":838,"width":400,"height":12}},{"id":"a58cd7a8-c9a4-4c98-956c-b7bbd7bee9c9","block_type":"box","text":"date of commencement of the winding up, or due in","page_number":35,"box":{"x":523,"y":852,"width":399,"height":11}},{"id":"9241aad2-edde-4cbf-8d92-a04914fb1dd3","block_type":"box","text":"relation to the redemption and cancellation of the","page_number":35,"box":{"x":524,"y":866,"width":399,"height":11}},{"id":"66c064c3-bf5f-4137-b27d-fc210504ba75","block_type":"box","text":"relevant class of Units (as appropriate) and any","page_number":35,"box":{"x":524,"y":879,"width":399,"height":11}},{"id":"283e2224-a47c-4c46-b973-53b5e4b1432e","block_type":"box","text":"additional expenses necessarily arising out of or in","page_number":35,"box":{"x":523,"y":893,"width":399,"height":11}},{"id":"c9a6cce8-4fee-46be-855d-c4fba037b9bf","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 36","page_number":36,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"38633a31-e81e-4703-8dff-0fc359d57db7","block_type":"box","text":"connection with its obligations under the Depositary","page_number":36,"box":{"x":62,"y":46,"width":400,"height":11}},{"id":"c321c638-2f1f-46b7-b543-f8435b658a1a","block_type":"box","text":"Services Agreement.","page_number":36,"box":{"x":62,"y":59,"width":154,"height":12}},{"id":"075315d8-4759-455e-9b22-4d63b93c495e","block_type":"box","text":"The Depositary will also act as the custodian (the","page_number":36,"box":{"x":62,"y":79,"width":399,"height":11}},{"id":"bbfde579-d59b-46de-9352-2b69ed085410","block_type":"box","text":"“","page_number":36,"box":{"x":62,"y":93,"width":5,"height":3}},{"id":"9eaf8bd7-52eb-47ea-9b40-66bf7d6a9bfc","block_type":"box","text":"Custodian","page_number":36,"box":{"x":68,"y":93,"width":80,"height":8}},{"id":"d1567ad7-eeed-46f6-ba7f-1f6d9c5ef304","block_type":"box","text":"”) of the property of the Scheme and is","page_number":36,"box":{"x":150,"y":93,"width":311,"height":11}},{"id":"d87e664a-56e2-4b4e-bcfc-313da46c9e2a","block_type":"box","text":"entitled to receive reimbursement of the Custodian’s","page_number":36,"box":{"x":62,"y":106,"width":399,"height":9}},{"id":"385723c9-73f5-489e-9883-0cf0b7081793","block_type":"box","text":"fees as an expense of the Scheme. 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to","page_number":36,"box":{"x":62,"y":257,"width":399,"height":11}},{"id":"a4905a8f-384e-49f8-943d-85e6a25935be","block_type":"box","text":"0.45% per annum.","page_number":36,"box":{"x":62,"y":271,"width":135,"height":10}},{"id":"33896877-5ac4-473d-8493-94469bfe7480","block_type":"box","text":"The Depositary is also entitled to be reimbursed out of","page_number":36,"box":{"x":62,"y":290,"width":400,"height":11}},{"id":"e0ade124-103c-4fc5-b23f-72a63a67c15f","block_type":"box","text":"the property of each Sub-Fund in respect of","page_number":36,"box":{"x":62,"y":303,"width":400,"height":12}},{"id":"c0fdcfb4-4f41-43bb-8ea8-4eb7292b2e9e","block_type":"box","text":"remuneration charged by the Custodian for such","page_number":36,"box":{"x":63,"y":317,"width":398,"height":11}},{"id":"b4083bae-2e52-4339-9825-1d8f01ee92f9","block_type":"box","text":"services as the ACS Manager, the Depositary and 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The costs of","page_number":36,"box":{"x":571,"y":604,"width":352,"height":9}},{"id":"fb198711-4fe1-4a69-8712-16671b900799","block_type":"box","text":"preparation and distribution of reports,","page_number":36,"box":{"x":571,"y":618,"width":351,"height":11}},{"id":"9633d919-5640-48a2-b7c8-21dd5d9f0268","block_type":"box","text":"accounts, any prospectuses, the ACS Deed and","page_number":36,"box":{"x":571,"y":632,"width":351,"height":11}},{"id":"cb3254d4-43a4-4039-88dc-10589f6ac23b","block_type":"box","text":"any costs incurred as a result of changes to any","page_number":36,"box":{"x":571,"y":645,"width":352,"height":12}},{"id":"87662f3e-7b42-4c5e-b68c-4f1e16041b9c","block_type":"box","text":"prospectus or ACS Deed, periodic updates of","page_number":36,"box":{"x":571,"y":659,"width":352,"height":11}},{"id":"2c86bebf-c029-4886-bf05-4284e8f8f0ec","block_type":"box","text":"any other administrative documents, as well as","page_number":36,"box":{"x":571,"y":673,"width":352,"height":11}},{"id":"0fd2eaf8-52f0-4498-8497-2b6ddf5159f1","block_type":"box","text":"the cost of maintaining other documentation","page_number":36,"box":{"x":570,"y":686,"width":352,"height":12}},{"id":"868aec18-f3b0-47c1-a0ed-6ebdf04866ff","block_type":"box","text":"required to be maintained in respect of the","page_number":36,"box":{"x":572,"y":700,"width":350,"height":11}},{"id":"19bb2ac5-2392-4664-8937-712dfba854a5","block_type":"box","text":"Scheme;","page_number":36,"box":{"x":571,"y":714,"width":64,"height":10}},{"id":"472522c9-6629-417f-8bd4-bd4500259fe0","block_type":"box","text":"(viii) any expenses and disbursements of the Auditor","page_number":36,"box":{"x":524,"y":733,"width":399,"height":12}},{"id":"857e0ef7-0863-4a2d-bb6d-ebbf1e211c91","block_type":"box","text":"as well as the fees of and expenses of third party","page_number":36,"box":{"x":571,"y":747,"width":352,"height":11}},{"id":"7757cef8-a034-452b-919b-a1c8ddabc42d","block_type":"box","text":"tax, legal and other professional advisers","page_number":36,"box":{"x":570,"y":761,"width":353,"height":11}},{"id":"a452ff0f-e326-4d7c-b5fa-c2bdd4febd4a","block_type":"box","text":"(including, without limitation, costs in relation to","page_number":36,"box":{"x":571,"y":774,"width":352,"height":12}},{"id":"30d5b5fb-0b92-4e9c-876f-e8b12a6a23ab","block_type":"box","text":"regular UK AIFM Regime fund reporting to the","page_number":36,"box":{"x":572,"y":788,"width":351,"height":11}},{"id":"634b5020-5367-45df-a803-6298e7cef62c","block_type":"box","text":"FCA); 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To the extent any actual","page_number":39,"box":{"x":62,"y":593,"width":399,"height":11}},{"id":"f651150d-bf52-4b50-b183-e45505ce0d18","block_type":"box","text":"conflicts of interest are determined to have arisen, the","page_number":39,"box":{"x":62,"y":606,"width":399,"height":11}},{"id":"faadb2a0-ed3c-4d51-854a-973c9f2c1a4e","block_type":"box","text":"Aviva Group will manage such conflicts to minimise","page_number":39,"box":{"x":62,"y":620,"width":399,"height":11}},{"id":"4eed8afe-d788-4b33-a557-3ab3b022b3a5","block_type":"box","text":"any impact on the investment performance, and will","page_number":39,"box":{"x":62,"y":634,"width":399,"height":11}},{"id":"73f0555f-a59a-4801-83a0-98f3c18f4d75","block_type":"box","text":"also seek to prevent them from reoccurring. Certain","page_number":39,"box":{"x":62,"y":647,"width":399,"height":11}},{"id":"21ef5e20-00c4-4c1a-8f81-a81a659daa5b","block_type":"box","text":"activities may be required to be modified or terminated","page_number":39,"box":{"x":62,"y":661,"width":399,"height":11}},{"id":"f2e5012e-ed71-437f-9848-3a527cdb3030","block_type":"box","text":"to minimise conflicts of interest which may be identified","page_number":39,"box":{"x":62,"y":675,"width":399,"height":11}},{"id":"3fa091ac-f2a3-445c-afa4-4ee539fc0aec","block_type":"box","text":"from time to time.","page_number":39,"box":{"x":62,"y":688,"width":128,"height":9}},{"id":"6acf05ed-a7c5-4513-9541-153f2cb2c43a","block_type":"box","text":"Where a conflict of interest cannot be avoided, the","page_number":39,"box":{"x":62,"y":708,"width":399,"height":10}},{"id":"9e7dcf02-9eae-4ff9-9c71-4e70c435cb7b","block_type":"box","text":"ACS Manager will ensure that the Scheme and the","page_number":39,"box":{"x":62,"y":721,"width":399,"height":12}},{"id":"c8a8b20f-55c8-46ca-8395-68ee14da1368","block_type":"box","text":"other funds it manages are fairly treated.","page_number":39,"box":{"x":62,"y":735,"width":300,"height":11}},{"id":"d6f595b5-6c64-4c0b-964a-a92917988646","block_type":"box","text":"The ACS Manager maintains a written conflict of","page_number":39,"box":{"x":62,"y":761,"width":400,"height":11}},{"id":"87502a07-e433-4d8c-b58f-5860ea5301fe","block_type":"box","text":"interest policy. The ACS Manager acknowledges that","page_number":39,"box":{"x":62,"y":774,"width":400,"height":12}},{"id":"61ecec78-0966-4606-8abd-2483b46ee82f","block_type":"box","text":"there may be some situations where the organisational","page_number":39,"box":{"x":62,"y":788,"width":399,"height":11}},{"id":"87313988-a6de-41b9-90ad-d3b041498910","block_type":"box","text":"or administrative arrangements in place for the","page_number":39,"box":{"x":62,"y":802,"width":399,"height":11}},{"id":"c7a807db-f269-48f5-8569-27240cb98c3e","block_type":"box","text":"management of conflicts of interest are not sufficient to","page_number":39,"box":{"x":62,"y":815,"width":399,"height":11}},{"id":"7600c7cc-0a13-497c-b118-0b65264ac29a","block_type":"box","text":"ensure, with reasonable confidence, that risks of","page_number":39,"box":{"x":62,"y":829,"width":400,"height":10}},{"id":"71530fb0-804e-4ed9-b9d4-39da5a6045a9","block_type":"box","text":"damage to the interests of the Scheme or its","page_number":39,"box":{"x":62,"y":842,"width":399,"height":12}},{"id":"0bc11fb8-ea1f-439b-bd26-0518fa96e394","block_type":"box","text":"Unitholders will be prevented. Should any such","page_number":39,"box":{"x":63,"y":856,"width":398,"height":11}},{"id":"fa67cd51-af94-4eb6-8b03-bcea12f0bbb4","block_type":"box","text":"situations arise the ACS Manager will, as a last resort","page_number":39,"box":{"x":62,"y":870,"width":400,"height":11}},{"id":"779b2694-29bc-4786-959c-4e780b4a62a0","block_type":"box","text":"if the conflict cannot be avoided","page_number":39,"box":{"x":62,"y":884,"width":257,"height":8}},{"id":"54ebefd2-acf5-4c79-96f8-c266a52ae083","block_type":"box","text":"disclose these to","page_number":39,"box":{"x":328,"y":884,"width":133,"height":8}},{"id":"07b88ff5-b46e-402a-b49d-ecd349a539de","block_type":"box","text":"Unitholders in an appropriate format.","page_number":39,"box":{"x":63,"y":897,"width":270,"height":11}},{"id":"7adeb9c4-d441-4a6f-82d3-d34d45cd8933","block_type":"box","text":"(e)","page_number":39,"box":{"x":524,"y":46,"width":18,"height":11}},{"id":"5e0180c6-e12d-4285-8ed8-553c47642c21","block_type":"box","text":"Service Providers","page_number":39,"box":{"x":549,"y":46,"width":140,"height":9}},{"id":"140f8f24-2413-4fd8-8ed7-f55ba938a332","block_type":"box","text":"Certain entities in which a Sub-Fund has an","page_number":39,"box":{"x":523,"y":65,"width":399,"height":9}},{"id":"1e028b75-0b31-443e-bbf3-4a51a8ad75f9","block_type":"box","text":"investment (whether directly or indirectly) may also","page_number":39,"box":{"x":524,"y":79,"width":399,"height":11}},{"id":"e261beaf-1c99-42f6-9de9-0e1921ec1e4a","block_type":"box","text":"provide goods or services to, or have a business,","page_number":39,"box":{"x":524,"y":93,"width":398,"height":11}},{"id":"902927a2-6bc6-422e-b57d-a842f23ae48e","block_type":"box","text":"financial or other relationship with other Sub-Funds of","page_number":39,"box":{"x":523,"y":106,"width":400,"height":11}},{"id":"40d43590-7742-46f8-a231-b5fe71918050","block_type":"box","text":"the Scheme, ACS Manager, their associates and other","page_number":39,"box":{"x":523,"y":120,"width":400,"height":11}},{"id":"5902388b-c191-43d5-b742-a80b5b589595","block_type":"box","text":"funds managed by the ACS Manager or their","page_number":39,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"d78b8707-b8ce-4c3b-bba1-1a016cc95375","block_type":"box","text":"associates. Such entities may also be a source of","page_number":39,"box":{"x":523,"y":147,"width":400,"height":11}},{"id":"3097ceb4-e6b2-414d-a9e5-bb434927d97b","block_type":"box","text":"financing and investment opportunities or co-investors","page_number":39,"box":{"x":523,"y":161,"width":400,"height":11}},{"id":"1edc7c0d-b439-43ae-a72c-5e13391fc5cd","block_type":"box","text":"in investments made by the Sub-Funds (whether","page_number":39,"box":{"x":524,"y":174,"width":399,"height":12}},{"id":"99ad0f31-4f66-4a09-8d93-94786964ba14","block_type":"box","text":"directly or indirectly) or other funds managed by the","page_number":39,"box":{"x":523,"y":188,"width":400,"height":11}},{"id":"02bd8e87-6e60-46d4-8456-7484c5b37ce8","block_type":"box","text":"ACS Manager or their associates. These relationships","page_number":39,"box":{"x":523,"y":202,"width":400,"height":11}},{"id":"f8571e4a-a291-4771-993a-e75ba606076d","block_type":"box","text":"may influence the ACS manager or their associates in","page_number":39,"box":{"x":524,"y":215,"width":398,"height":12}},{"id":"f9377aaf-03b9-4aea-ab96-7f626f9e7ee6","block_type":"box","text":"deciding whether to select or recommend a supplier of","page_number":39,"box":{"x":523,"y":229,"width":400,"height":11}},{"id":"4839e694-a1b5-4b08-a503-a2a6a10e26e3","block_type":"box","text":"goods or a service provider to perform services for the","page_number":39,"box":{"x":523,"y":243,"width":400,"height":11}},{"id":"f4a1082c-d877-426f-a575-f7ddfc8dbecb","block_type":"box","text":"Sub-Funds or other funds managed by the ACS","page_number":39,"box":{"x":523,"y":256,"width":399,"height":12}},{"id":"bf001714-2560-4006-9dd0-82a0917f4fc9","block_type":"box","text":"Manager or associates (the cost of which will generally","page_number":39,"box":{"x":524,"y":270,"width":399,"height":11}},{"id":"e9c9a678-d714-450f-9bdd-c98f0c656d5c","block_type":"box","text":"be borne directly or indirectly by the Sub-Fund or such","page_number":39,"box":{"x":524,"y":284,"width":398,"height":11}},{"id":"65c89b82-e610-4f91-984c-e91d79e5b541","block_type":"box","text":"other funds). Notwithstanding the above, the selection","page_number":39,"box":{"x":523,"y":297,"width":399,"height":12}},{"id":"b1c33588-b615-48e9-a067-98ef8946ba46","block_type":"box","text":"of such entities that may provide goods and services","page_number":39,"box":{"x":523,"y":311,"width":400,"height":11}},{"id":"79c1db17-ece3-4fc5-b6e3-9f8236b2b313","block_type":"box","text":"will generally be allocated based on an evaluation","page_number":39,"box":{"x":523,"y":325,"width":399,"height":11}},{"id":"81284dae-ba5a-4fb6-9b0f-d01d186487ec","block_type":"box","text":"which includes such entities’ provision of certain goods","page_number":39,"box":{"x":523,"y":338,"width":400,"height":12}},{"id":"2767752d-825b-4c0e-bc81-dc7e62252646","block_type":"box","text":"and services that the ACS Manager or associates","page_number":39,"box":{"x":523,"y":352,"width":400,"height":11}},{"id":"1c769bd4-af6d-4007-91e0-f2c2716158d5","block_type":"box","text":"believes to be of benefit to a Sub-Fund, or such other","page_number":39,"box":{"x":524,"y":366,"width":399,"height":10}},{"id":"0b5bb117-8385-4ec0-887b-d7ea45c14382","block_type":"box","text":"funds managed by the ACS Manager or associates.","page_number":39,"box":{"x":523,"y":379,"width":383,"height":12}},{"id":"998c9232-d95c-432a-b8c0-44cfdbccd4cd","block_type":"box","text":"30. 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The","page_number":40,"box":{"x":524,"y":829,"width":399,"height":9}},{"id":"31adb38d-bbb1-412c-ba0c-c259f8a42d6d","block_type":"box","text":"Depositary may, in certain circumstances, (and with","page_number":40,"box":{"x":524,"y":843,"width":398,"height":11}},{"id":"18c615fc-c646-431a-9f39-bd609fb9c830","block_type":"box","text":"the agreement of the affected Unitholders) distribute","page_number":40,"box":{"x":523,"y":856,"width":400,"height":11}},{"id":"d5ae04aa-c014-4d0e-9deb-56a05b483951","block_type":"box","text":"property of a Sub-Fund (rather than the proceeds on","page_number":40,"box":{"x":524,"y":870,"width":398,"height":11}},{"id":"9a37fbad-2857-4a24-bee3-987e05b71405","block_type":"box","text":"the realisation of that property) to Unitholders on a","page_number":40,"box":{"x":523,"y":884,"width":400,"height":11}},{"id":"dbfbfca6-1daa-4422-98f0-e70126d1a7d8","block_type":"box","text":"winding-up.","page_number":40,"box":{"x":523,"y":897,"width":84,"height":12}},{"id":"98d49d2a-f847-4cc0-bc90-7f6ab2e0b985","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 41","page_number":41,"box":{"x":62,"y":929,"width":309,"height":8}},{"id":"295836d2-0815-4405-8103-dd6fc6a233b4","block_type":"box","text":"Any unclaimed net proceeds or other cash held by the","page_number":41,"box":{"x":62,"y":46,"width":399,"height":11}},{"id":"c16effa1-97ae-4367-ade9-208ebf8f78aa","block_type":"box","text":"Depositary after the expiration of twelve months from","page_number":41,"box":{"x":63,"y":59,"width":398,"height":12}},{"id":"d1a262b3-3a9e-4d06-987b-bb1a386b1440","block_type":"box","text":"the date on which the same became payable is to be","page_number":41,"box":{"x":62,"y":73,"width":399,"height":11}},{"id":"ac5a20c2-df47-4213-a1ab-bd5a68a87b0e","block_type":"box","text":"paid by the Depositary into court subject to the","page_number":41,"box":{"x":62,"y":87,"width":399,"height":11}},{"id":"02a691cc-940b-4e1a-a6a1-25ff808a2aab","block_type":"box","text":"Depositary having a right to retain from those net","page_number":41,"box":{"x":63,"y":100,"width":399,"height":12}},{"id":"880a3eae-60ea-44b3-a4f5-d75f560601fe","block_type":"box","text":"proceeds or other cash any expenses incurred in","page_number":41,"box":{"x":62,"y":114,"width":399,"height":11}},{"id":"f66f55c2-9547-4afd-b598-1203baa578e1","block_type":"box","text":"making the payment into court.","page_number":41,"box":{"x":62,"y":128,"width":228,"height":11}},{"id":"94928042-b9c3-4d7b-a38c-b7e8f4a23908","block_type":"box","text":"If the Scheme is to be wound up in accordance with an","page_number":41,"box":{"x":63,"y":147,"width":398,"height":11}},{"id":"7be16651-81d8-41b4-8a03-59bb150813fc","block_type":"box","text":"approved scheme of arrangement, the Depositary is","page_number":41,"box":{"x":62,"y":161,"width":399,"height":11}},{"id":"6c7e77de-8f30-40e3-b635-be76db4f10c8","block_type":"box","text":"required to wind up the Scheme in accordance with the","page_number":41,"box":{"x":63,"y":174,"width":398,"height":12}},{"id":"0f09e4ad-a8b6-4ddb-b624-5b5194243050","block_type":"box","text":"resolution of Unitholders approving such scheme.","page_number":41,"box":{"x":63,"y":188,"width":398,"height":11}},{"id":"597a5df1-64ea-4c44-b36a-2f213754c68b","block_type":"box","text":"Distributions will only be made to Unitholders entered","page_number":41,"box":{"x":63,"y":202,"width":398,"height":11}},{"id":"4c533061-503c-4bdb-a3a8-6d29ac73be4d","block_type":"box","text":"on the register. Any net proceeds or cash (including","page_number":41,"box":{"x":62,"y":215,"width":399,"height":12}},{"id":"1954a16e-e8a4-4f80-a7de-fa4263328449","block_type":"box","text":"unclaimed distribution payments) held by the","page_number":41,"box":{"x":63,"y":229,"width":398,"height":11}},{"id":"8e5f3de9-661d-45d7-8c1f-0e7e41980352","block_type":"box","text":"Depositary which have not been claimed after 12","page_number":41,"box":{"x":63,"y":243,"width":398,"height":11}},{"id":"fae33343-bfc5-4656-a87e-ef4c9fd639cc","block_type":"box","text":"months will be paid into court, after the deduction by","page_number":41,"box":{"x":62,"y":257,"width":400,"height":11}},{"id":"0cc29775-375c-4345-aa21-5973673e98bc","block_type":"box","text":"the Depositary of any expenses it may incur.","page_number":41,"box":{"x":62,"y":270,"width":328,"height":11}},{"id":"8cc35b1b-e673-4153-a167-114b23d8f750","block_type":"box","text":"33. Allocation of Income","page_number":41,"box":{"x":74,"y":296,"width":212,"height":9}},{"id":"66f0f06d-2af9-41fe-a48d-c58dab5ac545","block_type":"box","text":"The income available for allocation by distribution is","page_number":41,"box":{"x":62,"y":315,"width":399,"height":11}},{"id":"ca37f8c1-0447-4ed4-91bb-0c6749d0472f","block_type":"box","text":"determined in accordance with the COLL Sourcebook","page_number":41,"box":{"x":62,"y":329,"width":400,"height":9}},{"id":"a7c7e491-a873-4d31-bd48-0f3cdcc7cfcd","block_type":"box","text":"and the Investment Management Association's","page_number":41,"box":{"x":62,"y":343,"width":399,"height":11}},{"id":"881e668f-6f2d-46b7-9fd8-8841afaefb87","block_type":"box","text":"Statement of Recommended Practice for Accounting","page_number":41,"box":{"x":62,"y":356,"width":399,"height":12}},{"id":"9bede70d-d9d4-4c69-b616-d9ba0ed7dbc3","block_type":"box","text":"Standards for Investment Funds (SORP).","page_number":41,"box":{"x":62,"y":370,"width":305,"height":11}},{"id":"57ff87a0-50d9-40d1-97c7-1d63814d4446","block_type":"box","text":"Distributable income comprises all income received or","page_number":41,"box":{"x":63,"y":390,"width":399,"height":11}},{"id":"cb100c74-f961-4282-9a4c-6b86339961b3","block_type":"box","text":"receivable for the account of any Sub-Fund in respect","page_number":41,"box":{"x":63,"y":403,"width":399,"height":11}},{"id":"4f4615e9-7d9c-45fe-8f33-c619a753b710","block_type":"box","text":"of the accounting period concerned, after deducting","page_number":41,"box":{"x":62,"y":417,"width":399,"height":11}},{"id":"c3c5a45a-7675-4bb7-b137-726f1187ea89","block_type":"box","text":"net charges and expenses paid or payable out of such","page_number":41,"box":{"x":62,"y":431,"width":399,"height":11}},{"id":"3697ebdc-d784-4dbb-a747-3caec8d81c22","block_type":"box","text":"income and after making such adjustments as the ACS","page_number":41,"box":{"x":62,"y":444,"width":399,"height":11}},{"id":"8863f6e4-6ad9-48ba-9163-d95c39ecc644","block_type":"box","text":"Manager considers appropriate, in accordance with","page_number":41,"box":{"x":63,"y":458,"width":398,"height":11}},{"id":"14e8bc46-223c-4b38-8fd0-52ff3adb1fb8","block_type":"box","text":"the COLL Sourcebook.","page_number":41,"box":{"x":62,"y":471,"width":169,"height":9}},{"id":"4e3c5d80-19ae-4e46-9486-0eee4102f2d4","block_type":"box","text":"Income on debt securities, such as bonds and other","page_number":41,"box":{"x":63,"y":491,"width":399,"height":10}},{"id":"9aad70fd-e65a-41b2-ac1d-353ff6ab6664","block_type":"box","text":"fixed interest securities is calculated using the","page_number":41,"box":{"x":62,"y":505,"width":399,"height":11}},{"id":"6729ae75-8d2d-4030-949d-78e7cc13adf6","block_type":"box","text":"\"Effective Interest Rate\" method, in accordance with","page_number":41,"box":{"x":63,"y":518,"width":398,"height":11}},{"id":"5a32abb4-0b8d-40f6-b0a8-9ba5f11f3d1c","block_type":"box","text":"the methodology laid down in the FRS 102 (UK","page_number":41,"box":{"x":62,"y":532,"width":400,"height":11}},{"id":"a33b1801-99af-47dd-a387-09ce10a26da4","block_type":"box","text":"GAAP).","page_number":41,"box":{"x":62,"y":546,"width":55,"height":11}},{"id":"77881093-5af5-45c7-8ada-534f10c3eeaa","block_type":"box","text":"The Effective Interest Rate method for calculating","page_number":41,"box":{"x":62,"y":565,"width":399,"height":11}},{"id":"16882e0a-b0ef-4078-baff-8827391e99da","block_type":"box","text":"income generated from debt securities, treats any","page_number":41,"box":{"x":62,"y":579,"width":400,"height":11}},{"id":"54e91a34-c342-4de4-a15c-685d1cdcbbb9","block_type":"box","text":"premiums and discounts arising on the purchase of a","page_number":41,"box":{"x":62,"y":593,"width":400,"height":11}},{"id":"b3c17744-60a3-4e21-9881-087b005f24ec","block_type":"box","text":"debt security (when compared to its maturity or par","page_number":41,"box":{"x":62,"y":606,"width":400,"height":11}},{"id":"5cd9d761-d30e-4bbf-8cf0-77a503f65ede","block_type":"box","text":"value) as income and this, together with any future","page_number":41,"box":{"x":62,"y":620,"width":399,"height":11}},{"id":"2a5e1697-0e35-49cc-bcb5-25b09c7b6035","block_type":"box","text":"expected income streams on the debt security, is","page_number":41,"box":{"x":62,"y":634,"width":399,"height":11}},{"id":"d4137e89-4e05-4fa9-a1de-b1a18ea1463b","block_type":"box","text":"amortised (written off) over the life of that security (to","page_number":41,"box":{"x":62,"y":647,"width":399,"height":11}},{"id":"41e83354-e50f-4ccf-8354-6bb08b6e4174","block_type":"box","text":"its maturity) and discounted back to its present value","page_number":41,"box":{"x":62,"y":661,"width":399,"height":11}},{"id":"4dd810d9-e055-4769-8859-145387786da3","block_type":"box","text":"and included in the calculation of distributable income.","page_number":41,"box":{"x":62,"y":675,"width":398,"height":8}},{"id":"2d18d464-b691-4704-b0f2-491dac8df78d","block_type":"box","text":"For the purposes of allocating income, the ACS","page_number":41,"box":{"x":63,"y":694,"width":398,"height":11}},{"id":"c8659a09-2fc7-4911-a2c0-6f2376e27bd7","block_type":"box","text":"Manager will determine on an annual basis, with","page_number":41,"box":{"x":63,"y":708,"width":398,"height":11}},{"id":"ed3d9055-ba40-46bf-80e8-731998b26117","block_type":"box","text":"reference to the objectives of a Sub-Fund, whether","page_number":41,"box":{"x":63,"y":721,"width":399,"height":12}},{"id":"98a585ef-6306-4fda-ae8c-b2e4690e35a0","block_type":"box","text":"such income should exclude premiums and discounts","page_number":41,"box":{"x":62,"y":735,"width":399,"height":11}},{"id":"3971c9e9-051c-4690-8734-d44dcaa0ec61","block_type":"box","text":"arising on purchase of bonds attributed through the","page_number":41,"box":{"x":62,"y":749,"width":399,"height":11}},{"id":"82f0945e-78e0-4a09-af2f-1087f0869710","block_type":"box","text":"Effective Interest Rate method.","page_number":41,"box":{"x":63,"y":762,"width":227,"height":9}},{"id":"3c5ed491-3b85-4084-a29e-9389562ba6d7","block_type":"box","text":"Each Sub-Fund will distribute any available income in","page_number":41,"box":{"x":63,"y":782,"width":398,"height":11}},{"id":"93aeec88-57d9-463e-aa2b-161f137e31a9","block_type":"box","text":"accordance with the provisions of section 21 following","page_number":41,"box":{"x":62,"y":796,"width":399,"height":11}},{"id":"953afccf-6d1f-4160-9c1c-c01c97083f3f","block_type":"box","text":"the end of each of its accounting periods in relation to","page_number":41,"box":{"x":62,"y":809,"width":399,"height":12}},{"id":"e0d8815f-27f3-4f24-b46b-0a21f482da06","block_type":"box","text":"which it has an income allocation date. Each","page_number":41,"box":{"x":62,"y":823,"width":399,"height":9}},{"id":"f0f3206d-a0a8-4056-a757-ad1ee0af4a96","block_type":"box","text":"accounting period ends on an accounting date (either","page_number":41,"box":{"x":62,"y":837,"width":400,"height":11}},{"id":"5bc10064-78ca-4ae1-9d6e-05b23c5e83fa","block_type":"box","text":"interim or final). Details of the accounting periods and","page_number":41,"box":{"x":62,"y":850,"width":399,"height":11}},{"id":"c1bf95a0-02fc-4297-a912-8d434735ba0d","block_type":"box","text":"income allocation dates for each Sub-Fund are set out","page_number":41,"box":{"x":62,"y":864,"width":400,"height":9}},{"id":"f4a1bff2-ad75-4e49-8a81-76e6999cefeb","block_type":"box","text":"in Appendix 1.","page_number":41,"box":{"x":62,"y":878,"width":104,"height":11}},{"id":"65bdbdf0-b7fc-4482-8829-f526746aa900","block_type":"box","text":"34. Information Made Available to Unitholders","page_number":41,"box":{"x":535,"y":46,"width":383,"height":9}},{"id":"9cc4c3ef-6c9d-4615-942a-0f0b68b920cc","block_type":"box","text":"Under the UK AIFM Regime and the COLL","page_number":41,"box":{"x":524,"y":65,"width":399,"height":11}},{"id":"5c20a0c0-2e29-46c1-b6ad-b9aa47df491b","block_type":"box","text":"Sourcebook, the ACS Manager must periodically","page_number":41,"box":{"x":523,"y":79,"width":400,"height":11}},{"id":"d5b9dd7e-74b8-4b1b-8d6b-073879cda8ab","block_type":"box","text":"disclose to Unitholders certain information in relation","page_number":41,"box":{"x":523,"y":93,"width":399,"height":8}},{"id":"6406094f-d9ba-4197-99a6-605a5c8dc322","block_type":"box","text":"to the Scheme. This includes providing disclosure on","page_number":41,"box":{"x":523,"y":106,"width":399,"height":12}},{"id":"7531d6ae-eb92-4665-baa2-d059321b5bd6","block_type":"box","text":"each Sub-Fund's risk profile, which, as prescribed in","page_number":41,"box":{"x":523,"y":120,"width":399,"height":11}},{"id":"b5dcc240-cb3e-413d-a21e-6e17c9444fc0","block_type":"box","text":"the UK AIFM Regime, shall outline: (i) the measures","page_number":41,"box":{"x":523,"y":134,"width":400,"height":11}},{"id":"8f600576-96d1-4120-a8ec-e108d676d476","block_type":"box","text":"used to assess the sensitivity of a Sub-Fund's portfolio","page_number":41,"box":{"x":524,"y":147,"width":399,"height":11}},{"id":"6796a9a9-df88-458a-a925-abc6c647fb5a","block_type":"box","text":"to the most relevant risks to which that Sub-Fund is or","page_number":41,"box":{"x":523,"y":161,"width":400,"height":9}},{"id":"7c8df7d6-4ddf-4e29-a167-2413c3cad5a7","block_type":"box","text":"could be exposed; and (ii) if risk limits set by the ACS","page_number":41,"box":{"x":523,"y":174,"width":400,"height":12}},{"id":"d98d7c9a-991c-40d0-9245-a521dac7dc10","block_type":"box","text":"Manager have been or are likely to be exceeded and,","page_number":41,"box":{"x":524,"y":188,"width":398,"height":11}},{"id":"940ab846-0f24-4c6f-b6fb-70325eff9ce0","block_type":"box","text":"where these risk limits have been exceeded, a","page_number":41,"box":{"x":523,"y":202,"width":400,"height":10}},{"id":"3f8bf4a9-aff1-42ca-b3e0-0b30cd9fc74c","block_type":"box","text":"description of the circumstances and the remedial","page_number":41,"box":{"x":523,"y":216,"width":399,"height":11}},{"id":"555e0a1d-dbab-4c8d-ade8-b92966a8d1be","block_type":"box","text":"measures taken.","page_number":41,"box":{"x":524,"y":229,"width":121,"height":9}},{"id":"59d1bdb6-e7a9-4b86-a301-d2327adec9b9","block_type":"box","text":"The ACS Manager intends to comply with its periodic","page_number":41,"box":{"x":523,"y":249,"width":400,"height":11}},{"id":"61ba5782-bc15-4f0d-9f3f-b316ceee0f7f","block_type":"box","text":"disclosure requirements in the manner set out below.","page_number":41,"box":{"x":523,"y":263,"width":392,"height":11}},{"id":"5fba74bd-825c-40db-8c7a-f637735d576a","block_type":"box","text":"The following information will be made available to","page_number":41,"box":{"x":523,"y":282,"width":400,"height":11}},{"id":"ddad22a2-db58-4bfa-a49d-1afb3928582d","block_type":"box","text":"Unitholders, as a minimum, as part of the Scheme's","page_number":41,"box":{"x":524,"y":296,"width":399,"height":11}},{"id":"c876cece-d1f1-431e-be5c-49e496946d94","block_type":"box","text":"annual report:","page_number":41,"box":{"x":523,"y":310,"width":102,"height":10}},{"id":"9393164d-ad81-40c7-850a-2e6acddbd47e","block_type":"box","text":"(i) the percentage of each Sub-Fund's assets","page_number":41,"box":{"x":524,"y":335,"width":399,"height":11}},{"id":"34b107e8-a899-4cd0-afb5-9453a1d27e00","block_type":"box","text":"which are subject to special arrangements","page_number":41,"box":{"x":570,"y":349,"width":353,"height":11}},{"id":"3f135bf6-cd12-4110-aab7-79b310d65efd","block_type":"box","text":"arising from their illiquid nature;","page_number":41,"box":{"x":571,"y":362,"width":231,"height":11}},{"id":"ae7efd4f-78d2-4b90-87d7-0260fa1e2100","block_type":"box","text":"(ii) any new arrangements for managing the","page_number":41,"box":{"x":524,"y":388,"width":399,"height":11}},{"id":"89bcbced-9b21-47c7-b2fd-460a362c634b","block_type":"box","text":"liquidity of a Sub-Fund;","page_number":41,"box":{"x":571,"y":401,"width":169,"height":12}},{"id":"f3288f0f-ce24-4482-b5a5-979ebe8c6e93","block_type":"box","text":"(iii) the current risk profile of each Sub-Fund and the","page_number":41,"box":{"x":524,"y":421,"width":399,"height":11}},{"id":"5b6041bf-6eee-4ff9-9fd2-eb0127a09246","block_type":"box","text":"risk management systems employed by the","page_number":41,"box":{"x":572,"y":435,"width":351,"height":11}},{"id":"63023c33-cc7c-47dd-a324-5f4548733bc6","block_type":"box","text":"ACS Manager to manage those risks; and","page_number":41,"box":{"x":570,"y":448,"width":311,"height":12}},{"id":"57a25def-7f46-481a-bb1f-a8cf4e7319f8","block_type":"box","text":"the total amount of leverage employed by each","page_number":41,"box":{"x":570,"y":468,"width":352,"height":11}},{"id":"7a0d2595-fac7-4ad1-a89d-c795337fb3c8","block_type":"box","text":"Sub-Fund.","page_number":41,"box":{"x":571,"y":481,"width":76,"height":9}},{"id":"82541216-e45b-43cd-afc9-00ec2f0f08a4","block_type":"box","text":"Unitholders will also be provided with information","page_number":41,"box":{"x":524,"y":501,"width":398,"height":11}},{"id":"b6295b02-ccc5-492f-90b2-527e47758217","block_type":"box","text":"regarding changes to (i) the maximum level of leverage","page_number":41,"box":{"x":524,"y":515,"width":399,"height":11}},{"id":"787b052c-b334-461f-b5f6-788101cbdffc","block_type":"box","text":"which a Sub-Fund, or the ACS Manager on that Sub\u0002","page_number":41,"box":{"x":523,"y":528,"width":400,"height":12}},{"id":"706f0437-f893-4854-b4dd-5255aaf9db18","block_type":"box","text":"Fund's behalf, may employ; or (ii) the rights for re-use","page_number":41,"box":{"x":524,"y":542,"width":399,"height":11}},{"id":"75e1e022-fd78-428c-ab57-292c3ade6dbf","block_type":"box","text":"of collateral under a Sub-Fund's leveraging","page_number":41,"box":{"x":523,"y":556,"width":399,"height":11}},{"id":"ff7b1675-3434-43bb-81f5-979971f86222","block_type":"box","text":"arrangements; or (iii) any guarantee granted under a","page_number":41,"box":{"x":523,"y":569,"width":400,"height":12}},{"id":"ee18cb87-3b86-41b1-945b-cf4f93bf0265","block_type":"box","text":"Sub-Fund's leveraging arrangements. This information","page_number":41,"box":{"x":523,"y":583,"width":399,"height":11}},{"id":"b9b71a11-e602-4729-b2da-4af2b59e5816","block_type":"box","text":"will be made available to Unitholders, without undue","page_number":41,"box":{"x":523,"y":597,"width":400,"height":10}},{"id":"1a568ed6-7630-43be-a05e-aa0947bf12d6","block_type":"box","text":"delay following the occurrence of that change, usually","page_number":41,"box":{"x":523,"y":610,"width":400,"height":12}},{"id":"28794048-f758-4902-aebe-4c672e99cda4","block_type":"box","text":"by way of update to this Prospectus. Where required,","page_number":41,"box":{"x":524,"y":624,"width":398,"height":11}},{"id":"ee3ecd22-398c-43b7-9251-7379abbdd986","block_type":"box","text":"such change will be preceded by notification