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For the six months ended 30 June 2025 (unaudited)
Interim Report and Financial Statements
AVIVA INVESTORS LTAF ACS
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avivainvestors.com | Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025 1
CONTENTS
Scheme Information* 2 ACS Manager’s Report* 3 Aviva Investors Real Estate Active LTAF 4 Aviva Investors Climate Transition Real Assets LTAF 15 General Information 25
* These items, together with the Investment Managers’ Report, Investment Objective and Policy and Portfolio Statement for each individual Sub-fund, comprise the ACS Manager’s Report for the purpose of the rules contained in the Collective Investment Schemes Sourcebook (the “Regulations”). Throughout this report we refer to Aviva Investors as Aviva Investors or AI interchangeably.
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Scheme Information
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AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street, London, EC3M 4AE
Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The ACS Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).
ACS MANAGER DIRECTORS J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates B Fowler (resigned 15 January 2025) M Kingdon (appointed 12 March 2025) J Lowe K McClellan
INVESTMENT MANAGER Aviva Investors Global Services Limited 80 Fenchurch Street, London, EC3M 4AE
Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the FCA. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street, London, EC3M 4AE
DEPOSITARY HSBC Bank Plc 8 Canada Square London, E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
FUND ACCOUNTING AND PRICING AGENT HSBC Securities Services 1-2 Lochside Way, Edinburgh Park Edinburgh, EH12 9DT
INDEPENDENT AUDITORS Ernst & Young LLP 25 Churchill Place, Canary Wharf, London, E14 5EY
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) The Manager’s entity and product disclosure reports have been published separately and can be found at https://www.aviva.com/sustainability/reporting/climate-related financial-disclosure/
SCHEME INFORMATION
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ACS Manager’s Report
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THE SCHEME Aviva Investors LTAF ACS (“the Scheme” or “ACS”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to Aviva Investors LTAF ACS. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds (each referred to as a “Sub-fund” and collectively “Sub-funds”). Additional Sub-funds may be established in the future by the ACS Manager from time to time with the approval of the Financial Conduct Authority and the agreement of the Depositary. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) and the Investment Funds Sourcebook (“FUND”), both of which form part of the FCA Handbook, and the Alternative Investment Fund (“AIF”) Regulations. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). Each Sub-fund shall have a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 30 June 2025 there were only 2 active Sub-funds in the Aviva Investors LTAF ACS.
AUTHORISED STATUS The Financial Conduct Authority authorised the Aviva Investors LTAF ACS (“the Scheme”) as a Non-UCITS Retail Scheme (NURS) on 17 March 2023.
ACS MANAGER’S STATEMENT We hereby approve the Interim Report and Financial Statements of Aviva Investors LTAF ACS for the six months ended 30 June 2025 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
M Bell Director
K McClellan Director 29 August 2025
THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Scheme for the six months ended 30 June 2025. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the period. We hope that you find our review useful and informative. For the purposes of this report, “Manager” / “ACS Manager” will be used interchangeably.
SIGNIFICANT INFORMATION Launch of the Aviva Investors Venture & Growth Capital LTAF On 31 January 2025, an updated version of the Prospectus and the Co-Ownership Deed of the Aviva Investors LTAF ACS was adopted, reflecting the launch of the Aviva Investors Venture & Growth Capital LTAF. Correction to the basis of changing wording for Aviva Investors Real Estate Active LTAF (REALTAF) investment into Liquidity Funds On 17 February 2025, an updated version of the Prospectus of the Aviva Investors LTAF ACS was filed, reflecting the correction to the basis of changing wording for REALTAF’s investment into the Aviva Investors Liquidity Funds. Launch of new unit class (UK Fund of Fund (Internal) Accumulation Units) On 30 April 2025, an updated version of the Prospectus for the Aviva Investors LTAF ACS was filed, to reflect the launch of a new unit class (UK Fund of Fund (Internal) Accumulation Units) within the Aviva Investors Multi Sector Private Debt Sub-fund. Updating the investment objective to expressly permit investments into portfolio companies which have the ability to distribute in specie On 28 May 2025, an updated version of the Prospectus for the Aviva Investors LTAF ACS was filed, to reflect a change to the IOP in respect of the Venture & Growth Capital LTAF Sub-fund. The change will permit investments into portfolio companies which have the ability to distribute in specie. Generic changes affecting REALTAF & Aviva Investors Climate Transition Real Assets LTAF As part of the above filing, minor amendments were made to the rest of the Prospectus for this umbrella, such as correcting references to leverage to note the inclusion of borrowing as well as derivatives.
ACS MANAGER’S REPORT
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INVESTMENT OBJECTIVE The Sub-fund seeks to provide a combination of income and growth, targeting an overall GBP return (net of the ACS Management Charge) of 6% per annum on a rolling five-year basis, through exposure to a diversified portfolio of real estate assets and land, which at the overall level of the Fund’s portfolio will be actively transitioned to contribute to both a net zero and a more socially equitable economy. This performance target, however, is not guaranteed and it may not always be possible to achieve it over the period stated, or over any period of investment. Consequently, investors’ capital is at risk. A net zero economy is one where the level of greenhouse gas emissions is reduced to as close to zero as possible, with any residual amounts emitted, matched by removal. A socially equitable economy is one where companies respect human rights, provide decent work and act as responsible corporate citizens, and where underserved part(s) of society have access to education, healthcare and finance.
INVESTMENT POLICY AND STRATEGY The Sub-fund is actively managed and its strategy is to invest in and manage a diversified portfolio of real estate assets (held directly and indirectly) in the UK to deliver its investment objective. The overarching focus is to provide income and growth through acquisitions, disposals, active asset management and strategic investment of capital in major refurbishment and development initiatives over the long term.
Core investment: At least 80% of the Sub-fund will be invested in:
– Direct real estate assets and land (including, for example, agricultural land and land held for biodiversity means) located in the UK.
– Indirect investment in real estate assets and land (including, for example, agricultural land and land held for biodiversity means) located in the UK. Such investment will be held through holding structures (including intermediate holding vehicles or other special purpose vehicles as well as collective investment schemes and which structures may be incorporated or otherwise established outside of the UK) and may involve co-investment from joint venture partners. The Sub-fund: (i) is required to have a right of refusal over decisions in respect of the acquisition and disposal of any asset(s) held via, and (ii) cannot be unilaterally required to inject further capital into, such an indirect investment.
– Public Real Estate Investment Trusts (REITs) or other listed real estate securities.
– Subject to the FCA Rules, shares or such other interest in any general partners or other entities associated with such real estate assets and land.
AVIVA INVESTORS REAL ESTATE ACTIVE LTAF
– Expressly committed liquidity assets. Defined as amounts used or allocated by the Sub-fund (i) to enter into onward binding commitments for the acquisition of new assets, for capital or development expenditure or as are otherwise required by the Sub-fund to satisfy outstanding liabilities and where the Subfund is unable to cancel such commitment(s) and/or liabilities; or (ii) for the settlement of redemption requests received or to pay fund fees/ expenses. Such amounts may be held in cash but may also be held in money market funds, including funds managed by Aviva Investors companies, deposits, asset backed securities, or through use of property derivatives for efficient portfolio management only. Investors will be updated quarterly as to the percentage of the portfolio in such expressly committed liquidity assets.
