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AVIVA INVESTORS
LIQUIDITY FUNDS PLC
(an umbrella type open-ended investment company with variable capital and segregated liability between Sub-Funds)
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
31 March 2026
avivainvestors.com
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Additional information for investors in the Federal Republic of Germany
For the following sub -funds of Aviva Investors Liquidity Funds plc no notification for distribution in the Federal Republic of Germany has been submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment code.
As a consequence, the following sub - funds are NOT availabl e to investors in Germany:
- Aviva Investors Sterling Liquidity Plus Fund - Aviva Investors Sterling Standard Liquidity Fund
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Contents
Management and Administration 3 Director's Report 4 Investment Managers' Report 7 Report from the Depositary to the Shareholders 13 Independent Auditor's Report 14 Statement of Financial Position 17 Statement of Comprehensive Income 19 Statement of Changes in Net Assets Attributable to Shareholders 21 Notes to the Financial Statements 22 Aviva Investors Euro Liquidity Fund 47 Aviva Investors Sterling Government Liquidity Fund 52 Aviva Investors Sterling Liquidity Fund 54 Aviva Investors Sterling Liquidity Plus Fund 61 Aviva Investors Sterling Standard Liquidity Fund 66 Aviva Investors US Dollar Liquidity Fund 70 Significant Portfolio Changes (Unaudited) 73 Securities Financing Transactions (Unaudited) 80 Management Company's Remuneration Policy (Unaudited) 83 Sustainable Finance Disclosure Regulation (“SFDR”) (Unaudited) 87
This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (“KIID”) supplemented by the last available annual report and the latest semi-annual report if published after such an annual report. Investors are hereby urged to read the entire prospectus. Past performance is not necessarily indicative of future returns. Copies of the prospectus, KIID, annual report, semi-annual report and details of changes in investments for the Sub-Funds may be obtained free of charge, from Aviva Investors Luxembourg S.A., 2 rue du Fort Bourbon, L-1249 Luxembourg or from BNY Mellon Fund Services (Ireland) Designated Activity Company, One Dockland Central, Guild Street, International Financial Services Centre, Dublin 1, Ireland.
Aviva Investors Liquidity Fund plc
Annual Report and audited financial statements | avivainvestors.com 2
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REGISTERED OFFICE*** 25 North Wall Quay Dublin 1 Dublin D01 H104 Ireland Registered number 356697 DIRECTORS Denise Kinsella (Chairperson) (Irish) * Deirdre Gormley (Irish) * Anthony Callcott (British) Martin Bell (British) All Directors are non-executive directors. DISTRIBUTOR** Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE United Kingdom MANAGER Aviva Investors Luxembourg S.A. 2, rue du Fort Bourbon L-1249 Luxembourg Luxembourg INVESTMENT MANAGER** Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE United Kingdom
SECRETARY*** Goodbody Secretarial Limited 25 North Wall Quay Dublin 1 Dublin D01 H104 Ireland IRISH LEGAL ADVISERS*** A&L Goodbody LLP 25 North Wall Quay Dublin 1 Dublin D01 H104 Ireland ADMINISTRATOR BNY Mellon Fund Services (Ireland) Designated Activity Company The Shipping Office 20-26 Sir John Rogerson’s Quay Dublin 2 D02 YO49 Ireland
DEPOSITARY The Bank of New York Mellon SA/NV, Dublin Branch The Shipping Office 20-26 Sir John Rogerson’s Quay Dublin 2 D02 YO49 Ireland INDEPENDENT AUDITORS Ernst & Young Block 1 Harcourt Centre Harcourt Street Dublin 2, D02 YA40 Ireland * Independent Director ** Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A. *** Effective 1 July 2025 the address changed from 3 Dublin Landings, North Wall Quay, Dublin 1, Ireland to 25 North Wall Quay, Dublin 1, Dublin D01 H104, Ireland.
Aviva Investors Liquidity Funds plc
MANAGEMENT AND ADMINISTRATION 31 March 2026
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The Directors submit their annual report together with the audited financial statements for the financial year ended 31 March 2026. Statement of Directors’ Responsibilities: The Directors are responsible for preparing the Annual Report and the audited financial statements in accordance with applicable Irish law and accounting standards generally accepted in Ireland, including FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” (“FRS 102”). Under Irish company law, the Directors must not approve the financial statements unless they are satisfied that the y give a true and fair view of the state of affairs of Aviva Investors Liquidity Funds plc (the “Company”) and of the profit or loss of the Company for that financial year. In preparing those financial statements, the Directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as amended (the “UCITS Regulations”) and the Central Bank (Supervision an d Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulation 2015, as amended (the “Cent ral Bank UCITS Regulations”). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under the UCITS Regulations, the Directors are required to entrust the assets of the Comp any to a depositary for safe-keeping. In carrying out this duty, the Directors have appointed The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary”) as the Company’s depositary. Principal Activities and Review of the Company: The Company was incorporated on 10 May 2002 as an umbrella type open-ended investment company with variable capital and segregated liability between Sub-Funds under the laws of Ireland and as a public limited company pursuant to the Companies Act 2014. The Company is constituted as an umbrella fund insofar as different Sub-Funds may be established from time to time by the Directors with the consent of the Central Bank of Ireland (the “Central Bank”). As at 31 March 2026, the Company has established six active Sub-Funds (31 March 2025: six active Sub-Funds) Aviva Investors Euro Liquidity Fund (“Euro Liquidity Fund”), Aviva Investors Sterling Government Liquidity Fund (“Sterling Government Liquidity Fund”), Aviva Investors Sterling Liquidit y Fund (“Sterling Liquidity Fund”), Aviva Investors Sterling Liquidity Plus Fund (“Sterling Liquidity Plus Fund”), Aviva Investors Sterling Standard Li quidity Fund (“Sterling Standard Liquidity Fund”) and Aviva Investors US Dollar Liquidity Fund (“US Dollar Liquidity Fund”) (together the “sub funds”). The share capital of the Sub-Funds (the “shares”) is divided into different classes of shares. As at 31 March 2026, there were 38 classes of shares in iss ue (31 March 2025: 39 classes of shares in issue).
Sub-Fund Structure 1 Classes in Issue
Aviva Investors Euro Liquidity Fund LVNAV 2 Class 1, 2, 3, 5, 6, 7, 8, 9, W Accumulating, W Distributing, Z Accumulating Aviva Investors Sterling Government Liquidity Fund LVNAV Class 1, 2, 3, 4, 5, 6, 7, 8, W Accumulating, W Distributing Aviva Investors Sterling Liquidity Fund LVNAV Class 1, 2, 3, 9, W Accumulating, W Distributing Aviva Investors Sterling Liquidity Plus Fund VNAV Class 1, 2, 3, 4 Aviva Investors Sterling Standard Liquidity Fund VNAV Class 5, 8 Aviva Investors US Dollar Liquidity Fund LVNAV Class 1, 2, 3, 4, W Distributing 1 VNAV – Variable NAV, LVNAV – Low Volatility NAV 2 On 7 July 2025, the Aviva Investors Euro Liquidity Fund changed from VNAV to LVNAV. The Company’s Sub-Funds are managed to achieve the stated objectives as disclosed in Note 1 to the financial statements. Both the level of business and the financial year-end position were satisfactory and the Directors expect an increased level of activity in the future . The Sub-Funds’ performance is detailed in the Investment Manager’s Report. Results: The financial position and results for the financial year are set out on pages 17 to 20. Distributions: Please refer to Note 2 (f) for the distribution policy of the Company. Please refer to Note 17 for details of the distributions paid during the financial year. Adequate Accounting Records: The Directors believe that they have complied with the requirements of Section 281 of the Companies Act 2014 with regard to adequate accounting records through the engagement by its appointed management company of the services of an administrator employing personnel with appropriate expertise and adequate resources. The Company has appointed Aviva Investors Luxembourg S.A. as its management company (the "Manager"). The Manager has delegated the administration of the Company to BNY Mellon Fund Services (Ireland) Designated Activity Company (the “Administrator”). The accounting records of the Company are maintained at the office of the Administrator at BNY Mellon Fund Services (Ireland) Designated Activity Company, One Dockland Central, Guild Street, International Financial Services Centre, Dublin 1, Ireland. The financial statements of the Company a re published on the website of Aviva Investors Global Services Limited (www.avivainvestors.com).
Aviva Investors Liquidity Funds plc
DIRECTOR’S REPORT 31 March 2026
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Adequate Accounting Records (continued): The Manager is responsible for the maintenance of the corporate and financial information of the Company included on the website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Risk Management Objectives and Policies: The Company’s investment activities expose it to various types of risk which are associated with the financial instruments and the markets in which it invests. Details of the main risks inherent in the Company are disclosed in Note 13 to the financial statements. The risks noted in the Notes to the finan cial statements are financial statement risks and are not a complete listing of risks associated with the Company. Cybersecurity Risk: As part of its business, large amounts of electronic information are processed, stored and transmitted. The Company's service providers have procedures and systems in place that are designed to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security, cyber-attacks and breaches could have a material adverse effect on the Company. Directors and their Interests: The names of the persons who were Directors at any time during the financial year are set out below: Denise Kinsella (Chairperson)* Deirdre Gormley* Anthony Callcott Martin Bell *Independent Director Anthony Callcott and Martin Bell are employees of the Investment Manager. Martin Bell is Director of the Manager. The Directors are not required to retire by rotation. None of the Directors had a beneficial interest in the shares of the Company at the date of their appointment or throughout the financial years ended 31 March 2026 and 31 March 2025. Significant Events during the Financial Year: Refer to Note 22 for significant events during the financial year. Subsequent Events: Refer to Note 23 for subsequent events. Connected Person Transactions: In accordance with the requirements of the Central Bank UCITS Regulations, any transaction carried out with the Company by connected persons as defined in the Regulations must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the shareholders. Th e Directors of the Manager are satisfied that there are arrangements in place (evidenced by written procedures) to ensure that the obligations are appl ied to all transactions with connected persons and that transactions with connected persons entered into during the financial year complied with the obligations. Shareholders should refer to the Prospectus which identifies the general nature of the contractual arrangements with the principal connected perso ns but it is not exhaustive of all connected person transactions. Shareholders should also refer to the provisions of the Prospectus dealing with conflicts of interest. Note 12 details related party transactions in the financial year as required by Section 33 “Related Party Disclosures” of FRS 102. However, not all “connected persons” are related as defined by Section 33 of FRS 102. Details of fees paid to related parties and certain connected persons are set out in Note 8. Director’s Compliance Statement: It is the policy of the Company to comply with its relevant obligations (as defined in the Companies Act 2014). As required by Section 225(2) of the Companies Act 2014, the Directors acknowledge that they are responsible for securing the Company’s compliance with the relevant obligations. The Directors have drawn up a compliance policy statement as defined in Section 225(3)(a) of the Companies Act 2014 and a compliance policy which refers to the arrangements and structures that are in place and which are, in the Directors’ opinion, designed to secure material compliance with the Company’s relevant obligations. These arrangements and structures were reviewed by the Company during the financial year. In discharging their responsibilities under Section 225, the Directors relied upon, among other things, the services provided, advice and/or representations from thir d parties whom the Directors believe have the requisite knowledge and experience in order to secure material compliance with the Company’s relevant obligations. Audit Committee: The Board of Directors is aware of the requirement under Section 167 of the Companies Act 2014 for certain companies to establish an audit committee. After due consideration, the Board has decided not to establish a separate audit committee and reserves the role of the audit committee to itself. Statement on Relevant Audit Information: So far as each Director is aware, there is no relevant audit information of which the Company’s statutory auditors are unaware. The Directors have take n all steps that ought to have been taken by a director in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. Independent Auditors: The independent auditors, Ernst & Young have indicated their willingness to continue in office in accordance with Section 383(2) of the Companies Act 2014.
Aviva Investors Liquidity Funds plc
DIRECTOR’S REPORT (CONTINUED) 31 March 2026
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Corporate Governance Statement: The Company is subject to Irish legislation comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations, as applicable to investment funds. The Company voluntarily adopted the 'Corporate Governance Code Collective Investment Schemes and Management Companies' as published by Irish Funds in December 2011 (the "CGC"), with effect from 31 December 2012. The Company is subject to corporate governance practices imposed by: 1. The Companies Act 2014 and the UCITS Regulations which are available for inspection at the registered office of the Company and may also be obtained at www.irishstatutebook.ie. 2. The Company's constitutional documentation which is available for inspection at the registered office of the Company and at the Companies Registration Office in Ireland. 3. The Central Bank UCITS Regulations which can be obtained from the Central Bank’s website at: www.centralbank.ie and available for inspection at th e registered office of the Company. Financial Reporting Process - description of main features: The Board in conjunction with the Manager is ultimately responsible for overseeing the establishment and maintenance of adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance again st material misstatement or loss. The Company’s financial records are maintained by the Administrator which is independent of the Company, the Manager and the Investment Manager. The Administrator is regulated by the Central Bank. The Manager periodically reviews the Administrator's financial accounting and reporting routi nes, in conjunction with the Board, and monitors and evaluates the independent auditor's performance, qualifications and independence. The Administrato r has operating responsibility in respect of its internal controls in relation to the financial reporting process and the Administrator's reports to t he Board and the Manager. The annual statutory financial statements and interim financial statements of the Company are required to be approved by the Board and filed with the Central Bank. The annual statutory financial statements are required to be audited by independent auditors, who present their audit plan to the Board and subsequently report to the Board on their audit findings. The Board evaluates and discusses significant accounting and reporting issues as the ne ed arises. Composition and operation of the board of directors The number of Directors may not be less than two. There were four Directors throughout the year, being those listed in the directory to these financial statements. All related party transactions during the financial year are detailed in Note 12 to the financial statements. The Company's constitutio nal document does not provide for retirement of Directors by rotation. However, the Directors may be removed by the shareholders by ordinary resolution in accordance with the procedures established under the Companies Act 2014. The Board meets at least quarterly. The Board in conjunction with the Manager is responsible for managing the business affairs of the Company in accordance with its constitutional document. Shareholder meetings The Annual General Meeting of the Company will usually be held in Dublin, within 9 months after the financial year end date, at such date as the Directors may determine. Notice convening the Annual General Meeting in each financial year at which the audited financial statements of the Company will be presented (together with the Directors' and Auditors' Reports of the Company) will be sent to shareholders at their registered addresses not less tha n 21 days before the date fixed for the meeting. Other general meetings may be convened from time to time by the Directors in such manner as provided by Irish law. Each share held entitles the holder to attend and vote at meetings of the Company and of the Sub-Fund represented by those shares. Matters will be determined by a meeting of shareholders on a poll. Each share gives the holder one vote in relation to any matters relating to the Company which are submitted to shareholders for a vote by poll. No business shall be transacted at any shareholder meeting unless a quorum is present. Two shareholders present either in person or by proxy shall be a quorum for a general meeting. If within half an hour after the time appointed for a meeting a quorum is not present, the meeting, if convened on the requisition of or by shareholders, shall be dissolved. In any other case it shall stand adjourned to the same da y in the next week, at the same time and place or to such other day and at such other time and place as the Directors may determine. One shareholder present either in person or by proxy shall be a quorum for any such adjourned meeting. Diversity Statement: The Board has adopted a Diversity Statement. It recognises the importance and value of diversity and as part of the annual Board effectiveness review, the balance of skills, experience, independence and knowledge of the Board is reviewed, together with the diversity representation of the Board.
On behalf of the Board
Director Director
Date: 16 July 2026
Aviva Investors Liquidity Funds plc
gn Envelope ID: 692539B51
DIRECTOR’S REPORT (CONTINUED) 31 March 2026
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Aviva Investors Liquidity Funds plc
Docusign Envelope ID: 692539B5-1461-820B-8246-82878BBF0DD5
Denise Kinsella Deirdre Gormley
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End of Period Performance (bps) End of Period
Fund Name Fund Benchmark 1 day gross yield (%) Benchmark rate (%) AUM (Bn) Sterling Government Liquidity Fund 413 401 3.76 3.73 £3.72bn Sterling Liquidity Fund 422 401 3.92 3.73 £21.2bn Sterling Standard Liquidity Fund 431 401 3.95 3.73 £0.14bn Sterling Liquidity Plus Fund 458 401 4.02 3.73 £2.19bn US Dollar Liquidity Fund 421 408 3.81 3.68 $1.27bn
Euro Liquidity Fund 216 199 2.12 1.93 € 3.72bn
Source: Aviva Investors & global-rates.com as at 31 March 2026 Benchmark rates: Sterling Overnight Index Average (SONIA); Euro Short Term Rate (ESTR); Secured Overnight Financing Rate (SOFR) Weighted Average Maturity (days) Weighted Average Life (days) Assets Under Management (Bn) Fund Name Latest Previous Latest Previous Latest Previous Sterling Government Liquidity Fund 26 21 26 21 £3.72bn £5.64bn
Sterling Liquidity Fund 53 54 82 78 £21.2bn £20.22bn Sterling Standard Liquidity Fund 42 58 70 106 £0.14bn £0.15bn
Sterling Liquidity Plus Fund 49 33 465 506 £2.19bn £1.66bn US Dollar Liquidity Fund 24 21 38 47 $1.27bn $1.01bn Euro Liquidity Fund 41 38 69 67 € 3.72bn € 2.96bn
Source: Aviva Investors, as at 31 March 2026 Latest represents 31 March 2026. Previous represents 31 March 2025. 1-day gross yield (%) Fund Name Latest Previous Sterling Government Liquidity Fund 3.76 4.52 Sterling Liquidity Fund 3.92 4.67 Sterling Standard Liquidity Fund 3.95 4.69
Sterling Liquidity Plus Fund 4.02 4.85 US Dollar Liquidity Fund 3.81 4.51 Euro Liquidity Fund 2.12 2.61
Source: Aviva Investors, as at 31 March 2026 *Sterling Government Liquidity peer group includes LVNAVs and CNAVs. *The Peer group includes LVNAVs only.
Aviva Investors Liquidity Funds plc
INVESTMENT MANAGERS’ REPORT 31 March 2026
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1-day gross yield (%)
Fund Name Fund MM Peer Group average Peer Group Rank (Quartile) No. of funds in peer group Sterling Government Liquidity Fund 3.76 3.79 4th 5 Sterling Liquidity Fund 3.92 3.89 2nd 20 US Dollar Liquidity Fund 3.81 3.87 4th 22 Euro Liquidity Fund 2.12 2.10 2nd 19
Source: Aviva Investors, imoney net as of 31st March 2026 2nd March 2026 *Sterling Government Liquidity peer group includes LVNAVs and CNAVs. *The Peer group includes LVNAVs only. GBP Fund Manager’s Comments Sterling money-market conditions softened over much of 2025 as the focus gradually shifted from persistent inflation toward slowing growth and an easing policy outlook. In the second quarter of 2025, GBP yields moved lower following the Bank of England’s 25bp base-rate cut to 4.25% at the May MPC meeting, alongside growing expectations of further easing later in the year. While the MPC maintained its cautious, “slow and steady” stance amid still elevated inflation, highlighted by April CPI at 3.5%, concerns around President Trump’s proposed tariffs briefly raised inflation risks befo re easing after the UK-US trade deal signed in June. UK growth surprised positively early in the year, with Q1 GDP at 0.7%, the strongest among G7 peers, despite concerns that the October budget could weigh on activity. As the year progressed into the second half, sterling yields continued to trend lower follow ing another 25bp cut to 4.0% in August, although investor focus increasingly shifted to the UK’s fragile fiscal position, rising long-dated gilt yields, and the growing burden of debt-servicing costs ahead of the November budget. By September, economic momentum appeared to soften, with PMI data undershooting expectations amid heightened business uncertainty. In the fourth quarter of 2025, yields declined further after the BoE cut rates aga in to 3.75% at the December MPC meeting, as inflation moderated (November CPI at 3.2%) and growth data weakened modestly, reinforcing expectations of further easing in 2026. The autumn budget proved less disruptive than feared, extending the freeze on personal allowances and increasing welfare support. In early 2026, sterling money market yields stabilised as the BoE held rates at 3.75%. However, geopolitical tensions (following US and Isra eli strikes on Iran) triggered a sharp rise in oil prices and inflation expectations, leading to an upward repricing of short-term rates by quarter end. De spite softening growth and a weaker labour market strengthening the case for future rate cuts, the MPC reiterated that policy would remain data-dependent given ongoing inflation risks and elevated global uncertainty. Outlook The risk of a prolonged energy shock stemming from the Middle East crisis, and its potential to de-anchor inflation expectations, has led markets to begin pricing in rate hikes, with two increases currently expected by year-end. However, this outlook remains contingent on inflation staying withi n range of the 2.0% target. The sterling money markets are expected to continue to function smoothly. BoE liquidity facilities such as the Short-Term Repo and the Indexed Long-Term Repo, provide a solid backstop, even in the context of ongoing quantitative tightening. Government Liquidity Fund T-Bills became more expensive at the start of the reporting period as the market priced in anticipated rate cuts. We maintained a longer duration, whic h combined with higher yields from reverse repo enabled us to outperform the benchmark. We added more duration through the T-Bill market, which offered a positive carry over repo and provided the portfolio with protection against further interest rate reductions. Towards the end of 2025, repo rates were elevated as the market adjusted to higher collateral supply as a result of the central bank balance-sheet reduction programme, while we continue d to add duration to the portfolio through the T-Bill market given the positive carry. As we moved into 2026, we increased our T-bill exposure as they showed greater value following market moves, while maintaining a substantial allocation to repos given their attractive pricing and role in support ing liquidity. Sterling Liquidity fund We maintained a long duration strategy, locking in higher yields ahead of anticipated rate cuts. While we initially sought to reduce the portfolio’s weighted average maturity (WAM) and weighted average life (WAL) to enhance liquidity, asset flows had the opposite effect, pushing both higher and reducing overall fund liquidity. Fund performance was well ahead of target, with the long-duration strategy driving strong returns as the UK economi c outlook deteriorated and the Bank of England delivered a rate cut in December 2025. Spreads on well-rated banks widened as natural dollar-funding institutions took advantage of the favourable basis swap to issue sterling assets at attractive levels, creating an opportunity to increase exposur e to floating-rate products. Towards the end of the reporting period, duration remained long, although we gradually reduced it while increasing liquidi ty amid ongoing market uncertainty and volatile flows. Sterling Standard Liquidity Fund We maintained a long duration strategy throughout the period, locking in higher yields for longer in anticipation of further rate cuts. We also took advantage of attractive credit spreads, buying covered bonds. We added to both floating-rate and fixed-rate instruments to push out the weighted average maturity and weighted average life on the portfolio. The strategy for the fund remained largely unchanged throughout the reporting period, w ith the only adjustment being an increase in liquidity in response to heightened geopolitical uncertainties in the Middle East. Sterling Liquidity Plus Fund At the start of the reporting period, the portfolio favoured non-UK covered bonds, which continued to offer relative value versus UK covered bonds and prime RMBS. We selectively added short, dated auto ABS, capitalising on a brief widening in credit spreads following “Liberation Day” related market volatility. While primary ABS issuance was strong, we maintained a selective approach as spreads tightened relative to covered bonds.
Aviva Investors Liquidity Funds plc
INVESTMENT MANAGERS’ REPORT (CONTINUED) 31 March 2026
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Portfolio activity was subdued during the latter part of summer 2025 due to seasonal factors, before picking up in September amid a recovery in primary issuance across ABS and covered bonds. Towards the end of 2025, activity focused on primary ABS and covered bond markets, funded through the sale of short dated covered bonds. Issuance slowed in November ahead of the UK Budget and into December. From Q3 2025, we increased non base currency exposure to enhance diversification and access a broader set of return drivers. This allocation reached approximately 8% by end March 2026, predominantly through euro denominated ABS new issues. In money markets, duration was increased following the year end rates sell off. At the start of 2026, duration was added opportunistically amid further market weakness, while ABS supply remained robust despite elevated volatility. Aviva Investors Global Services Limited May 2026
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INVESTMENT MANAGERS’ REPORT (CONTINUED) 31 March 2026
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US Dollar Fund Manager’s Comment Over the period, US dollar money market conditions were shaped by a gradual shift in Federal Reserve policy against a backdrop of mixed economic signals. At the start of the reporting period, the Fed maintained a cautious stance, holding interest rates in a range of 4.25% to 4.5% following its las t cut in December 2024, as uncertainty persisted around the outlook for the US economy amid the Trump administration’s radical policy agenda. While immediate concerns around tariffs eased after several trade deals were signed, longer-term implications for growth and inflation remained unclear . Economic data became more mixed, with the US consumer showing signs of caution and unemployment rising to 4.3% by August 2025, the highest since October 2021, even as second-quarter GDP proved resilient at 3.8% year on year following contraction earlier in the year. In September 2025, the Fed reduced rates by 25 basis points to 4.0% - 4.25%, despite inflation rising to 2.9%, driven by higher food and used vehicle prices. Easing continued into the fourth quarter, with two further quarter-point cuts taking the Fed Funds rate to 3.50% - 3.75% by year-end, as policymakers responded to a weakening labour market and evidence that tariff‑related inflation pressures were not accelerating as feared. Entering 2026, the US economy rebounded from the shutdown-related slowdown, with GDP growth expected to run at just over 2%, supported by resilient consumer spending and strong business reinvestment, underpinned by equity gains linked to the artificial-intelligence boom. After loosening policy in the second half of 2025, the Fed ado pted a more cautious stance, holding rates steady at its January and March 2026 meetings as inflation remained elevated and the labour market proved more resilient than anticipated, with Chair Powell reiterating that future policy decisions would remain data dependent. Outlook Money market investors will be directing considerable attention to the Middle East, particularly if the developing hostilities between the US/Isra el and Iran continue. The Fed has indicated it is likely to proceed cautiously given the elevated uncertainties, although Chair Powell has suggested that th e resultant energy shock has the potential to be only temporary. He did, however, concede that inflation expectations may shift markedly if price press ures persist with an oil price trading around or above $100 a barrel for an extended period. Even though some members of the Fed have been calling for an immediate interest rate cut, most market observers believe the pace of policy easing will be slower than had been expected at the start of the year. Whil e the Fed’s median expectations pointed to one more rate cut in 2026, there appeared to be a growing sense that no more policy loosening would be forthcoming. Aviva Investors Global Services Limited May 2026
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INVESTMENT MANAGERS’ REPORT (CONTINUED) 31 March 2026
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Euro Fund Manager’s Comment Over the period, euro money market conditions were shaped by a stabilisation in ECB policy following an earlier easing cycle, set against a backdrop of political uncertainty and evolving inflation dynamics. During the first half of the period, the European Central Bank cut interest rates twice, brin ging the deposit rate to 2.0% by June 2025, before pausing after three consecutive reductions. Policymakers faced elevated political and economic uncertain ty, including the threat of US tariffs under the Trump administration, although the Eurozone economy showed tentative signs of improvement, particular ly in manufacturing, while inflation moved closer to the ECB’s 2% target. Despite this progress, the ECB remained cautious, recognising the risk that ta riffs could reignite inflationary pressures. Confidence in the region remained fragile, with political instability, most notably in France, where a fail ed budget vote led to a loss of confidence in government and a subsequent credit rating downgrade. Into the final quarter of 2025, euro money market yields were relatively stable as the ECB held rates at 2.0%, appearing comfortable with policy settings given inflation had settled near target and growth proved more resilient than feared despite earlier recession concerns tied to US trade policy. Moving into early 2026, the ECB maintained its steady stance as econ omic conditions showed modest improvement and inflation remained close to target; however, confidence in the disinflation path weakened following the escalation of geopolitical tensions in the Middle East, which drove oil prices higher and raised concerns about renewed energy-driven inflation. Th is resulted in a material repricing higher of euro money market rates towards the end of the period. Alongside this, the ECB continued passive quantitati ve tightening through APP and PEPP runoff, while reiterating its willingness to act via tools such as the Transmission Protection Instrument, maintain ing a firmly data-dependent and non-committal policy stance. Outlook The recent rise in expected near - term inflation from consumers in the latest Euro Commission survey will not be welcome news to the ECB. That said, these shorter term (i.e. next twelve month) measures are known to correlate with realised, “spot” inflation. Gauges for inflation expectations that pertain to longer horizons may carry more weight in a central bank’s assessment of whether expectations have become truly “de-anchored” from target. Indicators such as long-term inflation swaps remain indicative of inflation expectations remaining well anchored in Europe. Overall, we continue t o see signs of energy price pressures affecting input prices, future price setting expectations from firms and near-term consumer inflation expectation s, whilst Europe’s March flash print (2.5%) has provided the first glimpse of the impact on realised CPI outcomes. Euro Liquidity Fund Throughout the period, the fund remained active across the curve while maintaining a cautious stance amid market volatility. We focused on shortdated fixed-rate securities (up to 4 months) and selectively added into 6-12 month, especially during sell-off episodes to capture higher yields. We maintained a healthy allocation in floating rate instruments and added a few new positions as we saw increased issuance from highly rated financials. Liquidity was increased in preparation for the fund’s conversion to an LVNAV in early July 2025. Liquidity conditions were generally benign over the year-end period, with only the usual constraints in overnight trading. Aviva Investors Global Services Limited May 2026
Aviva Investors Liquidity Funds plc
INVESTMENT MANAGERS’ REPORT (CONTINUED) 31 March 2026
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Key risks The value of an investment can go down as well as up and can fluctuate in response to changes in currency and exchange rates. Investors may not get back the original amount invested. The Fund uses derivatives; these can be complex and highly volatile. This means in unusual market conditions the Fund may suffer significant losses. Certain assets held in the Fund could 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. Bond values are affected by changes in interest rates and the bond issuer's creditworthiness. Bonds that offer the potential for a higher income typic ally have a greater risk of default. Important Information THIS IS A MARKETING COMMUNICATION Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”). Unless stated other wise any opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Past performance is not a guide to the future. The content of this presentation does not purport to be representational o r provide warranties above and beyond those contained in the Prospectus and subscription documentation of the Fund. The Prospectus and the subscription document contain the full terms, conditions, representations and warranties in respect of the Fund. The underlying holdings of the fun d should be considered in order to establish an appropriate minimum holding period. The content of this presentation does not purport to be representational or provide warranties above and beyond those contained in the legal documentation and subscription documentation of the Fund. The legal documentation and the subscription documents contain the full terms, conditions, representations and warranties in respect of the Fund. Nothing in this presentation is intended to or should be construed as advice or recommendations of any nature. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Changes in exchange rates between currencies or the conversion from one currency to another may also cause the value of the investments to diminish or increase. The value of Shares expressed in a currency other than the Base Currency will be subject to exchange rate risk in relation to the Base Currency. You may switch between funds in the Aviva Investors Liquidity Funds p.l.c. Details on switching are provided in the Share Dealings section of the Fund's prospectus. The sub-fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence, this might have an impact on your investment. This document should not be taken as a recommendation or offer by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. The Prospectus and Key Investor information Document (KIID) are available at www.avivainvestors.com. Where relevant, information on our approach to the sustainability aspects of the fund and the Sustainable Finance disclosure regulation (SFDR) including policies and procedures can be found on the following link: https://www.avivainvestors.com/en-gb/capabilities/sustainable-financ edisclosure-regulation/ In Europe this document is issued by Aviva Investors Luxembourg S.A. Registered Office: 2 rue du Fort Bourbon, 1st Floor, 1249 Luxembourg. Supervised by Commission de Surveillance du Secteur Financier. An Aviva company. In the UK Issued by Aviva Investors Global Services Limited. Registered in England No. 1151805. Registered Office: St Helens, 1 Undershaft, London EC3P 3DQ. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 119178.