to","page_number":41,"box":{"x":523,"y":638,"width":400,"height":11}},{"id":"1da221eb-8718-4c5d-8dc4-3125a910ebe1","block_type":"box","text":"Unitholders.","page_number":41,"box":{"x":524,"y":652,"width":87,"height":8}},{"id":"4ddc8669-d31c-4932-863a-eb60ecd8feef","block_type":"box","text":"It is intended that Unitholders will be notified","page_number":41,"box":{"x":524,"y":671,"width":398,"height":9}},{"id":"7c8559c3-ffa6-476e-a163-dc116ce50e06","block_type":"box","text":"immediately if a Sub-Fund uses its powers of deferral","page_number":41,"box":{"x":524,"y":685,"width":398,"height":11}},{"id":"d1b162f8-7178-40bd-a673-0aa3581b5b32","block_type":"box","text":"in relation to redemption requests, activates similar","page_number":41,"box":{"x":524,"y":698,"width":399,"height":11}},{"id":"16d12610-9bbb-4e4b-811f-985641e3fac4","block_type":"box","text":"liquidity management arrangements, or if the ACS","page_number":41,"box":{"x":524,"y":712,"width":399,"height":11}},{"id":"89928d1e-ba38-40ad-ba68-77f9a3a2b606","block_type":"box","text":"Manager decides to suspend redemptions.","page_number":41,"box":{"x":524,"y":726,"width":398,"height":11}},{"id":"076ff9a9-b93d-4819-bf1c-5e47d144f272","block_type":"box","text":"Unitholders will also be notified whenever the ACS","page_number":41,"box":{"x":524,"y":739,"width":399,"height":9}},{"id":"797a1025-76f2-4144-98aa-ee0561a8ca5e","block_type":"box","text":"Manager makes material changes to liquidity","page_number":41,"box":{"x":524,"y":753,"width":399,"height":11}},{"id":"4c85762b-c66c-47dd-82fe-8f35f65f78b8","block_type":"box","text":"management systems and procedures employed in","page_number":41,"box":{"x":524,"y":767,"width":398,"height":11}},{"id":"61156158-6a75-4c6d-99c2-497da8d907c1","block_type":"box","text":"respect of a Sub-Fund.","page_number":41,"box":{"x":524,"y":780,"width":168,"height":11}},{"id":"ed8e1688-38d5-4e41-b4f7-553c46e9add1","block_type":"box","text":"35. Telephone recording","page_number":41,"box":{"x":535,"y":806,"width":212,"height":11}},{"id":"897eb786-d6d3-4c47-886c-674caff2cd75","block_type":"box","text":"The ACS Manager may record telephone calls for","page_number":41,"box":{"x":523,"y":825,"width":400,"height":12}},{"id":"8c3486a7-6b74-4a34-8760-60ae549828ab","block_type":"box","text":"training and monitoring purposes and to confirm","page_number":41,"box":{"x":523,"y":839,"width":399,"height":11}},{"id":"36ee85f1-b668-4fff-a037-37703ceb1aa7","block_type":"box","text":"investors’ instructions. Recordings will be provided on","page_number":41,"box":{"x":524,"y":853,"width":398,"height":11}},{"id":"0f6e79ea-03fb-4a5d-ae3b-5191f46c6557","block_type":"box","text":"request for a period of at least five years from the date","page_number":41,"box":{"x":524,"y":866,"width":399,"height":12}},{"id":"3fd81264-0cc0-4e2c-8ab8-0d3719d43be5","block_type":"box","text":"of such recording, or, where requested by a competent","page_number":41,"box":{"x":523,"y":880,"width":400,"height":11}},{"id":"fd464f14-79fc-4455-a039-6589556d7be3","block_type":"box","text":"regulatory authority, for a period of seven years, where","page_number":41,"box":{"x":524,"y":894,"width":399,"height":11}},{"id":"98540023-a245-4b3b-a567-b2b1e0d8dc1b","block_type":"box","text":"the ACS Manager can identify the call coming from the","page_number":41,"box":{"x":523,"y":907,"width":400,"height":11}},{"id":"0bca1251-734f-4f1e-a7c0-ee9160c61bc0","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026) 42","page_number":42,"box":{"x":62,"y":929,"width":311,"height":8}},{"id":"19083559-26a0-4699-974f-f3000e73a180","block_type":"box","text":"relevant investor. If the ACS Manager is requested to","page_number":42,"box":{"x":63,"y":46,"width":398,"height":11}},{"id":"aa4f2111-cbb0-4dc6-a9b8-91cebcf73c27","block_type":"box","text":"provide a recording of a particular call, the ACS","page_number":42,"box":{"x":62,"y":59,"width":399,"height":12}},{"id":"aecd769a-4448-4fb0-a9ab-96492debf8c0","block_type":"box","text":"Manager may ask for further information to help it","page_number":42,"box":{"x":63,"y":73,"width":399,"height":11}},{"id":"684c2d89-42d0-4528-8daa-84d23fdebb13","block_type":"box","text":"identify the exact call to which the request relates.","page_number":42,"box":{"x":62,"y":87,"width":368,"height":11}},{"id":"4b624342-2a5d-4911-b86c-6de3423d55ca","block_type":"box","text":"36. Additional Information","page_number":42,"box":{"x":74,"y":112,"width":225,"height":9}},{"id":"5ef4ef8d-dd6d-457e-a834-aec9a7274bfa","block_type":"box","text":"(i) Each Sub-Fund is only available for investment","page_number":42,"box":{"x":63,"y":138,"width":399,"height":11}},{"id":"0b0bf5fc-751b-4b2f-8061-ac6c4ae6e982","block_type":"box","text":"by: (i) a professional ACS investor; (ii) a large","page_number":42,"box":{"x":110,"y":151,"width":351,"height":12}},{"id":"4bdbfa62-a6ee-4df2-b88c-20de6715cd85","block_type":"box","text":"ACS investor; or (iii) a person who already holds","page_number":42,"box":{"x":109,"y":165,"width":352,"height":11}},{"id":"d62f44ff-5b6b-4476-ade9-053995ebfe4a","block_type":"box","text":"Units in the Scheme (as these terms are defined","page_number":42,"box":{"x":110,"y":179,"width":351,"height":11}},{"id":"f5d96490-6d5a-4885-96ca-66edd715e5e9","block_type":"box","text":"in the FCA Handbook). This means the Scheme","page_number":42,"box":{"x":110,"y":192,"width":351,"height":11}},{"id":"9bac6a36-9666-4bea-8479-659c04931aee","block_type":"box","text":"is designed for investment by institutional","page_number":42,"box":{"x":110,"y":206,"width":351,"height":11}},{"id":"7146326a-a211-4741-aa3d-6067c9b4a59d","block_type":"box","text":"investors and not members of the general","page_number":42,"box":{"x":110,"y":220,"width":351,"height":11}},{"id":"927e4f9e-1a4f-45ef-bbd6-27b78f821a1d","block_type":"box","text":"public. The ACS Manager will not consider the","page_number":42,"box":{"x":110,"y":233,"width":351,"height":12}},{"id":"7021894f-b36a-49ce-9238-d8cf84b5db3a","block_type":"box","text":"suitability or appropriateness of an investment in","page_number":42,"box":{"x":110,"y":247,"width":351,"height":11}},{"id":"4827ee50-a286-49fd-b0ac-680f903954de","block_type":"box","text":"the Sub-Funds for an Unitholder's individual","page_number":42,"box":{"x":109,"y":261,"width":352,"height":9}},{"id":"3dfe47f2-56be-41a6-9ce3-215b4c352685","block_type":"box","text":"circumstances. Unitholders should be willing to","page_number":42,"box":{"x":110,"y":274,"width":351,"height":12}},{"id":"09ae8b72-ea84-49d9-a956-0057d20a8dca","block_type":"box","text":"accept capital and income risk, which may vary","page_number":42,"box":{"x":110,"y":288,"width":352,"height":11}},{"id":"55f673d4-aa2b-460e-a1c2-695c1eff6dbf","block_type":"box","text":"greatly from Sub-Fund to Sub-Fund. The Sub\u0002","page_number":42,"box":{"x":110,"y":302,"width":351,"height":11}},{"id":"b90dd6be-2d9e-47ac-85a6-41aa6b5c098f","block_type":"box","text":"Funds are not suitable for short term investment","page_number":42,"box":{"x":110,"y":315,"width":352,"height":9}},{"id":"093e0ed3-bd96-433d-992e-62d3b0e1bd3a","block_type":"box","text":"and should therefore generally be regarded as","page_number":42,"box":{"x":110,"y":329,"width":351,"height":11}},{"id":"982de181-d16c-4add-99fd-bde44c61fc8d","block_type":"box","text":"long-term investments. 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If Unitholders are in any doubt as to","page_number":42,"box":{"x":110,"y":606,"width":351,"height":11}},{"id":"40238e77-f43d-4c91-a83e-bd154faa2fe3","block_type":"box","text":"the meaning of any information contained in this","page_number":42,"box":{"x":109,"y":620,"width":352,"height":11}},{"id":"c12d71c4-8078-4f99-aff0-d915a96fe250","block_type":"box","text":"document, Unitholders should consult either the","page_number":42,"box":{"x":110,"y":634,"width":351,"height":10}},{"id":"c548d582-fec7-460b-855e-b13a31c53af0","block_type":"box","text":"ACS Manager or their financial adviser. 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The","page_number":42,"box":{"x":570,"y":147,"width":353,"height":11}},{"id":"6479c5a5-5770-4f60-8413-c71d24224db0","block_type":"box","text":"ACS Manager must, within four months after the","page_number":42,"box":{"x":570,"y":161,"width":353,"height":11}},{"id":"4cb0e4e2-2a8d-41ef-8a80-e0ad79c8eab0","block_type":"box","text":"end of each annual accounting period and two","page_number":42,"box":{"x":571,"y":175,"width":352,"height":11}},{"id":"71d5db7d-d7ae-4d27-8184-aea5e13ebc6e","block_type":"box","text":"months after the end of each half-yearly","page_number":42,"box":{"x":571,"y":188,"width":352,"height":11}},{"id":"500688dc-c971-4eeb-a836-ce3f55382be7","block_type":"box","text":"accounting period respectively, make available","page_number":42,"box":{"x":571,"y":202,"width":352,"height":11}},{"id":"856e5da8-0ecf-4c3e-879d-32d02364dde9","block_type":"box","text":"and publish such reports. For information on the","page_number":42,"box":{"x":571,"y":216,"width":352,"height":11}},{"id":"cc323209-9898-4eb0-8a94-4565ab413614","block_type":"box","text":"publication dates pertaining to the reports of","page_number":42,"box":{"x":571,"y":229,"width":352,"height":11}},{"id":"5ccc1f79-c161-430c-aa5b-45b8b21ed2d7","block_type":"box","text":"each of the Sub-Funds, please refer to","page_number":42,"box":{"x":571,"y":243,"width":352,"height":11}},{"id":"17b49f15-570f-451f-9680-c80bf6248e57","block_type":"box","text":"Appendix 1.","page_number":42,"box":{"x":570,"y":257,"width":87,"height":11}},{"id":"c915a3b3-6eb0-479d-b2ad-874990a9b6de","block_type":"box","text":"(v) Complaints may be made about the operation of","page_number":42,"box":{"x":524,"y":276,"width":399,"height":11}},{"id":"d5ec0e54-4649-41ca-92b2-d8400754ce14","block_type":"box","text":"the Scheme or any aspect of the service","page_number":42,"box":{"x":570,"y":290,"width":352,"height":11}},{"id":"235eabf1-3301-406f-bd0a-f4781776eb48","block_type":"box","text":"received to the Compliance Officer of the ACS","page_number":42,"box":{"x":572,"y":303,"width":351,"height":11}},{"id":"a9a78890-cd0f-496e-8af9-da1a51658374","block_type":"box","text":"Manager at its registered address. Making a","page_number":42,"box":{"x":571,"y":317,"width":352,"height":11}},{"id":"dc1c22b3-9587-464d-b700-e3b59cfdba1e","block_type":"box","text":"complaint will not prejudice a Unitholder's right","page_number":42,"box":{"x":571,"y":331,"width":352,"height":11}},{"id":"469c41dd-f5ef-43ed-af38-0c0e826b26b9","block_type":"box","text":"to take legal action. Written details of the ACS","page_number":42,"box":{"x":570,"y":344,"width":353,"height":12}},{"id":"70d9b095-d7e0-4c9b-9a58-db5b6f3275a1","block_type":"box","text":"Manager's complaints procedure are available","page_number":42,"box":{"x":571,"y":358,"width":352,"height":11}},{"id":"9fb3bf24-f8cd-4bc2-8a3e-511d0bbb3480","block_type":"box","text":"from the ACS Manager upon request. Making a","page_number":42,"box":{"x":570,"y":372,"width":353,"height":11}},{"id":"6645969f-2776-4589-b5cd-f051c80cad93","block_type":"box","text":"complaint will not prejudice a Unitholder’s right","page_number":42,"box":{"x":571,"y":386,"width":352,"height":11}},{"id":"8d4240ab-5427-4c44-b6ed-25957bad83dc","block_type":"box","text":"to take legal proceedings.","page_number":42,"box":{"x":570,"y":399,"width":190,"height":11}},{"id":"f6ff5c3e-cad1-43fe-a107-531a3762e90b","block_type":"box","text":"The ACS Manager is a participant in the","page_number":42,"box":{"x":570,"y":418,"width":353,"height":12}},{"id":"6f8631f9-2fee-47bd-b220-ae8328a1c831","block_type":"box","text":"Financial Services Compensation Scheme.","page_number":42,"box":{"x":572,"y":432,"width":350,"height":11}},{"id":"e8042dbb-636d-4f7b-9198-00b8b1f6d739","block_type":"box","text":"Unitholders may be entitled to compensation","page_number":42,"box":{"x":572,"y":446,"width":350,"height":11}},{"id":"77d1f71a-d39e-493a-912e-740bef722609","block_type":"box","text":"from the scheme if the ACS Manager cannot","page_number":42,"box":{"x":570,"y":460,"width":353,"height":11}},{"id":"cca1e2eb-229a-43c6-9b92-03b745637a24","block_type":"box","text":"meet its obligations. This depends on the type","page_number":42,"box":{"x":571,"y":473,"width":352,"height":12}},{"id":"9924f21f-3087-44cf-afa6-9b8ecb925d39","block_type":"box","text":"of business and the circumstances of the claim.","page_number":42,"box":{"x":571,"y":487,"width":351,"height":9}},{"id":"ed660fd8-8632-4317-ac1a-2bc509e35eb8","block_type":"box","text":"Further information about the Financial Services","page_number":42,"box":{"x":572,"y":500,"width":351,"height":9}},{"id":"8a66f831-dfee-4152-80c9-b2310dadd0d8","block_type":"box","text":"Compensation Scheme is available on request,","page_number":42,"box":{"x":571,"y":514,"width":351,"height":11}},{"id":"2a4b25f0-74ca-4294-8636-d14aa231c224","block_type":"box","text":"or by contacting the FSCS Limited at 10","page_number":42,"box":{"x":571,"y":528,"width":295,"height":11}},{"id":"e68dafc1-ab31-4bb2-b0ac-ef668bc479aa","block_type":"box","text":"th","page_number":42,"box":{"x":867,"y":527,"width":8,"height":6}},{"id":"e72aa12a-3d98-4e9d-8ff5-46de3622a9e4","block_type":"box","text":"Floor,","page_number":42,"box":{"x":882,"y":528,"width":40,"height":10}},{"id":"7a26a9ca-65e2-4e3c-8fac-71e9254c2b10","block_type":"box","text":"Beaufort House, 15 St. Botolph Street, London","page_number":42,"box":{"x":571,"y":541,"width":351,"height":12}},{"id":"45478735-9b39-4f70-bc9f-f2ae055f642c","block_type":"box","text":"EC3A 7QU Tel: 0800 6781100.","page_number":42,"box":{"x":572,"y":555,"width":229,"height":10}},{"id":"e11dbde6-1a99-474a-bfad-a9352b55f98d","block_type":"box","text":"Further information regarding any","page_number":42,"box":{"x":572,"y":575,"width":351,"height":11}},{"id":"bf6eb4dd-ae76-465b-8bd5-d706ebf30546","block_type":"box","text":"compensation scheme or any other investor","page_number":42,"box":{"x":571,"y":589,"width":352,"height":11}},{"id":"95b0f3e4-1f05-4574-b41d-1be80ae97abc","block_type":"box","text":"compensation scheme of which the ACS","page_number":42,"box":{"x":571,"y":602,"width":352,"height":11}},{"id":"7676ccb3-9b91-4a57-ab34-c776a5899cf6","block_type":"box","text":"Manager or any Sub-Fund is a member","page_number":42,"box":{"x":571,"y":616,"width":352,"height":11}},{"id":"a007a526-91f9-4733-ac09-c80fc3956ee6","block_type":"box","text":"(including, if relevant, membership through a","page_number":42,"box":{"x":571,"y":629,"width":352,"height":12}},{"id":"4f2cf428-0ab8-43c5-bf14-5a4d543a133a","block_type":"box","text":"branch) or any alternative arrangement","page_number":42,"box":{"x":571,"y":643,"width":352,"height":11}},{"id":"a88049b0-264e-4315-a28f-fa2e819bcbe4","block_type":"box","text":"provided, are also available on request.","page_number":42,"box":{"x":571,"y":657,"width":291,"height":11}},{"id":"f7140364-6a3e-4cbf-b3aa-2960bb21354b","block_type":"box","text":"Each Sub-Fund qualifies as a non-UCITS retail","page_number":42,"box":{"x":572,"y":676,"width":350,"height":11}},{"id":"be6442e1-0d25-4bfd-98e4-72d9effac2dd","block_type":"box","text":"scheme and will only be marketed in the UK.","page_number":42,"box":{"x":571,"y":690,"width":329,"height":11}},{"id":"8ede9f26-1dd4-40b0-805b-d6b47ee84292","block_type":"box","text":"(vi) Copies of the ACS Deed, key investor","page_number":42,"box":{"x":524,"y":710,"width":399,"height":11}},{"id":"5a8c1ee9-42eb-40b3-8f57-141f856a7946","block_type":"box","text":"information document, the most recent annual","page_number":42,"box":{"x":571,"y":723,"width":351,"height":11}},{"id":"2710d324-6746-4e73-836a-8d71d503a6b5","block_type":"box","text":"and half-yearly reports and the COLL","page_number":42,"box":{"x":571,"y":737,"width":352,"height":11}},{"id":"63469a7e-bf58-4503-ba52-fb52d74b185d","block_type":"box","text":"Sourcebook may be inspected at the ACS","page_number":42,"box":{"x":571,"y":750,"width":352,"height":12}},{"id":"88a908db-6d16-4e1d-9d5f-ae5a183cfdf7","block_type":"box","text":"Manager's registered office during Normal","page_number":42,"box":{"x":571,"y":764,"width":351,"height":11}},{"id":"6103e500-e999-48ba-80ee-bf4a1d550122","block_type":"box","text":"Business Hours. 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Derivatives may also","page_number":48,"box":{"x":62,"y":633,"width":861,"height":11}},{"id":"6c9e2d53-9199-40da-ba44-f144f6410667","block_type":"box","text":"be used to reduce risk, such as foreign currency risk within the Sub-Fund.","page_number":48,"box":{"x":62,"y":646,"width":545,"height":12}},{"id":"1e5326d8-e0ef-4b8c-94e9-7c465e4201e6","block_type":"box","text":"Exclusions:","page_number":48,"box":{"x":63,"y":666,"width":91,"height":9}},{"id":"4e8bd032-3c77-4cfe-aee8-d9a1167743a9","block_type":"box","text":"The Sub-Fund is subject to two sets of screens, the Aviva Investors’ baseline exclusion policy and the","page_number":48,"box":{"x":62,"y":685,"width":758,"height":12}},{"id":"ae871cfc-be54-4ec5-98d0-330cd1675cae","block_type":"box","text":"stewardship","page_number":48,"box":{"x":826,"y":686,"width":97,"height":11}},{"id":"fd92fa93-0359-4a75-8763-ac5b32e10fbc","block_type":"box","text":"exclusions,","page_number":48,"box":{"x":62,"y":699,"width":90,"height":11}},{"id":"58e2f693-30d0-45dc-acef-b6218bf7c44e","block_type":"box","text":"which exclude companies that do not meet certain ethical, social and environmental standards, so that","page_number":48,"box":{"x":158,"y":699,"width":765,"height":11}},{"id":"4e4a61bf-ec95-4fca-adbf-fd91fab5bf4f","block_type":"box","text":"the Sub-Fund does not invest in companies that the Investment Manager regards as incompatible with the three pillars","page_number":48,"box":{"x":62,"y":713,"width":860,"height":11}},{"id":"983ae84f-ce10-411d-9e51-23ddf24fcbd6","block_type":"box","text":"of Climate, People and Earth. The purpose of these screens is to ensure that the Sub-Fund does not invest in","page_number":48,"box":{"x":62,"y":726,"width":860,"height":11}},{"id":"fbdd8034-1029-4049-8ed4-0e07882c01a0","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":48,"box":{"x":62,"y":740,"width":860,"height":11}},{"id":"4927edf0-9d1d-4fe8-a12d-d761a760808a","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":48,"box":{"x":62,"y":754,"width":861,"height":11}},{"id":"96d53a9c-a514-4b5a-ad50-044dd2e2e3f6","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":48,"box":{"x":62,"y":767,"width":861,"height":12}},{"id":"f6a8c991-39a1-41b9-8689-772b2ced4253","block_type":"box","text":"entertainment -","page_number":48,"box":{"x":62,"y":781,"width":111,"height":9}},{"id":"ab96fbc6-407f-45c4-a3ab-139cf264c409","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":48,"box":{"x":180,"y":781,"width":633,"height":11}},{"id":"537497a3-e58c-42e0-98be-a99f6b5bed82","block_type":"box","text":".","page_number":48,"box":{"x":815,"y":789,"width":2,"height":1}},{"id":"a8b7d1ca-8d4c-4725-8af4-d1ccf998d6e9","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":48,"box":{"x":63,"y":801,"width":860,"height":11}},{"id":"3828af27-2c3e-4094-bf92-a67ad9b5939d","block_type":"box","text":"exclusions will apply. As these screens only exclude shares issued by companies, this screening process is not","page_number":48,"box":{"x":62,"y":814,"width":861,"height":12}},{"id":"dde43b8f-1a40-434c-afe3-af6c343e6045","block_type":"box","text":"applied to other investments, for example cash and certain derivatives.","page_number":48,"box":{"x":62,"y":828,"width":523,"height":11}},{"id":"a00e78d4-d414-4eec-b11d-f63f7f6eeeb5","block_type":"box","text":"Investment Strategy and Asset Selection:","page_number":48,"box":{"x":62,"y":848,"width":328,"height":11}},{"id":"85766d24-27f3-45d9-8726-4f7f2ad88e64","block_type":"box","text":"The Sub-Fund is actively managed, selecting investments aligned to the Sub-Fund’s growth aims and in-line with the","page_number":48,"box":{"x":62,"y":867,"width":861,"height":11}},{"id":"a730b91a-8ef7-4c3f-85fe-cf65c4bc9880","block_type":"box","text":"Sub-Fund’s Sustainability Strategy (see below). The Investment Manager aims through the responsible allocation of","page_number":48,"box":{"x":62,"y":881,"width":861,"height":11}},{"id":"8c3086e0-a178-4f6b-9d22-3fc5c1629856","block_type":"box","text":"capital (stewardship) to encourage companies to improve environmental and/or social outcomes through their","page_number":48,"box":{"x":62,"y":894,"width":861,"height":12}},{"id":"17d8cf52-ce13-47b8-84e8-281dfa8ca42c","block_type":"box","text":"products and services, and/or through their operations.","page_number":48,"box":{"x":62,"y":908,"width":405,"height":11}},{"id":"134ddfe4-afab-4ffd-a663-0370cfae04bd","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":49,"box":{"x":62,"y":940,"width":291,"height":8}},{"id":"60c5245f-1821-410f-b103-95e39ff5fb22","block_type":"box","text":"49","page_number":49,"box":{"x":787,"y":940,"width":12,"height":6}},{"id":"e6614279-1665-4347-b2e9-eed82954f813","block_type":"box","text":"Aviva Investors: Confidential","page_number":49,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"fbf07053-2fde-46cc-8066-c32c422ded1f","block_type":"box","text":"The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the","page_number":49,"box":{"x":62,"y":52,"width":861,"height":12}},{"id":"58222ab0-75bf-4f38-98da-eee7f526ee50","block_type":"box","text":"business cycle and across different industry sectors with an emphasis on risk management within the Sub-Fund.","page_number":49,"box":{"x":62,"y":66,"width":832,"height":11}},{"id":"d4f0c22a-8dc8-461a-a6e7-309c5bc22d4c","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe (see above), the Sub\u0002","page_number":49,"box":{"x":62,"y":86,"width":860,"height":11}},{"id":"c3e0ad61-b3cd-40d0-9621-3e6fa354ce3d","block_type":"box","text":"Fund must invest in its minimum stewardship allocation. To be eligible for investment, the company must meet the","page_number":49,"box":{"x":63,"y":99,"width":860,"height":12}},{"id":"9f7f7932-6522-4d33-8030-3b34178a2120","block_type":"box","text":"Fund’s qualifying criteria through either the company’s:","page_number":49,"box":{"x":63,"y":113,"width":404,"height":11}},{"id":"35b327c2-5231-42b5-afdb-d4166b75a451","block_type":"box","text":"","page_number":49,"box":{"x":92,"y":137,"width":6,"height":4}},{"id":"1851e38f-a335-40e5-a01e-f1033a67ba3f","block_type":"box","text":"Products and Services -","page_number":49,"box":{"x":110,"y":133,"width":190,"height":9}},{"id":"887fe518-036e-494a-b979-07285cdb46fd","block_type":"box","text":"consideration will be given to the revenue a company generates from products and","page_number":49,"box":{"x":306,"y":134,"width":612,"height":11}},{"id":"a585ad22-94ef-4fa5-a7da-5911f82a662f","block_type":"box","text":"services that are linked to investment themes that fall under one or more of the three pillars.","page_number":49,"box":{"x":122,"y":147,"width":679,"height":11}},{"id":"a809fefe-5422-41e5-865e-855546e4c851","block_type":"box","text":"","page_number":49,"box":{"x":92,"y":190,"width":6,"height":5}},{"id":"493b8409-b37c-4afc-a1f3-ade28dbf806a","block_type":"box","text":"Operations –","page_number":49,"box":{"x":110,"y":187,"width":101,"height":11}},{"id":"8b003632-ad5b-40b0-9142-49cd86c18a8f","block_type":"box","text":"consideration is given to the sustainability practices of a company’s operations. The Investment","page_number":49,"box":{"x":217,"y":187,"width":706,"height":11}},{"id":"023f020b-0ba9-42fe-bffc-351d679a4302","block_type":"box","text":"Manager may look at a range of factors to assess a company’s operations against investment themes","page_number":49,"box":{"x":123,"y":201,"width":752,"height":11}},{"id":"3ec9cb60-285c-4b3e-9a21-ef07abf75bfa","block_type":"box","text":"linked to the three pillars, including (for example) its governance commitments, policies and actions to","page_number":49,"box":{"x":123,"y":214,"width":753,"height":12}},{"id":"30b6594f-6354-45bd-8ac6-9ea47e8748ba","block_type":"box","text":"manage social and environmental issues, and performance compared to peers.","page_number":49,"box":{"x":123,"y":228,"width":586,"height":11}},{"id":"c20e8312-6599-4063-9925-f1746ec2b661","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship allocation is achieved","page_number":49,"box":{"x":62,"y":249,"width":739,"height":11}},{"id":"a60c0409-faa5-428f-9553-b43df108598d","block_type":"box","text":".","page_number":49,"box":{"x":803,"y":256,"width":2,"height":1}},{"id":"c1c49975-7767-41bf-8647-602e08972568","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 15% of the portfolio may be in investments that do not meet","page_number":49,"box":{"x":62,"y":270,"width":844,"height":11}},{"id":"5ec5fe0b-7a83-48cf-96af-9a48035d5ecd","block_type":"box","text":"the standards required by the Investment Manager’s investment framework; the Investment Manager refers to these","page_number":49,"box":{"x":62,"y":283,"width":843,"height":12}},{"id":"024fd33f-776b-4ebf-8194-ba93ec689acb","block_type":"box","text":"as “neutral” assets. Neutral assets include investments where the Investment Manager has otherwise determined","page_number":49,"box":{"x":62,"y":297,"width":843,"height":11}},{"id":"7db4ed43-ed67-4ff4-b5ac-c560e6d78e84","block_type":"box","text":"that the issuing company has an overall neutral alignment to the three pillars (see “Sustainability Strategy” below),","page_number":49,"box":{"x":62,"y":311,"width":842,"height":11}},{"id":"561eaf68-08ba-41d1-8a3a-7c5cfb714ab5","block_type":"box","text":"the nature of the asset is such that the sustainability characteristics of the asset are not possible to assess (for","page_number":49,"box":{"x":62,"y":324,"width":844,"height":11}},{"id":"a0e3236e-4cde-48bd-b12d-10fbcfd3006f","block_type":"box","text":"example, cash, third-party funds and derivatives) or where there is not sufficient sustainability data available to","page_number":49,"box":{"x":62,"y":338,"width":843,"height":11}},{"id":"a123aa7a-02f0-466b-94a8-8a939c9666b5","block_type":"box","text":"determine if that investment meets the Investment Manager’s criteria. The Sub-Fund may hold such neutral assets","page_number":49,"box":{"x":62,"y":351,"width":843,"height":12}},{"id":"685b8401-0311-4282-b423-97ee4e02e8b5","block_type":"box","text":"in order to support the financial objectives of the Sub-Fund, for liquidity purposes and for efficient portfolio","page_number":49,"box":{"x":62,"y":365,"width":844,"height":11}},{"id":"4a221ba4-da96-45b7-93a7-75b6bd971ec6","block_type":"box","text":"management purposes.","page_number":49,"box":{"x":62,"y":380,"width":174,"height":10}},{"id":"868944fa-f9b4-44a4-adea-c77fe286694b","block_type":"box","text":"The Sub-Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key","page_number":49,"box":{"x":62,"y":398,"width":861,"height":12}},{"id":"43bd3cec-70ae-4250-ab1a-4f1180a5f1a8","block_type":"box","text":"performance indicators (KPIs) to ensure that they remain compliant with the Investment Manager’s investment","page_number":49,"box":{"x":62,"y":412,"width":861,"height":11}},{"id":"1014df50-e4fb-4faf-b088-3367c471ccc0","block_type":"box","text":"framework – please see “Sustainability Strategy” below for further information.","page_number":49,"box":{"x":62,"y":426,"width":576,"height":11}},{"id":"f8faccc1-c8b4-4368-b6c5-c34d2f565243","block_type":"box","text":"Performance & Risk Strategy:","page_number":49,"box":{"x":63,"y":445,"width":234,"height":12}},{"id":"cc13b99b-6382-4681-893c-5c052d775e70","block_type":"box","text":"The Sub-Fund’s performance is measured against the FTSE® All-Share Custom Index (the “","page_number":49,"box":{"x":62,"y":465,"width":709,"height":11}},{"id":"f214743b-0338-4db8-a8fa-4fe08e9bc4ee","block_type":"box","text":"Custom Index","page_number":49,"box":{"x":773,"y":465,"width":112,"height":9}},{"id":"e858bb3c-e649-4184-baf0-e251cc465b2a","block_type":"box","text":"”),","page_number":49,"box":{"x":885,"y":465,"width":14,"height":11}},{"id":"d1a25f16-bd3e-4288-8dac-719c3123aea5","block_type":"box","text":"□","page_number":49,"box":{"x":902,"y":466,"width":5,"height":4}},{"id":"786d07d8-43cd-415d-bf21-7defdfc9e635","block_type":"box","text":"a","page_number":49,"box":{"x":915,"y":467,"width":8,"height":7}},{"id":"f882b0f6-21cc-4c06-9ff5-877bd62c2baa","block_type":"box","text":"customised version of the FTSE® All-Share Index (the “","page_number":49,"box":{"x":62,"y":479,"width":413,"height":11}},{"id":"cbd5f405-9388-4d66-a3da-21d6f25d912a","block_type":"box","text":"Index","page_number":49,"box":{"x":477,"y":479,"width":42,"height":9}},{"id":"091c0774-c87e-4b56-aaae-8230dec19521","block_type":"box","text":"”), that applies the same negative screening criteria as","page_number":49,"box":{"x":520,"y":479,"width":403,"height":11}},{"id":"15d8defb-36e6-4d35-9832-8723fc02e062","block_type":"box","text":"the Sub-Fund. The Sub-Fund’s performance is also compared to the Index","page_number":49,"box":{"x":62,"y":492,"width":553,"height":11}},{"id":"13680176-5e0a-4044-81da-2d7959556a8b","block_type":"box","text":"□","page_number":49,"box":{"x":616,"y":494,"width":5,"height":3}},{"id":"f4ef91d9-e496-4bff-b1d4-aff660f837b3","block_type":"box","text":".","page_number":49,"box":{"x":623,"y":500,"width":2,"height":1}},{"id":"5f01ec4a-ac7f-44ec-bb26-2e86be208d7e","block_type":"box","text":"The Sub-Fund does not base its investment process upon the Index (applying specific exclusions, and the minimum","page_number":49,"box":{"x":62,"y":512,"width":860,"height":11}},{"id":"fc970510-8a1b-42d7-abb8-d4eb1b41dbbf","block_type":"box","text":"stewardship allocation requirement, that do not apply to the Index) or the Custom Index. Therefore, the Sub-Fund will","page_number":49,"box":{"x":62,"y":526,"width":860,"height":11}},{"id":"75d7b72c-617f-4f3d-934a-f3c51409ac27","block_type":"box","text":"not hold every company in either the Index or the Custom Index and may also hold companies that do not form part","page_number":49,"box":{"x":62,"y":539,"width":861,"height":11}},{"id":"bb7ff3cc-b566-4bb0-b55e-be5bc70924e8","block_type":"box","text":"of them.","page_number":49,"box":{"x":62,"y":553,"width":58,"height":9}},{"id":"1054e8b9-c820-4e53-b4e6-068a18fcced8","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency of the Sub-Fund's returns and the returns of the","page_number":49,"box":{"x":62,"y":572,"width":861,"height":12}},{"id":"6501531f-0e4c-4e25-88d9-de4522a896b1","block_type":"box","text":"Custom Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the","page_number":49,"box":{"x":62,"y":586,"width":861,"height":11}},{"id":"db9a0937-9765-4370-8c19-1daa4a2f9f37","block_type":"box","text":"Custom Index, and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 2%","page_number":49,"box":{"x":62,"y":600,"width":860,"height":11}},{"id":"59eff751-4a60-48b5-a9d7-97f50967f634","block_type":"box","text":"and 6% when compared to the Custom Index. In certain conditions the Sub-Fund may be outside of this range.","page_number":49,"box":{"x":62,"y":613,"width":820,"height":12}},{"id":"1f084015-76d2-4f6e-b135-cd613f1be322","block_type":"box","text":"The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of","page_number":49,"box":{"x":62,"y":633,"width":861,"height":11}},{"id":"b107518d-bb33-45be-813f-f3781f0fe08b","block_type":"box","text":"the UK’s market capitalisation (total market value of a company’s outstanding shares).","page_number":49,"box":{"x":62,"y":647,"width":637,"height":11}},{"id":"e767da45-d385-49e2-8f8e-446136e1113a","block_type":"box","text":"The Index has been selected as a comparator benchmark for performance because it is representative of the UK","page_number":49,"box":{"x":62,"y":666,"width":861,"height":11}},{"id":"b349e78b-fc45-4589-be88-750e8be87861","block_type":"box","text":"equity market and the type of companies in which the Sub-Fund is likely to invest, although investors should be aware","page_number":49,"box":{"x":62,"y":680,"width":861,"height":11}},{"id":"a3522a62-b8e0-4fba-b571-a9232ff6ae3e","block_type":"box","text":"that due to the Sub-Fund’s specific exclusions the Index will contain more companies than those available for","page_number":49,"box":{"x":62,"y":694,"width":861,"height":11}},{"id":"0581b832-97cd-4e78-9d58-882f168c1ddf","block_type":"box","text":"investment by the Sub-Fund. The Custom Index has therefore been selected as the measure for the Sub-Fund’s","page_number":49,"box":{"x":62,"y":707,"width":861,"height":11}},{"id":"c0af7ed0-10ac-4914-bc37-e7ca692ec078","block_type":"box","text":"overall performance and for risk measurement as it excludes companies from the Index in line with the Sub-Fund’s","page_number":49,"box":{"x":62,"y":721,"width":860,"height":11}},{"id":"45e1ca5e-3499-4eb3-9a2a-94148e83050a","block_type":"box","text":"negative screening criteria and therefore reflects the companies available to be selected by the Sub-Fund. The Index","page_number":49,"box":{"x":62,"y":734,"width":861,"height":12}},{"id":"4c4ae17d-a7d4-435d-a2d0-2d37475ec3d9","block_type":"box","text":"and the Custom Index are considered an appropriate comparator and measure respectively for the Sub-Fund’s","page_number":49,"box":{"x":62,"y":748,"width":861,"height":11}},{"id":"aa25d91a-0da4-42aa-bae2-bfe8234ca607","block_type":"box","text":"performance. The Index provides an indication of the performance of UK equities, helping investors to understand the","page_number":49,"box":{"x":62,"y":762,"width":861,"height":11}},{"id":"1e291f72-8580-40c5-bd31-86ab6b3dace7","block_type":"box","text":"impact on performance of applying the stewardship exclusions. 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The Investment Manager aims through the responsible allocation of","page_number":59,"box":{"x":62,"y":815,"width":861,"height":12}},{"id":"edf25158-0c11-455b-9e84-e445d9ecc63b","block_type":"box","text":"capital (stewardship) to encourage companies to improve environmental and/or social outcomes through their","page_number":59,"box":{"x":62,"y":829,"width":861,"height":11}},{"id":"df9512fd-232e-4e21-a8c3-1c78844380d5","block_type":"box","text":"products and services, and/or through their operations.","page_number":59,"box":{"x":62,"y":843,"width":405,"height":11}},{"id":"1ea4e36e-f0f6-4292-bdd2-34a5cf74546d","block_type":"box","text":"The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the","page_number":59,"box":{"x":62,"y":862,"width":861,"height":12}},{"id":"94c83ea0-3405-43e3-b306-c02e787ca0f8","block_type":"box","text":"business cycle and across different industry sectors with an emphasis on risk management within the Sub-Fund.","page_number":59,"box":{"x":62,"y":876,"width":832,"height":11}},{"id":"b39e6669-7b02-418f-8b41-cd3b2b03af18","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe (see above), the Sub\u0002","page_number":59,"box":{"x":62,"y":896,"width":860,"height":11}},{"id":"a2fb6f80-beaa-406c-9cad-d768581a19fe","block_type":"box","text":"Fund must invest in its minimum stewardship allocation. 