– Subject to the FCA Rules, biodiversity units generated in respect of the Sub-fund’s investments (direct or indirect), to the extent considered separate to the same. These core investments may be made in any real estate sector including but not limited to commercial, residential, healthcare and agricultural.
Other investments: The Sub-fund may also invest in:
– Indirect holdings in investment structures managed by Aviva Plc and its subsidiaries or a third party (other than those structures referred to above).
– Uncommitted liquidity assets, defined as the opposite of “Expressly committed liquidity assets” which may be held in cash, money market funds, including those managed by Aviva Investors, deposits, asset backed securities, or through the use of property derivatives for efficient portfolio management only.
– Interest Rate Swaps for the purpose of hedging interest rates of any permitted borrowings only.
– Subject to the FCA Rules, carbon certificates and biodiversity units purchased from third parties. The ACS Manager will at all times ensure the Sub-fund maintains a prudent spread of risk. The ACS Manager will ensure the Subfund maintains sufficient diversification of exposure across the direct and indirect assets permitted by the investment objective and policy, including, where necessary, by virtue of the underlying assets held indirectly through collective investment schemes and intermediate holding vehicles or other special purpose vehicles. Environmental Social and Governance (ESG) criteria: The Investment Manager believes that assets (i) which are low carbon emitters or provide social value at the point of purchase, or (ii) which may not have these characteristics at the outset, but which can be transitioned and/or decarbonised through effective management, present an opportunity to benefit from increases in value over the long term. As such, the strategy is designed to target investments that provide or have potential to uncover an environmental and/or social benefit, accelerating progress to a net zero economy (in relation to the ongoing operational emissions of the standing assets held in the portfolio) and/or a more socially equitable economy.
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Environmental Social and Governance (ESG) criteria: (continued) Prior to investment, each asset will undergo an initial risk screening against the Exclusion Policy and in respect of which further detail is set out in section 40 of the Prospectus (Aviva Investors’ Responsible Investment Philosophy) above. A failure at the level of the Exclusion Policy will automatically preclude investment in the asset. Examples of such exclusions include restrictions around occupiers or counterparties generating certain levels of revenue from certain activities such as tobacco, thermal coal and controversial weapons. Other exclusions include, for standing assets, exclusions on operations linked to fossil fuel extraction, storage and manufacture. For new developments, failure to meet minimum standards (including around water efficiency, reuse and recycling, biodiversity and indoor air quality) act as exclusions. Following application of the Exclusion Policy, four additional elements of the ACS Manager’s ESG strategy are applied, depending on whether the asset is an existing standing asset or a development as follows: 1. Standing Assets: Net Zero Audits: Net Zero Audits are carried out to understand a building’s current Net Zero alignment. The net zero audit works to assess the transition potential and evaluates the decarbonisation solutions available, forming the basis of the decarbonisation strategy for each asset, and identifying costed solutions to build an understanding of whether the asset is ultimately a viable investment for the Sub-fund. The audit output is a series of recommended actions to optimise the building’s energy efficiency and performance and improve the credentials of the building, with each asset being assessed and managed to a specific decarbonisation plan. Activities of the audit include: Pre-bid: MSCI reporting (looking at physical hazards), full review of tenants, summary of ESG risks (opportunities and data gaps), KPI assessments (against Energy Performance Certificate (EPC), fuel types, Building Research Establishment Environmental Assessment Method (BREEAM) and/or Leadership in Energy and Environmental Design (LEED) accreditation, Energy Use Intensity (EUI) targets and renewable energy generation). Post bid: physical hazard review, deeper energy analysis (EUI), Carbon Real Estate Monitor (CRREM) data produced, embodied carbon review, EPC review. The audits are carried out with the assistance of a reputable third party, but the ACS Manager retains overall responsibility for the process. However, the overall assessment is at portfolio level and as noted in the Disinvestment Policy below, not every standing asset will positively contribute to the aim to support the transition to a net zero economy. 2. Standing Assets: Social Value Audits: The aim of the social value audits is to assess the social needs of the area surrounding the asset, and the contribution the asset makes to the surrounding community. The social value audits cover four high interest areas of: (i) deprivation, (ii) population and demographics, (iii) employment and income, and (iv) place, health and wellbeing. Local authority and nationwide data sets are used for the analysis. Data set examples include the Index of Multiple Deprivation, Residential Mobility Index, and various data sets from the Office of National Statistics, considering data such as, but not limited to, levels of local employment, education, barriers to housing and services and income distribution. The objective is to assess the potential for social value add with suggested focus areas to enhance the asset’s contribution to
AVIVA INVESTORS REAL ESTATE ACTIVE LTAF (CONTINUED)
both the immediate users and the surrounding community. Improvements could include, without limitation, physical improvements such as enhancements of community spaces and the creation of outdoor facilities, or improvements through the supply chain such as the integration of living wage requirements in supply chain contracts. As social value interventions may be quite specific to the area, relevant metrics will be tracked on an asset by asset basis, and will be actively managed and independently measured to defined social goals, including but not limited to social mobility; employment levels; inclusive procurement; community investment and regeneration; and the health and wellbeing of tenants. As a result of the Net Zero Audits and the Social Value Audits, assets will be assessed against benchmarks and other assetspecific detail to allow us to determine the asset transition potential from both an environmental and a social perspective. Each assessment determines a tier for the asset from Tier Three (“Weak”) to Tier One (“Strong”). Assessment as a Tier Three investment for either assessment will not necessarily preclude investment in an asset but acts to recognise its carbon and social impact and measure its transition potential. 3. Developments: Sustainable Design Brief: A separate process is used, in conjunction with a reputable third party, in relation to new developments, in accordance with Aviva Investors’ Sustainable Design Brief. The Sustainable Design Brief is used to promote environmentally focussed design and construction and sets out standards which specify best practice and minimum thresholds for key elements of construction and design. To uphold best practice and ensure that solutions are not cost engineered out of the design, the following activities occur: strategy to achieve measurable sustainable targets, workshops at every design stage to review the progress against targets, and engagements with tenants to collaborate on reducing energy consumption through green leases and fit out guides. This includes external sign offs including as to the operational efficiency of the development. The overall goals of the brief are to enable developments to achieve:
– BREEAM “Excellent” certification, with route to “Outstanding”;
– Fossil fuel free development;
– Target energy use intensity of less than 100kWH/m2;
– Target embodied carbon of less than 1000kgCO2/m2;
– Local Biodiversity Net Gain (BNG) regulatory requirements exceeded by at least 5%;
– Net Zero Carbon development through on-site renewables and a quality green tariff; and
– The offsetting of upfront carbon emissions so providing a netzero development at the point of practical completion. Actions are considered at all stages of development and the Brief incorporates processes to be undertaken by the Investment Manager, development managers (i.e. design teams and contractors) and also at asset management level (i.e. tenants and property managers). 4. Developments: Aviva Investors Real Assets Social framework: Complimenting the Sustainable Design Brief, the AIRA Social Framework provides a structure for development teams to embed social considerations into the design process, guiding the definition of social targets for a development, supported by relevant metrics that allow the monitoring and reporting of social value. The framework aims to encourage human centred design of assets and to deliver measurable social impact for investors. Social value metrics may focus on areas such as, but not limited to, social mobility, employment, training and skills, inclusive procurement, community investment and health and wellbeing.
