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For the year ended 31 December 2025
Annual Report and Audited Financial Statements
AVIVA INVESTORS FUNDS ACS
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 1
CONTENTS
Scheme Information* 3 ACS Manager’s Report* 4 ACS Manager’s Responsibilities* 6 Statement of the Depositary’s Responsibilities and Depositary’s Report 7 Independent Auditors’ Report 8 Accounting Policies 10 Cross Holdings 13 AI Balanced Life Fund 14 AI Balanced Pension Fund 69 AI Cautious Pension Fund 129 AI Distribution Life Fund 180 AI Asia Pacific ex Japan Fund 225 AI Continental European Equity Alpha Fund 245 AI Emerging Market Equity Core Fund 257 AI Europe Equity ex UK Fund 292 AI Europe Equity ex UK Core Fund 311 AI Global Equity Fund 331 AI Global Equity Growth Fund 354 AI Index Linked Gilt Fund 372 AI Japan Equity Fund 388 AI Japan Equity Core Fund 409 AI Money Market VNAV Fund 426 AI North American Equity Fund 441 AI North American Equity Core Fund 460 AI Pacific Equity ex Japan Core Fund 484 AI Pre Annuity Fixed Interest Fund 499 AI Sterling Corporate Bond Fund 518 AI Sterling Gilt Fund 539 AI Stewardship Fixed Interest Fund 559 AI Stewardship International Equity Fund 580 AI Stewardship UK Equity Fund 598 AI Stewardship UK Equity Income Fund 614 AI Strategic Global Equity Fund 631 AI UK Equity Alpha Fund 652 AI UK Equity Core Fund 669 AI UK Equity Dividend Fund 684
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2 Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
AI UK Listed Equity Fund 699 AI UK Listed Equity ex Tobacco Fund 717 AI UK Listed Equity Income Fund 732 AI US Large Cap Equity Fund 748 General Information 766 Alternative Investment Fund Managers Directive (AIFMD) 766 Securities Financing Transactions Regulation Disclosure 770 Value Assessment 791
* These items, together with the Investment Managers’ Report, Investment Objective and Policy and Portfolio Statement for each individual Sub-fund, comprise the ACS Manager’s Report for the purpose of the rules contained in the Collective Investment Schemes Sourcebook (the “Regulations”). Throughout this report we refer to Aviva Investors as Aviva Investors or AI interchangeably.
CONTENTS (CONTINUED)
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025
Scheme Information
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AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).
DIRECTORS J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates (resigned 31 March 2026) B Fowler (resigned 15 January 2025) M Kingdon (appointed 12 March 2025) J Lowe K McClellan G Speirs (appointed 24 February 2026)
INVESTMENT MANAGERS Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE
Fidelity International Limited 4 Cannon Street, London, EC4M 5AB
Schroder Investment Management Limited 1 London Wall Place London, EC2Y 5AU
Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the FCA. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE
ADMINISTRATOR HSBC Bank Plc 8 Canada Square London E14 5HQ
DEPOSITARY HSBC Bank Plc 8 Canada Square London, E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
FUND ACCOUNTING AND PRICING AGENT HSBC Securities Services 1-2 Lochside Way, Edinburgh Park Edinburgh, EH12 9DT
INDEPENDENT AUDITORS Ernst & Young LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX
SCHEME INFORMATION
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
ACS Manager’s Report
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THE SCHEME Aviva Investors Funds ACS (“the Scheme”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to Aviva Investors Funds ACS. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) and the Investment Funds Sourcebook (“FUND”), both of which form part of the FCA Handbook, and the Alternative Investment Fund (“AIF”) Regulations. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). The objective of the Scheme is to invest the Scheme Property through its Sub-funds, and the objective of each Sub-fund is for the ACS Manager on behalf of the Unitholders, as co-owners of the relevant Sub-fund’s property, to invest that property in transferable securities, money market instruments, derivatives and forward transactions, deposits, cash, near cash, units in collective investment schemes, immovable property and gold up to 10% of the property, in accordance with the regulations applicable to the Scheme and each Sub-fund, with the aim of spreading investment risk and giving the Unitholders the results of the management of that property. Each Sub-fund has a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 31 December 2025 there were 32 active Sub-funds in the Aviva Investors Funds ACS.
AUTHORISED STATUS The Financial Conduct Authority authorised the Aviva Investors Funds ACS (“the Scheme”) as a Non-UCITS Retail Scheme (NURS) on 5 December 2014.
THE FINANCIAL STATEMENTS We are pleased to present the annual financial statements of the Scheme for the year ended 31 December 2025. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the year. We hope that you find our review useful and informative. For the purposes of this report, “Manager” / “ACS Manager” will be used interchangeably. We made the decision to terminate the AI Continental European Equity Alpha Fund following request from its investors (entities within Aviva Group of Companies) to redeem their investment in the Sub-fund. The Sub-fund closed on 21 January 2022. The Subfund’s financial statements have been prepared on a basis other than going concern for the reasons disclosed on note 1a.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) Information relating to Aviva Investors TCFD can be found on Aviva Investors website: https://www.avivainvestors.com/en-gb/ capabilities/tcfd/
SIGNIFICANT INFORMATION
TERMINATION OF THE AI CONTINENTAL EUROPEAN EQUITY ALPHA FUND SUB-FUND On 18 January 2022, Aviva Investors UK Fund Services Limited, the authorised fund manager of the Scheme (the “ACS Manager”), commenced the termination of the AI Continental European Equity Alpha Fund, a Sub-fund of the Scheme.
TERMINATION OF THE AI JAPAN EQUITY ALPHA, AND AVIVA INVESTORS CLIMATE TRANSITION REAL ASSETS SUBFUNDS On 9 January 2025, the Prospectus and Co-ownership Deed for the Aviva Investors Funds ACS was updated to remove all references to (i) AI Japan Equity Alpha, and (ii) Aviva Investors Climate Transition Real Assets Fund, to reflect completion of their termination.