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The","page_number":60,"box":{"x":264,"y":121,"width":619,"height":11}},{"id":"35417474-9a98-41e7-846e-db9151f25fc3","block_type":"box","text":"Investment Manager may look at a range of factors to assess a company’s operations against","page_number":60,"box":{"x":171,"y":134,"width":694,"height":11}},{"id":"38572d9c-e8d9-4c7d-9986-4d9d68d73423","block_type":"box","text":"investment themes linked to the three pillars, including (for example) its governance commitments,","page_number":60,"box":{"x":171,"y":148,"width":727,"height":11}},{"id":"c54faad2-e1d3-4a01-b9e0-04528a9f42ba","block_type":"box","text":"policies and actions to manage social and environmental issues, and performance compared to","page_number":60,"box":{"x":170,"y":162,"width":706,"height":11}},{"id":"b7eb7410-17b4-4332-b0cb-a1102fd015b7","block_type":"box","text":"peers.","page_number":60,"box":{"x":170,"y":178,"width":45,"height":8}},{"id":"4009e7d3-3717-4bfe-b67d-e3b66b9b1c0f","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship allocation is achieved","page_number":60,"box":{"x":62,"y":195,"width":739,"height":11}},{"id":"b8071287-4fc7-481c-a7d8-7ff13e8a5c0a","block_type":"box","text":".","page_number":60,"box":{"x":803,"y":202,"width":2,"height":1}},{"id":"422001d6-627a-4f88-95a1-84cf94db9a90","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 15% of the portfolio may be in investments that do not meet","page_number":60,"box":{"x":62,"y":216,"width":844,"height":11}},{"id":"0245f8b6-d596-4302-95d2-3c776e379687","block_type":"box","text":"the standards required by the Investment Manager’s investment framework; the Investment Manager refers to these","page_number":60,"box":{"x":62,"y":229,"width":843,"height":12}},{"id":"95bdb06d-8a1c-4ac0-80f9-283b976f37db","block_type":"box","text":"as “neutral” assets. 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The Sub-Fund may hold such neutral assets","page_number":60,"box":{"x":62,"y":297,"width":843,"height":12}},{"id":"a30c9414-5fda-493c-8760-faa5103b9f8a","block_type":"box","text":"in order to support the financial objectives of the Sub-Fund, for liquidity purposes and for efficient portfolio","page_number":60,"box":{"x":62,"y":311,"width":844,"height":11}},{"id":"9bfa87b7-4ace-48fe-a313-8b57aeaf150e","block_type":"box","text":"management purposes.","page_number":60,"box":{"x":62,"y":326,"width":174,"height":10}},{"id":"7d73bb27-5f13-42f1-993a-0e098ea757aa","block_type":"box","text":"The Sub-Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key","page_number":60,"box":{"x":62,"y":344,"width":861,"height":12}},{"id":"4804017f-971b-4fd9-b327-6afeefd3d844","block_type":"box","text":"performance indicators (KPIs) to ensure that they remain compliant with the Investment Manager’s investment","page_number":60,"box":{"x":62,"y":358,"width":861,"height":11}},{"id":"cc0c7414-08ee-41d9-b2a7-87bf0a695fb3","block_type":"box","text":"framework – please see “Sustainability Strategy” below for further information.","page_number":60,"box":{"x":62,"y":372,"width":576,"height":11}},{"id":"3622d99d-3915-44f4-a8ab-9e8e2386e043","block_type":"box","text":"Performance & Risk Strategy:","page_number":60,"box":{"x":63,"y":391,"width":234,"height":12}},{"id":"d43110ae-7ff6-41e3-8ed7-af0441398511","block_type":"box","text":"The Sub-Fund’s performance is measured against the MSCI® World NDR Total Return GBP Index (the “Index”)","page_number":60,"box":{"x":62,"y":411,"width":828,"height":11}},{"id":"b41111f4-8269-4fcf-8345-e9eec9782990","block_type":"box","text":"□","page_number":60,"box":{"x":892,"y":412,"width":5,"height":4}},{"id":"08610d3e-7fe6-4a64-b320-6075eb77a966","block_type":"box","text":".","page_number":60,"box":{"x":899,"y":418,"width":2,"height":2}},{"id":"8de1dfa8-2e8e-42bf-9696-37480adf9546","block_type":"box","text":"The Sub-Fund does not base its investment process upon the Index and also applies specific exclusions, and the","page_number":60,"box":{"x":62,"y":430,"width":861,"height":12}},{"id":"40e21686-1637-4ab6-99f9-38054c8cedc4","block_type":"box","text":"minimum stewardship allocation requirement, that do not apply to the Index. Therefore, the Sub-Fund will not hold","page_number":60,"box":{"x":62,"y":444,"width":861,"height":11}},{"id":"8da7acda-357e-454f-a16b-32ed6e80780d","block_type":"box","text":"every company in the Index and may also hold companies that do not form part of it.","page_number":60,"box":{"x":62,"y":458,"width":622,"height":11}},{"id":"c1b30d82-2874-41a3-9441-40adb7be28ac","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency of the Sub-Fund's returns and the returns of the","page_number":60,"box":{"x":62,"y":477,"width":861,"height":12}},{"id":"aed6b656-5505-47f3-ae73-29ac450433b6","block_type":"box","text":"Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the Index,","page_number":60,"box":{"x":63,"y":491,"width":859,"height":11}},{"id":"444bf8a7-5ed6-4ad8-8805-8d27ee83384f","block_type":"box","text":"and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 2% and 6% when","page_number":60,"box":{"x":62,"y":505,"width":860,"height":11}},{"id":"988e07a8-218c-448b-ab4a-9063a74b4e83","block_type":"box","text":"compared to the Index. In certain conditions the Sub-Fund may be outside of this range.","page_number":60,"box":{"x":62,"y":518,"width":650,"height":12}},{"id":"03733eee-d983-47c4-8396-c539ea590266","block_type":"box","text":"The Index represents the performance of large and medium sized companies across developed markets covering","page_number":60,"box":{"x":62,"y":538,"width":860,"height":11}},{"id":"8fac8039-782d-4efd-af40-0a6e674beb18","block_type":"box","text":"85% of the market capitalisation (total market value of a company’s outstanding shares) in these countries.","page_number":60,"box":{"x":62,"y":552,"width":790,"height":11}},{"id":"6d862b28-3802-4ede-9e4d-4ea182895495","block_type":"box","text":"The Index has been selected as a benchmark for performance and risk measurement because it is representative of","page_number":60,"box":{"x":62,"y":571,"width":861,"height":11}},{"id":"57c743fe-772b-4c73-9208-8dba2ea7967c","block_type":"box","text":"the type of companies in which the Sub-Fund is likely to invest, although investors should be aware that due to the","page_number":60,"box":{"x":62,"y":585,"width":861,"height":11}},{"id":"2851c962-9183-4023-b04a-f4f84aaed91f","block_type":"box","text":"Sub-Fund’s specific exclusions the Index is not an accurate representation of all of the companies available to the","page_number":60,"box":{"x":62,"y":598,"width":861,"height":12}},{"id":"54bea5ca-84ce-4580-adb3-1e64297923de","block_type":"box","text":"Sub-Fund. 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The purpose of these screens is to ensure that the Sub-Fund does not invest in","page_number":69,"box":{"x":62,"y":675,"width":860,"height":11}},{"id":"0b437f97-6030-4f06-9e79-5ec12e98c76f","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":69,"box":{"x":62,"y":688,"width":860,"height":12}},{"id":"1a21a5d8-e89f-4685-b67f-654180eae5cb","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":69,"box":{"x":62,"y":702,"width":861,"height":11}},{"id":"5d69d47f-c6ca-40b4-9b87-e2e2960fb59f","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":69,"box":{"x":62,"y":716,"width":861,"height":11}},{"id":"6525a89b-2384-4c9b-baa7-ec305f27150f","block_type":"box","text":"entertainment -","page_number":69,"box":{"x":62,"y":730,"width":111,"height":8}},{"id":"cd35fd1f-b59c-4d80-8834-107abac3ea51","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":69,"box":{"x":180,"y":729,"width":633,"height":11}},{"id":"e5b94399-c6f4-4788-9dbb-0dac17ce43e9","block_type":"box","text":".","page_number":69,"box":{"x":815,"y":737,"width":2,"height":1}},{"id":"cd13c00e-f563-40cb-97d5-39824140e56a","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":69,"box":{"x":63,"y":749,"width":860,"height":11}},{"id":"71382260-cc14-4954-bae4-5864532f977f","block_type":"box","text":"exclusions will apply. 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The Investment Manager aims through the responsible allocation of","page_number":69,"box":{"x":62,"y":829,"width":861,"height":11}},{"id":"7b8d7e57-e439-411e-bc69-946e5b7fee7a","block_type":"box","text":"capital (stewardship) to encourage companies to improve environmental and/or social outcomes through their","page_number":69,"box":{"x":62,"y":843,"width":861,"height":11}},{"id":"6a0d510b-add9-4207-8c49-f41ffcdcddfa","block_type":"box","text":"products and services, and/or through their operations.","page_number":69,"box":{"x":62,"y":856,"width":405,"height":12}},{"id":"488d5523-4aca-43b9-9897-d6766bb98185","block_type":"box","text":"The Investment Manager has the discretion to build a diverse portfolio of companies of any size, at any stage of the","page_number":69,"box":{"x":62,"y":876,"width":861,"height":11}},{"id":"7e25efb1-2e8c-4bc3-9107-e54ddf7646f9","block_type":"box","text":"business cycle and across different industry sectors with an emphasis on risk management within the Sub-Fund.","page_number":69,"box":{"x":62,"y":890,"width":832,"height":11}},{"id":"67a004d2-994f-438a-8778-da47148d728a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":70,"box":{"x":62,"y":940,"width":291,"height":8}},{"id":"00c9795c-619e-4a26-8243-0817acd1de2a","block_type":"box","text":"70","page_number":70,"box":{"x":787,"y":940,"width":12,"height":6}},{"id":"c8236222-e2f1-41e1-90bd-acf298a58486","block_type":"box","text":"Aviva Investors: Confidential","page_number":70,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"bd94e937-944f-4c7b-99aa-4af50c34a613","block_type":"box","text":"Once any excluded companies have been removed from the available investment universe (see above), the Sub\u0002","page_number":70,"box":{"x":62,"y":52,"width":860,"height":12}},{"id":"f9af85c8-0e1e-47d4-8eb7-224712064ff7","block_type":"box","text":"Fund must invest in its minimum stewardship allocation. 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The Investment","page_number":70,"box":{"x":217,"y":134,"width":706,"height":12}},{"id":"9b1b1e87-4518-4f6e-a24c-044e1613529c","block_type":"box","text":"Manager may look at a range of factors to assess a company’s operations against investment themes linked","page_number":70,"box":{"x":123,"y":148,"width":799,"height":11}},{"id":"8d18f6da-eadc-493b-860e-570e260df132","block_type":"box","text":"to the three pillars, including (for example) its governance commitments, policies and actions to manage","page_number":70,"box":{"x":122,"y":162,"width":801,"height":11}},{"id":"613dde94-f198-45da-be44-6043c76c5e77","block_type":"box","text":"social and environmental issues, and performance compared to peers.","page_number":70,"box":{"x":122,"y":175,"width":522,"height":11}},{"id":"247a4455-4c6c-4ec2-aabd-51b46c31c15e","block_type":"box","text":"See “Sustainability Strategy” below for how the minimum stewardship allocation is achieved","page_number":70,"box":{"x":62,"y":195,"width":739,"height":11}},{"id":"cf8c4d90-91a9-4d99-8c50-b1dc5d48753f","block_type":"box","text":".","page_number":70,"box":{"x":803,"y":202,"width":2,"height":1}},{"id":"bd6adc87-ba65-42fd-a396-b81d1b200fac","block_type":"box","text":"Outside of its minimum stewardship allocation, up to 15% of the portfolio may be in investments that do not meet the","page_number":70,"box":{"x":62,"y":214,"width":861,"height":12}},{"id":"ec763dc9-1d84-4946-b4c0-90b90eb0fcd9","block_type":"box","text":"standards required by the Investment Manager’s investment framework; the Investment Manager refers to these as","page_number":70,"box":{"x":62,"y":228,"width":861,"height":11}},{"id":"d5e40203-25a4-454d-91ef-fbcf8e542dbd","block_type":"box","text":"“neutral” assets. 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The Sub-Fund may hold such neutral assets in order to support","page_number":70,"box":{"x":62,"y":296,"width":861,"height":12}},{"id":"fd42bbb7-c768-4262-86bd-e0d15bbc18be","block_type":"box","text":"the financial objectives of the Sub-Fund, for liquidity purposes and for efficient portfolio management purposes.","page_number":70,"box":{"x":62,"y":310,"width":820,"height":11}},{"id":"e868dfec-c6df-45f4-9c99-3a224fc6963c","block_type":"box","text":"The Sub-Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key","page_number":70,"box":{"x":62,"y":330,"width":861,"height":11}},{"id":"ed3b66ec-ccd4-42a0-8ce5-a6044f68b62a","block_type":"box","text":"performance indicators (KPIs) to ensure that they remain compliant with the Investment Manager’s investment","page_number":70,"box":{"x":62,"y":343,"width":861,"height":12}},{"id":"f236ebcc-54aa-41e8-8ea7-70798db371f4","block_type":"box","text":"framework – please see “Sustainability Strategy” below for further information.","page_number":70,"box":{"x":62,"y":357,"width":576,"height":11}},{"id":"4a1c3f52-d6b2-4f57-bc01-fcd3dcff1330","block_type":"box","text":"Performance & Risk Strategy:","page_number":70,"box":{"x":63,"y":376,"width":234,"height":12}},{"id":"a3dad715-bc29-4acf-aeee-ebb87cd597bb","block_type":"box","text":"The Sub-Fund’s income return target is measured against the FTSE® All-Share Index (the “","page_number":70,"box":{"x":62,"y":396,"width":677,"height":11}},{"id":"9e3cfbd3-77fa-482c-ae2f-45e95a57d391","block_type":"box","text":"Index","page_number":70,"box":{"x":741,"y":396,"width":43,"height":9}},{"id":"6e919023-24d8-4ab0-ad1e-012266164c75","block_type":"box","text":"”). The Sub-Fund’s","page_number":70,"box":{"x":784,"y":396,"width":139,"height":11}},{"id":"36f6fd07-c63f-49da-8dc0-d38d0ae008a3","block_type":"box","text":"overall performance is measured to a customised version of the Index, the FTSE® All-Share Custom Index (the","page_number":70,"box":{"x":62,"y":410,"width":861,"height":11}},{"id":"5e82a8e9-1b42-4369-95af-f9b7e956aa29","block_type":"box","text":"“","page_number":70,"box":{"x":62,"y":423,"width":5,"height":3}},{"id":"57094b5c-f9bb-4a10-828a-6eab1546e907","block_type":"box","text":"Custom Index","page_number":70,"box":{"x":68,"y":423,"width":109,"height":9}},{"id":"fdac562b-eba8-41c8-95a9-0fa5903c5469","block_type":"box","text":"”). The Custom Index applies the same negative screening criteria as the Sub-Fund. The Sub-Fund’s","page_number":70,"box":{"x":178,"y":423,"width":745,"height":12}},{"id":"03493b64-bf40-41ce-a197-f02bb1965ffe","block_type":"box","text":"performance is also compared to the Index.","page_number":70,"box":{"x":62,"y":437,"width":321,"height":11}},{"id":"ea1c932e-978a-4a08-94e3-44f733114364","block_type":"box","text":"The Sub-Fund does not base its investment process upon the Index (applying specific exclusions, and the minimum","page_number":70,"box":{"x":62,"y":457,"width":860,"height":11}},{"id":"dd4551fe-0091-4315-933e-77282d5c3729","block_type":"box","text":"stewardship allocation requirement, that do not apply to the Index), or Custom Index. Therefore, the Sub-Fund will","page_number":70,"box":{"x":62,"y":470,"width":860,"height":11}},{"id":"3ff1b123-67db-4919-b9c1-4a5d3a816846","block_type":"box","text":"not hold every company in either the Index or the Custom Index and may also hold companies that do not form part","page_number":70,"box":{"x":62,"y":484,"width":861,"height":11}},{"id":"faee8ed9-31b9-485f-a42d-7c815d49d972","block_type":"box","text":"of them.","page_number":70,"box":{"x":62,"y":498,"width":58,"height":8}},{"id":"e600f5db-f410-4d1d-8281-c62993ba0226","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency of the Sub-Fund's returns and the returns of the","page_number":70,"box":{"x":62,"y":517,"width":861,"height":11}},{"id":"5105d7b0-711d-4a78-afac-cd555fa63d8d","block_type":"box","text":"Custom Index. In general, the lower the tracking error, the more consistent the Sub-Fund’s returns are relative to the","page_number":70,"box":{"x":62,"y":531,"width":861,"height":11}},{"id":"144de110-02ea-4aca-bb36-8bde25ab7d56","block_type":"box","text":"Custom Index, and vice-versa. The Sub-Fund is expected to have an average yearly tracking error of between 2%","page_number":70,"box":{"x":62,"y":544,"width":860,"height":12}},{"id":"6b1dfa2b-145f-4682-ac3e-875562f64072","block_type":"box","text":"and 6% when compared to the Custom Index. 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If the available data indicates that this is no longer the case, the","page_number":74,"box":{"x":63,"y":659,"width":842,"height":12}},{"id":"ddbebc62-bf23-486d-8470-3a59a6c0daf4","block_type":"box","text":"Investment Manager will conduct a qualitative review of the relevant company. 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The purpose of these exclusions is to ensure that the Sub-Fund does not invest in","page_number":80,"box":{"x":62,"y":701,"width":860,"height":12}},{"id":"75ae606d-a323-46c6-a59f-0cad290daa71","block_type":"box","text":"companies that derive prescribed levels of revenue from a range of activities, including certain fossil fuel (thermal","page_number":80,"box":{"x":62,"y":715,"width":860,"height":11}},{"id":"8629a8d5-dceb-4b1b-b5bf-335d4b7e4bb4","block_type":"box","text":"coal, oil and gas) activities, or companies that have significant reserves of certain fossil fuels, activities that are not","page_number":80,"box":{"x":62,"y":729,"width":861,"height":11}},{"id":"c80b3a4b-ad72-43a6-9b35-1b452ca64053","block_type":"box","text":"compatible with animal welfare, or certain activities connected to alcohol and gambling, genetic modification and adult","page_number":80,"box":{"x":62,"y":743,"width":861,"height":11}},{"id":"1d431b39-de18-4087-9673-f7412c701e87","block_type":"box","text":"entertainment -","page_number":80,"box":{"x":62,"y":756,"width":111,"height":9}},{"id":"cc81bbe2-4def-4585-a5c9-d9d863c940cf","block_type":"box","text":"please see Appendices 2 and 3 for information on these investment restrictions","page_number":80,"box":{"x":180,"y":756,"width":633,"height":11}},{"id":"784d2803-e93f-49db-af36-583c1684380d","block_type":"box","text":".","page_number":80,"box":{"x":815,"y":764,"width":2,"height":1}},{"id":"c683a28b-9b0d-408c-843f-c4d793942bb4","block_type":"box","text":"If there are any differences between the baseline exclusion policy and the stewardship exclusions, the more restrictive","page_number":80,"box":{"x":63,"y":776,"width":860,"height":11}},{"id":"b5d3d306-93df-4dd6-b17a-8cc33164679b","block_type":"box","text":"exclusions will apply. 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The Investment","page_number":84,"box":{"x":62,"y":366,"width":861,"height":12}},{"id":"5d525a62-c56b-464c-81fd-4c9903a19395","block_type":"box","text":"Manager will therefore require evidence (such as a formal commitment made in public or through direct engagement","page_number":84,"box":{"x":63,"y":380,"width":860,"height":11}},{"id":"210320ea-70d4-49cd-9f16-8223c5e1d3bb","block_type":"box","text":"with the company) that the company is investing in, researching and developing sustainable products/services, and","page_number":84,"box":{"x":62,"y":394,"width":860,"height":11}},{"id":"6c48921f-9c12-4f7b-9af7-5f7cf71a16f5","block_type":"box","text":"that such products/services are likely to be a material (i.e. at least 20%) revenue stream for the company over time.","page_number":84,"box":{"x":62,"y":408,"width":860,"height":11}},{"id":"0aeed3d5-ed9f-4def-a6bb-1116a896f5c1","block_type":"box","text":"In the case of issuers that are in the early stages of development or investment where there is no revenue data","page_number":84,"box":{"x":63,"y":421,"width":860,"height":11}},{"id":"1eb1bec0-9b9f-4ec9-ba15-aa696def92bc","block_type":"box","text":"available yet, the Investment Manager may employ bespoke financial models to estimate the revenue potential of the","page_number":84,"box":{"x":62,"y":435,"width":861,"height":11}},{"id":"0afb18c3-b3dd-4497-b1e7-4650005accdb","block_type":"box","text":"business segment that can capture the unique nature of such investments.","page_number":84,"box":{"x":62,"y":449,"width":552,"height":11}},{"id":"e5b2655a-fa29-4bf6-a008-cadb5b4db2f3","block_type":"box","text":"Operations companies","page_number":84,"box":{"x":62,"y":476,"width":180,"height":11}},{"id":"d57d8437-5246-4aca-947a-9d6b5fb3ac1f","block_type":"box","text":"To qualify for investment as an “operations” company, that company will need to demonstrate that it is aligned or is","page_number":84,"box":{"x":62,"y":503,"width":861,"height":11}},{"id":"67d7c8d6-062b-4ae6-9500-77a2cc1ae069","block_type":"box","text":"actively aligning its business models and operations to one or more of the investment themes linked to the three pillars","page_number":84,"box":{"x":62,"y":517,"width":861,"height":11}},{"id":"9d444af6-d6af-4b04-b966-27355ec9bb66","block_type":"box","text":"(see the table above). The Investment Manager will assess the company’s policies, practices and performance","page_number":84,"box":{"x":63,"y":530,"width":860,"height":12}},{"id":"fc7d6261-3e67-4d51-87eb-0aa014cb08a1","block_type":"box","text":"against these investment themes, for example:","page_number":84,"box":{"x":62,"y":544,"width":345,"height":11}},{"id":"22cac566-9a02-482e-8793-80d17778be7b","block_type":"box","text":"-","page_number":84,"box":{"x":68,"y":577,"width":4,"height":1}},{"id":"866afb1f-0441-4679-ae29-582fe6d0b70d","block_type":"box","text":"Policies","page_number":84,"box":{"x":130,"y":572,"width":62,"height":8}},{"id":"6c3b2e76-a5c5-41f5-bbfa-ec821419921f","block_type":"box","text":":","page_number":84,"box":{"x":193,"y":574,"width":3,"height":6}},{"id":"bff97918-e45a-4804-881b-9b0d819221d3","block_type":"box","text":"Publicly disclosed statements and commitments that detail the company’s approach, governance","page_number":84,"box":{"x":204,"y":572,"width":719,"height":11}},{"id":"7503b5f6-1da9-44c0-b07e-543245e17ff8","block_type":"box","text":"and risk assessment frameworks for social and environmental issues. This can include the company’s","page_number":84,"box":{"x":129,"y":585,"width":794,"height":11}},{"id":"5f27ef93-698a-4449-9169-aa6a26d27e2e","block_type":"box","text":"published policies for specific themes (e.g. biodiversity protection policy, for example), or broader company","page_number":84,"box":{"x":129,"y":599,"width":794,"height":11}},{"id":"8a5b5928-04a6-4f3b-9e50-c8a65ea9516e","block_type":"box","text":"disclosures through widely accepted governance reporting frameworks (for example, the environmental","page_number":84,"box":{"x":129,"y":613,"width":794,"height":11}},{"id":"31ca0b78-e644-4ed7-ab2e-ca102f740c43","block_type":"box","text":"disclosure and scoring system operated by organisations such as CDP Worldwide).","page_number":84,"box":{"x":129,"y":626,"width":617,"height":11}},{"id":"57e71343-ab35-40d1-abc2-8da60968630e","block_type":"box","text":"-","page_number":84,"box":{"x":68,"y":645,"width":4,"height":1}},{"id":"6efff98b-536d-4604-bf64-cf74239a521f","block_type":"box","text":"Practices","page_number":84,"box":{"x":130,"y":640,"width":73,"height":9}},{"id":"5b8df03e-622e-44b7-b720-5ce785696f6e","block_type":"box","text":":","page_number":84,"box":{"x":204,"y":643,"width":3,"height":6}},{"id":"f9aa4af9-bab9-4bd0-8916-36d02373a683","block_type":"box","text":"Commitments to specific company actions within its operations to manage and mitigate social","page_number":84,"box":{"x":215,"y":640,"width":707,"height":11}},{"id":"f3377b38-2d4c-44de-9eb0-c4e8ef3a6a84","block_type":"box","text":"and environmental issues. This can include specific programmes (e.g., programs to facilitate workforce","page_number":84,"box":{"x":129,"y":654,"width":794,"height":11}},{"id":"e2a69f58-e5ec-4c85-92b7-77454e3c0c35","block_type":"box","text":"diversity), participating in best practice external initiatives (e.g., UN Global Compact signatory) and setting","page_number":84,"box":{"x":129,"y":667,"width":793,"height":12}},{"id":"07efa0d2-4232-460e-aca9-f20d10595baf","block_type":"box","text":"or committing to setting quantitative targets (e.g., Science Based Target initiative (SBTi) verification or","page_number":84,"box":{"x":129,"y":681,"width":795,"height":11}},{"id":"c1455c59-7130-4561-90d4-058e85212403","block_type":"box","text":"equivalent emission reduction target) within its business models, strategy and operations.","page_number":84,"box":{"x":129,"y":695,"width":661,"height":11}},{"id":"baf2bb2a-08da-44cd-836a-e7b9a8521a9a","block_type":"box","text":"-","page_number":84,"box":{"x":68,"y":714,"width":4,"height":1}},{"id":"f2b7e36d-5943-4958-a766-22c9bbe6f730","block_type":"box","text":"Performance","page_number":84,"box":{"x":130,"y":709,"width":102,"height":8}},{"id":"49d6a6fd-9aad-40b0-9ad0-aacafae81b4d","block_type":"box","text":":","page_number":84,"box":{"x":232,"y":711,"width":3,"height":6}},{"id":"75fe96d7-ddd0-4934-b02f-b51a1c3eecf8","block_type":"box","text":"Realised performance on specific social and environmental issues or progress towards","page_number":84,"box":{"x":246,"y":709,"width":677,"height":11}},{"id":"6259d3ed-f73a-4c3d-bc21-90a87c29458d","block_type":"box","text":"internal targets (e.g., percentage of women directors, for example).","page_number":84,"box":{"x":129,"y":722,"width":494,"height":11}},{"id":"34a77938-6096-4732-b9e0-c0398041f1ec","block_type":"box","text":"The table below describes the guiding principles used to determine eligibility.","page_number":84,"box":{"x":62,"y":750,"width":568,"height":11}},{"id":"0defec29-96c8-4be6-8632-17a44293b985","block_type":"box","text":"An operations company must pass the Baseline and Controversies criteria.","page_number":84,"box":{"x":71,"y":766,"width":539,"height":10}},{"id":"9c11f946-2a42-4cb0-a364-dbf69a52249e","block_type":"box","text":"Baseline","page_number":84,"box":{"x":72,"y":830,"width":56,"height":8}},{"id":"be7726ee-ce1b-4f8f-be76-b212f7d957c8","block_type":"box","text":"The company maintains a baseline of high social standards and supports the","page_number":84,"box":{"x":202,"y":793,"width":545,"height":10}},{"id":"7ba70ce7-7a38-4751-93c9-7e4d771521d1","block_type":"box","text":"transition to a carbon neutral future. 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the","page_number":85,"box":{"x":202,"y":90,"width":545,"height":10}},{"id":"d5e75a11-5382-4eed-bcbf-fef753d04c11","block_type":"box","text":"occurrence of harmful controversies.","page_number":85,"box":{"x":202,"y":102,"width":243,"height":8}},{"id":"7134a1c0-3d56-4fcc-9565-827f2d53cf16","block_type":"box","text":"An operations company must also pass the criteria for either Climate, Earth or People.","page_number":85,"box":{"x":71,"y":129,"width":619,"height":10}},{"id":"748ada47-a4e4-419f-a40e-93cbc971f727","block_type":"box","text":"Climate","page_number":85,"box":{"x":71,"y":200,"width":50,"height":8}},{"id":"ffa2c851-458f-4d65-8e66-f14f12a63e5e","block_type":"box","text":"The company has robust targets to align its emissions to a low carbon future and","page_number":85,"box":{"x":202,"y":157,"width":545,"height":10}},{"id":"24fe221a-0285-444a-b43d-50c0f2b5b255","block_type":"box","text":"is demonstrating its commitment through its strategy, reporting, and staying 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levels.","page_number":85,"box":{"x":202,"y":243,"width":494,"height":10}},{"id":"40d6bbd5-06ea-457f-bafd-74b82407c519","block_type":"box","text":"Earth","page_number":85,"box":{"x":72,"y":323,"width":34,"height":8}},{"id":"a43c5465-5fd4-416f-b6d3-99d65951d83a","block_type":"box","text":"The company has policies and procedures in place to effectively monitor and","page_number":85,"box":{"x":202,"y":280,"width":545,"height":10}},{"id":"dce13360-e56a-4b7e-ac92-192391f06644","block_type":"box","text":"mitigate its impacts on the environment and is taking steps to align its","page_number":85,"box":{"x":202,"y":293,"width":545,"height":10}},{"id":"48f0ca8a-26b8-4a85-9243-ad9df0da95cb","block_type":"box","text":"environmental footprint to a nature positive 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of","page_number":85,"box":{"x":202,"y":404,"width":546,"height":10}},{"id":"d8061659-5e6f-4a4a-9549-fe09ce1c623e","block_type":"box","text":"corporate responsibility, human capital management, and workforce diversity and","page_number":85,"box":{"x":202,"y":416,"width":545,"height":10}},{"id":"7fc7d001-7d69-4f57-9013-67aba44b975d","block_type":"box","text":"is taking steps to improve processes and deliver effective remediation of issues.","page_number":85,"box":{"x":202,"y":428,"width":532,"height":11}},{"id":"8c94eb36-2cb0-49ad-8bac-1556afea1e79","block_type":"box","text":"OR","page_number":85,"box":{"x":202,"y":453,"width":21,"height":8}},{"id":"8883bc15-6bdd-474e-95a2-2ffa359d4b56","block_type":"box","text":"The company demonstrates robust standards of corporate responsibility, human","page_number":85,"box":{"x":202,"y":478,"width":545,"height":10}},{"id":"9ecd6f65-60af-4436-b9cb-fc03fa81df90","block_type":"box","text":"capital management, and workforce 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However, in","page_number":85,"box":{"x":62,"y":543,"width":860,"height":11}},{"id":"e49bdfcc-bf97-43c3-ae03-e61fb69e4e14","block_type":"box","text":"the event that such controversies are identified, that issuing company may still be eligible for investment if the","page_number":85,"box":{"x":62,"y":556,"width":861,"height":12}},{"id":"f09a622d-5363-4930-89d5-1ac4dce6a05d","block_type":"box","text":"Investment Manager identifies - through its deep dive assessment - credible evidence that such controversies are not","page_number":85,"box":{"x":63,"y":570,"width":860,"height":11}},{"id":"70d6a975-e91f-4884-a2a0-349a134fc5ea","block_type":"box","text":"material and/or are being resolved or mitigated.","page_number":85,"box":{"x":62,"y":584,"width":350,"height":11}},{"id":"2f2ee768-9fef-4a19-86e1-aae11d6a1bfa","block_type":"box","text":"GSS bonds","page_number":85,"box":{"x":62,"y":627,"width":89,"height":9}},{"id":"e70499d9-7367-455b-8e9d-57f85199f9c7","block_type":"box","text":"GSS bonds will be considered eligible for investment if: (i) they are included on one of the databases maintained by","page_number":85,"box":{"x":62,"y":651,"width":861,"height":11}},{"id":"a7069deb-9c3c-4426-ae18-8dcb2682aa8c","block_type":"box","text":"the Climate Bonds Initiative (“","page_number":85,"box":{"x":62,"y":664,"width":215,"height":11}},{"id":"ff3f6b6e-d53f-4cc7-b907-7a3d8d5bc080","block_type":"box","text":"CBI","page_number":85,"box":{"x":279,"y":664,"width":27,"height":9}},{"id":"1070c6d5-4114-4982-887d-ee97feb0f3c1","block_type":"box","text":"”); and (ii) the Investment Manager considers that the proceeds of the bond are used","page_number":85,"box":{"x":307,"y":664,"width":615,"height":12}},{"id":"d5986338-ef31-4423-a569-b4f20f0c9482","block_type":"box","text":"in furtherance of an initiative or project that aligns to an investment theme tied to one of the three pillars of Climate,","page_number":85,"box":{"x":62,"y":678,"width":860,"height":11}},{"id":"370de4ba-9d8f-42c6-81e2-1f8b426b7461","block_type":"box","text":"Earth or People (as set out in the table above).","page_number":85,"box":{"x":63,"y":692,"width":344,"height":11}},{"id":"cbbca3f9-3c91-489e-a400-bea4ea6b7d20","block_type":"box","text":"The CBI is an independent international organisation working to mobilise global capital for climate action by identifying","page_number":85,"box":{"x":62,"y":728,"width":860,"height":12}},{"id":"27820eeb-c15d-4b14-bd5d-29b54fd99825","block_type":"box","text":"assets, activities and projects meeting their prescribed criteria and which are needed to deliver a low carbon economy.","page_number":85,"box":{"x":62,"y":742,"width":860,"height":11}},{"id":"7e696c22-7a2c-4877-a110-1940bf78c892","block_type":"box","text":"To be included within the Sub-Fund’s minimum stewardship allocation, the issuance of the bond must be included in","page_number":85,"box":{"x":62,"y":756,"width":860,"height":11}},{"id":"c60d5292-e679-4f05-8091-cfb97cfb6af8","block_type":"box","text":"one of the databases maintained by the CBI and, where relevant, positively assessed by the CBI as satisfying the","page_number":85,"box":{"x":62,"y":769,"width":861,"height":12}},{"id":"854e4fd2-d58d-4755-9f67-d8c26421d5e4","block_type":"box","text":"criteria attached to that database. 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The Fund’s strategy is designed to deliver, on average over a 12","page_number":215,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"4cc83021-00da-41dd-8bf7-22d59f07c33d","block_type":"box","text":"month rolling period, to achieve a higher ESG score and a lower carbon intensity score than the Index (measured","page_number":215,"box":{"x":62,"y":483,"width":861,"height":11}},{"id":"6c4d7a35-5690-4b1b-a925-d1c0edeb2aef","block_type":"box","text":"using month end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that the","page_number":215,"box":{"x":63,"y":497,"width":860,"height":11}},{"id":"89d84429-1436-423f-bdd0-94c29bfe702e","block_type":"box","text":"portfolio is created by first removing the excluded companies from the Index universe, then either overweighting,","page_number":215,"box":{"x":62,"y":510,"width":860,"height":12}},{"id":"fcb75455-26a6-4b9e-b340-a3d86e64f52f","block_type":"box","text":"underweighting or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores","page_number":215,"box":{"x":63,"y":524,"width":860,"height":11}},{"id":"deaa4e35-cbc4-4891-befc-ddd19412ea85","block_type":"box","text":"(the ESG Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a","page_number":215,"box":{"x":63,"y":537,"width":860,"height":12}},{"id":"f9a1b6dd-877c-4517-a9b2-80574a0b4ada","block_type":"box","text":"specific or minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the","page_number":215,"box":{"x":62,"y":551,"width":861,"height":11}},{"id":"feddf8c4-214f-48e5-a647-95ca877d76bb","block_type":"box","text":"Sub-Fund will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":215,"box":{"x":62,"y":565,"width":831,"height":11}},{"id":"644b07fa-1f51-42cf-83be-53095c130572","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":215,"box":{"x":62,"y":598,"width":860,"height":11}},{"id":"95436c72-2357-41c9-a131-8160e4f5da8c","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":215,"box":{"x":62,"y":612,"width":862,"height":11}},{"id":"217414c9-b2e6-4f7d-aa83-f7f562d6b403","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":215,"box":{"x":62,"y":625,"width":731,"height":12}},{"id":"af3df565-d578-44c6-ae98-357d4767edb6","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":215,"box":{"x":63,"y":653,"width":859,"height":11}},{"id":"021e605f-a624-4634-8303-824cca77b33d","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. 