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For the six months ended 31 August 2024 (unaudited)

Interim Report and Financial Statements

AVIVA INVESTORS

PORTFOLIO FUNDS ICVC

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 1

CONTENTS

Company Information* 2 Report of the Authorised Corporate Director* 3 Statement of Cross Holdings 4 Aviva Investors Multi-Manager Flexible Fund 5 Aviva Investors Multi-Manager 40-85% Shares Fund 11 Aviva Investors Multi-Manager 20-60% Shares Fund 18 Aviva Investors Multi-asset Core Fund I 25 Aviva Investors Multi-asset Core Fund II 54 Aviva Investors Multi-asset Core Fund III 84 Aviva Investors Multi-asset Core Fund IV 115 Aviva Investors Multi-asset Core Fund V 146 Aviva Investors Multi-asset Plus Fund I 171 Aviva Investors Multi-asset Plus Fund II 179 Aviva Investors Multi-asset Plus Fund III 187 Aviva Investors Multi-asset Plus Fund IV 195 Aviva Investors Multi-asset Plus Fund V 202 Aviva Investors Multi-asset Sustainable Stewardship Fund I 209 Aviva Investors Multi-asset Sustainable Stewardship Fund II 218 Aviva Investors Multi-asset Sustainable Stewardship Fund III 227 Aviva Investors Multi-asset Sustainable Stewardship Fund IV 236 Aviva Investors UK Listed Equity Fund 245 Aviva Investors Sustainable Stewardship Fixed Interest Feeder Fund 253 Aviva Investors Sustainable Stewardship International Equity Feeder Fund 261 Aviva Investors Sustainable Stewardship UK Equity Feeder Fund 269 Aviva Investors Sustainable Stewardship UK Equity Income Feeder Fund 277 Statement of the Authorised Corporate Director’s Responsibilities* 285 Authorised Corporate Director’s Statement* 285 General Information 286

* These items (as well as each sub-fund’s Investment Objective, Investment Policy, Fund Manager’s Report, Portfolio Statement and Material Portfolio Changes) comprise the Authorised Corporate Director’s Report for the purposes of the rules contained in the Collective Investment Schemes Sourcebook (“the Regulations”).

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

COMPANY INFORMATION

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Report of the Authorised Corporate Director

REPORT OF THE AUTHORISED CORPORATE DIRECTOR

THE COMPANY Aviva Investors Portfolio Funds ICVC (“the Company”) is an Open-Ended Investment Company (OEIC) with variable capital incorporated in England and Wales on 5 March 2007. The property of the Company is entrusted to J.P. Morgan Europe Limited (“the Depositary”). The shareholders are not liable for any debts of the Company. The object of the Company is to invest the Scheme Property in transferable securities, money market instruments, cash and near cash, units in collective investment schemes, deposits, derivatives and forward transactions, immovable property and gold in accordance with the COLL Sourcebook (which may include stock lending, borrowing, cash holdings, hedging and using other investment techniques permitted in COLL Sourcebook) with the aim of spreading investment risk and giving its Shareholders the benefit of the results of the management of that property. The Company has an umbrella structure which means that it contains many sub-funds, each with a different investment objective. In the financial statements you will find an investment review for each Fund which includes details of the investment objectives. There are currently twenty-two Funds in the Aviva Investors Portfo lio Funds ICVC.

AUTHORISED STATUS From 5 March 2007 the Company was authorised as an OpenEnded Investment Company under Regulation 12 of the OpenEnded Investment Companies Regulations 2001 ( “Regulations”). The Company is authorised to operate as a “Non-UCITS Retail Scheme” for the purposes of the COLL Sourcebook and as an Authorised Investment Fund (“AIF”) for the purposes of the FUND Sourcebook. These sourcebooks form part of the regulatory handbook issued by the Financial Conduct Aut hority (“FCA”).

THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Company for the six months ended 31 August 2024. As required by the Regulations, information for each of the Funds has been included in these financial statements. On the following pages we review the performance of each of those Funds during this period. We hope that you find our review useful a nd informative. The ACD intends to terminate the Funds “Aviva Investors Sustainable Stewardship UK Equity Feeder Fund” and “Aviva Investors Sustainable Stewardship UK Equity Income Feeder Fund”. As a result, the ACD has prepared the financial statements of these Funds on a break-up basis. The financial statements for the remaining Funds of the Company and the Company as a whole have been prepared on the going concern basis.

ANNUAL GENERAL MEETINGS The Company will not be holding any Annual General Meetings.

SIGNIFICANT INFORMATION

CHANGES TO THE PROSPECTUS On 13 March 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. Among the changes made, we updated the section on conflicts of interest to make it clearer to investors where the responsibilities for monitoring conflicts lie; we updated the investment exclusions wording to ensure we are transparent about the investment manager’s discretion to make decisions in applying the exclusion policy; and we added a section on Client Money to clarify what happens to payments outside of the delivery vs payment window. We also made some changes to the way in which the charges applicable to the Funds are displayed, in order to make this clearer for our investors. On 2 July 2024 we updated the Prospectuses and Instruments of Incorporation for the Aviva Investors Investment Funds ICVC, the Aviva Investors Portfolio Funds ICVC, the Aviva Investors Select Funds ICVC and the Aviva Investors Manager of Managers ICVC (ICVC 2) to introduce the right to convert investors into another share class of the same fund, where this is in the best interests of investors. We would only move your investment in this way if we had first sent a notice to you explaining the options available to you and you had not responded to confirm any other action you would l ike us to take. On 11 September 2024, an amended version of the Prospectus for the Aviva Investors Portfolio Funds ICVC was filed reflecting the availability of Share Class 9 in the Aviva Investors Stewardship International Equity Fund, changes to the fee fo r Share Class 2 in Aviva Investors Stewardship International Equity Fund and reductions to the Share Class 9 fees in the Aviva Investors MAF Sustainable Stewardship Fund I, Aviva Investors MAF Sustainable Stewardship Fund II, Aviva Investors MAF Sustainable Stewardship Fund III and Aviva Investors MAF Sustainable Stewa rdship Fund IV.

CHANGE OF AUDITOR AND CHANGE OF REGISTERED OFFICE FOR AVIVA GROUP ENTITIES. On 26 March 2024, Ernst & Young LLP was appointed as auditor to this umbrella. Prior to this date the auditors were Pricewaterho useCoopers LLP. On 27 March 2024, the registered office for Aviva group entities changed to 80 Fenchurch Street, Lo ndon, EC3M 4AE.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Statement of Cross Holdings

STATEMENT OF CROSS HOLDINGS

As at 31 August 2024, the following sub-funds held investments in other sub-funds within the Company.

Aviva Investors Multi-asset Plus Fund I

Fund

Sub-fund Currency Holding Market Value

% of net asset value Aviva Investors Multi-asset Core Fund I Class D, Accumulation shares GBP 30,241,115 31,378,393 10.10

Aviva Investors Multi-asset Plus Fund II

Fund Sub-fund Currency Holding Market Value % of net asset value Aviva Investors Multi-asset Core Fund II Class D, Accumulation shares GBP 91,579,988 104,596,892 10.10

Aviva Investors Multi-asset Plus Fund III

Fund Sub-fund Currency Holding Market Value % of net asset value Aviva Investors Multi-asset Core Fund III Class D, Accumulation shares GBP 97,075,484 118,147,174 10.03

Aviva Investors Multi-asset Plus Fund IV

Fund

Sub-fund Currency Holding Market Value

% of net asset value Aviva Investors Multi-asset Core Fund IV Class D, Accumulation shares GBP 84,261,857 109,447,305 9.81

Aviva Investors Multi-asset Plus Fund V

Fund

Sub-fund Currency Holding Market Value

% of net asset value Aviva Investors Multi-asset Core Fund V Class D, Accumulation shares GBP 24,892,989 35,070,812 9.95

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager Flexible Fund

INVESTMENT OBJECTIVE The Fund aims to grow your investment ove r the long term (5 years or more) through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Invest ors companies).

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, with at least 75% of the combined holdings being invested in the shares of companies, and a maximum of 25% in b onds and cash*. Other Investment The Fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfol io management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Flexible Investment Sector (the “Sector”). The Sector is made up of other funds managed withi n these limits. Environmental, Social & Governance (ESG) factors ESG factors are also integrated into the criteria used in the selection of funds for investment, based upon the underlying manager’s ability to demonstrate an appropriate ESG framework, and their consideration of ESG factors in the investment process, but this does not mean that these funds are required to have ESG outcomes, and the Investment Manager retains discretion over which investments are selected for the Fund. In addition, the Fund has limited exclusions based on Aviva Investors’ UK Responsible Inve stment policy. Further information on how we integrate ESG and the Aviva Investors UK Responsible Investment policy into our investment approach, and how we engage with companies is available on our website and in the Prospectus. Performance & Risk Measurement The Fund’s performance is compared against the Investment Association Flexible Investment Sector (the “Sector”). The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range.

The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee. The Fund does not base its investment process on the Sector and, depending on market conditions, the Fund’s returns could be similar to or very different f orm the Sector. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed with reference to the Sector, and it is therefore an appropriate comparator for the Fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.

FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2024, the Fund returned 7.6%* (share class 1, net of fees). The Investment Association Flexible Investments Sector returned 5.1% over t he same period. The tracking error at the period end was 1.97%. Review It was a positive six-month period for global investment markets in aggregate. Equities made the strongest progress as investors’ appetite for risk was supported by expectations that interest rates would be cut in response to a broadly positive trend in inflation. There were also increasing hopes that the US economy would avoid sliding into recession and achieve a so-called ‘soft landing’. Elsewhere, evidence accumulated that the downturn in the Eurozone was easing, while optimism also grew about the outlook for Japan. In the event, the central banks of the Eurozone, Canada, Sweden and the UK all began to cut interest rates during the period, with the US expected to follow in September given improved inflation data. Among the main markets, the US was the strongest, driven largely by the ongoing rally of the large technology companies. The weaker performance of China nevertheless continued to weigh on global growth as the economy continued to face structural problems such as a heavily indebted p roperty sector. Bond markets were weaker by comparison. Investors became concerned that, despite the central banks starting to cut interest rates, the pace of future policy easing may be slower than had been anticipated. Indeed, many policymakers sought to play down the prospect of rapid cuts given the ongoing presence of stubborn underlying inflationary pressures, not least in the se rvices sector. Corporate bonds nevertheless made solid total returns, despite the headwind of rich valuations. The market was supported by resilient earnings in a number of sectors and strong demand from investors who were keen to lock in higher yields before interest rates began to f all in earnest.

AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager Flexible Fund

FUND MANAGER’S REPORT (CONTINUED) Outlook Global economic output for 2024 looks set to fall short of the 3.0% growth seen last year. As for the US, growth looks likely to cool, reflecting the ongoing impact of higher interest rates and a reduced contribution from government expenditure. Nonetheless, healthy growth in household disposable incomes, improving corporate profitability and increasing investment in areas related to technology and the green transition should ensure the economy continues to expand at a re spectable pace. Given that recessions in major economies were seen as a real concern earlier in the year, this ‘soft’ economic landing has come as a relief to equity markets. Nonetheless, it involves a trade-off as, while growth remains robust, the decline in inflation has stalled in many places. Overall, we see a constructive backdrop for equities, with developed markets likely to perform better than emerging marke ts in our view. While the main central banks have begun cutting interest rates, the accompanying statements from the policy makers have been cautious, signalling little prospect of a further rapid decline. Given the likelihood the US economy will slow, we see scope for government bond prices to appreciate modestly from here, although concern over high fiscal deficits limits any upside. Rich valuations are a headwind for corporate bonds but falling interest rates will ease the pressure on many heavily indeb ted companies. September 2024 * Fund performance figures – source Lipper, a Thomson Reuters company, accumulation units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.

Performance History – Income Shares

Calendar year

Share Class 8** %

Benchmark Performance* % 31.12.18 to 31.12.19 21.30 15.50 31.12.19 to 31.12.20 6.70 6.70 31.12.20 to 31.12.21 14.50 11.52 31.12.21 to 31.12.22 -8.53 -9.12 31.12.22 to 31.12.23 10.16 7.29 * Benchmark – Investment Association Flexible Investment Sector. ** Class 3 was renamed Class 8 on 9 May 2022.

Performance History – Accumulation Shares

Calendar year

Share Class 1 %

Share Class 2 %

Benchmark Performance* % 31.12.18 to 31.12.19 20.70 21.00 15.50 31.12.19 to 31.12.20 6.20 6.50 6.70 31.12.20 to 31.12.21 14.00 14.20 11.52 31.12.21 to 31.12.22 -9.25 -9.11 -9.12 31.12.22 to 31.12.23 9.07 9.23 7.29 * Benchmark – Investment Association Flexible Investment Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2023. The figures do not include the effect of the Entry Charge and any Exit Charge.

AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND (CONTINUED)

Material Portfolio Changes Purchases Sales

iShares Core FTSE 100 Fund GBP (Acc) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Y Accumulation Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD T. Rowe Price Emerging Markets Equity Fund Class I Blackstone Low Carbon High Yield Corporate Bond Fund Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares iShares Core S&P 500 Fund USD (Acc) Share Class JPM Global Corporate Bond Fund C (dist) GBP (hedged) iShares Physical Gold Fund BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged iShares Pacific Index Fund (IE)Class Institutional Accu GBP Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP BlackRock European Dynamic Fund Class FD Accumulating GBP Baillie Gifford Japanese Fund Class B Shares Accumulation Shares AI Japan Equity Fund, UK Fund of Fund Accumulation Units iShares Pacific Index Fund (IE) Class Institutional Accu GBP Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP AI Japan Equity Fund, UK Fund of Fund Accumulation Units There are only 9 sales during the period.

Synthetic Risk and Reward Indicator Lower r isk Higher risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the higher of the historic volatility of its share price, the historic volatility of its current asset classes or its intended maximum risk levels. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – The value of investments and the income from them will change over time. – The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager Flexible Fund

INVESTMENT PERFORMANCE

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 8** 28.02.22 70,752 28,295,832 250.05 28.02.23 65,676 27,697,822 237.12 28.02.24 71,887 28,686,907 250.59 31.08.24 73,910 28,125,592 262.79 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 9 May 2022.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue Pence per share Class 1 28.02.22 1,323 1,086,994 121.68 28.02.23 1,211 1,042,220 116.18 28.02.24 1,009 811,991 124.20 31.08.24 1,043 777,512 134.17 Class 2 28.02.22 16,405 8,205,300 199.93 28.02.23 14,133 7,391,956 191.18 28.02.24 8,955 4,374,941 204.69 31.08.24 8,946 4,147,182 215.71 * Valued at bid market prices.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 8*** 2022 258.72 224.15 2023 248.45 219.67 2024 254.93 229.04 2025** 264.59 251.62 * Valued at mid market prices. ** Up to 31 August 2024. *** Class 3 was renamed Class 8 on 9 May 2022.

Share Price Record – Accumulation Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 125.29 108.89 2023 120.72 106.73 2024 124.45 112.18 2025** 134.12 124.19 Class 2 2022 205.78 178.59 2023 198.37 175.44 2024 205.09 184.78 2025** 215.70 204.67 * Valued at mid market prices. ** Up to 31 August 2024.

Ongoing Charges Figure* Share class 31.08.24 28.02.24 Class 1 1.45% 1.54% Class 2 1.30% 1.39% Class 8 0.45% 0.54% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.40% (28.02.24: 0.49%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class

Financial year

Net revenue per share Per £1,000 invested (£) Class 8** 2022 1.5053 6.61 2023 3.6649 16.10 2024 5.3517 23.52 2025* 1.8623 8.18 * Up to 31 October 2024 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 9 May 2022.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share Per £1,000 invested (£) Class 1 2022 0.2066 1.88 2023 0.7526 6.84 2024 1.4194 12.91 2025* 4.3762 39.80 Class 2 2022 0.7007 3.89 2023 1.5233 8.45 2024 2.6191 14.53 2025* 1.1391 6.32 * Up to 31 October 2024 (the interim distribution payment date).

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager Flexible Fund

PORTFOLIO STATEMENT As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 95.58% (95.16%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 2,713,642 3,039 3.62 Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP † GBP 712 806 0.96 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 527,825 750 0.89 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 54,256 1,057 1.26 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 326,029 3,929 4.68 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 1,386,044 4,454 5.31 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 18,503 1,906 2.27 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 340,066 5,131 6.12 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 37,301 4,356 5.19 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 191,336 1,903 2.27 iShares Core FTSE 100 Fund GBP (Acc) GBP 44,286 7,152 8.52 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 49,229 22,168 26.42 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 439,932 5,552 6.62 iShares Physical Gold Fund GBP 45,763 1,696 2.02 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 145,447 4,435 5.29 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 42,505 2,582 3.08 PineBridge Asia ex Japan Small Cap Equity Fund Unit Class Y2 GBP 5,046 759 0.91 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 3,499,386 3,555 4.24 T. Rowe Price Emerging Markets Equity Fund Class I USD 126,041 3,393 4.04 TwentyFour Income Fund GBP 1,507,966 1,568 1.87 Collective Investment Schemes total 80,191 95.58 Forward Currency Contract 0.00% ((0.06)%)

Futures 0.29% (0.30%) Euro-Schatz 06/09/2024 EUR (22) – EURO STOXX 50 Index 20/09/2024 EUR 10 24 0.03 EURO STOXX Bank Index 20/09/2024 EUR 146 27 0.03 FTSE 100 Index 20/09/2024 GBP 31 64 0.08 Japan 10 Year Bond 12/09/2024 JPY (1) (7) (0.01) Long Gilt 27/12/2024 GBP 22 (5) (0.01) MSCI Emerging Markets Index 20/09/2024 USD (20) (4) (0.01) S&P 500 Emini Index 20/09/2024 USD 7 67 0.08 TOPIX Index 12/09/2024 JPY 6 24 0.03 US 2 Year Note 31/12/2024 USD (22) (4) US 10 Year Note 19/12/2024 USD 19 – XAV Health Care Index 20/09/2024 USD 7 59 0.07 Futures total 245 0.29 Liquidity Funds 4.17% (5.50%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 3,500,000 3,500 4.17 Liquidity Funds total 3,500 4.17

Investment assets 2 83,936 100.04 Net other liabilities (37) (0.04) Net assets 83,899 100.00

All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 28 February 2024. † A related party to the Fund. 1 Cash Equivalents. 2 Includes Cash Equivalents.

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager Flexible Fund

STATEMENT OF TOTAL RETURN For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Income Net capital gains 3,967 23 Revenue 702 490 Expenses (66) (75) Interest payable and similar charges (10) Net revenue before taxation 626 415 Taxation (12) 7 Net revenue after taxation 614 422 Total return before distributions 4,581 445 Distributions (614) (424) Change in net assets attributable to shareholders from investment activities 3,967 21

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Opening net assets attributable to shareholders 81,851 81,019 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 2,687 2,187 Amounts payable on cancellation of shares (4,687) (8,129) (2,000) (5,942) Change in net assets attributable to shareholders from investment activities (see above) 3,967 21 Retained distribution on accumulation shares 81 17 Closing net assets attributable to shareholders 83,899 75,115

The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives should be for the comparable interim period, the net asset value at the end of the previous period will not agree to the net asset value at the start of this period. The published net asset value as at 28 February 2024 w as £81,850,901.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager Flexible Fund

BALANCE SHEET As at 31 August 2024 (unaudited)

As at 31.08.24 £000

As at 28.02.24 £000 Assets: Investments 80,456 78,170 Current assets: Debtors 281 276 Cash and bank balances 510 261 Cash equivalents 3,500 4,500 Total assets 84,747 83,207 Liabilities: Investment liabilities (20) (82) Creditors: Distributions payable (524) (1,109) Other creditors (304) (165) Total liabilities (848) (1,356) Net assets attributable to shareholders 83,899 81,851

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 28 February 2024 and are described in those annual financ ial statements.

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 40-85% Shares Fund

INVESTMENT OBJECTIVE The Fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 40-85% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Invest ors companies).

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, of which at between 40% and 85% of the combined holdings will be invested in the shares of companies. The other funds may also invest in b onds and cash.* Other Investment The Fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfol io management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Mixed Investment 40-85% Shares Sector (the “Sector”). The Sector is made up of other funds managed withi n these limits. Environmental, Social & Governance (ESG) factors ESG factors are also integrated into the criteria used in the selection of funds for investment, based upon the underlying manager’s ability to demonstrate an appropriate ESG framework, and their consideration of ESG factors in the investment process, but this does not mean that these funds are required to have ESG outcomes, and the Investment Manager retains discretion over which investments are selected for the Fund. Further information on how we integrate ESG and the Aviva Investors UK Responsible Investment policy into our investment approach, and how we engage with companies is available on our website and in the Prospectus.

Performance & Risk Measurement The Fund’s performance is measured against the Sector, after char ges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate comparator for the Fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.

FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2024, the Fund returned 4.8%* (share class 1, net of fees). The Investment Association Mixed Investment 40-85% Shares Sector returned 5.7% over t he same period. The tracking error at the period end was 1.58%. Review It was a positive six-month period for global investment markets in aggregate. Equities made the strongest progress as investors’ appetite for risk was supported by expectations that interest rates would be cut in response to a broadly positive trend in inflation. There were also increasing hopes that the US economy would avoid sliding into recession and achieve a so-called ‘soft landing’. Elsewhere, evidence accumulated that the downturn in the Eurozone was easing, while optimism also grew about the outlook for Japan. In the event, the central banks of the Eurozone, Canada, Sweden and the UK all began to cut interest rates during the period, with the US expected to follow in September given improved inflation data. Among the main markets, the US was the strongest, driven largely by the ongoing rally of the large technology companies. The weaker performance of China nevertheless continued to weigh on global growth as the economy continued to face structural problems such as a heavily indebted p roperty sector. Bond markets were weaker by comparison. Investors became concerned that, despite the central banks starting to cut interest rates, the pace of future policy easing may be slower than had been anticipated. Indeed, many policymakers sought to play down the prospect of rapid cuts given the ongoing presence of stubborn underlying inflationary pressures, not least in the services sector. The period was also notable for the decision of the Bank of Japan to end its long-held negative interest rate policy. This led to heightened volatility across Japanese government bonds, particularly when a surprise interest rate hike was announced at th e end of July.

AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 40-85% Shares Fund

AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED) Review (continued) Corporate bonds nevertheless made solid total returns, despite the headwind of rich valuations. The market was supported by resilient earnings in a number of sectors and strong demand from investors who were keen to lock in higher yields before interest rates began to f all in earnest. Outlook Global economic output for 2024 looks set to fall short of the 3.0% growth seen last year. As for the US, growth looks likely to cool, reflecting the ongoing impact of higher interest rates and a reduced contribution from government expenditure. Nonetheless, healthy growth in household disposable incomes, improving corporate profitability and increasing investment in areas related to technology and the green transition should ensure the economy continues to expand at a re spectable pace. Given that recessions in major economies were seen as a real concern earlier in the year, this ‘soft’ economic landing has come as a relief to equity markets. Nonetheless, it involves a trade-off as, while growth remains robust, the decline in inflation has stalled in many places. Overall, we see a constructive backdrop for equities, with developed markets likely to perform better than emerging marke ts in our view. While the main central banks have begun cutting interest rates, the accompanying statements from the policy makers have been cautious, signalling little prospect of a further rapid decline. Given the likelihood the US economy will slow, we see scope for government bond prices to appreciate modestly from here, although concern over high fiscal deficits limits any upside. Rich valuations are a headwind for corporate bonds but falling interest rates will ease the pressure on many heavily indeb ted companies. September 2024 * Fund performance figures – source Lipper, a Thomson Reuters company, income units, share class 1, net of fees, net income reinvested Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.

Performance History – Income Shares

Calendar year

Share Class 1 %

Share Class 2 %

Share Class 8** %

Benchmark Performance* % 31.12.18 to 31.12.19 18.50 18.80 19.00 15.90 31.12.19 to 31.12.20 5.40 5.30 5.30 5.20 31.12.20 to 31.12.21 10.80 11.00 11.30 11.16 31.12.21 to 31.12.22 -9.37 -9.30 -8.87 -10.11 31.12.22 to 31.12.23 7.72 7.85 8.59 8.09 * Benchmark – Investment Association Mixed Investment 40-85% Shares Sector. ** Class 3 was renamed Class 8 on 9 May 2022.

Performance History – Accumulation Shares

Calendar year Share Class 2 %

Benchmark Performance* % 31.12.18 to 31.12.19 18.80 15.90 31.12.19 to 31.12.20 5.30 5.20 31.12.20 to 31.12.21 11.00 11.16 31.12.21 to 31.12.22 -9.30 -10.11 31.12.22 to 31.12.23 7.85 8.09 * Benchmark – Investment Association Mixed Investment 40-85% Shares Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2023. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales

iShares Core FTSE 100 Fund GBP (Acc) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Y Accumulation Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD T. Rowe Price Emerging Markets Equity Fund Class I Blackstone Low Carbon High Yield Corporate Bond Fund iShares Core S&P 500 Fund USD (Acc) Share Class Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged iShares Physical Gold Fund iShares Pacific Index Fund (IE) Class Institutional Accu GBP BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP BlackRock European Dynamic Fund Class FD Accumulating GBP BlackRock European Dynamic Fund Class FD Accumulating GBP Baillie Gifford Japanese Fund Class B Shares Accumulation Shares iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP

Synthetic Risk and Reward Indicator Lower r isk Higher risk

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 40-85% Shares Fund

INVESTMENT PERFORMANCE

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 28.02.22 3,177 3,072,817 103.41 28.02.23 2,822 2,871,887 98.26 28.02.24 2,708 2,638,907 102.64 31.08.24 2,736 2,544,606 107.51 Class 2 28.02.22 6,691 3,511,877 190.52 28.02.23 6,108 3,374,314 181.01 28.02.24 5,994 3,169,888 189.08 31.08.24 6,249 3,154,941 198.06 Class 8** 28.02.22 140,627 66,592,064 211.18 28.02.23 129,729 64,660,726 200.63 28.02.24 128,147 61,139,538 209.60 31.08.24 129,351 58,910,407 219.57 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 9 May 2022.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 2 28.02.22 27,149 15,451,556 175.70 28.02.23 26,053 15,460,676 168.51 28.02.24 24,950 13,969,567 178.60 31.08.24 25,354 13,491,719 187.92 * Valued at bid market prices.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 107.93 96.14 2023 103.61 92.68 2024 103.90 94.44 2025** 107.93 103.07 Class 2 2022 199.17 177.13 2023 190.90 170.73 2024 191.52 174.01 2025** 198.98 189.88 Class 8*** 2022 221.00 196.32 2023 211.62 189.36 2024 212.99 193.08 2025** 221.30 210.50 * Valued at mid market prices. ** Up to 31 August 2024. *** Class 3 was renamed Class 8 on 9 May 2022.

Share Price Record – Accumulation Shares

Share class Financial year

Highest price* (p) Lowest price* (p) Class 2 2022 182.91 162.70 2023 176.08 157.71 2024 178.83 162.48 2025** 187.95 178.64 * Valued at mid market prices. ** Up to 31 August 2024.

Ongoing Charges Figure* Share class 31.08.24 28.02.24 Class 1 1.42% 1.52% Class 2 1.27% 1.37% Class 8 0.42% 0.52% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.38% (28.02.24: 0.48%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 40-85% Shares Fund

INVESTMENT PERFORMANCE (CONTINUED)

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 0.2204 2.26 2023 0.8483 8.71 2024 1.3708 14.07 2025* 0.4057 4.17 Class 2 2022 0.7979 4.44 2023 1.6877 9.40 2024 2.7441 15.28 2025* 0.8900 4.95 Class 8** 2022 1.4028 7.04 2023 2.9589 14.85 2024 4.4220 22.19 2025* 1.7329 8.70 * Up to 31 October 2024 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 9 May 2022.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 2 2022 0.7432 4.53 2023 1.5582 9.50 2024 2.5627 15.63 2025* 0.8346 5.09 * Up to 31 October 2024 (the interim distribution payment date).

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 40-85% Shares Fund

PORTFOLIO STATEMENT As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 87.41% (85.92%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units GBP 4,325,840 4,845 2.96 Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP † GBP 1,476 1,669 1.02 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 2,094 2,849 1.74 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 3,668,707 5,214 3.19 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 81,674 1,592 0.97 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 506,916 6,108 3.73 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 2,246,932 7,220 4.41 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 29,327 3,021 1.85 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 544,823 8,221 5.02 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 58,558 6,838 4.18 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 288,473 2,870 1.75 iShares Core FTSE 100 Fund GBP (Acc) GBP 95,781 15,469 9.45 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 78,294 35,257 21.54 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 692,102 8,734 5.34 iShares Physical Gold Fund GBP 90,510 3,354 2.05 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 223,899 6,827 4.17 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 124,085 7,537 4.60 PineBridge Asia ex Japan Small Cap Equity Fund Unit Class Y2 GBP 7,782 1,170 0.71 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 5,550,998 5,639 3.44 T. Rowe Price Emerging Markets Equity Fund Class I USD 199,762 5,378 3.29 TwentyFour Income Fund GBP 3,144,693 3,271 2.00 Collective Investment Schemes total 143,083 87.41 Equities 0.00% (2.02%) Guernsey 0.00% (2.02%) Forward Currency Contract 0.00% ((0.06)%)

Futures 0.21% (0.26%) Euro-Schatz 06/09/2024 EUR (44) – EURO STOXX 50 Index 20/09/2024 EUR 19 46 0.03 EURO STOXX Bank Index 20/09/2024 EUR 287 54 0.03 Japan 10 Year Bond 12/09/2024 JPY (5) (35) (0.02) Long Gilt 27/12/2024 GBP 41 (10) (0.01) MSCI Emerging Markets Index 20/09/2024 USD (38) (8) S&P 500 Emini Index 20/09/2024 USD 14 133 0.08 TOPIX Index 12/09/2024 JPY 12 50 0.03 US 2 Year Note 31/12/2024 USD (19) (3) US 10 Year Note 19/12/2024 USD 230 4 XAV Health Care Index 20/09/2024 USD 14 117 0.07 Futures total 348 0.21 Liquidity Funds 12.16% (12.67%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 19,900,836 19,901 12.16 Liquidity Funds total 19,901 12.16

Investment assets 2 163,332 99.78 Net other assets 358 0.22 Net assets 163,690 100.00

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 40-85% Shares Fund

STATEMENT OF TOTAL RETURN For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Income Net capital gains/(losses) 7,593 (499) Revenue 1,515 1,181 Expenses (186) (186) Net revenue before taxation 1,329 995 Taxation (147) (76) Net revenue after taxation 1,182 919 Total return before distributions 8,775 420 Distributions (1,185) (923) Change in net assets attributable to shareholders from investment activities 7,590 (503)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Opening net assets attributable to shareholders 161,800 164,712 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 4,494 4,115 Amounts payable on cancellation of shares (10,307) (9,585) (5,813) (5,470) Change in net assets attributable to shareholders from investment activities (see above) 7,590 (503) Retained distribution on accumulation shares 113 74 Closing net assets attributable to shareholders 163,690 158,813

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 40-85% Shares Fund

BALANCE SHEET As at 31 August 2024 (unaudited)

As at 31.08.24 £000

As at 28.02.24 £000 Assets: Investments 143,487 142,846 Current assets: Debtors 827 937 Cash and bank balances 955 813 Cash equivalents 19,901 20,501 Total assets 165,170 165,097 Liabilities: Investment liabilities (56) (230) Creditors: Distributions payable (1,059) (2,008) Other creditors (365) (1,059) Total liabilities (1,480) (3,297) Net assets attributable to shareholders 163,690 161,800

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 28 February 2024 and are described in those annual financ ial statements.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 20-60% Shares Fund

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The Fund’s asset class exposures will be made up of the combined holdings of the other funds, of which between 20% and 60% of the combined holdings will be invested in the shares of companies, and a minimum of 30% in bo nds and cash*. At least 60% of the Fund’s underlying assets will be held in US Dollars, Sterling or Euros, with a minimum of 3 0% in Sterling. Other Investment The Fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Fund. This type of derivative usage is called “efficient portfol io management”. Strategy The Fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Mixed Investment 20-60% Shares Sector (the “Sector”). The Sector is made up of other funds managed withi n these limits. Environmental, Social & Governance (ESG) factors ESG factors are also integrated into the criteria used in the selection of funds for investment, based upon the underlying manager’s ability to demonstrate an appropriate ESG framework, and their consideration of ESG factors in the investment process, but this does not mean that these funds are required to have ESG outcomes, and the Investment Manager retains discretion over which investments are selected for the Fund. Further information on how we integrate ESG and the Aviva Investors UK Responsible Investment policy into our investment approach, and how we engage with companies is available on our website and in the Prospectus. Performance & Risk Measurement The Fund’s performance is measured against the Sector, after cha rges and taxes. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Sector, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the Fund may be outside of this range.

