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Page 1 of 2
NON - UCITS RETAIL SCHEME
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informe d decision about whether to invest. Aviva Investors Multi - asset Stewardship Fund II, Class 9, Accumulation shares, GBP, a sub - fund of the Aviva Investors Portfolio Funds ICVC (ISIN: GB00BPG9JD16). The Fund is managed by Aviva Investors UK Fund Services Limited. OBJECTIVES AND INVESTMENT POLICY
The Fund aims to: i) grow your investment over the long term (5 years or more) through the responsible allocation of capital, generating a combination of income and capital growth*; and ii) manage volatility within a risk range of 3% higher or lower than t he volatility of the Volatility Index**. At least 70% of the Fund’s investments (the “minimum stewardship allocation”) must contribute to one of three pillars through their products and services or through their operations: • Climate - for example, tackling the causes or impacts of climate change. • Earth - for example, tackling increasing biodiversity loss and resource scarcity. • People - for example, tackling social inequality and unfair working practices. *The Fund’s sustainability and volatility aims may mean achieving a lower financial return than if the Fund did not have a sustainability or volatility objective. **The Volatility Index is a composite index comprising 45% MSCI® All Country World Index (Net ) GBP and 55% Bloomberg® Global Aggregate Bond Index Hedged GBP. Volatility is measured on an annualised basis, over 3 - year rolling periods, using the volatility figures as at the end of each week. Core investment: The Fund will invest directly and indirectly (via other funds (including funds managed by Aviva Investors companies) or through the use of derivatives) in a variety of global asset classes, including shares of both developed and emerging market companies and bonds issued by companies, governments or large institutional organisations in developed and emerging markets. Other Investments: The Fund may invest in other funds to obtain exposure to, for example, alternative strategies and property. The Fund may also invest in real estate investment trusts, asset and mortgage - backed securities, other derivatives, money market instruments, cash and deposits, and indirectly in commodities for example through other collective investment schemes, exchange traded commodities or derivatives. Exclusions: The Fund is subject to two sets of screens, the Aviva Investors baseline exclusion policy and “the stewardship exclusions”, which exclude companies that do not meet certain ethical, social and environmental standards. If there are any differenc es between the baseline exclusion policy and the stewardship exclusions, the more restrictive exclusions will apply. These screens only exclude shares and bonds issued by companies. The Fund can also invest in Green, Social, or Sustainability (GSS) bonds. Please see Appendices 2 and 3, and the Sustainability Strategy section of the Prospectus for information on these investment restrictions. Strategy and Asset Selection: The Fund is actively managed, selecting investments aligned to the Fund’s growth aims and volatility target, and in - line with the Fund’s Sustainability Strategy. The Investment Manager aims through the responsible allocation of capital (stewardship) to enc ourage companies to improve environmental and/or social outcomes through their products and services, and/or through their operations.In addition, the Investment Manager aims to provide returns consistent with the Fund’s volati lity aims, based on a longer - term outlook, by blending different asset classes for diversification purposes. The asset mix of the Fund will periodically be rebalanced taking into account these aims and market conditions, whilst the Investment Manager may a lso engage in tactical asset allocation (“TAA”) decisions. Derivatives may be used for investment purposes, efficient portfolio management and to reduce risk within the Fund. Once any excluded companies have been removed from the available investment universe (see above), the Fund must invest in its minimum stewar dship allocation. To be eligible for investment, the company must meet the Fund’s qualifying criteria through either the company’s: • Products and Services - consideration will be given to the revenue a company generates from products and services that are linked to investment themes that fall under one or more of the three pillars.
