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For the year ended 30 September 2025
Annual Report and Audited Financial Statements
AVIVA INVESTORS
PASSIVE FUNDS ACS
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 1
CONTENTS
Scheme Information* 2 ACS Manager’s Report* 3 ACS Manager’s Responsibilities* 4 Statement of the Depositary’s Responsibilities and Depositary’s Report 5 Independent Auditors’ Report 6 Accounting Policies 8 Cross Holdings 11 AI 30:70 Global Equity (Currency Hedged) Index Fund 12 AI Multi-Asset (40-85% Shares) Index Fund 62 AI 40:60 Global Equity Index Fund 78 AI 50:50 Global Equity Index Fund 93 AI 60:40 Global Equity Index Fund 146 AI Continental European Equity Index Fund 198 AI Developed Asia Pacific Ex Japan Equity Index Fund 223 AI Developed European Ex UK Equity Index Fund 245 AI Developed Overseas Government Bond (Ex UK) Index Fund 269 AI Developed World Ex UK Equity Index Fund 307 AI Index-Linked Gilts Over 5 Years Index Fund 354 AI Japanese Equity Index Fund 369 AI Non-Gilt Bond All Stocks Index Fund 396 AI Non-Gilt Bond up to 5 Years Index Fund 435 AI Non-Gilt Bond Over 15 Years Index Fund 462 AI North American Equity Index Fund 479 AI Pacific ex-Japan Equity Index Fund 506 AI UK Equity (Ex Aviva, Investment Trusts) Index Fund 523 AI UK Equity Index Fund 544 AI UK Gilts up to 5 Years Index Fund 569 AI UK Gilts Over 15 Years Index Fund 584 AI UK Gilts All Stocks Index Fund 597 AI US Equity Index Fund 613 General Information 642 Alternative Investment Fund Managers Directive (AIFMD) 642 Securities Financing Transactions Regulation Disclosure 646 Value Assessment 666 * These items, together with the Investment Manager’s Report, Investment Objective and Policy and Portfolio Statement for each individual Sub-fund, comprise the ACS Manager’s Report for the purpose of the rules contained in the Collective Investment Schemes Sourcebook (the “Regulations”). Throughout this report we refer to Aviva Investors as Aviva Investors or AI interchangeably.
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
Scheme Information
2
AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).
DIRECTORS J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates B Fowler (resigned 15 January 2025) M Kingdon (appointed 12 March 2025) J Lowe K McClellan
INVESTMENT MANAGERS BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London, EC2N 2DL
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE
DEPOSITARY HSBC Bank Plc 8 Canada Square London, E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
INDEPENDENT AUDITOR Ernst & Young LLP Atria One, 144 Morrison Street, Edinburgh, EH3 8EX
FUND ACCOUNTING AND PRICING AGENT HSBC Securities Services 1-2 Lochside Way, Edinburgh Park Edinburgh, EH12 9DT
SCHEME INFORMATION
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
ACS Manager’s Report
3
THE SCHEME Aviva Investors Passive Funds ACS (“the Scheme”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to Aviva Investors Passive Funds ACS. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) and the Investment Funds Sourcebook (“FUND”), both of which form part of the FCA Handbook, and the Alternative Investment Fund (“AIF”) Regulations. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). The objective of the Scheme is to invest the Scheme Property through its Sub-funds, and the objective of each Sub-fund is for the ACS Manager on behalf of the Unitholders, as co-owners of the relevant Sub-fund’s property, to invest that property in transferable securities, money market instruments, derivatives and forward transactions, deposits, cash, near cash, units in collective investment schemes and immovable property, in accordance with the regulations applicable to the Scheme and each Sub-fund, with the aim of spreading investment risk and giving the Unitholders the results of the management of that property. Each Sub-fund has a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 30 September 2025 there were 23 active Sub-funds in the Aviva Investors Passive Funds ACS.
AUTHORISED STATUS The Financial Conduct Authority authorised the Aviva Investors Passive Funds ACS (“the Scheme”) as a Non-UCITS Retail Scheme (NURS) on 14 February 2017.
THE FINANCIAL STATEMENTS We are pleased to present the annual financial statements of the Scheme for the year ended 30 September 2025. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the year. We hope that you find our review useful and informative. For the purposes of this report, “Manager”/“ACS Manager” will be used interchangeably.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) Information relating to Aviva Investors TCFD can be found on Aviva Investors website: https://www.avivainvestors.com/en-gb/ capabilities/tcfd/
SIGNIFICANT INFORMATION On 24 December 2024, we made several updates to our Prospectuses, as we do annually to ensure the disclosures are as clear as possible and to make sure all elements of the Prospectus are up to date, including administrative data and fund performance. On 1 July 2025, a new unit class (UK Fund of Fund Accumulation Units) was launched in respect of the AI Non-Gilt Bond up to 5 years Index Fund Sub-fund. On 3 December 2025, the Prospectus for the Aviva Investors Passive Funds ACS was updated to clarify the exceptions that apply in relation to the Thermal Coal, Arctic Oil, and Oil Sands screens that are implemented pursuant to the Baseline Exclusions Policy.
ACS MANAGER’S REPORT
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
ACS Manager’s Responsibilities
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STATEMENT OF THE ACS MANAGER’S RESPONSIBILITIES The Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires the ACS Manager (“the Manager”) to prepare financial statements for each accounting period which give a true and fair view of the financial position of the Scheme at the year end and of the net income/expense and net gains or losses of the Scheme for the year then ended. The report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority. In preparing the financial statements the Manager is required to:
– follow applicable accounting standards;
– make judgements and estimates that are reasonable and prudent;
– select suitable accounting policies and then apply them consistently;
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation for the foreseeable future; and
– comply with the Co-Ownership Deed and the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association (IMA), now Investment Association, in May 2014, (the ‘IMA SORP’), as amended in 2017. The Manager is required to keep proper accounting records and to manage the Scheme in accordance with the Regulations and the Co-Ownership Deed. The Manager is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ACS MANAGER’S STATEMENT We hereby approve the Annual Report and Audited Financial Statements of Aviva Investors Passive Funds ACS for the year ended 30 September 2025 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
M Bell Director
K McClellan Director 30 January 2026
ACS MANAGER’S RESPONSIBILITIES
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
Statement of the Depositary’s Responsibilities and Depositary’s Report
5
The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (together “the Regulations”) and the Contractual Scheme Deed and Prospectus (together the “Scheme documents”) as detailed below. The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Scheme and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Scheme in accordance with the Regulations. The Depositary must ensure that:
– the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance with the Regulations;
– the sale, issue, repurchase, redemption and cancellation of Units are carried out in accordance with the Regulations;
– the value of Units of the Scheme are calculated in accordance with the Regulations;
– any consideration relating to transactions in the Scheme’s assets is remitted to the Scheme within the usual time limits;
– the Scheme’s income is applied in accordance with the Regulations; and
– the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they conflict with the Regulations). The Depositary also has a duty to take reasonable care to ensure that the Scheme is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Scheme, acting through the AIFM: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s Units and the application of the Scheme’s income in accordance with the Regulations and the Scheme documents of the Scheme, and (ii) has observed the investment and borrowing powers and restrictions applicable to the Scheme in accordance with the Regulations and Scheme documents of the Scheme. HSBC Bank Plc 30 January 2026
STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES
DEPOSITARY’S REPORT
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
Independent Auditors’ Report
6
INDEPENDENT AUDITORS’ REPORT TO THE UNITHOLDERS OF AVIVA INVESTORS PASSIVE FUNDS ACS
INDEPENDENT AUDITORS’ REPORT
OPINION We have audited the financial statements of Aviva Investors Passive Funds ACS (“the Scheme”) comprising each of its Subfunds for the year ended 30 September 2025, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Unitholders, the Balance Sheet, the related notes and the Distribution Tables, and the accounting policies of the Scheme, which include summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:
– give a true and fair view of the financial position of the Scheme comprising each of its Sub-funds as at 30 September 2025 and of the net revenue and the net capital gains/losses on the scheme property of the Scheme comprising each of its Subfunds for the year then ended; and
– have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 below. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (“the FRC”) Ethical Standard, 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 ACS Manager’s 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 Scheme’s ability to continue as a going concern for a period of twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the ACS Manager 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 Scheme’s ability to continue as a going concern.
OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The ACS Manager is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE RULES OF THE COLLECTIVE INVESTMENT SCHEMES SOURCEBOOK OF THE FINANCIAL CONDUCT AUTHORITY (THE “FCA”) In our opinion:
– the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the FCA and the Instrument of Incorporation; and
– there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and
– the information given in the ACS Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the FCA requires us to report to you if, in our opinion:
– we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.
RESPONSIBILITIES OF THE ACS MANAGER As explained more fully in the ACS Manager’s Responsibilities Statement set out on page 4, the ACS Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the ACS Manager determines 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 ACS Manager is responsible for assessing the Scheme’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 the ACS Manager either intends to wind up or terminate the Scheme or to cease operations, or has no realistic alternative but to do so.
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Independent Auditors’ Report
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INDEPENDENT AUDITORS’ REPORT (CONTINUED)
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 (UK) 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.
EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
– We obtained an understanding of the legal and regulatory frameworks that are applicable to the Scheme and determined that the most significant are United Kingdom Generally Accepted Accounting Practice (UK GAAP) including FRS 102, Investment Management Association’s Statement of Recommended Practice (IMA SORP), the FCA Collective Investment Schemes Sourcebook, the OEIC Regulations, the Scheme’s Instrument of Incorporation and the Prospectus.
– We understood how the Scheme is complying with those frameworks through discussions with the ACS Manager and the Scheme’s administrators and a review of the Scheme’s documented policies and procedures.
– We assessed the susceptibility of the Scheme’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s opportunity to influence revenue and amounts available for distribution. We identified a fraud risk with respect to the incomplete or inaccurate income recognition through incorrect classification of special dividends and the resulting impact to amounts available for distribution. We tested the appropriateness of management’s classification of a sample of special dividends as either a capital or revenue return.
– Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved testing of journal entries, with a particular focus on manually posted entries and those reflecting large and unusual transactions. We also reviewed the reporting to the ACS Manager with respect to the application of the documented policies and procedures and reviewed the financial statements to test compliance with the reporting requirement of the Scheme.
– Due to the regulated nature of the Scheme, the Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities to identify non-compliance with the applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/ auditorsresponsibilities . This description forms part of our auditor’s report.
USE OF THIS REPORT This report is made solely to the Scheme’s unitholders, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the FCA. Our audit work has been undertaken so that we might state to the Scheme’s unitholders 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 Scheme and the Scheme’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.