The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee. The Sector has been selected as a benchmark for performance and risk measurement because the Fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate comparator for the Fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.

FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2024, the Fund returned 3.0%* (share class 1, net of fees). The Investment Association Mixed Investment 20-60% Shares Sector returned 2.7% over t he same period. The tracking error at the period end was 1.18%. Review It was a positive six-month period for global investment markets in aggregate. Equities made the strongest progress as investors’ appetite for risk was supported by expectations that interest rates would be cut in response to a broadly positive trend in inflation. There were also increasing hopes that the US economy would avoid sliding into recession and achieve a so-called ‘soft landing’. Elsewhere, evidence accumulated that the downturn in the Eurozone was easing, while optimism also grew about the outlook for Japan. In the event, the central banks of the Eurozone, Canada, Sweden and the UK all began to cut interest rates during the period, with the US expected to follow in September given improved inflation data. Among the main markets, the US was the strongest, driven largely by the ongoing rally of the large technology companies. The weaker performance of China nevertheless continued to weigh on global growth as the economy continued to face structural problems such as a heavily indebted p roperty sector. Bond markets were weaker by comparison. Investors became concerned that, despite the central banks starting to cut interest rates, the pace of future policy easing may be slower than had been anticipated. Indeed, many policymakers sought to play down the prospect of rapid cuts given the ongoing presence of stubborn underlying inflationary pressures, not least in the services sector. The period was also notable for the decision of the Bank of Japan to end its long-held negative interest rate policy. This led to heightened volatility across Japanese government bonds, particularly when a surprise interest rate hike was announced at th e end of July. Corporate bonds nevertheless made solid total returns, despite the headwind of rich valuations. The market was supported by resilient earnings in a number of sectors and strong demand from investors who were keen to lock in higher yields before interest rates began to f all in earnest.

AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 20-60% Shares Fund

AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED) Outlook Global economic output for 2024 looks set to fall short of the 3.0% growth seen last year. As for the US, growth looks likely to cool, reflecting the ongoing impact of higher interest rates and a reduced contribution from government expenditure. Nonetheless, healthy growth in household disposable incomes, improving corporate profitability and increasing investment in areas related to technology and the green transition should ensure the economy continues to expand at a re spectable pace. Given that recessions in major economies were seen as a real concern earlier in the year, this ‘soft’ economic landing has come as a relief to equity markets. Nonetheless, it involves a trade-off as, while growth remains robust, the decline in inflation has stalled in many places. Overall, we see a constructive backdrop for equities, with developed markets likely to perform better than emerging marke ts in our view. While the main central banks have begun cutting interest rates, the accompanying statements from the policy makers have been cautious, signalling little prospect of a further rapid decline. Given the likelihood the US economy will slow, we see scope for government bond prices to appreciate modestly from here, although concern over high fiscal deficits limits any upside. Rich valuations are a headwind for corporate bonds but falling interest rates will ease the pressure on many heavily indeb ted companies. September 2024 * Fund performance figures – source Lipper, a Thomson Reuters company, income units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.

Performance History – Income Shares

Calendar year

Share Class 1 %

Share Class 2 %

Share Class 8** %

Benchmark Performance* % 31.12.18 to 31.12.19 15.00 15.20 15.50 12.20 31.12.19 to 31.12.20 4.40 4.60 4.90 3.50 31.12.20 to 31.12.21 6.30 6.50 6.70 6.28 31.12.21 to 31.12.22 -9.41 -9.31 -8.84 -9.63 31.12.22 to 31.12.23 6.22 6.35 7.07 6.86 * Benchmark – Investment Association Mixed Investment 20-60% Shares Sector. ** Class 3 was renamed Class 8 on 9 May 2022.

Performance History – Accumulation Shares

Calendar year

Share Class 2 %

Benchmark Performance* % 31.12.18 to 31.12.19 15.20 12.20 31.12.19 to 31.12.20 4.60 3.50 31.12.20 to 31.12.21 6.50 6.28 31.12.21 to 31.12.22 -9.31 -9.63 31.12.22 to 31.12.23 6.35 6.86 * Benchmark – Investment Association Mixed Investment 20-60% Shares Sector. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2023. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales

iShares Core FTSE 100 Fund GBP (Acc) J O Hambro Capital Management UK Dynamic Fund Y Accumulating Y Accumulation Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD iShares Core S&P 500 Fund USD (Acc) Share Class Blackstone Low Carbon High Yield Corporate Bond Fund T. Rowe Price Emerging Markets Equity Fund Class I Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares Hermes Global High Yield Credit Fund Class M Stg£ Dist. Hedged Shares BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged JPM Global Corporate Bond Fund C (dist) GBP (hedged) Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP BlackRock European Dynamic Fund Class FD Accumulating GBP Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP Baillie Gifford Japanese Fund Class B Shares Accumulation Shares iShares Physical Gold Fund Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD BlackRock European Dynamic Fund Class FD Accumulating GBP Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP There were only 9 purchases during the period.

Synthetic Risk and Reward Indicator Lower r isk Higher risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – Investment may be restricted to a limited number of holdings, industries, or Countries. The Fund share price may be more exposed to specific events and as a result may experience large daily price changes. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free‘. – Bond values are affected by changes in interest rates, and the bond issuer‘s creditworthiness. Bonds that produce a higher level of income usually have a greater risk of default. – The value of investments will be affected by changes in exchange rates. – The value of investments and the income from them will change over time. – The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 20-60% Shares Fund

INVESTMENT PERFORMANCE

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 28.02.22 3,070 3,349,015 91.67 28.02.23 2,947 3,404,880 86.54 28.02.24 2,688 3,001,700 89.55 31.08.24 2,830 3,024,078 93.57 Class 2 28.02.22 6,902 4,434,325 155.64 28.02.23 6,084 4,140,625 146.94 28.02.24 6,001 3,946,966 152.04 31.08.24 5,237 3,296,125 158.87 Class 8** 28.02.22 117,630 63,990,156 183.83 28.02.23 101,857 58,694,645 173.54 28.02.24 96,940 53,981,376 179.58 31.08.24 96,085 51,200,258 187.67 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 9 May 2022.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 2 28.02.22 19,600 12,375,487 158.38 28.02.23 16,583 11,009,334 150.63 28.02.24 15,710 9,917,256 158.41 31.08.24 15,256 9,182,909 166.13 * Valued at bid market prices.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 95.68 88.38 2023 92.03 83.09 2024 90.90 83.58 2025** 93.86 89.84 Class 2 2022 162.64 150.05 2023 156.27 141.15 2024 154.41 141.93 2025** 159.45 152.53 Class 8*** 2022 192.24 177.22 2023 184.59 166.84 2024 182.98 167.80 2025** 188.94 180.16 * Valued at mid market prices. ** Up to 31 August 2024. *** Class 3 was renamed Class 8 on 9 May 2022.

Share Price Record – Accumulation Shares

Share class Financial year

Highest price* (p) Lowest price* (p) Class 2 2022 164.93 152.18 2023 159.02 143.67 2024 158.67 145.84 2025** 166.12 158.49 * Valued at mid market prices. ** Up to 31 August 2024.

Ongoing Charges Figure* Share class 31.08.24 28.02.24 Class 1 1.40% 1.49% Class 2 1.25% 1.34% Class 8 0.40% 0.49% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substanital portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, exept in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.36% (28.02.24: 0.45%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 20-60% Shares Fund

INVESTMENT PERFORMANCE (CONTINUED)

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 0.1750 1.96 2023 0.5356 5.99 2024 1.3493 15.10 2025* 0.2926 3.27 Class 2 2022 0.5334 3.51 2023 1.0815 7.12 2024 2.4754 16.30 2025* 0.5911 3.89 Class 8** 2022 1.0035 5.59 2023 2.3157 12.90 2024 4.1170 22.93 2025* 1.3260 7.39 * Up to 31 October 2024 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 9 May 2022.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 2 2022 0.5469 3.57 2023 1.0971 7.16 2024 2.5423 16.59 2025* 0.6161 4.02 * Up to 31 October 2024 (the interim distribution payment date).

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 20-60% Shares Fund

PORTFOLIO STATEMENT As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 82.76% (84.06%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 2,055,798 2,303 1.93 Aviva Investors – Global Convertibles Absolute Return Fund – Share class Zyh GBP † GBP 1,131 1,279 1.07 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 9,328 12,694 10.63 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 5,974,964 8,492 7.11 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 43,885 855 0.72 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 241,922 2,915 2.44 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 971,353 3,121 2.61 Blackstone Low Carbon High Yield Corporate Bond Fund GBP 13,412 1,382 1.16 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 246,486 3,719 3.12 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 25,278 2,952 2.47 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 138,746 1,380 1.15 iShares Core FTSE 100 Fund GBP (Acc) GBP 43,658 7,051 5.91 iShares Core S&P 500 Fund USD (Acc) Share Class GBP 34,456 15,516 12.99 iShares Pacific Index Fund (IE) Class Institutional Accumulating GBP GBP 320,563 4,045 3.39 iShares Physical Gold Fund GBP 64,942 2,407 2.02 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 103,506 3,156 2.64 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 283,854 17,241 14.44 PineBridge Asia ex Japan Small Cap Equity Fund Unit Class Y2 GBP 4,718 709 0.59 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 2,531,644 2,572 2.15 T. Rowe Price Emerging Markets Equity Fund Class I USD 91,185 2,455 2.06 TwentyFour Income Fund GBP 2,474,774 2,574 2.16 Collective Investment Schemes total 98,818 82.76 Forward Currency Contract 0.00% ((0.06)%)

Futures 0.23% (0.28%) Euro-Schatz 06/09/2024 EUR (32) – EURO STOXX 50 Index 20/09/2024 EUR 14 34 0.03 EURO STOXX Bank Index 20/09/2024 EUR 212 40 0.03 Japan 10 Year Bond 12/09/2024 JPY (3) (19) (0.02) Long Gilt 27/12/2024 GBP 31 (8) (0.01) MSCI Emerging Markets Index 20/09/2024 USD (28) (6) S&P 500 Emini Index 20/09/2024 USD 9 97 0.08 TOPIX Index 12/09/2024 JPY 9 44 0.04 US 10 Year Note 19/12/2024 USD 151 3 XAV Health Care Index 20/09/2024 USD 11 92 0.08 Futures total 277 0.23 Liquidity Funds 16.92% (16.90%) 1 Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 20,201,543 20,201 16.92 Liquidity Funds total 20,201 16.92