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Environmental Social and Governance (ESG) criteria: (continued) There are two key parts to the implementation of the Social Framework in developments. Firstly in the design phase local needs analysis (similar to the social value audits), social value workshops and an action plan and wellbeing assessment are established and embedded into the design process. Secondly, the execution of the action plan is monitored on the ground during construction. This includes working with contractors and sub-contractors to ensure relevant metrics are measured and reported. These activities are supported by a reputable third party with Aviva Investors’ Development Team having overall responsibility for the final design and delivery. The Exclusion Policy and ESG strategy shall be applied to both (i) direct real estate assets and land and also (ii) indirect investment in real estate assets and land where the Investment Manager has the ability to exercise unilateral control over the ESG policy in respect of management of the asset, and where an ability either already exists, or will arise in the future upon the occurrence of a known event (such as a lease event), to implement any necessary changes. For these direct and indirect investments, the Exclusion Policy prohibits the Sub-fund from (i) entering into a lease or contract where the occupier or counterparty meets the threshold as listed in section 40 of the Prospectus (Aviva Investors’ Responsible Investment Philosophy) and (ii) making an investment in real estate and land and all types of real estate long income investments where a material proportion (i.e. more than 10%) of contractual rent or revenue from the asset is derived from occupiers or activities that are excluded. For the avoidance of doubt, the Exclusions Policy is applied at the level of the lease or contract being entered into by the Sub-fund (whether directly or indirectly where the Investment Manager has unilateral control), rather than also being applied to any downstream arrangements in the investment chain. For other indirect investments in real assets and land, the ESG strategy shall still be considered without being binding. As such, the ACS Manager cannot guarantee that Aviva Investors’ standards, as set out in this section and in section 40 (Aviva Investors’ Responsible Investment Philosophy), will be met throughout the investment chain and consequently there may be cases where the Sub-fund will have indirect exposure to entities that would otherwise have been screened out by the Exclusion Policy. As at 28 April 2023, there is one indirectly held asset that qualifies as a Core Investment of the Sub-fund where the Investment Manager does not have the ability to exercise unilateral control over the ESG policy in respect of management of the asset. The Investment Manager can (and does) engage with the relevant joint venture partner, and as at 28 April 2023 there is alignment between this ESG policy and that of the relevant joint venture partner, however should those approaches diverge in the future the Sub-fund would not ultimately be able to impose this specific ESG criteria. In addition to the above elements, governance criteria will also be considered (i) by Aviva Investors in terms of how we identify and understand new regulations, taxes and industry standards, including related transition risks, protecting and encouraging sustainable real estate lifecycle activities and practices such as minimum energy efficiency and energy reduction requirements which may be introduced and (ii) in the context of both the supply chain and occupiers (when assessing if an asset should be included in the portfolio) by monitoring the quality of management, ethical standards and board structure and governance. Finally, the ESG Strategy shall include certain other non-binding criteria including active engagement with occupiers, suppliers and stakeholders and additional enhanced metrics
AVIVA INVESTORS REAL ESTATE ACTIVE LTAF (CONTINUED)
and monitoring including in relation to energy intensity, carbon intensity and Weighted Average Carbon Intensity (WACI), social value and CRREM. On at least an annual basis, the Investment Manager will, with assistance from data provided by third party data providers, review the Sub-fund to assess the ongoing carbon operational emissions generated by the standing assets, identifying the volume of such emissions. This review of the carbon emissions will inform asset allocation decisions.
Disinvestment Policy The financial objective of the Sub-fund and ESG performance are intrinsically linked. Therefore, if the Investment Manager assesses a lack of transition potential, the expectation would be that would in turn impact the overall financial objective of the Subfund. In this instance, over the longer term, it would likely lead to a decision to disinvest in accordance with the disinvestment policy noted in section 40 of the Prospectus (Aviva Investors’ Responsible Investment Philosophy) above. However, the Investment Manager balances the measurements at a portfolio level and therefore considers whether the nuances of individual assets can be negated or supported by other assets. Therefore, there is no guarantee that an investment would not be made in an asset that has been assessed as a Tier 3 (weak) investment from either an environmental and/or social perspective, nor following investment that we would divest purely because an asset has failed to transition in line with the recommendations from its Net Zero Audit and/or Social Value Audit, providing at an overall portfolio level the Investment Manager considers that retention of such an asset would not harm the Sub-fund’s overall financial, environmental and/or social aims.
Additional Investment Restrictions The Sub-fund will be subject to the following restrictions and limits, subject always in any event to the overarching requirement to maintain a prudent spread of risk, as set out in the investment policy above:
Restriction
Maximum % of Sub-fund NAV: Capital commitment to any one investment/asset in real estate assets and land 20% Investments in real estate assets and land in construction phase (i.e. between a contractor’s start date on-site and the date of practical completion) 25% Investments in public Real Estate Investment Trusts (REITs) or other listed real estate securities 10% Investments in property derivatives 10%
Performance & Risk Measurement: The Sub-fund’s performance can be measured against its objective of aiming to provide an overall GBP return (net of annual management charges) of 6% per annum on a rolling 5-year basis. The Sub-fund’s performance can also be compared against the MSCI®/AREF UK Quarterly Property Fund Index (the “Index”). The Sub-fund does not aim to track or outperform the Index and investment will not be constrained by the sector and geographic weightings of the Index. The Index has been selected as a benchmark for performance because it is a measure of the performance of a broad sample of UK pooled property funds, which amongst other things must invest at least 95% in the UK property market, and is, therefore, an appropriate comparator for the Sub-fund’s performance.
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AVIVA INVESTORS REAL ESTATE ACTIVE LTAF (CONTINUED)
Performance & Risk Measurement: (continued) To allow assessment of the Sub-fund’s environmental and social credentials, on at least an annual basis, the Sub-fund will report against sustainability indicators in respect of its exposures to real estate to allow an assessment amongst other things of the ongoing carbon operational emissions generated by the standing assets. In relation to the Environmental credentials, the Sub-fund reporting will include (without limitation) the metrics listed below.
– Energy consumption in GWh of owned real (estate) assets per square meter (all areas)
– Total Scope 1, 2 and 3 GHG Emissions for all assets/projects in development
– Total carbon emissions normalised by the market value of the portfolio
– Renewable Energy Generation (from renewable energy producing assets, measured in Mega Watt Hours)
– Avoided emissions for renewable electricity generation based on the PCAF Standard
– Weighted average carbon (and equivalents) intensity (Scope 1/2/3) The metrics above will be provided for all assets where relevant. For some asset types, for instance fibre broadband, energy consumption per square meter is not relevant so would not be provided. In addition, the Sub-fund will report on core climate risk metrics:
– Climate Value at Risk (Orderly)
– Climate Value at Risk (Disorderly)
– Climate Value at Risk (Hot House)
– ITR Implied Temperature Rise Where Climate Value at Risk data is not available, a qualitative assessment will be provided based on an in-house assessment of climate transition and physical risks. In relation to the Social credentials, the Sub-fund reporting will include (without limitation) the social metrics listed below. Social data will be provided by suppliers on a voluntary basis and it will not always be available for every asset, however our own asset management and engagement programmes are focused on delivering the social characteristics and we expect data to be made available in the majority of cases.