• Operations – consideration is given to the sustainability practices of a company’s operations. The Investment Manager may look at a range of factors to assess a company’s operations against investment themes linked to the three pillars, including (for ex ample) its governance commitments, policies and actions to manage social and environmental issues, and performance compared to peers. Up to 30% of the Fund may be in investments that do not meet the standards required by the Investment Manager’s investment framework; the Investment Manager refers to these as “neutral” assets. The Fund may hold such neutral assets in order to support the financial objectives of the Fund, for liquidity purposes and for efficient portfolio management purposes. The Fund’s minimum stewardship allocation will be reviewed on an ongoing basis against a range of key sustainability indicators (KPIs) to ensure that the investments remain compliant with the Investment Manager’s investment framework – please see “Sustaina bility Strategy” below for further information. The Fund is part of a range of four stewardship multi asset funds, each with their own risk profile, ranging from I (the lowest) to IV (the highest), This Fund is number II in the range with a “cautious” risk profile, as defined by its risk range and Volat ility Index. For more information on these funds, please refer to the prospectus. Further information on the Fund’s sustainability strategy is set out in the Prospectus. Performance and Risk Measurement: The Fund's financial performance can be compared against the Investment Association Mixed Investments 20 - 60% shares sector (the “ Performance Sector ”). It has been chosen because it reflects the performance of other funds with a similar asset allocation, however the actual asset allocation will be in line with the Fund's volatility target and minimum stewardship allocation, and therefore it is only an indicator of the performance that may be expected. The Fund's volatility is measured against the Volatility Index. Volatility measures how much the returns of the Fund may fluctuate and is an indicator of the level of risk taken. There may be times when the Fund operates outside of its volatility range. The Volatility Index is illustrative of the Fund's asset m ix and is therefore an appropriate target for risk measurement. The Fund's returns could be very different to the Performance Sector and Volatility Index. Note: MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securitie s or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Source: Bloomberg® and Bloomberg® Global Aggregate Bond Index Hedged GBP (the “Benchmark” or the “Index”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the admini strator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Aviva Investors UK Fund Services Limited. Bloomberg is not affiliated with Aviva Investors UK Fund Services Limited and Bloomberg does not approve, endo rse, review, or recommend the, Aviva Investors Multi - asset Stewardship Fund II. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Aviva Investors Multi - asset Stewardship Fund II. Other information: You can buy and sell shares on any London business day. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. This is an accumulation share class and any income from the Fund will remain in the Fund and is reflected in the share price. For full investment objectives and policy details please refer to the Prospectus.
RISK AND REWARD PROFILE
1 2 3 4 5 6 7
Lower risk Higher risk Typically lower rewards Typically higher rewards This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean 'risk free'. The value of investments and the income from them will change over time. The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. The Fund has been allocated a risk number based on the historic volatility of its share price or where insufficient information is available appropriate asset classes. Collective investment risk: Investing in any type of collective investment involves certain risks and limitations that you would not face if investing in markets directly, including the risk of delay in liquidating your investment.
Credit/Default Risk: A bond or money market security could lose value if the issuer's financial health weakens. Below investment grade bonds (also known as high yield securities) typically have greater credit risk than investment grade securities. If such issuers default and become unable to make payments there will be a reduction in income to the Fund and also in the value of bonds held. Under extreme market conditions, defaults could be widespread and their effect on Fund performance significant. Currency risk: Changes in currency exchange rates could reduce investment gains or increase investment losses. Exchange rates can change rapidly, significantly and unpredictably. Derivatives risk: Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market conditions), and can create losses significantly greater than the cost of the derivative itself. Equities Risk: Equities can lose value rapidly, can remain at low prices indefinitely, and generally involve higher risks — especially market risk — than bonds or money market instruments. Bankruptcy or other financial restructuring can cause the issuer's equities to lo se most or all of their value. Emerging Markets risk: Compared to developed markets, emerging markets can have greater political instability and limited investor rights and freedoms, and their securities can carry higher equity, market, liquidity, credit and currency risk.
Page 2
Page 2 of 2 This key investor information is accurate as at 31/03/2026
ESG Risk: ESG criteria may limit investment choices and performance may not align with funds with a broader policy. Fixed Income Risk: Investments in fixed interest securities are impacted by market and credit risk and are sensitive to changes in interest rates (when interest rates rise, bond values generally fall) and market expectations of future inflation. Bonds that produce a higher level of income usually have a greater risk of default.