Ernst & Young LLP Statutory Auditor Edinburgh 30 January 2026
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
Accounting Policies
8
ACCOUNTING POLICIES
The following accounting policies apply to all Sub ‑ funds, where applicable.
a) Basis of preparation The financial statements have been prepared in accordance with the historical cost convention, as modified by the revaluation of investments, ACS Deed and in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association in October 2014, and in accordance with FRS102. These financial statements are prepared on a going concern basis. The ACS Manager has made an assessment of each Sub-fund’s ability to continue as a going concern, and is satisfied it has the resources to continue in business for the foreseeable future and is not aware of any material uncertainties that may cast significant doubt on this assessment. This assessment is made as at the date of issue of these financial statements, covering the subsequent 12 months, and considers liquidity, declines in global capital markets, known redemption levels, expense projections and key service provider’s operational resilience. The ACS Manager also considered each Sub-fund’s continued ability to meet ongoing costs, and is satisfied it has the resources to meet these costs and to continue in business.
b) Basis of valuation of investments For the year-end annual report and financial statements, all investments are valued at their fair value as at close of business on 30 September 2025, being the last business day of the financial period. This differs from the Sub-funds daily fair value pricing point of 12pm. The fair value of all regular investments held on the Sub-funds are at a bid price, excluding any accrued interest; the fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles; and the fair value of exchange traded futures is the cost of closing out the contract at the balance sheet date. Where values cannot be readily determined, the securities are valued at the Manager’s best assessment of their fair value. The AI Fair Value Pricing Committee meets on a monthly basis or as frequently as necessary to discuss all potential fair value decisions. The committee will discuss and challenge all items raised by the Tax Transparent Fund Oversight team prior to approving. Once approved, the fair value price will be provided to the HSBC Accounting & Valuations team to update.
c) Investment gains and losses Gains and losses, including exchange differences, on the realisation of investments and increases and decreases in the valuation of investments held at the balance sheet date, including unrealised exchange differences, are treated as capital.
d) Exchange rates Transactions in foreign currencies are translated at the rate of exchange ruling on the date of the transaction. Where applicable, assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling as at 12pm on 30 September 2025, being the last business day of the financial period.
e) Derivative financial instruments The treatment of the returns on forward currency contracts and derivative contracts depends upon the nature of the transaction. Both motive and circumstances are used to determine whether the returns should be treated as capital or revenue. Where positions are undertaken to protect or enhance capital, and the circumstances support this, the returns are recognised in net capital gains; similarly where the motives and circumstances are to generate or protect revenue, and the circumstances support this, the returns are included within net revenue before taxation. Where positions generate total returns it will generally be appropriate to apportion such returns between capital and revenue to properly reflect the nature of the transaction. Returns on forward currency contracts are treated as capital. Returns on futures are split between capital and revenue based on the circumstances of each future. Stock index futures are used to manage market price risk arising from the time lag between Sub-funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities.
f) Recognition of revenue Revenue from quoted equities and non-equity Units is recognised net of attributable tax credits when the security is quoted ex-dividend. Revenue from unquoted equity investments is recognised net of attributable tax credits when the dividend is declared. Overseas revenue received is shown gross of withholding tax, with the taxation consequences shown within the taxation charge. Revenue received from investing in underlying Sub-funds is accounted for daily on a look-through basis and is recognised as per the same classification as in the underlying Sub-fund. Revenue received from Collective Investment Schemes (CIS) is recognised when the CIS is quoted ex-dividend. Equalisation received as part of the revenue from CIS is deducted from the cost of the investment. Special dividends are treated as either revenue or capital depending on the facts of each particular case. Interest on debt securities is recognised on an accruals basis, taking into account the effective yield on the investment and is treated as revenue, in addition Indexation is recognised on UK Government index linked gilts. The effective yield basis amortises any discount or premium on the purchase of an investment over its remaining life based on estimated future cashflows. Any adjustments resulting from changes in cashflow estimates are treated as capital. Bank interest and stock lending (net of fees paid) is recognised on an accruals basis and treated as revenue. Dividends received from US REITs are allocated between revenue and capital for distribution purposes. The split is based on the yearend tax reporting data issued by the US REIT available on the website www.REIT.com. Where the split of revenue and capital has not been announced at the accounting date a provisional split will be used. The provision will be calculated on the prior year’s aggregated dividend split for each US REIT.
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Accounting Policies
9
ACCOUNTING POLICIES (CONTINUED)
g) Expenses All expenses are borne by the investment manager, with the exception of the management fee on the following; AI Japanese Equity Index Fund (UK Fund of Fund Accumulation Unit class), AI North American Equity Index Fund (UK Fund of Fund Accumulation Unit class) and AI US Equity Index Fund (UK Corporate Accumulation Unit class and ACS (Fund of Fund) Accumulation Unit classes 1 and 2), which are charged against capital for the period on an accruals basis.
h) Taxation As the Scheme is an umbrella co-ownership ACS neither the Scheme nor its Sub-funds are subject to UK tax on income or capital gains. On a daily basis Unitholders will be advised of their share of the aggregated accrued income, expenses and withholding tax paid on all of the Sub-funds in issue. It is the responsibility of the Unitholders to maintain a record of the relevant amount(s) of income equalisation and to make the appropriate adjustment when completing the tax calculations.
i) Distribution policy The policy of the Sub-funds is to distribute all available revenue, excluding any items treated as capital in accordance with the above policies and after deduction of expenses properly chargeable against revenue. Stock dividends form part of the distributable revenue. All remaining revenue is distributed in accordance with the Collective Investment Schemes sourcebook. Indexation is recognised on UK Government index linked gilts therefore for the purposes of calculating the distribution on Aviva Investors Index-Linked Gilts Over 5 Years Index Fund, revenue is computed on an effective yield basis however does not utilise the exemption set out in the Financial Conduct Authority’s COLL 6.8.3 (for funds whose policy is to invest predominantly in index linked securities) to treat capital indexation as non-distributable.
j) Apportionment of income and expenses to multiple Unit classes All income is apportioned to the Sub-fund’s Unit classes pro-rata to the value of the net assets of the relevant Unit class on the day that the income is recognised.
k) Cash equivalents In accordance with the AIFMD requirements, the Manager has treated some assets as Cash equivalents for the purposes of the Balance Sheet disclosure. Investments are regarded as Cash equivalents if they meet all of the following criteria: – highly liquid investments held in sterling that are readily convertible to a known amount of cash; – are subject to an insignificant risk of change in value; and – provide a return no greater than the rate of a three month high quality government bond. Term deposits and liquidity funds are considered as cash equivalents throughout the report.
Risk management policies The Sub-fund’s financial instruments, other than derivatives, comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations. The Scheme may enter into derivative transactions in the form of investment in forward foreign currency contracts, stock index futures, contracts for difference and swaps. The purpose of these financial instruments is efficient portfolio management. In particular, forward foreign currency contracts are used to manage currency risk arising from holdings of overseas securities. Stock index futures are used to manage market price risk arising from the time lag between Sub-funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities. In accordance with requirements set out in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, such Scheme transactions must be economically appropriate, any exposure must be fully covered and the transactions must be entered into with the aim of reducing risk and/or costs and/or generating additional capital or revenue income for the Scheme with no, or an acceptably low level of risk. The Scheme has exposure to a number of different risks to varying degrees. The main risks it faces from its financial instruments and the Manager’s policies for managing these risks are summarised below:
a) Market risk The Sub-fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objctive and policy of the Sub-funds. Adherence to investment and borrowing powers set out in the Prospectus and in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, mitigates the risk of excessive exposure to any particular type of security or issuer.
b) Foreign currency risk The Sub-funds can be exposed to foreign currency risk as a result of investing in assets denominated in currencies other than sterling. Where the Manager deems it necessary, the exposure to foreign currency fluctuations is mitigated by the use of forward currency contracts. Numerical disclosures can be found in the notes to the financial statements.
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
Accounting Policies
10
ACCOUNTING POLICIES (CONTINUED)
c) Interest rate risk The value of debt securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. The Manager manages this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles. Interest rate risk is also managed by ensuring that deposits mature within a relatively short period. Any significant exposure to interest rate risk is disclosed in the notes to the individual Sub-fund’s financial statements.
d) Credit risk The Sub-funds restrict their exposure to credit losses on derivative instruments by trading via International Swap and Derivative (ISDA) Master Arrangements with each counterparty. The Sub-funds are exposed to the risk that a bond issuer may default on the interest payments or the redemption of the bond. The Sub-funds manage this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles and the credit worthiness of the bond issuer. Any significant exposure to credit risk is disclosed in the notes to the individual Sub-Fund’s financial statements.
e) Liquidity risk This is the risk that there is insufficient liquidity which restricts the Sub-fund’s investment opportunities or ability to pay liabilities at short notice. This risk is managed by ensuring that overdrafts are monitored and maintained within investment limits and exposure to unquoted or illiquid securities is limited. Any significant exposure to liquidity risk is disclosed in the notes to the individual Sub-Fund’s financial statements.
f) Counterparty risk There is a risk that the counterparty will not be able to settle its obligations under the agreement. This is mitigated by an assessment of creditworthiness of the counterparty, and the use of multiple counterparties to ensure that no more than 20% of the Sub-fund’s value is exposed to one counterparty. Any significant exposure to counterparty risk is disclosed in the notes to the individual Sub-Fund’s financial statements.
g) Leverage A Sub-fund may be able to use leverage, including through use of derivative instruments, in accordance with its investment objective and the investment restrictions set out in the Prospectus. Leverage will generally be generated by using derivatives that are inherently leveraged due to the relatively small amount of deposit required to open a position, including among others, forward contracts and futures contracts. A relatively small market movement may therefore have a potentially larger impact on derivatives than on standard bonds or equities, with the result that leveraged derivative positions may increase Sub-fund’s volatility.
h) Index-Linked Where a Sub-fund invests in index-linked bonds, the value may go up and down as the rate of inflation changes. If inflation falls, the value is likely to fall.
i) Hedged unit classes Pension Hedged unit classes are hedged unit classes, which allow the Manager to use currency hedging to reduce the effect of fluctuations in the rate of exchange between the currency of the unit classes and Sterling which is the base currency of the Sub-fund. Any gains or losses of the hedging transactions should accrue to unitholders in that hedged unit class only. However, the hedge may not always be 100% effective. The Manager will review the relevant hedging positions on a regular basis and, if considered appropriate, make adjustments to correct the allocation. The value of the unit classes to be hedged will made up of capital elements only and the Manager intends to hedge between 97% to 103% of the value of each hedged unit class.
j) Operational risk In light of the continued geopolitical situation of ongoing conflicts with Russia and Ukraine, all the Russian investments held within the ACS are continued to be valued at nil as of 30 September 2025.
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
Cross Holdings
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Some Sub-funds within the Aviva Investors Passive Funds ACS Scheme may hold investments in other Sub-funds of the Scheme. Details of these cross holdings as at 30 September 2025 are as follows:
AI Multi-Asset (40-85% Shares) Index Fund
Fund Units
Market Value £000 AI Developed Asia Pacific ex Japan Equity Index Fund 35,348,548 53,768 AI Developed European ex UK Equity Index Fund 112,560,481 220,573 AI Developed Overseas Government Bond (Ex UK) Index Fund 253,629,966 238,208 AI Index-Linked Gilts Over 5 Years Index Fund 45,774,603 28,244 AI Japanese Equity Index Fund 50,377,247 87,788 AI Non-Gilt Bond All Stocks Index Fund 37,275,991 39,377 AI UK Equity Index Fund 252,802,068 407,590 AI UK Gilts All Stocks Index Fund 145,641,435 120,716 AI US Equity Index Fund 150,166,701 459,864
AI 40:60 Global Equity Index Fund
Fund Units
Market Value £000 AI Developed Asia Pacific ex Japan Equity Index Fund 4,589,286 6,981 AI Developed European ex UK Equity Index Fund 10,117,657 19,824 AI Developed World ex UK Equity Index Fund 76,480,892 201,123 AI Japanese Equity Index Fund 6,079,689 10,589 AI UK Equity Index Fund 117,309,261 189,115 AI US Equity Index Fund 38,216,207 117,032
CROSS HOLDINGS
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
12
The Sub-fund is a Sub-fund of the Scheme, a non-UCITS retail scheme under the COLL Sourcebook. The Subfund was authorised by the FCA on 29 September 2017 and launched on 24 November 2017.
INVESTMENT OBJECTIVE AND POLICY The aim of the Sub-fund is to seek to provide capital growth and income for investors by tracking the performance of the Composite Benchmark Index. The Sub-fund seeks to achieve 30% exposure to equity securities of companies listed in the UK, 60% exposure to equity securities of companies listed in developed overseas markets and 10% exposure to equity securities of companies listed in emerging markets. In pursuing this objective the Sub-fund will directly invest into constituents of the Composite Benchmark Index with regard UK and developed overseas equity exposure. With regard to emerging market equity exposure the Sub-fund will invest in units of collective investment schemes. The Sub-fund may also invest in permitted transferable securities, permitted money-market instruments, permitted deposits, units of collective investment schemes (including other suitable Sub-funds of the Scheme and schemes operated by other Aviva Group entities and group entities of the Investment Manager) and exchange traded funds (including funds operated by group entities of the Investment Manager). Derivatives and forward transactions may be used for the purposes of investment purposes and efficient portfolio management. The Investment Manager will seek to hedge to Sterling 95% of foreign currency exposure arising from developed overseas equities, with hedging being re-set to 95% on a monthly basis. No other foreign currency exposure will be hedged.