CHANGES TO THE PROSPECTUS On 7 April 2025, we updated the Prospectus to reflect the following name changes:
– AI Sustainable Stewardship UK Equity Fund to AI Stewardship UK Equity Fund
– AI Sustainable Stewardship International Equity Fund to AI Stewardship International Equity Fund
– AI Sustainable Stewardship UK Equity Income Fund to AI Stewardship UK Equity Income Fund
– AI Sustainable Stewardship Fixed Interest Fund to AI Stewardship Fixed Interest Fund On 1 July 2025, the Prospectus for the Aviva Investors Funds ACS was updated in relation to the reduction of fees on the UK Fund of Fund Unit Class of the following sub-funds:
– Aviva Investors UK Equity Core Fund
– Aviva Investors Emerging Market Equity Core Fund
– Aviva Investors Europe Equity ex UK Core Fund
– Aviva Investors Japan Equity Core Fund
– Aviva Investors North American Equity Core Fund
– Aviva Investors Pacific Equity ex Japan Core Fund In connection with this change, we also effected a clarification to the eligibility criteria for those unit classes, and also the UK Fund of Fund Unit Class of the following further Sub-funds:
– AI Stewardship International Equity Fund
– AI Stewardship Fixed Interest Fund
– AI UK Equity Alpha Fund
ACS MANAGER’S REPORT
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025
ACS Manager’s Report (continued)
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ACS MANAGER’S REPORT (CONTINUED)
SIGNIFICANT INFORMATION (CONTINUED) On 31 October 2025, the Prospectus for the Aviva Investors Funds ACS was updated in relation to the following Sub-funds to (i) remove the wording in the Investment Objective and Policy which provided that the Sub-funds had a non-binding aim of achieving an uplift of typically 5% in ESG and carbon intensity scores relative to the relevant benchmark Index; (ii) clarify that the Sub-funds’ ESG and carbon intensity scores (and the level of uplift relative to the Index) will fluctuate, as the Investment Manager prioritises achieving the Sub-funds’ financial objectives and doesn’t manage to set ESG scores or carbon intensity scores; and (iii) update the Sub-funds’ investment policy to make it clearer that the Aviva Investors’ baseline exclusion policy contributes to the Sub-funds’ improved ESG and carbon intensity scores relative to their benchmarks:
– Aviva Investors UK Equity Core Fund
– Aviva Investors Europe Equity ex UK Core Fund
– Aviva Investors Japan Equity Core Fund
– Aviva Investors Pacific Equity ex Japan Core Fund
– Aviva Investors North American Equity Core Fund
– Aviva Investors Emerging Market Equity Core Fund On 3 December 2025, the Prospectus for the Aviva Investors Funds ACS was updated to clarify the exceptions that apply when screening out companies for involvement with Thermal Coal, Arctic Oil, and Oil Sands in line with our Baseline Exclusions Policy. On 24 December 2025, 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.
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
ACS Manager’s Responsibilities
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STATEMENT OF THE ACS MANAGER’S RESPONSIBILITIES The Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires the ACS Manager (“the Manager”) to prepare financial statements for each accounting period which give a true and fair view of the financial position of the Scheme at the year end and of the net income/expense and net gains or losses of the Scheme for the year then ended. This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority. In preparing the financial statements the Manager is required to:
– follow applicable accounting standards;
– make judgements and estimates that are reasonable and prudent;
– select suitable accounting policies and then apply them consistently;
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Scheme will continue in operation for the foreseeable future; and
– comply with the ACS Deed and the Statement of Recommended Practice for Authorised Funds issued by the Investment Management Association (IMA), now Investment Association, in May 2014, (the ‘IMA SORP’), as amended in 2017. The Manager is required to keep proper accounting records and to manage the Scheme in accordance with the Regulations and the Co-Ownership Deed. The Manager is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities. The AI Continental European Equity Alpha Fund is closed and the ACS Manager intends to terminate the Sub-fund at the earliest opportunity from the date of approval of the financial statements for the reasons disclosed on note 1a. As a result, the financial statements of the Sub-fund have been prepared on a basis other than going concern. The financial statements of the remaining Sub-funds of the Scheme have been prepared on a going concern basis.
ACS MANAGER’S STATEMENT We hereby approve the Annual Report and Audited Financial Statements of Aviva Investors Funds ACS for the year ended 31 December 2025 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
M Bell Director
K McClellan Director 30 April 2026
ACS MANAGER’S RESPONSIBILITIES
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025
Statement of the Depositary’s Responsibilities and Depositary’s Report
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The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013, the Money Market Funds Regulation, as amended (together “the Regulations”) and the Contractual Scheme Deed and Prospectus (together the “Scheme documents”) as detailed below. The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Scheme and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Scheme in accordance with the Regulations. The Depositary must ensure that:
– the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance with the Regulations;
– the sale, issue, repurchase, redemption and cancellation of Units are carried out in accordance with the Regulations;
– the value of Units of the Scheme are calculated in accordance with the Regulations;
– any consideration relating to transactions in the Scheme’s assets is remitted to the Scheme within the usual time limits;
– the Scheme’s income is applied in accordance with the Regulations; and
– the instructions of the Alternative Investment Fund Manager (“the AIFM”) are carried out (unless they conflict with the Regulations). The Depositary also has a duty to take reasonable care to ensure that the Scheme is managed in accordance with the Regulations and the Scheme documents in relation to the investment and borrowing powers applicable to the Scheme.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the AIFM: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s Units and the application of the Scheme’s income in accordance with the Regulations and the Scheme documents of the Scheme, and (ii) has observed the investment and borrowing powers and restrictions applicable to the Scheme in accordance with the Regulations and Scheme documents of the Scheme. HSBC Bank Plc 30 April 2026
STATEMENT OF THE DEPOSITARY’S RESPONSIBILITIES
DEPOSITARY’S REPORT
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
Independent Auditor’s Report
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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AVIVA INVESTORS FUNDS ACS
INDEPENDENT AUDITOR’S REPORT
OPINION We have audited the financial statements of Aviva Investors Funds ACS (“the Scheme”) comprising each of its Sub-funds for the year ended 31 December 2025, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Unitholders, the Balance Sheet, the related notes and the Distribution Tables, and the accounting policies of the Scheme, which include a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:
– give a true and fair view of the financial position of the Scheme comprising each of its Sub-funds as at 31 December 2025 and of the net revenue/expense and the net capital gains/losses on the scheme property of the Scheme comprising each of its Subfunds for the year then ended; and
– have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the “FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
EMPHASIS OF MATTER – FINANCIAL STATEMENTS FOR AI CONTINENTAL EUROPEAN EQUITY ALPHA FUND PREPARED ON A BASIS OTHER THAN GOING CONCERN We draw attention to note 1a to the financial statements which explains that the Authorised Contractual Scheme Manager (“the Manager”) intends to terminate AI Continental European Equity Alpha Fund and therefore does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements of this Sub-fund have been prepared on a basis other than going concern as disclosed in note 1a. The financial statements for the remaining Sub-funds of the Scheme have been prepared on a going concern basis. Our opinion is not modified in respect of this matter.
CONCLUSIONS RELATING TO GOING CONCERN The financial statements for AI Continental European Equity Alpha Fund have been prepared on a basis other than going concern as disclosed in note 1a. In auditing the financial statements of the remaining Sub-funds, we have concluded that the Manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the remaining Sub-funds’ ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the remaining Sub-funds’ ability to continue as a going concern.
OTHER INFORMATION The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Manager is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE RULES OF THE COLLECTIVE INVESTMENT SCHEMES SOURCEBOOK OF THE FINANCIAL CONDUCT AUTHORITY (THE “FCA”) In our opinion:
– the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the FCA and the Trust Deed; and
– there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and
– the information given in the Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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Independent Auditor’s Report
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INDEPENDENT AUDITORS’ REPORT (CONTINUED)
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the FCA requires us to report to you if, in our opinion:
– we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.