– No. of new local job starts
– No. of new apprenticeships
– No. Work experience days
– No. of volunteering hours on education outreach activities
– % of supply chain paying Living Wage These reports will be published annually alongside the Q2 quarterly reports, providing data for the previous calendar year.
Further Information Further information on the Aviva Investors Sustainable Design Brief, the Aviva Investors Real Assets Social Framework and the Aviva Investors’ Responsible Investment Philosophy as referred to above is available on our website at https://www.avivainvestors. com/en-gb/about/responsible-investment.
INVESTMENT MANAGERS’ REPORT Performance The Aviva Investors Real Estate Active LTAF was launched on 28 April 2023 and was seeded with £1.6bn of assets. The Sub-fund delivered a total return of 3.18% over Q2 2025 and 9.17% over the 12-month rolling period ended 30 June 2025; exceeding the Sub-fund’s absolute return target and outperforming its comparative benchmark by 168bps over Q2 and 224bps on a 12-month basis. Review Quarter One During Q1 2025. the Sub-fund focused on performance accretive asset management and funded a fourth Single Family Housing scheme. The Sub-fund strategically acquired Wixams, Bedfordshire, a Single Family Housing (SFH) development consisting of 133 Single Family Units. Development on the scheme is due to commence in Q2 2025. Development is progressing on the Sub-fund’s other three Single Family Housing schemes, Pegasus Mayfair, Catalyst Park, and the Sydney Sussex R&D building at Chesterford Research Park. Asset Management highlights this quarter include new leases in the Urban Warehousing and Rental Housing portfolio which have continued to drive performance. Quarter Two During Q2 2025, the Sub-fund focused on performance accretive asset management, closing out developments and strategic investment transactions. The Sub-fund completed the development of its first Single Family Housing scheme in Milton Keynes, whilst development continued on 3 further SFH schemes, Pegasus Mayfair, Catalyst Park, and the Sydney Sussex R&D building at Chesterford Research Park. Asset Management highlights this quarter include agreeing key lease renewals across Urban Warehousing and Data Centre assets which have continued to drive performance. June 2025 Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. 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.
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Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – This Sub-fund invests into other Sub-funds of the range which themselves invest in assets such as bonds, company shares, cash and currencies. You should take into consideration the objectives and risk profiles of these underlying Sub-funds. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – Further details on risk are set out in the Prospectus in the section Risk Factors.
AVIVA INVESTORS REAL ESTATE ACTIVE LTAF (CONTINUED)
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PERFORMANCE RECORD
UK Corporate Accumulation Units
Six months ended 30.06.25 (pence per Unit)
Year ended 31.12.24 (pence per Unit)
Period ended 31.12.23* (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 111.83 104.22 100.00 Return before operating charges 5.14 7.69 4.27 Operating charges # (0.06) (0.08) (0.05) Return after operating charges 5.08 7.61 4.22 Distributions on accumulation Units – (4.79) (2.96) Retained distributions on accumulation Units – 4.79 2.96 Closing net asset value per Unit 116.91 111.83 104.22 # actual expenses expressed by reference to the average Units in issue.
Performance Return after charges + 4.54% 7.30% 4.22%
Other information Closing net asset value (£000) 1,768,724 1,691,711 1,576,722 Closing number of Units 1,512,906,720 1,512,906,720 1,512,904,425 Operating charges 0.12% 0.07% 0.08% Direct transaction costs** 0.00% 0.00% 0.00% Prices ^ Highest Unit price (p) 116.91 111.83 104.22 Lowest Unit price (p) 110.80 103.90 100.00 * The Sub-fund launched 28 April 2023. ** Expressed by reference to the average NAV during the year/period. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the year/period.
COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)
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UK Institutional Accumulation Units
Six months ended 30.06.25 (pence per Unit)
Period ended 31.12.24* (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 102.38 100.00 Return before operating charges 4.69 2.40 Operating charges # (0.06) (0.02) Return after operating charges 4.63 2.38 Distributions on accumulation Units – (0.90) Retained distributions on accumulation Units – 0.90 Closing net asset value per Unit 107.01 102.38 # actual expenses expressed by reference to the average Units in issue.
Performance Return after charges + 4.52% 2.38%
Other information Closing net asset value (£000) 187 184 Closing number of Units 175,000 175,000 Operating charges 0.12% 0.10% Direct transaction costs** 0.00% 0.00% Prices ^ Highest Unit price (p) 107.01 102.38 Lowest Unit price (p) 101.41 100.02 * The UK Institutional Accumulation Units launched 31 October 2024. ** Expressed by reference to the average NAV during the period. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period.
Units in issue
Unit class Opening 01.01.25
Units Issued Units Redeemed Closing 30.06.25 UK Corporate Accumulation Units 1,512,906,720 – – 1,512,906,720 UK Institutional Accumulation Units 175,000 – – 175,000
COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)
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PORTFOLIO STATEMENT As at 30 June 2025 (unaudited)
DIRECT PROPERTIES – 47.40% (2024: 48.03%) Industrial: BIRMINGHAM – Ldv Site 16,850 0.95 CHESSINGTON – Gateway 3 Davis Road 46,400 2.62 PARK ROYAL – Abbey Road Industrial Park 115,005 6.50 GUILDFORD – Opus Park 36,200 2.05 HANWORTH – The Links 36,777 2.08 LONDON – Princes Court Business Centre 59,000 3.34 WEST DRAYTON – Horton Road Industrial Estate 47,267 2.67 FAREHAM – Kites Croft 59,900 3.39 HAYES – Connect West Springfield Road 26,200 1.48 BIRMINGHAM – Highway Pt Gorsey Lane Plot 18,713 1.06 PORTSMOUTH – Voyager Park South 21,850 1.24 SOUTHALL – 13 Hayes Road 34,650 1.96 UXBRIDGE – Riverside Way 67,996 3.84 WOODFORD GREEN – Orbital Centre 15,850 0.89 WOODFORD GREEN – Woodford Trading Estate 54,429 3.08 BEDFORD – Milla Park (Industrial Land East of M1) 30,480 1.72 Hotels: BRISTOL – Doubletree by Hilton 19,300 1.09 Retail: DAGENHAM – Merrielands Retail Park 34,390 1.94 ILFORD – B&Q, Lidl and JD Sports 22,987 1.30 LONDON – B&Q Footscray Road 16,250 0.92 LONDON – 88 Bushey Road 23,550 1.33 BATH – Southgate Centre – Freehold purchase 21,000 1.19 Residential: BEDFORD – Residential Land East of M1 8,255 0.47 Agriculture: DROITWICH – Westwood Estate 5,219 0.29 Total Direct Properties 838,518 47.40 CASH EQUIVALENTS – 8.28% (2024: 7.17%) 146,400,000 Aviva Investors Sterling Liquidity Fund* 146,400 8.28 Total Cash Equivalents 146,400 8.28 INDIRECT PROPERTIES – 43.49% (2024: 42.63%) 148,832 Southgate Property Unit Trust* 70,797 4.00 126,168,021 Chesterford Park LP* 113,750 6.43 54,634,093 Longcross Jersey Unit Trust* 61,624 3.48 197,723,742 The Designer Retail Outlet Centres UT* 259,295 14.66 84,191,592 Ascot Real Estate Investments LP* 99,969 5.65 4 Aviva Investors REALTAF Holdco Ltd* 1,062 0.06 39,973,300 REALTAF Whitehouse Unit Trust* 41,441 2.34 36,195,021 REALTAF Ebbsfleet Unit Trust* 36,248 2.05 33,645,925 REALTAF Cambridge Unit Trust* 27,083 1.53 2,459,969 REALTAF Wixams Unit Trust* 1,058 0.06 85,985,017 New Broad Street House Unit Trust* 57,026 3.23 1 The Designer Retail Outlet Centres (Mansfield) General Partner Limited* – 1 The Designer Retail Outlet Centres (York) General Partner Limited* – 2,241 Chesterford Park (General Partner) Limited* 2 1 New Broad Street House (General Partner) Limited* – 2 Longcross General Partner Limited* – 50 Southgate General Partner Limited* – Total Indirect Properties 769,355 43.49
Portfolio of investments 1,754,273 99.17 Net other assets 14,638 0.83 Net assets 1,768,911 100.00
* Related party.