COMPOSITE BENCHMARK INDEX 30% UK Equity Exposure 30.0% FTSE® All Share Index 60% Developed Overseas Equity Exposure 60.0 % FTSE® Custom Developed ex UK, Canada, Israel and S Korea 95% Hedged to GBP Index 10% Emerging Markets Equity Exposure 10% MSCI Emerging Markets index Composite Benchmark Index description The FTSE® All Share Index represents the performance of all eligible companies listed on the London Stock Exchange’s (LSE) main market, which pass screening for size and liquidity. It is a free float-adjusted market capitalisation weighted index which captures 98 per cent of the UK’s market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The constituents and the weightings comprising the FTSE® All Share Index will be reviewed and reset by FTSE® quarterly on the third Friday in March, June, September, and December. The underlying FTSE® All Share Index of the Composite Benchmark Index is valued at the close of day. Further details regarding the FTSE® All Share Index (including its constituents) are available on the index provider’s website at http://www.ftse.com/Indices/
The FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index is derived from the FTSE Global Equity Index Series (GEIS), it is a market-capitalisation weighted index comprising the large and mid cap stocks of all Developed markets excluding UK, Canada, Israel and South Korea. The index is designed to help investors to manage the currency risk of holding stocks traded in foreign currencies. Hedging methodology allows exposure to the returns of the foreign assets in the index without being exposed to the volatility of the exchange rates against the British Pound Sterling (GBP). The constituents and the weightings comprising the FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index will be reviewed and reset by FTSE® semi-annually. The underlying FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index of the Composite Benchmark Index is valued at close of day. Further details regarding the FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index (including its constituents) are available on the index provider’s website at http://www.ftse.com/Indices/ The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalisation in each country. The constituents and the weightings comprising the MSCI Emerging Markets Index will be reviewed and reset by MSCI quarterly in February, May, August and November. The underlying MSCI Emerging Markets Index of the Composite Benchmark Index is valued at the close of day. Further details regarding the MSCI Emerging Markets Index (including its constituents) are available on the index provider’s website at https://www.msci.com/constituents The Sub-fund will rebalance daily to the respective 30% UK Equity, 60% Developed Overseas Equity and 10% Emerging Market Equity set out in the Composite Benchmark Index above, subject to tolerances mandated to the Investment Manager from time to time. In addition the 60% exposure to overseas regions within the Developed Overseas element of the Composite Benchmark Index will be rebalanced daily to the geographical split of the weightings within the FTSE® Developed ex-UK Canada, Israel, and South Korea 95% Hedged to GBP Index subject to tolerances mandated to the Investment Manager from time to time. The Composite Benchmark Index is valued at the close of day. Benchmark Regulation The ACS Manager is required under Regulation (EU) 2016/1011 (the “Benchmark Regulation”) to set out whether the Composite Benchmark Index is included in the European Securities and Markets Authority (“ESMA”) Register of Benchmarks. FTSE International Limited has been granted authorisation by ESMA as a Benchmark Administrator in respect of all its indices, including the relevant constituents of the Composite Benchmark Index. MSCI Limited has been granted authorisation by ESMA as a Benchmark Administrator in respect of all its indices, including the relevant constituents of the Composite Benchmark Index.
AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND (CONTINUED)
Benchmark replicating/non-replicating Fund Non-replicating Fund. For details of the characteristics of replicating funds and nonreplicating funds please refer to section 24 (c) of the Prospectus. Unitholders should note that the actual performance of the Sub-fund will not necessarily be aligned with the performance of the Composite Benchmark Index, this is referred to as Tracking Error risk. For a detailed explanation of Tracking Error risk and the circumstances under which this may arise, please refer to section 26 of the Prospectus.
PERFORMANCE AND RISK MEASUREMENT The Sub-fund’s performance is compared against the Benchmark Index because the Sub-fund intends to replicate the performance of the Benchmark Index. The Sub-fund uses a “tracking error” to measure the consistency between the Sub-fund’s returns and the returns of the Benchmark Index. In general, the lower the tracking error, the more consistent the Sub-fund’s returns are relative to the Index, and vice-versa. The Sub-fund has a yearly tracking error target range of 0–0.30% (excluding charges). In normal market conditions the anticipated level of tracking error will be within 0.30% (excluding charges) of the Benchmark Index. As at 30 September 2025 the tracking error was 0.11%.
INVESTMENT MANAGERS’ REPORT Performance Over the twelve months ended 30 September 2025, the Sub-fund returned 16.80%. The Sub-fund’s benchmark returned 16.71% over the same period. Quarter 4 2024 In the US, the Federal Open Market Committee (FOMC) cut the Fed funds rate by 25 basis points (bps) to 4.25–4.50% but adopted a hawkish tone, revising its 2025 dot plot to project two rate cuts instead of three. Committee members showed a wide range of views, with the most hawkish anticipating no cuts and the most dovish expecting up to five. Meanwhile, the November employment report showed gradual loosening, with the unemployment rate increasing to 4.2% in November (above the expected 4.1%) from 4.1% the previous month, despite job openings rising to 7.7 million in October. In Europe, the European Central Bank (ECB) reduced interest rates by 25bps to 3.00%, as expected, alongside downgraded growth and inflation projections. Furthermore, French assets faced pressure as Prime Minister Michel Barnier’s minority government lost a no-confidence vote, widening the France-Germany 10-year bond yield spread to its highest level since 2012. President Emmanuel Macron subsequently named centrist François Bayrou as Barnier’s replacement to stabilise the government. Meanwhile, the Bank of England (BoE) held rates at 4.75% in a surprisingly dovish meeting, with three members voting for a cut and the Bank emphasizing downside risks to growth. The Bank of Japan (BoJ) also held rates steady at 0.25%, consistent with market expectations.
Quarter 1 2025 In the US, inflation data showed Consumer Price Index (CPI) accelerating by 2.8% year-on-year (YoY), and 0.2% on a monthon-month (MoM) basis, both below expectations of 2.9% and 0.3% respectively. Core CPI, which excludes volatile food and energy components, also surprised to the downside at 0.2% MoM against 0.3% MoM. In Europe, inflation surprised to the downside printing 2.3% YoY against the expected 2.4% YoY. Similarly, there was a downside surprise in UK inflation, with inflation printing at 2.8% YoY against 3.0% YoY expected, while Japan’s CPI printed at 3.7% YoY, which was above market expectations of 3.5% YoY. In the US, the March Federal Open Market Committee (FOMC) meeting went as expected as the Federal Reserve (Fed) kept rates unchanged at 4.25% to 4.50%. However, the dominant driver of market sentiment was trade policy, as the US administration first imposed 25% tariffs on imports from Canada and Mexico on 4th March, followed by further tariff hikes on China – from 10% to 20% – and 25% duties on steel and aluminium on 12th March. These measures raised concerns about persistent inflation, reflected in the upward revision of the University of Michigan’s 5–10-year inflation expectations to 4.1% in March, the highest level since 1993. Simultaneously, investor concerns about the US growth outlook deepened, with the University of Michigan consumer sentiment index falling to 57.9 – its lowest since November 2022 – raising fears of stagflation and further driving the widening in credit spreads. In Europe, the European Central Bank (ECB) delivered a widely expected 25 basis point (bps) rate cut to 2.50%, while debate continued among policymakers on the pace of further easing. Fiscal policy developments were in focus, with Germany proposing reforms to its constitutional debt brake to allow increased defence spending, and the European Commission advancing an €800bn ‘Rearm Europe’ initiative. In the UK, the Bank of England (BoE) left rates unchanged at 4.50% and reiterated its ‘gradual and careful’ approach to easing. Labour market data showed a modest decline in wage growth, while the unemployment rate was unchanged at 4.4%. Meanwhile in Japan, the Bank of Japan (BoJ) held its policy rate at 0.50%, as expected, amid continued signs of strong wage growth and persistent inflation pressures. Quarter 2 2025 There was a notable escalation in geopolitical tensions in June as airstrikes were launched on Iranian facilities, triggering a spike in oil prices and raising fears of a broader regional conflict. However, these concerns were relatively short-lived as a ceasefire was soon announced between Iran and Israel, which eased markets and helped fuel a rally in risk assets, leading to tighter credit spreads. In the US, headline Consumer Price Index (CPI) rose as expected to 2.4% year-on-year (YoY), while core CPI, which excludes volatile food and energy prices, came in below expectations at 0.1% month-on-month (MoM), compared to the forecasted 0.3%. In Europe, headline inflation was revised upward to 2.2% YoY, exceeding the 1.9% consensus. Similarly, there was a slight upside surprise in UK inflation at 3.4% YoY versus the expected 3.3% and Japan’s CPI, on the other hand, was in line with expectations at 3.5% YoY.
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND (CONTINUED)
INVESTMENT MANAGERS’ REPORT (CONTINUED) Quarter 2 2025 (continued) In the US, the Federal Reserve (Fed) maintained interest rates at 4.25-4.50% at the June FOMC meeting, as widely expected, adopting a wait-and-see approach to assess the broader economic impact of ongoing tariff policies. Chair Powell’s congressional testimony later in the month reinforced this cautious stance, signalling that a July rate cut remains unlikely. Furthermore, President Trump made parts of the previously announced US-UK trade deal official via executive order, while further trade discussions continued. Economic data over the month was mixed, as Q1 GDP was revised down to -0.5% quarter-on-quarter from an initial estimate of -0.2%, primarily due to weaker consumption. Industrial production softened, falling by 0.2% in May, largely driven by a 2.9% decline in utilities output. However, the labour market remained broadly stable and the flash PMIs for June continued to point towards expansion, with the US composite PMI at 52.8. The European Central Bank (ECB) delivered a widely expected 25 basis point (bps) rate cut in June, lowering the policy rate to 2.00% in a near-unanimous decision. The ECB also revised its inflation forecasts lower for both 2025 and 2026. Political headlines remained active, with NATO agreeing to a new 5% defence spending target by 2035 and Germany announcing a larger, more front-loaded fiscal easing package. In France, Prime Minister Bayrou faced another no-confidence motion following the collapse of pension reform talks, though the likelihood of it passing appeared low. The Bank of England (BoE) left rates unchanged at 4.25% in June, maintaining a gradual approach to further easing. UK labour market data pointed to softening conditions, while GDP contracted by 0.3% in April, although business sentiment improved modestly, with the composite PMI rising to 50.7 in June. The Bank of Japan (BoJ) held rates steady at 0.50% at its June meeting, remaining patience in its policy stance. Final GDP data in Japan for the first quarter was revised up to flat from an earlier estimate of a mild contraction. Global government bonds experienced generally positive performance over the month. The 2-year US treasury yield declined by 18bps to 3.72% while the 10-year yield declined by 17bps to 4.23%. In Europe, German bund yields shifted upwards across the curve, with the 2-year rising 9bps to 1.86% and the 10-year up 11bps to 2.61%. Conversely, UK gilt yields declined, with the 2-year falling by 21bps to 3.82% and the 10-year rising 16bps to 4.49%. In Japan, the 2-year yield rose modestly by 1bp to 0.73% while the 10-year yield fell 6bps to 1.43%. Corporate bonds experienced positive returns during the month. The US investment grade corporate bond index returned 1.87% and the European investment grade index gained 0.25%. US high yield bonds returned 1.86%, while European high yield bonds gained 0.46%. In emerging markets, the local currency debt index returned 2.79% (unhedged), while the hard currency debt index returned 2.41%. In currency markets, all G10 currencies appreciated against the US dollar over the month, apart from the Japanese yen. The euro and Danish krone led performance, strengthening by 3.88% and 3.86%, respectively, against the dollar.