Investment assets 2 119,296 99.91 Net other assets 112 0.09 Net assets 119,408 100.00

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-Manager 20-60% Shares Fund

STATEMENT OF TOTAL RETURN For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Income Net capital gains/(losses) 5,329 (155) Revenue 1,040 859 Expenses (133) (139) Net revenue before taxation 907 720 Taxation (125) (86) Net revenue after taxation 782 634 Total return before distributions 6,111 479 Distributions (784) (636) Change in net assets attributable to shareholders from investment activities 5,327 (157)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2024 (unaudited)

£000

Six months ended 31.08.24 £000 £000

Six months ended 31.08.23 £000 Opening net assets attributable to shareholders 121,339 127,471 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 3,540 4,640 Amounts payable on cancellation of shares (10,855) (9,624) (7,315) (4,984) Change in net assets attributable to shareholders from investment activities (see above) 5,327 (157) Retained distribution on accumulation shares 57 36 Closing net assets attributable to shareholders 119,408 122,366

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-Manager 20-60% Shares Fund

BALANCE SHEET As at 31 August 2024 (unaudited)

As at 31.08.24 £000

As at 28.02.24 £000 Assets: Investments 99,128 102,434 Current assets: Debtors 715 882 Cash and bank balances 624 (12) Cash equivalents 20,201 20,502 Total assets 120,668 123,806 Liabilities: Investment liabilities (33) (169) Creditors: Distributions payable (707) (1,798) Other creditors (520) (500) Total liabilities (1,260) (2,467) Net assets attributable to shareholders 119,408 121,339

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 28 February 2024 and are described in those annual financ ial statements.

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

INVESTMENT OBJECTIVE The Fund aims to grow your investment over the long term (5 years or more) through a combination of income and capital growth. The Fund targets an overall average return before charges and taxes of at least 0.30% greater than the performance benchmark per year, measured over 3-year r olling periods. The performance benchmark is a composite index, comprising 20% MSCI® All Countries World Index (Net) GBP and 80% Bloomberg® Global Aggregate Bond Index Hedged GBP (the “Perfo rmance Index”). The Fund is managed to a “defensive” risk profile and aims to remain within a defined risk range of 16% to 24% of the volatility of “Global Equities”, targeting 20%. The benchmark used to represent the volatility of “Global Equities” is MSCI® All Countries World Index (Net) GBP (the “Volatility Index”). Volatility is measured on an annualised basis, over 3-year rolling periods, using the volatility figures as at the end of each month.

INVESTMENT POLICY Core investment The Fund will invest in a variety of global asset classes, namely shares of both developed and emerging market companies, bonds issued by companies, governments, or large institutional organisations in developed and emerging markets, cash and money market instruments. It will gain this exposure by investing directly in these assets, through the use of derivatives or investing in other funds (including funds managed by Aviva Invest ors companies). Derivatives may be used for investment purposes to generate additional returns for the Fund but will not materially alter the risk profile. They are also used to gain exposure to asset classes which may otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk w ithin the Fund. Other Investment The Fund may also invest in property via real estate investment trusts, and indirectly in commodities, for example through another collective investment scheme, exchange traded commodity o r a derivative. Strategy The Fund is actively managed and uses an asset allocation technique to blend asset classes for diversification aiming to provide returns consistent with the Fund’s “defensive” risk profile and return target. Based on a longer-term outlook, the Fund uses an asset allocation model which determines, within a range, the Fund’s allocation to the different asset classes. The asset mix of the Fund will be rebalanced on a periodic basis taking into account the results of the model, the “defensive” risk profile and mar ket conditions. The Fund aims to efficiently gain exposure to global asset classes and may make use of active, passive and semi passive methods to do so. Specifically, for the exposure to shares in global companies, it will use a passive sampling approach, with an active ESG overlay which is described further below. The Fund is part of a range of five multi asset core funds, each with their own risk profile, ranging from I (the lowest) to V (the highest). This Fund is number I in the range. For more information on these funds please refer to the Prospectus.

Environmental, Social & Governance (ESG) factors The Investment Manager uses an ESG Overlay when selecting securities issued by global companies in developed markets and Sovereign issuers such that the expectation is that these allocations will have a better ESG score relative to the ESG score of the Underlying Markets, whilst seeking to maintain the risk profile stated in the Fund’s invest ment objective. The Fund has limited exclusions based on Aviva Investors’ UK Responsible Inv estment Policy. A portfolio is then created (the ESG Overlay), after the excluded companies are removed, such that holdings will be either overweighted, underweighted or potentially excluded relative to the Underlying Markets, based on ESG scores. These scores assess a company’s resilience to financially material environmental, societal and governance risks, being risks to their financial performance. Further information on the ESG Overlay is set out in this Prospectus under the sub-heading “ESG Overlay applied to the Aviva Investors Multi-ass et Core Funds”. Information on how we integrate ESG and the Aviva Investors UK Responsible Investment Policy into our investment approach is available on our website and in the Prospectus. Performance & Risk Measurement The Fund does not base its investment process on either the Performance Index or the Volatility Index, so will not hold every asset in them, and may also hold assets that do not form part of them. The Fund’s returns could therefore be very different from those of the Performance Index and the Volatility Index. Volatility measures how much the returns of the Fund may fluctuate and is an indicator of the level of risk taken by the Investment Manager. There may be times when the Fund operates outside of its defi ned risk range. The MSCI® All Country World Index (Net) GBP (representing 20% of the Performance Index and 100% of the Volatility Index) comprises large and medium-sized companies, as determined by their market capitalisation (total market value of a company’s outstanding shares), from both developed and emerging markets, and the index is designed to provide a broad measure of global equity market performance. The Bloomberg® Global Aggregate Bond Index Hedged GBP (representing 80% of the Performance Index) is a measure of global investment grade debt from twenty-four local cu rrency markets. The Performance Index has been selected as a target benchmark for performance because it is representative of the type of assets in which the Fund is likely to invest, and it is therefore an appropriate measure for the Fund’s performance. For the purposes of calculating the 20%/80% weighting, the Performance Index is re-balanced as at the end of each month. The Volatility Index has been selected as a benchmark for risk measurement due to the broad range of companies that it represents, and it is therefore an appropriate measure of the volatility of G lobal Equities.

AVIVA INVESTORS MULTI-ASSET CORE FUND I

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2024, the Fund returned 4.2%* (share class 1, net of fees). The Fund’s composite benchmark returned 4.5% over t he same period. Review It was a positive six-month period for global investment markets in aggregate. Equities made the strongest progress as investors’ appetite for risk was supported by expectations that interest rates would be cut in response to a broadly positive trend in inflation. There were also increasing hopes that the US economy would avoid sliding into recession and achieve a so-called ‘soft landing’. Elsewhere, evidence accumulated that the downturn in the Eurozone was easing, while optimism also grew about the outlook for Japan. In the event, the central banks of the Eurozone, Canada, Sweden and the UK all began to cut interest rates during the period, with the US expected to follow in September given improved inflation data. Among the main markets, the US was the strongest, driven largely by the ongoing rally of the large technology companies. The weaker performance of China nevertheless continued to weigh on global growth as the economy continued to face structural problems such as a heavily indebted p roperty sector. Bond markets were weaker by comparison. Investors became concerned that, despite the central banks starting to cut interest rates, the pace of future policy easing may be slower than had been anticipated. Indeed, many policymakers sought to play down the prospect of rapid cuts given the ongoing presence of stubborn underlying inflationary pressures, not least in the services sector. The period was also notable for the decision of the Bank of Japan to end its long-held negative interest rate policy. This led to heightened volatility across Japanese government bonds, particularly when a surprise interest rate hike was announced at th e end of July. Corporate bonds nevertheless made solid total returns, despite the headwind of rich valuations. The market was supported by resilient earnings in a number of sectors and strong demand from investors who were keen to lock in higher yields before interest rates began to f all in earnest. Outlook Global economic output for 2024 looks set to fall short of the 3.0% growth seen last year. As for the US, growth looks likely to cool, reflecting the ongoing impact of higher interest rates and a reduced contribution from government expenditure. Nonetheless, healthy growth in household disposable incomes, improving corporate profitability and increasing investment in areas related to technology and the green transition should ensure the economy continues to expand at a re spectable pace. Given that recessions in major economies were seen as a real concern earlier in the year, this ‘soft’ economic landing has come as a relief to equity markets. Nonetheless, it involves a trade-off as, while growth remains robust, the decline in inflation has stalled in many places. Overall, we see a constructive backdrop for equities, with developed markets likely to perform better than emerging marke ts in our view.

AVIVA INVESTORS MULTI-ASSET CORE FUND I (CONTINUED)

While the main central banks have begun cutting interest rates, the accompanying statements from the policy makers have been cautious, signalling little prospect of a further rapid decline. Given the likelihood the US economy will slow, we see scope for government bond prices to appreciate modestly from here, although concern over high fiscal deficits limits any upside. Rich valuations are a headwind for corporate bonds but falling interest rates will ease the pressure on many heavily indeb ted companies. September 2024 * Fund performance figures – source Lipper, a Thomson Reuters company, accumulation units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of a fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.

Performance History – Accumulation Shares

Calendar year Share Class 1 %

Share Class 2 %

Share Class D %

Benchmark Performance* 31.12.20 to 31.12.21 2.10 2.30 2.40 2.40 31.12.21 to 31.12.22 -10.92 -10.79 -10.71 -11.72 31.12.22 to 31.12.23 7.53 7.69 7.79 8.01 * The performance benchmark is a composite index as shown in the Investment Objective section. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2023. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales UK Treasury Bill 0.00% 04/11/2024 UK Treasury Bill 0.00% 05/08/2024 UK Treasury Bill 0.00% 05/08/2024 UK Treasury Bill 0.00% 07/05/2024 US Treasury 4.13% 31/03/2031 Australia Government Bond 0.25% 21/11/2025 Australia Government Bond 0.50% 21/09/2026 US Treasury 0.25% 31/10/2025

US Treasury 4.50% 15/11/2033

Aviva Investors – Emerging Markets Local Currency Bond Fund, Class Zy, Accumulation shares, GBP US Treasury 4.63% 28/02/2026 China Government Bond 3.19% 15/04/2053 Japan Government Ten Year Bond 1.00% 20/03/2034 Australia Government Bond 0.50% 21/09/2026 New Zealand Government Bond 0.50% 15/05/2026 US Treasury 4.63% 28/02/2026 Australia Government Bond 0.25% 21/11/2025 US Treasury 4.13% 15/11/2032 China Government Bond 2.35% 25/02/2034 UK Treasury 0.50% 31/01/2029

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

AVIVA INVESTORS MULTI-ASSET CORE FUND I (CONTINUED)

Synthetic Risk and Reward Indicator Lower r isk Higher risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the higher of the historic volatility of its share price, the historic volatility of its current asset classes or its intended maximum risk levels. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – The value of investments and the income from them will change over time. – The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. – During the period ended 31 August 2024, the indicator changed from category 3 to category 4. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

INVESTMENT PERFORMANCE

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 28.02.22 2,579 2,602,613 99.10 28.02.23 4,438 4,806,005 92.34 28.02.24 4,245 4,312,494 98.43 31.08.24 7,352 7,152,449 102.79 Class 2 28.02.22 4,613 4,646,341 99.28 28.02.23 13,702 14,789,987 92.65 28.02.24 22,754 23,007,472 98.90 31.08.24 28,159 27,243,884 103.36 Class D 28.02.22 39,658 39,899,752 99.39 28.02.23 34,852 37,537,829 92.84 28.02.24 32,381 32,640,662 99.20 31.08.24 31,370 30,243,085 103.73 * Valued at bid market prices.