RESPONSIBILITIES OF THE MANAGER As explained more fully in the Manager’s responsibilities statement set out on page 6, the Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to wind up or terminate the Scheme or to cease operations, or has no realistic alternative but to do so.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows:
– We obtained an understanding of the legal and regulatory frameworks that are applicable to the Scheme and determined that the most significant are United Kingdom Generally Accepted Accounting Practice (UK GAAP), Investment Management Association’s Statement of Recommended Practice (IMA SORP), the FCA Collective Investment Schemes Sourcebook, the Scheme’s Trust Deed and the Prospectus.
– We understood how the Scheme is complying with those frameworks through discussions with the Manager and the Scheme’s administrator and a review of the Scheme’s documented policies and procedures.
– We assessed the susceptibility of the Scheme’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s opportunity to influence revenue and amounts available for distribution. We identified a fraud risk with respect to the incomplete or inaccurate income recognition through incorrect classification of special dividends and the resulting impact to amounts available for distribution. We tested the appropriateness of management’s classification of a sample of special dividends as either a capital or revenue return.
– Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved testing of journal entries, with a particular focus on manually posted entries and those journals reflecting large and unusual transactions. We also reviewed the reporting to the Manager with respect to the application of the documented policies and procedures and review of the financial statements to test compliance with the reporting requirements of the Scheme.
– Due to the regulated nature of the Scheme, the Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities which included the use of specialists to identify non-compliance with the applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/ auditorsresponsibilities . This description forms part of our auditor’s report.
USE OF THIS REPORT This report is made solely to the Scheme’s unitholders, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the FCA. Our audit work has been undertaken so that we might state to the Scheme’s unitholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Scheme and the Scheme’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.
Ernst & Young LLP Statutory Auditor Edinburgh 30 April 2026
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
Accounting Policies
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ACCOUNTING POLICIES
The following accounting policies apply to all Sub ‑ funds, where applicable.
a) Basis of preparation The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association (IMA) (now The Investment Association) in May 2014, and in accordance with United Kingdom Generally Accepted Accounting Practice as defined within FRS 102 ‘The Financial Reporting Standard’ applicable in the UK and Republic of Ireland. The ACS Manager intends to terminate AI Continental European Equity Alpha Fund as they made the decision to wind up the Sub-fund on 21 January 2022 following request from its investors (entities within Aviva Group of Companies) to redeem its investment in full. The Sub-fund does not hold any investments at year end. Due to the expected timing of the settlement of the Sub-fund’s withholding tax reclaims being more than 12 months, the Sub-fund is not expected to be terminated within the next 12 months. Therefore, the financial statements of AI Continental European Equity Alpha Fund have been prepared on a basis other than going concern and any additional costs in respect of the termination of this Sub-fund will be borne by the ACS Manager. Under this basis, assets are recorded at their expected recoverable value and liabilities are recorded at their expected settlement value. The financial statements of all other Sub-funds have been prepared on a going concern basis.
b) Basis of valuation of investments For the year-end annual report and financial statements, all investments are valued at their fair value as at close of business on 31 December 2025, being the last business day of the financial year. This differs from the Sub-funds daily fair value pricing point of 3pm (except for AI Continental European Equity Alpha Fund, AI Index Linked Gilt Fund, AI Pre Annuity Fixed Interest Fund, AI UK Equity Alpha Fund and AI UK Equity Dividend Fund which are valued at 2pm as well as AI Stewardship Fixed Interest Fund, AI Stewardship International Equity Fund, AI Stewardship UK Equity Fund and AI Stewardship UK Equity Income Fund which are valued at 12pm). The Manager is comfortable that there has been no material difference in valuation to close of business on the last valuation date. The fair value of all regular investments held on the Sub-funds are at a bid price, excluding any accrued interest; the fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles; and the fair value of exchange traded futures is the cost of closing out the contract at the balance sheet date. The underlying TTF Investments are valued at based on the respective Sub-funds bid prices. The value of revenue and expenses on tax transparent investments are recognised within the respective Sub-fund and therefore are excluded from the valuation price. Where values cannot be readily determined, the securities are valued at the Manager’s best assessment of their fair value. The AI Fair Value Pricing Committee meets on a monthly basis or as frequently as necessary to discuss all potential fair value decisions. The committee will discuss and challenge all items raised by the TTF Oversight team prior to approving. Once approved, the fair value price will be provided to the HSBC Accounting & Valuations team to update.
c) Investment gains and losses Gains and losses, including exchange differences, on the realisation of investments and increases and decreases in the valuation of investments held at the balance sheet date, including unrealised exchange differences, are treated as capital.
d) Exchange rates Transactions in foreign currencies are translated at the rate of exchange ruling on the date of the transaction. Where applicable, assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling as at 12pm, 2pm or 3pm (as applicable) on 31 December 2025, being the last business day of the financial year.
e) Derivative financial instruments The treatment of the returns on forward currency contracts and derivative contracts depends upon the nature of the transaction. Both motive and circumstances are used to determine whether the returns should be treated as capital or revenue. Where positions are undertaken to protect or enhance capital, and the circumstances support this, the returns are recognised in net capital gains; similarly where the motives and circumstances are to generate or protect revenue, and the circumstances support this, the returns are included within net revenue before taxation. Where positions generate total returns it will generally be appropriate to apportion such returns between capital and revenue to properly reflect the nature of the transaction. Returns on forward currency contracts are treated as capital. Returns on futures are split between capital and revenue based on the circumstances of each future. Stock index futures are used to manage market price risk arising from the time lag between Sub-funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities.
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Accounting Policies
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ACCOUNTING POLICIES (CONTINUED)
f) Recognition of revenue Revenue from quoted equities and non-equity Units is recognised net of attributable tax credits when the security is quoted exdividend. Revenue from unquoted equity investments is recognised net of attributable tax credits when the dividend is declared. Overseas revenue received after the deduction of withholding tax is shown gross of taxation, with the taxation consequences shown within the taxation charge. Revenue received from investing into other Aviva Investors Tax Transparent Funds (TTFs) is accounted for daily on a look-through basis and is recognised as per the same classification as in the underlying TTF. Distributions from collective investment schemes are recognised net of attributable tax credits when the security is quoted exdistribution and are treated as revenue. Revenue received from Collective Investment Schemes (CIS) is recognised when the CIS is quoted ex-dividend. Equalisation received as part of the revenue from CIS is deducted from the cost of the investment. Special dividends are treated as either revenue or capital depending on the facts of each particular case. Interest on debt securities is recognised on an accruals basis, taking into account the effective yield on the investment and is treated as revenue. In addition Indexation is recognised on UK Government index linked gilts. The effective yield basis amortises any discount or premium on the purchase of an investment over its remaining life based on estimated future cashflows. Any adjustments resulting from changes in cashflow estimates are treated as capital. Bank interest and stock lending (net of fees paid) is recognised on an accruals basis and treated as revenue. Interest income is recorded on an accrual basis.