Aviva Investors Liquidity Funds plc
INVESTMENT MANAGERS’ REPORT (CONTINUED) 31 March 2026
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For the period from 01 April 2025 to 31 March 2026 (the “Period”) The Bank of New York Mellon SA/NV, Dublin Branch (the “Depositary” “us”, “we”, or “our”) has enquired into the conduct of Aviva Investors Liquidity Funds plc, (the “Fund”) for the Period, in its capacity as Depositary to the Fund. This report including the opinion has been prepared for and solely for the shareholders in the Fund, in accordance with our role as Depositary to the Company and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (S.I. No 352 of 2011), as amended (the “Regulations”). Our report shall state whether, in our opinion, the Fund has been managed in that Period in accordance with the provisions of the Fund’s constitutional documentation and the Regulations. It is the overall responsibility of the Fund to comply with these provisions. If the Fund has not been so managed, we as Depositary must state in what respects it has not been so managed and the steps which we have taken in respect thereof. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties and to ensure that, in all material respects, the Fund has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Fund’s constitutional documentatio n and the appropriate regulations. Opinion In our opinion, the Fund has been managed during the Period, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Fund by the constitutional documentation and the Regulations; and (ii) otherwise in accordance with the provisions of the constitutional documentation and the Regulations.
For and on behalf of
The Bank of New York Mellon SA/NV, Dublin Branch The Shipping Office 20-26 Sir John Rogerson’s Quay Dublin 2 D02 Y049 Ireland 16 July 2026
Aviva Investors Liquidity Funds plc
REPORT FROM THE DEPOSITARY TO THE SHAREHOLDERS 31 March 2026
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AVIVA INVESTORS LIQUIDITY FUNDS PLC
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Aviva Investors Liquidity Funds plc (‘the Company’) for the year ended 31 March 2026, which comprise the Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Shareholders, and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued in the United Kingdom by the Financial Reporting Council.
In our opinion the financial statements:
give a true and fair view of the assets, liabilities and financial position of the Company as at 31 March 2026 and of its profit for the year then ended;
have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and
have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard for Auditors (Ireland) issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s ability to continue as a going concern.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AVIVA INVESTORS LIQUIDITY FUNDS PLC (Continued)
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2014
In our opinion, based solely on the work undertaken in the course of the audit, we report that:
the information given in the directors’ report for the financial year ended for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report, other than those parts relating to sustainability reporting where required by Part 28 of the Companies Act 2014, has been prepared in accordance with applicable legal requirements.
We have obtained all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.
In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records.
Matters on which we are required to report by exception
Based on the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures required by sections 305 to 312 of the Act, which relate to disclosures of directors’ remuneration and transactions are not complied with by the Company. We have nothing to report in this regard.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF AVIVA INVESTORS LIQUIDITY FUNDS PLC (Continued)
Respective responsibilities
Responsibilities of directors for the financial statements
As explained more fully in the Statement of Directors’ Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements in accordance with the applicable financial reporting framework that give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA's website at: https://iaasa.ie/wp-content/uploads/docs/media/IAASA/Documents/auditstandards/Description_of_auditors_responsibilities_for_audit.pdf. f. This description forms part of our auditor's report.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Muntasir Khaleik for and on behalf of Ernst & Young Chartered Accountants and Statutory Audit Firm
Dublin
Date: 17 July 2026
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Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note EUR EUR GBP GBP CURRENT ASSETS Cash and cash equivalents 9 377,925 501,042 350,280,563 220,313 Receivables 3 4,839,439 7,287,765 352,059 447,282 Financial assets at fair value through profit or loss 12, 13, 14 3,831,367,604 2,984,704,352 3,718,859,061 5,639,703,361 Total current assets 3,836,584,968 2,992,493,159 4,069,491,683 5,640,370,956 CURRENT LIABILITIES Payables 4 115,148,171 32,197,933 350,690,863 2,071,227 Total current liabilities (excluding net assets attributable to shareholders) 115,148,171 32,197,933 350,690,863 2,071,227 Net asset value attributable to shareholders 3,721,436,797 2,960,295,226 3,718,800,820 5,638,299,729 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP GBP GBP CURRENT ASSETS Cash and cash equivalents 9 501,046,884 1,544,338 16,150 350,055 Receivables 3 111,048,957 125,413,219 9,148,470 8,012,336 Financial assets at fair value through profit or loss 12, 13, 14 21,624,915,275 20,517,340,855 2,224,769,278 1,678,513,895 Total current assets 22,237,011,116 20,644,298,412 2,233,933,898 1,686,876,286 CURRENT LIABILITIES Payables 4 1,074,024,908 509,709,342 35,126,351 22,214,357 Financial liabilities at fair value through profit or loss 12, 13, 14 - - 323,171 Total current liabilities (excluding net assets attributable to shareholders) 1,074,024,908 509,709,342 35,449,522 22,214,357 Net asset value attributable to shareholders 21,162,986,208 20,134,589,070 2,198,484,376 1,664,661,929 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP USD USD CURRENT ASSETS Cash and cash equivalents 9 79,660 174,870 312,501 446,372 Receivables 3 830,339 832,339 946,203 2,678,944 Financial assets at fair value through profit or loss 12, 13, 14 152,573,827 157,516,245 1,277,640,256 1,005,149,208 Total current assets 153,483,826 158,523,454 1,278,898,960 1,008,274,524 CURRENT LIABILITIES Payables 4 4,996,393 4,943,409 3,932,495 3,770,233 Total current liabilities (excluding net assets attributable to shareholders) 4,996,393 4,943,409 3,932,495 3,770,233 Net asset value attributable to shareholders 148,487,433 153,580,045 1,274,966,465 1,004,504,291
Aviva Investors Liquidity Funds plc
STATEMENT OF FINANCIAL POSITION 31 March 2026
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The accompanying notes form an integral part of these financial statements. 17
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Company Total Company Total 31 March 2026 31 March 2025 Note GBP GBP CURRENT ASSETS Cash and cash equivalents 9 851,987,737 3,053,272 Receivables 3 125,928,717 142,864,734 Financial assets at fair value through profit or loss 12, 13, 14 31,900,148,708 31,144,303,176 Total current assets 32,878,065,162 31,290,221,182 CURRENT LIABILITIES Payables 4 1,567,872,882 568,751,632 Financial liabilities at fair value through profit or loss 12, 13, 14 323,171 Total current liabilities (excluding net assets attributable to shareholders) 1,568,196,053 568,751,632 Net asset value attributable to shareholders 31,309,869,109 30,721,469,550
On behalf of the Board
Director Director 16 July 2026 16 July 2026
Aviva Investors Liquidity Funds plc
gn Envelope ID: 692539B51
STATEMENT OF FINANCIAL POSITION (CONTINUED) 31 March 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 18
Aviva Investors Liquidity Funds plc
Docusign Envelope ID: 692539B5-1461-820B-8246-82878BBF0DD5
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Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note EUR EUR GBP GBP Operating income 5 75,266,822 102,481,658 167,241,356 257,423,749 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 (1,090,795) 1,166,623 2,589,234 142,592 Total investment income 74,176,027 103,648,281 169,830,590 257,566,341 Operating expenses 7 (952,089) (756,257) (416,158) (416,105) Net operating profit 73,223,938 102,892,024 169,414,432 257,150,236 Finance costs Interest expense (5,735) (15,054) (2,499) Distributions to shareholders 17 (3,294,366) (3,138,022) (14,492,362) (17,604,833) Total finance costs (3,300,101) (3,153,076) (14,494,861) (17,604,833) Net profit/(loss) 69,923,837 99,738,948 154,919,571 239,545,403 Increase in net assets attributable to shareholders from operations 69,923,837 99,738,948 154,919,571 239,545,403 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP GBP GBP Operating income 5 902,430,374 1,058,836,186 80,501,419 84,294,218 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 74,463,269 1,533,808 919,493 2,797,591 Total investment income 976,893,643 1,060,369,994 81,420,912 87,091,809 Operating expenses 7 (9,079,593) (8,113,296) (465,510) (319,265) Net operating profit 967,814,050 1,052,256,698 80,955,402 86,772,544 Finance costs Interest expense (83,635) (16,274) (548) (248) Distributions to shareholders 17 (893,067,808) (1,050,693,448) - Total finance costs (893,151,443) (1,050,709,722) (548) (248) Net profit/(loss) 74,662,607 1,546,976 80,954,854 86,772,296 Increase in net assets attributable to shareholders from operations 74,662,607 1,546,976 80,954,854 86,772,296 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP USD USD Operating income 5 6,341,129 7,335,647 50,145,006 49,402,061 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 (67,102) 19,804 (133,664) 124,014 Total investment income 6,274,027 7,355,451 50,011,342 49,526,075 Operating expenses 7 (143) (202) (811,141) (688,615) Net operating profit 6,273,884 7,355,249 49,200,201 48,837,460 Finance costs Interest expense (251) (12) (547) (32,255) Distributions to shareholders 17 - - (49,333,192) (48,686,637) Total finance costs (251) (12) (49,333,739) (48,718,892) Net profit/(loss) 6,273,633 7,355,237 (133,538) 118,568 Increase in net assets attributable to shareholders from operations 6,273,633 7,355,237 (133,538) 118,568
There are no recognised gains or losses other than those set out in the above Statement of Comprehensive Income. In arriving at the results of the year al l amounts relate to continuing operations.
Aviva Investors Liquidity Funds plc
STATEMENT OF COMPREHENSIVE INCOME 31 March 2026
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Company Total Company Total 31 March 2026 31 March 2025 Note GBP GBP Operating income 5 1,255,410,719 1,528,151,504 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 76,858,092 5,572,179 Total investment income 1,332,268,811 1,533,723,683 Operating expenses 7 (11,395,186) (10,028,907) Net operating profit 1,320,873,625 1,523,694,776 Finance costs Interest expense (92,320) (54,691) Distributions to shareholders 17 (946,863,798) (1,104,512,208) Total finance costs (946,956,118) (1,104,566,899) Net profit/(loss) 373,917,507 419,127,877 Increase in net assets attributable to shareholders from operations 373,917,507 419,127,877
There are no recognised gains or losses other than those set out in the above Statement of Comprehensive Income. In arriving at the results of the year al l amounts relate to continuing operations.
Aviva Investors Liquidity Funds plc
STATEMENT OF COMPREHENSIVE INCOME (CONTINUED) 31 March 2026
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Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note EUR EUR GBP GBP Net assets attributable to shareholders at the beginning of the year 2,960,295,226 2,717,986,172 5,638,299,729 5,783,401,191 Increase in net assets attributable to shareholders from operations 69,923,837 99,738,948 154,919,571 239,545,403 Shareholder transactions: Proceeds from issue of shares 17,696,047,593 12,745,099,797 29,505,216,334 38,457,324,133 Payments on redemption of shares (17,005,052,716) (12,602,529,691) (31,582,883,954) (38,841,970,998) Distributions Reinvested 222,857 - 3,249,140 Increase/(decrease) in net assets resulting from shareholder transactions 691,217,734 142,570,106 (2,074,418,480) (384,646,865) Net assets attributable to shareholders at the end of the year 3,721,436,797 2,960,295,226 3,718,800,820 5,638,299,729 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP GBP GBP Net assets attributable to shareholders at the beginning of the year 20,134,589,070 19,712,074,339 1,664,661,929 1,493,346,550 Increase in net assets attributable to shareholders from operations 74,662,607 1,546,976 80,954,854 86,772,296 Shareholder transactions: Proceeds from issue of shares 96,538,231,638 85,650,909,094 887,942,530 726,837,293 Payments on redemption of shares (95,706,287,721) (85,229,941,339) (435,074,937) (642,294,210) Distributions Reinvested 121,790,614 - - Increase/(decrease) in net assets resulting from shareholder transactions 953,734,531 420,967,755 452,867,593 84,543,083 Net assets attributable to shareholders at the end of the year 21,162,986,208 20,134,589,070 2,198,484,376 1,664,661,929 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Note GBP GBP USD USD Net assets attributable to shareholders at the beginning of the year 153,580,045 135,346,739 1,004,504,291 929,143,036 Increase in net assets attributable to shareholders from operations 6,273,633 7,355,237 (133,538) 118,568 Shareholder transactions: Proceeds from issue of shares - 10,894,000 16,726,397,644 10,262,561,686 Payments on redemption of shares (11,366,245) (15,931) (16,458,803,386) (10,187,318,999) Distributions Reinvested - - 3,001,454 Increase/(decrease) in net assets resulting from shareholder transactions (11,366,245) 10,878,069 270,595,712 75,242,687 Net assets attributable to shareholders at the end of the year 148,487,433 153,580,045 1,274,966,465 1,004,504,291 Company Total Company Total 31 March 2026 31 March 2025 Note GBP GBP Net assets attributable to shareholders at the beginning of the year 30,840,844,123 30,093,073,785 Increase in net assets attributable to shareholders from operations 373,917,507 419,127,877 Shareholder transactions: Proceeds from issue of shares 154,700,632,774 143,552,064,348 Payments on redemption of shares (154,820,295,965) (143,360,423,129) Distributions Reinvested 127,480,960 Increase/(decrease) in net assets resulting from shareholder transactions 7,817,769 191,641,219 Foreign currency translation adjustment 2(d) 87,289,710 17,626,669 Net assets attributable to shareholders at the end of the year 31,309,869,109 30,721,469,550
Aviva Investors Liquidity Funds plc
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS 31 March 2026
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1. ORGANISATION Aviva Investors Liquidity Funds plc (the “Company”) was incorporated as an umbrella type open-ended investment company with variable capital and segregated liability between Sub-Funds under the laws of Ireland as a public limited company on 10 May 2002. The Company is an open-ended investment company with variable capital which has been authorised by the Central Bank. The Company is authorised as an Undertaking for Collective Investment in Transferable Securities under the provisions of the European Communities (Undertakings for Collect ive Investment in Transferable Securities) Regulations, 2011 as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulation 2015, as amended (the “Central Bank UCITS Regulations”). The Company has appointed Aviva Investors Luxembourg S.A. as its Manager and The Bank of New York Mellon SA/NV, Dublin Branch as its Depositary. The Manager is responsible for the investment management, distribution and administration of the Company and has appointed Aviva Investors Global Services Limited as Investment Manager and Distributor and BNY Mellon Fund Services (Ireland) Designated Activity Company as Administrator. As at 31 March 2026, the Company has established six active Sub-Funds (31 March 2025: six active Sub-Funds) - Aviva Investors Euro Liquidity Fund (“Eur o Liquidity Fund”), Aviva Investors Sterling Government Liquidity Fund (“Sterling Government Liquidity Fund”), Aviva Investors Sterling Liquidit y Fund (“Sterling Liquidity Fund”), Aviva Investors Sterling Liquidity Plus Fund (“Sterling Liquidity Plus Fund”), Aviva Investors Sterling Standard Li quidity Fund (“Sterling Standard Liquidity Fund”) and Aviva Investors US Dollar Liquidity Fund (“US Dollar Liquidity Fund”) (together the “Sub-Funds”). The share capital of the Sub-Funds (the “shares”) is divided into different classes of shares. At 31 March 2026, there were 38 classes of shares in issue (31 March 2025: 39 classes of shares in issue). Sub-Fund Structure 1 Classes in Issue Sub-Fund Authorisation Date
Aviva Investors Euro Liquidity Fund LVNAV
Class 1, 2, 3, 5, 6, 7, 8, 9, W Accumulating, W Distributing, Z Accumulating 15 August 2008
Aviva Investors Sterling Government Liquidity Fund LVNAV Class 1, 2, 3, 4, 5, 6, 7, 8, W Accumulating, W Distributing 18 December 2008
Aviva Investors Sterling Liquidity Fund LVNAV Class 1, 2, 3, 9, W Accumulating, W Distributing 5 June 2002 Aviva Investors Sterling Liquidity Plus Fund VNAV Class 1, 2, 3, 4 21 November 2007 Aviva Investors Sterling Standard Liquidity Fund* VNAV Class 5, 8 29 August 2022 Aviva Investors US Dollar Liquidity Fund LVNAV Class 1, 2, 3, 4, W Distributing 6 February 2020 1 VNAV – Variable NAV, LVNAV – Low Volatility NAV *On 17 June 2026, Aviva Investors Sterling Standard Liquidity Fund closed. The investment objective of Aviva Investors Euro Liquidity Fund is to offer returns in line with money market rates and preserve the value of the investment, by investing in fixed or floating rate instruments denominated in Euro. The performance of the Sub-Fund is benchmarked against the Euro Short Term Rate. The investment objective of Aviva Investors Sterling Government Liquidity Fund is to offer returns in line with money market rates and preserve the va lue of the investment by investing primarily in short term government securities and securities issued by agencies or bodies explicitly guaranteed by th e UK Government. The performance of the Sub-Fund is benchmarked against the SONIA rate. The investment objective of Aviva Investors Sterling Liquidity Fund is to offer returns in line with money market rates and to preserve the value of the investment, by investing in a diversified portfolio of high grade Sterling denominated short term debt and debt related instruments. The performanc e of the Sub-Fund is benchmarked against the SONIA rate. The investment objective of Aviva Investors Sterling Liquidity Plus Fund is to provide an investment return with a low level of capital volatility whi lst maintaining liquidity by investing in a diversified portfolio of short term debt and debt related instruments which are primarily denominated in Ste rling but may also be denominated in other currencies and hedged back to Sterling. The performance of the Sub-Fund is benchmarked against the SONIA rate. The investment objective of Aviva Investors Sterling Standard Liquidity Fund is to offer returns in line with money market rates and to preserve the va lue of the investment, by investing in a diversified portfolio of high grade Sterling denominated short term debt and debt related instruments. The performance of the Sub-Fund is benchmarked against the SONIA rate. The investment objective of Aviva Investors US Dollar Liquidity Fund is to offer returns in line with money market rates and to preserve the value of the investment by investing in fixed or floating rate instruments denominated in US Dollars. The performance of the Sub-Fund is benchmarked against the Secured Overnight Financing Rate (SOFR).
2. SIGNIFICANT ACCOUNTING POLICIES a) Basis of accounting The financial statements presented are audited financial statements for the financial year ended 31 March 2026 that have been prepared in accordance with FRS 102: ‘‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’’ (“FRS 102”) and Irish legislation comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations. The financial statements have been prepared on a going concern basis for the Company and Sub-Funds, with the exception of Aviva Investors Sterling Standard Liquidity Fund which has been prepared on a non-going concern basis, under the historical cost convention as modified by the revaluation of financial assets and liabilities held at fair value through the profit or loss. The format and certain wordings of the financial statements have been adapted from those contained in Irish legislation so that, in the opinion of the Directors, they more appropriately reflect the nature of the Company’s business as an investment fund.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS 31 March 2026
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2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) a) Basis of accounting (continued) The Company has availed of the exemption available to open-ended investment funds under Section 7 “Statement of Cash Flows” of FRS 102, not to prepare a cash flow statement on the basis that substantially all of the Company’s investments are highly liquid and carried at fair value, and the Company provides a Statement of Changes in Net Assets attributable to Shareholders. The directors have a reasonable expectation that the Company will continue in operational existence for twelve months from the date of approval of the financial statements (‘the period of assessment’) and have prepared the financial statements on a going concern basis for the Company and Sub-Funds, with the exception of Aviva Investors Sterling Standard Liquidity Fund which has been prepared on a non-going concern basis.
b) Financial instruments FRS 102, the accounting standard applicable in the United Kingdom and Ireland, requires that a reporting entity, in accounting for its financial instruments apply either a) the full provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Instruments” of FRS 102, b) the recognition and measurement provisions of IAS 39 “Financial Instruments: Recognition and Measurement” and only the disclosure requirements of Sections 11 and 12 of FRS 102; or c) the recognition and measurement provisions of International Financial Reporting Standards (“IFRS”) 9, “Financia l Instruments” and/or IAS 39 (as amended following the publication of IFRS 9) and only the disclosure requirements of Sections 11 and 12 of FRS 102. The Company has chosen to implement the recognition and measurement provisions of IAS 39 and only the disclosure requirements of Sections 11 and 12.
(i) Classification The Company classifies its financial assets and liabilities at fair value through profit or loss – held for trading. These mainly include collective investment scheme, certificates of deposits, commercial papers, time deposits, bonds, asset-backed securities a nd reverse repurchase agreements. These instruments are acquired or incurred principally for the purpose of generating a profit from short-term fluctuation in price.
(ii) Recognition All regular way purchases and sales of financial instruments are recognised on the trade date, which is the date that the Company commits to purchase or sell an asset. Regular way purchases or sales are purchases or sales of financial instruments that require delivery of assets within the period gene rally established by regulation or convention in the market place. Realised gains and losses on disposals of financial instruments are calculated using th e first-in-first-out (FIFO) method and recognized in net (loss)/gain on financial assets and liabilities through profit or loss in the Statement of Comprehensive Income.
(iii) Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition. The resulting gain/(loss) is included in net gain/(loss) on financial assets and liabilities at fair v alue through profit or loss in the Statement of Comprehensive Income.
(iv) Initial measurement Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities are presented in the Statement of Comprehensive Income in the year in which they arise. Transaction costs are expensed in the Statement of Comprehensive Income as incurred.
(v) Subsequent measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss, at their fair val ues. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transacti on. The fair value of financial instruments is based on their quoted market prices on a recognised exchange or sourced from a reputable broker/ counterparty in the case of non-exchange traded instruments, at the Statement of Financial Position date without any deduction for estimated future selling costs. Where no market prices are available, certificates of deposits and time deposits are valued at amortised cost which approximates thei r fair value (assumptions include trade price, trade date, contract maturity amount and contract maturity date). Mark to market reviews are completed on a weekly basis based on a pricing matrix to review tolerances.
(vi) Reverse repurchase agreements Reverse repurchase agreements are fair valued at their face value and adjusted for any movements in foreign exchange rates. Interest rates vary for ea ch reverse repurchase agreement and are set at the initiation of the agreement. It is the Company’s policy to take custody of securities purchased under reverse repurchase agreements and to value the securities on a daily basis to protect the Company in the event the securities are not reverse repurchased by the counterparty. Cash collateral provided by the Fund in respect of reverse repurchase agreements is identified in the statement of financial position under ‘cash and cash equivalents’. For collateral other than cash, if the party to whom the collateral is provided has the right by contract or custom to sell or re-pled ge the collateral, the Fund classifies that asset in its statement of financial position separately from other assets and identifies the asset as pledged co llateral. Where the party to whom the collateral is provided does not have the right to sell or re-pledge, the collateral provided is disclosed in the notes to the financial statements. The Company will generally obtain at least 100% of the exposure to the counterparty and additional collateral if the market value of the underlying securities is less than the face value of the reverse repurchase agreement plus any accrued interest. In the event of default on the obligation to rever se repurchase, the Company has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realisation and/or retention of the collateral or proceeds may be subject to legal proceedings. Rev erse repurchase agreements have been used during the financial year for the purpose of efficient portfolio management.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) c) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable rig ht to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The Comp any does not offset financial assets and liabilities in the Statement of Financial Position.
d) Foreign currency translation Functional and presentation currency: items included in the Company’s financial statements are measured using the primary economic environment in which it operates (the “functional currency”). The functional currency of the Company total is Sterling Pound (GBP) and functional currencies for ea ch Sub-Fund are as follows: Aviva Investors Euro Liquidity Fund – Euro (EUR), Aviva Investors Sterling Government Liquidity Fund, Aviva Investors Ster ling Liquidity Fund, Aviva Investors Sterling Liquidity Plus Fund, Aviva Investors Sterling Standard Liquidity Fund – Sterling Pound (GBP) and Aviva Inv estors US Dollar Liquidity Fund – US Dollar (USD). The Company has adopted the Sterling Pound as the presentation currency for the Company as a whole, given that the Sterling Funds constitutes the largest proportion of the Company’s total assets. The Company’s results and financial position are translated from the respective Sub-Funds’ functional currency to the Company’s presentation currency, as follows: (i) assets and liabilities, including net assets attributable to Shareholders, are translated at the closing rate at each Statement of Financial Pos ition date; (ii) proceeds from subscriptions and amounts paid on redemption of redeemable participating shares are translated at average rates, which approximate the rates prevailing at the dates of the transactions; and (iii) income and expenses are translated at the average exchange rates. In accordance with Section 30 “Foreign Currency Translations” of FRS 102, an average rate of exchange for the financial year has been applied to the Statement of Comprehensive Income and Statement of Changes in Net Assets attributable to Shareholders in the financial statements. The conversion exchange rates used in the Statement of Financial Position were as at the balance sheet date. The adjustment is due to combining the individual Sub-Funds for the Company total from the Sub-Funds functional currency to the presentational currency of the Company and does not impact the individual NAV per share of the individual Sub-Funds. The adjustments relates to changes in FX rates used, between average and year end rates, and it is in foreign currency translation adjustment in statement of net assets attributable to shareholders.
e) Cash and cash equivalents Cash comprises cash on hand and demand deposits. Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant changes in value, and are held for the purpose of meeting short term cash commitments rather than for investment or other purposes. Cash and cash equivalents are valued at face value with interest accrued where applicable at the relevant valuation point on the relevant business day.
f) Dividends and distributions The Fund’s dividend policy including the provisions referred to below, can be found in the latest prospectus. The Directors may at their discretion an d if they consider it to be in the best interests of the shareholders of the relevant Sub-Fund or relevant class of shares in a Sub-Fund determine not to decla re all or substantially all of the net income of a Sub-Fund attributable to the shares on a particular dealing day as a dividend to shareholders. In the even t that the Directors determine not to declare all or substantially all of the net income of a Sub-Fund attributable to the shares on a dealing day as a dividend, any distributable net income not declared will remain in the relevant Sub-Fund's assets and will be reflected in the net asset value of the relevant Sub-Fund. Distributions and dividends to Shareholders are recorded in the Statement of Comprehensive Income as finance cost when declared by the Directors. Aviva Investors Euro Liquidity Fund, Class 1, Class 2, Class 3, Class 5, W Accumulating and Z Accumulating did not distribute for the financial year end ed 31 March 2026 and 31 March 2025. For Aviva Investors Sterling Government Liquidity Fund Class 5, Class 6, Class 8 and W Accumulating are nondistributing shares. For Aviva Investors Sterling Liquidity Fund W Accumulating is non-distributing shares. The shares of Aviva Investors Sterlin g Liquidity Plus Fund and Aviva Investors Sterling Standard Liquidity Fund are accumulating shares and therefore carry no rights to any dividend. The net income/ loss attributable to the shares shall be allocated to the specific Share Class within the Sub-Fund and the value of the shares shall rise or fall accordi ngly. Details of the distributions to shareholders for all other share classes are shown in Note 17.
g) Cross holdings within Company The individual results of the sub funds have been combined to arrive at Company total. Any Sub-Funds which have cross-investments with other SubFunds within the Company will be disclosed and identified separately within the relevant Sub-Fund’s schedules of investments. For the purposes of producing the Company total financial statements, investments by Sub-Funds within the Company in the shares of other Sub-Funds within the Company, also known as ‘Cross Investments’, are eliminated from the Company total. See Note 12 for further details.
h) Redeemable participating shares Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities. The distribution on these redeemable participating shares is recognised in the Statement of Comprehensive Income as a finance cost. The redeemable participating shares can be put back to the Company at any time for cash equal to a proportionate share of the Company’s net asset value. The redeemable participating shares are carried at the redemption amount that is payable at the Statement of Financial Position date if the shareholder exercised its right to put the shares back to the Company.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) i) Use of estimates and judgements The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expens es during the financial year. Although these estimates, assumptions and judgements are based on the Board’s best knowledge of current events and actions, actual results may ultimately differ from those estimates, assumptions and judgements. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are as disclosed in Note 14. Estimates and underlyi ng assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
j) Interest income and interest expense Interest income and interest expense are recognised on an accrual basis in line with the contractual terms. Interest is accrued on a daily basis, via application of effective interest method. Interest income and interest expense include accretion of market discount, custody sweeps, original issue discounts and amortization of premiums a nd is recorded over the life of the underlying investment. Negative yield expense on financial assets relates to interest expense resulting from a negat ive effective interest rate on Bonds, commercial papers, reverse repurchase agreements and time deposits. This expense is disclosed in the Statement of Comprehensive Income.
k) Expenses All expenses recognised in the Statement of Comprehensive Income are on an accrual basis.
l) Transaction costs Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissio ns paid to agents, advisers, brokers, and dealers. Due to the nature of the securities traded by the Sub-Funds, transaction costs are included in the purchase pr ice of the securities and are not separately identifiable. Transaction costs are initially included in the cost of the securities. As the fair value of fin ancial assets and liabilities is subsequently measured, these costs are reflected in the net gains and losses on financial assets and liabilities at fair value thro ugh profit or loss. Therefore, transaction costs are presented in the income statement within ‘Net gains/(losses) on financial assets/liabilities at fair val ue through profit or loss’, in the period in which they arise.
m) Other assets and liabilities Other assets and liabilities are measured at amortised cost in the Statement of Financial Position.
n) Share class allocations Sub-Funds level income, expenses provisions, accruals and changes in values are allocated between classes using an allocation ratio representing t he proportion of the Sub-Funds nominally owned by each class. In addition, class specific movements, such as class fees and charges are applied to just th e appropriate class. Subscriptions, redemptions and gains or losses on share class are applied as class specific items.