Quarter 3 2025 Global bond market sentiment was broadly positive in September, supported somewhat by the Federal Reserve’s (Fed) decision to lower the Fed Funds rate for the first time in 9 months. In the US, headline Consumer Price Index (CPI) inflation accelerated by 2.9% year-on-year (YoY). Core CPI however, which excludes volatile food and energy prices, accelerated by 3.1% YoY. In Europe, headline inflation accelerated moderately less than consensus expectations at 2.0% YoY (vs 2.1%). Conversely, the rate of inflation in the UK remained unchanged relative to the previous month, as expected, recording a rate of 3.8% YoY. Lastly, Japan’s CPI printed below expectations at 2.7% YoY. In the US, the labour market showed further signs of softening, as the August nonfarm payrolls slowed to 22k, below expectations of 75k, with gains concentrated in healthcare and hospitality. Prior months were revised lower, bringing the 3- and
consumption. In France, Prime Minister Bayrou lost a confidence vote and was replaced by Sebastien Lecornu, who will conduct exploratory budget talks before forming the full government. In the UK, the Bank of England (BoE) left rates unchanged at 4.00% and slowed the pace of quantitative tightening. July monthly real GDP print was flat (+0.0% month-on-month), held back by weakness in production and manufacturing. The composite PMI fell sharply from 53.5 to 51.0, missing expectations, while the labour market showed signs of stabilising with pay growth slowing. In Japan, final Q2 GDP was revised up to 2.2% quarteron-quarter, led by stronger consumption, while the policy backdrop remained unchanged, with the Bank of Japan’s benchmark rate remaining at 0.50%. During the month, some developed market government bond curves experienced curve flattening. The 2-year US treasury yield fell by 1 basis points (bps) to 3.61%, the 10-year declined by 8bps to 4.15% and the 30-year yield fell by 20bps to 4.73%. In Europe, the 2-year German bund rose by 8bps to 2.02%, 10-year yields declined by 1bp to 2.71%, while the 30-year point of the curve fell by 6bps to 3.28%. In the UK, 2-year bond yields rose by 4bps to 3.99%, 10-year yields declined by 2bps to 4.70%, while the 30-year point of the curve fell by 9bps to 5.51%. In Japan, the 2-year yield rose by 7bps to 0.94%, the 10-year yield rose by 5bps to 1.64% and the 30-year point declined by 4bps to 3.14%.
6-month aver age payr oll gr owth to 29k and 64k, r espectively . A pr eliminary benchmark r evision suggested job gr owth f or Mar ch 2025 was overstated by over 900k jobs, with the 6-month aver age thr ough August finishing the month tr acking at 52k. The F eder al Reserve (F ed) cut r ates by 25 basis points (bps) to 4.00-4.25% in mid-September , with Chair Jer ome P owell r eiter ating the need f or flexibility given the balance of risk s. Subsequent data r eleases showed August r etail sales and industrial pr oduction both r o se modestly , and Q2 GDP was r evise d higher to 3.8%, supported by a str ong incr ease in consumption. In the Eur o z one, the Eur opean Centr al Bank (ECB) k ept r ates on hold at 2% and signalled no change to its outlook. Activity data r emained subdued but stable, with the composite PMI edging up fr om 51.0 to 51.2 in September . Italy r evised up r eal GDP gr owth f or 2023 to +1.0% fr om 0.8% and 2024 to +0.7% fr om 0.5%, mainly on str onger investment and to a lesser extent private
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND (CONTINUED)
INVESTMENT MANAGERS’ REPORT (CONTINUED) Quarter 3 2025 (continued) Corporate bonds generated positive returns during the month. The US investment grade corporate bond index returned 1.50%, while the European investment grade index gained 0.40%. US high yield bonds returned 0.78%, and European high yield bonds delivered a return of 0.56%. In emerging markets, the local currency debt index returned 1.40% (unhedged), and the hard currency debt index delivered returns of 1.78%. G10 currencies saw mixed performance against the US dollar over the month, with the Australian dollar being the strongest performer appreciating by 1.12%, while the New Zealand dollar was the weakest performer, depreciating by 1.68%. November 2025 Source: BlackRock Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark owned by the London Stock Exchange Plc, and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.
Performance History
Calendar year 2020 % 2021 % 2022 % 2023 % 2024 % Insured Pension Accumulation Units 6.2 19.9 -10.8 16.9 17.1 UK Institutional Accumulation Units 6.1 19.8 -11.0 16.8 16.9 Composite Index 6.4 19.7 -11.2 17.0 16.7 Performance figures are based on net asset value, per the published accounts and are shown after charges. Source for all data in subsequent periods: Aviva Investors/Morningstar. This is based on index provider data where applicable. All performance figures are calculated based on the published price, with net income reinvested in GBP, net of fees. Periods for which less than a full calendar year’s data is available will be labelled as N/A.
Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – During the year ended 30 September 2025, the indicator changed from category 6 to category 5. – Further details on risk are set out in the Prospectus in the section Risk Factors.
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PERFORMANCE RECORD
Insured Pension Accumulation Units
Year ended 30.09.25 (pence per Unit)
Year ended 30.09.24 (pence per Unit)
Year ended 30.09.23 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 176.11 141.99 121.84 Return before operating charges † 29.58 34.12 20.15 Operating charges # – – Return after operating charges † 29.58 34.12 20.15 Distributions on accumulation Units (3.36) (3.31) (3.63) Retained distributions on accumulation Units 3.36 3.31 3.63 Closing net asset value per Unit 205.69 176.11 141.99
† after direct transaction costs of# f# : 0.07 0.06 0.06 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges + 16.80% 24.03% 16.54%
Other information Closing net asset value (£000) 559,249 577,515 605,737 Closing number of Units 271,884,867 327,922,905 426,618,760 Operating charges* – – Direct transaction costs** 0.04% 0.04% 0.04% Prices ^ Highest Unit price (p) 205.60 176.20 147.90 Lowest Unit price (p) 158.40 137.00 121.10 * All expenses are borne by the Investment Manager, operating charges are nil. ** Expressed by reference to the average NAV during the year. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the year.
COMPARATIVE TABLE For the year ended 30 September 2025
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PERFORMANCE RECORD (CONTINUED)
COMPARATIVE TABLE (CONTINUED) For the year ended 30 September 2025
UK Institutional Accumulation Units
Year ended 30.09.25 (pence per Unit)
Year ended 30.09.24 (pence per Unit)
Year ended 30.09.23 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 173.73 140.24 120.55 Return before operating charges † 29.26 33.49 19.69 Operating charges # – – Return after operating charges † 29.26 33.49 19.69 Distributions on accumulation Units (3.42) (3.07) (3.35) Retained distributions on accumulation Units 3.42 3.07 3.35 Closing net asset value per Unit 202.99 173.73 140.24
† after direct transaction costs of# f# : 0.07 0.06 0.06 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges + 16.84% 23.88% 16.33%
Other information Closing net asset value (£000) 56 58 60 Closing number of Units 27,614 33,297 42,855 Operating charges* – – Direct transaction costs** 0.04% 0.04% 0.00% Prices ^ Highest Unit price (p) 202.90 173.90 146.10 Lowest Unit price (p) 156.20 135.30 119.80 * All expenses are borne by the Investment Manager, operating charges are nil. ** Expressed by reference to the average NAV during the year. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the year.
Units in issue
Unit class
Opening 01.10.24
Units Issued
Units Redeemed
Closing 30.09.25 Insured Pension Accumulation Units 327,922,905 27,980,461 (84,018,499) 271,884,867 UK Institutional Accumulation Units 33,297 – (5,683) 27,614 Please refer to note 13.
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT As at 30 September 2025
EQUITIES – 99.19% (98.65%) UNITED KINGDOM – 27.42% (26.51%) 61,153 3i Group 2,500 0.45 1,853 4imprint Group 60 0.01 8,220 A. G. Barr 55 0.01 15,354 Aberdeen Diversified Income & Growth 7 112,295 Aberdeen Group 222 0.04 1,664 Aberdeen New India Investment Trust 13 1,961 Aberdeen Private Equity Opportunities Trust 11 5,649 Aberdeen Standard Asia 20 2,405 Aberdeen Standard Equity Income Trust 9 44,736 Aberdeen Standard European Logistics Income 15 6,680 Aberdeen UK Smaller Companies Growth Trust 34 0.01 4,883 Aberforth Smaller Companies Investment Trust 75 0.01 15,943 Admiral Group 534 0.10 45,712 Airtel Africa 111 0.02 19,837 AJ Bell 107 0.02 8,719 Alfa Financial Software Holdings 20 25,057 Alliance Witan 315 0.06 22,199 Allianz Technology 110 0.02 2,144 Alpha FX Group 90 0.02 69,442 Anglo American 1,933 0.35 1,812 Anglo-Eastern Plantations 25 22,852 Antofagasta 629 0.11 22,333 AO World 23 3,133 Aptitude Software 9 3,822 Artemis UK Future Leaders 14 31,985 Ashmore Group 57 0.01 9,672 Ashoka India 25 28,002 Ashtead Group 1,390 0.25 2,559 ASOS 7 19,273 Associated British Foods 395 0.07 17,986 Aston Martin Lagonda Global Holdings 15 98,301 AstraZeneca 10,990 1.97 6,147 Auction Technology 20 8,589 Augmentum Fintech 8 10,262 Aurora Investment Trust 26 58,717 Auto Trader Group 463 0.08 24,622 AVI Global Trust 65 0.01 15,806 AVI Japan Opportunity Trust 28 0.01 87,909 Aviva Warrants 27/02/2026 # 591 0.11 1,862 Avon Technologies 39 0.01 34,000 Babcock International 452 0.08 196,606 BAE Systems 4,046 0.72 5,339 Baillie Gifford China Growth Trust 17 35,114 Baillie Gifford European Growth Trust 36 0.01 6,054 Baillie Gifford Japan Trust 56 0.01 17,899 Baillie Gifford Shin Nippon Investment Trust 24 13,536 Baillie Gifford UK Growth Fund 27 0.01 20,255 Baillie Gifford US Growth Trust 55 0.01 16,812 Bakkavor Group 36 0.01 30,744 Balfour Beatty 199 0.04 28,517 Baltic Classifieds Group 88 0.02 61,875 Bankers Investment Trust 80 0.01 927,694 Barclays Bank 3,522 0.63 90,081 Barratt Redrow 351 0.06 12,328 BB Healthcare Trust 14 39,661 Beazley 360 0.06 7,400 Bellway 182 0.03 5,855 Berkeley Group Holdings 225 0.04 11,221 Big Yellow Group REIT 109 0.02 69,307 Biopharma Credit 46 0.01