Holding or Nominal value Market value £000
Total net assets%
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STATEMENT OF TOTAL RETURN For the six months ended 30 June 2025 (unaudited)
Consolidated Aviva Investors Real Estate Active LTAF Period ended 30.06.25 £000
Period ended 30.06.24 £000
Period ended 30.06.25 £000
Period ended 30.06.24 £000 Income Net capital gains 48,713 18,862 48,026 18,091 Revenue 33,076 47,330 33,720 44,136 Expenses (4,615) (11,326) (4,729) (8,132) Interest payable and similar charges (1) (1) (1) (1) Net revenue before taxation 28,460 36,003 28,990 36,003 Taxation – – – Net revenue after taxation 28,460 36,003 28,990 36,003 Total return before distributions 77,173 54,865 77,016 54,094 Distribution – – – Change in net assets from investment activities 77,173 54,865 77,016 54,094 Attributable to: Unitholders 77,016 54,094 77,016 54,094 Non-Controlling Interest 157 771 – –
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six months ended 30 June 2025 (unaudited)
Consolidated Aviva Investors Real Estate Active LTAF Period ended 30.06.25 £000
Period ended 30.06.24 £000
Period ended 30.06.25 £000
Period ended 30.06.24 £000 Opening net assets attributable to Unitholders 1,691,895 1,572,703 1,691,895 1,572,703 Opening net assets attributable to non-controlling interest 70,050 67,207 – Movement due to issue and cancellation of Units: – – – Capital contributions from non-controlling interest 798 – Amounts received on issue of Units* – 2 – 2
– 1,640,710 – 1,572,705 Change in net assets attributable to Unitholders from investment activities (see above) 77,016 54,094 77,016 54,094 Change in net assets attributable to non-controlling interest from investment activities (see above) 157 771 – Retained distributions on accumulation Units – – – Closing net asset 1,839,118 1,695,575 1,768,911 1,626,799 Attributable to: Unitholders 1,768,911 1,626,799 1,768,911 1,626,799 Non-controlling interest 70,207 68,776 – * Includes in specie transactions.
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BALANCE SHEET As at 30 June 2025 (unaudited)
Consolidated Aviva Investors Real Estate Active LTAF As at 30.06.25 £000
As at 31.12.24 £000
As at 30.06.25 £000
As at 31.12.24 £000 Assets: Non-current assets: Investment Properties 1,263,950 1,193,809 838,518 812,582 Investment in subsidiaries, joint ventures and other investments 402,347 382,612 769,355 721,398 Property and equipment 1,262 1,163 – Debtors 1,514 5,664 1,514 1,630 Current assets: Debtors 31,811 30,694 18,943 25,050 Cash equivalents 146,400 121,300 146,400 121,300 Cash and bank balances 23,928 47,852 7,632 19,435 Total assets 1,871,212 1,783,094 1,782,362 1,701,395 Liabilities: Creditors: Other creditors (32,094) (21,149) (13,451) (9,500) Total liabilities (32,094) (21,149) (13,451) (9,500) Net assets 1,839,118 1,761,945 1,768,911 1,691,895 Attributable to: Unitholders 1,768,911 1,691,895 1,768,911 1,691,895 Non-Controlling Interest 70,207 70,050 – –
ACCOUNTING POLICIES The interim financial statements have been prepared in accordance with the Statement of Recommended Practice (“SORP”) for Authorised Funds issued by The Investment Association in May 2014 and amended in June 2017. The accounting policies applied are consistent with those of the financial statements for the year ended 31 December 2024 and are described in those annual financial statements.
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CASH FLOW STATEMENT For the six months ended 30 June 2025 (unaudited)
Consolidated Aviva Investors Real Estate Active LTAF Six months ended 30.06.25 £000
Period ended 30.06.24 £000
Six months ended 30.06.25 £000
Period ended 30.06.24 £000 Cash flows from operating activities Net revenue before taxation 28,460 36,003 28,990 36,003
Adjustments for: Finance costs 1 1 1 1 Finance income (3,063) (2,502) (3,109) (2,443) Dividends paid – 2,311 – Dividends received (4,914) (6,957) – (15,401) Amortisation – 600 – Look-through adjustment (347) – (29) Depreciation – 142 – Movement in working capital: Decrease/(Increase) in debtors 3,033 (2,288) 6,223 (2,507) Increase/(decrease) in creditors 10,945 23,766 3,951 (446) Net cash inflow from operating activities 34,115 51,076 36,027 15,207
Cash flows from investing activities Amounts invested in subsidiaries and joint ventures (76,226) (7,984) (98,603) (36,991) Purchase of investment properties (8,000) (33,981) – Subsequent expenditure on investment properties (42,382) (19,043) (12,928) (1,597) Purchase of property and equipment – (342) – Proceeds on disposal of investments in subsidiaries and joint ventures 85,693 – 85,693 Interest received 3,063 2,502 3,109 2,443 Net cash outflow from investing activities (37,852) (58,848) (22,729) (36,145)
Cash flow from financing activities Interest and finance costs paid (1) (1) (1) (1) Dividends received 4,914 6,957 – 15,401 Capital contributions from non-controlling interest – 798 – Dividends paid to non-controlling interest – (2,311) – Net cash inflow from financing activities 4,913 5,443 (1) 15,400
Net increase in cash and cash equivalents 1,176 (2,329) 13,297 (5,538) Cash and cash equivalents at beginning of year/period 169,152 96,905 140,735 85,905 Cash and cash equivalents at end of year/period 170,328 94,576 154,032 80,367
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INVESTMENT OBJECTIVE The Sub-fund aims to (i) provide a combination of income and growth targeting an overall GBP return (net of annual management charges) of 8% per annum on a rolling 5-year basis, through exposure to a diversified portfolio of real assets focussing on climate transition and (ii) deliver net zero emissions by 2040 on an ongoing annual basis. The 8% performance target is not guaranteed and it may not always be possible to achieve it over the period stated, or over any period of investment. Consequently, investors’ capital is at risk. Aiming to deliver net zero emissions by 2040 on an on-going annual basis will mean achieving a lower financial return than if the Sub-fund did not have a net zero target.