3. RECEIVABLES Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 EUR EUR GBP GBP Interest receivable 4,839,439 7,287,765 289,641 447,282 Subscription of shares awaiting settlement - - 62,418 Total 4,839,439 7,287,765 352,059 447,282 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP GBP GBP Interest receivable 110,237,792 125,289,785 8,918,492 8,003,863 Subscription of shares awaiting settlement 811,165 123,434 229,978 8,473 Total 111,048,957 125,413,219 9,148,470 8,012,336 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP USD USD Interest receivable 830,339 832,339 946,203 2,678,944 Total 830,339 832,339 946,203 2,678,944
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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3. RECEIVABLES (CONTINUED) Company Total Company Total 31 March 2026 31 March 2025 GBP GBP Interest receivable 124,825,156 142,732,827 Subscription of shares awaiting settlement 1,103,561 131,907 Total 125,928,717 142,864,734
4. PAYABLES Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 EUR EUR GBP GBP Purchase of securities awaiting settlement 114,758,618 31,846,382 350,000,000 Distribution to shareholders 288,829 300,255 670,175 2,023,770 Redemption of shares awaiting settlement - - - 1 Management fees payable 100,724 51,296 20,688 47,456 Total 115,148,171 32,197,933 350,690,863 2,071,227 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP GBP GBP Purchase of securities awaiting settlement 1,001,637,473 426,260,877 34,955,531 22,188,087 Distribution to shareholders 70,900,110 82,613,984 - Redemption of shares awaiting settlement 718,695 131,301 17,731 997 Management fees payable 768,630 703,180 69,101 25,273 Other payables - - 83,988 Total 1,074,024,908 509,709,342 35,126,351 22,214,357 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP USD USD Purchase of securities awaiting settlement 4,996,386 4,943,393 - 96,074 Distribution to shareholders - - 3,862,083 3,626,526 Management fees payable 7 16 70,412 47,633 Total 4,996,393 4,943,409 3,932,495 3,770,233 Company Total Company Total 31 March 2026 31 March 2025 GBP GBP Purchase of securities awaiting settlement 1,491,314,629 480,071,108 Distribution to shareholders 74,738,695 87,692,617 Redemption of shares awaiting settlement 736,426 132,299 Management fees payable 999,144 855,608 Other payables 83,989 Total 1,567,872,883 568,751,632
5. OPERATING INCOME Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 EUR EUR GBP GBP Bond interest income 3,068,692 544,691 49,712,032 177,244,488 Dividend income - - - Income from liquidity instruments 71,267,423 101,936,967 4,141,122 Income from reverse repurchase agreements 895,736 - 113,351,455 80,156,291 Other interest income 34,971 - 36,747 22,970 Total 75,266,822 102,481,658 167,241,356 257,423,749
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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5. OPERATING INCOME (CONTINUED) Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP GBP GBP Bond interest income 26,976,857 236,559,727 62,782,371 69,403,113 Dividend income - - 3,701,313 4,592,798 Income from liquidity instruments 810,018,920 788,756,446 13,814,123 8,009,142 Income from reverse repurchase agreements 64,061,194 32,506,181 131,935 Other interest income 1,373,403 1,013,832 71,677 2,289,165 Total 902,430,374 1,058,836,186 80,501,419 84,294,218 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP USD USD Bond interest income 998,500 3,729,185 648,050 303,036 Dividend income 279,916 329,903 - Income from liquidity instruments 5,060,492 3,113,486 49,169,354 49,099,025 Income from reverse repurchase agreements - - 245,457 Other interest income 2,221 163,073 82,145 Total 6,341,129 7,335,647 50,145,006 49,402,061 Company Total Company Total 31 March 2026 31 March 2025 GBP GBP Bond interest income 143,618,402 487,633,858 Dividend income - Income from liquidity instruments 931,710,583 924,366,134 Income from reverse repurchase agreements 178,505,816 112,662,472 Other interest income 1,575,918 3,489,040 Total 1,255,410,719 1,528,151,504
6. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 EUR EUR GBP GBP Net realised gains/(losses) on investments in securities - 15,482 - (37,984) Net change in unrealised gains/(losses) on investments in securities (1,090,795) 1,151,141 2,589,234 180,576 Total (1,090,795) 1,166,623 2,589,234 142,592 Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP GBP GBP Net realised gains/(losses) on investments in securities (1) 5,462 200,252 343,239 Net realised gains/(losses) on financial derivative instruments - - 1,465,417 Net change in unrealised gains/(losses) on investments in securities 74,463,270 1,528,346 (462,579) 2,454,352 Net change in unrealised gains/(losses) on financial derivative instruments - - (283,597) Total 74,463,269 1,533,808 919,493 2,797,591 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP USD USD Net realised gains/(losses) on investments in securities 2,052 3,205 - 10,281 Net change in unrealised gains/(losses) on investments in securities (69,154) 16,599 (133,664) 113,733 Total (67,102) 19,804 (133,664) 124,014
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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6. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED) Company Total Company Total 31 March 2026 31 March 2025 GBP GBP Net realised gains/(losses) on investments in securities 202,303 335,062 Net realised gains/(losses) on financial derivative instruments 1,465,417 Net change in unrealised gains/(losses) on investments in securities 75,473,969 5,237,117 Net change in unrealised gains/(losses) on financial derivative instruments (283,597) Total 76,858,092 5,572,179
7. OPERATING EXPENSES Aviva Investors Euro Liquidity Fund Aviva Investors Sterling Government Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 EUR EUR GBP GBP Management fees (952,089) (756,257) (416,158) (416,105) Total (952,089) (756,257) (416,158) (416,105) Aviva Investors Sterling Liquidity Fund Aviva Investors Sterling Liquidity Plus Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP GBP GBP Management fees (9,079,593) (8,113,296) (465,510) (319,265) Total (9,079,593) (8,113,296) (465,510) (319,265) Aviva Investors Sterling Standard Liquidity Fund Aviva Investors US Dollar Liquidity Fund 31 March 2026 31 March 2025 31 March 2026 31 March 2025 GBP GBP USD USD Management fees (143) (202) (811,141) (688,615) Total (143) (202) (811,141) (688,615) Company Total Company Total 31 March 2026 31 March 2025 GBP GBP Management fees (11,395,186) (10,028,907) Total (11,395,186) (10,028,907)
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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8. FEES AND EXPENSES The total fees and expenses of the Sub-Funds to be borne by each class of share will currently be limited by the Manager to an amount equivalent to the fees payable to the Manager as set out below (the "Fixed Rates"). The Fixed Rates as per the Prospectus, during the financial year ended 31 March 2026 and 31 March 2025 were as follows: Sub Fund Basis Points Aviva Investors Euro Liquidity Fund Class 1 20.00 bps Class 2 15.00 bps Class 3 10.00 bps Class 5 0.00 bps Class 6 20.00 bps Class 7 15.00 bps Class 8 10.00 bps Class 9 0.00 bps W Accumulating 10.00 bps W Distributing* 10.00 bps Z Accumulating 1.50 bps
Aviva Investors Sterling Government Liquidity Fund Class 1 20.00 bps Class 2 15.00 bps Class 3 10.00 bps Class 4 0.00 bps Class 5 20.00 bps Class 6 15.00 bps Class 7 10.00 bps Class 8 0.00 bps W Accumulating 10.00 bps W Distributing 10.00 bps
Aviva Investors Sterling Liquidity Fund Class 1 20.00 bps Class 2 15.00 bps Class 3 10.00 bps Class 9 0.00 bps W Accumulating 10.00 bps W Distributing 10.00 bps
Aviva Investors Sterling Liquidity Plus Fund Class 1 20.00 bps Class 2 15.00 bps Class 3 10.00 bps Class 4 0.00 bps
Aviva Investors Sterling Standard Liquidity Fund Class 5 20.00 bps Class 6** 15.00 bps Class 7** 10.00 bps Class 8 0.00 bps
Aviva Investors US Dollar Liquidity Fund Class 1 20.00 bps Class 2 15.00 bps Class 3 10.00 bps Class 4 0.00 bps W Distributing 10.00 bps
*Launched on 30 September 2025. **Closed on 30 September 2025.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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8. FEES AND EXPENSES (CONTINUED) The Prospectus of the Company sets out a comprehensive disclosure of the fees and expenses. Fees will be accrued on each dealing day, be payable monthly in arrears and be calculated with reference to the average net assets of the Sub-Fund on a monthly basis (i.e. which equals the aggregate of the net assets of the Sub-Fund on each dealing day during a calendar month divided by the number of dealing days in that calendar month).
MANAGEMENT FEES The Manager will absorb (directly by first the rebate of its fees and to the extent necessary reimbursing the other operating costs of each class of shar es), any additional fees, ordinary costs or expenses that may arise in respect of the actual cost of management and operation of the Company attributable to each class of share. The fees payable to the Directors, the Depositary, the Administrator, the Investment Manager and the Distributor are paid by the Manager out of its fee.
Directors’ Fees For the financial year ended 31 March 2026 and 31 March 2025, Anthony Callcott and Martin Bell received no fees, as they are not entitled to receive remuneration. Denise Kinsella and Deirdre Gormley earned fees of EUR 122,500 in aggregate for the financial year ended 31 March 2026 (31 March 2025: EUR 110,000).
Auditors’ Remuneration For the financial year ended 31 March 2026, fees of EUR 116,000 (excluding VAT and out of pocket expenses) (31 March 2025: EUR 122,000) were payable to the auditors and related entirely to the statutory audit of the financial statements of the Company. There were no other assurance services or other non-audit services provided as the auditor of the Company.
9. CASH AND CASH EQUIVALENTS Cash balances are held with The Bank of New York Mellon SA/NV (the "Depositary") as at 31 March 2026 and as at 31 March 2025. The Depositary has a long-term credit rating from Moody's for 31 March 2026: Aa2 (31 March 2025: Aa3).
10. TAXATION Under current law and practice the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish tax on its income or gains. However, Irish tax can arise on the happening of a "chargeable event" in the Company. A chargeable event includes for example any distribution payments to shareholders, or any encashment, redemption, cancellation, or transfer of shares or a deemed disposal of shares for Irish tax purposes, arising as a result of holding shares in the Company for a period of eight years or more, or the appropriation or cancellation of shares of a shareholder b y the Company for the purposes of meeting the amount of tax payable on a gain arising on a transfer. No Irish tax will arise on the Company in respect of chargeable events if: a) A shareholder is neither resident in Ireland nor ordinarily resident in Ireland (“Non-Irish Resident”) for tax purposes and it (or an intermediary acting on its behalf) has made the necessary declaration to that effect and the Company is not in possession of any information which would reasonably suggest that the information contained in the declaration is not, or is no longer, materially correct; or b) A shareholder is Non-Irish Resident and has confirmed that to the Company and the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide the necessary declaration of non-residence has been complied with in respect of the shareholder and the approval has not been withdrawn; or c) A shareholder is an exempt Irish Resident; or d) A transfer by a shareholder of shares to a spouse or former spouse, subject to certain conditions; or e) An exchange of Shares arising on a qualifying amalgamation or reconstruction (within the meaning of Section 739H of the Taxes Act) of the Company with another investment undertaking. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders.
UK Reporting Fund Status For 31 March 2026, Classes 1, 2, 3, 6, 7, 8 and 9 of the Aviva Investors Euro Liquidity Fund, Classes 5, 6 and 7 of Aviva Investors Sterling Government Liquidity Fund, Classes 1, 2, 3 and 9 of Aviva Investors Sterling Liquidity Fund, Classes 1, 2, 3 and 4 of Aviva Investors Sterling Liquidity Plus Fund, Classes 5, 6, 7 and 8 of Aviva Investors Sterling Standard Liquidity Fund and Classes 1, 2 and 3 of Aviva Investors US Dollar Liquidity Fund have been approved as Reporting Funds by HM Revenue and Customs under the provisions of the Offshore (Tax) Regulations 2009. As a Reporting Fund for UK tax purposes the Sub-Funds are required to report their reported income within six months of the end of the accounts financial year. The Sub-Funds intend to publish the relevant shareholder information, as required by HM Revenue & Customs under the provisions of The Offshore Funds (Tax) Regulations 2009, on the Aviva Investors website on an annual basis within six months of the Company’s financial year end, being 31 March. A hard copy of the reported income statement may be obtained from the Investment Manager at the address on page 3 of this report.
11. SHARE CAPITAL Authorised The authorised share capital of the Company is comprised of 1,000,000,000,000 Redeemable Participating Shares of no par value initially designated as unclassified shares, which have subsequently been classified as Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 8, Class 9, W Accumul ating, W Distributing and Z Accumulating, and 40,000 subscriber shares of EUR 1.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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11. SHARE CAPITAL (CONTINUED) Subscriber Share Capital The subscriber share capital issued by the Company is EUR 40,000 represented by 40,000 subscriber shares at an issue price of EUR 1 per share of which EUR 10,000 has been paid up. As they are not designated as redeemable participating shares, they do not form part of the net asset value of the Company.
Redeemable Participating Shares The Redeemable Participating Shares issued by the Company are freely transferable and are entitled to participate equally in the profits and dividen ds of the Company and its assets upon liquidation. The Fund has segregated liability between its Sub-Funds and accordingly any liability incurred on beh alf of or attributable to any Sub-Fund shall be discharged solely out of the assets of that Sub-Fund. The Redeemable Participating Shares, which are of no par value and which must be fully paid-up on issue, carry no preferential or pre-emptive rights. The Redeemable Participating Shares are entitled to one vote each at all meetings of the relevant class of shareholders. All shares of each Sub-Fund ra nk pari passu.
Limitations on Purchases Shares may not be issued or sold by the Sub-Fund during any period when the calculation of the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under “Suspension of Calculation of Net Asset Value” as per the prospectus. Applicants for Shares will be notified of such postponement and, unless withdrawn, their applications will be considered as at the next Dealing Day following the ending of such suspension. Shares may not be directly or indirectly offered or sold in the United States or purchased or held by or for U.S. Persons except in a transaction which doe s not violate United States securities laws.
Limitations on Redemptions The Company may not redeem Shares of any Sub-Fund during any period when the calculation of the Net Asset Value of the relevant Sub-Fund is suspended in the manner described under “Suspension of Calculation of Net Asset Value” as per the prospectus. Applicants for redemptions of Shares will be notified of such postponement and, unless withdrawn, their applications will be considered as at the next dealing day following the ending of such suspension. The Directors are entitled to limit the number of Shares of any Sub-Fund repurchased on any dealing day to Shares representing 10 per cent of the total Net Asset Value of that Sub-Fund on that dealing day (for LVNAV Sub-Funds, such gate may apply for up to 15 Business Days at a time). In this event, the limitation will apply pro rata so that all Shareholders wishing to have Shares of that Sub-Fund redeemed on that dealing day realise the same proportio n of such Shares. Shares not redeemed, but which would otherwise have been redeemed, will be carried forward for redemption on the next dealing day. If requests for redemption are so carried forward, the Administrator will inform the Shareholders affected. The Articles of Association of the Company contains special provisions where a redemption request received from a Shareholder would result in Shares representing more than five per cent of the Net Asset Value of any Sub-Fund being redeemed by the Company on any dealing day. In such a case, the Company may satisfy the redemption request by a distribution of investments of the relevant Sub-Fund in specie provided that such a distribution would not be prejudicial to the interests of the remaining Shareholders of that Sub-Fund. Where the Shareholder requesting such redemption receives notice of the Company’s intention to elect to satisfy the redemption request by such a distribution of assets that Shareholder may require the Company instead of transferring those assets to arrange for their sale and the payment of the proceeds of sale to that Shareholder less any costs incurred in connection with such sale. The Articles of Association of the Company provide that the Company cannot effect a redemption of Shares, if after payment of any amount in connection with such redemption, the Net Asset Value of the issued share capital of the Company would be equal to or less than Euro 40,000 or its foreign currency equivalent. This will not apply to a redemption request accepted by the Directors in contemplation of the dissolution of the Company . The movement in the number of Redeemable Participating Shares during the financial year ended 31 March 2026 is as follows: Balance at the beginning of the year Issued during the year Redeemed during the year Balance at the end of the year Aviva Investors Euro Liquidity Fund Class 1 74,210 1 - 74,211 Class 2 407 - - 407 Class 3 4,517,326 69,560,686 (67,981,035) 6,096,977 Class 5 21,273,543 32,342,120 (45,657,984) 7,957,679 Class 6 428 1,043,736 (443) 1,043,721 Class 7 429 43,988 (432) 43,985 Class 8 1,778,955 958,984,962 (787,700,928) 173,062,989 Class 9 430 43,987 (434) 43,983 W Accumulating 40 1,493 - 1,533 W Distributing* - 525,411 - 525,411 Z Accumulating 581,803 54,436,054 (35,239,348) 19,778,509
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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11. SHARE CAPITAL (CONTINUED)
Balance at the beginning of the year Issued during the year Redeemed during the year Balance at the end of the year Aviva Investors Sterling Government Liquidity Fund Class 1 360,134 14,451 (10) 374,575 Class 2 43,824 1,790 (10) 45,604 Class 3 500,496,089 5,507,480,737 (5,783,247,892) 224,728,934 Class 4 43,948 1,853 - 45,801 Class 5 40 - - 40 Class 6 40 - - 40 Class 7 7,694 254,284 (261,977) 1 Class 8 4,510,951 20,734,116 (22,299,160) 2,945,907 W Accumulating 6,658 5,048 (6,660) 5,046 W Distributing 28,908,284 16,232,149 (20,273,489) 24,866,944 Aviva Investors Sterling Liquidity Fund Class 1 76,691,208 228,644,082 (193,919,685) 111,415,605 Class 2 49,938,318 216,784,592 (225,883,199) 40,839,711 Class 3 7,991,766,247 54,510,570,375 (54,573,202,110) 7,929,134,512 Class 9 11,963,508,316 41,559,077,158 (40,540,136,185) 12,982,449,289 W Accumulating 2,553 9,876 (3,626) 8,773 W Distributing 46,893,845 128,702,327 (75,072,324) 100,523,848 Aviva Investors Sterling Liquidity Plus Fund Class 1 8,269 15,387 (10,343) 13,313 Class 2 950 524 (8) 1,466 Class 3 225,900 570,811 (242,027) 554,684 Class 4 1,052,015 64,876 (69,870) 1,047,021 Aviva Investors Sterling Standard Liquidity Fund Class 5 40 - - 40 Class 6** 40 - (40) Class 7** 40 - (40) Class 8 139,992 - (10,169) 129,823 Aviva Investors US Dollar Liquidity Fund Class 1 40,000 14 (14) 40,000 Class 2 40,000 250 - 40,250 Class 3 657,258,204 11,267,791,984 (11,143,077,683) 781,972,505 Class 4 347,033,777 5,461,605,038 (5,315,725,689) 492,913,126 W Distributing 42,620 1,813 - 44,433
*Launched on 30 September 2025. **Closed on 30 September 2025. The movement in the number of Redeemable Participating Shares during the financial year ended 31 March 2025 is as follows: Balance at the beginning of the year Issued during the year Redeemed during the year Balance at the end of the year Aviva Investors Euro Liquidity Fund Class 1 195,926 10 (121,726) 74,210 Class 2 407 - - 407 Class 3 4,580,183 57,138,872 (57,201,729) 4,517,326 Class 5 19,406,748 58,555,573 (56,688,778) 21,273,543 Class 6 414 14 - 428 Class 7 414 15 - 429 Class 8 2,597,836 7,004,875 (7,823,756) 1,778,955 Class 9 415 15 - 430 W Accumulating 40 - - 40 Z Accumulating - 897,562 (315,759) 581,803
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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11. SHARE CAPITAL (CONTINUED)
Balance at the beginning of the year Issued during the year Redeemed during the year Balance at the end of the year Aviva Investors Sterling Government Liquidity Fund Class 1 24,330,148 20,483,486 (44,453,500) 360,134 Class 2 41,752 387,729,846 (387,727,774) 43,824 Class 3 265,175,556 3,950,237,187 (3,714,916,654) 500,496,089 Class 4 41,808 2,140 - 43,948 Class 5 40 - - 40 Class 6 3,247 - (3,207) 40 Class 7 666 24,887 (17,859) 7,694 Class 8 5,108,399 30,908,180 (31,505,628) 4,510,951 W Accumulating 40 26,825 (20,207) 6,658 W Distributing 40,467 33,921,906 (5,054,089) 28,908,284 Aviva Investors Sterling Liquidity Fund Class 1 97,670,393 92,042,256 (113,021,441) 76,691,208 Class 2 51,934,521 111,334,717 (113,330,920) 49,938,318 Class 3 6,060,094,934 45,149,427,316 (43,217,756,003) 7,991,766,247 Class 9 13,488,155,623 40,221,691,740 (41,746,339,047) 11,963,508,316 W Accumulating 541 3,163 (1,151) 2,553 W Distributing 12,069,438 73,110,620 (38,286,213) 46,893,845 Aviva Investors Sterling Liquidity Plus Fund Class 1 4,174 19,747 (15,652) 8,269 Class 2 862 88 - 950 Class 3 196,180 103,210 (73,490) 225,900 Class 4 1,017,812 461,795 (427,592) 1,052,015 Aviva Investors Sterling Standard Liquidity Fund Class 5 40 - - 40 Class 6 55 - (15) 40 Class 7 40 - - 40 Class 8 129,823 10,169 - 139,992 Aviva Investors US Dollar Liquidity Fund Class 1 238,618 758,840 (957,458) 40,000 Class 2 40,000 1,423 (1,423) 40,000 Class 3 686,052,791 7,561,379,958 (7,590,174,545) 657,258,204 Class 4 242,800,000 2,700,419,349 (2,596,185,572) 347,033,777 W Distributing 40,505 2,115 - 42,620
Refer to Note 17 for distributions to shareholders.
12. RELATED PARTY TRANSACTIONS Related parties to the Company include the Investment Manager, the Manager, Directors and Aviva Group which is a related party of the Investment Manager. The Investment Manager is the beneficial owner of 39,993 (31 March 2025: 39,993) subscriber shares issued by the Company, which do not form part of the net asset value of the Company. The Investment Manager and the Sub- Investment Manager are related parties. The Investment Management fee incurred for the financial period is disclosed in Note 7 to the financial statements. At year end, Anthony Callcott and Martin Bell are employees of the Investment Manager. Martin Bell is Director of the Manager. Denise Kinsella and Deirdre Gormley are independent directors. Further details of Directors’ remuneration are disclosed in Note 8. Aviva Group is a related party of the Investment Manager. As at 31 March 2026, Aviva Group Holdings Limited made a subscription of GBP 298,732,859 (31 March 2025: GBP 163,486,141) into Share Class 5 of Aviva Investors Euro Liquidity Fund, GBP 2,975,400,000 (31 March 2025: GBP 2,515,194,257) into Sha re Class 8 of Aviva Investors Sterling Government Liquidity Fund and GBP 7,189,396 (31 March 2025: GBP 400,000) into Share Class 4 of Aviva Investors USD Liquidity Fund. The table below shows the percentage ownership of issued shared capital of the Sub-Funds, by related Aviva entities: 31 March 2026 % 31 March 2025 % Aviva Investors Euro Liquidity Fund Aviva DB Trustee Company Ireland Designated Activity Company 3.38 Aviva Group Holdings Limited 1.89 2.74
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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12. RELATED PARTY TRANSACTIONS (CONTINUED) 31 March 2026 %
31 March 2025 % Aviva Insurance Ireland Designated Activity Company 1.89 2.84 Aviva Insurance Limited 4.15 1.79 Aviva Investors Holdings Limited 0.56 0.01 Aviva Investors Luxembourg 10.19 6.56 Aviva Investors UK Fund Services Limited 0.11 0.08 Aviva Life & Pensions Ireland Designated Activity Company 61.20 77.28 Aviva Life & Pensions UK Limited 5.62 6.92 Aviva Plc 10.84 0.51 Aviva Staff Pension Trustee Limited* 0.02 0.26 Aviva Trustee Company Ireland Designated Activity Company - 1.01 Total 99.85 100.00 Aviva Investors Sterling Government Liquidity Fund Aviva Equity Release UK Limited 0.90 1.82 Aviva Group Holdings Limited 28.01 56.26 Aviva International Insurance Limited 17.13 10.44 Aviva Investors Holdings Limited 5.81 4.59 Aviva Life & Pensions UK Limited 43.75 16.64 Aviva Life Holdings UK Limited 0.01 Aviva Life Services UK Limited 3.36 0.06 Aviva Plc 1.00 10.18 Friends Provident Pension Scheme Trustee Limited 0.03 0.01 Total 100.00 100.00 Aviva Investors Sterling Liquidity Fund Aviva ERFA 15 UK Limited 4.26 5.21 Aviva Group Holdings Limited - 0.42 Aviva Insurance Limited 3.67 3.88 Aviva International Insurance Limited 1.72 1.86 Aviva Investors Global Services Limited 1.04 1.29 Aviva Investors Holdings Limited 1.16 0.48 Aviva Investors Luxembourg 2.93 3.17 Aviva Investors UK Fund Services Limited 6.28 6.67 Aviva Life & Pensions Ireland Designated Activity Company - 0.02 Aviva Life & Pensions UK Limited 70.67 68.02 Aviva Life Holdings UK Limited 0.35 0.49 Aviva Life Services UK Limited 1.98 1.52 Aviva Staff Pension Trustee Limited* 3.84 4.09 Friends Provident Pension Scheme Trustee Limited 0.55 0.42 Total 98.45 97.54 Aviva Investors Sterling Liquidity Plus Fund Aviva Investors Holdings Limited 0.08 0.15 Aviva Life & Pensions UK Limited 99.92 99.85 Total 100.00 100.00 Aviva Investors Sterling Standard Liquidity Fund Aviva Investors Holdings Limited 0.03 0.09 Aviva Investors Luxembourg 42.28 39.18 Aviva Investors UK Fund Services Limited 57.69 60.73 Total 100.00 100.00 Aviva Investors US Dollar Liquidity Fund Aviva Group Holdings Limited 0.39 0.62 Aviva Insurance Limited 0.63 3.51 Aviva Investors Global Services Limited 0.01 0.01 Aviva Investors Holdings Limited - 0.26 Aviva Investors Luxembourg 56.29 53.96 Aviva Investors UK Fund Services Limited 4.24 8.33 Aviva Life & Pensions Ireland Designated Activity Company - 0.46
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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12. RELATED PARTY TRANSACTIONS (CONTINUED) 31 March 2026 %
31 March 2025 % Aviva Life & Pensions UK Limited 36.55 31.88 Aviva Life Services UK Limited 1.22 0.89 Aviva Staff Pension Trustee Limited* 0.04 0.08 Total 99.37 100.00
*Income earned of GBP Nil (31 March 2025: GBP 14,347,152) is included in Income from reverse repurchase agreements in Note 5. Refer to schedule of inves tments for details of this position. Cross Holdings within Company At 31 March 2026, the market value of the cross holdings investments held by Aviva Investors Sterling Liquidity Plus Fund in Aviva Investors Sterling Liquidity Fund and Aviva Investors Sterling Standard Liquidity Fund was GBP 79,712,823 and GBP 28,493,197 respectively (31 March 2025: GBP 86,212,822 and GBP 27,311,131) and these have been eliminated on the Company total in the Statement of Financial Position. Proceeds from issue of shares and payments on redemption of shares have been eliminated in the Statement of Changes in Net Assets Attributable to Shareholders. Dividend Income of GBP 3,701,313 (31 March 2025: GBP 4,592,798) on Aviva Investors Sterling Liquidity Fund is eliminated on the Company total in the Statement of Comprehensive Income and the corresponding impact on Receivables GBP 347,204 (31 March 2025: GBP Nil). There is no Dividend Income, Receivable and Cash and Cash Equivalent in Aviva Investors Sterling Standard Liquidity Fund. For the financial year ended 31 March 2026, 949,700,000 shares of Aviva Investors Sterling Liquidity Fund were purchased at the fair value of GBP 949,700,000 (31 March 2025: 1,053,000,000 shares at the fair value of GBP 1,053,000,000) and 963,000,000 shares of Aviva Investors Sterling Liquidity Fund were sold at the fair value of GBP 963,000,000 ( 31 March 2025: 1,005,000,000 shares at the fair value of GBP 1,005,000,000). 155,117 shares of Aviva Investors Euro Liquidity Fund were purchased at the fair v alue of GBP 14,424,192 (31 March 2025: Nil) and 115,117 shares of Aviva Investors Euro Liquidity Fund were purchased at the fair value of GBP 14,468,316 (31 March 2025: Nil). At 31 March 2026, the market value of the cross holdings investments held by Aviva Investors Sterling Standard Liquidity Fund in Aviva Investors Sterl ing Liquidity Fund was GBP 7,350,610 (31 March 2025: 5,850,610) and these have been eliminated on the Company total in the Statement of Financial Position. Proceeds from issue of shares and payments on redemption of shares have been eliminated in the Statement of Changes in Net Assets Attributable to Shareholders. Dividend Income of GBP 279,916 (31 March 2025: 329,903) on this investment is eliminated on the Company total in the Statement of Comprehensive Income and the corresponding impact on Receivables GBP 24,138 (31 March 2025: Nil). For the financial year ended 31 March 2026, 5,200,000 shares of Aviva Investors Sterling Liquidity Fund were purchased at the fair value of GBP 5,200,000 (31 March 2025: 4,419,247 shares at the fair value of GBP 4,419,247) and 4,000,000 shares were sold at the fair value of GBP 4,000,000.
13. RISK MANAGEMENT The Directors and the Manager have responsibility to establish and maintain processes to identify and manage risks in relation to financial risk management. The Company relies on the risk management and internal control systems established by the Manager which are designed to identify and manage risks in achieving the Company’s financial reporting objectives. The Company’s investment activities expose it to a variety of financial risks: market risk (mainly interest rate risk), credit risk and liquidity ris k. The Manager’s risk management policy seeks to minimise potential adverse effects on the Company’s financial performance. The global exposure of the Sub-Fund relating to financial derivative instruments must not exceed its total net asset value. The Company’s investment objectives are outlined in Note 1.
a) Market price risk Market risk arises mainly from uncertainty about future prices for financial instruments held. It represents the potential loss the Company might su ffer through holding a particular security or securities in the face of price movements. The Investment Manager manages the asset allocations of the portfolios in order to control the risks associated with particular security types whilst continuing to follow the Company’s investment objectives . The securities in which the Company invests are subject to market fluctuations and other risks inherent in investing in short-term debt and money market securities and instruments of the credit quality allowed by the Prospectus. The value of such securities can go down as well as up. The Company’s market position is monitored on a daily basis by the Company’s Manager and is reviewed, in broad terms, on a quarterly basis by the Board. Details of the nature of the Company’s investment portfolio at the Statement of Financial Position date are disclosed in the Portfolios of Investment s. In pursuing its objectives, as set out in Note 1, the Company may hold a number of financial instruments: commercial papers, floating rate notes, certificates of deposits, freely transferable promissory notes, debentures, asset-backed securities and bonds, cash, liquid resources and short term debtors and creditors that arise directly from the Company’s operations. The Company has no financial liabilities other than short-term creditors a nd net assets attributable to Shareholders.
b) Currency risk Although the functional currency of the Company is Sterling Pound, it may invest in investments denominated in currencies other than Sterling Pound. The functional currency of all Sub-Funds is also Sterling Pound except for Aviva Investors Euro Liquidity Fund which has Euro as its functional curren cy and Aviva Investors US Dollar Liquidity Fund which has USD as a functional currency. The Sub-Funds do not hold any non functional currency denominated investments as at 31 March 2026 and 31 March 2025.