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The Sub-Fund","page_number":220,"box":{"x":62,"y":111,"width":860,"height":11}},{"id":"cbb45471-137f-416b-b400-84a7d9f728d5","block_type":"box","text":"was authorised by the FCA on 12 October 2022.","page_number":220,"box":{"x":62,"y":125,"width":357,"height":11}},{"id":"38b2262b-678b-4e7e-87ea-8bc646c4bbf8","block_type":"box","text":"Investment Objective and Policy","page_number":220,"box":{"x":62,"y":164,"width":257,"height":11}},{"id":"1b26de17-27f5-4eb4-a0c2-bf67e43f9123","block_type":"box","text":"The Sub-Fund aims to deliver returns which are similar to the returns of the MSCI®","page_number":220,"box":{"x":62,"y":184,"width":622,"height":9}},{"id":"2fbba96d-4945-402e-b7c0-efe369f4bf05","block_type":"box","text":"Emerging Markets Index (USD)","page_number":220,"box":{"x":690,"y":184,"width":232,"height":11}},{"id":"170fb6c4-3c1a-4fa9-8528-e4c436979d8c","block_type":"box","text":"(the “","page_number":220,"box":{"x":63,"y":197,"width":40,"height":11}},{"id":"d662411f-3dd0-417e-9cbb-40a4ebfe97dc","block_type":"box","text":"Index","page_number":220,"box":{"x":104,"y":198,"width":43,"height":8}},{"id":"a6b2d41e-4793-43da-a0a7-316783043dd8","block_type":"box","text":"”) over a rolling 12 month period (before charges and taxes) whilst investing in accordance with the","page_number":220,"box":{"x":147,"y":197,"width":776,"height":12}},{"id":"bb2a01f3-74ad-4fb4-aee0-9305cac36a5d","block_type":"box","text":"investment strategy of the Sub-Fund.","page_number":220,"box":{"x":62,"y":211,"width":273,"height":11}},{"id":"25139366-59ac-44f9-8149-3afaec9ddf1c","block_type":"box","text":"Core investment:","page_number":220,"box":{"x":62,"y":250,"width":135,"height":9}},{"id":"54123cda-4738-4205-ac2f-017ee6e29bbf","block_type":"box","text":"The Sub-Fund will invest to form a portfolio representative of the core regional market, as represented by the Index.","page_number":220,"box":{"x":62,"y":270,"width":860,"height":11}},{"id":"f80d6be8-a883-4ec0-aa69-0683953d27bb","block_type":"box","text":"It will therefore invest a minimum of 80% in shares of companies that make up the Index.","page_number":220,"box":{"x":63,"y":283,"width":656,"height":12}},{"id":"829f328c-22dd-4452-baa6-b979b6328038","block_type":"box","text":"Other investments:","page_number":220,"box":{"x":62,"y":323,"width":151,"height":8}},{"id":"10683886-5b4c-4100-ac5a-80e022a0847b","block_type":"box","text":"The Sub-Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies),","page_number":220,"box":{"x":62,"y":342,"width":860,"height":12}},{"id":"ed5b5200-4d15-4a7d-834c-9586b80cb73c","block_type":"box","text":"money market instruments, cash and deposits. Derivatives and forward transaction may be used from time to time to","page_number":220,"box":{"x":62,"y":356,"width":861,"height":11}},{"id":"cd1b3321-6d8b-4538-961a-8cedcb15b3b3","block_type":"box","text":"gain a particular market exposure which would otherwise be difficult or costly to achieve, to manage the Sub-Fund’s","page_number":220,"box":{"x":62,"y":369,"width":861,"height":12}},{"id":"80557751-7e42-4fee-8082-92f679bc11d2","block_type":"box","text":"cash flows in a cost-effective manner, or to reduce foreign currency risk within the Sub-Fund.","page_number":220,"box":{"x":62,"y":383,"width":687,"height":11}},{"id":"b5d5b384-0eff-4136-8672-31086de01d80","block_type":"box","text":"Strategy and ESG Overlay","page_number":220,"box":{"x":62,"y":422,"width":207,"height":12}},{"id":"0e4b8a2f-962b-41a6-ae69-3544a9ff473f","block_type":"box","text":"□","page_number":220,"box":{"x":280,"y":424,"width":5,"height":3}},{"id":"3787d798-5030-4943-afb8-63b8c8d52ecd","block_type":"box","text":"□","page_number":220,"box":{"x":286,"y":424,"width":5,"height":3}},{"id":"ec5dc1ed-0aef-477a-953e-c941bf1d9f38","block_type":"box","text":":","page_number":220,"box":{"x":294,"y":425,"width":1,"height":6}},{"id":"165d59b8-3178-497c-987d-3d1b1a512526","block_type":"box","text":"The Fund does not have any sustainability-related investment objectives. However, when selecting companies, the","page_number":220,"box":{"x":62,"y":442,"width":861,"height":11}},{"id":"6b8465e6-6e2a-411a-b930-ec385344b1fc","block_type":"box","text":"Investment Manager uses a passive sampling approach together with the Aviva Investors’ baseline exclusion policy","page_number":220,"box":{"x":63,"y":456,"width":860,"height":11}},{"id":"82097bb2-0791-467c-83c0-84de0b284341","block_type":"box","text":"and an active ESG Overlay (as described below). The Fund’s strategy is designed to deliver, on average over a 12","page_number":220,"box":{"x":62,"y":469,"width":860,"height":12}},{"id":"0c246f07-dbe0-479f-a1e2-89720153b976","block_type":"box","text":"month rolling period, to achieve a higher ESG score and a lower carbon intensity score than the Index (measured","page_number":220,"box":{"x":62,"y":483,"width":861,"height":11}},{"id":"71d98fcc-bc6f-4a44-af23-30c944dee440","block_type":"box","text":"using month end data), whilst also seeking to minimise the Fund’s tracking error to that Index. This means that, the","page_number":220,"box":{"x":63,"y":497,"width":860,"height":11}},{"id":"debb64e7-3e51-4961-a030-7e6741e9fbf2","block_type":"box","text":"portfolio is created by first removing the excluded companies from the Index universe, then either overweighting,","page_number":220,"box":{"x":62,"y":510,"width":860,"height":12}},{"id":"99e278f4-edb8-44dc-bd42-42aa65393d33","block_type":"box","text":"underweighting or excluding holdings relative to the Index based on both their ESG scores and carbon intensity scores","page_number":220,"box":{"x":63,"y":524,"width":860,"height":11}},{"id":"2ab93972-1018-482e-9e94-dca9f6817b50","block_type":"box","text":"(the ESG Overlay) and potential to deliver returns similar to the Index. Individual holdings do not need to achieve a","page_number":220,"box":{"x":63,"y":537,"width":860,"height":12}},{"id":"54ea735a-2305-4922-ae4c-de5ed8920046","block_type":"box","text":"specific or minimum ESG score or maximum carbon intensity score to be selected for investment, and therefore the","page_number":220,"box":{"x":62,"y":551,"width":861,"height":11}},{"id":"39fa4853-b0da-40d1-b201-2f6af0db0621","block_type":"box","text":"Sub-Fund will hold companies that could be considered to have low ESG scores or high carbon intensity scores.","page_number":220,"box":{"x":62,"y":565,"width":831,"height":11}},{"id":"041d6f5f-314b-43d4-8b23-65b7b03f43c9","block_type":"box","text":"The Investment Manager will also seek to minimise the Sub-Fund’s tracking error to the Index. However, the ESG","page_number":220,"box":{"x":62,"y":598,"width":860,"height":11}},{"id":"95ba50d7-a7da-4adc-8674-a1e6e90ab371","block_type":"box","text":"Overlay may limit the choice of investments available to the Sub-Fund and therefore it may not perform in line (either","page_number":220,"box":{"x":62,"y":612,"width":862,"height":11}},{"id":"deb20cc6-c695-45a2-b969-bdf3d2928e75","block_type":"box","text":"positively or negatively) with the Index or other similar funds that have a broader investment policy.","page_number":220,"box":{"x":62,"y":625,"width":731,"height":12}},{"id":"623531bb-af1b-4e22-9e30-bb8a4e1cd70e","block_type":"box","text":"ESG scores assess a company’s resilience to financially material environmental, societal and governance risks, in","page_number":220,"box":{"x":63,"y":653,"width":859,"height":11}},{"id":"eff597ae-6a68-42b1-8938-d0ffe00795ed","block_type":"box","text":"each case being risks to their financial performance relative to other companies in the same sector. Carbon intensity","page_number":220,"box":{"x":62,"y":666,"width":861,"height":12}},{"id":"414f1677-608e-4027-9734-8e2f48a85b90","block_type":"box","text":"scores measure how carbon-intensive a company’s activities are and provides a comparable metric for assessment","page_number":220,"box":{"x":62,"y":680,"width":861,"height":11}},{"id":"8ee4e71a-c7dd-4bc2-b074-8e53c31e838d","block_type":"box","text":"against peers, portfolios and benchmarks.","page_number":220,"box":{"x":62,"y":694,"width":310,"height":11}},{"id":"b93cbd46-f675-43f9-955a-6b1fc17f8322","block_type":"box","text":"The Sub-Fund’s holdings will be reviewed and, if necessary, rebalanced quarterly and/or on an ad hoc basis when","page_number":220,"box":{"x":62,"y":721,"width":860,"height":11}},{"id":"155437ed-d77c-48ee-a6bf-f10516781cab","block_type":"box","text":"the Investment Manager is of the opinion that market conditions dictate, taking into account any changes to companies","page_number":220,"box":{"x":62,"y":735,"width":861,"height":11}},{"id":"eee23ed4-3d99-49b3-8493-32380bd0aba1","block_type":"box","text":"in the Index, the latest available data and market conditions.","page_number":220,"box":{"x":62,"y":749,"width":444,"height":10}},{"id":"108e084a-3a86-4633-91e2-0b0d77484117","block_type":"box","text":"Further information on the ESG Overlay is set out in Appendix 4. Further information on the baseline","page_number":220,"box":{"x":63,"y":776,"width":860,"height":11}},{"id":"16dd6da3-58d9-4f46-9c22-52a2414bad98","block_type":"box","text":"exclusion policy is set out in Appendix 2.","page_number":220,"box":{"x":62,"y":789,"width":327,"height":12}},{"id":"5dddb247-31ec-4068-97b1-0a00cf2dc656","block_type":"box","text":"Performance & Risk Strategy:","page_number":220,"box":{"x":63,"y":823,"width":234,"height":11}},{"id":"ec8d89cc-80a8-4bae-9834-8dd61bc7c739","block_type":"box","text":"The Sub-Fund’s performance is measured against the Index over a rolling 12 month period, before charges and taxes.","page_number":220,"box":{"x":62,"y":842,"width":860,"height":11}},{"id":"bbc97a69-319c-46ad-92f4-00711eae335e","block_type":"box","text":"However, the Sub-Fund will not hold every company in the Index and may also hold investments that do not form part","page_number":220,"box":{"x":63,"y":856,"width":860,"height":11}},{"id":"024f82f2-8b67-41fb-b377-40d69f9efb0b","block_type":"box","text":"of the Index.","page_number":220,"box":{"x":62,"y":870,"width":90,"height":8}},{"id":"1391f505-2e28-416f-9268-d67bbff13217","block_type":"box","text":"The Sub-Fund uses a “tracking error” to measure the consistency between the Sub-Fund’s returns and the returns of","page_number":220,"box":{"x":62,"y":897,"width":861,"height":11}},{"id":"20368dde-ffa3-45d6-90d1-c23d99227aac","block_type":"box","text":"the Index. 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In these cases, the company would be treated as eligible for investment for the","page_number":227,"box":{"x":122,"y":468,"width":801,"height":11}},{"id":"b9f65f73-8e3a-4923-9eb1-29146bb44f3e","block_type":"box","text":"purposes of the baseline exclusion policy.","page_number":227,"box":{"x":123,"y":481,"width":307,"height":12}},{"id":"4fb2f43a-43df-48dc-973d-2aadf76884b2","block_type":"box","text":"","page_number":227,"box":{"x":92,"y":513,"width":6,"height":4}},{"id":"92bb8b68-6a5e-442f-a7ce-ca0e9220638e","block_type":"box","text":"Where third-party data is available, but there is reason to believe it may be inaccurate, Aviva Investors would","page_number":227,"box":{"x":122,"y":510,"width":801,"height":11}},{"id":"fb7a690e-c49e-4263-ac05-53874f986588","block_type":"box","text":"conduct its own review using publicly available information or direct engagement. 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The Investment Manager’s","page_number":228,"box":{"x":62,"y":154,"width":861,"height":12}},{"id":"3700c332-1fdf-4653-b25f-ba558ea921bd","block_type":"box","text":"investment framework requires an asset to contribute to one of three pillars: Climate, Earth and People.","page_number":228,"box":{"x":62,"y":168,"width":764,"height":11}},{"id":"3f66ac92-9367-40ed-b91a-dfba4189ee74","block_type":"box","text":"To ensure that the Stewardship Funds do not invest in any company that, in the Investment Manager’s view, is not","page_number":228,"box":{"x":62,"y":187,"width":861,"height":12}},{"id":"432cb2e0-294d-457a-8e3b-44b53b8c57dc","block_type":"box","text":"compatible with these three pillars, the Sub-Funds are subject to the stewardship exclusions. These are screens,","page_number":228,"box":{"x":62,"y":201,"width":860,"height":11}},{"id":"5dc8bf04-a235-486e-b935-827bc7ab4cc5","block_type":"box","text":"using third-party data, that exclude from investment companies that do not meet certain ethical, social and","page_number":228,"box":{"x":63,"y":215,"width":859,"height":11}},{"id":"dbcf22d1-9d39-4786-9592-7b7fc2103ba5","block_type":"box","text":"environmental standards.","page_number":228,"box":{"x":62,"y":229,"width":186,"height":8}},{"id":"a3c5d249-9587-419d-9cf1-42e7e0db2599","block_type":"box","text":"These exclusions are set out in the tables below:","page_number":228,"box":{"x":62,"y":248,"width":360,"height":9}},{"id":"75c519f0-1be7-4a58-a684-16100da457c2","block_type":"box","text":"Climate Exclusions","page_number":228,"box":{"x":62,"y":274,"width":153,"height":8}},{"id":"652b9308-068b-4275-b30f-0884f20d06e9","block_type":"box","text":"Issue","page_number":228,"box":{"x":124,"y":298,"width":41,"height":8}},{"id":"71793f60-143f-4566-9319-e5d34e1fe1e5","block_type":"box","text":"Negative Screening Criteria","page_number":228,"box":{"x":387,"y":297,"width":218,"height":12}},{"id":"2d67f0ee-3da9-499b-94bb-e066a43078f8","block_type":"box","text":"Thermal Coal","page_number":228,"box":{"x":71,"y":333,"width":99,"height":9}},{"id":"afdee074-20af-4368-b4ff-05a8f9ca9069","block_type":"box","text":"","page_number":228,"box":{"x":267,"y":319,"width":6,"height":5}},{"id":"94ac5641-ad67-497f-b3e7-8a5b664cc9d2","block_type":"box","text":"Any revenue from thermal coal mining or thermal coal-fired","page_number":228,"box":{"x":297,"y":316,"width":435,"height":11}},{"id":"5b87bcab-29da-4b20-a836-e7984bf75d3d","block_type":"box","text":"power generation.","page_number":228,"box":{"x":297,"y":332,"width":132,"height":11}},{"id":"00bf8dd7-f125-45a7-94af-6fcb5dab7494","block_type":"box","text":"","page_number":228,"box":{"x":267,"y":351,"width":6,"height":5}},{"id":"e445f805-4177-41ed-9402-ae3d65a486f0","block_type":"box","text":"Any thermal coal reserves.","page_number":228,"box":{"x":297,"y":348,"width":197,"height":11}},{"id":"bfa2d961-31d8-4c4a-9369-74af800ee008","block_type":"box","text":"Oil & Gas","page_number":228,"box":{"x":72,"y":502,"width":70,"height":9}},{"id":"df1cc0ca-abd2-4c76-a143-82091b6b615a","block_type":"box","text":"","page_number":228,"box":{"x":267,"y":369,"width":6,"height":4}},{"id":"d938cb15-aa9a-4372-bcc4-e11423bddfd8","block_type":"box","text":"Any revenue from Arctic oil and/or gas production (onshore","page_number":228,"box":{"x":297,"y":365,"width":437,"height":12}},{"id":"87311e3d-04ac-4fd7-b46f-4648bcdf5c15","block_type":"box","text":"and offshore). 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Where the Investment Manager","page_number":229,"box":{"x":62,"y":679,"width":861,"height":11}},{"id":"b02a316a-de78-4ff9-856a-7f343508766a","block_type":"box","text":"introduces new screens or revises the criteria of existing screens (for example, changes to the applicable revenue","page_number":229,"box":{"x":62,"y":693,"width":861,"height":11}},{"id":"51a55f4a-dc4b-4130-9830-bc18393ab5d3","block_type":"box","text":"thresholds), and the application of such new screens or revisions identifies that investments currently held now require","page_number":229,"box":{"x":62,"y":706,"width":861,"height":11}},{"id":"5b2a9db1-e5b4-431c-8cbb-ab2331978e6b","block_type":"box","text":"exclusion, disinvestment will occur as soon as reasonably practicable having regard to the interests of investors in","page_number":229,"box":{"x":62,"y":720,"width":860,"height":11}},{"id":"f1b658ea-6f0e-4cb0-b1b5-38f7332313c2","block_type":"box","text":"the Stewardship Funds. Such disinvestment will typically be within 90 days, although may occur for a total period of","page_number":229,"box":{"x":62,"y":733,"width":861,"height":12}},{"id":"7723a73e-b032-46c7-ab89-45f8f42daf07","block_type":"box","text":"up to 6 months where the Investment Manager considers it is in the interest of investors to do so. Where disinvestment","page_number":229,"box":{"x":63,"y":747,"width":860,"height":11}},{"id":"6c4b3c3e-5b52-4d6f-8df2-ddd0cac9e0d2","block_type":"box","text":"is either not possible, for example due to suspension of trading, or where it is deemed to have an adverse impact on","page_number":229,"box":{"x":62,"y":761,"width":860,"height":11}},{"id":"78eeb899-524e-4dd2-8ead-78993e3e25f1","block_type":"box","text":"investors, for example due to proximity to a bond’s maturity date, the ACS Manager and Investment Manager may","page_number":229,"box":{"x":62,"y":774,"width":861,"height":12}},{"id":"9af34b81-928a-422b-8518-e4e7af65a304","block_type":"box","text":"agree that the divestment period may be extended beyond 6 months.","page_number":229,"box":{"x":62,"y":788,"width":510,"height":11}},{"id":"bfd53a7a-84bf-4e52-b105-96248fc70d7a","block_type":"box","text":"The list of excluded companies is monitored on an ongoing basis by the Investment Manager. Through this on-going","page_number":229,"box":{"x":62,"y":816,"width":860,"height":11}},{"id":"c757fb39-03bf-4c34-91af-0e5cd54176bf","block_type":"box","text":"monitoring, investments currently held which are identified as now requiring exclusion will be disposed of as soon as","page_number":229,"box":{"x":62,"y":829,"width":861,"height":11}},{"id":"d468bc6c-0788-49ed-ae35-da0cd06c2522","block_type":"box","text":"reasonably practicable having regard to the interests of investors in the Stewardship Funds. The Investment Manager","page_number":229,"box":{"x":63,"y":843,"width":860,"height":11}},{"id":"135fdf72-aa44-4964-8dfb-8ad0103c31b2","block_type":"box","text":"endeavours to disinvest from such assets within 90 days of identifying that they no longer pass the screens. Where","page_number":229,"box":{"x":62,"y":857,"width":861,"height":11}},{"id":"2cda9927-b763-46f6-8963-3e5d81093109","block_type":"box","text":"disinvestment is either not possible, for example due to suspension of trading, or where it is deemed to have an","page_number":229,"box":{"x":62,"y":870,"width":860,"height":11}},{"id":"5f69ec8b-f372-49c5-a671-3b113a8abcc0","block_type":"box","text":"adverse impact on investors, for example due to proximity to a bonds maturity date, the ACS Manager and Investment","page_number":229,"box":{"x":62,"y":884,"width":861,"height":11}},{"id":"6061fc5a-d3b4-4c43-9ff1-944bf0360329","block_type":"box","text":"Manager may agree that the divestment period may be extended beyond 90 days.","page_number":229,"box":{"x":63,"y":898,"width":607,"height":11}},{"id":"e0855abd-9891-44cd-9d86-e549b0632ffc","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":230,"box":{"x":62,"y":940,"width":291,"height":8}},{"id":"5ab794f9-4a69-4e24-99f9-60be5cfc1d90","block_type":"box","text":"230","page_number":230,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"c8a3baac-3340-4d69-9d18-796bd206c814","block_type":"box","text":"Aviva Investors: Confidential","page_number":230,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"f0922446-e3bb-4fca-a849-7004ce106583","block_type":"box","text":"The stewardship exclusions mean that the Stewardship Funds are not permitted to invest: (i) in the shares and bonds","page_number":230,"box":{"x":62,"y":52,"width":861,"height":12}},{"id":"e0e00de3-beb3-4578-931c-014ff4a9fae6","block_type":"box","text":"issued by any excluded companies; or (ii) with respect to their minimum stewardship allocation, in any asset where","page_number":230,"box":{"x":62,"y":66,"width":861,"height":11}},{"id":"732d24fe-6d6c-40e8-8a6f-4b1b1202800e","block_type":"box","text":"there is not sufficient sustainability data available for the screens to be effective (for example, cash, certain derivatives,","page_number":230,"box":{"x":62,"y":80,"width":860,"height":11}},{"id":"72b06df8-407d-4e83-a82c-3560ea453b6d","block_type":"box","text":"and government bonds and supranational bonds (in the case of the AI Stewardship Fixed Interest Fund, excluding","page_number":230,"box":{"x":62,"y":93,"width":860,"height":12}},{"id":"e01c1e12-1d25-4f20-bfeb-cfd13e2ea7c5","block_type":"box","text":"GSS bonds)).","page_number":230,"box":{"x":62,"y":107,"width":100,"height":11}},{"id":"672088f5-54b5-470d-8a67-99ed873ee1b1","block_type":"box","text":"The stewardship exclusions are also not effective where the relevant Stewardship Fund has the following indirect","page_number":230,"box":{"x":62,"y":134,"width":861,"height":12}},{"id":"3adc1c21-d5aa-465f-b47c-41842353069e","block_type":"box","text":"exposure to an excluded company:","page_number":230,"box":{"x":62,"y":148,"width":258,"height":11}},{"id":"3ad40ec9-7726-480b-9eef-6bc634ca47d7","block_type":"box","text":"","page_number":230,"box":{"x":92,"y":166,"width":6,"height":4}},{"id":"ee6ef6d7-a764-430b-a55d-0c428c212ebe","block_type":"box","text":"The Sub-Fund has indirect exposure to a broad-based financial index and excluded companies are","page_number":230,"box":{"x":122,"y":163,"width":801,"height":11}},{"id":"4b5ba9df-f333-461a-90bb-daf4c92aed12","block_type":"box","text":"constituents of the financial index;","page_number":230,"box":{"x":123,"y":176,"width":249,"height":11}},{"id":"a2933aa9-4e5a-4caf-ad37-d60fbcc2a4df","block_type":"box","text":"","page_number":230,"box":{"x":92,"y":194,"width":6,"height":4}},{"id":"d8b748ea-90c2-4bb7-899a-fe4372292a8c","block_type":"box","text":"The Sub-Fund engages in derivative short selling of financial instruments issued by an excluded company;","page_number":230,"box":{"x":122,"y":191,"width":788,"height":11}},{"id":"3bac8faf-c610-44e8-9778-d564228c0b28","block_type":"box","text":"","page_number":230,"box":{"x":92,"y":208,"width":6,"height":5}},{"id":"b72eac13-71a4-4e0a-aecc-f5ed90050fa6","block_type":"box","text":"The Sub-Fund invests in other funds that do not apply the stewardship screens.","page_number":230,"box":{"x":122,"y":205,"width":588,"height":11}},{"id":"335ada90-6c77-49c6-b0b5-7c764a789975","block_type":"box","text":"However, with the exception of GSS bonds, where the stewardship exclusions are not effective and investments of","page_number":230,"box":{"x":63,"y":239,"width":860,"height":11}},{"id":"52b480b4-d12e-44d2-a6ff-c3e1e95456bb","block_type":"box","text":"this type that could potentially expose the Sub-Fund to excluded companies, such assets may not be held as part of","page_number":230,"box":{"x":62,"y":253,"width":861,"height":11}},{"id":"b2f4a6b9-b93d-4552-bfba-f70aad04f8ca","block_type":"box","text":"the Sub-Fund’s minimum stewardship allocation.","page_number":230,"box":{"x":62,"y":267,"width":359,"height":11}},{"id":"a0287f9a-3939-4869-bd9c-f3a133b899c9","block_type":"box","text":"For government bonds that are not GSS bonds, the Investment Manager ensures the three pillars are not undermined","page_number":230,"box":{"x":63,"y":294,"width":859,"height":11}},{"id":"df13429c-6363-427b-ba33-876ad51b8ec7","block_type":"box","text":"by not investing in sovereign issuers captured by sanctions policy and/or with an Aviva Investors score of “2.5” or","page_number":230,"box":{"x":62,"y":307,"width":861,"height":12}},{"id":"f1c666f3-0590-45df-8aeb-479eb83b516e","block_type":"box","text":"below. This score is produced by the Investment Manager’s model that looks at the ESG profile of sovereigns. Scores","page_number":230,"box":{"x":62,"y":321,"width":861,"height":11}},{"id":"d005f2cf-bf55-41f6-b585-24a3c83718cf","block_type":"box","text":"range from 0 to 10, with a low score indicating a relatively weak ESG profile. The Investment Manager’s view is that","page_number":230,"box":{"x":63,"y":335,"width":860,"height":11}},{"id":"930213ab-a24e-46bb-92fc-c79ce7cee2c4","block_type":"box","text":"automatically excluding sovereign issuers with a score of 2.5 or below is appropriate for the Sub-Funds.","page_number":230,"box":{"x":62,"y":348,"width":766,"height":12}},{"id":"046f7931-c85a-4550-a124-3fd3bf1f5699","block_type":"box","text":"Companies captured as having very severe controversies (Red Flags) by MSCI are not investible by the Sub-Funds.","page_number":230,"box":{"x":62,"y":376,"width":860,"height":11}},{"id":"5db0ade3-5bfd-4700-9cd6-44e7873f8f61","block_type":"box","text":"However, if a company receives a Red Flag post-investment, the controversy report and supporting evidence will be","page_number":230,"box":{"x":63,"y":390,"width":860,"height":11}},{"id":"0d43086f-38b9-452e-b46a-0db7710f08c3","block_type":"box","text":"assessed for additional validation before it is placed into a divestment window.","page_number":230,"box":{"x":62,"y":403,"width":579,"height":11}},{"id":"a885b07c-0780-41f8-ad32-d7d1f1a10ca6","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":231,"box":{"x":62,"y":940,"width":291,"height":8}},{"id":"9e2dcb0a-3cbc-4c9a-b395-b14e5c814a04","block_type":"box","text":"231","page_number":231,"box":{"x":780,"y":940,"width":17,"height":6}},{"id":"57ede6b4-e3d6-42a8-91c9-0ae484ed3d3b","block_type":"box","text":"Aviva Investors: Confidential","page_number":231,"box":{"x":34,"y":973,"width":154,"height":7}},{"id":"12ad4564-c3a1-4ab9-925f-1549779eb1fa","block_type":"box","text":"APPENDIX 4","page_number":231,"box":{"x":443,"y":53,"width":99,"height":8}},{"id":"9a771891-b0fa-4934-8d38-105dbd411f96","block_type":"box","text":"RESPONSIBLE INVESTMENT APPROACH FOR CORE FUNDS","page_number":231,"box":{"x":249,"y":72,"width":488,"height":9}},{"id":"472d341f-afaa-466a-883f-f976e4d28811","block_type":"box","text":"The Investment Manager will use an ESG Overlay when selecting companies such that the strategy of each Core","page_number":231,"box":{"x":62,"y":111,"width":861,"height":12}},{"id":"7590a61d-24bd-409a-9e4e-81ccfecff39b","block_type":"box","text":"Fund is designed to deliver a higher ESG score and lower carbon intensity score, on average, over a 12 month rolling","page_number":231,"box":{"x":63,"y":125,"width":859,"height":11}},{"id":"63614b8c-d209-4604-8042-27aee18c752d","block_type":"box","text":"period (measured using month end data) than its benchmark Index (as specified in each Sub-Fund’s investment","page_number":231,"box":{"x":62,"y":139,"width":861,"height":11}},{"id":"cd9bc651-4ae3-4eba-b74e-7e1d5285f9ab","block_type":"box","text":"objective), whilst also seeking to minimise the Core Fund’s tracking error to that Index (as defined in the expected","page_number":231,"box":{"x":62,"y":152,"width":860,"height":11}},{"id":"ee27ba0f-9837-46fe-b580-fa1300822ca7","block_type":"box","text":"average yearly tracking error range specified in each Sub-Fund’s investment policy).","page_number":231,"box":{"x":62,"y":166,"width":624,"height":11}},{"id":"48553e4e-72a8-4586-916b-6ffcf6c42dc1","block_type":"box","text":"Portfolio construction relies on a two-step process:","page_number":231,"box":{"x":63,"y":186,"width":372,"height":11}},{"id":"64873960-3614-412d-a10e-7e4097b3b006","block_type":"box","text":"Application of the baseline exclusion policy described above to the relevant Core Fund’s benchmark Index universe,","page_number":231,"box":{"x":62,"y":205,"width":860,"height":11}},{"id":"5e2edf1d-0afb-4d9d-afa9-524862638d13","block_type":"box","text":"removing investments relating to certain controversial weapons, thermal coal, tobacco and companies Aviva Investors","page_number":231,"box":{"x":63,"y":219,"width":860,"height":11}},{"id":"3e5703bf-8005-458a-ae19-7fd632ca76a5","block_type":"box","text":"does not consider meet the standards of the UN Global Compact initiative.","page_number":231,"box":{"x":62,"y":232,"width":550,"height":12}},{"id":"87e28cbc-c3fe-486d-86a4-53ff3997c091","block_type":"box","text":"A portfolio optimisation model is then used to create the Sub-Fund’s portfolio (an ESG Overlay) such that holdings","page_number":231,"box":{"x":62,"y":252,"width":861,"height":11}},{"id":"02bf37f0-0493-4276-8305-d3521ed90896","block_type":"box","text":"will be either overweight, underweight or potentially excluded relative to the relevant benchmark Index, based on both","page_number":231,"box":{"x":62,"y":266,"width":860,"height":11}},{"id":"5bc3fb95-12c5-41b1-9531-d7a22b48159e","block_type":"box","text":"their ESG scores and carbon intensity scores (the ESG Overlay) and potential to deliver returns similar to the Index.","page_number":231,"box":{"x":62,"y":279,"width":860,"height":11}},{"id":"8673cef8-b22b-44f8-af41-07112437069a","block_type":"box","text":"The ESG Overlay uses a range of data inputs, including MSCI’s ESG scores*, MSCI’s carbon intensity scores**, the","page_number":231,"box":{"x":62,"y":293,"width":861,"height":11}},{"id":"4deef819-b1d1-4e81-87cd-38ae22595255","block_type":"box","text":"latest portfolio and benchmark Index weights, covariance data relating to companies on the benchmark Index, and","page_number":231,"box":{"x":62,"y":307,"width":860,"height":11}},{"id":"061c3ddf-94df-4a8f-8829-7b82fe494699","block_type":"box","text":"the portfolio construction guidelines designed by the Investment Manager to deliver the ESG Overlay within the target","page_number":231,"box":{"x":62,"y":320,"width":861,"height":11}},{"id":"165505d6-7d8a-4d61-99de-e3877ca06b6b","block_type":"box","text":"tracking error range, for example, consideration of exposure per sector, industry or country, as relevant.","page_number":231,"box":{"x":62,"y":334,"width":766,"height":11}},{"id":"bea0c76b-9a67-4dcd-b2b6-d46a2a25d5f0","block_type":"box","text":"The individual companies do not need to achieve a specific or minimum ESG score or carbon intensity score to be","page_number":231,"box":{"x":62,"y":353,"width":861,"height":12}},{"id":"f05032d5-af6b-4aa0-b783-ad9e21f03885","block_type":"box","text":"selected for investment. Where it is difficult or costly to invest directly in individual companies, or individual companies","page_number":231,"box":{"x":62,"y":367,"width":861,"height":11}},{"id":"fece8722-f545-4c32-b7f3-81de91cbd841","block_type":"box","text":"within certain markets, the Core Funds may use derivatives, for example TRS, or other funds, for example Exchange","page_number":231,"box":{"x":62,"y":381,"width":861,"height":11}},{"id":"1568d7c9-4ce1-4b24-b3ba-0e7d3452bdaa","block_type":"box","text":"Traded Funds (ETFs), to obtain exposure for the Sub-Funds. The ESG Overlay will still apply in these circumstances,","page_number":231,"box":{"x":62,"y":394,"width":860,"height":12}},{"id":"923a9876-97f7-4b73-a29f-055f8d94d881","block_type":"box","text":"and the overlay process shall seek to look through the derivative or other fund to ascertain the ESG and carbon","page_number":231,"box":{"x":62,"y":408,"width":860,"height":11}},{"id":"d75d728e-fdbf-4dab-8ece-1a992fadb46c","block_type":"box","text":"intensity scores. Such look through may use the index attaching to the derivative or other fund to derive these ESG","page_number":231,"box":{"x":62,"y":422,"width":860,"height":11}},{"id":"3a9a9324-b8cf-46f1-bbfa-332220303364","block_type":"box","text":"and carbon intensity scores.","page_number":231,"box":{"x":62,"y":436,"width":207,"height":11}},{"id":"f35c91a5-75e9-4f6e-a910-368cae14d15b","block_type":"box","text":"The application of the ESG Overlay will be refreshed, as a minimum, at the end of the quarterly rebalancing period of","page_number":231,"box":{"x":62,"y":455,"width":861,"height":11}},{"id":"60370e89-3736-4fa7-b9b6-cd6680be6a1f","block_type":"box","text":"each benchmark Index and/or on an ad hoc basis when the Investment Manager is of the opinion that market","page_number":231,"box":{"x":62,"y":469,"width":861,"height":11}},{"id":"a443e69d-ba18-4bdf-ae89-1df51cf7fb24","block_type":"box","text":"conditions dictate, taking into account any changes to companies in the benchmark Index, the latest available ESG","page_number":231,"box":{"x":62,"y":482,"width":860,"height":12}},{"id":"19d2e704-0735-446d-ac2d-29ac0d015026","block_type":"box","text":"data, market conditions, and other data used in the investment process. At each refresh, the portfolio will be","page_number":231,"box":{"x":62,"y":496,"width":861,"height":11}},{"id":"e6b2d9ca-f8f9-40b7-a8cd-acab308ee34e","block_type":"box","text":"rebalanced as necessary according to internal investment guidelines to ensure that the ESG score is higher and","page_number":231,"box":{"x":63,"y":510,"width":859,"height":11}},{"id":"3de24f85-836f-4bcf-b2ae-04018d41198f","block_type":"box","text":"carbon intensity is lower relative to the benchmark Index. The ESG score and carbon intensity of a Sub-Fund, as well","page_number":231,"box":{"x":62,"y":523,"width":861,"height":11}},{"id":"ea6e62cd-0c3d-4a0c-9fca-639b49dceb54","block_type":"box","text":"as the uplift of a Sub-Fund’s ESG score and carbon intensity relative to the benchmark Index, will fluctuate because","page_number":231,"box":{"x":62,"y":537,"width":861,"height":11}},{"id":"cf518c5c-a129-41e3-bbc6-8a69e7f87b77","block_type":"box","text":"the Investment Manager prioritises achieving the Sub-Fund’s financial objectives and doesn’t manage to set ESG","page_number":231,"box":{"x":62,"y":551,"width":860,"height":11}},{"id":"a4474af3-9dbc-4009-9584-c9673b6d68da","block_type":"box","text":"scores or carbon intensity levels. Through application of this ESG Overlay, the Investment Manager will aim to deliver","page_number":231,"box":{"x":62,"y":564,"width":861,"height":12}},{"id":"26e2b9bb-a8ce-47d6-b35b-a465bd6166a2","block_type":"box","text":"an improvement of the ESG score and carbon intensity score versus the benchmark Index, with low tracking error.","page_number":231,"box":{"x":62,"y":578,"width":845,"height":11}},{"id":"fb4c4950-82a3-4ada-9e1b-8a21ef5987dc","block_type":"box","text":"The ESG score and carbon intensity score of each Core Fund portfolio can be assessed against the ESG score and","page_number":231,"box":{"x":62,"y":597,"width":860,"height":12}},{"id":"192afdbd-11b8-4584-afdb-4fd84444e207","block_type":"box","text":"carbon intensity score of the relevant benchmark Index (with both the portfolio and benchmark Index scores being","page_number":231,"box":{"x":62,"y":611,"width":860,"height":11}},{"id":"91ddcd5c-7800-42b9-9c2c-9fe8fdb889d6","block_type":"box","text":"calculated using MSCI’s ESG scores* and carbon intensity scores**), which will be made available to investors on a","page_number":231,"box":{"x":62,"y":625,"width":861,"height":11}},{"id":"3a84e55b-fc80-4524-b8f6-0e9295bdba05","block_type":"box","text":"quarterly basis, based on the latest 12 month rolling data.","page_number":231,"box":{"x":62,"y":639,"width":424,"height":11}},{"id":"db76703d-8dce-4128-a3d7-14e8c32d275e","block_type":"box","text":"*MSCI’s ESG scores, ranging from 10 (best) to 0 (worst) are intended to assess a company’s resilience to financially","page_number":231,"box":{"x":62,"y":658,"width":861,"height":11}},{"id":"74cca6bd-3f64-4ecb-ab0e-391c3fdb0929","block_type":"box","text":"material environmental, societal and","page_number":231,"box":{"x":62,"y":672,"width":283,"height":10}},{"id":"3b1c36c7-8784-4109-823b-5e4508ab2b2e","block_type":"box","text":"governance risks, being risks to financial performance relative to other","page_number":231,"box":{"x":356,"y":672,"width":567,"height":11}},{"id":"a52f9d50-5501-4ae5-aafe-00027595f25d","block_type":"box","text":"companies in the same sector. 