g) Expenses All expenses including administration fees, safe custody fees and transfer agency fees where applicable (with the exception of overdraft interest) are charged against capital for the period on an accruals basis. Dividend charges are charged against income or capital for the period on an accruals basis where applicable.
h) Taxation and deferred taxation As the Scheme is an umbrella co-ownership ACS neither the Scheme nor its Sub-funds are subject to UK tax on income or capital gains. On a daily basis Unitholders will be advised of their share of the aggregated accrued income, expenses and withholding tax paid on all of the Sub-funds in issue. It is the responsibility of the Unitholders to maintain a record of the relevant amount(s) of income equalisation and to make the appropriate adjustment when completing the tax calculations.
i) Distribution policy The policy of the Sub-funds is to distribute all available revenue, excluding any items treated as capital in accordance with the above policies and after deduction of expenses properly chargeable against revenue. In determining the distribution of the Sub-funds, all expenses, with the exception of bank overdraft interest and revenue collection fees, are offset against capital. The effect of this is that the distribution is determined as if these expenses had been charged to capital. Stock dividends form part of the distributable revenue. All remaining revenue is distributed in accordance with the Collective Investment Schemes sourcebook.
j) Apportionment of income and expenses to multiple Unit classes With the exception of the Transfer Agency transaction fees, which are directly attributable to individual Unit classes, all income and expenses are apportioned to the Sub-fund’s Unit classes pro-rata to the value of the net assets of the relevant Unit class on the day that the income or expenses are recognised.
k) Cash equivalents In accordance with the AIFMD requirements, the Manager has treated some assets as Cash equivalents for the purposes of the Balance Sheet disclosure. Investments are regarded as Cash equivalents which meet the following criteria: – highly liquid investments that are readily convertible to a known amount of cash; – are subject to an insignificant risk of change in value; and – provide a return no greater than the rate of a three month high quality government bond. Term deposits and liquidity funds are considered as cash equivalents throughout the report.
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
Accounting Policies
12
ACCOUNTING POLICIES (CONTINUED)
Risk management policies The Sub-fund’s financial instruments, other than derivatives, comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations. The Scheme may enter into derivative transactions in the form of investment in forward foreign currency contracts, stock index futures, options and swaps. The purpose of these financial instruments is efficient portfolio management. In particular, forward foreign currency contracts are used to manage currency risk arising from holdings of overseas securities. Stock index futures are used to manage market price risk arising from the time lag between Sub-funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities. In accordance with requirements set out in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, such Scheme transactions must be economically appropriate, any exposure must be fully covered and the transactions must be entered into with the aim of reducing risk and/or costs and/or generating additional capital or revenue income for the Scheme with no, or an acceptably low level of risk. The Scheme has exposure to a number of different risks to varying degrees. The main risks it faces from its financial instruments and the Manager’s policies for managing these risks are summarised below:
a) Market risk The Sub-fund’s investment portfolio is exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objective and policy of the Sub-funds. Adherence to investment and borrowing powers set out in the Prospectus and in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, mitigates the risk of excessive exposure to any particular type of security or issuer.
b) Foreign currency risk The Sub-funds can be exposed to foreign currency risk as a result of investing in assets denominated in currencies other than sterling. Where the Manager deems it necessary, the exposure to foreign currency fluctuations is mitigated by the use of forward currency contracts. Numerical disclosures can be found in the notes to the financial statements.
c) Interest rate risk The value of debt securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. The Manager manages this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles. Where the Manager deems it necessary, interest rate risk is also managed by ensuring that deposits mature within a relatively short period. Any significant exposure to interest rate risk is disclosed in the notes to the individual Sub-fund’s financial statements.
d) Credit risk The Sub-funds restrict their exposure to credit losses on derivative instruments by trading via International Swap and Derivative (ISDA) Master Arrangements with each counterparty. The Sub-funds are exposed to the risk that a bond issuer may default on the interest payments or the redemption of the bond. The Sub-funds manage this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles and the credit worthiness of the bond issuer. Any significant exposure to credit risk is disclosed in the notes to the individual Sub-fund’s financial statements.
e) Liquidity risk This is the risk that there is insufficient liquidity which restricts the Sub-fund’s investment opportunities or ability to pay liabilities at short notice. This risk is managed by ensuring that overdrafts are monitored and maintained within investment limits and exposure to unquoted or illiquid securities is limited. Any significant exposure to liquidity risk is disclosed in the notes to the individual Sub-fund’s financial statements.
f) Counterparty risk There is a risk that the counterparty will not be able to settle its obligations under the agreement. This is mitigated by an assessment of creditworthiness of the counterparty, and the use of multiple counterparties to ensure that no more than 20% of the Sub-fund’s value is exposed to one counterparty. Any significant exposure to counterparty risk is disclosed in the notes to the individual Sub-fund’s financial statements.
g) Leverage A Sub-fund may be able to use leverage, including through use of derivative instruments, in accordance with its investment objective and the investment restrictions set out in the Prospectus. Leverage will generally be generated by using derivatives that are inherently leveraged due to the relatively small amount of deposit required to open a position, including among others, forward contracts and futures contracts. A relatively small market movement may therefore have a potentially larger impact on derivatives than on standard bonds or equities, with the result that leveraged derivative positions may increase Sub-fund’s volatility.
h) Index-Linked Where a Sub-fund invests in index-linked bonds, the value may go up and down as the rate of inflation changes. If inflation falls, the value is likely to fall. The Manager may use derivatives to mitigate inflation risk including using inflation swaps as set out in the Prospectus.
i) Operational risk In light of the continued geopolitical situation of ongoing conflicts with Russia and Ukraine, all the Russian investments held within the ACS are continued to be valued at nil as of 31 December 2025.