c) Interest rate risk The Investment Manager manages interest rate risk by monitoring the weighted average maturity of the portfolios. The Investment Manager positions the weighted average maturity of the portfolios in a way to benefit or minimise the effects from the expected movements in short term interest rates. Th e
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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13. RISK MANAGEMENT (CONTINUED) c) Interest rate risk (continued) shorter the weighted average maturity, the lower the effect that interest rates movement has on the portfolios. The weighted average maturity of the portfolios are monitored on a daily basis by the Investment Manager and the Depositary (periodic controls in an oversight capacity) and reviewed on a quarterly basis by the Board. Sub-Funds hold both floating and fixed interest rate debt securities. Fixed interest rate securities are more interest rate sensitive and may be subj ect to price volatility due to factors including, but not limited to, changes in interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The magnitude of these fluctuations will normally be greater when the maturity of the outstanding securities is longer. An increas e in interest rates will generally reduce the value of these securities, while a decline in interest rates will generally increase the value. The performa nce of a portfolio which invests in securities paying fixed rates will therefore depend in part on the ability of the Investment Manager to anticipate and resp ond to such fluctuations on market interest rates and to utilise appropriate strategies to maximise returns, while attempting to minimise the associated r isks to capital. The interest rate profile of fixed rate financial assets as at 31 March 2026 and 31 March 2025 are as follows:
Weighted Average Interest Rate (%) 31 March 2026
Weighted Average Period until maturity (days) 31 March 2026
Weighted Average Period until life (days) 31 March 2026
Weighted Average Interest Rate (%) 31 March 2025
Weighted Average Period until maturity (days) 31 March 2025
Weighted Average Period until life (days) 31 March 2025 Aviva Investors Euro Liquidity Fund 0.43 41 38 0.87 38 67 Aviva Investors Sterling Government Liquidity Fund 0.35 26 26 2.92 21 21 Aviva Investors Sterling Liquidity Fund 1.94 53 82 1.85 53 78 Aviva Investors Sterling Liquidity Plus Fund 0.99 49 33 0.81 37 3,916 Aviva Investors Sterling Standard Liquidity Fund 1.29 42 58 1.84 59 106 Aviva Investors US Dollar Liquidity Fund 0.67 24 38 2.17 21 47
The investment restrictions noted below relate to all financial assets (both fixed and floating): Aviva Investors Euro Liquidity Fund, Aviva Investors Sterling Government Liquidity Fund, Aviva Investors Sterling Liquidity Fund, Aviva Investor s Sterling Standard Liquidity Fund and Aviva Investors US Dollar Liquidity Fund are permitted to invest in securities with residual maturities of 397 days or les s. Any investments with maturities beyond 397 days (and less or equal to 2 years) in length must be a floating rate notes. The Sub-Funds must maintain a weighted average maturity (“WAM”) of no more than 60 days. The weighted average life (“WAL”) of the Sub-Fund’s investment will not exceed 120 days. WAM is calculated based on average of maturities in the portfolio until the following interest rate readjustment takes place before full repayment of principal (WAM is used to measure interest rate & market changes). WAL is calculated based on average of maturities in portfolio until the principal is fully repaid (WAL is used to capture liquidity/credit changes and does not embed interest rate adjustments). Aviva Investors Sterling Liquidity Plus Fund’s maximum final maturity for fixed rate securities is up to 10 years in respect of each individual issue. Any investments with maturities beyond 12 months in length must be a floating rate notes for which the maximum maturity will be seven years. The SubFund must maintain a weighted average maturity of no more than 365 days. The maturity analysis of the portfolios as at 31 March 2026 is as follows: Less than 1 month 1 to 3 months 3 months to 1 year More than 1 year Total Aviva Investors Euro Liquidity Fund EUR EUR EUR EUR EUR Fixed rate instruments 1,617,782,758 714,656,361 1,050,053,219 327,877,208 3,710,369,546 Floating rate instruments - 25,000,752 95,997,306 - 120,998,058 Total 1,617,782,758 739,657,113 1,146,050,525 327,877,208 3,831,367,604 Aviva Investors Sterling Government Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 2,854,095,019 520,707,475 344,056,567 - 3,718,859,061 Total 2,854,095,019 520,707,475 344,056,567 - 3,718,859,061 Aviva Investors Sterling Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 7,561,953,730 4,208,226,412 6,938,654,567 2,213,462,941 20,922,297,650 Floating rate instruments 115,000,081 64,498,082 523,119,462 - 702,617,625 Total 7,676,953,811 4,272,724,494 7,461,774,029 2,213,462,941 21,624,915,275 Aviva Investors Sterling Liquidity Plus Fund GBP GBP GBP GBP GBP Fixed rate instruments 19,954,038 39,903,887 383,829,790 38,497,826 482,185,541 Floating rate instruments - - 158,386,518 1,465,876,390 1,624,262,908 Total 19,954,038 39,903,887 542,216,308 1,504,374,216 2,106,448,449 Aviva Investors Sterling Standard Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 52,961,891 38,310,207 29,730,632 7,215,691 128,218,421 Floating rate instruments 3,999,890 2,501,450 6,507,201 3,996,255 17,004,796 Total 56,961,781 40,811,657 36,237,833 11,211,946 145,223,217
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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13. RISK MANAGEMENT (CONTINUED) c) Interest rate risk (continued) Less than 1 month 1 to 3 months 3 months to 1 year More than 1 year Total Aviva Investors US Dollar Liquidity Fund USD USD USD USD USD Fixed rate instruments 724,683,204 287,468,370 136,614,060 108,872,404 1,257,638,038 Floating rate instruments - - 20,002,218 - 20,002,218 Total 724,683,204 287,468,370 156,616,278 108,872,404 1,277,640,256
The maturity analysis of the portfolios as at 31 March 2025 is as follows: Less than 1 month 1 to 3 months 3 months to 1 year More than 1 year Total Aviva Investors Euro Liquidity Fund EUR EUR EUR EUR EUR Fixed rate instruments 1,176,304,328 618,858,756 806,807,618 274,762,678 2,876,733,380 Floating rate instruments - - 107,970,972 - 107,970,972 Total 1,176,304,328 618,858,756 914,778,590 274,762,678 2,984,704,352 Aviva Investors Sterling Government Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 4,349,830,404 596,917,347 692,955,610 - 5,639,703,361 Total 4,349,830,404 596,917,347 692,955,610 - 5,639,703,361 Aviva Investors Sterling Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 6,649,128,591 4,512,406,699 6,423,092,531 2,337,889,197 19,922,517,018 Floating rate instruments 313,248,988 - 281,574,849 - 594,823,837 Total 6,962,377,579 4,512,406,699 6,704,667,380 2,337,889,197 20,517,340,855 Aviva Investors Sterling Liquidity Plus Fund GBP GBP GBP GBP GBP Fixed rate instruments 34,927,730 29,792,795 203,773,288 30,621,993 299,115,806 Floating rate instruments 24,999,834 - 126,497,419 1,114,376,883 1,265,874,136 Total 59,927,564 29,792,795 330,270,707 1,144,998,876 1,564,989,942 Aviva Investors Sterling Standard Liquidity Fund GBP GBP GBP GBP GBP Fixed rate instruments 43,153,500 24,879,105 55,497,281 7,888,931 131,418,817 Floating rate instruments 4,500,194 - 10,218,911 5,527,713 20,246,818 Total 47,653,694 24,879,105 65,716,192 13,416,644 151,665,635 Aviva Investors US Dollar Liquidity Fund USD USD USD USD USD Fixed rate instruments 524,062,623 163,157,601 202,391,374 115,537,610 1,005,149,208 Total 524,062,623 163,157,601 202,391,374 115,537,610 1,005,149,208
During the financial year ended 31 March 2026 and 31 March 2025, there were no changes in the policies and processes for managing interest rate risk. The following sets out the estimated impact to each Sub-Fund’s net assets attributable to shareholders should interest rates have fallen/risen by 1 b asis point with all other variables remaining constant. The Directors deem 1 basis point reasonable for sensitivity analysis for interest movement. Currency 31 March 2026 31 March 2025 Aviva Investors Euro Liquidity Fund EUR 12,100 10,797 Aviva Investors Sterling Government Liquidity Fund GBP - Aviva Investors Sterling Liquidity Fund GBP 70,262 59,482 Aviva Investors Sterling Liquidity Plus Fund GBP 162,426 126,587 Aviva Investors Sterling Standard Liquidity Fund GBP 1,700 2,025 Aviva Investors US Dollar Liquidity Fund USD 2,000 -
The sensitivity analysis for interest rate movements may be unrepresentative, because the financial year end exposure may not reflect exposure duri ng the financial year. Under the terms of the Prospectus, Aviva Investors Euro Liquidity Fund, Aviva Investors Sterling Government Liquidity Fund, Avi va Investors Sterling Liquidity Fund, Aviva Investors Sterling Standard Liquidity Fund and Aviva Investors US Dollar Liquidity Fund must have a weight ed average maturity of no more than 60 days and Aviva Investors Sterling Liquidity Plus Fund must maintain a weighted average maturity of no more than 365 days given a modified duration for each of the Sub-Funds in relation to weighted average maturity. The weighted average maturity of the Sub-Funds may change throughout the financial year, therefore the sensitivity that the portfolio had to movements in interest rates on 31 March 2026 and 31 March 2025, could be significantly different from the sensitivity at other points of the financial y ear. Cash and cash equivalents and Receivables are not significantly exposed to interest rate risk, given cash is held on deposit with very low rates of inte rest on offer as well as receivables then being non interest bearing.
d) Credit risk Credit risk is the risk that a counterparty or issuer of a security is unable or unwilling to pay the contractual interest or principal on its debt obliga tions. Credit risk is managed by investing exclusively in highly rated securities and spreading the investments among a portfolio of securities issued by di fferent entities, as permitted by the Prospectus.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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13. RISK MANAGEMENT (CONTINUED) d) Credit risk (continued) Aviva Investors Euro Liquidity Fund is managed according to the restrictions imposed by Moody’s in order to maintain an overall credit rating of Aaa/m f. Aviva Investors Sterling Government Liquidity Fund is managed according to the restrictions imposed by Moody’s in order to maintain an overall credi t rating of Aaa/mf. Aviva Investors Sterling Liquidity Fund is managed according to the restrictions imposed by Moody’s in order to maintain an overall credit rating of A aa/ mf and restrictions imposed by Standard & Poor’s in order to maintain an overall credit rating of AAAm. Aviva Investors Sterling Liquidity Plus Fund is managed according to the restrictions imposed by Fitch’s in order to maintain an overall credit ratin g of AAAf. Aviva Investors Sterling Standard Liquidity Fund is managed according to the restrictions imposed by Fitch’s in order to maintain an overall credit r ating of AAAf. Aviva Investors US Dollar Liquidity Fund is managed according to the restrictions imposed by Fitch’s in order to maintain an overall credit rating of AAAmmf. The Company’s position and the weightings of each particular issuer within the portfolio is monitored on a daily basis by the Investment Manager and Manager. The Company is exposed to the credit risk of the counterparties with which, or the brokers and dealers and exchanges through which, the Investment Manager deals on behalf of the Company. The Investment Manager transacts with dealers that have a sound financial position and continuously monitors the financial standings of such counterparties. To minimise the risk of a counterparty failing to meet its obligations under reverse repurc hase agreements, the Company requires that collateral, exceeding the value of its assets exchanged under the agreement is held. The Directors have appointed The Bank of New York Mellon SA/NV, Dublin Branch as a Depositary to the Company pursuant to the Depositary Agreement. The Depositary does not have a credit rating; however, its parent company The Bank of New York Mellon SA/N has a long-term credit rating from Moody's for 31 March 2026: Aa2 (31 March 2025: Aa3). As at 31 March 2026, the following counterparty brokers holding reverse repurchase agreements have the below ratings with Moody’s: 31 March 2026 31 March 2025 Banco Santander Aa3 BNP Paribas SA A1 A1 CIBC World Markets Corp. Aa2 Aa2 Citibank NA Aa3 Aa3 Credit Agricole SA Aa3 Aa3 Lloyds Bank plc A1 A1 Mitsubishi UFJ EMEA plc A1 National Australia Bank Ltd. Aa2 Aa2 Royal Bank of Canada Aa1 Aa1 Royal Bank of Scotland plc A1 A1 Scotiabank Europe plc Aa2 Not rated Societe Generale SA A1 A1 Standard Chartered plc A1 A1
Counterparty brokers for time deposits and reverse repurchase agreements are displayed in the Schedules of Investments. During the financial year ended 31 March 2026 and 31 March 2025 there were no changes in the policies and processes for managing credit risk. As at 31 March 2026 and 31 March 2025, the Company did not hold any financial assets that were past due.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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13. RISK MANAGEMENT (CONTINUED) d) Credit risk (continued) Rating categories Changes in the rating category may affect the price of a security. The Investment Manager monitors the ratings of the securities that it invests in, and checks that the investment limits are not breached. The rating of the Sub-Fund is reported on a quarterly basis to the Board. In case of a rating breach, corrective action is taken as soon as possible. As at 31 March 2026, the Company held the following credit rating weights in its portfolio:
31 March 2026 Currency
Investment grade % of debt instruments Non-investment grade % of debt instruments Not rated % of debt instruments Total % of debt instruments Aviva Investors Euro Liquidity Fund EUR 100.00 - - 100.00 Aviva Investors Sterling Government Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Liquidity Plus Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Standard Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors US Dollar Liquidity Fund USD 100.00 - - 100.00
As at 31 March 2025, the Company held the following credit rating weights in its portfolio:
31 March 2025 Currency Investment grade % of debt instruments Non-investment grade % of debt instruments Not rated % of debt instruments Total % of debt instruments Aviva Investors Euro Liquidity Fund EUR 100.00 - - 100.00 Aviva Investors Sterling Government Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Liquidity Plus Fund GBP 100.00 - - 100.00 Aviva Investors Sterling Standard Liquidity Fund GBP 100.00 - - 100.00 Aviva Investors US Dollar Liquidity Fund USD 100.00 - - 100.00
e) Capital risk management The capital of the Sub-Funds is represented by the net assets attributable to the shareholders. The amount of net assets attributable to the sharehold ers can change significantly on a daily basis as the Sub-Funds are subject to daily subscriptions and redemptions as disclosed in note 11, at the discretio n of shareholders. The objective when managing capital is to safeguard the ability to continue as a going concern in order to provide returns for sharehold ers and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Sub-Funds.
f) Liquidity risk The Company’s assets comprise transferable securities and money market instruments that are readily realisable. The Investment Manager will norma lly have an allocation of cash to meet pending liabilities that may arise from time to time. The Company is exposed to daily cash redemptions of redeemable shares. It therefore invests the majority of its assets in investments that can be readi ly disposed of. The Company invests in transferable securities which are considered to be readily marketable. The Company is subject to a risk that, shou ld it desire to sell them when a ready buyer is not available at a price the Company deems representative of their value, the value of the Company’s net assets could be adversely affected. The Company’s investment portfolio is spread among different maturities. The Investment Manager manages liquidity to ensure the expected daily redemptions can be met. The Investment Manager receives liquidity reports throughout each business day. The report includes purchase and redemptions of shares and gives th e Investment Manager the information needed to purchase or sell securities to cover redemptions or to invest excess cash. The Investment Manager monitors the liquidity risk on a daily basis, and informs the Board on a quarterly basis. During the financial years ended 31 March 2026 and 31 March 2025, there were no changes in the policies and processes for managing liquidity risk. In the context of the Russian crisis, the Manager’s risk team has reviewed potential exposure and no direct exposure has been identified. The liabilities at the financial year end have contractual maturities of less than 1 month and the amounts contained in the Statement of Financial Position represent their undiscounted cash flows. All assets held by the Company are current assets and investments are considered to be readily realisable. The weighted average days to maturity of investments in fixed interest securities are disclosed in the interest rate risk section of this note.
Liquidity risk and management of the portfolio realisation In order to manage liquidity and in line with the rest of the market, short liquidity on the portfolios has been increased in recognition of the need to be able to meet redemptions. The weekly liquidity numbers on the Sub-Funds have been increased and it is planned to maintain or increase these levels going forward.
14. FAIR VALUE ESTIMATION Under FRS 102, the Company is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs us ed in making the measurements. The fair value hierarchy has the following levels: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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14. FAIR VALUE ESTIMATION (CONTINUED) Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest lev el input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair val ue measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, t hat measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgeme nt, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the C ompany. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, n ot proprietary, and provided by independent sources that are actively involved in the relevant market. The following tables analyse within the fair value hierarchy the Company's financial assets and financial liabilities measured at fair value at 31 Ma rch 2026 and in accordance with FRS 102: Level 1 Level 2 Level 3 Total Aviva Investors Euro Liquidity Fund EUR EUR EUR EUR Financial assets at fair value through profit or loss: Liquidity instruments - 3,590,369,546 - 3,590,369,546 Bonds - 120,998,058 - 120,998,058 Reverse repurchase agreements - 120,000,000 - 120,000,000 Total - 3,831,367,604 - 3,831,367,604
Aviva Investors Sterling Government Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Liquidity instruments - 350,000,000 - 350,000,000 Bonds - 913,459,061 - 913,459,061 Reverse repurchase agreements - 2,455,400,000 - 2,455,400,000 Total - 3,718,859,061 - 3,718,859,061
Aviva Investors Sterling Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Liquidity instruments - 19,860,297,650 - 19,860,297,650 Bonds - 702,617,625 - 702,617,625 Reverse repurchase agreements - 1,062,000,000 - 1,062,000,000 Total - 21,624,915,275 - 21,624,915,275
Aviva Investors Sterling Liquidity Plus Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Collective investment schemes - 118,281,255 - 118,281,255 Liquidity instruments - 465,575,598 - 465,575,598 Bonds - 1,640,872,851 - 1,640,872,851 Forward Currency Exchange Contracts - 39,574 - 39,574 Total - 2,224,769,278 - 2,224,769,278 Financial liabilities at fair value through profit or loss: Forward Currency Exchange Contracts - (323,171) - (323,171) Total Financial liabilities at fair value through profit or loss: - (323,171) - (323,171)
Aviva Investors Sterling Standard Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Collective investment schemes - 7,350,610 - 7,350,610 Liquidity instruments - 128,218,421 - 128,218,421 Bonds - 17,004,796 - 17,004,796 Total - 152,573,827 - 152,573,827
Aviva Investors US Dollar Liquidity Fund USD USD USD USD Financial assets at fair value through profit or loss: Liquidity instruments - 1,172,641,055 - 1,172,641,055 Bonds - 49,999,201 - 49,999,201 Reverse repurchase agreements - 55,000,000 - 55,000,000 Total - 1,277,640,256 - 1,277,640,256
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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14. FAIR VALUE ESTIMATION (CONTINUED) The following tables analyse within the fair value hierarchy the Company's financial assets measured at fair value at 31 March 2025 and in accordance with FRS 102: Level 1 Level 2 Level 3 Total Aviva Investors Euro Liquidity Fund EUR EUR EUR EUR Financial assets at fair value through profit or loss: Liquidity instruments - 2,876,733,380 - 2,876,733,380 Bonds - 107,970,972 - 107,970,972 Total - 2,984,704,352 - 2,984,704,352
Aviva Investors Sterling Government Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Bonds - 1,977,503,361 - 1,977,503,361 Reverse repurchase agreements - 3,662,200,000 - 3,662,200,000 Total - 5,639,703,361 - 5,639,703,361
Aviva Investors Sterling Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Liquidity instruments - 19,340,117,018 - 19,340,117,018 Bonds - 594,823,837 - 594,823,837 Reverse repurchase agreements - 582,400,000 - 582,400,000 Total - 20,517,340,855 - 20,517,340,855
Aviva Investors Sterling Liquidity Plus Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Collective investment schemes - 113,523,953 - 113,523,953 Liquidity instruments - 286,274,097 - 286,274,097 Bonds - 1,278,715,845 - 1,278,715,845 Total - 1,678,513,895 - 1,678,513,895
Aviva Investors Sterling Standard Liquidity Fund GBP GBP GBP GBP Financial assets at fair value through profit or loss: Collective investment schemes - 5,850,610 - 5,850,610 Liquidity instruments - 130,828,957 - 130,828,957 Bonds - 20,836,678 - 20,836,678 Total - 157,516,245 - 157,516,245
Aviva Investors US Dollar Liquidity Fund USD USD USD USD Financial assets at fair value through profit or loss: Liquidity instruments - 990,140,345 - 990,140,345 Bonds - 15,008,863 - 15,008,863 Total - 1,005,149,208 - 1,005,149,208
There were no transfers between levels of investments held during the financial year ended 31 March 2026 and 31 March 2025. Please note that the Schedules of Investments have been prepared based on the country of incorporation of each position. To ensure consistency within this report, the same approach has been applied to all categories of investments. A disclosure based on country of risk could lead to a different geographical classification.
15. EXCHANGE RATES The conversion exchange rates used in the Statement of Financial Position were as at year end date. 31 March 2026 31 March 2025 Currency Rate Rate GBP = 1 EUR 1.1507 1.1970 USD 1.3238 1.2934
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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15. EXCHANGE RATES (CONTINUED) The conversion exchange rates used in the Statement of Comprehensive Income and Statement of Changes in Net Assets were the average rates for the year. 31 March 2026 31 March 2025 Currency Rate Rate GBP = 1 EUR 1.1522 1.1900 USD 1.3353 1.2646
16. INCOME FROM REVERSE REPURCHASE AGREEMENTS For the purposes of efficient portfolio management the Company has, under the terms of its Prospectus, a general ability to use the following financia l derivative instruments: options, futures, currency forwards, currency swaps and interest rate swaps. However the Company does not currently use su ch instruments, with the exception of currency forwards on Aviva Investors Sterling Liquidity Plus Fund. The Directors have the authority to change thi s policy but shall notify shareholders in the Company before implementing any such change. The Company does enter into reverse repurchase agreements for the purposes of efficient portfolio management and the use of such instruments (and any other techniques or instruments for efficient portfolio management purposes) is subject to the conditions and limits thereon laid down by the Central Bank. During the financial year, reverse repurchase agreements were entered into for the purpose of efficient portfolio management in order to increase capital and income returns. Details of all open transactions at the financial year end are disclosed in the Portfolios of Investments. A UCITS is requi red to disclose the revenues arising from efficient portfolio management techniques for the entire reporting year together with the direct and indirect operational costs and fees incurred. The table below shows revenue earned from reverse repurchase agreements during the financial year ended 31 March 2026 and 31 March 2025. Currency 31 March 2026 31 March 2025 Aviva Investors Euro Liquidity Fund EUR 895,736 Aviva Investors Sterling Government Liquidity Fund GBP 113,351,455 80,156,291 Aviva Investors Sterling Liquidity Fund GBP 64,061,194 32,506,181 Aviva Investors Sterling Liquidity Plus Fund GBP 131,935 Aviva Investors US Dollar Liquidity Fund USD 245,457 -
Transaction costs on the purchase and sale of reverse repurchase agreements are included in the purchase and sale price of the investment. These costs cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed. Aviva Investors Sterling Standard Liquidity Fund did not have open reverse repurchase agreement transactions at the financial year ended 31 March 20 26 and 31 March 2025.
17. DISTRIBUTIONS TO SHAREHOLDERS Currency 31 March 2026 31 March 2025 Aviva Investors Euro Liquidity Fund Class 6 EUR 2,060 1,396 Class 7 EUR 877 1,418 Class 8 EUR 3,286,509 3,133,724 Class 9 EUR 944 1,484 W Distributing EUR 3,976 Aviva Investors Sterling Government Liquidity Fund Class 1 GBP 14,252 834,174 Class 2 GBP 1,757 864,122 Class 3 GBP 13,436,022 15,513,270 Class 4 GBP 1,831 2,117 Class 7 GBP - 12 W Distributing GBP 1,038,500 391,162 Aviva Investors Sterling Liquidity Fund Class 1 GBP 2,766,680 3,552,137 Class 2 GBP 2,670,013 2,649,726 Class 3 GBP 360,607,413 387,266,585 Class 9 GBP 524,021,109 655,775,965 W Distributing GBP 3,002,593 1,449,035
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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17. DISTRIBUTIONS TO SHAREHOLDERS (CONTINUED) Currency 31 March 2026 31 March 2025 Aviva Investors US Dollar Liquidity Fund Class 1 USD 1,606 6,955 Class 2 USD 1,631 1,981 Class 3 USD 33,512,324 34,291,803 Class 4 USD 15,815,838 14,383,817 W Distributing USD 1,793 2,081
Aviva Investors Euro Liquidity Fund, Class 1, Class 2, Class 3, Class 5, W Accumulating and Z Accumulating did not distribute for the financial year end ed 31 March 2026 and 31 March 2025. For Aviva Investors Sterling Government Liquidity Fund, Class 5, Class 6, Class 8 and W Accumulating which are non-distributing shares. For Aviva Investors Sterling Liquidity Fund, W Accumulating is non-distributing shares. The shares of Aviva Investors St erling Liquidity Plus Fund and Aviva Investors Sterling Standard Liquidity Fund are accumulating shares and therefore carry no rights to any dividend. The n et income/loss attributable to the shares shall be allocated to the specific Share Class within the Sub-Fund and the value of the shares shall rise or fall accordingly.
18. COLLATERAL The Sub-Funds outlined below engaged in reverse repurchase agreements during the financial year. The value of reverse repurchase agreements and collateral (non-cash collateral) as at 31 March 2026 and 31 March 2025 are shown below:
Currency
Value of reverse repurchase agreements 31 March 2026
Value of collateral received 31 March 2026
Value of reverse repurchase agreements 31 March 2025
Value of collateral received 31 March 2025 Aviva Investors Euro Liquidity Fund EUR 120,000,000 123,183,134 - Aviva Investors Sterling Government Liquidity Fund GBP 2,455,400,000 2,459,541,266 3,662,200,000 3,740,057,070 Aviva Investors Sterling Liquidity Fund GBP 1,062,000,000 1,089,115,568 582,400,000 595,924,833 Aviva Investors US Dollar Liquidity Fund USD 55,000,000 56,774,649 - -
Refer to schedule of investments for listing of the open reverse repurchase agreements.
19. COMMITMENTS AND CONTINGENT LIABILITIES There were no commitments and/or contingent liabilities as at 31 March 2026 or 31 March 2025.
20. SOFT COMMISSION ARRANGEMENTS There were no soft commission arrangements in operation during the financial year ended 31 March 2026 and 31 March 2025.
21. NET ASSET VALUES 31 March 2026 31 March 2025 31 March 2024 Aviva Investors Euro Liquidity Fund Class 1 Net asset value EUR 8,035,892 7,881,634 20,123,614 Net asset value per share EUR 108.28 106.21 102.71 Class 2 Net asset value EUR 44,223 43,353 41,904 Net asset value per share EUR 108.61 106.47 102.92 Class 3 Net asset value EUR 649,764,462 471,710,793 462,067,009 Net asset value per share EUR 106.57 104.42 100.88 Class 5 Net asset value EUR 857,562,284 2,244,075,610 1,975,812,700 Net asset value per share EUR 107.77 105.49 101.81 Class 6 Net asset value EUR 1,043,602 42,858 41,394 Net asset value per share EUR 1.00 100.04 100.00 Class 7 Net asset value EUR 43,981 42,900 41,413 Net asset value per share EUR 1.00 100.04 100.00 Class 8 Net asset value EUR 173,066,374 177,961,107 259,775,961 Net asset value per share EUR 1.00 100.04 100.00
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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21. NET ASSET VALUES (CONTINUED) 31 March 2026 31 March 2025 31 March 2024 Aviva Investors Euro Liquidity Fund (continued) Class 9 Net asset value EUR 43,976 43,025 41,476 Net asset value per share EUR 1.00 100.04 100.00 W Accumulating Net asset value EUR 1,647,314 42,129 40,701 Net asset value per share EUR 1,074.87 1,053.23 1,017.51 W Distributing Net asset value EUR 525,335 - Net asset value per share EUR 1.00 - Z Accumulating Net asset value EUR 2,029,659,354 58,451,818 Net asset value per share EUR 102.62 100.47 -
Aviva Investors Sterling Government Liquidity Fund Class 1 Net asset value GBP 374,474 360,134 24,332,423 Net asset value per share GBP 1.00 1.00 1.00 Class 2 Net asset value GBP 45,586 43,819 41,751 Net asset value per share GBP 1.00 1.00 1.00 Class 3 Net asset value GBP 224,697,500 500,513,606 265,177,338 Net asset value per share GBP 1.00 1.00 1.00 Class 4 Net asset value GBP 45,790 43,948 41,807 Net asset value per share GBP 1.00 1.00 1.00 Class 5 Net asset value GBP 46,546 44,790 42,719 Net asset value per share GBP 1,163.94 1,120.02 1,068.25 Class 6 Net asset value GBP 46,668 44,885 3,473,088 Net asset value per share GBP 1,166.63 1,122.05 1,069.65 Class 7 Net asset value GBP 1,276 8,647,560 712,840 Net asset value per share GBP 1,169.51 1,124.01 1,071.00 Class 8 Net asset value GBP 3,463,043,387 5,092,540,599 5,489,497,823 Net asset value per share GBP 1,175.54 1,128.93 1,074.60 W Accumulating Net asset value GBP 5,637,793 7,150,588 40,936 Net asset value per share GBP 1,117.29 1,074.05 1,023.39 W Distributing Net asset value GBP 24,861,799 28,909,800 40,466 Net asset value per share GBP 1.00 1.00 1.00
Aviva Investors Sterling Liquidity Fund Class 1 Net asset value GBP 111,350,698 76,706,945 97,675,211 Net asset value per share GBP 1.00 1.00 1.00 Class 2 Net asset value GBP 40,814,137 49,948,590 51,939,654 Net asset value per share GBP 1.00 1.00 1.00 Class 3 Net asset value GBP 7,924,796,940 7,993,099,299 6,060,782,788 Net asset value per share GBP 1.00 1.00 1.00
Aviva Investors Liquidity Funds plc
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 31 March 2026
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21. NET ASSET VALUES (CONTINUED) 31 March 2026 31 March 2025 31 March 2024 Aviva Investors Sterling Liquidity Fund (continued) Class 9 Net asset value GBP 12,975,726,134 11,965,216,307 13,489,054,715 Net asset value per share GBP 1.00 1.00 1.00 W Accumulating Net asset value GBP 9,833,388 2,716,440 553,764 Net asset value per share GBP 1,120.87 1,076.36 1.00 W Distributing Net asset value GBP 100,464,910 46,901,489 12,068,207 Net asset value per share GBP 1.00 1.00 1.00
Aviva Investors Sterling Liquidity Plus Fund Class 1 Net asset value GBP 15,976,192 9,506,791 4,554,824 Net asset value per share GBP 1,200.01 1,149.76 1,091.29 Class 2 Net asset value GBP 1,763,487 1,094,869 942,872 Net asset value per share GBP 1,203.74 1,152.76 1,093.60 Class 3 Net asset value GBP 772,678,711 301,230,074 248,027,391 Net asset value per share GBP 1,393.01 1,333.34 1,264.28 Class 4 Net asset value GBP 1,408,065,985 1,352,830,195 1,239,821,463 Net asset value per share GBP 1,344.83 1,285.94 1,218.12
Aviva Investors Sterling Standard Liquidity Fund Class 5 Net asset value GBP 45,123 43,344 41,265 Net asset value per share GBP 1,128.08 1,083.60 1,031.62 Class 6 Net asset value GBP - 43,378 56,825 Net asset value per share GBP - 1,084.45 1,031.91 Class 7 Net asset value GBP - 43,412 41,289 Net asset value per share GBP - 1,085.30 1,032.21 Class 8 Net asset value GBP 148,442,309 153,449,911 135,207,360 Net asset value per share GBP 1,143.42 1,096.13 1,041.47
Aviva Investors US Dollar Liquidity Fund Class 1 Net asset value USD 40,002 40,006 238,588 Net asset value per share USD 1.00 1.00 1.00 Class 2 Net asset value USD 40,252 40,006 40,000 Net asset value per share USD 1.00 1.00 1.00 Class 3 Net asset value USD 781,947,099 657,327,132 686,024,204 Net asset value per share USD 1.00 1.00 1.00 Class 4 Net asset value USD 492,894,677 347,054,522 242,799,744 Net asset value per share USD 1.00 1.00 1.00 W Distributing Net asset value USD 44,435 42,625 40,500 Net asset value per share USD 1.00 1.00 1.00
22. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR On 7 July 2025, the Aviva Investors Euro Liquidity Fund changed from VNAV to LVNAV and the valuation pricing point changed from 12:00 PM GMT to 13:00 PM GMT.
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22. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED) On 30 September 2025, the Aviva Investors Euro Liquidity Fund launched the W distributing class and Aviva Investors Sterling Standard Liquidity Fund closed Class 6 and Class 7. There were no other significant events during the financial year ended 31 March 2026 other than those disclosed in the financial statements.
23. SUBSEQUENT EVENTS On 17 June 2026, Aviva Investors Sterling Standard Liquidity Fund closed. There were no other subsequent events affecting the Company since the financial year ended 31 March 2026.
24. APPROVAL OF THE FINANCIAL STATEMENTS The Board of Directors approved the financial statements and authorised their release on 16 July 2026.