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The rules in COLL 5.6 relating to the spread of investments will not","page_number":235,"box":{"x":110,"y":166,"width":813,"height":11}},{"id":"886d1105-0833-4f55-95d8-2f8d56a92e4e","block_type":"box","text":"apply until 12 months after the later of (a) the date when the authorisation order in respect of the Sub-Funds","page_number":235,"box":{"x":110,"y":179,"width":812,"height":12}},{"id":"fa33267d-938a-4c0d-8a2c-bd55328381b0","block_type":"box","text":"takes effect; and (b) the date the initial offer commenced provided that the ACS Manager ensures that each","page_number":235,"box":{"x":109,"y":193,"width":813,"height":11}},{"id":"4b503577-baab-418a-a50c-ac12dacb2c01","block_type":"box","text":"Sub-Fund aims to provide a prudent spread of risk .","page_number":235,"box":{"x":110,"y":207,"width":380,"height":11}},{"id":"b8c82332-13e7-4ab5-8811-be41e332a0a6","block_type":"box","text":"1.2 The ACS Manager uses a risk management process, as reviewed by the Depositary, enabling it to monitor and","page_number":235,"box":{"x":63,"y":226,"width":859,"height":12}},{"id":"c72fa9ea-f655-434e-9830-ab7d88664b7d","block_type":"box","text":"measure as frequently as appropriate the risk of a Sub-Fund's portfolio and contribution of the underlying","page_number":235,"box":{"x":110,"y":240,"width":812,"height":11}},{"id":"839f7709-ed3b-47cd-89e2-00d676f6b9ae","block_type":"box","text":"investments to the overall risk profile of the Scheme. The details of the risk management process must be","page_number":235,"box":{"x":110,"y":254,"width":813,"height":11}},{"id":"6f025aa5-cf60-4124-b0ca-ca3223a401de","block_type":"box","text":"notified by the ACS Manager to the FCA in advance and should include the following information:","page_number":235,"box":{"x":110,"y":267,"width":718,"height":12}},{"id":"b0341251-2a6f-46f6-8c47-835ac72454d8","block_type":"box","text":"(a) the types of investments to be used within the relevant Sub-Fund together with their underlying risks and","page_number":235,"box":{"x":110,"y":287,"width":812,"height":11}},{"id":"510d1316-2625-4e34-ab66-3b5be001f148","block_type":"box","text":"any relevant quantitative limits;","page_number":235,"box":{"x":157,"y":301,"width":228,"height":11}},{"id":"38b2b4ed-9baf-4447-8620-e916e0586e4f","block_type":"box","text":"(b) the methods for estimating risks in the portfolio to ensure these are adequately captured; and","page_number":235,"box":{"x":110,"y":320,"width":736,"height":12}},{"id":"45545258-63bb-4dc3-8db8-7128896960b1","block_type":"box","text":"the risks relating to the Sub-Fund's other investments are adequately captured.","page_number":235,"box":{"x":62,"y":340,"width":585,"height":11}},{"id":"5e89057a-6de3-4579-9467-a678bac65df2","block_type":"box","text":"The ACS Manager must notify the FCA in advance of any material alteration to the details above.","page_number":235,"box":{"x":109,"y":359,"width":719,"height":12}},{"id":"9a4d1700-6a1b-4e0f-8751-7705bd03e598","block_type":"box","text":"2.","page_number":235,"box":{"x":62,"y":385,"width":12,"height":9}},{"id":"0135d6da-99c8-4e79-991a-a0adc6a960a6","block_type":"box","text":"Eligible Assets","page_number":235,"box":{"x":110,"y":385,"width":118,"height":11}},{"id":"d8d90386-17fb-4c39-b52d-3a22ec593ae7","block_type":"box","text":"Subject to the investment objective and policy of each Sub-Fund, the property of a Sub-Fund, must only, except","page_number":235,"box":{"x":110,"y":405,"width":813,"height":11}},{"id":"294cb10c-6125-4432-8c94-5f544aefdfba","block_type":"box","text":"where otherwise provided in COLL 5, consist of any one or more of:","page_number":235,"box":{"x":109,"y":418,"width":501,"height":11}},{"id":"a8e11b7b-f10a-43a6-beee-5c2e98130a51","block_type":"box","text":"(a) transferable securities;","page_number":235,"box":{"x":110,"y":444,"width":214,"height":11}},{"id":"081b4f9b-8d1d-49f3-b51b-16dcf3750ff6","block_type":"box","text":"(b) money-market instruments;","page_number":235,"box":{"x":110,"y":463,"width":249,"height":12}},{"id":"ba5f9269-5b59-43b9-b4aa-c1e9b625d02d","block_type":"box","text":"(c) units or shares in permitted collective investment schemes;","page_number":235,"box":{"x":110,"y":483,"width":484,"height":11}},{"id":"0e04b12f-270a-48ef-9d4f-cb49d614ad78","block_type":"box","text":"(d) permitted derivatives and forward transactions;","page_number":235,"box":{"x":110,"y":503,"width":393,"height":11}},{"id":"3a719d0e-5504-4707-9182-a40090aedcf7","block_type":"box","text":"(e) permitted deposits;","page_number":235,"box":{"x":110,"y":522,"width":187,"height":11}},{"id":"3f9e2964-6cb0-436a-8e19-be1abd6080f5","block_type":"box","text":"(f) permitted immovables (it is not intended that the Sub-Funds will have an interest in any immovable or","page_number":235,"box":{"x":110,"y":542,"width":813,"height":11}},{"id":"2e291b49-d3e6-4eb7-8f6a-0318501b6b71","block_type":"box","text":"tangible movable property); and","page_number":235,"box":{"x":157,"y":555,"width":235,"height":12}},{"id":"b562f45d-1f14-4dca-ac00-917577f09f5e","block_type":"box","text":"gold up to a limit of 10 % of the property of the Sub-Fund (it is not intended that the Sub-Funds will invest in gold).","page_number":235,"box":{"x":62,"y":575,"width":841,"height":11}},{"id":"623a5d73-af80-4817-8454-1239538939e9","block_type":"box","text":"The following restrictions under the COLL Sourcebook and (where relevant) determined by the ACS Manager","page_number":235,"box":{"x":62,"y":594,"width":861,"height":12}},{"id":"25b60c17-6ba7-4237-a7b1-d6afcab70720","block_type":"box","text":"currently apply to each of the Sub-Funds. In respect of the AI Money Market VNAV Fund, different restrictions may","page_number":235,"box":{"x":62,"y":608,"width":861,"height":11}},{"id":"a1baa228-73cf-4e19-922c-99c195b659e5","block_type":"box","text":"apply. Further details on the AI Money Market VNAV Fund are provided in Appendix 1.","page_number":235,"box":{"x":62,"y":622,"width":640,"height":11}},{"id":"bdf81a5a-70c6-48f8-9202-035a8ee4d2fe","block_type":"box","text":"3.","page_number":235,"box":{"x":62,"y":648,"width":12,"height":8}},{"id":"91586ace-e42b-4af6-8a40-ba10515b50f0","block_type":"box","text":"Transferable Securities and Approved Money-Market Instruments","page_number":235,"box":{"x":109,"y":648,"width":521,"height":11}},{"id":"3fc8708e-93da-43f7-8d2e-251889523d17","block_type":"box","text":"3.1 The investments of each Sub-Fund shall consist of one or more of the following:","page_number":235,"box":{"x":62,"y":667,"width":638,"height":11}},{"id":"7e6b8d88-c87e-4cc2-84fa-fe68678ed0de","block_type":"box","text":"(a) Transferable securities and approved money-market instruments admitted to or dealt in a regulated","page_number":235,"box":{"x":110,"y":692,"width":812,"height":12}},{"id":"5836ad0d-1603-4493-a2c6-6edaea8d3bc3","block_type":"box","text":"market (as defined by the FCA).","page_number":235,"box":{"x":158,"y":706,"width":235,"height":11}},{"id":"f40254c4-c53d-4f34-9344-0ea562a121ab","block_type":"box","text":"(b) Transferable securities and approved money-market instruments dealt in or on other markets in the UK","page_number":235,"box":{"x":110,"y":726,"width":813,"height":11}},{"id":"fd2caaaa-11cb-43ff-8feb-0aeb7cf8d836","block_type":"box","text":"or an EEA State, that are operating regularly, are recognised and are open to the public.","page_number":235,"box":{"x":157,"y":739,"width":653,"height":12}},{"id":"b765939f-46db-4137-953d-19f4eea22797","block_type":"box","text":"Transferable securities and approved money-market instruments admitted to official listings on or dealt in on other","page_number":235,"box":{"x":62,"y":759,"width":861,"height":11}},{"id":"976d2b96-884f-40c1-bc10-829ac66fa403","block_type":"box","text":"eligible markets.","page_number":235,"box":{"x":62,"y":773,"width":119,"height":11}},{"id":"3393a9ac-b533-4939-8e38-3ae06f8e0347","block_type":"box","text":"Recently issued transferable securities provided that the terms of issue include an undertaking that application will be","page_number":235,"box":{"x":63,"y":792,"width":860,"height":12}},{"id":"6b9199ad-3093-42b6-b76b-5a8d164e8a7f","block_type":"box","text":"made to be admitted to an eligible market and such admission is secured within a year of issue.","page_number":235,"box":{"x":62,"y":806,"width":707,"height":11}},{"id":"1786aa82-af01-486f-8adb-7e2cfd4ad654","block_type":"box","text":"3.2 A transferable security is eligible for investment if it meets the following criteria:","page_number":235,"box":{"x":62,"y":826,"width":631,"height":11}},{"id":"6479668f-d1ad-4895-8683-381d99c744ea","block_type":"box","text":"(a) the potential loss that a Sub-Fund may incur by holding the security is limited to the amount paid for it;","page_number":235,"box":{"x":110,"y":851,"width":801,"height":11}},{"id":"302465df-d7e6-4c81-ad52-ffd7e6ea64cb","block_type":"box","text":"(b) its liquidity does not compromise the ACS Manager's ability to redeem Units;","page_number":235,"box":{"x":110,"y":871,"width":613,"height":11}},{"id":"f8ab2403-1f1a-40f9-b54f-e4fcaccdda41","block_type":"box","text":"(c) reliable and regular valuation is available to the market and the ACS Manager;","page_number":235,"box":{"x":110,"y":890,"width":627,"height":12}},{"id":"f761dedb-b9d4-46f2-a81a-b2138c8b24f4","block_type":"box","text":"(d) appropriate information about the transferable security is available to the market and the ACS Manager;","page_number":235,"box":{"x":110,"y":910,"width":812,"height":11}},{"id":"3aa5c032-4499-4c72-8e69-0d2a99538633","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":236,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"78dd9081-693b-4979-a33e-9ebd1288a9bc","block_type":"box","text":"(7 August 2026)","page_number":236,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"505b0b64-7a57-4c75-ac97-9024d048019d","block_type":"box","text":"236","page_number":236,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"1ff3dd35-574f-413f-b995-3a7e196f231a","block_type":"box","text":"Aviva Investors: Confidential","page_number":236,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"89ff0a4b-4b61-482f-a282-d02e302d9ea1","block_type":"box","text":"(e) the transferable security is a negotiable instrument; and","page_number":236,"box":{"x":110,"y":46,"width":458,"height":11}},{"id":"e774f2b0-869a-43ef-b149-9fd8fd9523b4","block_type":"box","text":"its risks are adequately captured by the risk management process of the ACS Manager.","page_number":236,"box":{"x":62,"y":65,"width":649,"height":12}},{"id":"056e2379-1374-4dbe-bdba-98c2b82d5ea6","block_type":"box","text":"3.3 Approved money-market instruments are those normally dealt in on the money-market, are liquid and have a","page_number":236,"box":{"x":62,"y":85,"width":861,"height":11}},{"id":"0a0d327d-455b-41d5-9e07-b255c97f10a6","block_type":"box","text":"value which can be accurately determined at any time, and with the exception of those dealt in on an eligible","page_number":236,"box":{"x":109,"y":99,"width":814,"height":11}},{"id":"4533e818-f0d7-44b0-bac5-3507809ab22b","block_type":"box","text":"market, appropriate information is available to the market and the ACS Manager.","page_number":236,"box":{"x":110,"y":112,"width":597,"height":12}},{"id":"b36a4b39-4105-4465-bd8b-bc971135c0ca","block_type":"box","text":"3.4 Approved money-market instruments other than those listed on or normally dealt on an eligible market are","page_number":236,"box":{"x":62,"y":132,"width":860,"height":11}},{"id":"1ea998e0-2c9f-43f6-a35e-3972b2873abb","block_type":"box","text":"eligible if the issue or issuer of such approved money-market instruments is itself regulated for the purpose of","page_number":236,"box":{"x":110,"y":146,"width":813,"height":11}},{"id":"a6ebac7b-4e7c-4d60-b07f-0edb2a840de3","block_type":"box","text":"protecting investors and savings, and provided they are issued or guaranteed by a central, regional or local","page_number":236,"box":{"x":110,"y":159,"width":812,"height":11}},{"id":"3ab745a3-b038-435b-9e37-0eb286825255","block_type":"box","text":"authority of the UK or an EEA State, the Bank of England, a central bank of an EEA State, the European Central","page_number":236,"box":{"x":110,"y":173,"width":812,"height":11}},{"id":"daac1bb7-f882-4e8a-8005-023b606811ba","block_type":"box","text":"Bank, the European Union or the European Investment Bank, a non-EEA State or, in the case of a federal","page_number":236,"box":{"x":110,"y":186,"width":812,"height":11}},{"id":"5389a283-d69e-44cb-8aed-104a54fcb2de","block_type":"box","text":"state, by one of the members making up the federation, or by a public international body to which the UK or","page_number":236,"box":{"x":110,"y":200,"width":813,"height":11}},{"id":"dc347388-8f26-4e84-b923-68ea699dc5b0","block_type":"box","text":"one or more EEA States belong; or issued by a body, any securities of which are dealt in on an eligible market;","page_number":236,"box":{"x":110,"y":214,"width":812,"height":11}},{"id":"10a1db79-d096-465c-8b8d-0a769889ccbb","block_type":"box","text":"or issued or guaranteed by an establishment subject to prudential supervision in accordance with criteria","page_number":236,"box":{"x":110,"y":228,"width":813,"height":11}},{"id":"8b0b08fd-32ef-49ad-b788-88baf9977dab","block_type":"box","text":"defined by UK or EU law or by an establishment which is subject to and complies with prudential rules","page_number":236,"box":{"x":110,"y":241,"width":813,"height":11}},{"id":"d51faa87-23de-4b08-bf75-61f53f840a42","block_type":"box","text":"considered by the FCA to be at least as stringent as those laid down by UK or EU law.","page_number":236,"box":{"x":110,"y":255,"width":637,"height":11}},{"id":"6d3d1556-0a0f-427e-9184-dc8f1d965336","block_type":"box","text":"3.5 A Sub-Fund may invest no more than 20 % of its scheme property in transferable securities which are not","page_number":236,"box":{"x":62,"y":274,"width":861,"height":11}},{"id":"41649a28-b6fb-47c3-9569-49e47f542d3e","block_type":"box","text":"approved securities (aggregated with the value of the scheme property which can be invested in unregulated","page_number":236,"box":{"x":110,"y":288,"width":812,"height":11}},{"id":"8ed0783c-8fa8-4d08-8a12-76d99b6a2976","block_type":"box","text":"collective investment schemes) or money-market instruments which are liquid and have a value which can be","page_number":236,"box":{"x":110,"y":302,"width":813,"height":11}},{"id":"f4558eec-b0b0-4005-800f-ed3382516a78","block_type":"box","text":"determined accurately at any time.","page_number":236,"box":{"x":110,"y":316,"width":254,"height":11}},{"id":"257d1685-0837-4a0d-978f-ed8b3e57e9fd","block_type":"box","text":"4.","page_number":236,"box":{"x":62,"y":341,"width":12,"height":9}},{"id":"779981ed-67a3-4a82-bd13-1ada9b9045c7","block_type":"box","text":"Eligible Markets","page_number":236,"box":{"x":110,"y":341,"width":126,"height":11}},{"id":"32bda25a-b535-4bb3-8874-e6875dcc753a","block_type":"box","text":"4.1 A market is eligible for the purposes of the rules if it is (i) a regulated market (as defined in COLL), or (ii) a","page_number":236,"box":{"x":62,"y":360,"width":861,"height":12}},{"id":"b09ecd97-4a9b-47da-8803-6e2ee5a9f6de","block_type":"box","text":"market in the UK or an EEA State which is regulated, operates regularly and is open to the public.","page_number":236,"box":{"x":110,"y":374,"width":727,"height":11}},{"id":"a4ffcb99-1433-4ab2-84be-7bf124f5ecca","block_type":"box","text":"4.2 A market not falling within the above definition in 4.1 is eligible if the ACS Manager, after consultation with and","page_number":236,"box":{"x":62,"y":394,"width":860,"height":11}},{"id":"56c2acd6-f876-48bc-a74c-71d86171a39f","block_type":"box","text":"notification to the Depositary, decides that market is appropriate for the investment of, or dealing in, the scheme","page_number":236,"box":{"x":110,"y":407,"width":813,"height":12}},{"id":"a70dd1f7-9573-4525-a2ed-369940e0ecc9","block_type":"box","text":"property, the market is included in a list in the Prospectus, and the Depositary has taken reasonable care to","page_number":236,"box":{"x":110,"y":421,"width":813,"height":11}},{"id":"a9dedd4b-4613-4875-b3a7-a87837900545","block_type":"box","text":"determine that adequate custody arrangements can be provided for the investment dealt in on that market, and","page_number":236,"box":{"x":110,"y":435,"width":812,"height":11}},{"id":"e47b6785-bf66-437c-a6e5-20ba0756f779","block_type":"box","text":"all reasonable steps have been taken by the ACS Manager in deciding whether that market is eligible.","page_number":236,"box":{"x":110,"y":448,"width":753,"height":12}},{"id":"b326e291-62a0-4e08-bd69-98fa75a06ef6","block_type":"box","text":"4.3 For the purposes of 4.2, a market must not be considered appropriate unless it is regulated, operates regularly,","page_number":236,"box":{"x":62,"y":468,"width":860,"height":11}},{"id":"4258dc3c-e2a3-48da-9919-e23452e7f14a","block_type":"box","text":"is recognised, is open to the public, is adequately liquid and has adequate arrangements for unimpeded","page_number":236,"box":{"x":110,"y":482,"width":812,"height":11}},{"id":"3177c4fe-d429-4e1a-8cde-59c71d40119c","block_type":"box","text":"transmission of income and capital to or for the order of investors.","page_number":236,"box":{"x":109,"y":495,"width":486,"height":11}},{"id":"1e01595f-8189-4145-9ef7-b672ea96e548","block_type":"box","text":"4.4 Unless information is available to the ACS Manager that would lead to a different determination, a transferable","page_number":236,"box":{"x":62,"y":515,"width":861,"height":11}},{"id":"a16ad35d-74ef-4fd3-affb-a8456e255370","block_type":"box","text":"security which is admitted or dealt on an eligible market shall be presumed not to compromise the ability of the","page_number":236,"box":{"x":110,"y":528,"width":813,"height":12}},{"id":"8e9b4a33-4505-4058-abe7-a5448655009b","block_type":"box","text":"ACS Manager to be able to redeem Units and to be considered a negotiable instrument.","page_number":236,"box":{"x":109,"y":542,"width":651,"height":11}},{"id":"41bfd0a7-df79-4844-bf4a-a0abb4952775","block_type":"box","text":"4.5 The list of eligible securities and derivatives markets for the Sub-Funds is set out in Schedule 1 and Schedule","page_number":236,"box":{"x":62,"y":562,"width":861,"height":11}},{"id":"c5ecee3a-867f-4402-b215-85ee9dbe23ce","block_type":"box","text":"2 to this Prospectus, with only those markets falling within 4.2 above specifically listed.","page_number":236,"box":{"x":109,"y":575,"width":640,"height":12}},{"id":"6269d6fb-1c98-4148-b00c-fb42bde905f4","block_type":"box","text":"5.","page_number":236,"box":{"x":62,"y":601,"width":12,"height":9}},{"id":"6ab22d93-f504-4266-a368-38b5bca80013","block_type":"box","text":"Collective Investment Schemes","page_number":236,"box":{"x":110,"y":601,"width":249,"height":9}},{"id":"5e760252-8697-4105-879b-f2ec62f211e6","block_type":"box","text":"5.1 Sub-Funds of the Scheme, other than the Core Funds, the AI Cautious Pension Fund, the AI Balanced Pension","page_number":236,"box":{"x":62,"y":620,"width":860,"height":11}},{"id":"81785eed-9d39-4495-a43f-cdd2aac8e925","block_type":"box","text":"Fund, the AI Distribution Life Fund and the AI Balanced Life Fund, are prohibited from investing more than 15%","page_number":236,"box":{"x":110,"y":634,"width":813,"height":11}},{"id":"0aae7852-058a-4287-92e7-f87f3983f223","block_type":"box","text":"of their Scheme property in units or shares in other collective investment schemes (\"Second Schemes\").","page_number":236,"box":{"x":110,"y":648,"width":770,"height":11}},{"id":"40d5534d-0c62-45ab-bcf1-012a8bb3a5be","block_type":"box","text":"5.2 The Core Funds are prohibited from investing more than 10% of their Scheme property in units or shares in","page_number":236,"box":{"x":62,"y":667,"width":860,"height":12}},{"id":"e9cb2a80-da86-4ec9-a6fe-b929828a703c","block_type":"box","text":"Second Schemes.","page_number":236,"box":{"x":110,"y":681,"width":134,"height":9}},{"id":"a5eac025-6b53-47b1-a23a-6d266fd02760","block_type":"box","text":"5.3 The AI Cautious Pension Fund, the AI Balanced Pension Fund, the AI Distribution Life Fund and the AI","page_number":236,"box":{"x":62,"y":701,"width":860,"height":10}},{"id":"c7fcd559-8156-4359-a9a8-e5a58263c4b5","block_type":"box","text":"Balanced Life Fund may invest up to 100 % of its scheme property in units or shares in Second Schemes.","page_number":236,"box":{"x":110,"y":714,"width":783,"height":11}},{"id":"94abc7a2-c2b1-403f-8ce2-6088102ef551","block_type":"box","text":"5.4 Subject to the limits set out at paragraphs 5.1, 5.2, 5.3 and 5.9, investment in Second Schemes is permitted,","page_number":236,"box":{"x":62,"y":734,"width":860,"height":11}},{"id":"03ae270b-95d0-4af3-9840-08696b8c2ca4","block_type":"box","text":"provided the Second Scheme:","page_number":236,"box":{"x":110,"y":748,"width":223,"height":11}},{"id":"d57aa136-3e14-4603-95b5-938470c0e2a0","block_type":"box","text":"(a) is a UCITS Scheme or a scheme which satisfies the conditions necessary for it to enjoy the rights","page_number":236,"box":{"x":110,"y":773,"width":813,"height":11}},{"id":"136bfdd6-5471-478f-8c7a-b735140595b6","block_type":"box","text":"conferred by the UCITS Directive as implemented in the EEA; or","page_number":236,"box":{"x":157,"y":787,"width":477,"height":11}},{"id":"696a4c95-2e41-4e9e-9a5e-d4eba2152503","block_type":"box","text":"(b) is authorised as a non-UCITS retail scheme; or","page_number":236,"box":{"x":110,"y":812,"width":396,"height":11}},{"id":"dae2e848-e3e8-4c02-b1e5-fc88bddffb9f","block_type":"box","text":"(c) is recognised under the provisions of section 264 of the Financial Services and Markets Act 2000 (the","page_number":236,"box":{"x":110,"y":832,"width":813,"height":11}},{"id":"275c90dc-f3fc-4203-ba4d-3c7a4839202f","block_type":"box","text":"\"","page_number":236,"box":{"x":158,"y":846,"width":3,"height":3}},{"id":"5ac28b40-fa1b-46d1-9c54-4221221260c0","block_type":"box","text":"Act","page_number":236,"box":{"x":163,"y":846,"width":26,"height":8}},{"id":"e168eaf6-cb1a-4446-8df9-62208546ac7b","block_type":"box","text":"\") (Schemes constituted in EEA States) or section 272 of the Act (Individually recognised overseas","page_number":236,"box":{"x":191,"y":845,"width":732,"height":12}},{"id":"ec456f7e-04b3-493a-8a4e-01050b18a0cf","block_type":"box","text":"schemes); or","page_number":236,"box":{"x":157,"y":859,"width":96,"height":11}},{"id":"8c5bc66e-0ff1-4312-a5ff-7fd6f67657c2","block_type":"box","text":"(d) is constituted outside the UK and the investment and borrowing powers of which are the same or more","page_number":236,"box":{"x":110,"y":879,"width":813,"height":11}},{"id":"0aeb1f56-ad3d-44e4-9698-2bf8727b9bea","block_type":"box","text":"restrictive than those of a non-UCITS retail scheme; or","page_number":236,"box":{"x":158,"y":892,"width":404,"height":11}},{"id":"740eda80-0066-4192-8086-dc5e04bd999e","block_type":"box","text":"provided the relevant Sub-Fund complies with paragraph 5.5 below, is a scheme not falling within (a) to (d).","page_number":236,"box":{"x":62,"y":912,"width":793,"height":11}},{"id":"73a6769f-d5f4-40e8-994e-50d18a5acd59","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":237,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"e3f58240-7573-4a81-95a1-b85cf9dbed4b","block_type":"box","text":"(7 August 2026)","page_number":237,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"6efd7faa-4f8e-4190-8916-db858fdff95f","block_type":"box","text":"237","page_number":237,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"7373dabc-56db-452d-8c27-763be5074070","block_type":"box","text":"Aviva Investors: Confidential","page_number":237,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"9e341951-1278-461f-a950-0c56021b32d4","block_type":"box","text":"5.5 The Sub-Funds must not invest more than 20% in value of their scheme property in total in units in:","page_number":237,"box":{"x":62,"y":46,"width":780,"height":11}},{"id":"8ec2eb6e-36a4-41e5-bc14-827b566aaa50","block_type":"box","text":"(a) collective investment schemes that do not fall within paragraph 5.4(a)-(d) above; and","page_number":237,"box":{"x":110,"y":71,"width":674,"height":12}},{"id":"a0cdfe37-324d-4326-b339-079cda68d70b","block_type":"box","text":"(b) transferable securities which are not approved securities.","page_number":237,"box":{"x":110,"y":97,"width":469,"height":11}},{"id":"8ac45094-e3ca-4591-9571-f0aa593b1622","block_type":"box","text":"5.6 The Second Scheme must be a scheme which operates on the principle of the prudent spread of risk.","page_number":237,"box":{"x":62,"y":136,"width":799,"height":11}},{"id":"1a1f58cc-a329-4552-81cb-3ed830b8abbb","block_type":"box","text":"5.7 The Second Scheme must be prohibited from having more than 15 % in value of the property of that scheme","page_number":237,"box":{"x":62,"y":156,"width":861,"height":11}},{"id":"1117cff5-7e2e-4c5c-9faa-07658e36d510","block_type":"box","text":"consisting of units or shares in collective investment schemes (unless paragraph 5.12 below applies).","page_number":237,"box":{"x":110,"y":169,"width":749,"height":12}},{"id":"252dd076-c679-4db9-9897-795b49c91e25","block_type":"box","text":"5.8 The participants in the Second Scheme must be entitled to have their Units or shares redeemed in accordance","page_number":237,"box":{"x":62,"y":189,"width":861,"height":11}},{"id":"b62fa8ef-1c65-48ff-92cd-4e5ebaf9dfbf","block_type":"box","text":"with the scheme at a price related to the net asset value of the property to which the units or shares relate and","page_number":237,"box":{"x":109,"y":203,"width":813,"height":11}},{"id":"241e155c-a1c7-4707-a961-48f47a6b290f","block_type":"box","text":"determined in accordance with the scheme.","page_number":237,"box":{"x":110,"y":216,"width":321,"height":9}},{"id":"816f01f2-befb-4911-b2be-ae726a33f297","block_type":"box","text":"5.9 Where the Second Scheme is an umbrella, the provisions in paragraphs 5.4 to 5.7 apply to each sub-fund of","page_number":237,"box":{"x":62,"y":236,"width":861,"height":11}},{"id":"6ef6050e-cfe4-4d29-bba2-0e2c46aa0f25","block_type":"box","text":"the umbrella as if it were a separate scheme.","page_number":237,"box":{"x":109,"y":249,"width":333,"height":11}},{"id":"e9b1fd4a-094e-46f3-90c4-d2932db9d24c","block_type":"box","text":"5.10 Subject to paragraphs 5.1, 5.2, 5.10 and 18.6, each Sub-Fund may invest up to 100% of its scheme property","page_number":237,"box":{"x":62,"y":269,"width":861,"height":11}},{"id":"9c69a765-f754-46cd-9ba0-b5c2b5168e9d","block_type":"box","text":"in the shares/units of other collective investment schemes (“Second Schemes”). In connection with an","page_number":237,"box":{"x":110,"y":283,"width":813,"height":11}},{"id":"161560f9-ecc9-42af-b7f2-6c1f3eb0824b","block_type":"box","text":"investment in a Second Scheme, the relevant Sub-Fund may be required to pay, or such investment may bear,","page_number":237,"box":{"x":110,"y":296,"width":812,"height":11}},{"id":"afcfd848-b311-4832-90db-0c67eb442f19","block_type":"box","text":"subscription or redemption fees and any other fees (including management fees or equivalent). These would","page_number":237,"box":{"x":110,"y":310,"width":813,"height":11}},{"id":"57fe130d-e4c2-48a5-ad3e-ecda89aa3636","block_type":"box","text":"be in addition to the ACS Management Charge charged to that Sub-Fund or otherwise levied to its Unitholders.","page_number":237,"box":{"x":110,"y":324,"width":812,"height":11}},{"id":"1266a703-6b32-45fd-a4d8-8703cb9b3a65","block_type":"box","text":"However, either no subscription or redemption fees, or annual management charge, will be charged to the","page_number":237,"box":{"x":110,"y":337,"width":813,"height":12}},{"id":"33dd356a-cca8-4d87-a234-13c2d3b85320","block_type":"box","text":"relevant Sub-Fund or a full retrocession of the subscription or redemption fees, or annual management charge","page_number":237,"box":{"x":110,"y":351,"width":813,"height":11}},{"id":"98428704-ba84-4fb9-86bd-ef70b99705d8","block_type":"box","text":"shall be returned to the relevant Sub-Fund, with the exception of (i) such Second Scheme in respect of which","page_number":237,"box":{"x":110,"y":364,"width":813,"height":12}},{"id":"e9ce9d79-ee5b-430c-99f9-f23abc83c46a","block_type":"box","text":"an investment manager has been appointed, whether directly or indirectly, which is not an associate (as defined","page_number":237,"box":{"x":110,"y":378,"width":812,"height":11}},{"id":"c031622a-9fda-41d6-b591-89a000769ccc","block_type":"box","text":"by the FCA) of the ACS Manager and (ii) the investment by a Sub-Fund into the sub-funds of the Aviva Investors","page_number":237,"box":{"x":110,"y":392,"width":813,"height":11}},{"id":"51ef049f-42e9-4dc1-acd6-1329cd78d737","block_type":"box","text":"Liquidity Funds plc, where in either case the Sub-Fund will bear the effect of the annual management charges","page_number":237,"box":{"x":110,"y":406,"width":813,"height":11}},{"id":"fa8e4873-f204-4756-9384-291278841f21","block_type":"box","text":"levied by such Second Schemes.","page_number":237,"box":{"x":110,"y":419,"width":245,"height":11}},{"id":"1397bffb-83a9-4eeb-9ba0-fd844ff25488","block_type":"box","text":"5.11 A Sub-Fund may invest in or dispose of units of a Second Sub-Fund providing the Second Sub-Fund is","page_number":237,"box":{"x":62,"y":439,"width":860,"height":11}},{"id":"b8766a24-5b18-4329-906d-af646ae6e387","block_type":"box","text":"prohibited from holding units in any other Sub-Fund of the Scheme. Accordingly, all Sub-Funds other than the","page_number":237,"box":{"x":110,"y":452,"width":813,"height":12}},{"id":"df03802d-7101-4f42-b49f-1f0b541aa05d","block_type":"box","text":"AI Cautious Pension Fund, the AI Balanced Pension Fund, the AI Distribution Life Fund and the AI Balanced","page_number":237,"box":{"x":109,"y":466,"width":813,"height":11}},{"id":"3edb3b71-3371-4e1e-b5db-44356f682b20","block_type":"box","text":"Life Fund are prohibited from holding units in any other Sub-Fund of the Scheme.","page_number":237,"box":{"x":110,"y":480,"width":601,"height":11}},{"id":"b780c927-52d0-46fa-8e28-4cc131710ba9","block_type":"box","text":"5.12 This rule applies where the Second Scheme is a long-term asset fund provided that:","page_number":237,"box":{"x":62,"y":499,"width":669,"height":12}},{"id":"2aca0d6c-9435-4df3-9895-007e1eaf141a","block_type":"box","text":"5.12.1 the ACS Manager is satisfied that the long-term asset fund’s liquidity, redemption policy and dealing","page_number":237,"box":{"x":121,"y":525,"width":801,"height":11}},{"id":"e1109fc3-7567-48cc-b492-6effcf8cd628","block_type":"box","text":"arrangements are sufficient for the relevant Sub-Fund to be able to meet its obligations in respect","page_number":237,"box":{"x":193,"y":538,"width":730,"height":12}},{"id":"ad2e89ff-8b52-413d-bca3-af07c043f212","block_type":"box","text":"of redemptions; and","page_number":237,"box":{"x":193,"y":552,"width":147,"height":11}},{"id":"1085d9a1-239f-4f85-a74f-d4d65b373ca2","block_type":"box","text":"5.12.2 if relevant, the ACS Manager ensures that the relevant Sub-Fund’s holdings of units of different","page_number":237,"box":{"x":121,"y":578,"width":802,"height":11}},{"id":"8c2f9c56-78e5-41d2-a796-37758be3ce22","block_type":"box","text":"long-term asset funds are diversified enough so that it can meet its obligations in respect of","page_number":237,"box":{"x":194,"y":591,"width":729,"height":12}},{"id":"d9cd0e87-51cc-47c0-9502-d25c81dbca0b","block_type":"box","text":"redemptions.","page_number":237,"box":{"x":194,"y":605,"width":94,"height":11}},{"id":"10072ef3-b31a-45aa-a30a-c0365278e491","block_type":"box","text":"6.","page_number":237,"box":{"x":62,"y":631,"width":12,"height":8}},{"id":"650d1291-7a79-4023-8de6-9fb6d701c7b0","block_type":"box","text":"Deposits, Cash and Near Cash","page_number":237,"box":{"x":110,"y":631,"width":241,"height":11}},{"id":"1de12c00-0db7-40d9-9b87-08613e47d66d","block_type":"box","text":"6.1 A Sub-Fund may invest in deposits only with an Approved Bank (as defined by the FCA) which are