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
19
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
UNITED KINGDOM – 27.42% (26.51%) (continued) 2,477 Biotech Growth Trust 25 13,418 BlackRock Frontiers Investment Trust 22 6,352 BlackRock Greater Europe Investment Trust 38 0.01 3,636 BlackRock Latin American Investment Trust 14 1,754 BlackRock Smaller Companies Trust 23 1,081 BlackRock Sustainable American Income Trust 2 6,100 BlackRock Throgmorton Trust 37 0.01 14,769 BlackRock World Mining Investment Trust 100 0.02 5,428 Bloomsbury Publishing 26 11,270 Bodycote 73 0.01 1,045,414 BP 4,450 0.80 17,694 Breedon Group 64 0.01 30,906 Bridgepoint Group 94 0.02 64,581 British Land REIT 225 0.04 1,614 Brooks MacDonald 29 0.01 1,771 Brown Advisory US Smaller Companies 23 2,564 Brunner 37 0.01 372,247 BT Group 712 0.13 21,662 Bunzl 508 0.09 22,361 Burberry Group 261 0.05 15,110 Bytes Technology Group 60 0.01 23,920 Caledonia Investments 90 0.02 6,072 Capita PLC 20 90,604 Capital & Counties Properties 129 0.02 10,822 Capital & Counties Properties 16 1,005 Capital Gearing Trust 49 0.01 5,024 Capricorn Energy 10 24,509 Card Factory 25 9,971 Carnival (London listed) 197 0.04 335,957 Centrica 560 0.10 13,160 Ceres Power 19 19,914 Chemring 117 0.02 15,532 Chesnara 43 0.01 1,218 City of London Investment 5 32,301 City of London Investment Trust 164 0.03 1,868 Clarkson 69 0.01 7,824 Close Brothers 39 0.01 14,057 CLS Holdings 8 11,160 CMC Markets 27 141,711 Coats Group 118 0.02 14,078 Coca-Cola Europacific 947 0.17 110,103 Compass Group 2,785 0.50 3,770 Computacenter 101 0.02 107,107 Convatec Group 248 0.04 9,711 Costain 13 10,762 Coupland Cardiff Japan Income & Growth Trust 22 3,291 Cranswick 165 0.03 10,145 Crest Nicholson Holdings 16 9,387 Croda International 254 0.05 6,580 CT Private Equity Trust 30 0.01 6,235 CT UK Capital & Income Investment Trust 21 60,359 Currys 84 0.02 40,215 Custodian REIT 33 0.01 65,704 Deliveroo 118 0.02 6,576 Derwent London REIT 115 0.02 145,949 Diageo 2,591 0.46 8,584 Diploma 455 0.08 5,613 Discoverie Group 33 0.01 23,510 Diverse Income Trust 24 4,866 Diversified Energy Co PLC 51 0.01 21,721 Domino‘s Pizza 43 0.01
Holding or Nominal value Market value £000
Total net assets%
Page 22
Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
20
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
UNITED KINGDOM – 27.42% (26.51%) (continued) 96,080 Dowlais Group 77 0.01 40,219 Dr. Martens 40 0.01 22,148 Drax Group 155 0.03 4,293 Dunedin Income Growth Investment Trust 12 8,443 Dunelm Group 95 0.02 39,740 EasyJet 184 0.03 8,233 Ecofin Global Utilities & Infrastructure Trust 18 7,510 Edinburgh Investment Trust 60 0.01 26,781 Edinburgh Worldwide Investment Trust 54 0.01 35,877 Elementis 58 0.01 3,149 Elixirr International 28 0.01 37,803 Empiric Student Property 35 0.01 11,928 Endeavour Mining 370 0.07 10,118 Energean Oil & Gas 84 0.02 170,068 EnQuest 20 5,016 EP Global Opportunities Trust 16 20,831 Essentra 22 33,665 European Assets Trust 31 0.01 4,732 European Opportunities Trust 44 0.01 72,801 EVRAZ Group ~ * ^ – 7,751 FDM Group Holdings 10 7,615 Ferrexpo 4 6,426 Fidelity Asian Values Investment Trust 38 0.01 25,246 Fidelity China Special Situations Trust 83 0.01 36,750 Fidelity European Values 149 0.03 5,970 Fidelity Japan Trust 12 15,019 Fidelity Special Values 59 0.01 39,722 Finablr ~ * ^ – 8,532 Finsbury Growth & Income 73 0.01 31,807 FirstGroup 72 0.01 32,619 Foreign & Colonial Investment Trust 392 0.07 6,893 Forterra 13 19,314 Foxtons Group 11 5,929 Frasers Group 44 0.01 11,551 Fresnillo 272 0.05 1,372 Fuller, Smith & Turner ‘A’ 8 11,685 Funding Circle Holdings 15 5,540 Future 36 0.01 3,871 Galliford Try 20 2,138 Games Workshop 311 0.06 5,810 Gamma Communications 58 0.01 19,193 Genuit Group 71 0.01 4,622 Genus 109 0.02 109 Goodwin 15 26,545 Gore Street Energy Storage Fund 14 50,847 Grainger 99 0.02 27,008 Great Portland REIT 86 0.02 140,261 Greencoat UK Wind 157 0.03 6,524 Greggs 105 0.02 264,650 GSK 4,166 0.74 585,281 Haleon 1,945 0.35 20,392 Halfords Group 29 0.01 24,463 Halma 843 0.15 27,702 Hammerson Reit 80 0.01 32,421 Harbour Energy 67 0.01 10,709 Harworth Group 18 83,848 Hays 47 0.01 6,210 Headlam Group 3 3,926 Helical 8 50,398 Helios Towers 75 0.01 7,086 Henderson High Income Trust 13 –
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
21
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
UNITED KINGDOM – 27.42% (26.51%) (continued) 5,919 Henderson Smaller Companies Investment Trust 51 0.01 5,249 Henry Boot 11 2,743 Herald Investment Trust 67 0.01 28,427 HgCapital Trust 142 0.03 128,075 HICL Infrastructure 156 0.03 9,947 Hikma Pharmaceuticals 169 0.03 5,407 Hill & Smith Holdings 110 0.02 3,795 Hilton Food Group 25 25,753 Hochschild Mining 92 0.02 9,813 Hollywood Bowl Group 25 44,051 Home Reit ~ * ^ – 2,212 Hostelworld Group 3 34,114 Howden Joinery Group 288 0.05 1,140,442 HSBC Holdings 11,918 2.13 6,773 Hunting 23 21,696 Ibstock 30 0.01 4,728 ICG Enterprise Trust 68 0.01 23,237 IG Group Holdings 250 0.04 16,838 IMI 385 0.07 12,976 Impax Environmental Markets 51 0.01 21,928 Inchcape 152 0.03 83,789 Informa 769 0.14 19,711 IntegraFin Holdings 68 0.01 9,632 InterContinental Hotels Group 864 0.15 17,795 Intermediate Capital Group 396 0.07 1,188 International Biotechnology Trust 9 15,006 International Personal Finance 32 0.01 8,229 International Workplace Group 10 10,099 Intertek Group 477 0.09 24,799 Intu Properties ~ * ^ – 13,516 Invesco Asia Trust 55 0.01 4,045 Invesco Global Equity Income Trust 15 38,086 Investec 211 0.04 60,148 IP Group 32 0.01 6,729 Ithaca Energy 13 204,023 ITV 163 0.03 173,789 JD Sports 166 0.03 4,988 JD Wetherspoon 34 0.01 48,253 John Wood Group* ^ 9 10,363 Johnson Matthey 208 0.04 25,791 Johnson Service Group 39 0.01 10,515 JPMorgan American Investment Trust 115 0.02 2,407 JPMorgan Asia Growth & Income 10 6,710 JPMorgan China Growth & Income 21 4,408 JPMorgan Claverhouse Investment Trust 36 0.01 65,856 JPMorgan Emerging Markets Investment Trust 84 0.02 5,438 JPMorgan European Discovery Trust 31 0.01 18,531 JPMorgan European Investment Trust 24 20,324 JPMorgan Global Emerging Markets Income Trust 32 0.01 33,821 JPMorgan Global Growth & Income Investment Trust 193 0.03 3,058 JPMorgan Indian Investment Trust 31 0.01 12,479 JPMorgan Japanese Investment Trust 85 0.02 4,857 JPMorgan UK Smaller Companies Investment Trust 16 4,352 JPMorgan US Smaller Companies Investment Trust 17 22,171 Jupiter Fund Management 32 0.01 66,993 Just Group 142 0.03 6,441 Kainos Group 61 0.01 4,658 Keller 70 0.01 31,230 Kier Group 69 0.01 111,282 Kingfisher 343 0.06 51,684 Land Securities 301 0.05
Holding or Nominal value Market value £000
Total net assets%
Page 24
Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
22
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
UNITED KINGDOM – 27.42% (26.51%) (continued) 6,920 Law Debenture Investment Trust 74 0.01 366,257 Legal & General 872 0.16 2,130 Lion Finance Group 163 0.03 3,979 Liontrust Asset Management 14 3,917,495 Lloyds Banking Group 3,283 0.59 33,135 London Stock Exchange Group 2,822 0.51 139,755 Londonmetric Property 254 0.05 21,990 Lowland Investment 33 0.01 5,157 LSL Property Services 14 3,982 Luceco 5 159,178 M&G 403 0.07 282 Macfarlane Group + – 2,325 Majedie Investment Trust 6 136,665 Marks & Spencer Group 498 0.09 17,353 Marshalls 31 0.01 52,736 Marston’s 21 6,004 Mears Group 19 80,117 Melrose 487 0.09 9,539 Merchants Trust 53 0.01 7,038 Metlen Energy & Metals 291 0.05 14,610 Metro Bank 18 2,596 Mid Wynd International 20 15,948 Mitchells & Butlers 39 0.01 79,993 Mitie Group 111 0.02 5,312 MJ Gleeson 20 44,853 Mobico Group 13 14,712 Molten Ventures 57 0.01 27,451 Mondi 281 0.05 13,477 Monks Investment Trust 198 0.04 10,263 Montanaro European Smaller Companies Trust 17 14,357 Montanaro UK Smaller Companies 14 38,061 Mony Group 75 0.01 15,830 Moonpig Group 36 0.01 22,025 Morgan Advanced Materials 48 0.01 2,939 Morgan Sindall Group 130 0.02 4,098 Motorpoint Group 6 7,708 Murray Income Trust 69 0.01 35,475 Murray International Trust 108 0.02 324,728 National Grid 3,466 0.62 529,877 NatWest Group 2,763 0.49 18,281 NCC Group 27 0.01 30,635 Newriver REIT 22 7,587 Next Group 939 0.17 24,371 Ninety One 50 0.01 12,708 Nippon Active Value Fund 28 0.01 2,249 Norcros 6 6,592 North American Income Trust 23 8,370 North Atlantic Smaller 31 0.01 41,749 Ocado Group 94 0.02 39,042 Octopus Renewables Infrastructure 24 3,436 Odyssean Investment Trust 5 14,035 On The Beach Group 31 0.01 23,137 OSB Group 131 0.02 2,389 Oxford BioMedica 13 3,755 Oxford Instruments 69 0.01 27,455 Oxford Nanopore Technologies 42 0.01 9,538 Pacific Assets Investment Trust 33 0.01 6,401 Pacific Horizon Investment Trust 47 0.01 21,925 PageGroup 50 0.01 43 Palace Capital + – 33,391 Pantheon Infrastructure 37 0.01