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Liquidity Instruments (31 March 2025: 97.17%) Certificates of Deposit (31 March 2025: 38.49%) Australia (31 March 2025: 1.38%) Commonwealth Bank of Australia 0.00% 03/06/2026 EUR 10,000,000 9,963,636 0.27 Commonwealth Bank of Australia 0.00% 12/03/2027 EUR 10,000,000 9,744,781 0.26 National Australia Bank Ltd. 2.22% 01/12/2026 EUR 15,000,000 14,999,762 0.40 National Australia Bank Ltd. 2.24% 22/12/2026 EUR 15,000,000 15,002,709 0.41 National Australia Bank Ltd. 0.00% 19/03/2027 EUR 10,000,000 9,740,815 0.26 59,451,703 1.60 Belgium (31 March 2025: 0.00%) KBC Bank NV 0.00% 14/05/2026 EUR 20,000,000 19,950,182 0.54 KBC Bank NV 0.00% 01/07/2026 EUR 20,000,000 19,885,224 0.53 39,835,406 1.07 Canada (31 March 2025: 5.27%) Bank of Montreal 2.23% 06/11/2026 EUR 15,000,000 14,998,673 0.40 Bank of Nova Scotia (The) 2.15% 05/06/2026 EUR 20,000,000 20,000,000 0.54 National Bank of Canada 2.23% 30/06/2026 EUR 15,000,000 15,002,181 0.41 National Bank of Canada 0.00% 18/03/2027 EUR 10,000,000 9,734,418 0.26 Royal Bank of Canada 2.22% 04/11/2026 EUR 15,000,000 15,002,014 0.40 Royal Bank of Canada 2.24% 20/11/2026 EUR 20,000,000 20,005,112 0.54 Royal Bank of Canada 2.24% 04/12/2026 EUR 10,000,000 10,002,276 0.27 Royal Bank of Canada 2.24% 04/01/2027 EUR 15,000,000 15,001,095 0.40 Royal Bank of Canada 2.25% 12/02/2027 EUR 15,000,000 15,000,368 0.40 Toronto-Dominion Bank (The) 0.00% 09/04/2026 EUR 30,000,000 29,985,881 0.81 Toronto-Dominion Bank (The) 0.00% 21/04/2026 EUR 15,000,000 14,982,426 0.40 179,714,444 4.83 Finland (31 March 2025: 0.51%) Nordea Bank Abp 2.22% 27/07/2026 EUR 15,000,000 15,001,360 0.40 Nordea Bank Abp 2.21% 07/08/2026 EUR 20,000,000 20,000,986 0.54 Nordea Bank Abp 0.00% 27/04/2026 EUR 15,000,000 14,977,635 0.40 Nordea Bank Abp 0.00% 30/04/2026 EUR 20,000,000 19,966,628 0.54 Nordea Bank Abp 2.24% 04/01/2027 EUR 15,000,000 15,001,327 0.40 Nordea Bank Abp 2.25% 08/01/2027 EUR 15,000,000 15,002,424 0.40 Nordea Bank Abp 0.00% 08/07/2026 EUR 15,000,000 14,910,734 0.40 OP Corporate Bank plc 0.00% 19/08/2026 EUR 22,000,000 21,803,333 0.59 136,664,427 3.67 France (31 March 2025: 1.21%) Credit Agricole Corporate and Investment Bank 0.00% 05/03/2027 EUR 10,000,000 9,744,489 0.26 9,744,489 0.26 Ireland (31 March 2025: 0.50%) Wells Fargo Bank NA 0.00% 08/06/2026 EUR 20,000,000 19,919,430 0.54 Wells Fargo Bank NA 0.00% 06/07/2026 EUR 11,000,000 10,931,997 0.29 30,851,427 0.83 Japan (31 March 2025: 9.25%) Mitsubishi UFJ Trust and Banking Corp. 0.00% 01/04/2026 EUR 25,000,000 25,000,000 0.67 Mitsubishi UFJ Trust and Banking Corp. 0.00% 04/06/2026 EUR 15,000,000 14,943,075 0.40 Mitsubishi UFJ Trust and Banking Corp. 0.00% 01/07/2026 EUR 20,000,000 19,883,368 0.54 Mitsubishi UFJ Trust and Banking Corp. 0.00% 15/06/2026 EUR 15,000,000 14,929,296 0.40 Mitsubishi UFJ Trust and Banking Corp. 0.00% 17/07/2026 EUR 25,000,000 24,825,872 0.67 Mitsubishi UFJ Trust and Banking Corp. 0.00% 03/08/2026 EUR 25,000,000 24,795,875 0.67 Mizuho Bank Ltd. 0.00% 07/04/2026 EUR 15,000,000 14,994,778 0.40 Mizuho Bank Ltd. 0.00% 06/05/2026 EUR 15,000,000 14,969,605 0.40 Norinchukin Bank (The) 0.00% 18/05/2026 EUR 25,000,000 24,930,843 0.67 Sumitomo Mitsui Banking Corp. 0.00% 14/07/2026 EUR 15,000,000 14,900,190 0.40 Sumitomo Mitsui Banking Corp. 0.00% 20/07/2026 EUR 25,000,000 24,823,095 0.67 Sumitomo Mitsui Trust Bank Ltd. 0.00% 21/04/2026 EUR 20,000,000 19,976,569 0.54 Sumitomo Mitsui Trust Bank Ltd. 0.00% 13/05/2026 EUR 30,000,000 29,925,707 0.80 268,898,273 7.23 Netherlands (31 March 2025: 4.20%) ABN AMRO Bank NV 0.00% 08/06/2026 EUR 15,000,000 14,941,060 0.40
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Liquidity Instruments (31 March 2025: 97.17%) (continued) Certificates of Deposit (31 March 2025: 38.49%) (continued) Netherlands (31 March 2025: 4.20%) (continued) ABN AMRO Bank NV 0.00% 01/10/2026 EUR 15,000,000 14,809,840 0.40 ING Bank NV 0.00% 08/06/2026 EUR 20,000,000 19,920,674 0.54 ING Bank NV 0.00% 13/07/2026 EUR 20,000,000 19,868,106 0.53 69,539,680 1.87 Norway (31 March 2025: 0.34%) DNB Bank ASA 2.22% 30/06/2026 EUR 15,000,000 15,002,204 0.41 DNB Bank ASA 0.00% 12/06/2026 EUR 15,000,000 14,937,694 0.40 29,939,898 0.81 Singapore (31 March 2025: 1.49%) Oversea-Chinese Banking Corp. Ltd. 2.22% 04/09/2026 EUR 15,000,000 15,000,208 0.40 Oversea-Chinese Banking Corp. Ltd. 2.21% 06/10/2026 EUR 20,000,000 19,999,382 0.54 Oversea-Chinese Banking Corp. Ltd. 2.23% 16/12/2026 EUR 15,000,000 15,000,615 0.40 Oversea-Chinese Banking Corp. Ltd. 2.20% 26/11/2026 EUR 12,000,000 11,999,248 0.32 Oversea-Chinese Banking Corp. Ltd. 2.18% 03/11/2026 EUR 10,000,000 9,998,492 0.27 Oversea-Chinese Banking Corp. Ltd. 2.21% 25/11/2026 EUR 17,000,000 17,000,000 0.46 88,997,945 2.39 South Korea (31 March 2025: 3.94%) KEB Hana Bank 0.00% 17/08/2026 EUR 10,000,000 9,906,264 0.26 KEB Hana Bank 0.00% 08/06/2026 EUR 10,000,000 9,959,242 0.27 Kookmin Bank 2.30% 28/09/2026 EUR 10,000,000 10,002,646 0.27 Shinhan Bank Co., Ltd. 0.00% 19/05/2026 EUR 15,000,000 14,958,613 0.40 Woori Bank 0.00% 05/08/2026 EUR 20,000,000 19,835,538 0.53 Woori Bank 0.00% 10/08/2026 EUR 10,000,000 9,914,087 0.27 Woori Bank 0.00% 24/02/2027 EUR 30,000,000 29,259,153 0.79 103,835,543 2.79 Switzerland (31 March 2025: 1.93%) UBS AG 2.26% 04/08/2026 EUR 15,000,000 15,001,995 0.40 15,001,995 0.40 United Arab Emirates (31 March 2025: 2.18%) Abu Dhabi Commercial Bank PJSC 0.00% 17/04/2026 EUR 15,000,000 14,985,781 0.41 Abu Dhabi Commercial Bank PJSC 0.00% 03/06/2026 EUR 15,000,000 14,943,500 0.40 29,929,281 0.81 United Kingdom (31 March 2025: 5.45%) Goldman Sachs International Bank 0.00% 05/05/2026 EUR 10,000,000 9,979,690 0.27 Goldman Sachs International Bank 0.00% 08/06/2026 EUR 10,000,000 9,959,456 0.27 Goldman Sachs International Bank 0.00% 02/06/2026 EUR 15,000,000 14,945,912 0.40 Goldman Sachs International Bank 0.00% 01/06/2026 EUR 15,000,000 14,944,107 0.40 Lloyds Bank Corporate Markets plc 2.18% 02/09/2026 EUR 15,000,000 15,000,425 0.40 Lloyds Bank Corporate Markets plc 0.00% 30/06/2026 EUR 15,000,000 14,914,674 0.40 NatWest Markets plc 0.00% 10/06/2026 EUR 15,000,000 14,938,280 0.40 Standard Chartered plc 2.26% 01/09/2026 EUR 20,000,000 20,002,252 0.54 114,684,796 3.08 United States of America (31 March 2025: 0.84%) Bank of America NA 0.00% 11/06/2026 EUR 15,000,000 14,937,080 0.40 Bank of America NA 0.00% 02/07/2026 EUR 15,000,000 14,916,816 0.40 Bank of America NA 0.00% 07/07/2026 EUR 15,000,000 14,911,786 0.40 Bank of America NA 0.00% 04/09/2026 EUR 15,000,000 14,848,244 0.40 Bank of America NA 0.00% 05/03/2027 EUR 10,000,000 9,747,400 0.26 69,361,326 1.86 Total Certificates of Deposit 1,246,450,633 33.50 Commercial Papers (31 March 2025: 31.72%) Australia (31 March 2025: 0.00%) Australia and New Zealand Banking Group Ltd. 0.00% 05/06/2026 EUR 15,000,000 14,943,726 0.40 Australia and New Zealand Banking Group Ltd. 0.00% 13/10/2026 EUR 15,000,000 14,802,903 0.40 Australia and New Zealand Banking Group Ltd. 0.00% 27/07/2026 EUR 20,000,000 19,854,814 0.53 Westpac Banking Corp. 0.00% 08/07/2026 EUR 15,000,000 14,906,358 0.40 64,507,801 1.73
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Liquidity Instruments (31 March 2025: 97.17%) (continued) Commercial Papers (31 March 2025: 31.72%) (continued) Canada (31 March 2025: 0.67%) National Bank of Canada 2.24% 23/09/2026 EUR 15,000,000 15,001,944 0.40 National Bank of Canada 2.26% 05/10/2026 EUR 15,000,000 15,003,479 0.40 30,005,423 0.80 Finland (31 March 2025: 2.18%) OP Corporate Bank plc 0.00% 15/07/2026 EUR 15,000,000 14,903,545 0.40 OP Corporate Bank plc 0.00% 17/08/2026 EUR 20,000,000 19,824,180 0.53 OP Corporate Bank plc 0.00% 12/01/2027 EUR 10,000,000 9,797,310 0.27 44,525,035 1.20 France (31 March 2025: 9.45%) Agence Centrale des Organismes de Securite Sociale 0.00% 18/05/2026 EUR 40,000,000 39,890,389 1.07 Agence Centrale des Organismes de Securite Sociale 0.00% 22/04/2026 EUR 20,000,000 19,974,924 0.54 Agence Centrale des Organismes de Securite Sociale 0.00% 07/04/2026 EUR 20,000,000 19,993,339 0.54 Antalis SA 0.00% 23/04/2026 EUR 10,000,000 9,986,810 0.27 Banque Federative du Credit Mutuel SA 0.00% 01/06/2026 EUR 25,000,000 24,909,176 0.67 BNP Paribas SA 0.00% 05/06/2026 EUR 25,000,000 24,905,422 0.67 LMA SA 0.00% 15/04/2026 EUR 15,000,000 14,987,525 0.40 LMA SA 0.00% 01/04/2026 EUR 20,000,000 20,000,000 0.54 LMA SA 0.00% 08/05/2026 EUR 20,000,000 19,956,941 0.54 LMA SA 0.00% 13/04/2026 EUR 25,000,000 24,983,180 0.67 LMA SA 0.00% 10/04/2026 EUR 20,000,000 19,989,955 0.54 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 02/07/2026 EUR 5,000,000 4,970,963 0.13 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 03/06/2026 EUR 15,000,000 14,944,390 0.40 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 06/07/2026 EUR 15,000,000 14,908,745 0.40 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 18/06/2026 EUR 10,000,000 9,951,469 0.27 Satellite SASU 0.00% 13/04/2026 EUR 15,000,000 14,989,357 0.40 Satellite SASU 0.00% 22/04/2026 EUR 15,000,000 14,981,461 0.40 Satellite SASU 0.00% 10/04/2026 EUR 15,000,000 14,992,227 0.40 Satellite SASU 0.00% 16/04/2026 EUR 15,000,000 14,987,044 0.40 Satellite SASU 0.00% 05/06/2026 EUR 15,000,000 14,942,089 0.40 Satellite SASU 0.00% 16/06/2026 EUR 10,000,000 9,949,634 0.27 Union Nationale Interprofessionnelle pour l'Emploi dans l'Industrie et le Commerce 0.00% 15/05/2026 EUR 20,000,000 19,949,574 0.54 Union Nationale Interprofessionnelle pour l'Emploi dans l'Industrie et le Commerce 0.00% 20/04/2026 EUR 15,000,000 14,984,194 0.40 404,128,808 10.86 Germany (31 March 2025: 1.68%) Commerzbank AG 0.00% 25/02/2027 EUR 15,000,000 14,630,426 0.39 Deutsche Bank AG 0.00% 24/04/2026 EUR 25,000,000 24,966,029 0.67 Deutsche Bank AG 0.00% 01/06/2026 EUR 20,000,000 19,927,006 0.54 Deutsche Bank AG 0.00% 08/06/2026 EUR 15,000,000 14,939,184 0.40 Deutsche Bank AG 0.00% 01/09/2026 EUR 30,000,000 29,698,251 0.80 Deutsche Bank AG 0.00% 31/08/2026 EUR 15,000,000 14,850,247 0.40 DZ Bank AG 0.00% 15/04/2026 EUR 15,000,000 14,987,936 0.40 DZ Bank AG 0.00% 27/04/2026 EUR 20,000,000 19,970,410 0.54 DZ Bank AG 0.00% 06/07/2026 EUR 15,000,000 14,912,377 0.40 DZ Bank AG 0.00% 09/09/2026 EUR 20,000,000 19,790,038 0.53 188,671,904 5.07 Ireland (31 March 2025: 3.03%) Anglesea Funding plc 0.00% 07/04/2026 EUR 50,000,000 49,983,506 1.34 Matchpoint Finance plc 0.00% 02/04/2026 EUR 10,000,000 9,999,409 0.27 Matchpoint Finance plc 0.00% 27/04/2026 EUR 10,000,000 9,984,556 0.27 Matchpoint Finance plc 0.00% 03/06/2026 EUR 15,000,000 14,943,705 0.40 Matchpoint Finance plc 0.00% 08/06/2026 EUR 15,000,000 14,939,524 0.40 Matchpoint Finance plc 0.00% 10/06/2026 EUR 10,000,000 9,958,492 0.27 Matchpoint Finance plc 0.00% 02/07/2026 EUR 10,000,000 9,939,020 0.27 119,748,212 3.22
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Liquidity Instruments (31 March 2025: 97.17%) (continued) Commercial Papers (31 March 2025: 31.72%) (continued) Japan (31 March 2025: 0.60%) –Luxembourg (31 March 2025: 3.16%) Albion Capital Corp. SA 0.00% 27/04/2026 EUR 10,000,000 9,984,887 0.27 Albion Capital Corp. SA 0.00% 22/06/2026 EUR 12,000,000 11,936,921 0.32 Sunderland Receivables SA 0.00% 30/04/2026 EUR 15,000,000 14,974,279 0.40 Sunderland Receivables SA 0.00% 23/04/2026 EUR 25,000,000 24,967,670 0.67 61,863,757 1.66 Netherlands (31 March 2025: 1.93%) ABN AMRO Bank NV 0.00% 11/05/2026 EUR 20,000,000 19,953,930 0.54 BMW Finance NV 0.00% 24/04/2026 EUR 35,000,000 34,952,895 0.94 Cooperatieve Rabobank UA 2.21% 09/06/2026 EUR 25,000,000 25,000,000 0.67 79,906,825 2.15 Norway (31 March 2025: 0.00%) DNB Bank ASA 0.00% 01/07/2026 EUR 15,000,000 14,917,815 0.40 14,917,815 0.40 Singapore (31 March 2025: 0.84%) –Spain (31 March 2025: 0.34%) –Sweden (31 March 2025: 1.85%) Svenska Handelsbanken AB 0.00% 16/06/2026 EUR 20,000,000 19,905,462 0.54 Svenska Handelsbanken AB 0.00% 21/08/2026 EUR 20,000,000 19,810,858 0.53 Swedbank 0.00% 01/06/2026 EUR 15,000,000 14,947,119 0.40 Swedbank 0.00% 02/09/2026 EUR 15,000,000 14,846,093 0.40 Volvo Treasury AB 0.00% 23/04/2026 EUR 28,500,000 28,463,578 0.76 Volvo Treasury AB 0.00% 27/04/2026 EUR 25,000,000 24,962,154 0.67 122,935,264 3.30 United Kingdom (31 March 2025: 0.67%) Barclays Bank plc 0.00% 11/05/2026 EUR 15,000,000 14,965,126 0.40 Verto Capital 0.00% 15/04/2026 EUR 35,000,000 34,972,016 0.94 Verto Capital 0.00% 02/04/2026 EUR 20,000,000 19,998,889 0.54 Verto Capital 0.00% 07/04/2026 EUR 60,000,000 59,980,009 1.61 Verto Capital 0.00% 09/04/2026 EUR 20,000,000 19,992,225 0.54 149,908,265 4.03 United States of America (31 March 2025: 5.32%) Colgate-Palmolive Co. 0.00% 13/04/2026 EUR 30,000,000 29,979,588 0.81 Colgate-Palmolive Co. 0.00% 22/04/2026 EUR 25,000,000 24,969,852 0.67 Halkin Finance LLC 0.00% 01/04/2026 EUR 50,000,000 50,000,000 1.34 Halkin Finance LLC 0.00% 08/04/2026 EUR 50,000,000 49,980,563 1.34 Mont Blanc Capital Corp. 0.00% 30/04/2026 EUR 13,251,000 13,228,384 0.36 Mont Blanc Capital Corp. 0.00% 20/04/2026 EUR 20,000,000 19,977,873 0.54 Procter & Gamble Co. (The) 0.00% 17/04/2026 EUR 15,000,000 14,986,336 0.40 203,122,596 5.46 Total Commercial Papers 1,484,241,705 39.88 Time Deposits (31 March 2025: 26.96%) Belgium (31 March 2025: 2.46%) –France (31 March 2025: 6.60%) Credit Agricole SA 1.93% 01/04/2026 EUR 86,800,000 86,800,000 2.33 La Banque Postale SA 1.92% 01/04/2026 EUR 80,000,000 80,000,000 2.15 166,800,000 4.48 Germany (31 March 2025: 6.76%) Landesbank Baden-Wuerttemberg 1.92% 01/04/2026 EUR 190,000,000 190,000,000 5.11 190,000,000 5.11 Japan (31 March 2025: 1.86%) MUFG Bank Ltd. 1.92% 01/04/2026 EUR 50,000,000 50,000,000 1.34 50,000,000 1.34 Qatar (31 March 2025: 3.97%) Qatar National Bank QPSC 1.95% 31/12/2049 EUR 167,540,221 167,540,222 4.50 167,540,222 4.50
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Liquidity Instruments (31 March 2025: 97.17%) (continued) Time Deposits (31 March 2025: 26.96%) (continued) Sweden (31 March 2025: 2.89%) SEB SA 1.90% 31/12/2030 EUR 87,282,803 87,282,802 2.35 87,282,802 2.35 United Kingdom (31 March 2025: 0.00%) NatWest Markets plc 1.94% 01/04/2026 EUR 125,000,000 125,000,000 3.36 125,000,000 3.36 United States of America (31 March 2025: 2.42%) BNY Mellon 1.95% 31/12/2049 EUR 73,054,185 73,054,184 1.96 73,054,184 1.96 Total Time Deposits 859,677,208 23.10 Total Liquidity Instruments 3,590,369,546 96.48
Investments Coupon Rate Maturity Date Currency Holding Fair Value EUR % of Net Asset Value Bonds (31 March 2025: 3.65%) Australia (31 March 2025: 1.01%) Australia & New Zealand Banking Group Ltd., Reg. S, FRN 2.19% 29/6/2026 EUR 15,000,000 15,001,200 0.40 Commonwealth Bank of Australia, Reg. S, FRN 2.22% 12/12/2026 EUR 15,000,000 14,999,977 0.40 30,001,177 0.80 Canada (31 March 2025: 1.86%) Canadian Imperial Bank of Commerce, Reg. S, FRN 2.24% 10/7/2026 EUR 15,000,000 15,001,067 0.41 National Bank of Canada, Reg. S, FRN 2.24% 23/10/2026 EUR 16,000,000 15,998,549 0.43 National Bank of Canada, Reg. S, FRN 2.28% 12/2/2027 EUR 15,000,000 15,000,376 0.40 Royal Bank of Canada, Reg. S, FRN 2.31% 19/3/2027 EUR 15,000,000 14,999,974 0.40 60,999,966 1.64 Singapore (31 March 2025: 0.78%) DBS Bank Ltd., Reg. S, FRN 2.20% 06/10/2026 EUR 20,000,000 19,997,363 0.54 19,997,363 0.54 South Korea (31 March 2025: 0.00%) Kookmin Bank, FRN 2.30% 26/5/2026 EUR 10,000,000 9,999,552 0.27 9,999,552 0.27 Total investments in Bonds 120,998,058 3.25
Investments Coupon Rate Maturity Date Currency Holdings Fair Value EUR % of Net Asset Value Reverse Repurchase Agreements (31 March 2025: 0.00%) Australia (31 March 2025: 0.00%) National Australia Bank Ltd. 1.91% 01/04/2026 EUR 10,000,000 10,000,000 0.27 10,000,000 0.27 France (31 March 2025: 0.00%) Societe Generale SA 1.90% 01/04/2026 EUR 10,000,000 10,000,000 0.27 10,000,000 0.27 United Kingdom (31 March 2025: 0.00%) Citibank NA 1.97% 01/04/2026 EUR 90,000,000 90,000,000 2.41 Scotiabank Europe plc 1.92% 01/04/2026 EUR 10,000,000 10,000,000 0.27 100,000,000 2.68 Total Reverse Repurchase Agreements 120,000,000 3.22 Total investments 3,831,367,604 102.95 Total financial assets at fair value through profit or loss 3,831,367,604 102.95 Cash and cash equivalents/bank overdraft 377,925 0.01 Other assets and liabilities (110,308,732) (2.96) Net asset value attributable to shareholders 3,721,436,797 100.00
Analysis of total assets (Unaudited) % of Total Assets Transferable securities dealt in on another regulated market 6.28 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 93.58 Other assets 0.14 Total assets 100.00
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 0.00%) Time Deposits (31 March 2025: 0.00%) United Kingdom (31 March 2025: 0.00%) Lords Commissioners of His Majesty's Treasury 3.77% 01/04/2026 GBP 350,000,000 350,000,000 9.41 350,000,000 9.41 Total Time Deposits 350,000,000 9.41 Total Liquidity Instruments 350,000,000 9.41
Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 35.07%) United Kingdom (31 March 2025: 35.07%) United Kingdom Treasury Bill 0.00% 20/4/2026 GBP 48,791,000 48,695,019 1.31 United Kingdom Treasury Bill 0.00% 11/5/2026 GBP 24,935,000 24,834,550 0.67 United Kingdom Treasury Bill 0.00% 26/5/2026 GBP 100,000,000 99,455,014 2.67 United Kingdom Treasury Bill 0.00% 01/6/2026 GBP 50,000,000 49,698,161 1.34 United Kingdom Treasury Bill 0.00% 29/6/2026 GBP 200,000,000 198,012,978 5.32 United Kingdom Treasury Bill 0.00% 27/7/2026 GBP 50,000,000 49,350,858 1.33 United Kingdom Treasury Bill 0.00% 24/8/2026 GBP 50,000,000 49,190,027 1.32 United Kingdom Treasury Bill 0.00% 01/9/2026 GBP 50,000,000 49,144,885 1.32 United Kingdom Treasury Bill 0.00% 15/6/2026 GBP 100,000,000 99,163,555 2.67 United Kingdom Treasury Bill 0.00% 22/6/2026 GBP 50,000,000 49,543,217 1.33 United Kingdom Treasury Bill 0.00% 07/9/2026 GBP 100,000,000 98,223,818 2.64 United Kingdom Treasury Bill 0.00% 14/9/2026 GBP 100,000,000 98,146,979 2.64 913,459,061 24.56 Total investments in Bonds 913,459,061 24.56
Investments Coupon Rate
Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Reverse Repurchase Agreements (31 March 2025: 64.95%) Australia (31 March 2025: 9.75%) National Australia Bank Ltd. 3.80% 01/04/2026 GBP 350,000,000 350,000,000 9.41 350,000,000 9.41 Canada (31 March 2025: 12.42%) CIBC World Markets Corp. 3.76% 01/04/2026 GBP 250,000,000 250,000,000 6.72 Royal Bank of Canada 3.77% 01/04/2026 GBP 150,000,000 150,000,000 4.04 400,000,000 10.76 France (31 March 2025: 7.98%) BNP Paribas SA 3.75% 01/04/2026 GBP 100,000,000 100,000,000 2.69 Credit Agricole SA 3.77% 01/04/2026 GBP 300,000,000 300,000,000 8.07 Societe Generale SA 3.77% 01/04/2026 GBP 100,000,000 100,000,000 2.69 500,000,000 13.45 Spain (31 March 2025: 3.55%) –United Kingdom (31 March 2025: 31.25%) Abbey National Treasury Services plc 3.75% 01/04/2026 GBP 155,400,000 155,400,000 4.18 Citibank NA 3.75% 01/04/2026 GBP 400,000,000 400,000,000 10.75 Lloyds Bank plc 3.76% 01/04/2026 GBP 100,000,000 100,000,000 2.69 Mitsubishi UFJ EMEA plc 3.75% 01/04/2026 GBP 200,000,000 200,000,000 5.38 Royal Bank of Scotland plc 3.75% 01/04/2026 GBP 50,000,000 50,000,000 1.34 Scotiabank Europe plc 3.77% 01/04/2026 GBP 200,000,000 200,000,000 5.38 Standard Chartered plc 3.76% 01/04/2026 GBP 100,000,000 100,000,000 2.69 1,205,400,000 32.41 Total Reverse Repurchase Agreements 2,455,400,000 66.03 Total investments 3,718,859,061 100.00 Total financial assets at fair value through profit or loss 3,718,859,061 100.00 Cash and cash equivalents/bank overdraft 350,280,563 9.42 Other assets and liabilities (350,338,804) (9.42) Net asset value attributable to shareholders 3,718,800,820 100.00
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 52
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Analysis of total assets (Unaudited) % of Total Assets Transferable securities dealt in on another regulated market 82.78 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 8.60 Other assets 8.62 Total assets 100.00
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING GOVERNMENT LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 53
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) Certificates of Deposit (31 March 2025: 58.42%) Australia (31 March 2025: 1.46%) Australia and New Zealand Banking Group Ltd. 0.00% 12/11/2026 GBP 49,000,000 47,686,977 0.23 Commonwealth Bank of Australia 4.05% 30/09/2026 GBP 100,000,000 99,996,460 0.47 Commonwealth Bank of Australia 0.00% 13/10/2026 GBP 100,000,000 97,728,310 0.46 Commonwealth Bank of Australia 0.00% 05/03/2027 GBP 100,000,000 95,912,030 0.45 Commonwealth Bank of Australia 0.00% 24/03/2027 GBP 25,000,000 23,916,760 0.11 National Australia Bank Ltd. 4.12% 01/06/2026 GBP 99,000,000 99,000,000 0.47 National Australia Bank Ltd. 0.00% 22/05/2026 GBP 100,000,000 99,449,339 0.47 National Australia Bank Ltd. 4.11% 07/01/2027 GBP 100,000,000 100,008,120 0.47 National Australia Bank Ltd. 0.00% 09/07/2026 GBP 50,000,000 49,445,635 0.24 National Australia Bank Ltd. 0.00% 26/02/2027 GBP 100,000,000 95,974,400 0.45 National Australia Bank Ltd. 0.00% 30/09/2026 GBP 50,000,000 48,931,435 0.23 858,049,466 4.05 Belgium (31 March 2025: 0.00%) Belfius Bank SA 0.00% 03/12/2026 GBP 50,000,000 48,540,280 0.23 KBC Bank NV 0.00% 01/06/2026 GBP 78,000,000 77,502,923 0.36 126,043,203 0.59 Canada (31 March 2025: 6.16%) Bank of Montreal 4.49% 14/05/2026 GBP 100,000,000 100,000,000 0.47 Bank of Montreal 0.00% 03/12/2026 GBP 50,000,000 48,541,875 0.23 Bank of Montreal 0.00% 28/04/2026 GBP 100,000,000 99,717,529 0.47 Bank of Montreal 0.00% 16/03/2027 GBP 25,000,000 23,934,708 0.11 Bank of Nova Scotia (The) 4.20% 08/05/2026 GBP 50,000,000 50,000,000 0.24 Bank of Nova Scotia (The) 4.01% 01/07/2026 GBP 80,000,000 79,966,400 0.38 Bank of Nova Scotia (The) 4.13% 07/04/2026 GBP 100,000,000 100,000,000 0.47 Bank of Nova Scotia (The) 4.09% 06/11/2026 GBP 85,000,000 84,987,514 0.40 Bank of Nova Scotia (The) 4.15% 04/01/2027 GBP 100,000,000 100,000,450 0.47 National Bank of Canada 4.31% 13/07/2026 GBP 100,000,000 100,002,200 0.47 National Bank of Canada 4.02% 27/11/2026 GBP 50,000,000 49,843,500 0.24 National Bank of Canada 4.01% 04/11/2026 GBP 50,000,000 49,863,500 0.24 National Bank of Canada 3.83% 16/02/2027 GBP 50,000,000 49,674,010 0.24 National Bank of Canada 4.21% 09/11/2026 GBP 50,000,000 49,995,165 0.24 National Bank of Canada 0.00% 09/11/2026 GBP 50,000,000 48,697,250 0.23 National Bank of Canada 0.00% 19/06/2026 GBP 50,000,000 49,569,405 0.23 Royal Bank of Canada 4.04% 07/04/2026 GBP 100,000,000 100,000,000 0.47 Royal Bank of Canada 4.30% 15/05/2026 GBP 100,000,000 100,000,000 0.47 Royal Bank of Canada 4.07% 09/10/2026 GBP 34,000,000 33,997,810 0.16 Royal Bank of Canada 4.10% 03/11/2026 GBP 100,000,000 100,000,520 0.47 Royal Bank of Canada 4.16% 31/03/2027 GBP 100,000,000 100,000,000 0.47 Toronto-Dominion Bank (The) 4.18% 30/06/2026 GBP 100,000,000 99,981,000 0.47 Toronto-Dominion Bank (The) 4.15% 06/07/2026 GBP 50,000,000 49,992,500 0.24 Toronto-Dominion Bank (The) 4.46% 17/04/2026 GBP 50,000,000 50,000,000 0.24 Toronto-Dominion Bank (The) 3.78% 29/05/2026 GBP 90,000,000 90,000,000 0.43 Toronto-Dominion Bank (The) 4.02% 11/12/2026 GBP 83,000,000 82,673,810 0.39 Toronto-Dominion Bank (The) 4.16% 08/12/2026 GBP 100,000,000 99,990,960 0.47 Toronto-Dominion Bank (The) 0.00% 05/02/2027 GBP 100,000,000 96,222,320 0.46 Toronto-Dominion Bank (The) 0.00% 19/02/2027 GBP 100,000,000 96,037,170 0.45 2,183,689,596 10.32 Finland (31 March 2025: 3.14%) Nordea Bank Abp 0.00% 04/08/2026 GBP 100,000,000 98,586,960 0.47 Nordea Bank Abp 4.04% 04/01/2027 GBP 50,000,000 49,790,660 0.23 Nordea Bank Abp 4.11% 01/06/2026 GBP 100,000,000 100,000,000 0.47 Nordea Bank Abp 0.00% 30/07/2026 GBP 100,000,000 98,647,290 0.47 Nordea Bank Abp 0.00% 19/05/2026 GBP 100,000,000 99,479,147 0.47 Nordea Bank Abp 0.00% 20/07/2026 GBP 50,000,000 49,383,460 0.23 Nordea Bank Abp 0.00% 19/11/2026 GBP 50,000,000 48,619,025 0.23
