# What is this product?
## Type
This product is a Sub-Fund of Aviva Investors, an open ended investment company with variable capital and an umbrella fund with segregated liability between the sub-funds, established under the laws of Luxembourg and authorised by Commission de Surveillance du Secteur Financier.

## Term

## The Fund has no minimum fixed term.

## The Management Company has the ability to terminate the PRIIP with adequate notice to investors.
Objective: The objective of the Fund is to earn income and increase the value of the Shareholder's investment, while outperforming the Bloomberg Global High Yield Excl CMBS & EMG 2% Cap Index over the long term (5 years or more).
Investment Policy: The Fund invests mainly in high yield bonds issued by corporations anywhere in the world, with an emphasis on North America and Europe. At all times, the Fund invests at least two-thirds of its total net assets (excluding ancillary liquid assets, eligible deposits, money markets instruments and money market funds) in bonds that are rated below BBB- by Standard and Poor's or Baa3 by Moody's, or are unrated. The Fund may invest in shares or units of UCITS or other UCIs, but not in convertible securities. The Fund may invest in up to 10% of total net assets in Additional tier-1 (AT1) and contingent convertible bonds.

## Derivatives and Techniques: The Fund may use derivatives for investment purposes. The Fund may also use derivatives for hedging and for efficient portfolio management.

## Securities lending

## Expected level: 10% of total net assets; maximum: 20%.

## Underlying securities in scope: limited to assets permitted by the fund's investment policy.
Strategy: The investment process includes consideration of environmental, social and governance (ESG) criteria. The Investment Manager will exclude direct investments in companies which manufacture products that seek to do harm when used as intended. This would include:
- Companies manufacturing tobacco productsFurther ESG exclusions related to companies involved in the manufacture of controversial weapons can be found within the Aviva Investors ESG Baseline Exclusions Policy under the Responsible Investment section of the Prospectus.


## Benchmark (performance comparison): The Fund's performance is compared against and the Fund aims to outperform the Bloomberg Global High Yield Excl
CMBS & EMG 2% Cap (the “Benchmark” or the “Index”), however the reference benchmark is not aligned with all of the environmental or social characteristics promoted by the Fund. The Fund does not base its investment process upon the Index, which is only a representation of the investment universe. Therefore the Fund will hold bonds that are not part of the Index and will only hold a relatively small proportion of bonds relative to the number in the Index. The Fund is expected to operate with lower volatility than the Benchmark over the long term.
Sustainability Disclosures: This Fund promotes environmental and social characteristics however does not have a sustainable investment objective. To be eligible for investment, all investments that are selected as part of the Investment Manager's ESG analysis must follow good governance practices and not be excluded by the Investment Manager's ESG Baseline Exclusions Policy. The Investment Manager actively engages with companies and uses voting rights with the aim of positively influencing company behaviour and helping to create competitive returns. The Investment Manager integrates qualitative and quantitative data on adverse sustainability impacts into its investment processes. The Sub-Fund does not make any minimum commitment to invest in one or more environmentally sustainable investments. Further information regarding how the Investment Manager integrates ESG into its investment approach (including information on its ESG Baseline Exclusions Policy) and how it engages with companies is available in the Responsible Investment Philosophy section and on the website www.avivainvestors.com.

## Intended retail investor

## This share class is intended for Institutional Investors.
The Fund is appropriate for an investor with only basic knowledge of this type of investment, an informed investor or an experienced investor who are prepared to risk loss to the value of their investment in order to potentially generate both income and capital growth, and who plan to stay invested for at least 5 years. It can be purchased with or without professional financial advice.

## The Investment Manager actively makes the investment selection decisions for the Fund.

## The portfolio and benchmark will be hedged to the base currency of the Fund; the base currency of this Fund is USD.

## Depositary

## J.P. Morgan SE, Luxembourg Branch. Further Information

## You can buy and sell shares on any full bank business day in Luxembourg. This is an accumulation share class.

Translation (ENIT, 2023-03-14):
# Cos’è questo prodotto?
## Tipo
Questo prodotto è un Comparto di Aviva Investors, una società di investimento di tipo aperto a capitale variabile e un fondo multi-comparto con separazione patrimoniale tra i comparti, di diritto lussemburghese e autorizzato dalla Commission de Surveillance du Secteur Financier.

## Durata

## Il Fondo non ha una durata minima fissa.

## La Società di gestione ha la facoltà di porre fine al PRIIP dando adeguata comunicazione agli investitori.
Obiettivo: Il Fondo si propone di generare un reddito e di incrementare il valore dell'investimento dell'Azionista, sovraperformando nel lungo periodo (almeno 5 anni) l'Indice Bloomberg Global High Yield Excl CMBS & EMG 2% Cap.
Politica di investimento: il Fondo investe principalmente in obbligazioni ad alto rendimento emesse da società di tutto il mondo, con particolare attenzione all'America del Nord e all'Europa. Il Fondo investe in ogni momento almeno due terzi del patrimonio netto totale (attività liquide accessorie, depositi ammissibili, strumenti del mercato monetario e fondi del mercato monetario esclusi) in obbligazioni con rating inferiore a BBB- emesso da Standard & Poor's o con rating Baa3 emesso da Moody's, oppure prive di rating. Il Fondo può investire in azioni o quote di OICVM o altri OIC, ma non in titoli convertibili. Il Fondo può investire fino al 10% del patrimonio netto totale in obbligazioni Additional tier-1 (AT1) e obbligazioni convertibili contingenti.
Derivati e tecniche: Il Fondo può ricorrere all'utilizzo di strumenti derivati per finalità di investimento. Il Fondo può ricorrere a strumenti derivati anche per finalità di copertura e gestione efficiente del portafoglio.

## Prestito di titoli

## Livello atteso: 10% del patrimonio netto totale; massimo: 20%.

## Titoli sottostanti ammessi: si limitano agli investimenti inclusi nella politica di investimento del Fondo.
Strategia: Il processo d'investimento include considerazioni basate su criteri di tipo ambientale, sociale e di governance (ESG). Il Gestore degli investimenti escluderà gli investimenti diretti in società che realizzano prodotti intenzionalmente finalizzati ad arrecare danno. Si tratta, ad esempio di:
- Produttori di articoli a base di tabacco.

Ulteriori esclusioni ESG relative a società coinvolte nella produzione di armi controverse sono disponibili all'interno della Politica delle esclusioni di base in materia di ESG di Aviva Investors, nella sezione Investimento responsabile del Prospetto informativo.
Parametro di riferimento (confronto delle performance): La performance del Fondo viene confrontata con quella dell'indice Bloomberg Global High Yield Excl CMBS & EMG 2% Cap (il “Parametro di riferimento” o l'“Indice”), che il Fondo mira a sovraperformare; tuttavia, il parametro di riferimento non è in linea con