INVESTMENT POLICY AND STRATEGY Core investment At least 70% of the Sub-fund will be invested in alternative investment funds (including funds managed by Aviva Investors companies) which aim to accelerate the transition to a low carbon economy by targeting sustainable or climate transition focused assets and solutions or, pending such investment, cash. Through the underlying funds, the Sub-fund will obtain exposure to a mixture of real estate and infrastructure assets in European markets, including the UK, predominantly denominated in Sterling and Euro. The Sub-fund will also invest, directly or indirectly, to generate carbon removal certificates, including in, but not limited to, afforestation, sustainably managed forestry, peatland restoration and soil restoration, allowing the Sub-fund to reduce net carbon emissions, and aiming by 2040 to achieve net zero emissions on an ongoing annual basis. Other investments The Sub-fund may also invest in other funds (including funds managed by Aviva Investors companies), in equity or debt securities of unlisted companies (or those which were unlisted at the point of investment and which have subsequently listed) that the Investment Manager considers align with the aims of the Sub-fund’s core investments and in asset backed securities, cash and deposits. Subject to FCA Rules and only to the extent necessary to achieve the Sub-fund’s objective of delivering net zero emissions by 2040 on an ongoing annual basis, the Subfund may also invest in carbon removal certificates purchased from third parties. Derivatives may be used for efficient portfolio management, to manage the Sub-fund’s cash flows in a costeffective manner, or to reduce risk such as foreign currency risk within the Sub-fund. Environmental Social and Governance (ESG) criteria: The Sub-fund is actively managed. The Investment Manager believes that assets (i) which are sustainable at the point of purchase, or (ii) which may not have sustainable characteristics at the outset, but which can be transitioned and decarbonised through effective asset management, present an opportunity to benefit from increases in value over the long term. As such, the strategy is designed to target investments that uncover both an environmental and commercial benefit through accelerating progress to a low carbon economy.
AVIVA INVESTORS CLIMATE TRANSITION REAL ASSETS LTAF
In identifying assets eligible for core investment, the Investment Manager will therefore consider the asset provider’s policies and procedures for the origination, acquisition and ongoing management of real assets with a view to seeking exposure to assets which are low carbon at the point of acquisition or present an opportunity for accelerated climate transition. In particular, the Sub-fund will invest in core investments that the Investment Manager considers demonstrate alignment to net zero principles:
– in the case of real estate assets, seek to minimise embodied and operational emissions and implement demand reduction, for example by originating sustainable buildings, or actively managing their decarbonisation;
– in the case of infrastructure assets, seek to minimise embodied and operational emissions and maximise avoided emissions, for example by originating and developing renewable energy infrastructure and generating renewable energy; and
– in the case of forestry assets, seek to minimise operational emissions through sustainable management and maximise carbon sequestration, for example through afforestation. To the extent that carbon removal certificates (whether generated directly by the Sub-fund’s assets, obtained indirectly through other investments held by the Sub-fund, or purchased by the Sub-fund from third parties) are used to remove any residual emissions to achieve the Sub-fund’s objective of delivering net zero by 2040 on an ongoing annual basis, they will be retired and accordingly will cease to have any value at that point. This will mean the Sub-fund will achieve a lower financial return than if it did not have a net zero target. The Investment Manager will also consider the extent to which such core investments generate positive social and economic impacts, seeking exposure to (i) assets which have positive social aspects to their design, such as amenity space, proximity to sustainable transport and proximity to blue and green spaces which support healthy living for users of the asset or (ii) asset management activities, such as initiatives to support people into work, apprenticeships and training, and occupier wellbeing. Accordingly, the overall strategy will focus on assets judged by the Investment Manager to support the transition to a low carbon economy, accelerate the transition to net zero, or create long term value through positive social and economic impacts. On at least an annual basis, the Investment Manager will review the Sub-fund to assess the carbon emissions generated, identifying the volume of emissions arising from carbon producing assets, relative to carbon emissions removed through carbon removal certificates. This review of the carbon emissions will inform asset allocation decisions with a view to balancing emissions and removals to enable the Sub-fund in progressing towards its aim of achieving net zero emissions by 2040, on an ongoing annual basis.
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Other Environmental, Social & Governance (ESG) factors: The Sub-fund will have some limited exclusions based on Aviva Investor’s UK Responsible Investment Policy. In addition, as outlined in Aviva Investors’ Responsible Investment and Sustainability Risk Policies, ESG factors are integrated, with several environmental, social and governance criterion being assessed through the investment process, with any material ESG factors considered as part of a balanced decision making process, and the Investment Manager retaining discretion over which investments are selected for the Sub-fund. Further information about these policies and on how we integrate ESG is available on our website and in the Prospectus. For directly held real assets and those indirectly held assets where the Investment Manager has the ability to exercise unilateral control over the ESG policy in respect of management of those assets, the Aviva Investors UK Responsible Investment Policy prohibits the Sub-fund from (i) entering into a lease or contract where the occupier or counterparty meets the threshold as listed in section 40 of the Prospectus (Aviva Investors’ Responsible Investment Philosophy) and (ii) making an investment in real estate and land and all types of real estate long income investments where a material proportion (i.e. more than 10%) of contractual rent or revenue from the asset is derived from occupiers or activities that are excluded. For the avoidance of doubt, the Exclusions Policy is applied at the level of the lease or contract being entered into by the Sub-fund (whether directly or indirectly where the Investment Manager has unilateral control), rather than also being applied to any downstream arrangements in the investment chain. As such, the ACS Manager cannot guarantee that Aviva Investors’ standards, as set out in this section and in section 40 (Aviva Investors’ Responsible Investment Philosophy), will be met throughout the investment chain and consequently there may be cases where the Sub-fund will have indirect exposure to entities that would otherwise have been screened out by the Exclusion Policy. Performance & Risk Measurement The Sub-fund’s financial performance can be measured against its objective of aiming to provide an overall GBP return (net of annual management charges) of 8% per annum on a rolling 5-year basis. Annual management charges are the ACS Management Charge charged to the Sub-fund pursuant to the prospectus together with the pro-rated annual management charges borne by the Sub-fund’s investments in any underlying fund in which it invests. To allow assessment of the Sub-fund’s climate credentials, and to provide an overall view and demonstrate the ESG performance of the Sub-fund and its investments, the Sub-fund will report annually against sustainability indicators in respect of its exposures to assets including, but not limited to, real estate, infrastructure and forestry as noted in the responsible investment section of the Prospectus. The Sub-fund will also measure, and report on an annual basis, the carbon emissions and net-zero alignment of the Sub-fund’s investments, together with carbon removal certificates created and/or retired (where relevant), in order that investors can monitor the Sub-fund’s progress towards achieving its objective of net zero emissions by 2040 on an ongoing annual basis. The ACS Manager will at all times ensure the Sub-fund maintains a prudent spread of risk. The ACS Manager will ensure the Sub-fund maintains sufficient diversification of exposure across the direct and indirect assets permitted by the investment objective and policy, including, where necessary, by virtue of the underlying assets held indirectly through alternative investment funds and other funds.