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) (continued) Certificates of Deposit (31 March 2025: 58.42%) (continued) Finland (31 March 2025: 3.14%) (continued) Nordea Bank Abp 0.00% 21/07/2026 GBP 100,000,000 98,755,020 0.47 Nordea Bank Abp 0.00% 28/07/2026 GBP 100,000,000 98,671,330 0.47 741,932,892 3.51 France (31 March 2025: 3.66%) BNP Paribas SA 3.99% 07/04/2026 GBP 80,000,000 80,000,000 0.38 BNP Paribas SA 3.76% 03/07/2026 GBP 56,000,000 55,956,320 0.27 Credit Agricole Corporate and Investment Bank 0.00% 02/04/2026 GBP 58,000,000 57,993,753 0.27 Societe Generale SA 4.41% 02/06/2026 GBP 39,000,000 39,000,000 0.18 Societe Generale SA 0.00% 02/06/2026 GBP 100,000,000 99,347,576 0.47 Societe Generale SA 0.00% 01/06/2026 GBP 100,000,000 99,374,493 0.47 Societe Generale SA 0.00% 31/07/2026 GBP 100,000,000 98,645,220 0.47 530,317,362 2.51 Germany (31 March 2025: 1.88%) DZ Bank AG 0.00% 01/04/2026 GBP 50,000,000 50,000,000 0.24 DZ Bank AG 0.00% 07/05/2026 GBP 90,000,000 89,649,704 0.42 DZ Bank AG 3.85% 07/09/2026 GBP 100,000,000 99,803,000 0.47 239,452,704 1.13 Japan (31 March 2025: 6.77%) Mitsubishi UFJ Trust and Banking Corp. 0.00% 21/08/2026 GBP 50,000,000 49,175,605 0.23 Mitsubishi UFJ Trust and Banking Corp. 0.00% 15/04/2026 GBP 100,000,000 99,841,473 0.47 Mitsubishi UFJ Trust and Banking Corp. 4.25% 02/12/2026 GBP 100,000,000 100,027,720 0.47 Mitsubishi UFJ Trust and Banking Corp. 0.00% 08/05/2026 GBP 100,000,000 99,604,722 0.47 Mitsubishi UFJ Trust and Banking Corp. 4.05% 21/07/2026 GBP 50,000,000 49,996,685 0.24 Mizuho Bank Ltd. 0.00% 15/04/2026 GBP 50,000,000 49,925,165 0.24 Mizuho Bank Ltd. 0.00% 11/05/2026 GBP 75,000,000 74,684,151 0.35 Mizuho Bank Ltd. 0.00% 29/06/2026 GBP 100,000,000 98,994,330 0.47 Mizuho Bank Ltd. 0.00% 30/04/2026 GBP 80,000,000 79,756,725 0.38 Mizuho Bank Ltd. 0.00% 16/06/2026 GBP 100,000,000 99,143,730 0.47 Mizuho Bank Ltd. 0.00% 26/05/2026 GBP 99,000,000 98,407,444 0.46 Norinchukin Bank (The) 0.00% 07/04/2026 GBP 50,000,000 49,967,525 0.24 Norinchukin Bank (The) 0.00% 15/04/2026 GBP 100,000,000 99,848,450 0.47 Norinchukin Bank (The) 0.00% 20/04/2026 GBP 50,000,000 49,897,046 0.24 Norinchukin Bank (The) 0.00% 22/04/2026 GBP 98,000,000 97,777,221 0.46 Norinchukin Bank (The) 0.00% 23/04/2026 GBP 50,000,000 49,881,220 0.24 Norinchukin Bank (The) 0.00% 08/05/2026 GBP 50,000,000 49,800,191 0.24 Norinchukin Bank (The) 0.00% 13/05/2026 GBP 74,000,000 73,676,055 0.35 Sumitomo Mitsui Banking Corp. 0.00% 09/07/2026 GBP 80,000,000 79,106,824 0.37 Sumitomo Mitsui Banking Corp. 0.00% 20/04/2026 GBP 100,000,000 99,797,410 0.47 Sumitomo Mitsui Banking Corp. 0.00% 30/04/2026 GBP 63,000,000 62,805,909 0.30 Sumitomo Mitsui Banking Corp. 0.00% 01/06/2026 GBP 100,000,000 99,354,164 0.47 Sumitomo Mitsui Banking Corp. 0.00% 06/05/2026 GBP 98,000,000 97,636,498 0.46 Sumitomo Mitsui Banking Corp. 0.00% 19/05/2026 GBP 100,000,000 99,504,216 0.47 Sumitomo Mitsui Banking Corp. 0.00% 30/07/2026 GBP 100,000,000 98,631,160 0.47 Sumitomo Mitsui Trust Bank Ltd. 0.00% 20/04/2026 GBP 100,000,000 99,795,878 0.47 Sumitomo Mitsui Trust Bank Ltd. 0.00% 20/04/2026 GBP 100,000,000 99,796,367 0.47 Sumitomo Mitsui Trust Bank Ltd. 0.00% 22/04/2026 GBP 100,000,000 99,774,932 0.47 Sumitomo Mitsui Trust Bank Ltd. 0.00% 23/04/2026 GBP 100,000,000 99,764,214 0.47 Sumitomo Mitsui Trust Bank Ltd. 0.00% 27/04/2026 GBP 88,000,000 87,754,809 0.41 Sumitomo Mitsui Trust Bank Ltd. 0.00% 07/05/2026 GBP 30,000,000 29,884,288 0.14 2,524,012,127 11.93 Netherlands (31 March 2025: 2.48%) ABN AMRO Bank NV 0.00% 01/07/2026 GBP 75,000,000 74,233,560 0.35 ABN AMRO Bank NV 0.00% 01/07/2026 GBP 30,000,000 29,693,424 0.14 Cooperatieve Rabobank UA 4.19% 09/10/2026 GBP 100,000,000 99,906,000 0.47 Cooperatieve Rabobank UA 0.00% 13/11/2026 GBP 50,000,000 48,695,115 0.23 252,528,099 1.19
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) (continued) Certificates of Deposit (31 March 2025: 58.42%) (continued) Norway (31 March 2025: 0.49%) DNB Bank ASA 0.00% 16/07/2026 GBP 50,000,000 49,433,000 0.24 DNB Bank ASA 0.00% 14/05/2026 GBP 78,000,000 77,631,864 0.37 DNB Bank ASA 4.20% 16/10/2026 GBP 100,000,000 99,998,620 0.47 DNB Bank ASA 4.19% 27/10/2026 GBP 100,000,000 100,002,080 0.47 DNB Bank ASA 3.91% 18/12/2026 GBP 100,000,000 99,576,660 0.47 DNB Bank ASA 4.15% 18/12/2026 GBP 100,000,000 100,018,530 0.47 526,660,754 2.49 Qatar (31 March 2025: 0.25%) –Singapore (31 March 2025: 3.75%) Oversea-Chinese Banking Corp. Ltd. 4.36% 10/06/2026 GBP 100,000,000 100,000,000 0.47 Oversea-Chinese Banking Corp. Ltd. 4.31% 09/07/2026 GBP 50,000,000 50,004,775 0.24 Oversea-Chinese Banking Corp. Ltd. 4.30% 22/07/2026 GBP 50,000,000 50,003,845 0.24 Oversea-Chinese Banking Corp. Ltd. 4.26% 22/07/2026 GBP 25,000,000 25,002,723 0.12 Oversea-Chinese Banking Corp. Ltd. 4.26% 10/08/2026 GBP 78,000,000 78,002,792 0.37 Oversea-Chinese Banking Corp. Ltd. 4.22% 11/09/2026 GBP 25,000,000 24,999,385 0.12 Oversea-Chinese Banking Corp. Ltd. 4.21% 06/10/2026 GBP 40,000,000 39,995,632 0.19 Oversea-Chinese Banking Corp. Ltd. 4.22% 16/10/2026 GBP 85,000,000 84,988,338 0.40 Oversea-Chinese Banking Corp. Ltd. 4.09% 13/05/2026 GBP 100,000,000 100,000,000 0.47 Oversea-Chinese Banking Corp. Ltd. 4.11% 11/12/2026 GBP 44,000,000 43,993,959 0.21 Oversea-Chinese Banking Corp. Ltd. 4.13% 08/01/2027 GBP 50,000,000 49,993,470 0.23 Oversea-Chinese Banking Corp. Ltd. 4.10% 23/11/2026 GBP 34,000,000 33,994,104 0.16 Oversea-Chinese Banking Corp. Ltd. 0.00% 06/05/2026 GBP 35,000,000 34,871,660 0.16 Oversea-Chinese Banking Corp. Ltd. 0.00% 18/05/2026 GBP 65,000,000 64,685,719 0.30 United Overseas Bank Ltd. 4.03% 20/05/2026 GBP 50,000,000 50,000,000 0.24 United Overseas Bank Ltd. 4.03% 27/05/2026 GBP 50,000,000 50,000,000 0.24 United Overseas Bank Ltd. 4.03% 13/05/2026 GBP 30,000,000 30,000,000 0.14 United Overseas Bank Ltd. 4.12% 20/04/2026 GBP 25,000,000 25,000,000 0.12 United Overseas Bank Ltd. 4.00% 05/05/2026 GBP 25,000,000 25,000,000 0.12 960,536,402 4.54 South Korea (31 March 2025: 2.50%) KEB Hana Bank 0.00% 12/05/2026 GBP 50,000,000 49,772,157 0.24 KEB Hana Bank 0.00% 29/05/2026 GBP 10,000,000 9,936,154 0.05 KEB Hana Bank 0.00% 08/06/2026 GBP 39,000,000 38,711,562 0.18 KEB Hana Bank 0.00% 13/08/2026 GBP 35,000,000 34,459,600 0.16 Kookmin Bank 4.57% 27/04/2026 GBP 50,000,000 50,000,000 0.24 Kookmin Bank 4.56% 05/05/2026 GBP 24,000,000 24,000,000 0.11 Kookmin Bank 4.39% 06/07/2026 GBP 20,000,000 20,004,102 0.10 Kookmin Bank 4.34% 06/08/2026 GBP 70,000,000 70,011,501 0.33 Kookmin Bank 4.28% 09/10/2026 GBP 64,000,000 64,008,557 0.30 Kookmin Bank 0.00% 12/11/2026 GBP 29,000,000 28,232,205 0.13 Woori Bank 0.00% 22/07/2026 GBP 25,000,000 24,687,865 0.12 Woori Bank 0.00% 31/07/2026 GBP 9,000,000 8,878,070 0.04 Woori Bank 0.00% 02/11/2026 GBP 15,000,000 14,622,625 0.07 437,324,398 2.07 Spain (31 March 2025: 0.20%) Banco Santander SA 0.00% 02/06/2026 GBP 99,000,000 98,375,288 0.47 Banco Santander SA 0.00% 06/07/2026 GBP 35,000,000 34,630,999 0.16 133,006,287 0.63 Switzerland (31 March 2025: 2.68%) UBS AG 4.47% 16/04/2026 GBP 50,000,000 50,000,000 0.24 UBS AG 0.00% 26/02/2027 GBP 45,000,000 43,172,915 0.20 93,172,915 0.44 United Arab Emirates (31 March 2025: 8.82%) Abu Dhabi Commercial Bank PJSC 0.00% 06/07/2026 GBP 70,000,000 69,230,623 0.33 First Abu Dhabi Bank PJSC 0.00% 30/06/2026 GBP 100,000,000 98,990,000 0.47 First Abu Dhabi Bank PJSC 0.00% 16/09/2026 GBP 100,000,000 98,043,000 0.46
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 56
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) (continued) Certificates of Deposit (31 March 2025: 58.42%) (continued) United Arab Emirates (31 March 2025: 8.82%) (continued) First Abu Dhabi Bank PJSC 4.25% 08/10/2026 GBP 50,000,000 49,946,500 0.24 First Abu Dhabi Bank PJSC 4.11% 12/11/2026 GBP 50,000,000 49,874,000 0.24 First Abu Dhabi Bank PJSC 4.03% 07/01/2027 GBP 100,000,000 99,565,000 0.47 First Abu Dhabi Bank PJSC 4.02% 04/01/2027 GBP 50,000,000 49,769,240 0.23 First Abu Dhabi Bank PJSC 0.00% 29/01/2027 GBP 100,000,000 96,282,000 0.45 First Abu Dhabi Bank PJSC 4.21% 18/12/2026 GBP 100,000,000 100,032,260 0.47 First Abu Dhabi Bank PJSC 0.00% 19/02/2027 GBP 100,000,000 96,021,170 0.45 National Bank of Abu Dhabi 4.26% 27/08/2026 GBP 50,000,000 49,980,000 0.24 National Bank of Abu Dhabi 4.27% 28/08/2026 GBP 50,000,000 49,981,000 0.24 National Bank of Abu Dhabi 4.03% 18/12/2026 GBP 33,000,000 32,871,960 0.16 National Bank of Abu Dhabi 4.01% 06/01/2027 GBP 30,000,000 29,861,700 0.14 970,448,453 4.59 United Kingdom (31 March 2025: 13.69%) Citibank NA 0.00% 07/07/2026 GBP 100,000,000 98,925,640 0.47 Citibank NA 0.00% 30/07/2026 GBP 75,000,000 73,959,262 0.35 Goldman Sachs International Bank 0.00% 21/04/2026 GBP 100,000,000 99,777,155 0.47 Goldman Sachs International Bank 0.00% 05/05/2026 GBP 50,000,000 49,814,253 0.24 Goldman Sachs International Bank 0.00% 07/07/2026 GBP 50,000,000 49,460,195 0.23 Goldman Sachs International Bank 0.00% 25/02/2027 GBP 77,000,000 73,905,593 0.35 Goldman Sachs International Bank 0.00% 01/06/2026 GBP 50,000,000 49,689,956 0.23 Goldman Sachs International Bank 0.00% 01/06/2026 GBP 25,000,000 24,832,353 0.12 Goldman Sachs International Bank 0.00% 20/05/2026 GBP 100,000,000 99,456,223 0.47 Lloyds Bank Corporate Markets plc 0.00% 15/07/2026 GBP 50,000,000 49,402,935 0.23 Lloyds Bank Corporate Markets plc 0.00% 28/07/2026 GBP 35,000,000 34,526,831 0.16 Lloyds Bank Corporate Markets plc 0.00% 24/06/2026 GBP 25,000,000 24,765,273 0.12 NatWest Markets plc 0.00% 01/09/2026 GBP 50,000,000 49,121,500 0.23 NatWest Markets plc 0.00% 08/09/2026 GBP 25,000,000 24,539,000 0.12 NatWest Markets plc 0.00% 06/11/2026 GBP 20,000,000 19,479,800 0.09 Standard Chartered Bank 4.48% 13/04/2026 GBP 100,000,000 100,000,000 0.47 Standard Chartered Bank 4.25% 09/09/2026 GBP 100,000,000 100,010,980 0.47 Standard Chartered Bank 0.00% 20/01/2027 GBP 100,000,000 96,412,960 0.46 Standard Chartered Bank 4.14% 12/01/2027 GBP 50,000,000 49,975,190 0.24 Standard Chartered plc 4.46% 08/04/2026 GBP 100,000,000 100,000,000 0.47 Standard Chartered plc 4.11% 07/08/2026 GBP 100,000,000 100,017,870 0.47 1,368,072,969 6.46 United States of America (31 March 2025: 0.49%) Bank of America NA 0.00% 09/09/2026 GBP 50,000,000 49,071,320 0.23 49,071,320 0.23 Total Certificates of Deposit 11,994,318,947 56.68 Commercial Papers (31 March 2025: 20.30%) Australia (31 March 2025: 0.25%) Australia and New Zealand Banking Group Ltd. 0.00% 08/10/2026 GBP 100,000,000 97,758,970 0.46 Australia and New Zealand Banking Group Ltd. 0.00% 16/03/2027 GBP 25,000,000 23,925,920 0.11 Australia and New Zealand Banking Group Ltd. 0.00% 27/07/2026 GBP 98,000,000 96,690,945 0.46 218,375,835 1.03 Cayman Islands (31 March 2025: 1.88%) Chesham Finance Ltd. 0.00% 08/04/2026 GBP 180,000,000 179,869,965 0.85 179,869,965 0.85 France (31 March 2025: 7.59%) Agence Centrale des Organismes de Securite Sociale 0.00% 05/05/2026 GBP 100,000,000 99,638,422 0.47 Agence Centrale des Organismes de Securite Sociale 0.00% 05/05/2026 GBP 100,000,000 99,640,995 0.47 Agence Centrale des Organismes de Securite Sociale 0.00% 13/05/2026 GBP 100,000,000 99,565,625 0.47 Agence Centrale des Organismes de Securite Sociale 0.00% 17/04/2026 GBP 35,000,000 34,941,736 0.16 Agence Centrale des Organismes de Securite Sociale 0.00% 20/04/2026 GBP 100,000,000 99,803,759 0.47 Agence Centrale des Organismes de Securite Sociale 0.00% 09/06/2026 GBP 100,000,000 99,279,187 0.47 Antalis SA 0.00% 18/05/2026 GBP 30,000,000 29,853,052 0.14
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 57
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) (continued) Commercial Papers (31 March 2025: 20.30%) (continued) France (31 March 2025: 7.59%) (continued) Antalis SA 0.00% 01/04/2026 GBP 54,000,000 54,000,000 0.26 Antalis SA 0.00% 08/04/2026 GBP 54,000,000 53,960,675 0.25 LMA SA 0.00% 13/04/2026 GBP 50,000,000 49,935,863 0.24 LMA SA 0.00% 23/04/2026 GBP 50,000,000 49,882,994 0.24 LMA SA 0.00% 14/05/2026 GBP 15,000,000 14,932,786 0.07 LMA SA 0.00% 19/05/2026 GBP 19,000,000 18,905,924 0.09 LMA SA 0.00% 18/06/2026 GBP 38,500,000 38,172,469 0.18 LMA SA 0.00% 08/04/2026 GBP 14,000,000 13,989,807 0.07 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 20/04/2026 GBP 40,000,000 39,919,372 0.19 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 16/04/2026 GBP 39,000,000 38,938,993 0.18 Natixis SA 0.00% 12/05/2026 GBP 75,000,000 74,672,313 0.35 Satellite SASU 0.00% 09/04/2026 GBP 25,000,000 24,978,511 0.12 Satellite SASU 0.00% 09/09/2026 GBP 30,000,000 29,437,404 0.14 Satellite SASU 0.00% 22/06/2026 GBP 20,000,000 19,815,168 0.09 1,084,265,055 5.12 Germany (31 March 2025: 2.47%) –Ireland (31 March 2025: 5.74%) Anglesea Funding plc 0.00% 01/04/2026 GBP 250,000,000 250,000,000 1.18 Anglesea Funding plc 0.00% 08/04/2026 GBP 250,000,000 249,819,894 1.18 Anglesea Funding plc 0.00% 08/04/2026 GBP 248,000,000 247,821,296 1.17 Matchpoint Finance plc 0.00% 07/04/2026 GBP 25,000,000 24,983,726 0.12 Matchpoint Finance plc 0.00% 27/04/2026 GBP 50,000,000 49,860,672 0.24 Matchpoint Finance plc 0.00% 03/06/2026 GBP 39,000,000 38,738,170 0.18 Matchpoint Finance plc 0.00% 06/05/2026 GBP 50,000,000 49,813,834 0.24 Matchpoint Finance plc 0.00% 11/05/2026 GBP 60,000,000 59,744,741 0.28 970,782,333 4.59 Luxembourg (31 March 2025: 0.80%) Albion Capital Corp. SA 0.00% 13/04/2026 GBP 23,000,000 22,970,200 0.11 Albion Capital Corp. SA 0.00% 13/04/2026 GBP 44,150,000 44,094,305 0.21 Albion Capital Corp. SA 0.00% 22/06/2026 GBP 34,000,000 33,695,527 0.16 Sunderland Receivables SA 0.00% 05/05/2026 GBP 39,000,000 38,857,886 0.18 Sunderland Receivables SA 0.00% 23/04/2026 GBP 15,000,000 14,963,778 0.07 154,581,696 0.73 Netherlands (31 March 2025: 0.00%) Nederlandse Waterschapsbank NV 0.00% 10/06/2026 GBP 100,000,000 99,287,556 0.47 The State of Netherlands 0.00% 07/04/2026 GBP 19,000,000 18,988,243 0.09 The State of Netherlands 0.00% 07/04/2026 GBP 200,000,000 199,875,868 0.94 318,151,667 1.50 United Kingdom (31 March 2025: 0.49%) Barclays Bank plc 0.00% 06/05/2026 GBP 100,000,000 99,630,491 0.47 Transport for London 0.00% 18/06/2026 GBP 30,000,000 29,744,781 0.14 Verto Capital 0.00% 10/04/2026 GBP 50,000,000 49,952,684 0.24 Verto Capital 0.00% 16/04/2026 GBP 50,000,000 49,921,173 0.24 Verto Capital 0.00% 17/04/2026 GBP 50,000,000 49,915,874 0.23 279,165,003 1.32 United States of America (31 March 2025: 1.08%) Great Bear Funding LLC 0.00% 10/04/2026 GBP 98,000,000 97,908,309 0.47 Halkin Finance LLC 0.00% 01/04/2026 GBP 100,000,000 100,000,000 0.47 Halkin Finance LLC 0.00% 02/04/2026 GBP 100,000,000 99,989,678 0.47 Halkin Finance LLC 0.00% 07/04/2026 GBP 100,000,000 99,938,072 0.47 Halkin Finance LLC 0.00% 08/04/2026 GBP 100,000,000 99,927,751 0.47 Halkin Finance LLC 0.00% 09/04/2026 GBP 100,000,000 99,927,751 0.47 Lion Bay Funding LLC 0.00% 09/06/2026 GBP 50,000,000 49,632,647 0.24 647,324,208 3.06 Total Commercial Papers 3,852,515,762 18.20
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 96.05%) (continued) Time Deposits (31 March 2025: 17.33%) Canada (31 March 2025: 0.00%) Royal Bank of Canada 3.75% 01/04/2026 GBP 500,000,000 500,000,000 2.36 500,000,000 2.36 France (31 March 2025: 0.99%) –Germany (31 March 2025: 2.48%) Landesbank Baden-Wuerttemberg 3.73% 01/04/2026 GBP 500,000,000 500,000,000 2.36 500,000,000 2.36 Japan (31 March 2025: 2.48%) –Netherlands (31 March 2025: 0.00%) ABN AMRO Bank NV 3.73% 01/04/2026 GBP 300,000,000 300,000,000 1.42 300,000,000 1.42 Qatar (31 March 2025: 3.73%) Qatar National Bank QPSC 3.73% 31/12/2049 GBP 610,000,000 610,000,000 2.88 610,000,000 2.88 Sweden (31 March 2025: 3.94%) SEB SA 3.70% 31/12/2030 GBP 826,183,506 826,183,497 3.91 826,183,497 3.91 United Kingdom (31 March 2025: 0.00%) Lords Commissioners of His Majesty's Treasury 3.77% 01/04/2026 GBP 500,000,000 500,000,000 2.36 500,000,000 2.36 United States of America (31 March 2025: 3.71%) BNY Mellon 3.72% 31/12/2049 GBP 777,279,444 777,279,444 3.67 777,279,444 3.67 Total Time Deposits 4,013,462,941 18.96 Total Liquidity Instruments 19,860,297,650 93.84
Investments Coupon Rate
Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 2.96%) Australia (31 March 2025: 2.20%) Australia & New Zealand Banking Group Ltd., Reg. S, FRN 4.10% 28/8/2026 GBP 100,000,000 100,001,964 0.48 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 4.10% 14/1/2027 GBP 100,000,000 100,000,830 0.47 Commonwealth Bank of Australia, FRN 4.04% 15/4/2026 GBP 100,000,000 100,000,000 0.47 Westpac Banking Corp., Reg. S, FRN 4.11% 15/1/2027 GBP 85,000,000 84,995,433 0.40 384,998,227 1.82 Canada (31 March 2025: 0.76%) Bank of Montreal, Reg. S, FRN 4.10% 10/7/2026 GBP 50,000,000 49,991,960 0.24 National Bank of Canada, Reg. S, FRN 4.06% 24/4/2026 GBP 15,000,000 15,000,081 0.07 National Bank of Canada, Reg. S, FRN 4.10% 17/9/2026 GBP 50,000,000 49,998,715 0.24 National Bank of Canada, Reg. S, FRN 4.11% 26/10/2026 GBP 50,000,000 49,998,237 0.24 National Bank of Canada, Reg. S, FRN 4.13% 14/1/2027 GBP 30,000,000 30,005,309 0.14 Royal Bank of Canada, Reg. S, FRN 4.14% 19/5/2026 GBP 30,000,000 30,000,000 0.14 Toronto-Dominion Bank (The), Reg. S, FRN 4.41% 18/1/2027 GBP 58,000,000 58,127,014 0.27 283,121,316 1.34 South Korea (31 March 2025: 0.00%) Kookmin Bank, FRN 4.17% 08/6/2026 GBP 34,500,000 34,498,082 0.16 34,498,082 0.16 Total investments in Bonds 702,617,625 3.32
Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Reverse Repurchase Agreements (31 March 2025: 2.89%) Australia (31 March 2025: 0.50%) National Australia Bank Ltd. 3.80% 01/04/2026 GBP 300,000,000 300,000,000 1.42 300,000,000 1.42 Canada (31 March 2025: 0.84%) CIBC World Markets Corp. 3.76% 01/04/2026 GBP 100,000,000 100,000,000 0.47 100,000,000 0.47
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 59
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Reverse Repurchase Agreements (31 March 2025: 2.89%) (continued) Spain (31 March 2025: 0.50%) –United Kingdom (31 March 2025: 1.05%) Abbey National Treasury Services plc 3.75% 01/04/2026 GBP 262,000,000 262,000,000 1.24 Citibank NA 3.75% 01/04/2026 GBP 300,000,000 300,000,000 1.42 Citibank NA 3.80% 01/04/2026 GBP 100,000,000 100,000,000 0.47 662,000,000 3.13 Total Reverse Repurchase Agreements 1,062,000,000 5.02 Total investments 21,624,915,275 102.18 Total financial assets at fair value through profit or loss 21,624,915,275 102.18 Cash and cash equivalents/bank overdraft 501,046,884 2.37 Other assets and liabilities (962,975,951) (4.55) Net asset value attributable to shareholders 21,162,986,208 100.00
Analysis of total assets (Unaudited) % of Total Assets Transferable securities dealt in on another regulated market 7.94 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 89.31 Other assets 2.75 Total assets 100.00
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 60
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Investments Currency Holding Fair Value GBP % of Net Asset Value Collective Investment Scheme - UCITS (31 March 2025: 6.82%) Ireland (31 March 2025: 6.82%) Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund 1 GBP 79,712,823 79,712,822 3.62 Aviva Investors Sterling Standard Liquidity Fund 1 GBP 24,922 28,493,197 1.30 108,206,019 4.92 Luxembourg (31 March 2025: 0.00%) Aviva Investors - Return Plus Fund 1 GBP 9,883 10,075,236 0.46 10,075,236 0.46 Total investments in Collective Investment Scheme - UCITS 118,281,255 5.38
Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 17.20%) Certificates of Deposit (31 March 2025: 14.17%) Australia (31 March 2025: 0.00%) Commonwealth Bank of Australia 0.00% 05/03/2027 GBP 15,000,000 14,387,232 0.65 Commonwealth Bank of Australia 0.00% 24/03/2027 GBP 10,000,000 9,567,003 0.44 23,954,235 1.09 Canada (31 March 2025: 0.90%) Bank of Montreal 0.00% 16/03/2027 GBP 10,000,000 9,574,762 0.44 9,574,762 0.44 Finland (31 March 2025: 0.60%) Nordea Bank Abp 0.00% 21/07/2026 GBP 15,000,000 14,813,703 0.68 Nordea Bank Abp 0.00% 25/03/2027 GBP 15,000,000 14,346,675 0.65 29,160,378 1.33 France (31 March 2025: 2.06%) Credit Agricole Corporate and Investment Bank 0.00% 08/01/2027 GBP 20,000,000 19,329,132 0.88 Credit Agricole Corporate and Investment Bank 0.00% 14/01/2027 GBP 20,000,000 19,314,276 0.88 Societe Generale SA 0.00% 22/05/2026 GBP 10,000,000 9,946,000 0.45 Societe Generale SA 4.41% 02/06/2026 GBP 10,000,000 10,007,150 0.45 Societe Generale SA 0.00% 30/06/2026 GBP 15,000,000 14,853,600 0.68 73,450,158 3.34 Japan (31 March 2025: 0.00%) Mitsubishi UFJ Trust and Banking Corp. 0.00% 29/07/2026 GBP 20,000,000 19,730,100 0.90 Mitsubishi UFJ Trust and Banking Corp. 0.00% 21/08/2026 GBP 10,000,000 9,835,500 0.44 Sumitomo Mitsui Banking Corp. 0.00% 09/07/2026 GBP 20,000,000 19,777,242 0.90 49,342,842 2.24 Norway (31 March 2025: 0.60%) –Qatar (31 March 2025: 0.59%) Qatar National Bank QPSC 0.00% 18/05/2026 GBP 10,000,000 9,948,245 0.45 9,948,245 0.45 Singapore (31 March 2025: 0.00%) Oversea-Chinese Banking Corp. Ltd. 4.10% 23/11/2026 GBP 10,000,000 9,998,906 0.46 9,998,906 0.46 South Korea (31 March 2025: 1.48%) KEB Hana Bank 0.00% 13/08/2026 GBP 15,000,000 14,768,937 0.67 Kookmin Bank 4.57% 27/04/2026 GBP 5,000,000 5,000,987 0.23 Kookmin Bank 4.56% 05/05/2026 GBP 10,000,000 10,002,492 0.46 Woori Bank 0.00% 20/01/2027 GBP 13,000,000 12,541,210 0.57 42,313,626 1.93 Switzerland (31 March 2025: 2.07%) –United Arab Emirates (31 March 2025: 2.63%) Abu Dhabi Commercial Bank PJSC 0.00% 19/10/2026 GBP 20,000,000 19,517,534 0.88 First Abu Dhabi Bank PJSC 0.00% 01/10/2026 GBP 15,000,000 14,681,550 0.67 First Abu Dhabi Bank PJSC 4.02% 04/01/2027 GBP 10,000,000 9,954,591 0.45 First Abu Dhabi Bank PJSC 0.00% 29/01/2027 GBP 10,000,000 9,632,050 0.44 National Bank of Abu Dhabi 0.00% 13/01/2027 GBP 20,000,000 19,306,500 0.88 73,092,225 3.32 United Kingdom (31 March 2025: 3.24%) Citibank NA 3.79% 17/08/2026 GBP 15,000,000 14,978,925 0.68 Goldman Sachs International Bank 0.00% 30/04/2026 GBP 15,000,000 14,953,051 0.68
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
The accompanying notes form an integral part of these financial statements. 61
