Aviva Investors - Short Duration Global Credit Fund A USD Acc

Contingent Convertibles securities risk: Contingent convertible bonds (CoCos), often classified as Additional Tier 1 (AT1) capital instruments, are high‑yield, high‑risk hybrid securities issued primarily by banks. They automatically convert to equity or are written down when the issuer’s capital deteriorates. This makes them structurally riskier than traditional bonds.

Counterparty risk: The Fund could lose money if an entity with which it does business becomes unwilling or is unable to meet its obligations to the Fund.

Credit and interest rate risk: Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typically have a greater risk of default.

Derivatives risk: Investments can be made in derivatives, which can be complex and highly volatile. Derivatives may not perform as expected, meaning significant losses may be incurred.

Distressed Securities risk: Securities issued by companies/public bodies undergoing financial pressure due to possible bankruptcy, re-structuration, or other financial turmoil. Changing market conditions may have a greater adverse impact on such securities.

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.

Illiquid Securities risk: Some investments could be hard to value or to sell at a desired time, or at a price considered to be fair (especially in large quantities). As a result their prices can be volatile.

Investment risk: The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested.

Leverage: 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.

Market Risk: Prices of many securities (including bonds, equities and derivatives) change continuously, and can at times fall rapidly and unpredictably.

Operational risk: Human error or process/system failures, internally or at our service providers, could create losses for the Fund.

Sustainability risk: This risk is any environmental social or governance event or condition that could impact the value of investments. The Investment Manager primarily relies on its in-house ESG analysis and climate risk indicators to categorise the potential level of Sustainability risks in each sub-fund. The level of sustainability risk may fluctuate depending on which investment opportunities the Investment Manager identifies. This means significantly and unpredictably.

Full information on the risks applicable to the Fund is detailed in the Prospectus.