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Cross Holdings
13
Some Sub ‑ funds within the Aviva Investors Funds ACS Scheme may hold investments in other Sub ‑ funds of the Scheme. Details of these cross holdings as at 31 December 2025 are as follows:
AI Balanced Life Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 4,994,993 9,323 AI Global Equity Fund 8,298,182 27,598 AI Japan Equity Fund 5,921,223 7,843 AI UK Listed Equity Fund 33,020,305 45,346 AI US Large Cap Equity Fund 7,999,754 31,047
AI Balanced Pension Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 147,137,881 178,166 AI Global Equity Fund 406,853,019 513,254 AI Japan Equity Fund 110,155,264 146,713 AI UK Listed Equity Fund 475,124,679 874,295 AI US Large Cap Equity Fund 136,039,802 583,089
AI Cautious Pension Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 2,199,160 2,663 AI Global Equity Fund 5,575,164 7,033 AI Japan Equity Fund 1,469,962 1,958 AI UK Listed Equity Fund 7,303,263 13,432 AI US Large Cap Equity Fund 1,390,976 5,962
AI Distribution Life Fund
Fund Units
Market Value £000 AI UK Listed Equity Fund 7,412,640 10,180
CROSS HOLDINGS
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INVESTMENT OBJECTIVE AND POLICY The Sub-fund aims to grow your investment over the long term (5 years or more), through a combination of capital and income returns, by the equivalent of SONIA plus 4% (average annualised returns, before the deduction of charges and taxes, measured over rolling 5 year periods). Core investment The Sub-fund invests in a broad range of global asset classes (including emerging markets) that may include shares, bonds issued by companies or governments (which can be investment grade and sub-investment grade), cash, property, and commodities, and will gain this exposure by investing in other funds (including other Sub-funds, funds managed by Aviva Investors companies or the Investment Manager), directly in these assets, or through the use of derivatives. Between 40% and 85% of the Sub-fund will be invested in shares of companies (directly or through other funds). A maximum of 20% can be invested in sub-investment grade bonds. At least 50% of the Sub-fund’s underlying assets will be held in US Dollars, Sterling or Euros, with a minimum of 25% in Sterling. Derivatives may be used for investment purposes or to gain a particular market exposure which would otherwise be difficult or costly to achieve, or to manage the Sub-fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Sub-fund. Strategy The Sub-fund is actively managed, and seeks to meet the return objective through investment in a diversified range of growth asset classes. The Investment Manager does not seek to add value by trading on very short-term changes in markets, but instead seeks out opportunities where markets are considered to be mispriced relative to their medium- term fundamental outlook. The Sub-fund has limited exclusions based on Aviva Investors’ UK Responsible Investment policy. Further information on the Aviva Investors UK Responsible Investment policy is available on our website and in the Prospectus. Performance & Risk Measurement SONIA has been chosen as a market standard indicator of the risk-free rate of return, and 4% above this rate is the level of performance that the Investment Manager believes to be realistic for this strategy when considered alongside the Sub-fund’s expected level of volatility, as outlined below. The Sub-fund is expected to operate with a volatility equivalent to the composite benchmark of 70% MSCI® All Countries World GBP Total Hedged Return Index and 30% FTSE® All Stock Gilts Total Return Index (the “Index”). Volatility measures how much the returns of the Sub-fund may fluctuate and is an indicator of the level of risk taken by the Investment Manager. The Sub-fund does not base its investment process upon the Index, so will not have exposure to every company or bond in the Index and may also have exposure to companies and bonds that do not form part of it. The Index represents the performance of a broad range of global companies and bonds issued by companies and governments, and it is therefore an appropriate comparator for the Sub-fund’s volatility.
INVESTMENT MANAGERS’ REPORT Performance Over the twelve months ended 31 December 2025, the Sub-fund returned 14.5%* (gross of fees). The Sub-fund’s benchmark, the SONIA (+4%) returned 9.0% over the same period. Review The year marked a gradual transition away from the narrow US-led market leadership of recent years. Unpredictable trade policies from the new US administration, renewed tariff threats and elevated geopolitical tensions led to periods of volatility, particularly in the first half of the year. However, resilient labour markets, easing financial conditions and selective policy support outside the US ultimately provided a constructive environment for risk assets. Throughout the year, the portfolio was actively repositioned to balance participation in upside opportunities with protection against downside risks. Equities were the primary driver of returns in 2025, though performance varied materially across regions and periods. Early in the year, US equities detracted as trade uncertainty and disruptions to the artificial intelligence narrative weighed on sentiment. In response, we reduced exposure to US large caps, broadened allocations towards the UK, Europe and emerging markets, and employed hedging strategies to manage volatility. As tariff tensions eased and recession fears receded, equity markets rebounded strongly. We selectively increased exposure during periods of market weakness, with global, European and emerging market equities contributing positively. During the second half of the year, we actively managed concentration risk, taking profits in areas where valuations had become stretched, particularly US large-cap growth, and reallocating towards regions and sectors offering more attractive risk-adjusted returns. Increased exposure to Europe, the UK and Japan improved diversification, while targeted allocations to defence-related companies and US energy equities reflected improved earnings visibility and supportive supply dynamics. Fixed income played a supportive but selective role over the year. Government bonds provided effective protection during periods of equity stress early in 2025, however, concerns around inflation persistence, rising fiscal deficits and term premia repricing limited the attractiveness of duration as the year progressed. We maintained a cautious stance overall, favouring selective exposure rather than broad duration risk. German bonds were used as a preferred safe-haven asset during periods of heightened uncertainty, reflecting Germany’s relatively strong fiscal position. UK gilts contributed positively later in the year, supported by easing inflation data and a dovish shift in Bank of England (BoE) communication. Credit allocations added steadily to returns, underpinned by resilient corporate fundamentals and attractive carry, while emerging market debt benefited from a weaker US dollar and higher real yields. Alternative assets played an important diversifying role. Gold was a key contributor over the year, performing well during periods of market stress and benefiting from declining real yields, central bank demand and concerns around fiscal sustainability. Exposure was actively managed throughout the year, with profits taken on our physical gold position in the fourth quarter.
AI BALANCED LIFE FUND
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AI BALANCED LIFE FUND (CONTINUED)
INVESTMENT MANAGERS’ REPORT (CONTINUED) Review (continued) Looking ahead, we expect opportunities to persist as monetary policy eases and equity leadership continues to broaden. However, elevated valuations, fiscal fragility and policy uncertainty remain key risks. Our focus remains on maintaining flexibility, managing downside risks and identifying diversified sources of return in an increasingly complex global environment. February 2026 * Sources: Sub-fund and peer group performance figures – Morningstar, calculated on a mid to mid basis with net income reinvested in GBP, net of fees. UK Corporate Income Distribution Units shown. Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark owned by the London Stock Exchange Plc, and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.
Performance History
Calendar year 2021 % 2022 % 2023 % 2024 % 2025 % UK Corporate Income Distribution Units 11.0 -11.3 7.3 8.8 14.4 Benchmark – SONIA plus 4% 4.1 5.4 8.9 9.4 7.4 Performance figures are based on net asset value, per the published accounts and are shown after charges. Source for all data in subsequent periods: Aviva Investors/Morningstar. This is based on index provider data where applicable. All performance figures are calculated based on the published price, with net income reinvested in GBP, net of fees. Periods for which less than a full calendar year’s data is available will be labelled as N/A.
Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – Bonds may be affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. If interest rates rise, the fixed income earned from bonds becomes less attractive to investors, so the demand for bonds may fall and their capital value may decrease. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The level of targeted income is not guaranteed. – This Sub-fund invests into other Sub-funds of the range which themselves invest in assets such as bonds, company shares, cash and currencies. You should take into consideration the objectives and risk profiles of these underlying Sub-funds. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – During the year ended 31 December 2025, the indicator changed from category 5 to category 4. – Further details on risk are set out in the Prospectus in the section Risk Factors.