repayable","page_number":237,"box":{"x":62,"y":650,"width":861,"height":11}},{"id":"5f919ee7-7e7e-4fd5-ac70-0cea3bdb8a28","block_type":"box","text":"on demand or have the right to be withdrawn, and maturing in no more than 12 months","page_number":237,"box":{"x":110,"y":664,"width":642,"height":11}},{"id":"959bd3d9-ebc3-4de9-a641-01fe3e879051","block_type":"box","text":".","page_number":237,"box":{"x":754,"y":671,"width":3,"height":1}},{"id":"6a893be5-9176-4831-aca8-cf1c8133e23b","block_type":"box","text":"6.2 The investment objective and policy of each Sub-Fund may mean that at times it is appropriate not to be fully","page_number":237,"box":{"x":62,"y":683,"width":861,"height":12}},{"id":"ad568b31-a48a-4155-bf83-fddcc3ba00ca","block_type":"box","text":"invested but to hold cash or near cash for reasons other than for the purpose of meeting a Sub-Fund's","page_number":237,"box":{"x":110,"y":697,"width":813,"height":11}},{"id":"20936d21-0862-4027-9e3e-4d3e7dcce1f9","block_type":"box","text":"investment objective (where applicable). Cash and near cash must not be retained in the property except to","page_number":237,"box":{"x":110,"y":711,"width":813,"height":11}},{"id":"b7ffb7ae-788b-4d10-bb3c-87fa33644e75","block_type":"box","text":"the extent that this may reasonably be regarded as necessary in order to enable:","page_number":237,"box":{"x":109,"y":725,"width":598,"height":11}},{"id":"675097a5-1162-42be-8f88-8bac0ac01a6d","block_type":"box","text":"(a) redemption of Units; or","page_number":237,"box":{"x":110,"y":750,"width":216,"height":11}},{"id":"56a2eb03-0fd5-4811-8375-92bcd3647557","block_type":"box","text":"(b) efficient management of the Sub-Fund in accordance with its investment objectives; or","page_number":237,"box":{"x":110,"y":775,"width":687,"height":12}},{"id":"31bffce6-4db2-45d5-a10b-0dae1d5b7ff7","block_type":"box","text":"(c) other purposes which may reasonably be regarded as ancillary to the investment objectives of the Sub\u0002","page_number":237,"box":{"x":110,"y":801,"width":812,"height":11}},{"id":"3a3ef26c-c5d7-405f-93c7-b7c2d6442732","block_type":"box","text":"Fund; or","page_number":237,"box":{"x":158,"y":815,"width":61,"height":10}},{"id":"a4514169-5a92-457c-808b-b4beb082364c","block_type":"box","text":"(d) pursuit of the Sub-Fund's investment objectives.","page_number":237,"box":{"x":110,"y":840,"width":402,"height":11}},{"id":"fda06d93-240d-49a4-9df5-7178d67fcdc0","block_type":"box","text":"6.3 During any initial offer period, the property of the Sub-Fund may consist of cash and near cash without limitation.","page_number":237,"box":{"x":62,"y":860,"width":860,"height":11}},{"id":"7c6d4ad8-ed05-4060-ade5-24252e85120a","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":238,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"f65eebe2-c23d-41cf-adfb-c4e28a03c390","block_type":"box","text":"(7 August 2026)","page_number":238,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"9eb469bb-afe2-4e2e-8f91-4cb56cbd2e27","block_type":"box","text":"238","page_number":238,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"63b17941-04ec-4e98-a149-74d36c0617bb","block_type":"box","text":"Aviva Investors: Confidential","page_number":238,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"e992b95d-8a9d-4e42-bdee-9f7fec03bd78","block_type":"box","text":"7.","page_number":238,"box":{"x":62,"y":46,"width":12,"height":8}},{"id":"0cd340d3-e27a-4b25-b64b-25ac4acfbf7d","block_type":"box","text":"Warrants","page_number":238,"box":{"x":109,"y":46,"width":72,"height":9}},{"id":"c459dafd-13af-4dc3-ad4d-96ef8dc2cf32","block_type":"box","text":"Where a Sub-Fund invests in warrants, the ACS Manager must ensure that upon exercising the right conferred","page_number":238,"box":{"x":109,"y":65,"width":814,"height":11}},{"id":"f7617bc7-7eda-403c-b089-7f62c935b23b","block_type":"box","text":"by the warrant the exposure created does not exceed the general limits on spread of investments set out below.","page_number":238,"box":{"x":110,"y":79,"width":812,"height":11}},{"id":"d288ca1a-b1af-4c4e-8404-7950703c9d77","block_type":"box","text":"No more than 5 % of any Sub-Fund will be invested in warrants.","page_number":238,"box":{"x":110,"y":93,"width":472,"height":11}},{"id":"84bc032b-4187-411a-aeb3-1a51c950c62f","block_type":"box","text":"8.","page_number":238,"box":{"x":62,"y":119,"width":12,"height":8}},{"id":"d7f989d2-a4a9-481f-909c-d622ff444dc6","block_type":"box","text":"Nil and Partly Paid Securities","page_number":238,"box":{"x":110,"y":118,"width":231,"height":11}},{"id":"c875f2ca-d6fb-49d5-8c57-1dfc6141f435","block_type":"box","text":"In respect of nil and partly paid securities; a transferable security or approved money-market instrument on","page_number":238,"box":{"x":110,"y":138,"width":812,"height":11}},{"id":"5f294d17-a24c-4012-b8de-e2eec12b6bc5","block_type":"box","text":"which any sum is unpaid falls within a power of investment only if it is reasonably foreseeable that the amount","page_number":238,"box":{"x":109,"y":152,"width":814,"height":11}},{"id":"05bd9852-40aa-4296-ae90-dd1af02db0cf","block_type":"box","text":"of any existing and potential call for any sum unpaid could be paid by the Sub-Funds, at the time when payment","page_number":238,"box":{"x":110,"y":165,"width":813,"height":11}},{"id":"24146dd0-b779-4501-b37d-d312f0dc0a0f","block_type":"box","text":"is required, without contravening the rules in COLL 5.","page_number":238,"box":{"x":110,"y":179,"width":393,"height":11}},{"id":"4a5b783e-67ae-472d-aae8-fedc1fd43031","block_type":"box","text":"9.","page_number":238,"box":{"x":62,"y":205,"width":12,"height":8}},{"id":"c4de6c2e-4f4f-4cfa-96a4-79508c862a4a","block_type":"box","text":"General - Derivatives and Forward Transactions","page_number":238,"box":{"x":110,"y":204,"width":380,"height":9}},{"id":"a2552006-4221-467e-9d01-b38ed5b188b7","block_type":"box","text":"9.1 The Sub-Funds may use derivatives to hedge market and currency risk for the purposes of efficient portfolio","page_number":238,"box":{"x":62,"y":224,"width":861,"height":11}},{"id":"4f6cbb6e-5223-49b2-ac07-8b33577bb6e8","block_type":"box","text":"management (as described in paragraph 9.2) and in pursuit of the Sub-Funds' investment objectives.","page_number":238,"box":{"x":110,"y":237,"width":746,"height":12}},{"id":"630be027-5dd8-4711-961b-9176f9a53917","block_type":"box","text":"The use of derivatives for the purpose of hedging and managing risk and for efficient portfolio management","page_number":238,"box":{"x":62,"y":257,"width":861,"height":11}},{"id":"2680f06a-1039-4431-9f14-bbe62d683b98","block_type":"box","text":"is not intended to increase the risk profile of the Sub-Funds. The ACS Manager uses a risk management","page_number":238,"box":{"x":63,"y":271,"width":860,"height":11}},{"id":"f7e63675-a3f5-4835-90f5-7b0586be7486","block_type":"box","text":"process, to monitor and measure as frequently as appropriate the risk of a Sub-Fund's portfolio and","page_number":238,"box":{"x":62,"y":284,"width":861,"height":12}},{"id":"da52a2f4-e12e-4e11-992a-6204cfece3e1","block_type":"box","text":"contribution of the underlying investments to the overall risk profile of the Sub-Fund.","page_number":238,"box":{"x":62,"y":298,"width":678,"height":11}},{"id":"6cf6b7b5-6483-48e0-8085-2647e833671f","block_type":"box","text":"However, the use of derivatives may expose the Sub-Funds to a higher degree of risk. In particular, derivative","page_number":238,"box":{"x":63,"y":318,"width":860,"height":11}},{"id":"b18a1b9b-4738-46e9-a01a-b7821b9689ef","block_type":"box","text":"contracts can be highly volatile, and the amount of initial margin is generally small, relative to size of the","page_number":238,"box":{"x":62,"y":331,"width":861,"height":12}},{"id":"410467a5-f5be-4491-baf2-8b68afc9e4bc","block_type":"box","text":"contract, so that transactions are geared. A relatively small market movement may have a potentially larger","page_number":238,"box":{"x":62,"y":345,"width":861,"height":11}},{"id":"87b73c37-bb9e-4453-a6bc-c3d71f8f9726","block_type":"box","text":"impact on derivatives than in standard bonds or equities.","page_number":238,"box":{"x":63,"y":359,"width":454,"height":11}},{"id":"e84f0933-7170-4728-832c-d36c5f635283","block_type":"box","text":"The use of derivatives in pursuit of the investment objectives of the Sub-Funds may alter the risk profile of","page_number":238,"box":{"x":62,"y":378,"width":861,"height":11}},{"id":"df366b93-e5b1-44d4-90a6-73ef4f79ef0e","block_type":"box","text":"the Sub-Funds and lead to higher volatility in the Unit price of the Sub-Funds.","page_number":238,"box":{"x":62,"y":392,"width":617,"height":11}},{"id":"b01cfadc-59dd-4638-b5d1-d8e31125fc57","block_type":"box","text":"9.2 Where such techniques and instruments relate to the use of derivatives which are used for the purpose of","page_number":238,"box":{"x":62,"y":411,"width":861,"height":12}},{"id":"7f382342-98c1-494f-a26d-2c1093d6a5f8","block_type":"box","text":"efficient portfolio management, they will only be used in accordance with the following criteria:","page_number":238,"box":{"x":110,"y":425,"width":693,"height":11}},{"id":"2efa89fb-11ef-4c1c-941b-8450c360d72d","block_type":"box","text":"(a) They are economically appropriate in that they are realised in a cost effective way.","page_number":238,"box":{"x":110,"y":451,"width":656,"height":11}},{"id":"3a4bfee9-23d7-48f2-a0e2-021b584588a6","block_type":"box","text":"(b) They are entered into for one or more of the following specific aims:","page_number":238,"box":{"x":110,"y":470,"width":546,"height":12}},{"id":"af64c347-e15c-401f-a187-25a9ee8ff24c","block_type":"box","text":"","page_number":238,"box":{"x":157,"y":494,"width":6,"height":4}},{"id":"1087c372-b08c-4f4e-a3f7-5e623d59afde","block_type":"box","text":"reduction of risk;","page_number":238,"box":{"x":188,"y":491,"width":121,"height":10}},{"id":"af3eb755-2ad5-470f-961d-0d671a5bb385","block_type":"box","text":"","page_number":238,"box":{"x":157,"y":514,"width":6,"height":5}},{"id":"8b6443a0-5273-4adb-8d21-5fc2b0d8438c","block_type":"box","text":"reduction of costs; or","page_number":238,"box":{"x":188,"y":511,"width":155,"height":11}},{"id":"f202b07d-c696-4295-a6fb-28529fe4798b","block_type":"box","text":"","page_number":238,"box":{"x":157,"y":535,"width":6,"height":4}},{"id":"3ca0b653-08b5-4be4-88af-4e7a67e0c103","block_type":"box","text":"generation of additional capital or income for the Sub-Fund with a level of risk which is consistent","page_number":238,"box":{"x":187,"y":532,"width":736,"height":11}},{"id":"8d864904-68b0-4c64-9be7-5bda828872e6","block_type":"box","text":"with the risk profile of the Sub-Fund.","page_number":238,"box":{"x":187,"y":545,"width":267,"height":11}},{"id":"f00e44d3-4fb9-4ca0-8d11-a8b75b4ad2a4","block_type":"box","text":"(c) Their risks are adequately captured by the ACS Manager's risk management process.","page_number":238,"box":{"x":110,"y":571,"width":683,"height":11}},{"id":"60cb689c-c569-4357-830a-597f341410cc","block_type":"box","text":"9.3 The ACS Manager uses a risk management process, as reviewed by the Depositary, enabling it to monitor and","page_number":238,"box":{"x":62,"y":590,"width":860,"height":12}},{"id":"69da1ab2-c323-44e5-8fa8-c55398e871a3","block_type":"box","text":"measure as frequently as appropriate the risk of a Sub-Fund's positions and their contribution to the overall risk","page_number":238,"box":{"x":110,"y":604,"width":813,"height":11}},{"id":"40981ecc-54c1-44ae-99d5-8684fabf240b","block_type":"box","text":"profile of that Sub-Fund. The details of the risk management process include the information as set out in","page_number":238,"box":{"x":110,"y":617,"width":812,"height":12}},{"id":"9cb1fb64-2ce5-497b-b0e9-b35b6f37785e","block_type":"box","text":"paragraphs 1.3 and 10.9 of this Appendix 6.","page_number":238,"box":{"x":110,"y":631,"width":323,"height":11}},{"id":"df72d470-2ba1-4c5a-aa46-980dd3439645","block_type":"box","text":"10.","page_number":238,"box":{"x":63,"y":657,"width":20,"height":9}},{"id":"099483e0-6696-4958-87d5-bceb90fda711","block_type":"box","text":"Derivatives General","page_number":238,"box":{"x":110,"y":657,"width":154,"height":9}},{"id":"80e459b2-864e-4773-b903-a578b6a4fc20","block_type":"box","text":"10.1 A transaction in derivatives or a forward transaction must not be effected for a Sub-Fund unless the transaction","page_number":238,"box":{"x":63,"y":676,"width":859,"height":9}},{"id":"2be92711-17d3-4426-b511-0757986a0cf1","block_type":"box","text":"is of a kind set out in section 12 of this Appendix 6 and the transaction is covered, as set out in paragraphs","page_number":238,"box":{"x":110,"y":690,"width":813,"height":11}},{"id":"75e01a88-eb2f-48a1-9e21-70135bef1833","block_type":"box","text":"11.1 to 11.3 of this Appendix 6.","page_number":238,"box":{"x":111,"y":704,"width":228,"height":11}},{"id":"6a3f977b-b40d-4998-89b6-5148d6bfcd59","block_type":"box","text":"10.2 Where a Sub-Fund invests in derivatives, the exposure to the underlying assets must not exceed the limits set","page_number":238,"box":{"x":63,"y":723,"width":860,"height":11}},{"id":"067fb773-7cd4-4322-aa31-27e7389350a7","block_type":"box","text":"out in the COLL Sourcebook in relation to spread except for index based derivatives where the rules below","page_number":238,"box":{"x":110,"y":737,"width":813,"height":11}},{"id":"b4846be4-2387-4524-9be3-1fc7eaac9090","block_type":"box","text":"apply.","page_number":238,"box":{"x":110,"y":751,"width":42,"height":11}},{"id":"06910bf0-530a-486e-bb99-d75fba42c8ba","block_type":"box","text":"10.3 Where a transferable security or approved money-market instrument embeds a derivative, this must be taken","page_number":238,"box":{"x":63,"y":770,"width":859,"height":11}},{"id":"1c49feca-e159-4531-adaf-b082919e53ba","block_type":"box","text":"into account for the purposes of complying with this section 10.","page_number":238,"box":{"x":110,"y":784,"width":464,"height":11}},{"id":"d340e7ce-9300-49b8-a2de-d39a8e3ef277","block_type":"box","text":"10.4 A transferable security or an approved money-market instrument will embed a derivative if it contains a","page_number":238,"box":{"x":63,"y":803,"width":860,"height":12}},{"id":"52637b24-9074-4992-9090-ff53ad6d0455","block_type":"box","text":"component which fulfils the following criteria:","page_number":238,"box":{"x":110,"y":817,"width":329,"height":11}},{"id":"72186f1d-10c7-489a-8968-2f879afc77d1","block_type":"box","text":"(a) by virtue of that component some or all of the cash flows that otherwise would be required by the","page_number":238,"box":{"x":110,"y":843,"width":813,"height":11}},{"id":"b6dc370e-1990-4824-8db4-e29fd45b7a89","block_type":"box","text":"transferable security or approved money-market instrument which functions as host contract can be","page_number":238,"box":{"x":157,"y":856,"width":766,"height":11}},{"id":"2d0c472b-9e78-48cb-9657-59bbede9ba5b","block_type":"box","text":"modified according to a specified interest rate, financial instrument price, foreign exchange rate, index of","page_number":238,"box":{"x":158,"y":870,"width":765,"height":11}},{"id":"a999eb77-4582-4bb2-9ef0-472e6f28d2f8","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":239,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"279a4d33-a2c1-49ca-bb41-c4d83f126f90","block_type":"box","text":"(7 August 2026)","page_number":239,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"6f767cd9-5b14-40f8-9954-cc9449e2d8c6","block_type":"box","text":"239","page_number":239,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"8a269b8b-66e0-47ae-93f7-a24d4b3f6241","block_type":"box","text":"Aviva Investors: Confidential","page_number":239,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"c732b02a-01f0-4d05-a50b-8e00b86f5492","block_type":"box","text":"prices or rates, credit rating or credit index or other variable, and therefore vary in a way similar to a","page_number":239,"box":{"x":158,"y":46,"width":765,"height":11}},{"id":"90d429a0-c28a-4c58-878d-d49481b7acb9","block_type":"box","text":"stand-alone derivative;","page_number":239,"box":{"x":157,"y":60,"width":167,"height":10}},{"id":"12c8e3d0-45e8-469a-a07d-e10c19e8c372","block_type":"box","text":"(b) its economic characteristics and risks are not closely related to the economic characteristics and risks of","page_number":239,"box":{"x":110,"y":79,"width":813,"height":11}},{"id":"fdb77e9e-bc9d-4627-85fe-c53cd6de7fd5","block_type":"box","text":"the host contract; and","page_number":239,"box":{"x":157,"y":93,"width":160,"height":10}},{"id":"9bcedf15-6cf8-4f52-8a95-ccd5d3a7fb84","block_type":"box","text":"it has a significant impact on the risk profile and pricing of the transferable security or approved money-market","page_number":239,"box":{"x":62,"y":112,"width":861,"height":12}},{"id":"b9c6baf5-ac9d-4370-86fe-7710647d4e9f","block_type":"box","text":"instrument.","page_number":239,"box":{"x":62,"y":126,"width":81,"height":9}},{"id":"e63e67d1-7303-4d35-b1a8-f12070885c83","block_type":"box","text":"10.5 A transferable security or an approved money-market instrument does not embed a derivative where it contains","page_number":239,"box":{"x":63,"y":146,"width":860,"height":11}},{"id":"c6f2d73f-44b2-4217-b866-11b19d7e672c","block_type":"box","text":"a component which is contractually transferable independently of the transferable security or the approved","page_number":239,"box":{"x":110,"y":159,"width":812,"height":11}},{"id":"e43d919c-9535-4271-a68e-ea74f04427c1","block_type":"box","text":"money-market instrument. That component shall be deemed to be a separate instrument.","page_number":239,"box":{"x":110,"y":173,"width":660,"height":11}},{"id":"bcae72f4-1251-4ee2-a95e-831a7a39c64b","block_type":"box","text":"10.6 Where a Sub-Fund invests in an index based derivative, provided the relevant index falls within COLL 5.6.23R","page_number":239,"box":{"x":63,"y":192,"width":860,"height":11}},{"id":"29deb135-4b8e-45b6-a1bb-03805f8c1e0f","block_type":"box","text":"(Schemes replicating an index) the underlying constituents of the index do not have to be taken into account","page_number":239,"box":{"x":110,"y":206,"width":813,"height":11}},{"id":"8ec00e6c-6f12-42ea-991f-7a012939560c","block_type":"box","text":"for the purposes of COLL 5.6.7R and COLL 5.6.8R.","page_number":239,"box":{"x":109,"y":220,"width":381,"height":11}},{"id":"1c5e1eba-9f85-42a3-8f1a-83cd46296e4f","block_type":"box","text":"10.7 The relaxation of 10.6 is subject to the ACS Manager taking account of COLL 5.6.3 (Prudent spread of risk).","page_number":239,"box":{"x":63,"y":239,"width":846,"height":12}},{"id":"00cb4cc2-f2b8-4f23-83ec-c961ef5e045d","block_type":"box","text":"10.8 Where derivative instruments are used, the overall risk profile of a Sub-Fund may be increased. The ACS","page_number":239,"box":{"x":63,"y":259,"width":859,"height":11}},{"id":"e5b9d7f6-4953-4cc1-9f71-df62fa4dd59d","block_type":"box","text":"Manager will ensure that the global exposure generated by using financial derivative instruments on the","page_number":239,"box":{"x":110,"y":273,"width":813,"height":11}},{"id":"e4e7430a-d087-4641-80c6-8c5f15f2a347","block_type":"box","text":"underlying assets of that Sub-Fund shall not exceed the total net value of the Sub-Fund.","page_number":239,"box":{"x":110,"y":286,"width":651,"height":11}},{"id":"e219d786-13ea-4297-9ffc-0e6af4973edb","block_type":"box","text":"10.9 Accordingly, where derivative instruments are used, the ACS Manager will employ a risk-management process","page_number":239,"box":{"x":63,"y":306,"width":860,"height":11}},{"id":"1da21a4e-5ed1-4491-b306-6aed11b6373c","block_type":"box","text":"which enables the ACS Manager to monitor and measure at any time the risk of the positions and their","page_number":239,"box":{"x":109,"y":319,"width":814,"height":12}},{"id":"d5505bdf-2a97-442d-910d-4811947882c2","block_type":"box","text":"contribution to the overall risk profile of the relevant Sub-Fund. The ACS Manager measures the global","page_number":239,"box":{"x":110,"y":333,"width":812,"height":11}},{"id":"a73e0dc5-b421-4ed0-88e3-a1b5f20cff2e","block_type":"box","text":"exposure of each Sub-Fund by way of the gross and commitment methods as prescribed by ESMA and in","page_number":239,"box":{"x":110,"y":347,"width":812,"height":11}},{"id":"df760584-22d8-4e0f-acb9-23e2b6806c8d","block_type":"box","text":"accordance with the UK AIFM Regime. Further details about the calculation methodology and the limits","page_number":239,"box":{"x":110,"y":361,"width":813,"height":11}},{"id":"7a76d96d-76d6-4f8e-a714-9bc58db43d69","block_type":"box","text":"applying to each Sub-Fund can be found in section 24 above and Appendix 1.","page_number":239,"box":{"x":110,"y":374,"width":576,"height":11}},{"id":"845a4c89-0891-4509-a0d9-368d94267e3b","block_type":"box","text":"11.","page_number":239,"box":{"x":63,"y":400,"width":20,"height":8}},{"id":"b8bda95d-cf19-497e-a1e7-3e7cf3b593f7","block_type":"box","text":"Cover for transactions in derivatives and forward transactions","page_number":239,"box":{"x":110,"y":400,"width":495,"height":9}},{"id":"810ca858-9c92-4e6e-b50b-28f0609d4193","block_type":"box","text":"11.1 The ACS Manager will ensure that a transaction in derivatives or forwards is entered into only if the related","page_number":239,"box":{"x":63,"y":419,"width":859,"height":11}},{"id":"c4174da3-a492-4df6-95f4-818bebad4bfc","block_type":"box","text":"global exposure does not exceed the total net value of a Sub-Fund.","page_number":239,"box":{"x":110,"y":433,"width":497,"height":11}},{"id":"9404ae3f-2876-45df-bb2c-b02d357de2d9","block_type":"box","text":"11.2 The global exposure is calculated taking into account the current value of the underlying assets, the","page_number":239,"box":{"x":63,"y":453,"width":860,"height":11}},{"id":"6fa7a1e5-ab6d-45fd-9224-6cb8e90a964b","block_type":"box","text":"counterparty risk, future market movements and the time available to liquidate the positions.","page_number":239,"box":{"x":110,"y":466,"width":679,"height":11}},{"id":"eb942a9d-3bc6-4c1a-868e-cef47235d647","block_type":"box","text":"11.3 Property which is subject to a stock lending transaction (as described in section 19 of this Appendix 6) is only","page_number":239,"box":{"x":63,"y":486,"width":860,"height":11}},{"id":"70724c8c-2660-4bec-89ed-5346690cfd0e","block_type":"box","text":"available for cover if the ACS Manager has taken reasonable care to determine that it is obtainable (by return","page_number":239,"box":{"x":110,"y":499,"width":812,"height":12}},{"id":"9284503e-04d3-4bc1-853d-a460fe85f429","block_type":"box","text":"or re-acquisition) in time to meet the obligation for which cover is required.","page_number":239,"box":{"x":110,"y":513,"width":547,"height":11}},{"id":"0a133722-7669-4d26-9f38-d1576798d386","block_type":"box","text":"12.","page_number":239,"box":{"x":63,"y":539,"width":20,"height":8}},{"id":"dd463063-ba81-42ef-bdd2-6e1a5659210b","block_type":"box","text":"Permitted Transactions in Derivatives and Forwards","page_number":239,"box":{"x":110,"y":539,"width":414,"height":9}},{"id":"975d1b59-ca31-4733-acae-7d1051d1a41e","block_type":"box","text":"12.1 A transaction in a derivative must be:","page_number":239,"box":{"x":63,"y":558,"width":320,"height":9}},{"id":"c9f75bbd-1a12-46e9-870d-4f073cac0e13","block_type":"box","text":"(a) in an approved derivative; or","page_number":239,"box":{"x":110,"y":584,"width":258,"height":11}},{"id":"444fbf4a-256b-4027-913b-394897f8c5ba","block_type":"box","text":"(b) be one which complies with section 22 of this Appendix 6.","page_number":239,"box":{"x":110,"y":609,"width":473,"height":11}},{"id":"d7df0a51-6d45-4f1a-a273-86be5625ecb6","block_type":"box","text":"12.2 A transaction in a derivative must have the underlying consisting of any one or more of the following to which","page_number":239,"box":{"x":63,"y":629,"width":859,"height":11}},{"id":"37d7e178-b14a-46c7-a38c-fd3fb36d76df","block_type":"box","text":"a Sub-Fund is dedicated:","page_number":239,"box":{"x":110,"y":642,"width":184,"height":9}},{"id":"d2d79fcf-3411-4b72-b45b-4df6536bde49","block_type":"box","text":"(a) transferable securities;","page_number":239,"box":{"x":110,"y":668,"width":214,"height":11}},{"id":"061a4eed-d002-4c97-939f-60fb7aeaa58f","block_type":"box","text":"(b) money-market instruments;","page_number":239,"box":{"x":110,"y":688,"width":249,"height":11}},{"id":"74e4b946-6928-4ed2-80c9-d3670d84840a","block_type":"box","text":"(c) permitted deposits under paragraph 6 of this Appendix 6;","page_number":239,"box":{"x":110,"y":707,"width":468,"height":11}},{"id":"f4c9881a-ff7a-4051-bec8-023608338862","block_type":"box","text":"(d) permitted derivatives under this paragraph 12;","page_number":239,"box":{"x":110,"y":727,"width":388,"height":11}},{"id":"da4ea082-d95f-4ccb-96de-fb18c257f7ce","block_type":"box","text":"(e) collective investment scheme Units permitted under paragraph 5 of this Appendix 6;","page_number":239,"box":{"x":110,"y":746,"width":667,"height":12}},{"id":"efa72be5-2c9e-47b8-aede-a05d486ab562","block_type":"box","text":"(f) permitted immovables;","page_number":239,"box":{"x":110,"y":766,"width":214,"height":11}},{"id":"18e89f66-9a3b-44eb-9b90-269226f21f02","block_type":"box","text":"(g) gold (up to the value of 10% in value of the Scheme Property);","page_number":239,"box":{"x":110,"y":785,"width":508,"height":12}},{"id":"f8d9b552-4803-4d5e-9120-665942abd025","block_type":"box","text":"(h) financial indices which satisfy the criteria set out below;","page_number":239,"box":{"x":110,"y":805,"width":455,"height":11}},{"id":"5e954e1e-0946-45de-a467-18f103a12058","block_type":"box","text":"(i) interest rates;","page_number":239,"box":{"x":110,"y":825,"width":147,"height":11}},{"id":"d234a21d-7525-4f8b-bc89-a4c187a1bc7a","block_type":"box","text":"(j) foreign exchange rates; and","page_number":239,"box":{"x":110,"y":844,"width":254,"height":12}},{"id":"aed284b0-b44c-4f9d-a94d-e3e5a1a1dbc7","block_type":"box","text":"currencies.","page_number":239,"box":{"x":62,"y":864,"width":80,"height":9}},{"id":"5927a484-bf68-4a2f-9dbe-a6a3e7ff5dcf","block_type":"box","text":"12.3 The exposure to the underlyings in paragraph 12.2 of this Appendix 6 must not exceed the limits relating to","page_number":239,"box":{"x":63,"y":884,"width":860,"height":11}},{"id":"51aaf43b-c027-4af3-b2f1-303c9eeb1aaa","block_type":"box","text":"spread set out in the COLL Sourcebook.","page_number":239,"box":{"x":110,"y":897,"width":297,"height":11}},{"id":"78dd7615-408f-42e6-9af5-a283394c2dea","block_type":"box","text":"12.4 A transaction in an approved derivative must be effected on or under the rules of an eligible derivatives market.","page_number":239,"box":{"x":63,"y":917,"width":859,"height":11}},{"id":"7213952b-0840-457a-a117-dc7a94451553","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":240,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"25bd9039-bb4f-4fdf-85dd-204dbdf5f404","block_type":"box","text":"(7 August 2026)","page_number":240,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"6e3ce33a-07d5-4d28-8353-f0b1779e6d9a","block_type":"box","text":"240","page_number":240,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"26b42eac-6143-436a-8d0c-0a2e076f98de","block_type":"box","text":"Aviva Investors: Confidential","page_number":240,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"69b55a36-61ff-4ce6-8bad-c75589b2ca5b","block_type":"box","text":"12.5 A transaction in a derivative must not cause a Sub-Fund to diverge from its investment objectives as stated in","page_number":240,"box":{"x":63,"y":46,"width":859,"height":11}},{"id":"334faf7e-ab41-4ec4-88aa-377bffebaed8","block_type":"box","text":"the ACS Deed and the most recently published version of this Prospectus.","page_number":240,"box":{"x":109,"y":59,"width":549,"height":12}},{"id":"9a8f3772-4cee-4ff3-a5ac-5f8fd62e00f5","block_type":"box","text":"12.6 A transaction in a derivative must not be entered into if the intended effect is to create the potential for an","page_number":240,"box":{"x":63,"y":79,"width":859,"height":11}},{"id":"6e30aca3-f592-4266-a069-c682fc7f3abd","block_type":"box","text":"uncovered sale of transferable securities, money-market instruments, Units in collective investment schemes,","page_number":240,"box":{"x":110,"y":93,"width":812,"height":11}},{"id":"91eff75e-2a05-4c0c-aa01-bb2e7f8fc5ac","block_type":"box","text":"or derivatives, provided that a sale is not to be considered as uncovered if the conditions in paragraph 14.2 of","page_number":240,"box":{"x":110,"y":106,"width":813,"height":12}},{"id":"987929d0-861d-4911-89e9-34d91007745b","block_type":"box","text":"this Appendix 6 are satisfied.","page_number":240,"box":{"x":109,"y":120,"width":213,"height":11}},{"id":"3bfcef26-c831-49ef-b16e-e0fefd0ae373","block_type":"box","text":"12.7 Any forward transaction must be with an Eligible Institution or an Approved Bank (as defined by the FCA).","page_number":240,"box":{"x":63,"y":139,"width":828,"height":12}},{"id":"4364a89e-057a-4c0c-9335-918da0a27719","block_type":"box","text":"12.8 All derivatives transactions are deemed to be free of counterparty risk if they are performed on an exchange","page_number":240,"box":{"x":63,"y":159,"width":860,"height":11}},{"id":"962ee1bc-6bab-4bfd-a16a-1e64c0fb9780","block_type":"box","text":"where the clearing house is backed by an appropriate performance guarantee; and it is characterised by a daily","page_number":240,"box":{"x":109,"y":173,"width":814,"height":11}},{"id":"f6cb9638-663f-4da7-817f-b552ae145c3a","block_type":"box","text":"mark-to-market valuation of the derivative positions and at least daily margining.","page_number":240,"box":{"x":110,"y":187,"width":591,"height":11}},{"id":"d634517e-a3ea-476e-9f59-417523964910","block_type":"box","text":"13.","page_number":240,"box":{"x":63,"y":212,"width":20,"height":9}},{"id":"7ca8cfbb-383a-48a1-a6a2-ab167a9f2149","block_type":"box","text":"Transactions for the purchase of property","page_number":240,"box":{"x":109,"y":212,"width":334,"height":11}},{"id":"83749f32-a8d0-4216-9939-1609ca97af6d","block_type":"box","text":"A derivative or forward transaction which will or could lead to the delivery of property for the account of a Sub\u0002","page_number":240,"box":{"x":109,"y":231,"width":814,"height":12}},{"id":"8217caef-4ffa-47fe-bd8a-a534c50c6505","block_type":"box","text":"Fund may be entered into only if that property can be held for the account of a Sub-Fund, and the ACS Manager","page_number":240,"box":{"x":110,"y":245,"width":813,"height":11}},{"id":"506abc22-b16a-45ad-a65b-a7d9f04b7136","block_type":"box","text":"having taken reasonable care determines that delivery of the property under the transaction will not occur or","page_number":240,"box":{"x":110,"y":259,"width":813,"height":11}},{"id":"81c674b8-81de-4707-803d-58531aefb37b","block_type":"box","text":"will not lead to a breach of the rules in the COLL Sourcebook.","page_number":240,"box":{"x":109,"y":273,"width":456,"height":8}},{"id":"66bbfcdd-b3bc-4147-ad3d-b005d3b4cdac","block_type":"box","text":"14.","page_number":240,"box":{"x":63,"y":298,"width":20,"height":9}},{"id":"3655ccb9-b480-4bcd-b0d1-afab14e45401","block_type":"box","text":"Requirement to cover sales","page_number":240,"box":{"x":110,"y":298,"width":218,"height":11}},{"id":"60bfbc2d-cb37-41d3-8672-bf7bacfe5a79","block_type":"box","text":"14.1 A transaction in a derivative must not be entered into if the intended effect is to create the potential for an","page_number":240,"box":{"x":63,"y":318,"width":859,"height":11}},{"id":"94fda03f-8109-44a3-b3ee-3f149a77f5f6","block_type":"box","text":"uncovered sale of one or more, transferable securities, approved money-market instruments, Units in collective","page_number":240,"box":{"x":110,"y":331,"width":813,"height":11}},{"id":"f950337a-b511-43b4-908e-1381b1dc7a72","block_type":"box","text":"investment schemes, or derivatives.","page_number":240,"box":{"x":110,"y":345,"width":264,"height":10}},{"id":"c3ed6d82-25dc-4b62-827e-a7e237cfc492","block_type":"box","text":"14.2 A sale is not to be considered as uncovered if:","page_number":240,"box":{"x":63,"y":365,"width":388,"height":8}},{"id":"5fe2f6d7-f7a1-44f1-8be4-26287b0c4945","block_type":"box","text":"(a) the risks of the underlying financial instrument of a derivative can be appropriately represented by","page_number":240,"box":{"x":110,"y":390,"width":813,"height":11}},{"id":"c3556948-4b37-4b28-921e-65ee0b75c669","block_type":"box","text":"another financial instrument and the underlying financial instrument is highly liquid; or","page_number":240,"box":{"x":157,"y":404,"width":632,"height":11}},{"id":"60cbb8db-d633-4534-a225-d6f29c9d426a","block_type":"box","text":"(b) the ACS Manager or the Depositary has the right to settle the derivative in cash, and cover exists within","page_number":240,"box":{"x":110,"y":423,"width":812,"height":12}},{"id":"bcf67a01-476b-44bf-931f-4d906140a6cc","block_type":"box","text":"the Scheme property which falls within one of the following asset 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or","page_number":240,"box":{"x":188,"y":491,"width":166,"height":12}},{"id":"b7ec2a81-fec5-482e-8087-cc367439d029","block_type":"box","text":"","page_number":240,"box":{"x":157,"y":515,"width":6,"height":4}},{"id":"8ac4c1ed-e299-42b8-b5d4-dbdd6eb9c776","block_type":"box","text":"other highly liquid assets having regard to their correlation with the underlying of the financial","page_number":240,"box":{"x":187,"y":512,"width":735,"height":11}},{"id":"b217cf53-604f-418c-9069-8551e475c25c","block_type":"box","text":"derivative instruments, subject to appropriate safeguards (e.g. haircuts where relevant).","page_number":240,"box":{"x":187,"y":526,"width":647,"height":11}},{"id":"48fbd0c0-c9e0-4629-ab2f-0cddb76e9b00","block_type":"box","text":"14.3 In the asset classes referred to in paragraph 14.2 of this Appendix 6 are satisfied, an asset may be considered","page_number":240,"box":{"x":63,"y":545,"width":859,"height":11}},{"id":"84f8f609-1802-4f49-a509-7da6df130acf","block_type":"box","text":"as liquid where the instrument can be converted into cash in no more than seven Business Days at a