Share Price Record – Accumulation Shares

Share class Financial year

Highest price* (p) Lowest price* (p) Class 1 2022 103.38 98.32 2023 99.42 89.59 2024 98.79 91.50 2025** 103.04 98.10 Class 2 2022 103.53 98.38 2023 99.59 89.84 2024 99.25 91.89 2025** 103.61 98.59 Class D 2022 103.63 98.40 2023 99.71 90.00 2024 99.55 92.14 2025** 103.97 98.91 * Valued at mid market prices. ** Up to 31 August 2024.

Ongoing Charges Figure* Share class 31.08.24 28.02.24 Class 1 0.30% 0.31% Class 2 0.15% 0.16% Class D 0.06% 0.07% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.00% (28.02.24: 0.01%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 28 February 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 0.2299 2.33 2023 0.8859 8.98 2024 1.3537 13.73 2025* 0.8213 8.33 Class 2 2022 0.3798 3.85 2023 1.0300 10.44 2024 1.5059 15.27 2025* 0.9009 9.13 Class D 2022 0.4749 4.81 2023 1.1196 11.35 2024 1.5948 16.16 2025* 0.9508 9.64 * Up to 31 October 2024 (the interim distribution payment date).

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 3.83% (3.87%) Aviva Investors – Emerging Markets Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 765 1,003 1.50 Aviva Investors – Emerging Markets Corporate Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 567 657 0.98 Aviva Investors – Global High Yield Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 778 901 1.35 Collective Investment Schemes total 2,561 3.83 Equities 17.59% (18.70%) Australia 0.33% (0.35%) Ampol AUD 36 1 ANZ Group Holdings AUD 758 12 0.02 APA Group AUD 592 2 Aristocrat Leisure AUD 160 5 0.01 ASX AUD 68 2 BHP Group AUD 646 14 0.02 BHP Group GBP 469 10 0.02 BlueScope Steel AUD 154 2 Brambles AUD 466 4 0.01 CAR Group AUD 136 3 0.01 Cochlear AUD 22 3 0.01 Coles Group AUD 361 4 0.01 Commonwealth Bank of Australia AUD 392 28 0.04 Computershare AUD 87 1 CSL AUD 111 18 0.03 Dexus, REIT AUD 266 1 Endeavour Group AUD 221 1 Fortescue AUD 346 3 0.01 Goodman Group, REIT AUD 351 6 0.01 GPT Group, REIT AUD 453 1 Insurance Australia Group AUD 166 1 Lottery AUD 249 1 Macquarie Group AUD 73 8 0.01 Mineral Resources AUD 79 2 Mirvac Group, REIT AUD 337 – National Australia Bank AUD 711 14 0.02 Northern Star Resources AUD 309 2 Orica AUD 252 2 Origin Energy AUD 520 3 0.01 Pilbara Minerals AUD 1,052 2 Qantas Airways AUD 340 1 QBE Insurance Group AUD 276 2 Ramsay Health Care AUD 31 1 REA Group AUD 9 1 Rio Tinto AUD 94 5 0.01 Santos AUD 462 2 Scentre Group, REIT AUD 793 1 SEEK AUD 28 – Seven Group Holdings AUD 113 2 Sonic Healthcare AUD 114 2 South32 AUD 1,019 2 Stockland, REIT AUD 905 2 Suncorp Group AUD 312 3 0.01 Telstra Group AUD 566 1 Transurban Group AUD 726 5 0.01 Treasury Wine Estates AUD 204 1 Wesfarmers AUD 248 9 0.02 Westpac Banking AUD 685 11 0.02 WiseTech Global AUD 32 2 Woodside Energy Group AUD 377 5 0.01 Woodside Energy Group GBP 84 1 Woolworths Group AUD 226 4 0.01 219 0.33

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Austria 0.01% (0.01%) Erste Group Bank EUR 91 4 0.01 OMV EUR 5 – voestalpine EUR 92 2 6 0.01 Belgium 0.04% (0.04%) Anheuser-Busch InBev EUR 151 7 0.01 D’ieteren Group EUR 10 2 Elia Group EUR 33 3 0.01 KBC Group EUR 105 6 0.01 UCB EUR 54 7 0.01 Warehouses De Pauw, REIT EUR 22 1 26 0.04 Bermuda 0.01% (0.01%) Aegon EUR 103 – Arch Capital Group USD 25 2 Everest Group USD 6 2 0.01 4 0.01 Canada 0.56% (0.59%) Agnico Eagle Mines CAD 39 2 Air Canada CAD 396 4 0.01 Alimentation Couche-Tard CAD 354 15 0.02 AltaGas CAD 226 4 0.01 ARC Resources CAD 644 9 0.01 Bank of Montreal CAD 116 7 0.01 Bank of Nova Scotia CAD 523 20 0.03 Barrick Gold CAD 119 2 Brookfield ‘A’ CAD 327 12 0.02 CAE CAD 320 4 0.01 Canadian Imperial Bank of Commerce CAD 365 16 0.02 Canadian National Railway CAD 214 19 0.03 Canadian Pacific Kansas City CAD 239 15 0.02 Constellation Software CAD 1 3 Descartes Systems Group CAD 41 3 0.01 Dollarama CAD 3 – Enbridge CAD 592 18 0.03 First Quantum Minerals CAD 1,086 10 0.02 Fortis CAD 383 13 0.02 GFL Environmental CAD 39 1 iA Financial CAD 82 5 0.01 Intact Financial CAD 60 9 0.01 Ivanhoe Mines ‘A’ CAD 335 3 Kinross Gold CAD 461 3 Manulife Financial CAD 801 17 0.03 National Bank of Canada CAD 192 13 0.02 Nutrien CAD 203 8 0.01 Open Text CAD 131 3 Pembina Pipeline CAD 108 3 RB Global CAD 95 6 0.01 Rogers Communications ‘B’ CAD 121 4 0.01 Royal Bank of Canada CAD 270 25 0.04 Shopify ‘A’ CAD 370 21 0.03 Sun Life Financial CAD 344 14 0.02 TC Energy CAD 484 17 0.03 Teck Resources ‘B’ CAD 108 4 0.01 TMX Group CAD 109 3 Toronto-Dominion Bank CAD 363 17 0.03

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Canada 0.56% (0.59%) (continued) Tourmaline Oil CAD 141 5 0.01 Waste Connections USD 113 16 0.02 WSP Global CAD 25 3 376 0.56 Cayman Islands 0.02% (0.02%) CK Asset Holdings HKD 500 2 CK Hutchison Holdings HKD 1,000 4 0.01 Grab Holdings ‘A’ USD 800 2 0.01 HKT Trust & HKT HKD 1,000 1 Sands China HKD 800 1 Sea, ADR USD 32 2 12 0.02 Curacao 0.02% (0.02%) Schlumberger USD 356 12 0.02 12 0.02 Denmark 0.17% (0.18%) AP Moller – Maersk ‘B’ DKK 1 1 Carlsberg ‘B’ DKK 45 4 0.01 Coloplast ‘B’ DKK 16 2 DSV DKK 15 2 Genmab DKK 25 5 0.01 Novo Nordisk ‘B’ DKK 760 81 0.12 Novonesis (Novozymes) ‘B’ DKK 83 4 0.01 Orsted DKK 5 – Pandora DKK 33 5 0.01 Tryg DKK 161 3 Vestas Wind Systems DKK 400 7 0.01 114 0.17 Finland 0.05% (0.05%) Elisa EUR 41 2 Kesko ‘B’ EUR 258 4 0.01 Kone ‘B’ EUR 33 1 Metso EUR 210 2 Neste EUR 331 6 0.01 Nokia EUR 2,129 7 0.01 Nordea Bank SEK 504 4 0.01 Sampo ‘A’ EUR 75 3 Stora Enso ‘R’ EUR 140 1 UPM-Kymmene EUR 141 4 0.01 34 0.05 France 0.46% (0.55%) Aeroports de Paris EUR 30 3 Air Liquide EUR 122 17 0.03 Amundi EUR 28 2 AXA EUR 488 14 0.02 BioMerieux EUR 18 1 BNP Paribas EUR 254 13 0.02 Bouygues EUR 141 4 0.01 Capgemini EUR 12 2 Cie de Saint-Gobain EUR 121 8 0.01 Cie Generale des Etablissements Michelin EUR 241 7 0.01 Covivio, REIT EUR 36 1 Credit Agricole EUR 212 2 Danone EUR 189 10 0.02 Dassault Systemes EUR 223 7 0.01 Edenred EUR 82 3 Eiffage EUR 17 1 –

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets France 0.46% (0.55%) (continued) Engie EUR 423 6 0.01 EssilorLuxottica EUR 85 15 0.02 Eurazeo EUR 46 3 0.01 Getlink EUR 151 2 Hermes International EUR 6 11 0.02 Ipsen EUR 3 – Kering EUR 20 4 0.01 Legrand EUR 81 7 0.01 L’Oreal EUR 47 16 0.02 LVMH Moet Hennessy Louis Vuitton EUR 61 35 0.05 Orange EUR 99 1 Pernod Ricard EUR 61 7 0.01 Publicis Groupe EUR 67 6 0.01 Rexel EUR 219 4 0.01 Safran EUR 61 10 0.02 Sanofi EUR 207 18 0.03 Schneider Electric EUR 139 27 0.04 Societe Generale EUR 225 4 0.01 Teleperformance EUR 13 1 TotalEnergies EUR 551 29 0.04 Veolia Environnement EUR 65 2 Vinci EUR 66 6 0.01 309 0.46 Germany 0.38% (0.42%) adidas EUR 41 8 0.01 Allianz EUR 81 19 0.03 BASF EUR 111 4 0.01 Bayer EUR 139 3 Bayerische Motoren Werke EUR 117 8 0.01 Bayerische Motoren Werke Preference EUR 65 4 0.01 Brenntag EUR 5 – Carl Zeiss Meditec EUR 11 1 Commerzbank EUR 453 5 0.01 Continental EUR 51 3 Covestro EUR 64 3 Daimler Truck Holding EUR 120 4 0.01 Deutsche Bank EUR 501 6 0.01 Deutsche Boerse EUR 58 10 0.01 Deutsche Lufthansa EUR 756 4 0.01 Deutsche Post EUR 163 5 0.01 Deutsche Telekom EUR 585 13 0.02 E.ON EUR 227 2 Fresenius EUR 128 4 0.01 GEA Group EUR 122 4 0.01 Heidelberg Materials EUR 63 5 0.01 Henkel EUR 76 5 0.01 Henkel Preference EUR 53 4 0.01 Infineon Technologies EUR 288 8 0.01 LEG Immobilien EUR 35 3 Mercedes-Benz Group EUR 208 11 0.02 Merck EUR 22 3 MTU Aero Engines EUR 20 5 0.01 Muenchener Rueckversicherungs-Gesellschaft EUR 36 15 0.02 Puma EUR 57 2 Rheinmetall EUR 13 6 0.01 RWE EUR 49 1 SAP EUR 249 41 0.06 Sartorius Preference EUR 15 3 Siemens EUR 169 24 0.04 Siemens Healthineers EUR 40 2 –