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PERFORMANCE RECORD
UK Corporate Income Distribution Units
Year ended 31.12.25 (pence per Unit)
Year ended 31.12.24 (pence per Unit)
Year ended 31.12.23 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 132.95 125.09 119.37 Return before operating charges † 19.16 11.24 8.94 Operating charges # (0.03) (0.07) (0.08) Return after operating charges † 19.13 11.17 8.86 Distributions on income Units (3.52) (3.31) (3.14) Closing net asset value per Unit 148.56 132.95 125.09
† after direct transaction costs of# f# : 0.04 0.02 0.10 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges + 14.39% 8.93% 7.42%
Other information Closing net asset value (£000) 310,619 302,125 315,486 Closing number of Units 209,091,673 227,241,628 252,203,988 Operating charges ‡ 0.06% 0.06% 0.08% Direct transaction costs* 0.03% 0.02% 0.08% Prices ^ Highest Unit price (p) 153.80 140.10 129.30 Lowest Unit price (p) 124.30 123.20 118.60 * Expressed by reference to the average NAV during the year. + Difference in performance from the Investment Managers’ Report due to timing and a difference in the Pricing Basis. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the year. ‡ Please note that the operating charges figures quoted in the comparative tables are based on the net asset value subsequent to the true-up adjustments on the published accounts values.
Units in issue
Unit class
Opening 01.01.25
Units Issued
Units Redeemed
Closing 31.12.25 UK Corporate Income Distribution Units 227,241,628 7,113,937 (25,263,892) 209,091,673 Please refer to note 12.
COMPARATIVE TABLE For the year ended 31 December 2025
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PORTFOLIO STATEMENT As at 31 December 2025
AUTHORISED CONTRACTUAL SCHEMES – 39.01% (40.52%) 4,994,993 AI Asia Pacific ex Japan Fund # 9,323 3.00 8,298,182 AI Global Equity Fund # 27,598 8.88 5,921,223 AI Japan Equity Fund # 7,843 2.53 33,020,305 AI UK Listed Equity Fund # 45,346 14.60 7,999,754 AI US Large Cap Equity Fund # 31,047 10.00 Total Authorised Contractual Schemes 121,157 39.01 COLLECTIVE INVESTMENT SCHEMES – 11.49% (30.02%) 35,436 Schroder International Selection Fund Global Multi-Asset Balanced 6,675 2.15 121,559 Schroder International Selection Fund Greater China 19,765 6.37 15,559 Schroder ISF Global High Yield ACC 4,949 1.59 825,032 iShares China CNY Bond UCITS E ETF 3,317 1.07 155,729 L&G India INR Government Bond UCITS ETF 958 0.31 Total Collective Investment Schemes 35,664 11.49 EQUITIES – 17.29% (19.87%) UNITED KINGDOM – 0.40% (0.03%) 408 3i Group 13 0.01 197 Admiral Group 6 375 Anglo American 11 190 Anglogold Ashanti 12 3,295 Anglogold Ashanti 209 0.07 476 Antofagasta 16 0.01 143 Ashtead Group 7 522 AstraZeneca 72 0.02 825 Auto Trader Group 5 2,231 Babcock International 28 0.01 3,728 BAE Systems 64 0.02 2,908 Barclays Bank 14 0.01 4,561 BP 20 0.01 3,160 BT Group 6 5,186 Chemring 24 0.01 834 Coca-Cola Europacific Partners 56 0.02 484 Compass Group 11 1,108 Diageo 18 0.01 3,198 Endeavour Mining 122 0.04 1,164 GSK 21 0.01 1,813 Haleon 7 252 Halma 9 5,939 HSBC Holdings 70 0.02 774 Informa 7 93 InterContinental Hotels Group 10 140 Intertek Group 6 938 Land Securities 6 2,925 Legal & General 8 14,727 Lloyds Banking Group 14 0.01 96 London Stock Exchange Group 9 3,028 M&G 9 284 Melrose 2 1,837 National Grid 21 0.01 2,245 NatWest Group 15 0.01 54 Next Group 7 746 Prudential 8 6,050 QinetiQ 27 0.01 241 Reckitt Benckiser 14 0.01 723 RELX 22 0.01 1,738 Rentokil Initial 8 579 Rio Tinto 35 0.01 7,215 Rolls-Royce 83 0.03 243 Royalty Pharma 7 UNITED KINGDOM – 0.40% (0.03%) (continued)
Holding or Nominal value Market value £000
Total net assets%
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Holding or Nominal value Market value £000
Total net assets%
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
606 Sage Group 6 1,704 Segro REIT 12 308 Severn Trent 9 1,976 Shell 54 0.02 463 Smith & Nephew 6 274 Smiths Group 6 522 SSE 11 492 Standard Chartered 9 2,224 Tesco 10 818 Unilever 40 0.01 652 United Utilities 8 210 Whitbread 5 579 Wise 5 Total United Kingdom 1,320 0.40 AUSTRALIA – 0.24% (0.00%) 1,729 APA Group 8 227 Aristocrat Leisure 6 872 Australia and New Zealand Banking Group 16 0.01 1,872 BHP Billiton 42 0.01 602 Brambles 7 383 CAR 6 45 Cochlear 6 706 Coles Group 7 579 Commonwealth Bank of Australia 46 0.02 153 CSL 13 0.01 19,256 Evolution Mining 121 0.04 706 Fortescue Metals Group 8 1,531 Insurance Australia 6 2,950 Lottery Corporation 7 100 Macquarie Group 10 2,789 Medibank 7 923 National Australia Bank 19 0.01 9,033 Northern Star Resources 119 0.04 1,070 Origin Energy 6 23,338 Perseus Mining 65 0.02 45 Pro Medicus 5 638 QBE Insurance Group 6 12,728 Regis Resources 47 0.02 32,987 Resolute Mining 20 0.01 1,748 Santos 5 270 SGH 6 3,404 Telstra Group 8 3,474 Transurban Group 24 0.01 17,619 Vault Minerals 48 0.02 458 Wesfarmers 18 0.01 1,349 Westpac Banking 26 0.01 140 WiseTech Global 5 750 Woodside Energy Group 9 475 Woolworths 7 Total Australia 759 0.24 AUSTRIA – 0.06% (0.05%) 1,186 Erste Bank 106 0.04 518 OMV 21 0.01 290 Verbund 16 0.01 Total Austria 143 0.06 BELGIUM – 0.15% (0.15%) 860 Ageas (BRU) 45 0.02 3,581 Anheuser-Busch InBev 172 0.06 36 D Ieteren 5 BELGIUM – 0.15% (0.15%) (continued)