price","page_number":240,"box":{"x":110,"y":559,"width":813,"height":11}},{"id":"da2e89b9-2802-436d-a824-1b4e835e0564","block_type":"box","text":"closely corresponding to the current valuation of the financial instrument on its own market.","page_number":240,"box":{"x":110,"y":573,"width":672,"height":11}},{"id":"6be5df86-9a6d-4c82-b219-ab229c4e6d38","block_type":"box","text":"15.","page_number":240,"box":{"x":63,"y":598,"width":20,"height":9}},{"id":"301aa7cc-d059-4462-8f19-41bd9665cdd5","block_type":"box","text":"Financial indices underlying derivatives","page_number":240,"box":{"x":110,"y":598,"width":317,"height":11}},{"id":"dbc1bff7-79d5-47ab-927c-706c756444ba","block_type":"box","text":"15.1 Where a Sub-Fund holds an index-based derivative, the financial index must satisfy the following criteria:","page_number":240,"box":{"x":63,"y":617,"width":822,"height":12}},{"id":"72a3364e-c0f5-4eb4-a424-0b4ade8a7deb","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":641,"width":6,"height":4}},{"id":"364bbc77-fe52-4d74-a186-518d93294454","block_type":"box","text":"the index is sufficiently diversified;","page_number":240,"box":{"x":139,"y":638,"width":252,"height":11}},{"id":"eff7583a-bc6a-4d4d-8f29-dad2101df1ca","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":662,"width":6,"height":4}},{"id":"5ef16f76-aba9-42ab-9010-d2066d3c59fc","block_type":"box","text":"the index represents an adequate benchmark for the market to which it refers; and","page_number":240,"box":{"x":139,"y":658,"width":610,"height":11}},{"id":"0b95a676-3ff3-457d-a1df-b060a04c0534","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":682,"width":6,"height":4}},{"id":"fda6733e-5ee9-4918-91f1-e563aa0ace67","block_type":"box","text":"the index is published in an appropriate manner.","page_number":240,"box":{"x":139,"y":679,"width":357,"height":11}},{"id":"ee106d34-45f2-4a13-8f2f-3780a19b29f7","block_type":"box","text":"15.2 A financial index is sufficiently diversified if:","page_number":240,"box":{"x":63,"y":698,"width":365,"height":11}},{"id":"bc9bd32e-87b1-49b9-83ef-6bb5fa4314fc","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":722,"width":6,"height":4}},{"id":"e5066d67-e234-4c52-998e-2150a2732005","block_type":"box","text":"it is composed in such a way that price movements or trading activities regarding one component do not","page_number":240,"box":{"x":140,"y":719,"width":783,"height":11}},{"id":"14bf2fa0-4d64-4ba1-8ba7-bc6006ed7fee","block_type":"box","text":"unduly influence the performance of the whole index;","page_number":240,"box":{"x":140,"y":732,"width":391,"height":12}},{"id":"541bb139-9a7b-44eb-baaa-02195201c207","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":756,"width":6,"height":4}},{"id":"748bde1f-6e43-4e67-ab6f-32d2ce22db42","block_type":"box","text":"where it is composed of assets in which a Sub-Fund is permitted to invest, its composition is at least","page_number":240,"box":{"x":139,"y":753,"width":784,"height":11}},{"id":"212b59ae-3e69-4ac8-8bea-fb19990b0cf0","block_type":"box","text":"diversified in accordance with the requirements with respect to spread and concentration set out in this","page_number":240,"box":{"x":140,"y":766,"width":783,"height":12}},{"id":"0e4172ea-168a-4f52-805e-ebb0fb5a318e","block_type":"box","text":"Appendix 6; and","page_number":240,"box":{"x":139,"y":780,"width":120,"height":11}},{"id":"3e635a0e-6dc6-48e6-84d5-9c628bae0931","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":804,"width":6,"height":4}},{"id":"a76d41cf-329e-461c-b34d-494d65922b80","block_type":"box","text":"where it is composed of assets in which a Sub-Fund cannot invest, it is diversified in a way which is","page_number":240,"box":{"x":139,"y":800,"width":784,"height":12}},{"id":"5f054cd4-8f29-40c7-be18-19ceb0f4c32e","block_type":"box","text":"equivalent to the diversification achieved by the requirements with respect to spread and concentration set","page_number":240,"box":{"x":140,"y":814,"width":783,"height":11}},{"id":"7f577fee-64f6-4a62-bcce-ce1a995965fa","block_type":"box","text":"out in this Appendix 6.","page_number":240,"box":{"x":140,"y":828,"width":163,"height":11}},{"id":"abf04efc-fe1b-4856-bf8c-918af29d07f9","block_type":"box","text":"15.3 A financial index represents an adequate benchmark for the market to which it refers if:","page_number":240,"box":{"x":63,"y":847,"width":690,"height":11}},{"id":"770d2c88-3690-4121-90b2-fd6e8bc2d0a5","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":871,"width":6,"height":4}},{"id":"eefcc2e6-8638-41b0-b8f8-0e3a1fb2c0c6","block_type":"box","text":"it measures the performance of a representative group of underlyings in a relevant and appropriate way;","page_number":240,"box":{"x":140,"y":868,"width":770,"height":11}},{"id":"ef4bbe9f-ba97-4407-82e0-9f507196a9b2","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":891,"width":6,"height":5}},{"id":"617eca42-f0d0-4b18-ba0e-8be1ac3da3df","block_type":"box","text":"it is revised or rebalanced periodically to ensure that it continues to reflect the markets to which it refers,","page_number":240,"box":{"x":140,"y":888,"width":782,"height":11}},{"id":"91990e8f-3e02-4e7b-86a4-bcaa11cea4bf","block_type":"box","text":"following criteria which are publicly available; and","page_number":240,"box":{"x":139,"y":902,"width":365,"height":11}},{"id":"4feb5b5b-43a3-48de-b318-e9e21a106955","block_type":"box","text":"","page_number":240,"box":{"x":110,"y":925,"width":6,"height":5}},{"id":"b78431f4-71e7-4235-807c-9f1d4e7c27b4","block_type":"box","text":"the underlyings are sufficiently liquid, allowing users to replicate it if necessary.","page_number":240,"box":{"x":139,"y":922,"width":583,"height":12}},{"id":"161b99b1-b877-49ae-a7ed-76a697110989","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":241,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"622bf3ef-29ab-42af-8dd4-a8f13df75fec","block_type":"box","text":"(7 August 2026)","page_number":241,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"ed662977-6662-4537-8ace-43d1647c89d4","block_type":"box","text":"241","page_number":241,"box":{"x":780,"y":940,"width":17,"height":6}},{"id":"6210e415-25ec-411f-a6a5-bba8784a1629","block_type":"box","text":"Aviva Investors: 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and","page_number":241,"box":{"x":139,"y":80,"width":766,"height":11}},{"id":"d80e7527-aafc-4d2d-bab9-802e8fc7c7a8","block_type":"box","text":"","page_number":241,"box":{"x":110,"y":103,"width":6,"height":5}},{"id":"6c84a0bb-cdca-463d-b909-61b7b981f267","block_type":"box","text":"material information on matters such as index calculation, rebalancing methodologies, index changes or","page_number":241,"box":{"x":140,"y":100,"width":783,"height":12}},{"id":"7da2888b-547f-440e-9d93-8cbd67d62042","block_type":"box","text":"any operational difficulties in providing timely or accurate information is provided on a wide and timely","page_number":241,"box":{"x":140,"y":114,"width":783,"height":11}},{"id":"c1099c16-fb17-4ccb-8191-c8f74f753d21","block_type":"box","text":"basis.","page_number":241,"box":{"x":140,"y":128,"width":42,"height":8}},{"id":"78f6931b-2d1f-4fa4-86c7-07995ee874a4","block_type":"box","text":"15.5 Where the composition of underlyings of a transaction in a derivative does not satisfy the requirements for a","page_number":241,"box":{"x":63,"y":147,"width":860,"height":11}},{"id":"f611659d-0467-45aa-9091-947eefee9643","block_type":"box","text":"financial index, the underlyings for that transaction shall, where they satisfy the requirements with respect to","page_number":241,"box":{"x":109,"y":161,"width":814,"height":11}},{"id":"64040d02-1a99-49ea-befc-4e10c1351ba2","block_type":"box","text":"other underlyings pursuant to paragraph 12.2 of this Appendix 6, be regarded as a combination of those","page_number":241,"box":{"x":110,"y":174,"width":813,"height":12}},{"id":"4489954d-058d-421f-992f-ed7c6df508ff","block_type":"box","text":"underlyings.","page_number":241,"box":{"x":110,"y":188,"width":88,"height":11}},{"id":"a9a857ea-ec18-4b6c-a597-cbe7f19243c5","block_type":"box","text":"15.6 Property which is subject to a stock lending transaction (as described in paragraph 19 of this Appendix 6) is","page_number":241,"box":{"x":63,"y":208,"width":860,"height":11}},{"id":"764a58d9-f547-4083-9127-c3e574cda216","block_type":"box","text":"only available for cover if the ACS Manager has taken reasonable care to determine that it is obtainable (by","page_number":241,"box":{"x":110,"y":221,"width":813,"height":12}},{"id":"9c46685b-4383-4b21-a46c-379666e730d5","block_type":"box","text":"return or reacquisition) in time to meet the obligation for which cover is required.","page_number":241,"box":{"x":110,"y":235,"width":590,"height":11}},{"id":"d8ef9ec3-965e-4612-b166-54d959b744b4","block_type":"box","text":"16.","page_number":241,"box":{"x":63,"y":261,"width":20,"height":8}},{"id":"3802efdf-7e11-4884-ad16-b8b11b1994b1","block_type":"box","text":"Spread Limits","page_number":241,"box":{"x":110,"y":260,"width":109,"height":12}},{"id":"a53b0a9a-5e93-4175-9e5a-afffb53815b4","block_type":"box","text":"16.1 This rule on spread does not apply to government and public securities.","page_number":241,"box":{"x":63,"y":280,"width":576,"height":11}},{"id":"add608b6-221b-40fa-9c4d-097ffb6b6fd8","block_type":"box","text":"16.2 Not more than 20 % in value of the scheme property of a Sub-Fund is to consist of deposits with a single body.","page_number":241,"box":{"x":63,"y":300,"width":859,"height":11}},{"id":"fcd52657-e908-4f3c-ab85-e90894803cf5","block_type":"box","text":"16.3 Not more than 10 % in value of the scheme property of a Sub-Fund is to consist of transferable securities or","page_number":241,"box":{"x":63,"y":319,"width":860,"height":11}},{"id":"96c048c4-aaff-46e8-bf25-988833013b2f","block_type":"box","text":"money-market instruments issued by any single body subject to COLL 5.6.23R (Schemes replicating an index).","page_number":241,"box":{"x":110,"y":333,"width":812,"height":11}},{"id":"7489cc1f-1669-4e1f-8edb-fc0a1ac11069","block_type":"box","text":"16.4 The limit of 10 % in paragraph 16.3 of this Appendix 6 is raised to 25% in value of the scheme property of a","page_number":241,"box":{"x":63,"y":353,"width":860,"height":11}},{"id":"6dd89073-93e2-48d0-9046-09b684d789cd","block_type":"box","text":"Sub-Fund in respect of covered bonds.","page_number":241,"box":{"x":110,"y":366,"width":287,"height":11}},{"id":"f178bf43-592d-4d2b-aa9e-786c5f8f8458","block_type":"box","text":"16.5 In applying paragraph 16.3 of this Appendix 6, certificates representing certain securities are to be treated as","page_number":241,"box":{"x":63,"y":386,"width":860,"height":11}},{"id":"27c2ba2a-74f4-4988-b8ec-b7cf41c3ccf1","block_type":"box","text":"equivalent to the underlying security.","page_number":241,"box":{"x":110,"y":400,"width":270,"height":11}},{"id":"01af9f56-b498-496c-8331-d68569f56353","block_type":"box","text":"16.6 Not more than 35 % in value of the scheme property of a Sub-Fund is to consist of the Units or shares of any","page_number":241,"box":{"x":63,"y":419,"width":860,"height":11}},{"id":"86cc72e9-cf1a-4554-a724-338fab0d0a87","block_type":"box","text":"one collective investment scheme.","page_number":241,"box":{"x":110,"y":433,"width":253,"height":8}},{"id":"1c94dbff-da71-451b-9671-13081f8e9f0d","block_type":"box","text":"16.7 The exposure to any one counterparty in an OTC derivative transaction must not exceed 10 % in value of the","page_number":241,"box":{"x":63,"y":452,"width":860,"height":11}},{"id":"5a51fe12-5ea1-4a26-9474-777a09b8f927","block_type":"box","text":"scheme property of a Sub-Fund.","page_number":241,"box":{"x":110,"y":466,"width":238,"height":11}},{"id":"24fa6cf4-33a7-4984-b7fe-b5dbe7e51ca7","block_type":"box","text":"16.8 For the purpose of calculating the limit in paragraph 16.7 of this Appendix 6, the exposure in respect of an OTC","page_number":241,"box":{"x":63,"y":485,"width":860,"height":12}},{"id":"3d27327f-7b76-40c3-8539-fe2f810f4e4a","block_type":"box","text":"derivative may be reduced to the extent that collateral is held in respect of it if the collateral meets each of the","page_number":241,"box":{"x":110,"y":499,"width":813,"height":11}},{"id":"e83b94fa-b38f-47dd-8c8d-0d1de375d41a","block_type":"box","text":"following conditions:","page_number":241,"box":{"x":109,"y":513,"width":149,"height":11}},{"id":"462f2dbb-fb2a-4165-bbbc-c71f891fc63e","block_type":"box","text":"(a) it is marked-to-market on a daily basis and exceeds the value of the amount at risk;","page_number":241,"box":{"x":110,"y":538,"width":662,"height":12}},{"id":"966eb690-50b8-47d1-ae75-2d7356a6444f","block_type":"box","text":"(b) it is exposed only to negligible risks (e.g. government bonds of first credit rating or cash) and is liquid;","page_number":241,"box":{"x":110,"y":564,"width":796,"height":11}},{"id":"8edcc11f-ccd8-4826-991f-e9b14e86a579","block_type":"box","text":"(c) it is held by a third party custodian not related to the provider or is legally secured from the consequences","page_number":241,"box":{"x":110,"y":583,"width":813,"height":12}},{"id":"660af3ca-41a9-46c6-bbae-eb5b0a60e260","block_type":"box","text":"of a failure of a related party; and","page_number":241,"box":{"x":157,"y":597,"width":245,"height":11}},{"id":"9cd3ce0a-66d2-4563-afc2-29f97e7065f7","block_type":"box","text":"(d) can be fully enforced by a Sub-Fund at any time.","page_number":241,"box":{"x":110,"y":617,"width":406,"height":11}},{"id":"385f2089-079f-4a66-a3fa-501c6cb0d543","block_type":"box","text":"16.9 For the purposes of calculating the limits in paragraph 16.7 of this Appendix 6. OTC derivative positions with","page_number":241,"box":{"x":63,"y":636,"width":860,"height":12}},{"id":"1e4676f2-5358-49f2-8353-0cff34ea8426","block_type":"box","text":"the same counterparty may be netted provided that the netting procedures:","page_number":241,"box":{"x":109,"y":650,"width":555,"height":11}},{"id":"65709338-3b43-4b35-857a-423accaef9b7","block_type":"box","text":"(a) comply with the conditions set out in Part Three, Title II, Chapter 6, Section 7 (Contractual netting","page_number":241,"box":{"x":110,"y":675,"width":812,"height":12}},{"id":"fedff734-3d73-4fad-bf3d-ae3de29e9348","block_type":"box","text":"(Contracts for novation and other netting arrangements)) of the UK Capital Requirement Regulation; and","page_number":241,"box":{"x":158,"y":689,"width":764,"height":11}},{"id":"d523d9e4-913b-48e8-bdb2-9a50b52baf1b","block_type":"box","text":"(b) are based on legally binding agreements.","page_number":241,"box":{"x":110,"y":709,"width":352,"height":11}},{"id":"fe78bfd2-3ca4-496b-8139-878726685d95","block_type":"box","text":"16.10 In applying this paragraph (Spread: general), all derivatives transactions are deemed to be free of counterparty","page_number":241,"box":{"x":63,"y":728,"width":860,"height":12}},{"id":"04e52232-38e0-4ff3-b1c4-1ddfd959d7a6","block_type":"box","text":"risk if they are performed on an exchange where the clearing house meets each of the following conditions:","page_number":241,"box":{"x":110,"y":742,"width":793,"height":11}},{"id":"6a38bbb5-8adc-454c-b270-f790b53c62cf","block_type":"box","text":"(a) it is backed by an appropriate performance guarantee; and","page_number":241,"box":{"x":110,"y":768,"width":481,"height":11}},{"id":"fd40c01a-3d38-4d5f-9c30-0f03dad81294","block_type":"box","text":"(b) it is characterised by a daily mark-to-market valuation of the derivative positions and at least daily","page_number":241,"box":{"x":110,"y":793,"width":813,"height":11}},{"id":"6b7fcd24-4408-4b7c-8cc8-057d4243b962","block_type":"box","text":"margining.","page_number":241,"box":{"x":158,"y":807,"width":75,"height":11}},{"id":"fdfb9c9a-55ad-4859-b947-6e9841418d3b","block_type":"box","text":"17.","page_number":241,"box":{"x":63,"y":833,"width":20,"height":8}},{"id":"7b18c787-f8ac-44d1-98c3-8db3dc58b58b","block_type":"box","text":"Spread: Government and Public Securities","page_number":241,"box":{"x":110,"y":832,"width":339,"height":12}},{"id":"3e697425-2006-4bbd-9bc5-3fccec319076","block_type":"box","text":"17.1 The following section applies to government and public securities (\"","page_number":241,"box":{"x":63,"y":852,"width":574,"height":11}},{"id":"b54b18a1-2485-4802-a8e4-f19c6d55e0c8","block_type":"box","text":"such securities","page_number":241,"box":{"x":639,"y":852,"width":124,"height":9}},{"id":"90e094f1-467e-4cfa-9751-cf0104e62a96","block_type":"box","text":"\") that are issued or","page_number":241,"box":{"x":765,"y":852,"width":158,"height":11}},{"id":"01e37823-b864-4274-afe6-3ed2ee5901a1","block_type":"box","text":"guaranteed by:","page_number":241,"box":{"x":110,"y":866,"width":109,"height":11}},{"id":"2ecbde30-08e1-4178-b066-a290b1034c92","block_type":"box","text":"(a) the UK or an EEA State; or","page_number":241,"box":{"x":110,"y":885,"width":248,"height":11}},{"id":"034efe10-b823-40c0-a6e5-314cfa628353","block_type":"box","text":"(b) a local authority of the UK or an EEA State; or","page_number":241,"box":{"x":110,"y":905,"width":389,"height":11}},{"id":"b2f4130c-63b7-4efa-af05-50bc20242496","block_type":"box","text":"(c) a non-EEA State; or","page_number":241,"box":{"x":110,"y":924,"width":196,"height":11}},{"id":"7983e2f2-50af-4c0d-961b-b4eb1c69efb8","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":242,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"b5722381-e9de-4fd8-b8c0-55c88b1ded78","block_type":"box","text":"(7 August 2026)","page_number":242,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"a32604a6-ad43-4f01-b7a0-9572614f7914","block_type":"box","text":"242","page_number":242,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"f9d83de2-e1bf-4d9f-bac1-17235e8639fa","block_type":"box","text":"Aviva Investors: Confidential","page_number":242,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"1b8ed1ae-cb66-4581-871f-e0aaac94f280","block_type":"box","text":"(d) a public international body to which the UK or one or more EEA States belong.","page_number":242,"box":{"x":110,"y":46,"width":629,"height":11}},{"id":"e4c3a22e-23e6-4025-a418-ab8ab20baee2","block_type":"box","text":"17.2 Where no more than 35 % in value of the scheme property of a Sub-Fund is invested in such securities issued","page_number":242,"box":{"x":63,"y":65,"width":859,"height":11}},{"id":"6b925a7b-ea51-4933-a80e-983dfe8881c2","block_type":"box","text":"by any one body, there is no limit on the amount which may be invested in such securities or in any one issue.","page_number":242,"box":{"x":110,"y":79,"width":812,"height":11}},{"id":"909a1a31-21bd-4630-b7f1-9e50a7941997","block_type":"box","text":"17.3 A Sub-Fund may invest more than 35 % in value of the scheme property in such securities issued by any one","page_number":242,"box":{"x":63,"y":99,"width":860,"height":11}},{"id":"835842c0-ec1b-4c40-a056-f7d961131711","block_type":"box","text":"body provided that:","page_number":242,"box":{"x":110,"y":112,"width":140,"height":11}},{"id":"5bddd1a1-883a-4ac6-a490-698d212f3bb1","block_type":"box","text":"(a) the ACS Manager has before any such investment is made consulted with the Depositary and as a result","page_number":242,"box":{"x":110,"y":138,"width":813,"height":11}},{"id":"4c5e78cb-2105-4371-8b72-ad51332b2cb9","block_type":"box","text":"considers that the issuer of such securities is one which is appropriate in accordance with the investment","page_number":242,"box":{"x":157,"y":152,"width":766,"height":11}},{"id":"e587f24e-a74f-4cdb-9372-7312fb040894","block_type":"box","text":"objective of a Sub-Fund;","page_number":242,"box":{"x":157,"y":165,"width":180,"height":11}},{"id":"0751fa6b-b5d4-4d48-ad69-4518287c8ceb","block_type":"box","text":"(b) no more than 30 % in value of the scheme property consists of such securities of any one issue; and","page_number":242,"box":{"x":110,"y":185,"width":791,"height":11}},{"id":"8fd5b705-8041-4d57-b415-1bfcfc1fd53f","block_type":"box","text":"(c) the scheme property of a Sub-Fund includes such securities issued by that or another issuer, of at least","page_number":242,"box":{"x":110,"y":204,"width":813,"height":11}},{"id":"4ad4f3a7-aa87-4e9d-95aa-03846544f302","block_type":"box","text":"six different issues.","page_number":242,"box":{"x":157,"y":218,"width":141,"height":9}},{"id":"dc8797ac-34d6-4923-9fe0-d4fc3651a4cf","block_type":"box","text":"17.4 The issuer or guarantors for the purpose of the above limits are as follows:","page_number":242,"box":{"x":63,"y":238,"width":597,"height":11}},{"id":"de357e92-8a3d-43a7-bac8-7d480f6edec9","block_type":"box","text":"(a) the Government of the UK (including the Scottish Administration, the Executive Committee of the","page_number":242,"box":{"x":110,"y":263,"width":813,"height":11}},{"id":"413135a8-9b4b-44f4-b0d5-8c16b11a77e7","block_type":"box","text":"Northern Ireland Assembly and the National Assembly of Wales);","page_number":242,"box":{"x":158,"y":277,"width":481,"height":11}},{"id":"f2166ec4-5ff3-4cc6-b052-e11111eb52b5","block_type":"box","text":"(b) the Government of any EEA State including the Governments of Austria, Belgium, Bulgaria, Cyprus,","page_number":242,"box":{"x":110,"y":302,"width":812,"height":11}},{"id":"6802b4c3-edb9-4200-bdb0-c7989873e6b1","block_type":"box","text":"Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy,","page_number":242,"box":{"x":157,"y":316,"width":765,"height":11}},{"id":"1fde407a-0126-43bc-a8a9-c06947bfd569","block_type":"box","text":"Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania,","page_number":242,"box":{"x":158,"y":330,"width":764,"height":11}},{"id":"cb2e3647-2041-4d2b-a699-fe83142cda73","block_type":"box","text":"Slovakia, Slovenia, Spain and Sweden;","page_number":242,"box":{"x":157,"y":343,"width":290,"height":11}},{"id":"a66fb4c9-00e6-4330-9bd4-6fab670e1265","block_type":"box","text":"(c) the Governments of Australia, Canada, Japan, New Zealand, and the United States of America; and","page_number":242,"box":{"x":110,"y":363,"width":788,"height":11}},{"id":"4978e26f-27a4-42d5-a878-44568ef1fbc8","block_type":"box","text":"(d) The World Bank, The Inter-American Development Bank, The European Investment Bank and The","page_number":242,"box":{"x":110,"y":382,"width":813,"height":11}},{"id":"d78c82bd-0360-4107-84bc-a8ede3e337c7","block_type":"box","text":"European Bank for Reconstruction and Development","page_number":242,"box":{"x":158,"y":396,"width":391,"height":11}},{"id":"13fdad83-0fe8-4bee-a802-4a33375cef71","block_type":"box","text":".","page_number":242,"box":{"x":551,"y":403,"width":3,"height":2}},{"id":"fdce981f-321c-48cf-86e8-17bca0ce0ff3","block_type":"box","text":"18.","page_number":242,"box":{"x":63,"y":422,"width":20,"height":9}},{"id":"18308f4b-7855-45bb-a929-c02ca47c517f","block_type":"box","text":"Borrowing","page_number":242,"box":{"x":110,"y":422,"width":82,"height":11}},{"id":"e4318ee8-2e55-4f3e-9cca-8f43485b81fc","block_type":"box","text":"18.1 The Depositary (on the instructions of the ACS Manager) may, in accordance with this section 18, borrow","page_number":242,"box":{"x":63,"y":441,"width":860,"height":11}},{"id":"f73aefb1-be93-4fe2-ab3f-41b2f7bb070b","block_type":"box","text":"money for the use of the Sub-Funds on terms that the borrowing is to be repayable out of the scheme property.","page_number":242,"box":{"x":110,"y":455,"width":812,"height":11}},{"id":"e250e6d9-d253-4d44-9ed1-52dcc0b6487d","block_type":"box","text":"This power to borrow is subject to the obligation to comply with any restriction in the ACS Deed. The Depositary","page_number":242,"box":{"x":109,"y":468,"width":814,"height":12}},{"id":"eefabc9e-e470-432d-a4df-021b14698958","block_type":"box","text":"may borrow only from an Eligible Institution or an Approved Bank (as defined by the FCA).","page_number":242,"box":{"x":110,"y":482,"width":667,"height":11}},{"id":"72379f1a-3a02-4289-809e-40b548d268cf","block_type":"box","text":"18.2 The ACS Manager must ensure that a Sub-Fund's borrowing does not, on any Business Day, exceed 10 % of","page_number":242,"box":{"x":63,"y":502,"width":860,"height":11}},{"id":"85664d26-aaae-4df0-9641-a460e67239c4","block_type":"box","text":"the value of the scheme property of the Sub-Fund.","page_number":242,"box":{"x":109,"y":515,"width":373,"height":12}},{"id":"45257557-045d-4d96-9b02-d132d6ae3f66","block_type":"box","text":"18.3 None of the money in the scheme property of a Sub-Fund may be lent and, for the purposes of this prohibition,","page_number":242,"box":{"x":63,"y":535,"width":859,"height":11}},{"id":"e0323353-509a-4326-84f9-3323e44874a1","block_type":"box","text":"money is lent by the Sub-Fund if it is paid to a person (\"the payee\") on the basis that it should be repaid, whether","page_number":242,"box":{"x":110,"y":549,"width":813,"height":11}},{"id":"a2e1fa47-03e6-4fc7-a12f-5be3bcd8b40a","block_type":"box","text":"or not by the payee. Acquiring a debenture is not lending; nor is the placing of money on deposit or in a current","page_number":242,"box":{"x":110,"y":562,"width":813,"height":12}},{"id":"e4cfb40f-15a5-4707-a7e2-d7ac44eb7904","block_type":"box","text":"account.","page_number":242,"box":{"x":110,"y":577,"width":61,"height":8}},{"id":"0e84c2c8-63f3-4f7c-85e8-03e25eb14941","block_type":"box","text":"18.4 The scheme property of the Sub-Funds other than money must not be lent by way of deposit or otherwise","page_number":242,"box":{"x":63,"y":595,"width":860,"height":12}},{"id":"88b57ec6-018d-4bc1-bf2d-93f6a310ec7d","block_type":"box","text":"except for the purposes of stock lending as described below.","page_number":242,"box":{"x":110,"y":609,"width":447,"height":11}},{"id":"32a60a18-3315-47a5-a411-4bdcd539126f","block_type":"box","text":"18.5 Transactions permitted for the purposes of stock lending are not lending for these purposes.","page_number":242,"box":{"x":63,"y":629,"width":727,"height":11}},{"id":"71282919-6423-459a-bc42-537d66d5d3c3","block_type":"box","text":"18.6 Nothing in these restrictions prevent the Depositary at the request of the ACS Manager, from lending,","page_number":242,"box":{"x":63,"y":648,"width":859,"height":12}},{"id":"76aa5524-87a0-42d2-8935-01c12837c468","block_type":"box","text":"depositing, pledging or charging property for margin requirements where transactions in derivatives or forward","page_number":242,"box":{"x":110,"y":662,"width":812,"height":11}},{"id":"50928c11-c4ba-476c-a79d-d3ac688bc925","block_type":"box","text":"transactions are used for the account of the Sub-Fund in accordance with any other of the rules in COLL 5.","page_number":242,"box":{"x":109,"y":676,"width":791,"height":11}},{"id":"dfd03ab5-c48a-4c7e-b148-488959a5ef05","block_type":"box","text":"18.7 A Sub-Fund may not grant credit facilities nor act as guarantor on behalf of third parties, provided that, for the","page_number":242,"box":{"x":63,"y":695,"width":860,"height":12}},{"id":"9bf3ee3a-6b64-452f-835f-5d7195ef3032","block_type":"box","text":"purpose of this restriction: (i) the acquisition of transferable securities, approved money-market instruments or","page_number":242,"box":{"x":110,"y":709,"width":813,"height":11}},{"id":"a7253638-9711-4e58-b97b-57dfe4bdc716","block_type":"box","text":"other financial investments above, in fully or partly paid form; and (ii) the permitted lending of portfolio securities","page_number":242,"box":{"x":110,"y":723,"width":813,"height":11}},{"id":"8015fc35-3781-4257-98dc-9acde88903ff","block_type":"box","text":"shall be deemed not to constitute the making of a loan.","page_number":242,"box":{"x":110,"y":736,"width":405,"height":12}},{"id":"9b014a8d-4cc3-4802-b398-0128bb82ca46","block_type":"box","text":"19.","page_number":242,"box":{"x":63,"y":762,"width":20,"height":9}},{"id":"fda2db6c-c1b7-4e77-b446-11402c4a46b2","block_type":"box","text":"Stock lending","page_number":242,"box":{"x":110,"y":762,"width":108,"height":11}},{"id":"fdcfb896-2027-4003-bd82-cb8fff7aecae","block_type":"box","text":"19.1 Stock lending transactions or repo contracts may be entered into when it reasonably appears to the ACS","page_number":242,"box":{"x":63,"y":781,"width":860,"height":12}},{"id":"d61e24ba-7381-4e0c-992c-31796919507d","block_type":"box","text":"Manager to be appropriate to do so with a view to generating additional income for the Sub-Funds with an","page_number":242,"box":{"x":110,"y":795,"width":812,"height":11}},{"id":"27cdb3e3-62de-4641-a5ec-c5103affff18","block_type":"box","text":"acceptable degree of risk.","page_number":242,"box":{"x":110,"y":809,"width":190,"height":11}},{"id":"171cd40a-c4a4-4923-abda-993616126d5e","block_type":"box","text":"19.2 The Depositary, at the request of the ACS Manager, may enter into a stock lending arrangement or repo","page_number":242,"box":{"x":63,"y":828,"width":860,"height":12}},{"id":"53f2a75c-5270-4d07-8b4a-95b4cbe6c1b1","block_type":"box","text":"contract of the kind described in section 263B of the Taxation of Chargeable Gains Act 1992 (without extension","page_number":242,"box":{"x":110,"y":842,"width":812,"height":11}},{"id":"04e4bf35-74c3-4e40-bc3f-e75c3fc50847","block_type":"box","text":"by section 263C), but only if: (i) all the terms of the agreement under which securities are to be reacquired by","page_number":242,"box":{"x":110,"y":856,"width":813,"height":11}},{"id":"0999896b-06bd-43d6-bff9-de534b9279ce","block_type":"box","text":"the Depositary for the account of the Sub-Funds, are in a form which is acceptable to the Depositary and are","page_number":242,"box":{"x":109,"y":869,"width":814,"height":11}},{"id":"9308451e-fdcf-4b65-a9ba-761c989dcd90","block_type":"box","text":"in accordance with good market practice; (ii) the counterparty meets the criteria set out in COLL 5.4.4; and (iii)","page_number":242,"box":{"x":110,"y":883,"width":812,"height":11}},{"id":"46085ce2-608c-48a4-a80a-b6ed1d285791","block_type":"box","text":"collateral is obtained to secure the obligation of the counterparty. Collateral must be acceptable to the","page_number":242,"box":{"x":110,"y":896,"width":813,"height":12}},{"id":"e9d30cda-60b3-4992-81e7-e39560d8eb23","block_type":"box","text":"Depositary, adequate and sufficiently immediate.","page_number":242,"box":{"x":110,"y":910,"width":360,"height":11}},{"id":"5a489f16-8ea4-43d3-b2c1-1c5a9d0ca6fa","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":243,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"34fadd36-bb68-47b8-aafd-42bd02ec69fc","block_type":"box","text":"(7 August 2026)","page_number":243,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"2e4e5580-01d1-441f-bb1b-682375027a16","block_type":"box","text":"243","page_number":243,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"f436d62b-895d-47ce-ba8c-b2ccbc04f940","block_type":"box","text":"Aviva Investors: Confidential","page_number":243,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"f9af6e5c-5689-4634-bae3-8061448840a2","block_type":"box","text":"19.3 The Depositary must ensure that the value of the collateral at all times is at least equal to the value of the","page_number":243,"box":{"x":63,"y":46,"width":860,"height":11}},{"id":"f40946bf-535d-426a-8487-3b2fbe7221b3","block_type":"box","text":"securities transferred by the Depositary. This duty may be regarded as satisfied in respect of collateral, the","page_number":243,"box":{"x":110,"y":59,"width":813,"height":12}},{"id":"354a5429-89e6-460d-a232-1e0ffd97057f","block_type":"box","text":"validity of which is about to expire or has expired, where the Depositary takes reasonable care to determine","page_number":243,"box":{"x":109,"y":73,"width":814,"height":11}},{"id":"e459b53a-d8cf-4db9-afcf-af248213e4e7","block_type":"box","text":"that sufficient collateral will again be transferred at the latest by the close of business on the day of expiry.","page_number":243,"box":{"x":109,"y":87,"width":784,"height":11}},{"id":"a6f2e049-5f38-4d6e-a148-5985db58014c","block_type":"box","text":"19.4 Where a Sub-Fund enters into arrangements through which collateral is reinvested, this should be taken into","page_number":243,"box":{"x":63,"y":106,"width":860,"height":12}},{"id":"8ce3e174-eba8-4d86-9837-d9ad586e1723","block_type":"box","text":"account for the purposes of measuring a Sub-Fund's global exposure under paragraph 10.8 of this Appendix","page_number":243,"box":{"x":110,"y":120,"width":813,"height":11}},{"id":"258ba60b-e302-43f2-82a4-7ce03262ff51","block_type":"box","text":"6.","page_number":243,"box":{"x":110,"y":134,"width":11,"height":9}},{"id":"083dd2a0-a97e-4be9-8cad-f30debfa0c5c","block_type":"box","text":"19.5 Collateral is adequate for the purposes of stock lending only if it is:","page_number":243,"box":{"x":63,"y":153,"width":537,"height":11}},{"id":"0cbc4dcd-3ae4-44c8-9656-2679faa60ee9","block_type":"box","text":"(a) transferred to the Depositary or its agent;","page_number":243,"box":{"x":110,"y":179,"width":350,"height":11}},{"id":"df515038-8300-4d67-8dfd-80ec21f34d1f","block_type":"box","text":"(b) at least equal in value, at the time of the transfer to the Depositary, to the value of the securities","page_number":243,"box":{"x":110,"y":198,"width":813,"height":12}},{"id":"30b968a2-f807-4dbd-83be-4cce45b13ad2","block_type":"box","text":"transferred by the Depositary; and","page_number":243,"box":{"x":157,"y":212,"width":252,"height":11}},{"id":"ec79f19a-529a-4a94-8b27-6cc50a4274cd","block_type":"box","text":"(c) in the form of one or more of:","page_number":243,"box":{"x":110,"y":232,"width":262,"height":11}},{"id":"b185c64a-429b-4273-937a-ae333113af46","block_type":"box","text":"(i) cash; or","page_number":243,"box":{"x":158,"y":251,"width":106,"height":11}},{"id":"e5a2d8c3-6bfa-494d-9b5d-84216e1a9c57","block_type":"box","text":"(ii) a certificate of deposit; or","page_number":243,"box":{"x":158,"y":271,"width":234,"height":11}},{"id":"233230d0-6631-47ac-9994-0a45c92cada5","block_type":"box","text":"(iii) a letter of credit; or","page_number":243,"box":{"x":158,"y":290,"width":186,"height":12}},{"id":"d08279ee-7e3d-4c5e-8ea9-c8bb762daaea","block_type":"box","text":"(iv) a readily realisable security; or","page_number":243,"box":{"x":158,"y":310,"width":273,"height":11}},{"id":"3fbff622-596a-4770-8c10-454f3a24e81c","block_type":"box","text":"(v) commercial paper with no embedded derivative