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
23
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
UNITED KINGDOM – 27.42% (26.51%) (continued) 26,996 Pantheon International 92 0.02 11,792 Paragon Banking Group 102 0.02 1,904 Paypoint 14 41,969 Pearson 443 0.08 28,450 Pennon Group 133 0.02 19,873 Persimmon 230 0.04 21,883 Personal Assets Trust 114 0.02 14,625 Petershill Partners 45 0.01 24,173 Pets At Home Group 49 0.01 47,688 Phoenix Group Holdings 307 0.06 13,647 Photo-Me International 25 3,388 Pinewood Technologies Group 14 7,280 Polar Capital Global Financials Trust 15 8,244 Polar Capital Global Healthcare Growth & Income Trust 29 0.01 77,157 Polar Capital Technology Trust 337 0.06 1,638 Porvair 12 38,529 Premier Foods 74 0.01 176,969 Primary Health Properties REIT 161 0.03 27,577 Provident Financial 34 0.01 30,607 PRS REIT 34 0.01 169,746 Prudential 1,767 0.32 14,087 Puretech Health 19 18,557 PZ Cussons 15 34,474 QinetiQ 189 0.03 80,473 Quilter 134 0.02 21,351 Rank Group 30 0.01 2,078 Raspberry 8 4,272 Rathbone Brothers 78 0.01 29,170 Reach 19 44,702 Reckitt Benckiser 2,555 0.46 110,759 RELX 3,940 0.70 9,486 RELX (EUR) 337 0.06 2,289 Renishaw 82 0.01 166,364 Rentokil Initial 625 0.11 328 Residential Secure REIT + – 6,420 Ricardo 27 0.01 52,582 Rightmove 372 0.07 67,797 Rio Tinto 3,314 0.59 7,186 RIT Capital Partners 146 0.03 3,030 Robert Walters 4 556,206 Rolls-Royce 6,616 1.18 52,679 Rotork 178 0.03 2,517 Royalty Pharma 66 0.01 29,298 RS Group 166 0.03 269 S&U 5 11,075 Sabre Insurance Group 16 13,235 Safestore Holdings REIT 87 0.02 6,317 Saga 17 62,305 Sage Group 685 0.12 114,642 Sainsbury (J) 383 0.07 9,545 Savills 91 0.02 10,879 Schroder Asia Pacific Fund 70 0.01 6,759 Schroder Asian Total Return 36 0.01 5,631 Schroder Income Growth Fund 18 9,656 Schroder Japan Growth Investment Trust 28 0.01 2,844 Schroder UK Mid Cap Fund 20 67,614 Schroder UK Public Private Trust 10 46,273 Schroders 174 0.03 10,812 Scottish American Investment Trust 55 0.01 76,322 Scottish Mortgage Investment Trust 868 0.16 2,853 Scottish Oriental Smaller Companies 8 –
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
24
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% UNITED KINGDOM – 27.42% (26.51%) (continued) 46,568 SDCL Energy Efficiency Income Trust 26 0.01 11,827 Securities Trust of Scotland 28 0.01 88,324 Segro REIT 579 0.10 33,440 Senior 66 0.01 63,202 Serco Group 150 0.03 29,852 Severfield 9 17,471 Severn Trent 452 0.08 385,654 Shell 10,204 1.82 65,677 SIG 6 56,832 Smith & Nephew 760 0.14 21,303 Smiths Group 501 0.09 8,100 Smithson Investment Trust 124 0.02 37,063 Social Housing REIT 26 14,524 Soco International 3 8,655 Softcat 136 0.02 6,105 Spectris 250 0.05 36,247 Speedy Hire 9 4,797 Spirax-Sarco Engineering 327 0.06 19,812 Spire Healthcare Group 49 0.01 40,195 Spirent Communications 80 0.01 72,421 SSE 1,261 0.23 49,527 SSP Group 85 0.02 34,101 St. James’s Place Capital 433 0.08 123,583 Standard Chartered 1,774 0.32 6,538 SThree 11 2,968 Strategic Equity Capital 11 1,843 STV Group 2 92,087 Supermarket Income REIT 72 0.01 6,839 Synthomer 5 28,810 Target Healthcare 28 0.01 22,341 Tate & Lyle 100 0.02 227,168 Taylor Wimpey 234 0.04 3,583 TBC Bank Group 163 0.03 5,020 Telecom Plus 94 0.02 20,501 Temple Bar Investment Trust 73 0.01 60,729 Templeton Emerging Markets Investment Trust 132 0.02 426,328 Tesco 1,899 0.34 23,297 The Global Smaller Companies Trust 39 0.01 8,430 The Gym Group 12 49,352 The Mercantile Investment Trust 124 0.02 84,107 THG 32 0.01 10,772 Topps Tiles 4 14,474 TR European Growth Trust 31 0.01 15,930 TR Property Investment Trust 51 0.01 30,255 Trainline 84 0.02 14,761 Travis Perkins 90 0.02 6,007 Treatt 16 5,202 Trifast 4 165,181 Tritax Big Box REIT 239 0.04 22,179 Trustpilot 50 0.01 9,621 TT Electronics 11 78,253 Tullow Oil 8 134,743 Unilever 5,929 1.06 23,496 Unilever Ord 1,036 0.19 28,698 Unite Group 206 0.04 44,951 United Utilities 515 0.09 10,640 Utilico Emerging Markets 27 0.01 3,228 Value and Indexed Property Income Trust 6 14,989 Vesuvius 56 0.01 16,212 VH Global Sustainable Energy Opportunities 11 3,743 Victrex 27 0.01
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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UNITED KINGDOM – 27.42% (26.51%) (continued) 22,219 Vistry Group 144 0.03 5,745 Vitec Group 3 1,275,398 Vodafone Group 1,099 0.20 14,586 Volution Group 92 0.02 11,910 Watches of Switzerland 44 0.01 17,212 Weir Group 470 0.08 11,134 Whitbread 359 0.06 8,972 WHSmith 61 0.01 15,068 Wickes Group 33 0.01 9,478 Workspace Group REIT 38 0.01 29,999 Worldwide Healthcare Trust 98 0.02 12,791 XPS Pensions Group 43 0.01 15,095 Zigup 49 0.01 861 Zotefoams 3 Total United Kingdom 153,356 27.42 AUSTRALIA – 1.19% (1.29%) 3,259 ALS 32 0.01 1,284 Ampol 19 1,484 Ansell 23 8,956 APA Group 39 0.01 3,316 Aristocrat Leisure 114 0.02 1,116 ASX 32 0.01 5,870 Atlas Arteria 14 8,705 Aurizon Holdings 14 17,582 Australia and New Zealand Banking Group 287 0.05 7,708 Bank of Queensland 27 0.01 2,323 Bendigo Bank 15 29,666 BHP Billiton 621 0.11 2,444 Bluescope Steel 27 8,450 Brambles 102 0.02 3,035 Carsales.com 55 0.01 1,563 Challenger 7 3,505 Charter Hall Group 39 0.01 19,675 Cleanaway Waste Management 27 0.01 313 Cochlear 43 0.01 7,740 Coles Group 89 0.02 9,989 Commonwealth Bank of Australia 818 0.15 3,736 Computershare 66 0.01 2,872 CSL 280 0.05 6,163 Deterra Royalties 12 6,663 Dexus 23 8,387 Endeavour Group 15 14,733 Evolution Mining 78 0.01 1,383 Flight Centre 8 11,018 Fortescue Metals Group 101 0.02 13,033 General Property Group 34 0.01 12,045 Goodman Group 194 0.04 8,869 Harvey Norman Holdings 32 0.01 499 Hub24 25 5,140 IGO 13 7,169 Insignia Financial 16 17,177 Insurance Australia 69 0.01 402 JB Hi-Fi 23 17,503 Lottery Corporation 50 0.01 4,669 Lynas Rare Earths 39 0.01 2,061 Macquarie Group 222 0.04 1,972 Magellan Financial Group 9 16,790 Medibank 40 0.01 2,803 Metcash 5 1,497 Mineral Resources 30 0.01 22,378 Mirvac Group 25 –
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
26
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% AUSTRALIA – 1.19% (1.29%) (continued) 19,338 National Australia Bank 420 0.08 4,698 Nextdc 39 0.01 8,454 Northern Star Resources 98 0.02 4,031 Orica 42 0.01 9,171 Origin Energy 56 0.01 689 Perpetual Trustees Australia 6 24,986 Pilbara Minerals 31 0.01 422 Pro Medicus 64 0.01 2,826 Qantas Airways 15 8,704 QBE Insurance Group 88 0.02 16,446 Qube Holdings 32 0.01 1,123 Ramsay Health Care 17 320 REA Group 36 0.01 2,318 Reece 13 11,687 Region Group 14 2,094 Rio Tinto 126 0.02 19,276 Santos 64 0.01 35,840 Scentre Group 72 0.01 1,866 SEEK 26 1,530 SGH 37 0.01 26,127 Sigma Healthcare 38 0.01 1,400 Sims Metal Management 9 1,749 Sonic Healthcare 18 30,327 South32 41 0.01 3,377 Steadfast Group 10 14,328 Stockland Trust 43 0.01 5,216 Suncorp Group 52 0.01 2,177 Technology One 41 0.01 2,234 Telix Pharmaceuticals 16 20,565 Telstra Corporation 49 0.01 5,820 TPG Telecom 14 20,478 Transurban Group 139 0.03 2,521 Treasury Wine Estates 9 20,844 Vicinity Centres REIT 26 6,613 Wesfarmers 299 0.05 21,227 Westpac Banking 406 0.07 1,064 WiseTech Global 47 0.01 10,763 Woodside Energy Group 122 0.02 8,090 Woolworths 106 0.02 1,834 Worleyparsons 13 Total Australia 6,647 1.19 AUSTRIA – 0.05% (0.04%) 510 Andritz 27 476 Bawag Group 47 0.01 1,705 Erste Bank 124 0.02 744 OMV 30 0.01 1,155 Raiffeisen Bank International 30 0.01 1,767 Telekom Austria 14 412 Verbund 22 Total Austria 294 0.05 BELGIUM – 0.13% (0.14%) 149 Ackermans 28 0.01 1,284 Ageas (BRU) 66 0.01 5,950 Anheuser-Busch InBev 263 0.06 120 D’Ieteren 17 180 Elia Group 15 297 Groupe Bruxelles Lambert 20 1,428 KBC Group 126 0.02 2 Lotus Bakeries 14 94 Sofina 21 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% BELGIUM – 0.13% (0.14%) (continued) 94 Sofina Rights + * – 368 Syensqo 22 675 UCB 138 0.03 991 Warehouses De Pauw 18 Total Belgium 748 0.13 BERMUDA – 0.16% (0.12%) 5,981 Aegon 36 0.01 2,129 Arch Capital Group 143 0.03 5,500 CK Infrastructure Holdings 27 0.01 473 Credicorp 94 0.02 287 Everest Re Group 75 0.01 21,579 Hiscox 295 0.05 5,000 Johnson Electric Holdings 19 13,795 Lancashire Holdings 93 0.02 9,371 Oakley Capital Investment 52 0.01 7 Ocean Wilsons Holdings + – 1,500 Orient Overseas International 18 11,000 Yue Yuen Industrial Holdings 14 Total Bermuda 866 0.16 CAYMAN ISLANDS – 0.13% (0.12%) 5,000 AAC Technologies 22 6,000 Budweiser Brewing Company 5 14,200 Chow Tai Fook 21 15,500 CK Asset Holdings 56 0.01 17,000 CK Hutchison Holdings 83 0.02 8,631 Dragon Capital Vietnam Enterprise Investment ‘C’ 64 0.01 965 GlobalFoundries 26 0.01 10,800 MGM China Holdings 17 15,000 Nexteer Automotive Group 12 20,805 Nu Holdings 247 0.05 10,000 Sands China 21 5,500 Shenzhou International 32 0.01 6,000 SITC International Holdings 17 48,629 WH Group 39 0.01 13,000 Wharf Real Estate Investment Company 29 0.01 21,200 Wynn Macau 15 Total Cayman Islands 706 0.13 CHANNEL ISLANDS – 1.38% (1.75%) 40,640 3i Infrastructure 147 0.03 3,699 Aberdeen Asian Income Fund 9 13,569 Amcor 82 0.01 1,416 Aptiv 91 0.02 20,419 BH Macro 80 0.01 45,921 Bluefield Solar Income Fund 38 0.01 39,348 Chrysalis Investments 48 0.01 23,969 CQS New City High Yield Fund 12 1,770 CVC Capital Partners 23 69,469 Digital 9 Infrastructure 6 60,171 Experian Group 2,239 0.40 3,213 Fidelity Emerging Markets 30 0.01 43,296 Foresight Environmental Infrastructure 30 0.01 3,788 Foresight Group 18 50,669 Foresight Solar Fund 39 0.01 11,057 GCP Asset Backed Income Fund 7 54,166 GCP Infrastructure Investments 39 0.01 695,974 Glencore 2,377 0.42 4,896 Harbourvest Global Private Equity 140 0.03 9,436 Henderson Far East Income 23 11,844 Highbridge Tactical Credit ~ * ^ – –