AVIVA INVESTORS CLIMATE TRANSITION REAL ASSETS LTAF (CONTINUED)
INVESTMENT MANAGERS’ REPORT Performance The Sub-fund delivered a total return of +1.80% over Q2 2025 and -1.2% over the 12-month rolling period ended 30 June 2025. The Sub-fund has a net 8% IRR target over a rolling five-year period and aims to achieve net zero in 2040. Review Quarter One The Sub-fund continues to make good progress in committing investor capital to investments as we build the portfolio in line with our objective to deliver attractive risk adjusted returns from a diversified multi-real asset portfolio focused on the climate transition, alongside a target to be Net Zero by 2040. As at the end of Q1 2025, a total of c. £761m of equity has been legally committed to 21 transactions across nine sectors, with £681.1m of this drawn from investors. During the quarter, the European Infrastructure Sub-fund made an initial investment of €16.5 million in Connected Infrastructure Capital (“CIC” / Project Hunter), an experienced onshore windfocused renewables development business based in Hamburg, Germany. CIC has a pipeline of projects across the Nordics and Poland, as well as a 16.4 MW operational wind farm in Sweden. This investment represents an attractive opportunity to gain exposure to the fast-growing Polish market and increase the Sub-fund’s presence in the Nordics, while aligning well with its thematic objectives. The proposition is partially de-risked through strong asset backing, a preferred equity structure, and funding drawdowns that are tied to demonstrable value creation milestones. We believe the strength of this investment is reflected in its projected 13% IRR and that it complements the Sub-fund’s existing investment in the Southern European renewables’ platform, Innovo. The total commitment to CIC is €40 million. Global macroeconomic uncertainty remained elevated in Q1, particularly in the lead-up to President Trump’s ‘Liberation Day’ tariff announcements. Subsequent economic and geopolitical volatility has continued to cloud the global outlook across key variables such as inflation, interest rates, and GDP growth. Despite this backdrop, the Sub-fund delivered a positive net return of 0.80% for the quarter. This was primarily driven by strong performance on the Euro Infrastructure Sub-fund, supported by an uplift in the Innovo investment as the valuation moved from a cost-basis to fair-value. This positive momentum was somewhat offset by negative performance on the GBP Infrastructure Sub-fund, due to ongoing revision of the outlook for the Business-to-Consumer fibre investments, and increased construction costs on the Curtain House investment within the GBP Real Estate Sub-fund. Since inception, the Sub-fund has generated an annualised return of -7.77%, largely attributable to a broad rerating of its real estate investments in line with wider market trends. While global macroeconomic and geopolitical conditions have remained volatile since Q1, we remain confident that our focus on investments with strong fundamentals and alignment to the transition will support robust medium- to long-term performance. As business plans are executed and valuations are underpinned by structural growth trends, we expect these assets to continue delivering value. Moreover, ongoing market repricing, volatility, and shifts in global policy are creating compelling opportunities to deploy new capital at attractive riskadjusted returns. As such, the Sub-fund’s projected returns are currently tracking significantly ahead of target.
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AVIVA INVESTORS CLIMATE TRANSITION REAL ASSETS LTAF (CONTINUED)
The Sub-fund is now well-diversified across underlying sub-funds, with a look-through to 21 assets across 9 sectors in 9 countries. The quarterly investment reports for the GBP Real Estate, EUR Real Estate, GBP Infrastructure Equity, and EUR Infrastructure Equity sub-funds are appended to this report. We provide our ESG reporting on the Climate Transition Fund’s climate impact and social value metrics in a separate annual report. Quarter Two UK and EUR Infrastructure were both relatively flat as overall market sentiment remains subdued. UK Real Estate had minimal movements. However, EUR Real Estate was the biggest driver of the performance for the Sub-fund. The performance generated over the quarter is the result of strategic deployment decisions taken over the last 6-18 months.
– The Spanish multifamily Build to Rent (BtR) portfolio continues to provide performance, particularly two of the assets, Terrassa and Valdebebas which completed their construction phase in Q1 ‘25, they are both stabilising ahead of business plan on Estimated Rental Value (ERV).
– Investor sentiment toward Swedish logistics has improved resulting in value appreciation (we have a modern cold storage logistics facility in Helsingborg).
– In France, Janze (a best-in-class logistics asset) was acquired below valuation and has therefore provided steady performance over the quarter as the development progresses in line with business plan.
– Janze, Spanish BtR and further strategic deployment are expected to drive performance during the remainder of 2025. Overall minimal movements for Forestry and Private equity investments over the quarter. June 2025 * Sources: Sub-fund and peer group performance figures – Lipper, a Thomson Reuters Company, calculated on a mid to mid basis with net income reinvested in GBP, net of fees. UK Corporate Accumulation Distribution Units shown. Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. 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.
Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – Further details on risk are set out in the Prospectus in the section Risk Factors.
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PERFORMANCE RECORD
UK Corporate Accumulation Units
Six months ended 30.06.25 (pence per Unit)
Period ended 31.12.24* (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 70.36 73.78 Return before operating charges 4.53 (3.15) Operating charges # (0.13) (0.27) Return after operating charges † 4.40 (3.42) Distributions on accumulation Units – (0.53) Retained distributions on accumulation Units – 0.53 Closing net asset value per Unit 74.76 70.36 # actual expenses expressed by reference to the average Units in issue. † after direct transaction costs
Performance Return after charges + 6.25% (4.64)%
Other information Closing net asset value (£000) 89,413 81,510 Closing number of Units 118,182,377 115,840,823 Operating charges 1.45% 1.61% Direct transaction costs** 0.00% 0.06% Prices ^ Highest Unit price (p) 74.85 76.43 Lowest Unit price (p) 71.27 70.36 * The Sub-fund launched 13 March 2024. ** Expressed by reference to the average NAV during the period. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period.
COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)
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PERFORMANCE RECORD (CONTINUED)
Insured Pension Accumulation Units
Six months ended 30.06.25 (pence per Unit)
Period ended 31.12.24* (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 70.38 73.78 Return before operating charges 4.52 (3.12) Operating charges # (0.13) (0.28) Return after operating charges † 4.39 (3.40) Distributions on accumulation Units – (0.51) Retained distributions on accumulation Units – 0.51 Closing net asset value per Unit 74.77 70.38 # actual expenses expressed by reference to the average Units in issue. † after direct transaction costs
Performance Return after charges + 6.24% (4.61)%
Other information Closing net asset value (£000) 479,184 443,173 Closing number of Units 633,362,291 629,728,602 Operating charges 1.45% 1.62% Direct transaction costs** 0.00% 0.06% Prices ^ Highest Unit price (p) 74.85 76.43 Lowest Unit price (p) 71.65 70.38 * The Sub-fund launched 13 March 2024. ** Expressed by reference to the average NAV during the period. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period.
COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)
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PERFORMANCE RECORD (CONTINUED)
Insured Pension Accumulation Units (Class 1)
Six months ended 30.06.25* (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 100.00 Return before operating charges 2.66 Operating charges # (0.17) Return after operating charges † 2.49 Distributions on accumulation Units Retained distributions on accumulation Units Closing net asset value per Unit 102.49 # actual expenses expressed by reference to the average Units in issue. † after direct transaction costs
Performance Return after charges + 2.49%
Other information Closing net asset value (£000) 65,393 Closing number of Units 63,049,761 Operating charges 1.46% Direct transaction costs** 0.00% Prices ^ Highest Unit price (p) 102.60 Lowest Unit price (p) 97.32 * The Insured Pension Accumulation Units (Class 1) launched 15 January 2025. ** Expressed by reference to the average NAV during the period. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period.
Units in issue
Unit class
Opening 01.01.25
Units Issued
Units Redeemed
Closing 30.06.25 UK Corporate Accumulation Units 115,840,823 2,341,554 – 118,182,377 Insured Pension Accumulation Units 629,728,602 3,633,689 – 633,362,291 Insured Pension Accumulation Units (Class 1)* – 63,049,761 – 63,049,761 * The class launched 15 January 2025.
COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)
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PORTFOLIO STATEMENT As at 30 June 2025 (unaudited)
INVESTMENTS IN COLLECTIVE INVESTMENT SCHEMES 97.95% (2024: 97.08%) UNITED KINGDOM (UK) 100,000 Par Forestry IV LP* 56,239 8.87 1 Clean Growth Fund LP 7,405 1.17 100,000 Broadwood Cap Later Living Sust Const Fin LP NPV 8,796 1.39 EUROPE (EEA) 199,199 Aviva Investors Climate Transition GBP Real Estate Fund* 90,538 14.28 202,394 Aviva Investors Climate Transition GBP Infrastructure Fund* 175,958 27.75 291,357 Aviva Investors Climate Transition Euro Real Estate Fund* 148,767 23.47 1,516,559 Aviva Investors Climate Transition Euro Infrastructure Fund* 125,979 19.87 1 Decarbonization Partners 2,921 0.46 NORTH AMERICA 1 Fifth Wall Accelerate (Late-Stage), L.P. 4,394 0.69 Total Investment in Collective Investment Schemes 620,997 97.95 CASH EQUIVALENTS 2.06% (2024: 2.96%) 5,736,000 Aviva Investors Sterling Liquidity Fund* 5,736 0.91 10,010,136 Aviva Investors US Dollar Liquidity Fund* 7,310 1.15 Total Cash Equivalents 13,046 2.06
Portfolio of investments 634,043 100.01 Net other liabilities (53) (0.01) Net assets 633,990 100.00
* Related party.
Holding or Nominal value Market value £000
Total net assets%
Page 24
Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com
Aviva Investors Climate Transition Real Assets LTAF
22
STATEMENT OF TOTAL RETURN For the six months ended 30 June 2025 (unaudited)
Period ended 30.06.25 £000
Period ended 30.06.24* £000 Income Net capital gains 48,267 725 Revenue 8,869 4,775 Expenses (11,738) (1,957) Interest payable and similar charges (1,374) (861) Net (expense)/revenue before taxation (4,243) 1,957 Taxation – Net (expense)/revenue after taxation (4,243) 1,957 Total return before distributions 44,024 2,682 Distributions 181 12 Change in net assets attributable to Unitholders from investment activities 44,205 2,694
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six months ended 30 June 2025 (unaudited)
Period ended 30.06.25 £000
Period ended 30.06.24* £000 Opening net assets attributable to Unitholders 524,683 Movement due to issue and cancellation of Units: Amounts receivable on issue of Units 64,153 438,449 Amounts receivable on issue of Units (includes no units issued) 71 588,907 438,449 Dilution adjustment 878 93 Change in net assets attributable to Unitholders from investment activities (see above) 44,205 2,694 Closing net assets attributable to Unitholders 633,990 441,236 * The Sub-fund launched 13 March 2024.
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avivainvestors.com | Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025
Aviva Investors Climate Transition Real Assets LTAF
23
BALANCE SHEET As at 30 June 2025 (unaudited)
As at 30.06.25 £000
As at 31.12.24* £000 Assets: Non-current assets: Investment in collective investment schemes 620,997 509,137 Current assets: Debtors 2 268 Cash equivalents 13,046 15,676 Cash and bank balances 668 604 Total assets 634,713 525,685 Liabilities: Current liabilities: Other creditors (723) (1,002) Total liabilities (723) (1,002) Net assets attributable to Unitholders 633,990 524,683 * The Sub-fund launched 13 March 2024.
Page 26
Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com
Aviva Investors Climate Transition Real Assets LTAF
24
CASH FLOW STATEMENT For the six months ended 30 June 2025 (unaudited)
Period ended 30.06.25 £000
Period ended 30.06.24* £000 Cash flows from operating activities Change in net assets attributable to Unitholders from investment activities 44,205 2,694
Adjustments for: Equalisation (181) (12) Finance costs – 861 Finance income (573) (4,655) Look-through adjustment (3,744) (2,254) Fair value loss on investments (30,752) (725)
Movement in working capital: Decrease/(increase) in debtors 266 (601) (Decrease)/increase in creditors (279) 517
Net cash outflow from operating activities 8,942 (4,175)
Cash flows from investing activities Amounts invested in collective investment schemes (76,891) (9,526) Interest and dividend received 573 4,655 Net cash outflow from investing activities (76,318) (4,871)
Cash flows from financing activities Amounts received on creation of units 65,283 22,227 Interest and finance costs paid – (861) Net cash inflow from financing activities 65,283 21,366
Net increase in cash and cash equivalents (2,093) 12,320 Cash and cash equivalents at beginning of period 16,280 Effect of foreign exchange rate changes (473) Cash and cash equivalents at end of period 13,714 12,320 * The Sub-fund launched 13 March 2024.
Page 27
avivainvestors.com | Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025
General Information
25
ALTERNATIVE INVESTMENT FUND MANAGER’S DIRECTIVE (AIFMD) (UNAUDITED) In accordance with the AIFMD we are required to report to investors on the ‘leverage’ of the Sub-fund and any ‘special arrangements’ that exist in relation to the Sub-fund’s assets.
LEVERAGE Under AIFMD, leverage is defined as any method by which the Sub-fund increases its exposure through borrowing or the use of derivatives. The Sub-fund does not use leverage to increase their exposure and this position was unchanged throughout the period.
SPECIAL ARRANGEMENTS A ‘Special Arrangement’ is an arrangement in relation to a Subfund’s assets that results in an investor or group of investors receiving different redemption rights to those generally available to investors in a given Unit class. The Sub-fund has had no assets subject to special arrangements for the six months ending 30 June 2025.
GENERAL INFORMATION
Page 28
Aviva Investors LTAF ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com
Value Assessment
26
Value Assessments, which adhere to the regulatory obligations outlined in COLL 15.7.17 for the Aviva Investors LTAF ACS can now be found at www.avivainvestors.com/value-assessments
VALUE ASSESSMENT
Page 29
Aviva Investors UK Fund Services Limited. Registered in England and Wales No. 1973412. Authorised and regulated by the Financial Conduct Authority. FCA Registered No. 119310. Registered address: 80 Fenchurch Street, London, EC3M 4AE An Aviva company.
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