content; or","page_number":243,"box":{"x":158,"y":330,"width":482,"height":11}},{"id":"3e1677ea-a308-422a-8a9d-c8e6016b99ae","block_type":"box","text":"(vi) a qualifying money-market fund.","page_number":243,"box":{"x":158,"y":349,"width":284,"height":11}},{"id":"63a22f87-51aa-446e-8494-71a92ab12c94","block_type":"box","text":"19.6 Where the collateral is invested in Units or shares of a qualifying money-market fund managed or operated by","page_number":243,"box":{"x":63,"y":369,"width":860,"height":11}},{"id":"5e10f664-5534-48b6-805b-20729191486c","block_type":"box","text":"the ACS Manager or an associate of the ACS Manager, the conditions of paragraph 5.8 of this Appendix 6","page_number":243,"box":{"x":109,"y":382,"width":814,"height":12}},{"id":"b628c696-1ed1-46ca-82a8-d863e1b3a962","block_type":"box","text":"must be complied with.","page_number":243,"box":{"x":110,"y":396,"width":168,"height":11}},{"id":"103c01e8-2cab-47eb-b6f8-0dd74b4f4bcb","block_type":"box","text":"19.7 Any agreement for transfer at a future date of securities or of collateral (or of the equivalent of either) may be","page_number":243,"box":{"x":63,"y":416,"width":860,"height":11}},{"id":"c639377a-8c0f-4c13-b9d6-01c655871975","block_type":"box","text":"regarded, for the purposes of valuation, as an unconditional agreement for the sale or transfer of property,","page_number":243,"box":{"x":110,"y":429,"width":812,"height":11}},{"id":"260a0dac-975e-49f8-b37e-f8168b7b03ef","block_type":"box","text":"whether or not the property is part of the property of the Sub-Funds.","page_number":243,"box":{"x":109,"y":443,"width":502,"height":11}},{"id":"4a1c599e-3e95-431e-9689-9dede1d2aafa","block_type":"box","text":"19.8 Each day, the collateral held in respect of each repo contract or stock lending transaction is marked-to-market","page_number":243,"box":{"x":63,"y":463,"width":860,"height":11}},{"id":"28e325cf-fac9-4e2c-b816-087112b3fbea","block_type":"box","text":"and revalued. Where due to market movements the value of collateral is less than the value of the securities","page_number":243,"box":{"x":110,"y":476,"width":813,"height":9}},{"id":"995e5be5-dc9c-4997-970d-91c4305fdf0c","block_type":"box","text":"subject to the repo contract or stock lending transaction, the Depositary is entitled to call for additional collateral","page_number":243,"box":{"x":110,"y":490,"width":812,"height":11}},{"id":"b2a9ed7d-9469-40b4-86a1-c5dc7ba8a1a3","block_type":"box","text":"from the counterparty such that the value of the collateral and margin requirements is maintained.","page_number":243,"box":{"x":109,"y":504,"width":722,"height":11}},{"id":"f2b8e9ca-a388-4820-b2b0-62dda3c5c9b9","block_type":"box","text":"19.9 In the event there is a decline in the value of the collateral which exceeds the value of the margin held by the","page_number":243,"box":{"x":63,"y":523,"width":860,"height":11}},{"id":"c666eb03-02d8-45a1-a512-2237ef5599c3","block_type":"box","text":"Depositary, a counterparty credit risk will arise pending delivery of the additional collateral. In the normal course","page_number":243,"box":{"x":110,"y":537,"width":813,"height":11}},{"id":"e40ebeb0-1c81-4651-ac43-be813ac1b6b2","block_type":"box","text":"of events, additional collateral is delivered the following Business Day.","page_number":243,"box":{"x":110,"y":551,"width":518,"height":11}},{"id":"d883a4b9-c20c-4c23-99ab-73c496f036c6","block_type":"box","text":"19.10 There is no limit on the value of the property which may be the subject of repo contracts or stock lending","page_number":243,"box":{"x":63,"y":570,"width":860,"height":11}},{"id":"85468f6e-e98e-4151-bf9e-731f86c74a55","block_type":"box","text":"transactions","page_number":243,"box":{"x":109,"y":584,"width":90,"height":9}},{"id":"96443688-e18d-4790-b72a-636f92c50940","block_type":"box","text":".","page_number":243,"box":{"x":201,"y":591,"width":3,"height":1}},{"id":"5bd63687-ab89-4cb6-bdaf-f0d09cdacdd4","block_type":"box","text":"Collateral transferred to the Depositary is part of a Sub-Fund's property for the purpose of the","page_number":243,"box":{"x":211,"y":584,"width":712,"height":11}},{"id":"a547d6c3-2bbf-4dbe-b2ab-546bf5462bc3","block_type":"box","text":"COLL Sourcebook except in the following respects:","page_number":243,"box":{"x":110,"y":597,"width":378,"height":12}},{"id":"509e6b3f-3f42-4b66-87f7-1845c4423f16","block_type":"box","text":"(a) it does not fall to be included in any valuation for the purposes of COLL 6.3 or this Appendix 6 because","page_number":243,"box":{"x":110,"y":623,"width":813,"height":11}},{"id":"9c1e57a2-b724-4edf-bd87-7c829770c849","block_type":"box","text":"it is offset by an obligation to transfer at a future date (as set out above); and","page_number":243,"box":{"x":158,"y":637,"width":565,"height":11}},{"id":"238b2889-fb2e-44bc-ae4b-8f5fb65b94fa","block_type":"box","text":"(b) it does not comprise the Sub-Fund's property for the purpose of any investment and borrowing powers","page_number":243,"box":{"x":110,"y":662,"width":812,"height":11}},{"id":"cb07337c-bd12-4b40-9641-ad4b4beab4aa","block_type":"box","text":"set out in this Appendix 6 except for the purpose of this section 19.","page_number":243,"box":{"x":157,"y":676,"width":493,"height":11}},{"id":"82ae1e3b-6473-476c-9418-843947af41a7","block_type":"box","text":"20.","page_number":243,"box":{"x":62,"y":702,"width":21,"height":8}},{"id":"4ff83495-d8a2-4253-a0ab-5f439ee1a1a2","block_type":"box","text":"General power to accept or underwrite placings","page_number":243,"box":{"x":110,"y":701,"width":378,"height":12}},{"id":"9b86b4fd-d5b7-47c0-946d-ed25ed07cd65","block_type":"box","text":"20.1 Any power in the COLL Sourcebook to invest in transferable securities may be used for the purpose of entering","page_number":243,"box":{"x":62,"y":721,"width":861,"height":11}},{"id":"bf18324f-9af3-41c2-af77-00d4404bbd73","block_type":"box","text":"into any agreement or understanding: which is an underwriting or sub-underwriting agreement, or which","page_number":243,"box":{"x":110,"y":735,"width":813,"height":11}},{"id":"87f8a1cf-08d5-4a82-9e37-35bc1de21120","block_type":"box","text":"contemplates that securities will or may be issued or subscribed for or acquired for the account of a Sub-Fund.","page_number":243,"box":{"x":110,"y":748,"width":812,"height":11}},{"id":"85498aa3-c5e3-44dc-bd20-efdcf8cc2a51","block_type":"box","text":"20.2 This ability does not apply to an option, or a purchase of a transferable security which confers a right to","page_number":243,"box":{"x":62,"y":768,"width":861,"height":11}},{"id":"f1543372-a7c1-43d1-a229-4aa03789240b","block_type":"box","text":"subscribe for or acquire a transferable security, or to convert one transferable security into another.","page_number":243,"box":{"x":110,"y":781,"width":732,"height":12}},{"id":"b36fef2b-e250-4df3-ab05-2b2ee10a70ba","block_type":"box","text":"20.3 The exposure of the Sub-Fund to agreements and understandings as set out above, on any Business Day must","page_number":243,"box":{"x":62,"y":801,"width":861,"height":11}},{"id":"80e7921f-ac4c-440d-86a8-935147d35bde","block_type":"box","text":"be covered and must be such that, if all possible obligations arising under them had immediately to be met in","page_number":243,"box":{"x":110,"y":815,"width":812,"height":11}},{"id":"5e0e2408-f551-4497-bd66-799a6682a74f","block_type":"box","text":"full, there would be no breach of any of the investment limits set out elsewhere in this Appendix 6.","page_number":243,"box":{"x":109,"y":828,"width":723,"height":11}},{"id":"462d3066-cd86-4ac4-8921-4e58389d5302","block_type":"box","text":"21.","page_number":243,"box":{"x":62,"y":854,"width":21,"height":9}},{"id":"14fd06d4-c4f0-4267-b48a-df0d9127d8cf","block_type":"box","text":"Guarantees and indemnities","page_number":243,"box":{"x":110,"y":854,"width":223,"height":9}},{"id":"4c8cd461-aa5d-4f80-8bc8-2dda704b90f6","block_type":"box","text":"21.1 The Depositary for the account of the Sub-Fund must not provide any guarantee or indemnity in respect of the","page_number":243,"box":{"x":62,"y":873,"width":861,"height":12}},{"id":"79cd6cc0-c163-4e53-b8e5-593bdadff941","block_type":"box","text":"obligation of any person.","page_number":243,"box":{"x":110,"y":887,"width":180,"height":11}},{"id":"0193dbe0-94b2-4bc2-aa2b-a545645471c0","block_type":"box","text":"Aviva Investors Funds ACS Prospectus","page_number":244,"box":{"x":62,"y":940,"width":204,"height":8}},{"id":"2f1dce03-3947-4775-b68b-7fea18496256","block_type":"box","text":"(7 August 2026)","page_number":244,"box":{"x":271,"y":940,"width":82,"height":8}},{"id":"ae562133-2353-41db-8dc2-e02ecabea6c2","block_type":"box","text":"244","page_number":244,"box":{"x":780,"y":940,"width":19,"height":6}},{"id":"062ab818-e782-47cb-aeaa-e4645fac19c3","block_type":"box","text":"Aviva Investors: Confidential","page_number":244,"box":{"x":95,"y":960,"width":154,"height":7}},{"id":"958643db-9028-428e-80e4-5ea1eb5925ec","block_type":"box","text":"21.2 These requirements do not apply to any indemnity or guarantee given for margin requirements where the","page_number":244,"box":{"x":62,"y":46,"width":861,"height":11}},{"id":"bd1d1ef6-9c4b-42eb-b6f9-a45c48745067","block_type":"box","text":"derivatives or forward transactions are being used in accordance with the requirements set out in this Appendix","page_number":244,"box":{"x":110,"y":59,"width":813,"height":12}},{"id":"f3f64953-173c-4b2f-ad8f-6c1abb89b449","block_type":"box","text":"6.","page_number":244,"box":{"x":110,"y":73,"width":11,"height":9}},{"id":"0d3d6fc3-cffe-47cf-9e5f-e083fd3c1e1f","block_type":"box","text":"22.","page_number":244,"box":{"x":62,"y":99,"width":21,"height":8}},{"id":"edcc4f2d-d91a-43a0-84de-c4afa619e2f9","block_type":"box","text":"Over-the-Counter (\"OTC\") transactions in derivatives","page_number":244,"box":{"x":110,"y":99,"width":421,"height":11}},{"id":"4c6e1129-7263-4677-8f2d-7fe6e714e9b6","block_type":"box","text":"22.1 The ACS Manager's delegates will continuously assess the credit or counterparty risk as well as the potential","page_number":244,"box":{"x":62,"y":118,"width":860,"height":11}},{"id":"f6b91b86-5db2-4be1-9d8a-d97ba77b53c9","block_type":"box","text":"risk, which is for trading activities, the risk resulting from adverse movements in the level of volatility of market","page_number":244,"box":{"x":110,"y":132,"width":813,"height":11}},{"id":"6026fcb3-cade-436d-84b8-49c37b556907","block_type":"box","text":"prices and will assess the hedging effectiveness on an ongoing basis. They will define specific internal limits","page_number":244,"box":{"x":110,"y":146,"width":813,"height":11}},{"id":"76740e60-ba6a-4436-b83e-9bff3c8ef2f4","block_type":"box","text":"applicable to these kinds of operations and monitor the counterparties accepted for these transactions.","page_number":244,"box":{"x":110,"y":159,"width":759,"height":11}},{"id":"9bc24ba2-9747-4557-99cc-b3c276f21c6b","block_type":"box","text":"22.2 Any transaction in an OTC derivative must be:","page_number":244,"box":{"x":62,"y":179,"width":388,"height":11}},{"id":"d673a912-5657-48fc-a2dd-8861126fdaaf","block_type":"box","text":"(a) with an approved counterparty; a counterparty to a transaction in derivatives is approved only if the","page_number":244,"box":{"x":110,"y":204,"width":813,"height":11}},{"id":"2a383b0a-569d-4c95-b1b0-0ef2ee677c86","block_type":"box","text":"counterparty is an Eligible Institution or an Approved Bank (as defined by the FCA); or a person whose","page_number":244,"box":{"x":157,"y":218,"width":765,"height":11}},{"id":"b220cfbf-c460-4023-8ecd-e93ec78f3f15","block_type":"box","text":"permission (including any requirements or limitations), as published in the FCA Register or whose home","page_number":244,"box":{"x":158,"y":231,"width":765,"height":12}},{"id":"5c1cd72f-464d-45bb-b34d-e6aa1180cde0","block_type":"box","text":"state authorisation, permits it to enter into the transaction","page_number":244,"box":{"x":157,"y":245,"width":445,"height":11}},{"id":"ba708e48-4c1f-4b11-b27a-7001a55167cf","block_type":"box","text":"as principal off-exchange; a CCP that is","page_number":244,"box":{"x":611,"y":245,"width":312,"height":11}},{"id":"37054795-9397-4a53-82a0-b76c067be0a0","block_type":"box","text":"authorised in that capacity for the purposes of EMIR; a CCP that is recognised in that capacity in","page_number":244,"box":{"x":157,"y":259,"width":765,"height":11}},{"id":"81dbd1ba-0958-4b9f-ac36-f061a2100ae4","block_type":"box","text":"accordance with the process set out in article 25 of EMIR; or to the extent not already covered, a CCP","page_number":244,"box":{"x":157,"y":272,"width":766,"height":12}},{"id":"82f797f2-f206-41d0-9fcb-84a8a1767226","block_type":"box","text":"supervised in a jurisdiction that has implemented the relevant G20 reforms on OTC derivatives to at least","page_number":244,"box":{"x":157,"y":286,"width":766,"height":11}},{"id":"7aea2805-9e4f-48f5-9d74-304ffce24c62","block_type":"box","text":"the same extent as the United Kingdom and is identified as having done so by the Financial Stability","page_number":244,"box":{"x":157,"y":300,"width":766,"height":11}},{"id":"6c423433-ba31-4390-bcec-4c5065a25634","block_type":"box","text":"Board in its summary report on progress in implementation of G20 regulatory reforms dated 25 June","page_number":244,"box":{"x":158,"y":313,"width":765,"height":12}},{"id":"ee63f0e0-5668-4465-8449-6d758a8527cc","block_type":"box","text":"2019;","page_number":244,"box":{"x":157,"y":328,"width":40,"height":10}},{"id":"71a6d2c1-bea8-4cd7-8041-89a7af781212","block_type":"box","text":"(b) on approved terms; the terms of the transaction in derivatives are approved only if, the ACS Manager","page_number":244,"box":{"x":110,"y":347,"width":813,"height":11}},{"id":"b605d43e-bf62-4216-873b-2540bde1f5fb","block_type":"box","text":"carries out at least daily a reliable and verifiable valuation in respect of that transaction corresponding to","page_number":244,"box":{"x":157,"y":360,"width":766,"height":12}},{"id":"b7df506c-08ee-4769-aeb7-4e77fe88b1cf","block_type":"box","text":"its fair value and which does not rely on market quotations by the counterparty, and the ACS Manager","page_number":244,"box":{"x":158,"y":374,"width":765,"height":11}},{"id":"a359e04c-2bf8-4d73-abd4-f055a05b4185","block_type":"box","text":"can enter into one or more further transactions to sell, liquidate or close out that transaction at any time,","page_number":244,"box":{"x":157,"y":388,"width":765,"height":11}},{"id":"b4c5fd3f-cb91-44e7-adc9-c59a553f24a8","block_type":"box","text":"at its fair value;","page_number":244,"box":{"x":157,"y":401,"width":111,"height":11}},{"id":"2415964c-98a6-4736-b50f-115163600648","block_type":"box","text":"capable of reliable valuation; a transaction in derivatives is capable of reliable valuation only if the ACS Manager","page_number":244,"box":{"x":62,"y":421,"width":861,"height":11}},{"id":"61b30c85-1348-4e85-88ba-adba89b102f0","block_type":"box","text":"having taken reasonable care determines that, throughout the life of the derivative (if the transaction is entered into),","page_number":244,"box":{"x":62,"y":435,"width":860,"height":11}},{"id":"db6b5ede-2732-446b-856b-d709148c300b","block_type":"box","text":"it will be able to value the investment concerned with reasonable accuracy: on the basis of an up-to-date market value","page_number":244,"box":{"x":62,"y":448,"width":861,"height":12}},{"id":"c14e19d7-815c-43e7-afe6-843fc638db88","block_type":"box","text":"which the ACS Manager and the Depositary have agreed is reliable, or, if the value referred to above is not available,","page_number":244,"box":{"x":62,"y":462,"width":860,"height":11}},{"id":"7d21fc55-0b3a-4f72-a933-1ee49c0fe87f","block_type":"box","text":"on the basis of a pricing model which the ACS Manager and Depositary have agreed uses an adequate recognised","page_number":244,"box":{"x":62,"y":475,"width":860,"height":12}},{"id":"f8f9f9fd-f383-424a-94b4-ef02fac5d50a","block_type":"box","text":"methodology; and","page_number":244,"box":{"x":62,"y":489,"width":132,"height":11}},{"id":"f5444701-c27a-4e15-b2ba-0e50d8f0dc43","block_type":"box","text":"(c) subject to verifiable valuation; a transaction in derivatives is subject to verifiable valuation only if","page_number":244,"box":{"x":110,"y":509,"width":813,"height":11}},{"id":"1700324f-ee61-4570-926a-ee403706dec1","block_type":"box","text":"throughout the life of the derivative verification of valuation is carried out by an independent third party","page_number":244,"box":{"x":157,"y":522,"width":766,"height":12}},{"id":"d13baba2-5ceb-4deb-a234-ebdafb8087cf","block_type":"box","text":"distinct from the counterparty on a regular basis and in such a way that the ACS Manager is able to","page_number":244,"box":{"x":157,"y":536,"width":766,"height":11}},{"id":"9915a183-85b6-4de2-b824-9627d0c74afd","block_type":"box","text":"check or by an independent division of the ACS Manager separate from the division managing the","page_number":244,"box":{"x":157,"y":550,"width":766,"height":11}},{"id":"47e296c6-06e4-454e-9053-05228bdcb96a","block_type":"box","text":"particular Sub-Fund's assets.","page_number":244,"box":{"x":158,"y":563,"width":214,"height":12}},{"id":"2e807627-2688-45e4-959f-c10d1fad4754","block_type":"box","text":"23.","page_number":244,"box":{"x":62,"y":589,"width":21,"height":9}},{"id":"8ba26a46-96a1-4eb8-9486-e5760515366c","block_type":"box","text":"Restrictions on investment and holding of Aviva Plc shares and other Aviva securities","page_number":244,"box":{"x":110,"y":589,"width":686,"height":11}},{"id":"374a9cd3-b0d5-4d5a-8aba-63be11258273","block_type":"box","text":"The ACS Manager has determined with effect from 17 February 2020 to restrict Sub-Funds that are managed","page_number":244,"box":{"x":109,"y":622,"width":813,"height":11}},{"id":"6df2e213-65f5-44c8-8c07-2143a3538232","block_type":"box","text":"by investment managers within the Aviva group, such as Aviva Investors Global Services Limited, from being","page_number":244,"box":{"x":110,"y":636,"width":812,"height":11}},{"id":"e5879784-5a59-47d7-b056-d17094ea7221","block_type":"box","text":"permitted to directly or indirectly invest in or hold Aviva Plc shares and other securities issued by Aviva Plc","page_number":244,"box":{"x":110,"y":650,"width":813,"height":11}},{"id":"98e47b17-2d85-4bfc-9b4a-7d5158a67317","block_type":"box","text":"such as bonds, commercial paper and derivatives of these securities (collectively ‘Aviva Securities’). The","page_number":244,"box":{"x":110,"y":663,"width":813,"height":11}},{"id":"46ca8120-1ec0-4006-9051-0b5942bfb938","block_type":"box","text":"prohibition on indirect exposure to Aviva Securities shall not include:","page_number":244,"box":{"x":110,"y":677,"width":504,"height":11}},{"id":"8908a49b-4cb1-41ea-bd07-defbab1fde7a","block_type":"box","text":"","page_number":244,"box":{"x":110,"y":708,"width":6,"height":5}},{"id":"4579da2b-c56d-4ecd-b100-64086aefdb4a","block_type":"box","text":"indirect exposure to a financial index, for example through an index future, where Aviva is a constituent of","page_number":244,"box":{"x":146,"y":705,"width":777,"height":11}},{"id":"b7900489-ffdc-48f8-9f30-1edb2860fe6d","block_type":"box","text":"the financial index and,","page_number":244,"box":{"x":145,"y":719,"width":170,"height":10}},{"id":"1d61fbf8-98b1-4ee9-8dd8-cf01c57bd77b","block_type":"box","text":"","page_number":244,"box":{"x":110,"y":742,"width":6,"height":5}},{"id":"ac99f993-a37b-4da3-af09-e8a15145a3ef","block_type":"box","text":"investment in other funds managed by third parties, where the underlying funds may have exposure to","page_number":244,"box":{"x":146,"y":739,"width":777,"height":11}},{"id":"c3a06c28-2a18-4f12-835d-fcb566fa795f","block_type":"box","text":"Aviva Securities.","page_number":244,"box":{"x":145,"y":753,"width":122,"height":9}},{"id":"fc94c6a1-fcc9-4e09-bdd3-f117e7596017","block_type":"box","text":"Sub-Funds managed by investment managers outside of the Aviva Group, (with the exception of AI UK Listed","page_number":244,"box":{"x":110,"y":786,"width":812,"height":11}},{"id":"eb2f464b-8a03-40f9-951d-daed40d4b279","block_type":"box","text":"Equity Fund and the AI UK Listed Equity Income Fund) will continue to be prohibited from directly investing in","page_number":244,"box":{"x":110,"y":800,"width":812,"height":11}},{"id":"ea5e0272-56a8-4144-8baf-61a2eae854e6","block_type":"box","text":"or holding Aviva Plc shares due to Companies Act restrictions, however, they will continue to be permitted to","page_number":244,"box":{"x":110,"y":813,"width":813,"height":12}},{"id":"8b3012cb-d6fb-4f48-b6a5-68545b278061","block_type":"box","text":"have indirect exposure to Aviva Plc shares, and direct and indirect exposure to all other Aviva Securities.","page_number":244,"box":{"x":110,"y":827,"width":774,"height":11}},{"id":"36e376fc-acbc-47ec-b3fe-53014bd87dbf","block_type":"box","text":"The AI UK Listed Equity Fund and the AI UK Listed Equity Income Fund both received holdings of Aviva Plc","page_number":244,"box":{"x":109,"y":854,"width":814,"height":11}},{"id":"0168cade-470e-45ea-bbea-822be353554b","block_type":"box","text":"shares on launch of the Sub-Funds, via an in-specie transfer (‘Legacy Holdings’). These Sub-Funds are","page_number":244,"box":{"x":110,"y":868,"width":813,"height":11}},{"id":"1423c21e-b41b-417f-81a8-ff066ab9867d","block_type":"box","text":"permitted to continue to hold these Legacy Holdings but are prohibited from making any new direct investment","page_number":244,"box":{"x":110,"y":882,"width":813,"height":11}},{"id":"68e002b7-16c4-43db-bd24-e9f89ee8fec4","block_type":"box","text":"in Aviva Plc shares.","page_number":244,"box":{"x":110,"y":895,"width":144,"height":9}},{"id":"2d73cfb2-1f82-4a84-b0a1-581b83e2c0e5","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":245,"box":{"x":83,"y":940,"width":291,"height":8}},{"id":"0ebe7678-765a-4f34-a6d1-4a01944f76a1","block_type":"box","text":"245","page_number":245,"box":{"x":802,"y":940,"width":18,"height":6}},{"id":"66fbd93f-b0fa-4f46-957f-3a95b310d691","block_type":"box","text":"Aviva Investors: Confidential","page_number":245,"box":{"x":96,"y":966,"width":154,"height":7}},{"id":"6f020473-9441-4677-9896-7bcb8733c61b","block_type":"box","text":"APPENDIX 7","page_number":245,"box":{"x":460,"y":60,"width":100,"height":8}},{"id":"91f803d1-a4c9-4923-8749-85810ce12bad","block_type":"box","text":"VALUATION AND PRICING","page_number":245,"box":{"x":404,"y":87,"width":212,"height":9}},{"id":"36069f9a-59de-4cee-a3a6-9442df541b1b","block_type":"box","text":"1.","page_number":245,"box":{"x":84,"y":113,"width":11,"height":8}},{"id":"dea9a53a-1a21-456d-81a6-c2c5a6a31673","block_type":"box","text":"DETERMINATION OF NET ASSET VALUE","page_number":245,"box":{"x":132,"y":112,"width":326,"height":9}},{"id":"be956f9d-778e-4029-9a15-d86ea1cd5135","block_type":"box","text":"The value of the scheme property shall be the value of the assets less the value of the liabilities as follows:","page_number":245,"box":{"x":131,"y":132,"width":789,"height":11}},{"id":"f141e2e7-657a-4dcd-ab7e-a0cbc9566dd8","block_type":"box","text":"(i)","page_number":245,"box":{"x":131,"y":151,"width":13,"height":12}},{"id":"5b2fd663-34c0-41e9-bb07-e20bf000ef69","block_type":"box","text":"Property which is not cash shall be valued at the most recent prices which it is practicable to obtain.","page_number":245,"box":{"x":191,"y":152,"width":736,"height":11}},{"id":"0039ed60-37d9-469b-b5f8-6de7fab4ecec","block_type":"box","text":"(ii)","page_number":245,"box":{"x":131,"y":171,"width":17,"height":11}},{"id":"81e3d7c0-4e5d-4d4d-ae2b-d2049e49120a","block_type":"box","text":"Units or shares in a collective scheme shall be valued at a single price or at the average of a buying","page_number":245,"box":{"x":191,"y":171,"width":746,"height":11}},{"id":"f83fe74e-c4e5-450c-93d2-7b7dcfa7be37","block_type":"box","text":"and selling price, if quoted, net of initial fees or redemption charges.","page_number":245,"box":{"x":191,"y":185,"width":502,"height":11}},{"id":"3f2cbbe9-44f9-42c6-be6a-9cc616be40e8","block_type":"box","text":"(iii)","page_number":245,"box":{"x":131,"y":204,"width":20,"height":11}},{"id":"dd08a873-5893-40e6-82cc-fb5fe81076aa","block_type":"box","text":"Securities shall be valued at the single or average of the buying and selling price of a security, in the","page_number":245,"box":{"x":191,"y":204,"width":746,"height":11}},{"id":"2ce11a44-e463-4796-9dfc-932042bf975b","block_type":"box","text":"case of a listed security being the quoted price, or at the most recent prices which it is practicable to","page_number":245,"box":{"x":191,"y":218,"width":746,"height":11}},{"id":"dbfa426c-2e8a-437b-a079-5e8e89ec0af8","block_type":"box","text":"obtain.","page_number":245,"box":{"x":191,"y":232,"width":49,"height":8}},{"id":"4d527f9d-dfbf-4623-bd4a-298860dffac5","block_type":"box","text":"(iv) If, in the opinion of the ACS Manager, the price obtained is unreliable or there is no recent trade price","page_number":245,"box":{"x":131,"y":251,"width":806,"height":11}},{"id":"b3ba077b-64ff-45c0-a0f5-6e99d4fb995b","block_type":"box","text":"or the ACS Manager deems the price not a true reflection, the ACS Manager will use a fair value policy","page_number":245,"box":{"x":191,"y":265,"width":746,"height":11}},{"id":"33653296-ad43-49f3-ab25-f2b7e3aaeca5","block_type":"box","text":"to determine a price.","page_number":245,"box":{"x":191,"y":279,"width":151,"height":11}},{"id":"c488193a-1fe3-411d-9379-493c38dc9fed","block_type":"box","text":"(v)","page_number":245,"box":{"x":131,"y":298,"width":18,"height":11}},{"id":"af8a44a5-7dd3-4b6b-83e6-fb74fbdb84d4","block_type":"box","text":"Cash and amounts held in current, deposit and margin accounts shall be valued at their nominal value.","page_number":245,"box":{"x":191,"y":298,"width":745,"height":11}},{"id":"64005cb8-288a-461a-83c5-cd2e18e7b052","block_type":"box","text":"(vi) Currencies other than sterling will be converted at the relevant Valuation Point at an exchange rate","page_number":245,"box":{"x":131,"y":318,"width":806,"height":11}},{"id":"973378c5-e372-41f6-b7bf-abd51236921a","block_type":"box","text":"not likely to be prejudicial to Unitholders or potential Unitholders.","page_number":245,"box":{"x":192,"y":331,"width":475,"height":11}},{"id":"57f2fb80-a11f-43ff-852e-86ef11826343","block_type":"box","text":"(vii) Exchange traded derivative contracts shall be valued at the average of the quoted buying and selling","page_number":245,"box":{"x":131,"y":351,"width":806,"height":11}},{"id":"3945a5c2-18c9-48df-b772-a1c86409e165","block_type":"box","text":"price.","page_number":245,"box":{"x":192,"y":365,"width":38,"height":11}},{"id":"cdf174d4-d043-486e-9d39-2f028d3de3f8","block_type":"box","text":"(viii) Over-the-counter derivative contracts shall be valued as agreed between the ACS Manager and the","page_number":245,"box":{"x":131,"y":384,"width":806,"height":11}},{"id":"199a79e6-b060-4bd2-bee0-b34416e06c85","block_type":"box","text":"Depositary.","page_number":245,"box":{"x":192,"y":398,"width":82,"height":11}},{"id":"5573e993-9cd0-46e5-b43d-cc97414c25a0","block_type":"box","text":"(ix) All instructions given to issue or cancel shares will be assumed to have been effected and the cash","page_number":245,"box":{"x":131,"y":417,"width":806,"height":12}},{"id":"47a04599-c0f6-4e78-933f-ab11f92fc4a9","block_type":"box","text":"paid or received taken into account.","page_number":245,"box":{"x":192,"y":431,"width":262,"height":11}},{"id":"625f009d-ee43-4bcb-a2f6-3824ccae7d0a","block_type":"box","text":"(x)","page_number":245,"box":{"x":131,"y":451,"width":18,"height":11}},{"id":"09b60ced-f087-4cb2-ad0b-c5a6457838b9","block_type":"box","text":"Futures or contracts for differences which are not yet due to be performed and unexpired and","page_number":245,"box":{"x":191,"y":451,"width":746,"height":11}},{"id":"591153e1-b9a9-451c-85f1-bcb66a0535f0","block_type":"box","text":"unexercised written or purchased options shall not be included for the purposes of valuation.","page_number":245,"box":{"x":192,"y":464,"width":683,"height":11}},{"id":"81d6c4d8-cfd8-4f54-a323-5c4003f33b46","block_type":"box","text":"(xi) The valuation shall deduct an estimate of any tax liabilities.","page_number":245,"box":{"x":131,"y":484,"width":494,"height":11}},{"id":"4561d234-763a-459e-a494-5b5025647b1b","block_type":"box","text":"(xii) The valuation shall deduct an estimate of liabilities accrued and payable out of the scheme property.","page_number":245,"box":{"x":131,"y":503,"width":801,"height":12}},{"id":"69cefad9-24b4-4f7a-a012-87971551fb63","block_type":"box","text":"(xiii) The valuation shall deduct the principal of any outstanding borrowings and any accrued, unpaid","page_number":245,"box":{"x":131,"y":523,"width":806,"height":11}},{"id":"eb67aff3-aa14-404f-8548-2293624c7e0b","block_type":"box","text":"interest.","page_number":245,"box":{"x":192,"y":537,"width":57,"height":9}},{"id":"30743e1c-7a1c-4d84-a342-6c8a2fec8272","block_type":"box","text":"(xiv) The valuation shall include an estimate of any accrued claims for tax.","page_number":245,"box":{"x":131,"y":556,"width":570,"height":12}},{"id":"749ce1c9-a08b-4d6f-8742-7ffee19f79f4","block_type":"box","text":"(xv) The valuation shall add any other accrued amounts to be paid or received into the Scheme.","page_number":245,"box":{"x":131,"y":576,"width":735,"height":11}},{"id":"fc97a087-6ec8-44e0-ac5c-31fbfceb458d","block_type":"box","text":"2.","page_number":245,"box":{"x":83,"y":622,"width":12,"height":8}},{"id":"c2192cc4-b2e4-4c47-94ad-9e30bdebe387","block_type":"box","text":"DETERMINATION OF UNIT PRICE","page_number":245,"box":{"x":132,"y":621,"width":265,"height":9}},{"id":"61c37d7d-4f86-46b2-bc40-65e956df1978","block_type":"box","text":"There is a single price (per Unit Class) for dealing in Units in each Sub-Fund.","page_number":245,"box":{"x":131,"y":641,"width":569,"height":11}},{"id":"b38d0e8f-ecf9-49a2-9cab-cdf4e910b061","block_type":"box","text":"The actual cost of purchasing or selling a Sub-Fund’s underlying investments may be higher or lower than the","page_number":245,"box":{"x":131,"y":680,"width":806,"height":11}},{"id":"6d222551-dddf-4982-9f66-35e083e663c2","block_type":"box","text":"mid-market value used in calculating the Unit price. Accordingly, the Sub-Fund may suffer a reduction (dilution)","page_number":245,"box":{"x":131,"y":693,"width":805,"height":12}},{"id":"c2ea61ac-63f7-4a6d-b12d-1cb657ff5b1b","block_type":"box","text":"in the value of the scheme property resulting from the costs incurred in dealing in the underlying investments","page_number":245,"box":{"x":131,"y":707,"width":806,"height":11}},{"id":"41a7a15d-4d0d-4af8-a774-1781b05b5915","block_type":"box","text":"and any spread between the buying and selling prices of those investments.","page_number":245,"box":{"x":131,"y":721,"width":562,"height":11}},{"id":"97da4b96-def9-43fa-870c-1a0f566b794d","block_type":"box","text":"Therefore, in order to protect the interests of existing Unitholders from the impacts of such dilution, on any","page_number":245,"box":{"x":131,"y":760,"width":806,"height":11}},{"id":"a8f52af4-42e4-495b-bb5d-73b65ece7e13","block_type":"box","text":"Dealing Day where there are Unitholder cash flows into or out of a Sub-Fund, the ACS Manager will determine","page_number":245,"box":{"x":132,"y":774,"width":805,"height":11}},{"id":"f4dff987-f0c1-49ee-b799-621fc3f21745","block_type":"box","text":"if the mid-price will be adjusted either up or down, in order to mitigate any adverse effect of dealing in the","page_number":245,"box":{"x":131,"y":787,"width":806,"height":12}},{"id":"d75c473d-c68d-4cc5-ae22-180801e21286","block_type":"box","text":"underlying investments of a Sub-Fund (dilution).","page_number":245,"box":{"x":131,"y":801,"width":355,"height":11}},{"id":"c27fa23e-9b71-4899-8bde-8dea4623289f","block_type":"box","text":"This adjustment to the price is known as swing pricing and is also known as single pricing with a dilution","page_number":245,"box":{"x":131,"y":840,"width":805,"height":11}},{"id":"24e88430-e008-4d02-99b3-2a7744cd99a1","block_type":"box","text":"adjustment. To explain further, the ACS Manager will establish the approximate impact of dealing in the","page_number":245,"box":{"x":131,"y":854,"width":806,"height":11}},{"id":"f7edfdbc-48f1-40c1-bc3a-64d9887118ca","block_type":"box","text":"underlying assets of a Sub-Fund including market spreads and dealing costs. Market spread is the difference","page_number":245,"box":{"x":131,"y":867,"width":806,"height":12}},{"id":"a622181f-2645-4e40-8bf7-cc4f88c92490","block_type":"box","text":"between the buying and selling prices provided by the market makers who deal in the underlying investments.","page_number":245,"box":{"x":131,"y":881,"width":805,"height":11}},{"id":"062c9011-a6e8-45a7-a367-ff23c0623660","block_type":"box","text":"Dealing costs are an estimate of the costs of trading in the underlying investments including brokerage fees","page_number":245,"box":{"x":132,"y":895,"width":805,"height":11}},{"id":"9b5528de-bc3d-48bd-8b58-2df8fff0697d","block_type":"box","text":"and any relevant taxes. The amounts by which the mid-price is adjusted will vary Sub-Fund to Sub-Fund","page_number":245,"box":{"x":131,"y":908,"width":805,"height":12}},{"id":"66809e23-8a74-4d1d-983b-6952dc027df5","block_type":"box","text":"depending on the type of underlying assets in which the Sub-Fund invests, and the markets and regions in","page_number":245,"box":{"x":131,"y":922,"width":805,"height":11}},{"id":"56cd23c8-bf1d-4a45-a36d-f326f335b02c","block_type":"box","text":"Aviva Investors Funds ACS Prospectus (7 August 2026)","page_number":246,"box":{"x":83,"y":940,"width":291,"height":8}},{"id":"b1d45e22-fd62-4f85-9be7-86d198d8980b","block_type":"box","text":"246","page_number":246,"box":{"x":802,"y":940,"width":18,"height":6}},{"id":"1f23ee7a-682f-436f-b3d4-796b862021be","block_type":"box","text":"Aviva Investors: Confidential","page_number":246,"box":{"x":96,"y":966,"width":154,"height":7}},{"id":"01dfe63c-4cb2-4099-aa09-d1d240cdfd94","block_type":"box","text":"which the underlying assets are traded. 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