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
107 Elia Group 10 595 Groupe Bruxelles Lambert 39 0.01 787 KBC Group 76 0.02 1 Lotus Bakeries 7 22 Sofina 5 275 Syensqo 16 0.01 469 UCB 97 0.03 Total Belgium 472 0.15 BERMUDA – 0.02% (0.01%) 5,135 Aegon 30 0.01 70 Credicorp 15 0.01 Total Bermuda 45 0.02 BRAZIL – 0.02% (0.00%) 4,549 Ambev 9 279 Axia Energia 2 1,064 Axia Energia 7 3,650 B3 Brasil Bolsa Balcao 7 2,809 Banco Bradesco 7 617 Embraer 7 1,580 Equatorial Energia 8 1,573 Itau Unibanco Banco Preferencce 8 7,804 Itausa Investimentos 12 3,585 Petrobras PN 15 0.01 617 Sabesp 11 1,081 Telefônica Brasil 5 2,001 VALE 20 0.01 1,280 WEG 9 Total Brazil 127 0.02 CANADA – 0.71% (0.01%) 253 Agnico Eagle Mines 32 0.01 1,948 Agnico Eagle Mines 246 0.08 4,372 Alamos Gold 125 0.04 244 Alimentation Couche-Tard 10 293 Altagas Income 7 644 Arc Resources 9 120 AtkinsRealis Group 6 21,603 B2Gold Corporation 72 0.02 272 Bank of Montreal 26 0.01 431 Bank of Nova Scotia 24 0.01 8,358 Barrick Mining 271 0.09 156 Brookfield Asset Management A 6 447 Brookfield Corporation 15 0.01 159 Cameco Corporation 11 307 Canadian Imperial Bank of Commerce 21 0.01 187 Canadian National Railway 14 0.01 288 Canadian Pacific 16 0.01 177 Canadian Utilities ‘A’ 4 44 Celestica 10 251 CGI 17 0.01 5 Constellation Software 9 136 Dollarama 15 0.01 3,497 Eldorado Gold Corporation 94 0.03 532 Element Fleet Management Corporation 10 1,077 Enbridge 38 0.01 11,455 Equinox Gold Corporation 119 0.04 6 Fairfax Financial Holdings 8 464 First Quantum Minerals 9 44 FirstService Corporation 5 497 Fortis 19 0.01 CANADA – 0.71% (0.01%) (continued)
Holding or Nominal value Market value £000
Total net assets%
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44 Franco Nevada 7 142 George Weston 7 437 Hydro One 13 0.01 9,511 Iamgold Corporation 116 0.04 109 Intact Financial 17 0.01 290 Keyera 7 5,466 Kinross Gold 115 0.04 720 Kinross Gold Corporation 15 0.01 322 Loblaw 11 1,693 Lundin Gold 105 0.04 768 Manulife Financial 21 0.01 127 Metro 7 111 National Bank of Canada 10 174 Nutrien 8 3,993 OceanaGold Corporation 84 0.03 241 Pan American Silver Corporation 9 368 Pembina Pipeline 10 207 Power Corporation of Canada 8 76 RB Global 6 141 Restaurant Brands International 7 247 Rogers Communications ‘B’ 7 496 Royal Bank of Canada 63 0.02 402 Shopify ‘A’ 48 0.02 3,456 SSR MINING INC 56 0.02 197 Sun Life Financial 9 526 TC Energy Corporation 21 0.01 211 Teck Resources ‘B’ 8 1,598 Torex Gold Resources 57 0.02 571 Toronto-Dominion Bank 40 0.01 311 Tourmaline Oil 10 132 Waste Connections 17 0.01 110 Wheaton Precious Metals Corporation 10 1,632 Whitecap Resources 10 47 WSP Global 6 Total Canada 2,213 0.71 CAYMAN ISLANDS – 0.14% (0.00%) 5,800 Alibaba Group Holding 79 0.03 1,000 Anta Sports 8 1,050 Baidu ‘A’ 13 0.01 60 Chailease Holdings + – 3,000 China Hongqiao Group 9 3,500 China Resources Land 9 2,500 CK Asset Holdings 9 2,000 CK Hutchison Holdings 10 48 Futu Holdings ADR 6 5,000 Geely Automobile Holding 9 252 Huazhu Group ADR 9 1,000 Innovent Biologics 7 850 JD Com 9 1,000 JD Health International 5 360 Kanzhun 5 1,300 Ke Holdings 5 1,000 Kuaishou Technology 6 500 Li Auto 3 1,600 Meituan ‘B’ 16 0.01 600 NetEase 12 1,430 NIO 6 1,180 NU Holdings 15 0.01 241 PDD Holdings ADR 20 0.01 200 Pop Mart 4 –
Holding or Nominal value Market value £000
Total net assets%
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
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CAYMAN ISLANDS – 0.14% (0.00%) (continued) 134 Sea ADR 13 0.01 900 Sunny Optical Technology 6 2,200 Tencent Holdings 126 0.04 353 Tencent Music Entertainment Group ADR 5 250 Trip.Com Group 13 0.01 5,000 WH Group 4 2,000 Wharf Real Estate Investment Company 5 2,000 Wuxi Biologics Cayman 6 6,000 Xiaomi Corporation 23 0.01 700 Xpeng 5 250 ZTO Express Cayman 4 Total Cayman Islands 484 0.14 CHANNEL ISLANDS – 0.00% (0.01%) 1,764 Amcor 11 103 Aptiv Holdings 6 367 CVC Capital Partners 4 329 Experian Group 11 Total Channel Islands 32 CHINA – 0.09% (0.00%) 22,000 Bank of China 9 11,000 Bank of Communications 7 1,500 BYD 14 0.01 14,000 CGN Power 4 10,000 China CITIC Bank 7 33,000 China Construction Bank 24 0.01 5,000 China Life Insurance 13 0.01 2,000 China Merchants Bank 10 18,000 China Petroleum & Chemical ‘H’ 8 2,800 Haier Smart Home 6 25,000 Industrial & Commercial Bank of China 15 0.01 2,000 Nongfu Spring 9 12,000 Petrochina 10 6,000 Picc Property & Casualty 9 3,000 Ping An Insurance ‘H‘ 19 0.01 3,000 Postal Saving Bank China ‘H‘ 1 28,500 Zhaojin Mining Industry 84 0.03 4,000 Zijin Mining Group ‘H’ 14 0.01 Total China 263 0.09 CYPRUS – 0.01% (0.00%) 658 Theon International 15 0.01 Total Cyprus 15 0.01 CZECH REPUBLIC – 0.00% (0.00%) 178 CEZ 8 Total Czech Republic 8 DENMARK – 0.34% (0.60%) 23 A P Moller – Maersk A/S 39 0.01 411 Carlsberg ‘B’ 40 0.01 441 Coloplast ‘B’ 28 0.01 2,593 Danske Bank 96 0.03 726 DSV 137 0.04 253 Genmab 60 0.02 11,663 Novo Nordisk 444 0.14 1,354 Novonesis Novozymes 64 0.02 1,245 Ørsted 18 0.01 299 Pandora 25 0.01 259 Rockwool 7 1,211 Tryg 24 0.01