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 17.20%) (continued) Certificates of Deposit (31 March 2025: 14.17%) (continued) United Kingdom (31 March 2025: 3.24%) (continued) Goldman Sachs International Bank 0.00% 25/02/2027 GBP 5,000,000 4,799,483 0.22 Lloyds Bank Corporate Markets plc 0.00% 28/07/2026 GBP 15,000,000 14,797,689 0.67 Lloyds Bank Corporate Markets plc 0.00% 10/03/2027 GBP 15,000,000 14,374,350 0.65 NatWest Markets plc 0.00% 01/12/2026 GBP 15,000,000 14,568,975 0.66 Standard Chartered Bank 4.14% 12/01/2027 GBP 10,000,000 9,995,817 0.46 88,468,290 4.02 Total Certificates of Deposit 409,303,667 18.62 Commercial Papers (31 March 2025: 1.19%) Australia (31 March 2025: 0.00%) Australia and New Zealand Banking Group Ltd. 0.00% 16/03/2027 GBP 10,000,000 9,571,247 0.44 9,571,247 0.44 France (31 March 2025: 1.19%) Natixis SA 0.00% 24/07/2026 GBP 15,000,000 14,809,652 0.67 14,809,652 0.67 Total Commercial Papers 24,380,899 1.11 Time Deposits (31 March 2025: 1.84%) Sweden (31 March 2025: 1.84%) –United States of America (31 March 2025: 0.00%) SEB SA 3.70% 31/12/2030 GBP 31,891,033 31,891,032 1.45 31,891,032 1.45 Total Time Deposits 31,891,032 1.45 Total Liquidity Instruments 465,575,598 21.18
Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 76.81%) Algeria (31 March 2025: 1.62%) Compartment Private Driver UK 7, Reg. S, FRN 4.38% 25/4/2031 GBP 15,946,565 15,960,256 0.73 15,960,256 0.73 Australia (31 March 2025: 9.79%) Australia & New Zealand Banking Group Ltd., Reg. S, FRN 4.10% 14/1/2027 GBP 15,000,000 15,001,276 0.68 Commonwealth Bank of Australia, Reg. S, FRN 4.74% 01/11/2028 GBP 6,497,000 6,578,451 0.30 Commonwealth Bank of Australia, Reg. S, FRN 4.26% 17/10/2027 GBP 34,273,000 34,325,044 1.56 National Australia Bank Ltd., Reg. S, FRN 4.35% 25/11/2030 GBP 23,000,000 23,025,415 1.05 Westpac Banking Corp., Reg. S, FRN 4.49% 11/1/2028 GBP 25,250,000 25,397,250 1.16 Westpac Banking Corp., Reg. S, FRN 4.35% 03/7/2028 GBP 29,600,000 29,710,474 1.35 Westpac Banking Corp., Reg. S, FRN 4.10% 15/1/2027 GBP 15,000,000 15,002,660 0.68 Westpac Banking Corp., Reg. S, FRN 4.35% 26/9/2030 GBP 20,500,000 20,530,463 0.93 169,571,033 7.71 Canada (31 March 2025: 17.54%) Bank of Montreal, Reg. S, FRN 4.75% 09/3/2027 GBP 21,000,000 21,121,014 0.96 Bank of Nova Scotia (The), Reg. S, FRN 4.37% 09/3/2027 GBP 20,000,000 20,050,153 0.91 Bank of Nova Scotia (The), Reg. S, FRN 4.29% 15/9/2028 GBP 31,727,000 31,768,197 1.45 Bank of Nova Scotia (The), Reg. S, FRN 4.33% 19/3/2031 GBP 14,800,000 14,807,037 0.67 Canadian Imperial Bank of Commerce, Reg. S, FRN 4.30% 12/9/2028 GBP 29,900,000 29,965,405 1.36 Canadian Imperial Bank of Commerce, Reg. S, FRN 4.36% 10/10/2029 GBP 7,191,000 7,206,470 0.33 Federation des Caisses Desjardins du Quebec, Reg. S, FRN 4.38% 30/11/2026 GBP 22,234,000 22,281,843 1.01 Federation des Caisses Desjardins du Quebec, Reg. S, FRN 4.34% 12/10/2027 GBP 34,444,000 34,545,388 1.57 Federation des Caisses Desjardins du Quebec, Reg. S, FRN 4.37% 15/7/2028 GBP 28,100,000 28,188,590 1.28 National Bank of Canada, Reg. S, FRN 4.13% 14/1/2027 GBP 20,000,000 20,007,378 0.91 Royal Bank of Canada, Reg. S, FRN 4.49% 18/1/2028 GBP 30,340,000 30,510,982 1.39 Royal Bank of Canada, Reg. S, FRN 4.38% 18/3/2027 GBP 19,840,000 19,896,519 0.91 Royal Bank of Canada, Reg. S, FRN 4.1 3 % 04/2/2027 GBP 10,000,000 10,003,149 0.46 Royal Bank of Canada, Reg. S, FRN 4.32% 20/3/2031 GBP 15,000,000 15,005,534 0.68 Toronto-Dominion Bank (The), Reg. S, FRN 4.45% 12/6/2028 GBP 8,000,000 8,045,871 0.37 Toronto-Dominion Bank (The), Reg. S, FRN 4.35% 11/6/2029 GBP 15,800,000 15,845,860 0.72 Toronto-Dominion Bank (The), Reg. S, FRN 4.32% 29/1/2031 GBP 16,529,000 16,540,405 0.75 345,789,795 15.73
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 76.81%) (continued) Denmark (31 March 2025: 0.54%) Danske Bank A/S, Reg. S, FRN 4.63% 13/4/2027 GBP 9,000,000 8,999,325 0.41 8,999,325 0.41 France (31 March 2025: 1.37%) Titrisocram 2026, FRN 2.58% 26/4/2049 EUR 12,200,000 10,590,201 0.48 10,590,201 0.48 Ireland (31 March 2025: 0.00%) Fortuna Consumer Loan Abs DAC, Reg. S, FRN 2.56% 18/10/2035 EUR 31,600,000 27,423,187 1.25 Fortuna Consumer Loan Abs DAC, Reg. S, FRN 0.00% 18/10/2037 EUR 15,000,000 13,021,343 0.59 40,444,530 1.84 Luxembourg (31 March 2025: 4.60%) Compartment Driver UK Eight, Reg. S, FRN 4.34% 25/9/2031 GBP 24,262,725 24,275,277 1.10 Compartment Driver UK Nine, Reg. S, FRN 4.34% 26/4/2032 GBP 28,167,801 28,192,678 1.28 Compartment Driver UK Ten, Reg. S, FRN 4.33% 25/4/2033 GBP 15,500,000 15,499,718 0.71 Compartment VCL 46, Reg. S, FRN 2.36% 21/7/2031 EUR 8,311,132 7,220,421 0.33 Driver UK Multi-Compartment SA, Reg. S, FRN 4.31% 25/9/2033 GBP 18,100,000 18,096,190 0.82 ECARAT DE SA Compartment Lease, Reg. S, FRN 2.58% 25/5/2034 EUR 19,300,000 16,809,637 0.76 Pony SA Compartment German Auto Loans, Reg. S, FRN 2.42% 14/12/2036 EUR 19,200,000 16,665,778 0.76 SC Nordics SARL Rahoituspalvelut 2025, Reg. S, FRN 2.51% 25/12/2035 EUR 11,612,638 10,098,463 0.46 Silver Arrow Compartment Silver Arrow UK, Reg. S, FRN 4.28% 20/1/2031 GBP 12,186,487 12,190,362 0.55 Silver Arrow SA Compartment 20, Reg. S, FRN 2.37% 15/6/2033 EUR 8,296,706 7,207,857 0.33 Volkswagen Car Lease, Reg. S, FRN 2.35% 21/11/2032 EUR 12,802,764 11,123,280 0.51 167,379,661 7.61 Netherlands (31 March 2025: 0.90%) ABN AMRO Bank NV, Reg. S, FRN 4.32% 24/2/2027 GBP 25,000,000 25,025,675 1.14 ABN AMRO Bank NV, Reg. S, FRN 4.45% 08/12/2028 GBP 30,000,000 29,975,318 1.36 Bumper NL BV, Reg. S, FRN 2.52% 24/1/2037 EUR 16,400,000 14,253,909 0.65 Candide Financing BV, Reg. S, FRN 2.46% 20/11/2059 EUR 15,385,000 13,376,051 0.61 Green Lion BV, Reg. S, FRN 2.51% 23/1/2062 EUR 9,906,000 8,612,961 0.39 Hill FL BV, Reg. S, FRN 2.66% 18/10/2033 EUR 8,500,000 7,392,006 0.34 Mila BV, Reg. S, FRN 2.58% 12/10/2042 EUR 15,000,000 13,047,645 0.59 111,683,565 5.08 Singapore (31 March 2025: 4.80%) DBS Bank Ltd., Reg. S, FRN 4.29% 14/5/2027 GBP 31,111,000 31,177,352 1.42 DBS Bank Ltd., Reg. S, FRN 4.26% 30/10/2028 GBP 18,427,000 18,457,126 0.84 United Overseas Bank Ltd., Reg. S, FRN 4.28% 13/9/2027 GBP 16,667,000 16,682,642 0.76 United Overseas Bank Ltd., Reg. S, FRN 4.27% 08/6/2029 GBP 25,000,000 25,014,688 1.13 91,331,808 4.15 South Korea (31 March 2025: 0.00%) Korea Housing Finance Corp., Reg. S, FRN 4.3 4 % 14/10/2028 GBP 6,600,000 6,606,794 0.30 6,606,794 0.30 Spain (31 March 2025: 0.00%) Auto Abs Spanish Loans, Reg. S, FRN 2.78% 28/12/2038 EUR 3,700,000 3,210,648 0.15 3,210,648 0.15 United Kingdom (31 March 2025: 35.65%) Albion No 5 plc, Reg. S, FRN 4.26% 17/7/2066 GBP 6,206,406 6,211,067 0.28 Albion NO 6 plc, Reg. S, FRN 4.22% 17/1/2067 GBP 8,697,134 8,702,804 0.40 Atlas Funding plc, Reg. S, FRN 4.52% 20/7/2067 GBP 8,146,368 8,146,801 0.37 Bavarian Sky UK 6 plc, Reg. S, FRN 4.28% 20/6/2032 GBP 26,070,795 26,072,568 1.19 Bavarian Sky UK 7 plc, Reg. S, FRN 4.35% 20/11/2033 GBP 16,058,000 16,053,159 0.73 Bowbell NO 3 plc, Reg. S, FRN 4.32% 16/7/2065 GBP 7,757,037 7,771,191 0.35 Brass No 10 plc, Reg. S, FRN 4.07% 16/4/2069 GBP 831,214 831,304 0.04 Darrowby No 6 plc, Reg. S, FRN 4.25% 20/9/2071 GBP 11,088,585 11,081,090 0.50 Delamare Cards MTN Issuer plc, Reg. S, FRN 4.53% 19/4/2031 GBP 23,700,000 23,705,905 1.08 Delamare Cards MTN Issuer plc, Reg. S, FRN 4.65% 19/10/2031 GBP 25,000,000 25,034,699 1.14 Economic Master Issuer plc, Reg. S, FRN 4.03% 25/6/2073 GBP 7,069,842 7,070,374 0.32 Economic Master Issuer plc, Reg. S, FRN 4.29% 25/6/2074 GBP 2,829,187 2,830,982 0.13 Economic Master Issuer plc, Reg. S, FRN 4.23% 25/4/2075 GBP 14,023,125 14,033,790 0.64 Elvet Mortgages plc, Reg. S, FRN 4.12% 22/10/2063 GBP 2,274,432 2,275,090 0.10
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 76.81%) (continued) United Kingdom (31 March 2025: 35.65%) (continued) Elvet Mortgages plc, Reg. S, FRN 4.31% 22/12/2066 GBP 8,838,168 8,861,656 0.40 Elvet Mortgages plc, Reg. S, FRN 4.28% 22/1/2068 GBP 14,151,000 14,151,246 0.64 Exmoor Funding plc, Reg. S, FRN 4.63% 25/3/2094 GBP 4,248,104 4,258,777 0.19 Friary No 8 plc, Reg. S, FRN 4.30% 21/10/2071 GBP 7,583,561 7,598,776 0.35 Friary No 9 plc, Reg. S, FRN 4.25% 21/5/2072 GBP 10,981,131 10,989,740 0.50 Holmes Master Issuer plc, Reg. S, FRN 4.47% 15/10/2054 GBP 15,734,000 15,767,339 0.72 Holmes Master Issuer plc, Reg. S, FRN 4.32% 15/10/2072 GBP 23,000,000 23,019,557 1.05 Holmes Master Issuer plc, Reg. S, FRN 4.27% 15/10/2072 GBP 11,000,000 11,003,148 0.50 Holmes Master Issuer plc, Reg. S, FRN 4.24% 15/10/2072 GBP 8,300,000 8,297,574 0.38 Holmes Master Issuer plc, Reg. S, FRN 4.27% 15/10/2072 GBP 20,755,000 20,746,777 0.94 Koromo UK 1 plc, FRN 4.33% 23/10/2034 GBP 13,181,734 13,191,393 0.60 Koromo UK 2 plc, Reg. S, FRN 4.30% 23/11/2032 GBP 11,238,000 11,239,540 0.51 Lanark Master Issuer plc, Reg. S, FRN 4.57% 22/12/2069 GBP 13,902,437 13,950,072 0.63 Lanark Master Issuer plc, Reg. S, FRN 4.25% 22/12/2069 GBP 20,339,285 20,348,487 0.93 Lanark Master Issuer plc, Reg. S, FRN 4.25% 22/12/2069 GBP 18,494,668 18,490,244 0.84 Lanebrook Mortgage Transaction plc, Reg. S, FRN 4.40% 20/7/2058 GBP 37,255 37,273 0.00 Lanebrook Mortgage Transaction plc, Reg. S, FRN 4.93% 20/8/2060 GBP 8,094,880 8,138,449 0.37 Lanebrook Mortgage Transaction plc, Reg. S, FRN 4.55% 15/3/2061 GBP 15,640,609 15,655,445 0.71 London Cards No3 plc, Reg. S, FRN 4.63% 15/12/2035 GBP 18,575,000 18,622,255 0.85 Nationwide Building Society 4.28% 22/1/2028 GBP 11,403,000 11,429,301 0.52 Nationwide Building Society, Reg. S, FRN 4.60% 17/2/2031 GBP 20,000,000 20,006,310 0.91 Newday Funding Master Issuer plc - Series, Reg. S, FRN 4.63% 15/7/2032 GBP 12,650,000 12,665,589 0.58 Newday Funding Master Issuer plc - Series, Reg. S, FRN 4.63% 15/11/2032 GBP 11,500,000 11,516,840 0.52 Newday Funding Master Issuer plc - Series, Reg. S, FRN 4.58% 15/4/2033 GBP 13,000,000 13,003,386 0.59 Newday Funding Master Issuer plc - Series, Reg. S, FRN 4.53% 15/7/2033 GBP 22,619,000 22,616,065 1.03 Newday Funding Master Issuer plc - Series, Reg. S, FRN 0.00% 15/3/2034 GBP 11,429,000 11,437,518 0.52 Oak No. 4 plc, Reg. S, FRN 4.37% 26/2/2065 GBP 8,473,211 8,500,126 0.39 Permanent Master Issuer plc, Reg. S, FRN 4.24% 15/7/2073 GBP 29,816,000 29,838,625 1.36 Permanent Master Issuer plc, Reg. S, FRN 4.24% 15/7/2073 GBP 14,476,000 14,470,497 0.66 Pulse UK 2024 plc, Reg. S, FRN 4.39% 27/5/2036 GBP 30,405,925 30,437,876 1.38 Santander UK plc, Reg. S, FRN 4.27% 12/5/2028 GBP 13,000,000 13,034,585 0.59 Santander UK plc, Reg. S, FRN 4.39% 12/1/2028 GBP 10,000,000 10,054,083 0.46 Satus plc, Reg. S, FRN 4.63% 17/1/2031 GBP 5,948,304 5,951,713 0.27 Silverstone Master Issuer plc, Reg. S, FRN 4.04% 21/1/2070 GBP 1,750,760 1,749,253 0.08 Silverstone Master Issuer plc, Reg. S, FRN 4.42% 21/1/2070 GBP 10,608,000 10,621,224 0.48 Silverstone Master Issuer plc, Reg. S, FRN 4.22% 21/1/2070 GBP 23,500,000 23,504,953 1.07 Silverstone Master Issuer plc, Reg. S, FRN 4.25% 21/1/2070 GBP 14,300,000 14,278,719 0.65 669,305,235 30.44 Total investments in Bonds 1,640,872,851 74.63 Total investments 2,224,729,704 101.19
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/(Loss) GBP % of Net Asset Value Forward Currency Exchange Contracts (31 March 2025: 0.00%) EUR 15,000,000 GBP 12,986,296 08/04/2026 J.P. Morgan 39,574 0.00 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 39,574 0.00 GBP 169,520,330 EUR 195,355,465 30/04/2026 J.P. Morgan (323,171) (0.01) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (323,171) (0.01) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (283,597) (0.01) Total financial assets at fair value through profit or loss 2,224,769,278 101.19 Total financial liabilities at fair value through profit or loss (323,171) (0.01) Cash and cash equivalents/bank overdraft 16,150 0.00 Other assets and liabilities (25,977,881) (1.18) Net asset value attributable to shareholders 2,198,484,376 100.00
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Analysis of total assets (Unaudited) % of Total Assets Transferable securities admitted to official stock exchange listing 40.22 Transferable securities dealt in on another regulated market 32.79 Collective investment schemes 5.29 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 21.29 Over-the-counter financial derivative instruments 0.00 Other assets 0.41 Total assets 100.00 1 A related party to the Fund.
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING LIQUIDITY PLUS FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Currency Holding Fair Value GBP % of Net Asset Value Collective Investment Scheme - UCITS (31 March 2025: 3.81%) Ireland (31 March 2025: 3.81%) Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund 1 GBP 7,350,610 7,350,610 4.95 7,350,610 4.95 Total investments in Collective Investment Scheme - UCITS 7,350,610 4.95
Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 85.18%) Certificates of Deposit (31 March 2025: 57.83%) Australia (31 March 2025: 3.21%) Australia and New Zealand Banking Group Ltd. 0.00% 12/11/2026 GBP 1,000,000 973,204 0.66 Commonwealth Bank of Australia 4.05% 30/09/2026 GBP 1,000,000 999,965 0.67 National Australia Bank Ltd. 4.12% 01/06/2026 GBP 1,000,000 1,000,020 0.67 National Australia Bank Ltd. 4.11% 07/01/2027 GBP 1,000,000 1,000,081 0.68 3,973,270 2.68 Belgium (31 March 2025: 0.00%) KBC Bank NV 0.00% 01/06/2026 GBP 1,000,000 993,570 0.67 993,570 0.67 Canada (31 March 2025: 4.23%) Bank of Montreal 4.49% 14/05/2026 GBP 1,000,000 1,000,174 0.67 Bank of Montreal 0.00% 03/12/2026 GBP 1,000,000 970,838 0.66 Bank of Montreal 0.00% 28/04/2026 GBP 1,000,000 996,971 0.67 Bank of Nova Scotia (The) 4.20% 08/05/2026 GBP 1,000,000 1,000,061 0.67 Bank of Nova Scotia (The) 4.13% 07/04/2026 GBP 500,000 499,999 0.34 Bank of Nova Scotia (The) 4.15% 04/01/2027 GBP 500,000 500,002 0.34 National Bank of Canada 4.32% 13/07/2026 GBP 1,000,000 1,000,022 0.67 National Bank of Canada 3.80% 30/04/2026 GBP 1,000,000 999,944 0.67 Royal Bank of Canada 4.04% 07/04/2026 GBP 1,500,000 1,500,014 1.01 Royal Bank of Canada 4.30% 15/05/2026 GBP 1,000,000 1,000,310 0.67 Toronto-Dominion Bank (The) 4.02% 11/12/2026 GBP 1,000,000 996,070 0.67 Toronto-Dominion Bank (The) 0.00% 05/02/2027 GBP 1,000,000 962,223 0.65 11,426,628 7.69 Finland (31 March 2025: 1.30%) Nordea Bank Abp 4.14% 15/04/2026 GBP 1,000,000 1,000,070 0.67 Nordea Bank Abp 4.11% 01/06/2026 GBP 1,000,000 1,000,332 0.67 Nordea Bank Abp 0.00% 19/05/2026 GBP 1,000,000 994,885 0.67 Nordea Bank Abp 0.00% 28/07/2026 GBP 1,000,000 986,713 0.67 3,982,000 2.68 France (31 March 2025: 6.49%) BNP Paribas SA 3.76% 03/07/2026 GBP 1,000,000 999,220 0.67 Credit Agricole Corporate and Investment Bank 4.08% 01/04/2026 GBP 500,000 500,003 0.34 Credit Agricole Corporate and Investment Bank 0.00% 01/05/2026 GBP 1,000,000 996,766 0.67 Credit Agricole Corporate and Investment Bank 0.00% 02/04/2026 GBP 1,000,000 999,791 0.67 Societe Generale SA 4.41% 02/06/2026 GBP 1,000,000 1,000,630 0.68 Societe Generale SA 0.00% 15/04/2026 GBP 1,500,000 1,497,645 1.01 Societe Generale SA 0.00% 02/06/2026 GBP 1,000,000 993,320 0.67 6,987,375 4.71 Germany (31 March 2025: 1.91%) DZ Bank AG 0.00% 01/04/2026 GBP 1,000,000 999,893 0.67 DZ Bank AG 0.00% 05/05/2026 GBP 1,000,000 996,255 0.67 1,996,148 1.34 Japan (31 March 2025: 7.13%) Mitsubishi UFJ Trust and Banking Corp. 0.00% 21/08/2026 GBP 1,000,000 983,512 0.66 Mitsubishi UFJ Trust and Banking Corp. 0.00% 15/04/2026 GBP 1,000,000 998,412 0.67 Mitsubishi UFJ Trust and Banking Corp. 4.25% 02/12/2026 GBP 1,000,000 1,000,278 0.68 Mitsubishi UFJ Trust and Banking Corp. 0.00% 30/06/2026 GBP 1,000,000 989,825 0.67 Mizuho Bank Ltd. 3.94% 13/04/2026 GBP 2,000,000 1,999,991 1.35 Mizuho Bank Ltd. 0.00% 15/04/2026 GBP 1,000,000 998,391 0.67 Mizuho Bank Ltd. 0.00% 11/05/2026 GBP 1,000,000 995,559 0.67 Mizuho Bank Ltd. 0.00% 29/06/2026 GBP 1,000,000 989,943 0.67
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 85.18%) (continued) Certificates of Deposit (31 March 2025: 57.83%) (continued) Japan (31 March 2025: 7.13%) (continued) Mizuho Bank Ltd. 0.00% 26/05/2026 GBP 1,000,000 993,838 0.67 Norinchukin Bank (The) 0.00% 15/04/2026 GBP 1,000,000 998,412 0.67 Norinchukin Bank (The) 0.00% 20/04/2026 GBP 1,000,000 997,884 0.67 Norinchukin Bank (The) 0.00% 22/04/2026 GBP 1,000,000 997,673 0.67 Norinchukin Bank (The) 0.00% 13/05/2026 GBP 1,000,000 995,391 0.67 Sumitomo Mitsui Banking Corp. 0.00% 20/04/2026 GBP 1,000,000 997,889 0.67 Sumitomo Mitsui Banking Corp. 0.00% 01/06/2026 GBP 1,000,000 993,273 0.67 Sumitomo Mitsui Banking Corp. 0.00% 06/05/2026 GBP 1,000,000 996,184 0.67 Sumitomo Mitsui Banking Corp. 0.00% 12/06/2026 GBP 1,000,000 992,009 0.67 Sumitomo Mitsui Trust Bank Ltd. 0.00% 20/04/2026 GBP 1,000,000 997,889 0.67 Sumitomo Mitsui Trust Bank Ltd. 0.00% 27/04/2026 GBP 1,000,000 997,153 0.67 19,913,506 13.41 Netherlands (31 March 2025: 2.27%) –Norway (31 March 2025: 0.65%) DNB Bank ASA 0.00% 14/05/2026 GBP 1,000,000 995,570 0.67 DNB Bank ASA 0.00% 28/04/2026 GBP 1,000,000 997,200 0.67 1,992,770 1.34 Qatar (31 March 2025: 1.62%) –Singapore (31 March 2025: 4.23%) Oversea-Chinese Banking Corp. Ltd. 4.13% 08/01/2027 GBP 2,000,000 1,999,740 1.35 Oversea-Chinese Banking Corp. Ltd. 4.10% 23/11/2026 GBP 1,000,000 999,827 0.67 Oversea-Chinese Banking Corp. Ltd. 0.00% 18/05/2026 GBP 2,000,000 1,989,743 1.34 4,989,310 3.36 South Korea (31 March 2025: 3.22%) KEB Hana Bank 0.00% 08/06/2026 GBP 1,000,000 992,409 0.67 Kookmin Bank 4.57% 27/04/2026 GBP 1,000,000 1,000,190 0.67 Kookmin Bank 4.56% 05/05/2026 GBP 1,000,000 1,000,239 0.67 Kookmin Bank 4.28% 09/10/2026 GBP 1,000,000 1,000,134 0.67 Shinhan Bank Co., Ltd. 0.00% 16/06/2026 GBP 2,000,000 1,982,941 1.34 Woori Bank 0.00% 31/07/2026 GBP 1,000,000 986,452 0.67 6,962,365 4.69 Spain (31 March 2025: 0.00%) Banco Santander SA 0.00% 02/06/2026 GBP 2,000,000 1,986,750 1.34 1,986,750 1.34 Switzerland (31 March 2025: 2.25%) UBS AG 4.46% 16/04/2026 GBP 500,000 500,029 0.34 500,029 0.34 United Arab Emirates (31 March 2025: 6.76%) First Abu Dhabi Bank PJSC 0.00% 30/06/2026 GBP 1,000,000 989,900 0.67 First Abu Dhabi Bank PJSC 4.25% 08/10/2026 GBP 1,000,000 998,930 0.67 First Abu Dhabi Bank PJSC 4.11% 12/11/2026 GBP 1,000,000 997,480 0.67 National Bank of Abu Dhabi 4.03% 18/12/2026 GBP 1,000,000 996,120 0.67 National Bank of Abu Dhabi 4.01% 06/01/2027 GBP 1,000,000 995,390 0.67 4,977,820 3.35 United Kingdom (31 March 2025: 12.56%) Citibank NA 3.79% 17/08/2026 GBP 1,000,000 998,410 0.67 Goldman Sachs International Bank 0.00% 07/07/2026 GBP 500,000 494,602 0.33 Goldman Sachs International Bank 0.00% 01/06/2026 GBP 1,000,000 993,513 0.67 Goldman Sachs International Bank 0.00% 20/05/2026 GBP 2,000,000 1,989,561 1.34 NatWest Markets plc 0.00% 06/11/2026 GBP 1,000,000 973,990 0.66 Standard Chartered Bank 4.25% 09/09/2026 GBP 1,000,000 1,000,110 0.67 Standard Chartered Bank 0.00% 20/01/2027 GBP 1,000,000 964,130 0.65 Standard Chartered plc 4.46% 08/04/2026 GBP 1,000,000 1,000,017 0.67 Standard Chartered plc 4.11% 07/08/2026 GBP 1,000,000 1,000,179 0.68 9,414,512 6.34 Total Certificates of Deposit 80,096,053 53.94
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
avivainvestors.com | Annual Report and audited financial statements
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value GBP % of Net Asset Value Liquidity Instruments (31 March 2025: 85.18%) (continued) Commercial Papers (31 March 2025: 12.68%) Australia (31 March 2025: 0.32%) Australia and New Zealand Banking Group Ltd. 0.00% 27/07/2026 GBP 2,000,000 1,973,285 1.33 1,973,285 1.33 Cayman Islands (31 March 2025: 0.00%) Chesham Finance Ltd. 0.00% 08/04/2026 GBP 2,000,000 1,998,300 1.35 1,998,300 1.35 France (31 March 2025: 3.56%) Agence Centrale des Organismes de Securite Sociale 0.00% 09/06/2026 GBP 1,000,000 992,352 0.67 Antalis SA 0.00% 01/04/2026 GBP 1,000,000 999,892 0.68 Antalis SA 0.00% 08/04/2026 GBP 1,000,000 999,272 0.67 LMA SA 0.00% 19/05/2026 GBP 1,000,000 994,765 0.67 LMA SA 0.00% 18/06/2026 GBP 1,500,000 1,487,239 1.00 LMA SA 0.00% 08/04/2026 GBP 1,000,000 999,142 0.67 Managed and Enhanced Tap (Magenta) Funding ST SA 0.00% 16/04/2026 GBP 1,000,000 998,285 0.67 7,470,947 5.03 Germany (31 March 2025: 0.65%) –Ireland (31 March 2025: 3.89%) Anglesea Funding plc 0.00% 08/04/2026 GBP 2,000,000 1,998,559 1.35 Matchpoint Finance plc 0.00% 03/06/2026 GBP 1,000,000 992,871 0.67 2,991,430 2.02 Luxembourg (31 March 2025: 2.98%) Albion Capital Corp. SA 0.00% 22/06/2026 GBP 1,000,000 991,045 0.67 Sunderland Receivables SA 0.00% 05/05/2026 GBP 1,000,000 996,255 0.67 1,987,300 1.34 Netherlands (31 March 2025: 0.00%) The State of Netherlands 0.00% 07/04/2026 GBP 1,000,000 999,277 0.67 999,277 0.67 United Kingdom (31 March 2025: 1.28%) Barclays Bank plc 0.00% 06/05/2026 GBP 2,000,000 1,992,434 1.34 1,992,434 1.34 United States of America (31 March 2025: 0.00%) Great Bear Funding LLC 0.00% 10/04/2026 GBP 2,000,000 1,997,089 1.34 Halkin Finance LLC 0.00% 02/04/2026 GBP 2,000,000 1,999,560 1.35 Halkin Finance LLC 0.00% 07/04/2026 GBP 2,000,000 1,998,500 1.34 Halkin Finance LLC 0.00% 09/04/2026 GBP 2,000,000 1,998,555 1.35 7,993,704 5.38 Total Commercial Papers 27,406,677 18.46 Time Deposits (31 March 2025: 14.67%) France (31 March 2025: 0.65%) –Germany (31 March 2025: 9.51%) Landesbank Baden-Wuerttemberg 3.73% 01/04/2026 GBP 13,500,000 13,500,000 9.09 13,500,000 9.09 United States of America (31 March 2025: 4.51%) BNY Mellon 3.72% 31/12/2049 GBP 7,215,691 7,215,691 4.86 7,215,691 4.86 Total Time Deposits 20,715,691 13.95 Total Liquidity Instruments 128,218,421 86.35
Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 13.57%) Australia (31 March 2025: 3.91%) Australia & New Zealand Banking Group Ltd., Reg. S, FRN 4.38% 04/12/2026 GBP 1,000,000 1,001,530 0.68 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 4.10% 28/8/2026 GBP 2,000,000 2,000,039 1.35 Commonwealth Bank of Australia, FRN 4.04% 15/4/2026 GBP 1,000,000 999,977 0.67 Commonwealth Bank of Australia, Reg. S, FRN 4.26% 17/10/2027 GBP 1,500,000 1,502,178 1.01 5,503,724 3.71 Canada (31 March 2025: 7.12%) Bank of Montreal, Reg. S, FRN 4.75% 15/9/2026 GBP 500,000 501,620 0.34
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
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Investments Coupon Rate Maturity Date Currency Holding Fair Value GBP % of Net Asset Value Bonds (31 March 2025: 13.57%) (continued) Canada (31 March 2025: 7.12%) (continued) Canadian Imperial Bank of Commerce, Reg. S, FRN 4.37% 13/4/2026 GBP 1,000,000 999,936 0.67 National Bank of Canada, Reg. S, FRN 4.75% 05/5/2026 GBP 2,000,000 2,001,320 1.35 National Bank of Canada, Reg. S, FRN 4.06% 24/4/2026 GBP 2,000,000 1,999,977 1.35 National Bank of Canada, Reg. S, FRN 4.10% 17/9/2026 GBP 1,000,000 999,974 0.67 Royal Bank of Canada, Reg. S, FRN 4.74% 22/10/2026 GBP 1,000,000 1,003,450 0.67 7,506,277 5.05 France (31 March 2025: 0.39%) –Netherlands (31 March 2025: 0.65%) ABN AMRO Bank NV, Reg. S, FRN 4.32% 24/2/2027 GBP 1,000,000 1,000,588 0.67 1,000,588 0.67 Norway (31 March 2025: 0.00%) DNB Bank ASA, Reg. S, FRN 4.00% 17/8/2027 GBP 2,500,000 2,494,077 1.68 2,494,077 1.68 Singapore (31 March 2025: 0.85%) –South Korea (31 March 2025: 0.00%) Kookmin Bank, FRN 4.18% 08/6/2026 GBP 500,000 500,130 0.34 500,130 0.34 United Kingdom (31 March 2025: 0.65%) –Total investments in Bonds 17,004,796 11.45 Total investments 152,573,827 102.75 Total financial assets at fair value through profit or loss 152,573,827 102.75 Cash and cash equivalents/bank overdraft 79,660 0.05 Other assets and liabilities (4,166,054) (2.80) Net asset value attributable to shareholders 148,487,433 100.00
Analysis of total assets (Unaudited) % of Total Assets Transferable securities dealt in on another regulated market 11.08 Collective investment schemes 4.79 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 83.54 Other assets 0.59 Total assets 100.00 1 A related party to the Fund.