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Germany 0.38% (0.42%) (continued) Talanx EUR 44 3 Vonovia EUR 142 4 0.01 Zalando EUR 72 1 256 0.38 Hong Kong 0.07% (0.08%) AIA Group HKD 2,500 13 0.02 BOC Hong Kong Holdings HKD 500 1 CLP Holdings HKD 500 3 0.01 Hang Seng Bank HKD 200 2 Hong Kong & China Gas HKD 4,150 3 Hong Kong Exchanges & Clearing HKD 300 7 0.01 Link REIT HKD 560 2 MTR HKD 1,000 3 0.01 Sino Land HKD 1,900 2 Sun Hung Kai Properties HKD 500 4 0.01 Techtronic Industries HKD 500 5 0.01 45 0.07 Ireland 0.33% (0.35%) Accenture ‘A’ USD 107 28 0.04 Allegion USD 54 6 0.01 Aon ‘A’ USD 24 6 0.01 Bank of Ireland Group EUR 150 1 CRH USD 285 20 0.03 DCC GBP 58 3 Eaton USD 60 14 0.02 James Hardie Industries, CDI AUD 91 3 Johnson Controls International USD 302 17 0.03 Kerry Group ‘A’ EUR 69 5 0.01 Kingspan Group EUR 58 4 0.01 Linde USD 131 48 0.07 Medtronic USD 195 13 0.02 Pentair USD 156 10 0.02 Seagate Technology Holdings USD 116 9 0.01 Smurfit WestRock USD 65 2 STERIS USD 26 5 0.01 Trane Technologies USD 85 23 0.03 Willis Towers Watson USD 29 6 0.01 223 0.33 Isle of Man 0.00% (0.00%) Entain GBP 259 2 2 Italy 0.11% (0.11%) Amplifon EUR 40 1 Banco BPM EUR 546 3 Enel EUR 2,215 13 0.02 Eni EUR 292 4 0.01 FinecoBank Banca Fineco EUR 271 3 0.01 Generali EUR 359 7 0.01 Intesa Sanpaolo EUR 3,037 10 0.02 Leonardo EUR 100 2 Mediobanca Banca di Credito Finanziario EUR 267 3 Moncler EUR 101 5 0.01 Nexi EUR 288 1 Poste Italiane EUR 163 2 Snam EUR 750 3 Terna – Rete Elettrica Nazionale EUR 692 4 0.01 UniCredit EUR 305 10 0.02 71 0.11

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Japan 1.02% (1.15%) Advantest JPY 200 7 0.01 Aeon JPY 200 4 0.01 AGC JPY 100 2 Ajinomoto JPY 200 6 0.01 ANA Holdings JPY 100 2 Asahi Group Holdings JPY 100 3 0.01 Asahi Kasei JPY 400 2 Astellas Pharma JPY 400 4 0.01 Bridgestone JPY 200 6 0.01 Canon JPY 300 8 0.01 Central Japan Railway JPY 100 2 Chugai Pharmaceutical JPY 200 8 0.01 Concordia Financial Group JPY 500 2 Dai Nippon Printing JPY 100 3 0.01 Daifuku JPY 100 1 Dai-ichi Life Holdings JPY 100 2 Daiichi Sankyo JPY 400 13 0.02 Daikin Industries JPY 100 10 0.02 Daiwa House Industry JPY 100 2 Daiwa Securities Group JPY 700 4 0.01 Denso JPY 300 3 East Japan Railway JPY 200 3 0.01 Eisai JPY 100 3 0.01 ENEOS Holdings JPY 400 2 FANUC JPY 300 7 0.01 FUJIFILM Holdings JPY 400 8 0.01 Fujitsu JPY 500 7 0.01 Hitachi JPY 1,200 22 0.03 Honda Motor JPY 1,000 8 0.01 Hoya JPY 100 11 0.02 Inpex JPY 400 5 0.01 Isuzu Motors JPY 200 2 ITOCHU JPY 300 12 0.02 Japan Exchange Group JPY 100 2 Japan Post Bank JPY 100 1 Japan Post Holdings JPY 200 1 Japan Post Insurance JPY 100 1 JFE Holdings JPY 200 2 Kao JPY 200 7 0.01 KDDI JPY 300 8 0.01 Kikkoman JPY 200 2 Kirin Holdings JPY 300 3 0.01 Komatsu JPY 200 4 0.01 Konami Group JPY 100 7 0.01 Kubota JPY 500 5 0.01 Kyocera JPY 100 1 Kyowa Kirin JPY 200 3 0.01 LY JPY 700 1 Makita JPY 100 3 0.01 Marubeni JPY 500 6 0.01 MatsukiyoCocokara JPY 100 1 Mazda Motor JPY 400 3 MINEBEA MITSUMI JPY 200 3 Mitsubishi JPY 700 11 0.02 Mitsubishi Chemical Group JPY 600 3 Mitsubishi Electric JPY 600 8 0.01 Mitsubishi Estate JPY 300 4 0.01 Mitsubishi Heavy Industries JPY 1,000 10 0.02 Mitsubishi UFJ Financial Group JPY 2,600 21 0.03 Mitsui JPY 600 10 0.02 Mitsui Fudosan JPY 900 7 0.01

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Japan 1.02% (1.15%) (continued) Mizuho Financial Group JPY 700 11 0.02 MS&AD Insurance Group Holdings JPY 300 5 0.01 Murata Manufacturing JPY 300 5 0.01 NEC JPY 100 7 0.01 Nidec JPY 100 3 Nintendo JPY 200 8 0.01 Nippon Building Fund, REIT JPY 1 3 0.01 Nippon Paint Holdings JPY 300 1 Nippon Prologis REIT JPY 2 3 Nippon Steel JPY 300 5 0.01 Nippon Telegraph & Telephone JPY 4,700 4 0.01 Nippon Yusen JPY 200 5 0.01 Nissin Foods Holdings JPY 100 2 Nomura Holdings JPY 1,000 4 0.01 Nomura Research Institute JPY 100 3 0.01 Olympus JPY 100 1 Oriental Land JPY 300 6 0.01 ORIX JPY 200 4 0.01 Osaka Gas JPY 200 4 0.01 Otsuka Holdings JPY 100 4 0.01 Pan Pacific International Holdings JPY 100 2 Panasonic Holdings JPY 1,100 7 0.01 Rakuten Group JPY 400 2 Recruit Holdings JPY 300 14 0.02 Renesas Electronics JPY 300 4 0.01 Ricoh JPY 200 2 Rohm JPY 100 1 Secom JPY 100 6 0.01 Seiko Epson JPY 200 3 Sekisui Chemical JPY 100 1 Sekisui House JPY 300 6 0.01 Seven & i Holdings JPY 500 5 0.01 SG Holdings JPY 200 2 Shimadzu JPY 100 3 Shin-Etsu Chemical JPY 300 10 0.02 Shionogi JPY 100 4 0.01 Shiseido JPY 100 2 SoftBank JPY 800 8 0.01 SoftBank Group JPY 300 13 0.02 Sompo Holdings JPY 300 5 0.01 Sony Group JPY 300 22 0.03 SUMCO JPY 300 3 Sumitomo JPY 200 4 0.01 Sumitomo Electric Industries JPY 200 2 Sumitomo Metal Mining JPY 100 2 Sumitomo Mitsui Financial Group JPY 300 15 0.02 Sumitomo Mitsui Trust Holdings JPY 200 4 0.01 Sumitomo Realty & Development JPY 100 3 Suntory Beverage & Food JPY 100 3 Suzuki Motor JPY 200 2 Sysmex JPY 300 4 0.01 T&D Holdings JPY 100 1 Takeda Pharmaceutical JPY 300 7 0.01 TDK JPY 100 5 0.01 Terumo JPY 200 3 TIS JPY 200 4 0.01 Tokio Marine Holdings JPY 400 11 0.02 Tokyo Electron JPY 100 13 0.02 Tokyo Gas JPY 200 4 0.01 TOPPAN Holdings JPY 100 2 Toray Industries JPY 600 2 –

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Japan 1.02% (1.15%) (continued) Toyota Motor JPY 2,500 36 0.05 Unicharm JPY 100 3 West Japan Railway JPY 200 3 Yakult Honsha JPY 100 2 Yamaha Motor JPY 600 4 0.01 Yaskawa Electric JPY 100 2 Yokogawa Electric JPY 200 4 0.01 680 1.02 Jersey 0.05% (0.08%) Amcor USD 129 1 Aptiv USD 201 11 0.02 Experian GBP 131 5 0.01 Glencore GBP 2,627 11 0.02 WPP GBP 301 2 30 0.05 Liberia 0.01% (0.03%) Royal Caribbean Cruises USD 42 5 0.01 5 0.01 Luxembourg 0.00% (0.00%) Eurofins Scientific EUR 51 2 2 Netherlands 0.32% (0.34%) Adyen EUR 4 5 0.01 AerCap Holdings USD 18 1 Airbus EUR 110 13 0.02 Akzo Nobel EUR 78 4 0.01 Argenx EUR 13 5 0.01 ASM International EUR 7 4 0.01 ASML Holding EUR 93 64 0.09 ASR Nederland EUR 50 2 BE Semiconductor Industries EUR 24 2 CNH Industrial USD 553 4 0.01 Euronext EUR 34 3 Ferrari EUR 21 8 0.01 Ferrovial EUR 153 5 0.01 Heineken EUR 55 4 0.01 IMCD EUR 12 2 ING Groep EUR 592 8 0.01 Koninklijke Ahold Delhaize EUR 281 7 0.01 Koninklijke KPN EUR 1,757 5 0.01 LyondellBasell Industries ‘A’ USD 160 12 0.02 NXP Semiconductors USD 105 20 0.03 OCI EUR 44 1 Prosus EUR 324 9 0.01 QIAGEN EUR 70 2 Stellantis EUR 355 5 0.01 STMicroelectronics EUR 198 5 0.01 Universal Music Group EUR 320 6 0.01 Wolters Kluwer EUR 80 10 0.01 216 0.32 New Zealand 0.01% (0.01%) Fisher & Paykel Healthcare NZD 48 1 Mercury NZ NZD 513 2 Meridian Energy NZD 477 1 Spark New Zealand NZD 500 1 Xero AUD 26 2 0.01 7 0.01

