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Page 1 of 2
KEY INVESTOR INFORMATION
This document provides you with key investor information about this Fund. It is not marketing material. The information is re quired by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Aviva Investors Multi - Strategy Target Return Fund, Class 2, Accumulation shares, GBP, a sub - fund of the Aviva Investors Investment Funds ICVC (ISIN: GB00BMJ6DT26). The Fund is managed by Aviva Investors UK Fund Services Limited. OBJECTIVES AND INVESTMENT POLICY
Objective: To deliver a positive return over rolling three year periods regardless of the prevailing stock market environment. The Fund aims to generate a positive return, on average 3% per annum above the Bank of England Base Rate before the deduction of charges, o ver rolling three year periods. In seeking to target this level of return the Fund also aims to manage volatility to a target of less than half the volatility of global equities, measured over the same rolling three year periods. These aims, however, are n ot guaranteed and it may not always be possible to achieve positive returns or to achieve the target level of volatility over rolling three year periods, or over any period of investment. Consequently, investors' capital is at risk. Core investment: The Fu nd invests across a broad range of global asset classes (including emerging markets) that may include shares of companies, bonds (both corporate and government), cash, commodities, indirect property, and currencies. Other funds (including funds managed by Aviva Investors companies) may also be used to gain exposure to these asset classes. The Fund will make significant use of derivative instruments for investment purposes including: futures, options, swaps, swaptions and forwards. Strategy: The Fund is acti vely managed and the Investment Manager may take both long and synthetic short positions and derivative usage may include but is not limited to derivatives on interest rates, inflation rates, bonds, credit, equity, financial indices, volatility, dividend p ayments and currencies. Derivatives usage may be for the purposes of hedging, efficient portfolio management, or investment purposes and may be exchange traded or traded off exchange through market counterparties. The use of derivative instruments as part of the investment policy will mean that the Fund may, from time to time, have substantial holdings in liquid assets including deposits and money market instruments. This Fund is subject to Aviva Investors' baseline exclusion policy – please see Appendix 2 of the Prospectus for information on these limited investment restrictions. Performance & Risk Measurement: The Fund aims to generate returns which exceed the Bank of England base rate, which has been chosen as the market standard indicator of the risk - fre e rate of return. The Fund targets 3% above this rate because that is the level of outperformance that the
Investment Manager believes to be realistic for this strategy alongside the volatility aim. The Fund is managed to a defined risk target - linked to the volatility of global equities. Volatility measures how much the returns of the Fund may fluctuate and is an indicator of the level of risk taken by the Investment Manager. The Fund is expected to operate with a volatility no greater than 50% of that of Global Equities, however, there may be times where the Fund operates above this target. The Index we use to represent global equities is the MSCI® All Country World Index (Local Currency) (the Index). The Fund's volatility is compared against the Index's daily volatility, annualised, over 3 - year rolling periods. The Index comprises large and medium sized companies, as determined by their market capitalisation (total market value of a company's outstanding shares), from both developed and emerging markets, and the Index is designed to provide a broad measure of global equity market performance. The Index has been selected as a benchmark due to the broad range of companies that it represents, and it is therefore an appropriate measure of the volatility of glo bal equities. 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 securities 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 decisi on and may not be relied on as such. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Other information: You can buy and sell shares on any London business day. 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 base d 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 ba sed on the historic volatility of its share price or where insufficient information is available appropriate asset classes. Counterparty risk: The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obl igations to the Fund. Currency risk: Changes in currency exchange rates could reduce investment gains or increase investment losses. Exchange rates can change rapidly, significantly and unpredictably. Derivatives risk: Derivatives are instruments that can be complex and highly volatile, have some degree of unpredictability (especially in unusual market
conditions), and can create losses significantly greater than the cost of the derivative itself. Hedging risk: Any measures taken to offset specific risks wi ll generate costs (which reduce performance), could work imperfectly or not at all, and if they do work will reduce opportunities for gain. Illiquid securities risk: Certain assets held in the Fund could, by nature, be hard to value or to sell at a desired time or at a price considered to be fair (especially in large quantities), and as a result their prices could be very volatile. Commodity Investment The prices of commodities are generally more volatile than investments in more traditional securities such as equities and fixed income. Investment into commodity instruments which are physically backed may have limited recourse, and if the value of the commodities held is insufficient to meet payment obligations the Fund may suffer losses. Leverage risk: A sm all 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. Multi - strategy risk: Because th e Fund is exposed to the risks of multiple markets and asset classes, there is a risk that some or all of its strategies may not perform or correlate as expected. Stock and Bond Connect risk: The Fund may invest in China A - Shares via Stock Connect, or bonds on the China Interbank Bond Market via Bond Connect which may entail additional clearing and settlement, regulatory, operational and counterparty risks. Full information on the risks applicable to the Fund is detailed in the Prospectus.
Page 2
Page 2 of 2 This key investor information is accurate as at 06/02/2026
One - off charges taken before or af ter you invest Entry charge None Exit charge None Charges taken from the Fund over a year Ongoing charges 0.85% Charges taken from the Fund under certain specific conditions Performance fee None 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 the maximum that might be taken o ut of your money before it is invested / before the proceeds of your investment are paid out. The ongoing charges figure is based on last year's expenses for the year ending November 2025. The figure for ongoing charges excludes performance fees and portfo lio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more information about charges please see the charges sections of the Fund's Prospectus.
PAST PERFORMANCE
Share Class Bank of England Base rate +3%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1.1 - 2.1 - 6.1 9.9 3.5 2.0 5.4 5.8 3.7 8.7 5.4 5.3 5.6 5.8 5.2 5.1 6.5 9.8 10.2 9.6 1.07 -214 -2.14 -610 -6.10 9.3 3.50 2.0 5.4 5.81 3.69 8.6
Past performance is no guide to future performance. On 23 December 2025 the performance target of the Fund was changed to the Bank of England base rate +3%. Historic performance prior to this date reflects the previous target of the Bank of England base ra te +5%. The past performance shown in the chart opposite takes into account all charges except entry charges. The Share Class was launched on 01 July 2014. Performance is calculated in the Share Class currency which is GBP. Source: Aviva Investors/Morning star 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 ann ual and half yearly reports are available free of charge from Aviva Investors UK Fund Services Limited PO Box 10410, Chelmsford, CM99 2AY. These documents will be in English and cover the whole ICVC. The latest published price of shares in the Fund and oth er information on the Fund, including how to buy and sell shares, is also available at www.avivainvestors.co.uk. Shares other than Class 2 are offered by the Fund, as set out in the Prospectus. You may switch between funds in the Aviva Investors Investment s Funds ICVC. 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 F und 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 incon sistent 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 over view of how remuneration is determined, are available on the website www.avivainvestors.com. A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office.
The sub - fund launched on 01 July 2014, 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 .
-8
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2
4
6
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12
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CHARGES
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"text": "of the Prospectus for information on these limited investment"
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"text": "Performance \u0026 Risk Measurement:"
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"text": "which exceed the Bank of England base rate, which has been chosen as the"
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"text": "You can buy and sell shares on any London business day."
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"text": "remain in the Fund and is reflected in the share price."
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"text": "d on historical data, calculated using European Union"
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"text": "rules, and may not be a reliable indication of the future risk profile of the"
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"text": "igations to the Fund."
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"text": "(which reduce performance), could work imperfectly or not at all, and if they"
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...