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% CHANNEL ISLANDS – 1.38% (1.75%) (continued) 130,631 International Public Partnership 164 0.03 50,694 International Workplace Group 113 0.02 8,222 Invesco Bond Income Plus 14 6,360 JPMorgan Global Core Real Assets Fund 5 10,584 JTC 139 0.03 70,077 Man Group 125 0.02 6,043 Middlefield Canadian Income Trust 8 3,274 NB Private Equity Partners ‘A’ 49 0.01 44,245 Nextenergy Solar Fund 28 0.01 3,907 Partners Group Private Equity 35 0.01 8,862 Pershing Square Holdings 409 0.07 40,886 Petrofac + * ^ 1 2,852 Phoenix Spree REIT 5 32,862 Picton Property Income 26 4,199 Pollen Street Group 39 0.01 2,002 PPHE Hotel Group 27 0.01 19,303 Raven Property ~ * ^ – 9,724 Real Estate Credit Investments 12 170,615 Renewables Infrastructure 132 0.02 16,912 Ruffer 49 0.01 19,082 Schroder Oriental Income Fund 60 0.01 9,029 Schroder Real Estate Investment Trust 5 88,002 Sequoia Economic Infrastructure Income Fund 68 0.01 106,826 Sirius Real Estate 104 0.02 7,747 Starwood European Real Estate 7 36,030 Syncona 36 0.01 47,290 TP ICAP Group 130 0.02 51,429 TwentyFour Income Fund 59 0.01 6,698 TwentyFour Select Monthly Income Fund 6 10,439 VinaCapital Vietnam Opportunity Fund 51 0.01 4,168 Wizz Air Holdings 48 0.01 73,232 WPP 269 0.05 Total Channels Islands 7,701 1.38 CYPRUS – 0.01% (0.00%) 7,773 Atalaya Mining 49 0.01 Total Cyprus 49 0.01 DENMARK – 0.29% (0.54%) 21 A P Moller – Maersk 30 0.01 20 A P Moller – Maersk A/S 29 645 Carlsberg ‘B’ 56 0.01 678 Coloplast ‘B’ 43 0.01 3,645 Danske Bank 116 0.02 1,130 DSV 168 0.03 345 Genmab 78 0.01 3,624 H Lundbeck ‘B’ 19 19,494 Novo Nordisk 787 0.14 1,919 Novozymes 87 0.02 1,144 Ørsted 15 17,160 Ørsted Rights 13 532 Pandora 52 0.01 310 Rockwool Asia 9 1,819 Tryg 34 0.01 6,707 Vestas Wind System 94 0.02 616 William Demant Holding 16 Total Denmark 1,646 0.29 FINLAND – 0.17% (0.17%) 1,112 Elisa Communications 43 0.01 3,590 Fortum 50 0.01 1,669 Kesko ‘B’ 26 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% FINLAND – 0.17% (0.17%) 1,778 Kone ‘B’ 90 0.02 4,566 Metso 46 0.01 3,861 Neste Oyj 52 0.01 32,031 Nokia 114 0.02 20,125 Nordea Bank (EUR) 245 0.04 318 Orion 18 12,415 Sampo Oyj 106 0.02 2,783 Stora Enso (registered) 23 3,205 UPM-Kymmene 65 0.01 1,108 Valmet Corporation 27 0.01 1,926 Wartsila Corporation 43 0.01 Total Finland 948 0.17 FRANCE – 1.56% (1.69%) 1,401 Accor 49 0.01 176 ADP Promesses 17 3,516 Air Liquide 541 0.10 2,371 Alstom 46 0.01 316 Amundi 18 398 Arkema 19 11,019 AXA 391 0.07 1,227 Ayvens 11 206 BioMérieux 20 5,915 BNP Paribas 399 0.07 1,475 Bollore 6 1,397 Bouygues 47 0.01 1,901 Bureau Veritas 44 0.01 991 Capgemini 107 0.02 3,757 Carrefour 42 0.01 627 Covivio REIT 31 4,954 Credit Agricole 72 0.01 3,676 Danone 238 0.04 151 Dassault Aviation 37 0.01 4,421 Dassault Systemes 110 0.02 1,736 Edenred 31 455 Eiffage 43 0.01 10,299 Engie 164 0.03 1,819 Essilor International 438 0.08 318 Eurazeo 16 649 FDJ United 16 269 Gecina 20 3,058 Getlink 42 0.01 217 Hermes International 394 0.07 340 Ipsen Promesses 34 0.01 372 Kering 92 0.02 1,619 Klepierre 47 0.01 1,363 L’Oreal 438 0.08 1,466 Legrand Promesses 180 0.03 1,557 LVMH 707 0.13 3,800 Michelin (CGDE) 101 0.02 12,898 Orange 155 0.03 1,068 Pernod-Ricard 78 0.01 1,465 Publicis Groupe 104 0.02 1,149 Renault 35 0.01 1,505 Rexel 36 0.01 2,166 Safran 565 0.10 2,639 Saint Gobain 211 0.04 6,495 Sanofi 445 0.08 157 Sartorius Stedim Biotech 24 3,337 Schneider Electric 692 0.12 1,277 Scor Regroupe 33 151 SEB 8 –
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% FRANCE – 1.56% (1.69%) (continued) 4,263 Société Générale 210 0.04 487 Sodexo 23 883 Spie 35 0.01 180 Teleperformance 10 488 Thales 114 0.02 11,315 TotalEnergies 511 0.09 491 Unibail-Rodamco-Westfield 38 0.01 3,616 Veolia Environnement 91 0.02 3,058 Vinci 315 0.06 116 Wendel 8 Total France 8,749 1.56 GERMANY – 1.54% (1.47%) 956 Adidas 150 0.03 2,370 Allianz 739 0.13 370 Aumovio 11 5,396 BASF 199 0.04 5,769 Bayer 142 0.02 608 Bechtle 21 691 Beiersdorf 54 0.01 1,640 BMW 122 0.02 417 BMW preference 29 966 Brenntag 43 0.01 420 Carl Zeiss Meditec 16 5,326 Commerzbank 149 0.03 740 Continental 36 0.01 1,202 Covestro 61 0.01 325 CTS Eventim 24 4,715 Daimler 220 0.04 2,850 Daimler Truck Holding 87 0.02 1,554 Delivery Hero 33 0.01 10,746 Deutsche Bank 281 0.05 1,094 Deutsche Boerse 218 0.04 20,374 Deutsche Telekom 517 0.09 5,988 DHL Group 199 0.04 13,181 E.On 185 0.03 884 Evonik Industries 11 2,891 Fresenius 120 0.02 1,218 Fresenius Medical Care 47 0.01 1,038 GEA Group 57 0.01 334 Hannover Rueck 75 0.01 760 HeidelbergCement 126 0.02 729 Henkel 40 0.01 805 Henkel preference 48 0.01 367 Hensoldt 35 0.01 8,004 Infineon Technologies 232 0.04 488 KION Group 24 527 Knorr-Bremse 37 0.01 487 Leg Immobilien 29 2,475 Lufthansa 16 882 Merck KGaA 84 0.02 379 MTU Aero Engines 129 0.02 780 Muenchener Rueckver 370 0.07 448 Nemetschek 43 0.01 50 Rational 28 0.01 431 Renk Group 33 0.01 274 Rheinmetall 473 0.08 4,620 RWE 153 0.03 6,148 SAP 1,222 0.22 408 Scout24 38 0.01 4,391 Siemens 878 0.16 3,861 Siemens Energy 335 0.06
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
31
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% GERMANY – 1.54% (1.47%) (continued) 2,126 Siemens Healthineers 85 0.01 650 Symrise 42 0.01 257 Talanx 25 138 Volkswagen 11 1,335 Volkswagen preference 107 0.02 4,078 Vonovia 94 0.02 956 Zalando 22 Total Germany 8,605 1.54 GIBRALTAR – 0.00% (0.00%) 28,822 Evoke 15 Total Gibraltar 15 HONG KONG – 0.27% (0.30%) 63,600 AIA Group 453 0.08 1,700 ASMPT 13 23,000 Bank of China (Hong Kong) 80 0.02 17,800 Bank of East Asia 21 0.01 28,000 Champion REIT 6 7,500 CLP Holdings 46 0.01 16,000 Galaxy Entertainment Group 65 0.01 14,000 Hang Lung Group 20 4,700 Hang Seng Bank 53 0.01 4,920 Henderson Land Development 13 44,070 Hong Kong & China Gas 28 0.01 7,000 Hong Kong Exchanges and Clearing 295 0.05 10,000 Hysan Development 15 8,500 Kerry Properties 17 54,000 Lenovo Group 60 0.01 19,800 Link REIT 76 0.02 11,600 Man Wah Holdings 5 9,500 MTR Corporation 24 0.01 20,500 New World Development 15 14,000 Sino Land 13 35,000 SJM Holdings 11 7,500 Sun Hung Kai Properties 67 0.01 3,500 Swire Pacific ‘A’ 22 0.01 10,892 Swire Pacific ‘B’ 12 7,500 Techtronic Industries 71 0.01 Total Hong Kong 1,501 0.27 IRELAND – 11.26% (11.76%) 3,855 Accenture 706 0.13 10,246 AIB Group 69 0.01 434 Allegion 57 0.01 1,308 Aon Ireland 346 0.06 4,740 Bank of Ireland Group 58 0.01 1,485,327 Blackrock Emerging Markets Index Fund ‘A’ 56,512 10.10 24,648 C&C Group 34 0.01 4,208 CRH 375 0.07 6,666 DCC 318 0.06 2,338 Eaton Corporation 650 0.12 1,028 Flutter Entertainment 194 0.03 11,565 Grafton Group 105 0.02 32,394 Greencore Group 74 0.01 2,993 James Hardie Industries 41 0.01 4,175 Johnson Controls 341 0.06 7,376 Kenmare Resources 23 1,084 Kerry Group ‘A’ 72 0.01 1,112 Kingspan Group 69 0.01 2,828 Linde 998 0.18 8,012 Medtronic 567 0.10
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
32
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% IRELAND – 11.26% (11.76%) (continued) 873 Pentair 72 0.01 1,376 Seagate Technology Holdings 241 0.04 3,167 Smurfit Westrock 100 0.02 566 Steris 104 0.02 1,911 TE Connectivity 311 0.06 1,335 Trane Technologies 419 0.07 579 Willis Towers Watson 149 0.03 Total Ireland 63,005 11.26 ISLE OF MAN – 0.07% (0.09%) 37,865 Entain 331 0.06 13,207 Playtech 49 0.01 Total Isle of Man 380 0.07 ISRAEL – 0.04% (0.04%) 448 Check Point Software Technologies 69 0.01 4,730 Plus500 152 0.03 Total Israel 221 0.04 ITALY – 0.49% (0.41%) 13,652 A2A 27 0.01 821 Banca Mediolanum 12 10,496 Banca Monte dei Paschi di Siena 69 0.01 8,421 Banco BPM 93 0.02 7,643 BPER Banca 63 0.01 98 Brunello Cucinelli 8 376 Buzzi Unicem 15 49,286 Enel 347 0.06 14,071 ENI 183 0.03 3,253 Finecobank Banco Fineco 52 0.01 5,789 Generali 169 0.03 7,075 Hera 24 0.01 1,447 Infrastrutture Wireless 13 470 Interpump Group 16 92,815 Intesa Sanpaolo 455 0.08 4,613 Italgas 31 0.01 2,514 Leonardo 118 0.02 1,644 Moncler 72 0.01 5,531 Nexi 23 0.01 3,437 Poste Italiane 61 0.01 2,100 Prada 9 1,888 Prysmian 139 0.03 764 Recordati 34 0.01 177 Reply 19 13,033 Snam 58 0.01 85,690 Telecom Italia 33 0.01 10,212 Terna 77 0.01 9,257 Unicredit 521 0.09 1,409 Unipol Gruppo Finanziario 22 Total Italy 2,763 0.49 JAPAN – 4.15% (4.16%) 1,200 ABC-Mart 18 5,600 Acom 14 16 Advance Residence Investment Corporation 13 4,300 Advantest 317 0.06 14,700 Aeon 133 0.02 1,700 Aeon Financial Service 13 1,100 Aica Kogyo 21 2,200 Air Water 28 0.01 3,300 Aisin Seiki 42 0.01 5,000 Ajinomoto 107 0.02 2,800 Alps Electric 26 0.01
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
33
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 1,700 Amada 16 1,700 ANA Holdings 24 1,700 Aozora Bank 20 1,100 Asahi Glass 27 0.01 7,800 Asahi Group Holdings 70 0.01 1,100 Asahi Intecc 13 4,800 Asahi Kasei 28 0.01 4,600 Asics Corporation 90 0.02 11,900 Astellas Pharma 96 0.02 2,400 Azbil Corporation 17 4,000 Bandai Namco Holdings 99 0.02 1,100 BayCurrent Consulting 48 0.01 3,400 Bridgestone 117 0.02 900 Brother Industries 11 1,100 Calbee 16 5,400 Canon 118 0.02 700 Canon Marketing Japan 21 2,400 Capcom 49 0.01 3,300 Casio Computer 20 4,700 Central Japan Railway 100 0.02 3,400 Chiba Bank 27 0.01 4,100 Chugai Pharmaceutical 133 0.02 1,700 Coca-Cola West Japan 23 1,500 Comsys Holdings 28 0.01 400 Cosmos Pharmaceutical 17 600 Credit Saison 12 1,600 CyberAgent 14 3,400 Dai Nippon Printing 43 0.01 2,500 Daido Steel 16 1,900 Daifuku 45 0.01 21,200 Dai-Ichi Mutual Life Insurance 124 0.02 11,700 Daiichi Sankyo 195 0.04 1,800 Daikin Industries 154 0.03 2,000 Daito Trust Construction 33 0.01 3,600 Daiwa House Industry 96 0.02 5,800 Daiwa Securities Group 35 0.01 18 Daiwahouse Residential Investment Corporation 11 11,400 Denso 122 0.02 1,300 Dentsu 21 1,100 DIC 20 600 Disco Corporation 140 0.03 300 DMG Mori 4 700 Dowa Mining 19 6,000 East Japan Railway 109 0.02 3,500 Ebara 60 0.01 1,900 Eisai 48 0.01 14,500 ENEOS Holdings 69 0.01 1,200 EXEO Group 13 800 Ezaki Glico 20 5,400 Fanuc Corporation 116 0.02 1,100 Fast Retailing 249 0.05 800 FP Corporation 10 1,000 Fuji Electric 50 0.01 600 Fuji Media Holdings 11 1,100 Fuji Oil 20 7,200 Fujifilm Holdings Corporation 133 0.02 1,900 Fujikura 138 0.03 10,200 Fujitsu 179 0.03 800 Fukuoka Financial Group 18 600 Furukawa Electric 27 0.01 17 GLP J-Reit 12 –