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS STERLING STANDARD LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value USD % of Net Asset Value Liquidity Instruments (31 March 2025: 98.57%) Certificates of Deposit (31 March 2025: 28.56%) Australia (31 March 2025: 4.78%) Westpac Banking Corp. 3.92% 12/06/2026 USD 15,000,000 14,999,694 1.18 14,999,694 1.18 Belgium (31 March 2025: 1.19%) –Canada (31 March 2025: 4.68%) Bank of Nova Scotia (The) 0.00% 17/06/2026 USD 10,000,000 9,914,329 0.78 Royal Bank of Canada 3.98% 18/11/2026 USD 12,000,000 12,000,468 0.94 Royal Bank of Canada 3.93% 04/11/2026 USD 12,000,000 11,994,416 0.94 33,909,213 2.66 Finland (31 March 2025: 0.00%) Nordea Bank Abp 3.83% 06/05/2026 USD 10,000,000 10,000,000 0.78 10,000,000 0.78 France (31 March 2025: 1.00%) –Japan (31 March 2025: 7.01%) Mitsubishi UFJ Trust and Banking Corp. 0.00% 20/04/2026 USD 15,000,000 14,970,122 1.17 Mitsubishi UFJ Trust and Banking Corp. 0.00% 07/04/2026 USD 9,000,000 8,994,320 0.71 Mitsubishi UFJ Trust and Banking Corp. 0.00% 07/04/2026 USD 10,000,000 9,993,625 0.78 Mitsubishi UFJ Trust and Banking Corp. 0.00% 12/06/2026 USD 10,000,000 9,922,378 0.78 Mitsubishi UFJ Trust and Banking Corp. 0.00% 29/05/2026 USD 10,000,000 9,935,665 0.78 Mizuho Bank Ltd. 0.00% 23/04/2026 USD 10,000,000 9,976,445 0.78 Mizuho Bank Ltd. 0.00% 05/06/2026 USD 12,000,000 11,917,821 0.93 Norinchukin Bank (The) 0.00% 11/05/2026 USD 12,000,000 11,949,412 0.94 Sumitomo Mitsui Banking Corp. 0.00% 08/04/2026 USD 15,000,000 14,988,757 1.18 Sumitomo Mitsui Trust Bank Ltd. 0.00% 05/05/2026 USD 10,000,000 9,963,912 0.78 Sumitomo Mitsui Trust Bank Ltd. 0.00% 15/06/2026 USD 20,000,000 19,838,000 1.56 132,450,457 10.39 Netherlands (31 March 2025: 1.47%) ABN AMRO Bank NV 0.00% 06/07/2026 USD 15,000,000 14,844,164 1.17 ABN AMRO Bank NV 0.00% 01/09/2026 USD 10,000,000 9,833,964 0.77 24,678,128 1.94 Qatar (31 March 2025: 0.50%) –South Korea (31 March 2025: 4.95%) KEB Hana Bank 0.00% 17/08/2026 USD 10,000,000 9,851,621 0.77 KEB Hana Bank 0.00% 24/06/2026 USD 20,000,000 19,820,992 1.56 Woori Bank 0.00% 20/04/2026 USD 10,000,000 9,979,610 0.78 39,652,223 3.11 Switzerland (31 March 2025: 1.00%) –United Arab Emirates (31 March 2025: 0.99%) –United Kingdom (31 March 2025: 0.99%) Goldman Sachs International Bank 0.00% 02/06/2026 USD 15,000,000 14,902,524 1.17 Goldman Sachs International Bank 0.00% 01/06/2026 USD 10,000,000 9,935,844 0.78 Goldman Sachs International Bank 0.00% 01/06/2026 USD 10,000,000 9,932,473 0.78 Standard Chartered Bank 3.98% 15/01/2027 USD 10,000,000 9,992,614 0.78 44,763,455 3.51 Total Certificates of Deposit 300,453,170 23.57 Commercial Papers (31 March 2025: 33.00%) Australia (31 March 2025: 1.99%) Australia and New Zealand Banking Group Ltd. 0.00% 04/08/2026 USD 10,000,000 9,864,208 0.77 Commonwealth Bank of Australia 3.87% 02/04/2026 USD 15,000,000 15,000,000 1.18 24,864,208 1.95 Canada (31 March 2025: 4.68%) Federation des Caisses Desjardins du Quebec 0.00% 13/04/2026 USD 20,000,000 19,975,133 1.57 Royal Bank of Canada 4.01% 01/05/2026 USD 10,000,000 10,000,000 0.78 Toronto-Dominion Bank (The) 0.00% 26/06/2026 USD 10,000,000 9,906,772 0.78 Toronto-Dominion Bank (The) 0.00% 01/06/2026 USD 15,000,000 14,904,366 1.17 54,786,271 4.30
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS US DOLLAR LIQUIDITY FUND SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value USD % of Net Asset Value Liquidity Instruments (31 March 2025: 98.57%) (continued) Commercial Papers (31 March 2025: 33.00%) (continued) Cayman Islands (31 March 2025: 1.99%) –Finland (31 March 2025: 1.19%) Nordea Bank Abp 3.83% 07/05/2026 USD 15,000,000 14,999,992 1.18 Nordea Bank Abp 0.00% 09/04/2026 USD 10,665,000 10,656,231 0.83 25,656,223 2.01 France (31 March 2025: 0.00%) Agence Centrale des Organismes de Securite Sociale 0.00% 02/07/2026 USD 15,000,000 14,849,918 1.16 Agence Centrale des Organismes de Securite Sociale 0.00% 07/04/2026 USD 10,000,000 9,993,820 0.78 Agence Centrale des Organismes de Securite Sociale 0.00% 14/04/2026 USD 15,000,000 14,979,827 1.18 BNP Paribas SA 0.00% 15/06/2026 USD 15,000,000 14,877,196 1.17 BNP Paribas SA 0.00% 02/04/2026 USD 20,000,000 19,997,978 1.57 LMA SA 0.00% 01/04/2026 USD 5,000,000 5,000,000 0.39 79,698,739 6.25 Germany (31 March 2025: 0.00%) Deutsche Bank AG 0.00% 25/08/2026 USD 12,000,000 11,810,012 0.93 DZ Bank AG 0.00% 01/04/2026 USD 50,000,000 50,000,000 3.92 61,810,012 4.85 India (31 March 2025: 0.00%) Caterpillar Financial Services Corp. 0.00% 01/04/2026 USD 25,000,000 25,000,000 1.96 25,000,000 1.96 Ireland (31 March 2025: 3.98%) Anglesea Funding plc 0.00% 01/04/2026 USD 50,000,000 50,000,000 3.92 50,000,000 3.92 Netherlands (31 March 2025: 2.99%) ABN AMRO Bank NV 0.00% 17/07/2026 USD 10,000,000 9,884,177 0.78 ABN AMRO Bank NV 0.00% 03/09/2026 USD 10,000,000 9,831,770 0.77 The State of Netherlands 0.00% 01/04/2026 USD 15,000,000 15,000,000 1.18 The State of Netherlands 0.00% 02/04/2026 USD 10,000,000 9,998,974 0.78 44,714,921 3.51 Singapore (31 March 2025: 0.99%) DBS Bank Ltd. 0.00% 20/07/2026 USD 12,000,000 11,856,728 0.93 Oversea-Chinese Banking Corp. Ltd. 0.00% 21/04/2026 USD 8,720,000 8,702,027 0.68 Oversea-Chinese Banking Corp. Ltd. 3.92% 04/06/2026 USD 15,000,000 14,999,981 1.18 Oversea-Chinese Banking Corp. Ltd. 0.00% 14/04/2026 USD 9,625,000 9,611,862 0.75 Oversea-Chinese Banking Corp. Ltd. 0.00% 02/06/2026 USD 15,000,000 14,901,833 1.17 60,072,431 4.71 Spain (31 March 2025: 1.49%) –Sweden (31 March 2025: 0.99%) –Switzerland (31 March 2025: 0.00%) Nestle Finance International Ltd. 0.00% 28/04/2026 USD 15,000,000 14,958,038 1.17 14,958,038 1.17 United Kingdom (31 March 2025: 2.39%) Bank of England 0.00% 27/04/2026 USD 15,000,000 14,959,940 1.18 Barclays Bank plc 0.00% 02/04/2026 USD 4,750,000 4,749,512 0.37 Lloyds Bank Corporate Markets plc 0.00% 18/05/2026 USD 15,000,000 14,924,213 1.17 Verto Capital 0.00% 21/05/2026 USD 15,000,000 14,920,973 1.17 49,554,638 3.89 United States of America (31 March 2025: 10.32%) Halkin Finance LLC 0.00% 01/04/2026 USD 50,000,000 50,000,000 3.92 Lion Bay Funding LLC 0.00% 01/04/2026 USD 40,000,000 40,000,000 3.14 90,000,000 7.06 Total Commercial Papers 581,115,481 45.58 Time Deposits (31 March 2025: 37.01%) Belgium (31 March 2025: 7.57%) –France (31 March 2025: 8.58%) BRED Banque Populaire 3.64% 01/04/2026 USD 112,200,000 112,200,000 8.80 112,200,000 8.80
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS US DOLLAR LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
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Investments Coupon Rate Maturity Date Currency Holdings Fair Value USD % of Net Asset Value Liquidity Instruments (31 March 2025: 98.57%) (continued) Time Deposits (31 March 2025: 37.01%) (continued) Germany (31 March 2025: 9.36%) Landesbank Baden-Wuerttemberg 3.59% 01/04/2026 USD 20,000,000 20,000,000 1.57 20,000,000 1.57 Qatar (31 March 2025: 3.20%) Qatar National Bank QPSC 3.65% 31/12/2049 USD 32,100,000 32,100,000 2.52 32,100,000 2.52 Sweden (31 March 2025: 5.71%) SEB SA 3.73% 31/12/2030 USD 59,913,385 59,913,386 4.70 59,913,386 4.70 United Kingdom (31 March 2025: 0.00%) NatWest Markets plc 3.60% 01/04/2026 USD 50,000,000 50,000,000 3.92 50,000,000 3.92 United States of America (31 March 2025: 2.59%) BNY Mellon 3.55% 31/12/2049 USD 16,859,019 16,859,018 1.32 16,859,018 1.32 Total Time Deposits 291,072,404 22.83 Total Liquidity Instruments 1,172,641,055 91.98
Investments Coupon Rate Maturity Date Currency Holding Fair Value USD % of Net Asset Value Bonds (31 March 2025: 1.49%) Finland (31 March 2025: 0.00%) Nordea Bank Abp, FRN 3.99% 19/1/2027 USD 10,000,000 10,002,218 0.79 10,002,218 0.79 Singapore (31 March 2025: 1.49%) DBS Bank Ltd., Reg. S, FRN 3.95% 10/3/2027 USD 10,000,000 10,000,000 0.78 10,000,000 0.78 United States of America (31 March 2025: 0.00%) United States Treasury Bill 0.00% 02/4/2026 USD 30,000,000 29,996,983 2.35 29,996,983 2.35 Total investments in Bonds 49,999,201 3.92
Investments Coupon Rate Maturity Date Currency Holdings Fair Value USD % of Net Asset Value Reverse Repurchase Agreements (31 March 2025: 0.00%) Australia (31 March 2025: 0.00%) National Australia Bank Ltd. 3.66% 01/04/2026 USD 5,000,000 5,000,000 0.39 National Australia Bank Ltd. 3.66% 01/04/2026 USD 50,000,000 50,000,000 3.92 55,000,000 4.31 Total Reverse Repurchase Agreements 55,000,000 4.31 Total investments 1,277,640,256 100.21 Total financial assets at fair value through profit or loss 1,277,640,256 100.21 Cash and cash equivalents/bank overdraft 312,501 0.02 Other assets and liabilities (2,986,292) (0.23) Net asset value attributable to shareholders 1,274,966,465 100.00
Analysis of total assets (Unaudited) % of Total Assets Transferable securities dealt in on another regulated market 8.21 Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 91.69 Other assets 0.10 Total assets 100.00
Aviva Investors Liquidity Funds plc
AVIVA INVESTORS US DOLLAR LIQUIDITY FUND (CONTINUED) SCHEDULE OF INVESTMENTS AS AT 31 MARCH 2026
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Aviva Investors Euro Liquidity Fund
Purchases Holding Investment Cost EUR 80,000,000 Bank of England 0.00% 03/12/2025 79,978,117 75,000,000 Agence Centrale des Organismes de Securite Sociale 0.00% 13/06/2025 74,938,217 70,000,000 BNG Bank NV 0.00% 11/02/2026 69,992,320 60,000,000 Nederlandse Waterschapsbank NV 0.00% 09/02/2026 59,980,207 60,000,000 Anglesea Funding plc 0.00% 24/06/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 01/07/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 08/07/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 15/07/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 22/07/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 29/07/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 05/08/2025 59,977,259 60,000,000 Anglesea Funding plc 0.00% 12/08/2025 59,977,259 60,000,000 Verto Capital 0.00% 21/11/2025 59,976,793 60,000,000 Verto Capital 0.00% 05/12/2025 59,976,793 60,000,000 Verto Capital 0.00% 19/12/2025 59,976,793 60,000,000 Verto Capital 0.00% 19/01/2026 59,976,793 60,000,000 Verto Capital 0.00% 02/02/2026 59,976,793 60,000,000 Verto Capital 0.00% 16/02/2026 59,976,793 60,000,000 Verto Capital 0.00% 02/03/2026 59,976,793 60,000,000 Verto Capital 0.00% 16/03/2026 59,976,793
Sales Holding Investment Proceeds EUR 80,000,000 Bank of England 0.00% 03/12/2025 80,000,000 75,000,000 Agence Centrale des Organismes de Securite Sociale 0.00% 13/06/2025 75,000,000 70,000,000 BNG Bank NV 0.00% 11/02/2026 70,000,000 60,000,000 Verto Capital 0.00% 10/10/2025 60,000,000 60,000,000 Verto Capital 0.00% 17/10/2025 60,000,000 60,000,000 Verto Capital 0.00% 24/10/2025 60,000,000 60,000,000 Verto Capital 0.00% 31/10/2025 60,000,000 60,000,000 Verto Capital 0.00% 07/11/2025 60,000,000 60,000,000 Verto Capital 0.00% 14/11/2025 60,000,000 60,000,000 Verto Capital 0.00% 21/11/2025 60,000,000 60,000,000 Verto Capital 0.00% 28/11/2025 60,000,000 60,000,000 Verto Capital 0.00% 05/01/2026 60,000,000 60,000,000 Verto Capital 0.00% 12/01/2026 60,000,000 60,000,000 Verto Capital 0.00% 19/01/2026 60,000,000 60,000,000 Verto Capital 0.00% 26/01/2026 60,000,000 60,000,000 Verto Capital 0.00% 02/02/2026 60,000,000 60,000,000 Verto Capital 0.00% 09/02/2026 60,000,000 60,000,000 Verto Capital 0.00% 09/03/2026 60,000,000 60,000,000 Verto Capital 0.00% 23/03/2026 60,000,000 60,000,000 Verto Capital 0.00% 30/03/2026 60,000,000
The CBI requires a schedule of material changes in the composition of the portfolio during the financial period. These are defined as aggregate purcha ses of a security exceeding one per cent of the total value of purchases for the financial period and aggregate disposals greater than one per cent of the total value of sales. At a mi nimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the financial period is availa ble, upon request, at no cost from the Administrator.
Aviva Investors Liquidity Funds plc
SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) 31 March 2026
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Aviva Investors Sterling Government Liquidity Fund
Purchases Holding Investment Cost GBP 300,000,000 UK Treasury Bill 0.00% 30/03/2026 0.00% 296,115,379 200,000,000 UK Treasury Bill 0.00% 29/12/2025 0.00% 197,975,570 200,000,000 UK Treasury Bill 0.00% 16/02/2026 0.00% 197,030,495 200,000,000 UK Treasury Bill 0.00% 24/11/2025 0.00% 196,925,933 200,000,000 UK Treasury Bill 0.00% 29/06/2026 0.00% 196,277,039 150,000,000 UK Treasury Bill 0.00% 22/12/2025 0.00% 149,187,412 150,000,000 UK Treasury Bill 0.00% 23/03/2026 0.00% 148,047,687 150,000,000 UK Treasury Bill 0.00% 23/02/2026 0.00% 147,522,697 142,450,000 UK Treasury Bill 0.00% 15/09/2025 0.00% 141,024,222 100,000,000 UK Gilt Bond 3.50% 22/10/2025 0.00% 100,649,167 100,000,000 UK Treasury Bill 0.00% 07/07/2025 0.00% 99,671,984 100,000,000 UK Treasury Bill 0.00% 30/06/2025 0.00% 99,671,603 100,000,000 UK Treasury Bill 0.00% 26/05/2026 0.00% 99,088,387 100,000,000 UK Treasury Bill 0.00% 15/06/2026 0.00% 99,061,494 100,000,000 UK Treasury Bill 0.00% 10/11/2025 0.00% 98,995,725 100,000,000 UK Treasury Bill 0.00% 17/11/2025 0.00% 98,995,481 100,000,000 UK Treasury Bill 0.00% 08/12/2025 0.00% 98,993,282 100,000,000 UK Treasury Bill 0.00% 15/12/2025 0.00% 98,993,282 100,000,000 UK Treasury Bill 0.00% 26/08/2025 0.00% 98,940,537 100,000,000 UK Treasury Bill 0.00% 07/09/2026 0.00% 98,157,252 100,000,000 UK Treasury Bill 0.00% 14/09/2026 0.00% 98,135,638 100,000,000 UK Treasury Bill 0.00% 09/02/2026 0.00% 98,011,421 100,000,000 UK Treasury Bill 0.00% 16/03/2026 0.00% 98,011,421 71,495,000 UK Treasury Bill 0.00% 01/12/2025 0.00% 70,775,072 55,466,000 UK Treasury Bill 0.00% 23/06/2025 0.00% 55,290,847 54,174,000 UK Treasury Bill 0.00% 12/05/2025 0.00% 53,989,696 50,320,000 UK Treasury Bill 0.00% 18/08/2025 0.00% 49,786,878 50,000,000 UK Treasury Bill 0.00% 01/06/2026 0.00% 49,549,716 50,000,000 UK Treasury Bill 0.00% 22/06/2026 0.00% 49,506,294 50,000,000 UK Treasury Bill 0.00% 01/09/2026 0.00% 49,113,293 50,000,000 UK Treasury Bill 0.00% 24/08/2026 0.00% 49,112,279 50,000,000 UK Treasury Bill 0.00% 27/07/2026 0.00% 49,079,587 48,791,000 UK Treasury Bill 0.00% 20/04/2026 0.00% 48,331,303
Aviva Investors Liquidity Funds plc
SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) (CONTINUED) 31 March 2026
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Aviva Investors Sterling Government Liquidity Fund (continued) Sales Holding Investment Proceeds GBP 450,000,000 UK Treasury Bill 0.00% 30/06/2025 0.00% 450,000,000 300,000,000 UK Treasury Bill 0.00% 06/05/2025 0.00% 300,000,000 300,000,000 UK Treasury Bill 0.00% 30/03/2026 0.00% 300,000,000 267,881,000 UK Treasury Bill 0.00% 28/04/2025 0.00% 267,881,000 200,000,000 UK Treasury Bill 0.00% 24/11/2025 0.00% 200,000,000 200,000,000 UK Treasury Bill 0.00% 29/12/2025 0.00% 200,000,000 200,000,000 UK Treasury Bill 0.00% 16/02/2026 0.00% 200,000,000 197,921,000 UK Treasury Bill 0.00% 22/04/2025 0.00% 197,921,000 184,938,000 UK Treasury Bill 0.00% 11/08/2025 0.00% 184,938,000 154,174,000 UK Treasury Bill 0.00% 12/05/2025 0.00% 154,174,000 150,000,000 UK Treasury Bill 0.00% 23/02/2026 0.00% 150,000,000 150,000,000 UK Treasury Bill 0.00% 23/03/2026 0.00% 150,000,000 150,000,000 UK Treasury Bill 0.00% 22/12/2025 0.00% 150,000,000 142,450,000 UK Treasury Bill 0.00% 15/09/2025 0.00% 142,450,000 125,000,000 UK Treasury Bill 0.00% 19/05/2025 0.00% 125,000,000 123,496,000 UK Treasury Bill 0.00% 07/04/2025 0.00% 123,496,000 117,591,900 UK Treasury Bill 0.00% 18/08/2025 0.00% 117,591,900 100,000,000 UK Treasury Bill 0.00% 14/04/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 07/07/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 28/07/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 26/08/2025 0.00% 100,000,000 100,000,000 UK Gilt Bond 3.50% 22/10/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 10/11/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 17/11/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 08/12/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 15/12/2025 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 09/02/2026 0.00% 100,000,000 100,000,000 UK Treasury Bill 0.00% 16/03/2026 0.00% 100,000,000 75,000,000 UK Treasury Bill 0.00% 27/05/2025 0.00% 75,000,000 71,495,000 UK Treasury Bill 0.00% 01/12/2025 0.00% 71,495,000 55,466,000 UK Treasury Bill 0.00% 23/06/2025 0.00% 55,466,000
The CBI requires a schedule of material changes in the composition of the portfolio during the financial period. These are defined as aggregate purcha ses of a security exceeding one per cent of the total value of purchases for the financial period and aggregate disposals greater than one per cent of the total value of sales. At a mi nimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the financial period is availa ble, upon request, at no cost from the Administrator.
Aviva Investors Liquidity Funds plc
SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) (CONTINUED) 31 March 2026
avivainvestors.com | Annual Report and audited financial statements 75
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Aviva Investors Sterling Liquidity Fund
Purchases Holding Investment Cost GBP 250,000,000 Santander UK plc 4.46% 08/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 10/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 15/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 17/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 22/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 24/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 29/04/2025 250,000,000 250,000,000 Santander UK plc 4.46% 01/05/2025 250,000,000 250,000,000 Santander UK plc 4.46% 06/05/2025 250,000,000 250,000,000 Santander UK plc 4.21% 20/05/2025 250,000,000 250,000,000 Santander UK plc 4.21% 22/05/2025 250,000,000 250,000,000 Santander UK plc 4.21% 29/05/2025 250,000,000 250,000,000 Santander UK plc 4.21% 03/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 05/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 10/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 12/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 17/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 19/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 26/06/2025 250,000,000 250,000,000 Santander UK plc 4.21% 03/07/2025 250,000,000
Sales Holding Investment Proceeds GBP 250,000,000 Anglesea Funding plc 0.00% 25/09/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 30/09/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 02/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 07/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 09/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 14/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 16/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 21/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 23/10/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 29/12/2025 250,000,000 250,000,000 Anglesea Funding plc 0.00% 05/01/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 12/01/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 19/01/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 26/01/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 02/02/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 09/02/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 16/02/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 23/02/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 09/03/2026 250,000,000 250,000,000 Anglesea Funding plc 0.00% 23/03/2026 250,000,000
The CBI requires a schedule of material changes in the composition of the portfolio during the financial period. These are defined as aggregate purcha ses of a security exceeding one per cent of the total value of purchases for the financial period and aggregate disposals greater than one per cent of the total value of sales. At a mi nimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the financial period is availa ble, upon request, at no cost from the Administrator.
Aviva Investors Liquidity Funds plc
SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) (CONTINUED) 31 March 2026
avivainvestors.com | Annual Report and audited financial statements 76
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Aviva Investors Sterling Liquidity Plus Fund
Purchases Holding Investment Cost GBP 949,700,000 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund 949,700,000 31,727,000 Bank of Nova Scotia (The), Reg. S, FRN 0.00% 15/09/2028 0.00% 31,739,215 30,000,000 ABN AMRO Bank NV, Reg. S, FRN 0.00% 08/12/2028 0.00% 30,083,198 29,900,000 Canadian Imperial Bank of Commerce, Reg. S, FRN 0.00% 12/09/2028 0.00% 29,917,237 31,600,000 Fortuna Consumer Loan Abs DAC, Reg. S, FRN 2.61% 18/10/2035 0.00% 27,458,507 25,532,132 Pulse UK 2024 plc, Reg. S, FRN 4.40% 27/05/2036 0.00% 25,595,897 25,000,000 Federation des Caisses Desjardins du Quebec, Reg. S, FRN 0.00% 12/10/2027 0.00% 25,197,589 25,000,000 United Overseas Bank Ltd., Reg. S, FRN 0.00% 08/06/2029 0.00% 25,000,000 23,000,000 National Australia Bank Ltd., Reg. S, FRN 0.00% 25/11/2030 0.00% 23,107,373 22,980,991 Compartment Driver UK Nine, Reg. S, FRN 4.34% 26/04/2032 0.00% 23,036,189 22,619,000 Newday Funding Master Issuer plc - Series, Reg. S, FRN 4.54% 15/07/2033 0.00% 22,663,894 20,755,000 Holmes Master Issuer plc, Reg. S, FRN 0.00% 15/10/2072 0.00% 20,755,000 20,500,000 Westpac Banking Corp., Reg. S, FRN 0.00% 26/09/2030 0.00% 20,742,976 20,340,000 Royal Bank of Canada, Reg. S, FRN 0.00% 18/01/2028 0.00% 20,505,942 20,250,000 Westpac Banking Corp., Reg. S, FRN 0.00% 11/01/2028 0.00% 20,403,928 20,000,000 Nationwide Building Society, Reg. S, FRN 0.00% 17/02/2031 0.00% 20,000,000 20,000,000 National Bank of Canada, Reg. S, FRN 0.00% 14/01/2027 0.00% 19,996,000 20,000,000 Sumitomo Mitsui Banking Corp. 0.00% 09/07/2026 19,614,342 20,000,000 Abu Dhabi Commercial Bank PJSC 0.00% 19/10/2026 19,429,528 20,000,000 Credit Agricole Corporate and Investment Bank 0.00% 14/01/2027 19,240,019
Sales Holding Investment Proceeds GBP 963,000,000 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund 963,000,000 32,684,126 Bavarian Sky UK 5 plc, Reg. S, FRN 4.36% 20/04/2031 0.00% 32,684,126 30,000,000 Toronto-Dominion Bank (The), Reg. S, FRN 0.00% 18/01/2027 0.00% 30,327,240 28,180,000 Bank of Montreal, Reg. S, FRN 0.00% 15/09/2026 0.00% 28,509,116 27,892,000 Canadian Imperial Bank of Commerce, Reg. S, FRN 0.00% 15/12/2025 0.00% 28,077,384 27,807,671 Silver Arrow Compartment Silver Arrow UK, Reg. S, FRN 4.34% 20/01/2031 0.00% 27,807,671 27,150,000 National Australia Bank Ltd., Reg. S, FRN 0.00% 17/06/2026 0.00% 27,405,046 25,200,000 National Bank of Canada, Reg. S, FRN 0.00% 05/05/2026 0.00% 25,363,385 25,000,000 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 0.00% 04/12/2026 0.00% 25,116,241 22,000,000 DBS Bank Ltd., Reg. S, FRN 0.00% 17/11/2025 0.00% 22,155,659 21,440,738 Satus plc, Reg. S, FRN 4.64% 17/01/2031 0.00% 21,440,738 20,000,000 NatWest Markets plc 0.00% 05/11/2025 20,000,000 19,853,000 DBS Bank Ltd., Reg. S, FRN 0.00% 17/11/2026 0.00% 19,962,599 18,202,355 Bavarian Sky UK 6 plc, Reg. S, FRN 4.29% 20/06/2032 0.00% 18,202,355 17,645,732 Compartment Driver UK Eight, Reg. S, FRN 4.34% 25/09/2031 0.00% 17,646,792 17,500,000 Lloyds Bank plc, Reg. S, FRN 0.00% 06/11/2026 0.00% 17,619,967 17,318,266 Koromo UK 1 plc, FRN 4.34% 23/10/2034 0.00% 17,318,266 15,264,169 Compartment Private Driver UK 7, Reg. S, FRN 4.39% 25/04/2031 0.00% 15,268,260 15,000,000 Royal Bank of Canada, Reg. S, FRN 0.00% 22/10/2026 0.00% 15,177,887 15,000,000 KEB Hana Bank 0.00% 13/08/2025 15,000,000
The CBI requires a schedule of material changes in the composition of the portfolio during the financial period. These are defined as aggregate purcha ses of a security exceeding one per cent of the total value of purchases for the financial period and aggregate disposals greater than one per cent of the total value of sales. At a mi nimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the financial period is availa ble, upon request, at no cost from the Administrator.
Aviva Investors Liquidity Funds plc
SIGNIFICANT PORTFOLIO CHANGES (UNAUDITED) (CONTINUED) 31 March 2026
avivainvestors.com | Annual Report and audited financial statements 77
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Aviva Investors Sterling Standard Liquidity Fund
Purchases Holding Investment Cost GBP 5,200,000 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund 5,200,000
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"text": "Aviva Investors Liquidity Funds plc"
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"text": "MANAGEMENT AND ADMINISTRATION"
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"text": "31 March 2026"
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"text": "Annual Report and audited financial statements"
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"text": "The Directors submit their annual report together with the audited financial statements for the financial year ended 31 March 2026."
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"text": "Statement of Directors\u2019 Responsibilities:"
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"text": "The Directors are responsible for preparing the Annual Report and the audited financial statements in accordance with applicable Irish law and"
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"text": "accounting standards generally accepted in Ireland, including FRS 102 \u201cThe Financial Reporting Standard applicable in the United Kingdom and the"
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"text": "Republic of Ireland\u201d (\u201cFRS 102\u201d). Under Irish company law, the Directors must not approve the financial statements unless they are satisfied that the"
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"text": "give a true and fair view of the state of affairs of Aviva Investors Liquidity Funds plc (the \u201cCompany\u201d) and of the profit or loss of the Company for that"
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"text": "financial year. In preparing those financial statements, the Directors are required to:"
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"text": "question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and"
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"text": "- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation."
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"text": "Company and enable them to ensure that the financial statements comply with the Companies Act 2014 and the European Communities (Undertakings"
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"text": "for Collective Investment in Transferable Securities) Regulations, 2011 as amended (the \u201cUCITS Regulations\u201d) and the Central Bank (Supervision an"
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"text": "Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulation 2015, as amended (the \u201cCent"
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"text": "Bank UCITS Regulations\u201d). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the"
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"text": "prevention and detection of fraud and other irregularities. Under the UCITS Regulations, the Directors are required to entrust the assets of the Comp"
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"text": "to a depositary for safe-keeping. In carrying out this duty, the Directors have appointed The Bank of New York Mellon SA/NV, Dublin Branch (the"
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"text": "umbrella fund insofar as different Sub-Funds may be established from time to time by the Directors with the consent of the Central Bank of Ireland (the"
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