Green, Social and Sustainability Bonds: These bonds have a smaller market size and can be more volatile and less liquid than established bond markets. Leverage Risk: A small price decline on a "leveraged" underlying investment will create a correspondingly larger loss for the Fund. A high overall level of leverage and/or unusual market conditions could create significant losses for the Fund. Full information on the risks applicable to the Fund is detailed in the Prospectus.
One - off charges taken before or after you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 0.35% Charges taken from the Fund under certain specific conditions Performance fee None This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds run by Aviva Investors UK Fund Services Limited) you might pay less – you can find the actual entry and exit charges from your financial adviser/di stributor. The ongoing charges figure is estimated to reflect a more current indication of expected charges. The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buy ing or selling units in another collective investment undertaking. For more information about charges, including a full explanation of any performance fee (if applicable) please see the charges sections of the Fund's Prospectus.
PAST PERFORMANCE
Share Class Performance Sector Mixed Investment 20 - 60% Shares
2021 2022 2023 2024 2025 5.9 10.2 10.2 5.92
Past performance is no guide to future performance. The past performance shown in the chart opposite takes into account all charges except entry charges. The Share Class was launched on 28 February 2024. Prior to 7 April 2025 this Sub - Fund was called Aviva Investors Multi - Asset Sustainable Stewardship Fund II Performance is calculated in the Share Class currency which is GBP. Source: Aviva Investors/Morningstar as at 31 December 2025.
PRACTICAL INFORMATION
Depositary - J.P. Morgan Europe Limited More practical information about the Fund and copies of the Prospectus and the latest annual and half yearly reports are available free of charge from Aviva Investors UK Fund Services Limited PO Box 10410, Chelmsford, CM99 2AY. These documents will be in E nglish and cover the whole ICVC. The latest published price of shares in the Fund and other information on the Fund, including how to buy and sell shares, is also available at www.avivainvestors.co.uk. Shares other than Class 9 are offered by the Fund, as set out in the Prospectus. You may switch between funds in the Aviva Investors Portfolio Funds ICVC. An entry charge may apply to a switch but it is normally waived on most funds other than the structured/defined return funds. Details on switching are provided in the Prospectus.
The Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence, this might have an impact on your investment. The liabilities of the Fund are segregated and the assets of this Fund will not be used to pay debts of other funds. Aviva Investors UK Fund Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. The details of the up - to - date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the web site www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office. The sub - fund launched on 18 October 2023, is authorised in the United Kingdom and regulated by The Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by The Financial Conduct Authority .
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"text": "required by the Investment Manager\u2019s investment framework; the Investment"
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"text": "Manager refers to these as \u201cneutral\u201d assets. The Fund may hold such neutral"
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"text": "assets in order to support the"
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"text": "financial objectives of the Fund, for liquidity"
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"text": "purposes and for efficient portfolio management purposes."
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"text": "The Fund\u2019s minimum stewardship allocation will be reviewed on an ongoing"
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"text": "basis against a range of key sustainability indicators (KPIs) to ensure that the"
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"text": "investments remain compliant with the Investment Manager\u2019s investment"
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"text": "\u2013"
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"text": "please see \u201cSustaina"
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"text": "bility Strategy\u201d below for further information."
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"text": "The Fund is part of a range of four stewardship multi asset funds, each with"
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"text": "their own risk profile, ranging from I (the lowest) to IV (the highest), This Fund is"
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"text": "number II in the range with a \u201ccautious\u201d risk profile, as defined by its risk range"
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"text": "ility Index. For more information on these funds, please refer to the"
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"text": "Further information on the Fund\u2019s sustainability strategy is set out in the"
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"text": "asset allocation will be in line with the Fund\u0027s volatility target and minimum"
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"text": "that may be expected. The Fund\u0027s volatility is measured against the Volatility"
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