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Norway 0.03% (0.03%) DNB Bank NOK 337 5 0.01 Equinor NOK 331 7 0.01 Norsk Hydro NOK 388 2 Orkla NOK 552 4 0.01 18 0.03 Panama 0.00% (0.00%) Carnival USD 179 2 2 Portugal 0.01% (0.01%) EDP EUR 608 2 Galp Energia ‘B’ EUR 236 4 0.01 6 0.01 Singapore 0.06% (0.06%) CapitaLand Ascendas REIT SGD 1,000 2 CapitaLand Integrated Commercial Trust, REIT SGD 1,739 2 CapitaLand Investment SGD 900 1 DBS Group Holdings SGD 330 7 0.01 Keppel SGD 700 3 0.01 Oversea-Chinese Banking SGD 600 5 0.01 Singapore Airlines SGD 400 1 Singapore Exchange SGD 500 3 0.01 Singapore Technologies Engineering SGD 900 2 Singapore Telecommunications SGD 2,000 4 0.01 United Overseas Bank SGD 300 6 0.01 Wilmar International SGD 700 1 37 0.06 Spain 0.11% (0.12%) Acciona EUR 19 2 ACS Actividades de Construccion y Servicios EUR 65 2 Amadeus IT Group EUR 158 8 0.01 Banco Bilbao Vizcaya Argentaria EUR 1,126 9 0.01 Banco de Sabadell EUR 1,361 2 Banco Santander EUR 3,211 12 0.02 CaixaBank EUR 503 2 Cellnex Telecom EUR 172 5 0.01 Endesa EUR 159 3 0.01 Iberdrola EUR 1,491 16 0.03 Industria de Diseno Textil EUR 215 9 0.01 Redeia EUR 329 5 0.01 Repsol EUR 31 1 76 0.11 Supranational 0.00% (0.00%) Unibail-Rodamco-Westfield, REIT EUR 56 3 3 Sweden 0.14% (0.15%) Alfa Laval SEK 92 3 Assa Abloy ‘B’ SEK 104 3 Atlas Copco ‘A’ SEK 635 9 0.01 Atlas Copco ‘B’ SEK 384 5 0.01 Boliden SEK 142 3 0.01 Epiroc ‘A’ SEK 139 2 Epiroc ‘B’ SEK 197 3 0.01 Essity ‘B’ SEK 153 3 Evolution SEK 39 3 0.01 H & M Hennes & Mauritz ‘B’ SEK 364 4 0.01 Hexagon ‘B’ SEK 338 3 0.01 Investor ‘B’ SEK 239 5 0.01

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Sweden 0.14% (0.15%) (continued) Sagax ‘B’ SEK 118 2 Sandvik SEK 282 5 0.01 Skandinaviska Enskilda Banken ‘A’ SEK 206 2 SKF ‘B’ SEK 170 2 Svenska Cellulosa ‘B’ SEK 315 3 Svenska Handelsbanken ‘A’ SEK 871 7 0.01 Swedbank ‘A’ SEK 194 3 Tele2 ‘B’ SEK 454 4 0.01 Telefonaktiebolaget LM Ericsson ‘B’ SEK 458 3 Telia SEK 2,087 5 0.01 Volvo ‘A’ SEK 181 4 0.01 Volvo ‘B’ SEK 445 9 0.01 95 0.14 Switzerland 0.53% (0.54%) ABB CHF 415 18 0.03 Alcon CHF 150 11 0.02 Bunge Global USD 151 12 0.02 Chubb USD 59 13 0.02 Cie Financiere Richemont CHF 97 12 0.02 Clariant CHF 225 3 Coca-Cola HBC GBP 131 4 0.01 DSM-Firmenich EUR 53 5 0.01 Galderma Group CHF 26 2 Garmin USD 28 4 0.01 Geberit CHF 9 4 0.01 Givaudan CHF 3 12 0.02 Holcim CHF 120 9 0.01 Julius Baer Group CHF 94 4 0.01 Kuehne + Nagel International CHF 22 5 0.01 Logitech International CHF 66 5 0.01 Lonza Group CHF 23 11 0.02 Nestle CHF 569 46 0.07 Novartis CHF 471 43 0.06 Partners Group Holding CHF 3 3 Roche Holding CHF 149 38 0.06 SGS CHF 47 4 Sika CHF 31 8 0.01 Sonova Holding CHF 18 5 0.01 Swiss Life Holding CHF 3 2 Swiss Prime Site CHF 24 2 Swiss Re CHF 96 10 0.01 Swisscom CHF 6 3 TE Connectivity USD 96 11 0.02 Temenos CHF 52 3 UBS Group CHF 791 18 0.03 VAT Group CHF 9 4 Zurich Insurance Group CHF 44 19 0.03 353 0.53 United Kingdom 0.63% (0.65%) 3i Group GBP 288 9 0.01 Admiral Group GBP 54 2 Anglo American GBP 311 7 0.01 Antofagasta GBP 179 3 0.01 Ashtead Group GBP 73 4 0.01 Associated British Foods GBP 169 4 0.01 AstraZeneca GBP 339 45 0.07 Auto Trader Group GBP 248 2 BAE Systems GBP 783 11 0.02 Barclays GBP 3,404 8 0.01 Barratt Developments GBP 226 1 –

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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2024 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets United Kingdom 0.63% (0.65%) (continued) Berkeley Group Holdings GBP 69 3 0.01 BP GBP 3,642 16 0.02 BT Group GBP 643 1 Bunzl GBP 53 2 Centrica GBP 2,306 3 Coca-Cola Europacific Partners USD 95 6 0.01 Compass Group GBP 290 7 0.01 Croda International GBP 30 1 Diageo GBP 549 14 0.02 GSK GBP 957 16 0.02 Haleon GBP 1,736 7 0.01 Halma GBP 45 1 HSBC Holdings GBP 3,948 26 0.04 Informa GBP 546 4 0.01 Intertek Group GBP 72 4 0.01 J Sainsbury GBP 1,192 3 Kingfisher GBP 1,052 3 0.01 Legal & General Group GBP 2,225 5 0.01 Lloyds Banking Group GBP 13,696 8 0.01 London Stock Exchange Group GBP 90 9 0.01 National Grid GBP 880 9 0.01 NatWest Group GBP 1,240 4 0.01 Next GBP 37 4 0.01 Pearson GBP 213 2 Phoenix Group Holdings GBP 594 3 Prudential GBP 704 5 0.01 Reckitt Benckiser Group GBP 134 6 0.01 RELX GBP 479 17 0.03 Rentokil Initial GBP 696 3 Rio Tinto GBP 232 11 0.02 Rolls-Royce Holdings GBP 1,656 8 0.01 Sage Group GBP 370 4 0.01 Schroders GBP 621 2 Segro, REIT GBP 345 3 Shell GBP 1,500 40 0.06 Smith & Nephew GBP 274 3 0.01 Smiths Group GBP 170 3 SSE GBP 306 6 0.01 Standard Chartered GBP 876 7 0.01 Taylor Wimpey GBP 1,421 2 Tesco GBP 2,046 7 0.01 Unilever GBP 606 30 0.05 United Utilities Group GBP 187 2 Vodafone Group GBP 7,863 6 0.01 Whitbread GBP 61 2 424 0.63 United States of America 12.11% (12.75%) 3M USD 213 22 0.03 Abbott Laboratories USD 290 25 0.04 AbbVie USD 342 51 0.08 Adobe USD 122 53 0.08 Advanced Micro Devices USD 360 41 0.06 Aflac USD 112 9 0.01 Agilent Technologies USD 126 14 0.02 Air Products and Chemicals USD 93 20 0.03 Airbnb ‘A’ USD 56 5 0.01 Akamai Technologies USD 40 3 Albertsons ‘A’ USD 31 – Align Technology USD 26 5 0.01 Allstate USD 71 10 0.02 Alnylam Pharmaceuticals USD 8 2 –

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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2024 | avivainvestors.com

Aviva Investors Multi-asset Core Fund I

PORTFOLIO STATEMENT (CONTINUED)

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        "text": "REPORT OF THE AUTHORISED CORPORATE DIRECTOR"
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        "text": "THE COMPANY"
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        "id": "af385035-1ab4-4843-a6e9-31402984d000",
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        "text": "Aviva Investors Portfolio Funds ICVC (\u201cthe Company\u201d) is an"
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        "text": "Open-Ended Investment Company (OEIC) with variable capital"
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        "id": "374b5f26-b872-42b9-8e72-f8e236ead1a2",
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        "text": "incorporated in England and Wales on 5 March 2007. The"
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        "text": "property of the Company is entrusted to J.P. Morgan Europe"
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        "id": "d014f3c8-c958-485c-aa40-655632700e8f",
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        "text": "Limited (\u201cthe Depositary\u201d). The shareholders are not liable for any"
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        "text": "debts"
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        "id": "eb681706-1ce7-4e16-9298-3a6dcf494a2b",
        "page_number": 5,
        "text": "of the Company."
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        "id": "6d677fea-7dc0-4213-a8f5-0ea4121754ad",
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        "text": "The object of the Company is to invest the Scheme Property in"
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        "text": "transferable securities, money market instruments, cash and near"
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        "text": "cash, units in collective investment schemes, deposits, derivatives"
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        "text": "and forward transactions, immovable property and gold in"
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        "id": "0c2925c5-6583-4aeb-885a-53ba83197b3d",
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        "text": "accordance with the COLL Sourcebook (which may include stock"
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        "text": "lending, borrowing, cash holdings, hedging and using other"
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        "text": "investment techniques permitted in COLL Sourcebook) with the"
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        "page_number": 5,
        "text": "aim of spreading investment risk and giving its Shareholders the"
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        "text": "benefit of the results of the management of"
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        "text": "that property."
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        "text": "The Company has an umbrella structure which means that it"
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        "text": "contains many sub-funds, each with a different investment"
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        "id": "02659866-f7be-4900-8e18-c9a2d87684e6",
        "page_number": 5,
        "text": "objective. In the financial statements you will find an investment"
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        "text": "review for each Fund which includes details of the investment"
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        "text": "objectives. There are currently twenty-two Funds in the Aviva"
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        "text": "lio Funds ICVC."
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        "text": "AUTHORISED STATUS"
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        "id": "2636974c-b95a-48a3-8616-c168562b9cc9",
        "page_number": 5,
        "text": "From 5 March 2007 the Company was authorised as an Open\u0002"
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      {
     ...