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
34
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 500 GMO Payment Gateway 21 1,200 GS Yuasa 21 4,300 Gunma Bank 36 0.01 1,400 Hachijuni Bank 11 3,600 Hakuhodo DY Holdings 22 1,200 Hamamatsu Photonics 10 1,700 Hankyu 37 0.01 600 Haseko 8 800 Heiwa 8 100 Hikari Tsushin 21 4,000 Hino Motors 8 120 Hirose Electric 11 26,300 Hitachi 520 0.09 300 Hitachi Construction Machinery 7 24,900 Honda Motor 192 0.04 200 Horiba 13 400 Hoshizaki Electric 11 1,100 House Foods 16 2,000 Hoya 206 0.04 1,800 Hulic 15 400 Ibiden 18 7,700 Idemitsu Kosan 39 0.01 7,000 IHI Corporation 97 0.02 11 Industrial & Infrastructure Fund Investment Corporation 7 5,900 Inpex 79 0.01 17 Invincible Investment 6 2,500 Isetan Mitsukoshi Holdings 34 0.01 3,600 Isuzu Motors 34 0.01 1,400 IT Holdings 34 0.01 900 Ito En 16 7,700 Itochu 326 0.06 400 Itoham Yonekyu Holdings 11 800 Iwatani 7 3,100 Iyogin Holdings 35 0.01 600 Izumi 10 2,600 J Front Retailing 32 0.01 1,700 Japan Airlines 26 0.01 700 Japan Airport Terminal 17 7,800 Japan Exchange Group 65 0.01 35 Japan Metropolitan Fund Investment Corporation 20 10,000 Japan Post Bank 91 0.02 12,500 Japan Post Holdings 92 0.02 1,100 Japan Post Insurance 23 24 Japan Prime Realty Investment Corporation 12 30 Japan Real Estate Investment Trust 19 700 Japan Steel Works 32 0.01 4,000 JFE Holdings 37 0.01 3,200 JGC 24 0.01 3,400 JTEKT 25 0.01 3,200 Jx Advanced Metals Corporation 32 0.01 2,300 K‘s Holdings 18 1,100 Kagome 16 2,100 Kajima 46 0.01 100 Kandenko 2 600 Kansai Paint 7 2,700 Kao 88 0.02 900 Kawasaki Heavy Industries 44 0.01 3,000 Kawasaki Kisen Kaisha 32 0.01 18,700 KDDI 222 0.04 300 Keio 6 3,000 Keisei Electric Railway 21 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
35
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 10 Kenedix Realty Investment 8 1,200 Keyence 333 0.06 6,500 Kikkoman 41 0.01 1,300 Kinden 33 0.01 1,100 Kintetsu 17 4,900 Kirin Holdings 53 0.01 1,100 Kobe Bussan 22 500 Koito Manufacturing 6 3,200 Kokuyo 14 5,600 Komatsu 145 0.03 700 Konami 75 0.01 6,800 Konica Minolta 18 600 Kraftia Corporation 22 4,300 Kubota 40 0.01 900 Kuraray 8 400 Kurita Water Industries 10 600 Kusuri No Aoki Holdings ‘C’ 12 8,200 Kyocera 82 0.02 600 Kyoto Financial Group 9 1,100 Kyowa Kirin 13 3,700 Kyushu Electric Power 28 0.01 1,000 Kyushu Financial Group 5 300 Kyushu Railway 6 300 Lasertec 31 0.01 800 Lixil Group 7 1,600 Mabuchi Motor 21 1,200 Makita 29 0.01 8,400 Marubeni 156 0.03 1,800 Marui 29 0.01 1,400 MatsukiyoCocokara 21 2,300 Mazda Motor 13 900 McDonalds 28 0.01 5,300 Mebuki Financial Group 25 0.01 2,300 Medipal Holdings 29 0.01 1,400 Meiji Holdings 22 2,800 Minebea 39 0.01 1,400 Misumi 16 9,300 Mitsubishi Chemical Group Corporation 40 0.01 19,800 Mitsubishi Corporation 352 0.06 12,000 Mitsubishi Electric 229 0.04 7,500 Mitsubishi Estate 128 0.02 800 Mitsubishi Gas Chemical 11 4,700 Mitsubishi HC Capital 29 0.01 19,100 Mitsubishi Heavy Industries 373 0.07 9,500 Mitsubishi Motors 19 66,400 Mitsubishi UFJ Financial Group 799 0.14 15,100 Mitsui & Company 279 0.05 1,700 Mitsui Chemicals 32 0.01 14,900 Mitsui Fudosan 121 0.02 600 Mitsui Mining & Smelting 35 0.01 1,500 Mitsui O.S.K. Lines 34 0.01 14,700 Mizuho Financial Group 369 0.07 2,300 Monotaro 25 0.01 1,200 Morinaga 16 600 Morinaga Milk Industry 10 8,000 MS&AD Insurance Group 135 0.02 9,600 Murata Manufacturing 136 0.03 1,700 Nabtesco 29 0.01 1,600 Nankai Electric Railway 22 7,200 NEC 170 0.03 3,100 Nexon 51 0.01
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
36
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 1,400 NGK Insulators 17 600 NGK Spark Plug 17 700 NH Foods 21 600 Nichirei 5 5,300 Nidec 70 0.01 2,200 Nihon Kohden 19 3,800 Nihon M&A Center 14 3,600 Nikon 31 0.01 6,100 Nintendo 393 0.07 50 Nippon Building Fund REIT 35 0.01 600 Nippon Express Holdings 10 2,500 Nippon Kayaku 17 6,600 Nippon Paint Holdings 34 0.01 1,000 Nippon Sanso Holdings Corporation 26 0.01 800 Nippon Shinyaku 13 2,000 Nippon Shokubai 18 30,000 Nippon Steel Corporation 92 0.02 165,100 Nippon Telegraph & Telephone 128 0.02 2,100 Nippon Yusen 53 0.01 1,700 Nipro 13 800 Nissan Chemical Industries 22 14,200 Nissan Motor 26 0.01 1,200 Nisshin Seifun 11 1,300 Nissin Food Products 18 2,500 Nitori Holdings 36 0.01 3,800 Nitto Denko 67 0.01 1,700 NOK 22 16,800 Nomura Holding 92 0.02 2,500 Nomura Real Estate Holdings 12 23 Nomura Real Estate Master Fund 19 2,800 Nomura Research Institute 80 0.02 5,200 Obayashi 63 0.01 2,500 OBIC 65 0.01 200 OBIC Business Consultants 9 1,100 Odakyu Electric Railway 9 4,200 Oji Holdings Corporation 17 1,000 Okuma Corporation 17 5,700 Olympus Optical 54 0.01 1,500 Omron 31 0.01 2,700 Ono Pharmaceutical 23 600 Open House 23 300 Oracle Japan 23 6,200 Oriental Land 111 0.02 7,300 Orix 142 0.03 34 Orix J-REIT 17 1,700 Osaka Gas 37 0.01 1,100 Otsuka 17 2,600 Otsuka Holdings 103 0.02 500 Paltac 12 10,500 Pan Pacific International Holdings 51 0.01 12,600 Panasonic 102 0.02 1,500 Park24 14 1,100 Peptidream 9 5,000 Persol Holdings 7 1,100 Pola Orbis Holdings 7 900 Rakuten Bank 37 0.01 6,200 Rakuten Group 30 0.01 8,400 Recruit Holdings 336 0.06 1,500 Relo Holdings 13 8,700 Renesas Electronics 75 0.01 14,200 Resona 108 0.02
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avivainvestors.com | Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
37
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 1,500 Resonac Holdings Corp 38 0.01 2,000 Resort Trust 19 2,800 Ricoh 18 2,000 Rohm 22 700 Rohto Pharmaceutical 9 2,200 Ryohin Keikaku 33 0.01 1,500 Sanrio 52 0.01 1,500 Santen Pharmaceutical 12 800 Sanwa Holdings 17 200 Sapporo Breweries 7 1,500 Sawai Group Holdings 15 1,400 SBI Holdings 45 0.01 700 Screen Holdings 47 0.01 300 SCSK Corporation 7 2,800 Secom 76 0.01 1,900 Sega Sammy Holdings 30 0.01 1,100 Seibu Holdings 30 0.01 1,900 Seiko Epson 18 1,500 Sekisui Chemical 21 2,800 Sekisui House 47 0.01 38 Sekisui House REIT 15 14,700 Seven & I Holdings 147 0.03 9,800 Seven Bank 14 2,200 SG Holdings 17 2,100 Sharp 9 2,100 Shimadzu 39 0.01 500 Shimamura 25 0.01 500 Shimano 42 0.01 4,100 Shimizu 43 0.01 1,000 Shin Nittetsu Sumikin Solutions Corporation 18 12,000 Shin-Etsu Chemical 293 0.05 3,700 Shionogi 48 0.01 2,500 Shiseido 32 0.01 1,600 Shizuoka Financial Group 16 300 Sho-Bond Holdings 7 1,800 Skylark 28 0.01 400 SMC 91 0.02 1,700 Socionext 24 0.01 6,000 Softbank 564 0.10 168,300 SoftBank Group 184 0.03 1,600 Sojitz Holdings 31 0.01 5,400 Sompo Japan Nipponkoa Holdings 124 0.02 3,600 So-Net M3 43 0.01 36,400 Sony 780 0.14 36,400 Sony Financial Holding 30 0.01 1,100 Sotetsu Holdings 15 2,100 Square Enix 34 0.01 4,100 Subaru Corporation 62 0.01 3,500 Sumco 28 0.01 7,400 Sumitomo Chemical 17 6,100 Sumitomo Corporation 132 0.02 5,500 Sumitomo Electric Industries 117 0.02 2,400 Sumitomo Forestry 21 500 Sumitomo Heavy Industries 9 1,900 Sumitomo Metal Mining 46 0.01 23,400 Sumitomo Mitsui Financial 491 0.09 3,500 Sumitomo Mitsui Trust Holdings 76 0.01 2,400 Sumitomo Realty & Development 79 0.01 1,000 Sundrug 22 700 Suntory Beverage & Food 16 1,000 Sushiro Global Holdings 39 0.01
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Aviva Investors Passive Funds ACS Annual Report and Audited Financial Statements for the year ended 30 September 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
38
PORTFOLIO STATEMENT (CONTINUED) As at 30 September 2025
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.15% (4.16%) (continued) 10,300 Suzuki Motor 112 0.02 3,400 Sysmex Corporation 31 0.01 3,200 T&D Holdings 58 0.01 600 Taisei 31 0.01 300 Taiyo Yuden 5 2,600 Takara Holdings 23 9,176 Takeda Pharmaceutical 199 0.04 500 Tbs Holdings 14 12,500 TDK 135 0.02 1,100 TechnoPro Holdings 27 0.01 2,700 Teijin 17 8,200 Terumo 101 0.02 1,400 THK 29 0.01 1,100 Tobu Railway 15 3,600 Toda 18 400 Toho 19 800 Toho Gas 18 1,200 Tokai Carbon 6 11,000 Tokio Marine Holdings 347 0.06 2,800 Tokyo Electron 371 0.07 1,700 Tokyo Gas 45 0.01 2,900 Tokyo Metro 25 0.01 1,000 Tokyo Tatemono 15 3,500 Tokyu 32 0.01 3,400 Tokyu Fudosan Holdings 21 1,800 Toppan Printing 34 0.01 10,300 Toray Industries 49 0.01 2,800 Tosoh 31 0.01 500 Toto 10 500 Toyo Suisan Kaisha 27 0.01 1,500 Toyo Tire Corporation 30 0.01 1,100 Toyoda Gosei 20 800 Toyota Boshoku 10 1,100 Toyota Industries Corporation 92 0.02 63,100 Toyota Motor 904 0.16 4,800 Toyota Tsusho 99 0.02 800 Trend Micro 33 0.01 1,600 TS Technologies 15 1,000 Tsumura & Co 18 1,500 Ube Industries 17 200 Ulvac 6 6,600 Unicharm Corporation 32 0.01 24 United Urban Investment 22 900 USS 8 1,400 Welcia Holdings 19 3,000 West Japan Railway 49 0.01 1,800 Yakult Honsha 22 3,600 Yamaha 18 4,500 Yamaha Motor 25 0.01 1,600 Yamato Holdings 19 500 Yamazaki Baking 8 1,800 Yaskawa Electric 29
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