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets%
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DENMARK – 0.34% (0.60%) (continued) 3,913 Vestas Wind System 79 0.03 173 William Demant Holding 4 Total Denmark 1,065 0.34 FINLAND – 0.23% (0.19%) 714 Elisa Communications 23 0.01 1,995 Fortum 32 0.01 864 Kesko ‘B’ 15 0.01 1,353 Kone ‘B’ 72 0.02 2,195 Metso Corporation 29 0.01 1,607 Neste Oyj 27 0.01 19,359 Nokia 94 0.03 10,685 Nordea Bank (EUR) 151 0.05 350 Orion 19 0.01 8,106 Sampo OYJ 73 0.02 1,968 Stora Enso (registered) 18 0.01 2,614 UPM-Kymmene 57 0.02 1,956 Wartsila Corporation 52 0.02 Total Finland 662 0.23 FRANCE – 1.82% (2.00%) 891 Accor 38 0.01 146 ADP Promesses 14 0.01 2,148 Air Liquide 300 0.10 1,259 Alstom 28 0.01 247 Amundi 15 0.01 181 Arkema 8 6,237 AXA 223 0.07 181 BioMérieux 17 0.01 3,631 BNP Paribas 256 0.08 3,682 Bollore 15 0.01 780 Bouygues 30 0.01 1,107 Bureau Veritas 26 0.01 510 Capgemini 63 0.02 1,934 Carrefour 24 0.01 319 Covivio REIT 16 0.01 3,454 Credit Agricole 53 0.02 2,294 Danone 154 0.05 159 Dassault Aviation 38 0.01 2,203 Dassault Systemes 46 0.02 753 Edenred 12 262 Eiffage 28 0.01 6,465 Engie 127 0.04 1,090 Essilor International 257 0.08 283 Exail Technologies 20 0.01 507 Exosens SAS 21 0.01 314 FDJ United 6 269 Gecina 19 0.01 1,145 Getlink 16 0.01 109 Hermes International 202 0.07 165 Ipsen Promesses 17 0.01 280 Kering 74 0.02 1,235 Klepierre 36 0.01 866 L’Oreal 277 0.09 934 Legrand Promesses 103 0.03 898 LVMH 502 0.16 2,698 Michelin (CGDE) 66 0.02 7,013 Orange 87 0.03 781 Pernod-Ricard 50 0.02 852 Publicis Groupe 66 0.02 721 Renault 22 0.01 960 Rexel 28 0.01
Holding or Nominal value Market value £000
Total net assets%
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
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FRANCE – 1.82% (2.00%) (continued) 1,482 Safran 384 0.12 1,592 Saint Gobain 121 0.04 3,919 Sanofi 283 0.09 69 Sartorius Stedim Biotech 13 0.01 1,998 Schneider Electric 410 0.13 2,514 Societe Generale 151 0.05 342 Sodexo 13 237 Teleperformance 13 589 Thales 118 0.04 7,138 TotalEnergies 346 0.11 476 Unibail Rodamco Westfield 39 0.01 2,442 Veolia Environnement 63 0.02 1,703 Vinci 179 0.06 Total France 5,533 1.82 GERMANY – 1.77% (1.90%) 624 Adidas 92 0.03 1,417 Allianz 485 0.16 52 Aumovio 2 3,177 BASF 124 0.04 3,332 Bayer 108 0.04 385 Beiersdorf 31 0.01 1,156 BMW 94 0.03 438 Brenntag 19 0.01 2,896 Commerzbank 91 0.03 454 Continental 27 0.01 223 CTS Eventim 15 0.01 2,603 Daimler 137 0.04 1,858 Daimler Truck Holding 60 0.02 673 Delivery Hero 13 6,640 Deutsche Bank 193 0.06 636 Deutsche Boerse 125 0.04 12,751 Deutsche Telekom 309 0.10 3,423 DHL Group 140 0.05 375 Dr. Ing. h.c. F. Porsche Preferred shares 15 0.01 8,039 E.On 113 0.04 987 Evonik Industries 12 1,514 Fresenius 65 0.02 955 Fresenius Medical Care 34 0.01 593 GEA Group 30 0.01 195 Hannover Rueck 45 0.02 508 Heidelberg Materials 99 0.03 973 Henkel 55 0.02 106 Henkel preference 7 652 Hensoldt 42 0.01 4,648 Infineon Technologies 153 0.05 222 Knorr-Bremse 19 0.01 291 Leg Immobilien 16 0.01 2,245 Lufthansa 16 0.01 428 Merck KGaA 46 0.02 294 MTU Aero Engines 91 0.03 454 Muenchener Rueckver 224 0.07 300 Nemetschek 24 0.01 442 Porsche preference 15 0.01 16 Rational 9 199 Rheinmetall 270 0.09 2,304 RWE 91 0.03 3,788 SAP 693 0.22 55 Sartorius preference 12 415 Scout24 31 0.01 2,789 Siemens 582 0.19 2,470 Siemens Energy 260 0.08
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets%
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GERMANY – 1.77% (1.90%) (continued) 1,264 Siemens Healthineers 49 0.02 555 Symrise 33 0.01 122 Talanx 12 739 Volkswagen preference 67 0.02 2,957 Vonovia 63 0.02 823 Zalando 18 0.01 Total Germany 5,376 1.77 HONG KONG – 0.03% (0.00%) 3,600 AIA Group 27 0.01 2,500 Bank of China (Hong Kong) 9 4,000 China Mengniu Dairy 6 4,000 China Overseas Land and Investment 5 2,000 China Resources Beer (Holdings) 5 2,000 CLP Holdings 13 0.01 4,000 CSPC Pharmaceutical 3 2,000 Galaxy Entertainment Group 7 600 Hang Seng Bank 9 14,000 Hong Kong & China Gas 9 400 Hong Kong Exchanges and Clearing 16 0.01 2,000 Lenovo Group 2 8,000 Sino Biopharmaceutical 5 1,000 Sun Hung Kai Properties 9 1,000 Techtronic Industries 9 Total Hong Kong 134 0.03 HUNGARY – 0.01% (0.00%) 279 OTP Bank 22 0.01 Total Hungary 22 0.01 INDIA – 0.09% (0.00%) 611 Axis Bank GDR 31 0.01 518 Gail India GDR 4 3,280 HDFC Bank ADR 89 0.03 3,075 ICICI Bank ADR 68 0.02 1,686 Reliance Industries 88 0.03 3,579 Wipro ADR 8 Total India 288 0.09 INDONESIA – 0.01% (0.00%) 39,700 Bank Central Asia 14 0.01 28,000 Bank Mandiri 6 19,700 Bank Negra Indonesia 4 70,400 Bank Rakyat Indonesia 12 56,300 Telekomunikasi Indonesia 9 Total Indonesia 45 0.01 IRELAND – 0.17% (0.23%) 206 Accenture 41 0.01 8,957 AIB Group 72 0.02 75 Allegion 9 55 Aon Ireland 14 0.01 4,407 Bank of Ireland Group 63 0.02 270 CRH 25 0.01 154 Eaton Corporation 37 0.01 65 Flutter Entertainment 10 268 Johnson Controls 24 0.01 705 Kerry Group ‘A’ 48 0.02 532 Kingspan Group 34 0.01 139 Linde 44 0.01 419 Medtronic 30 0.01 80 Pentair 6 64 Seagate Technology Holdings 13 0.01
Holding or Nominal value Market value £000
Total net assets%
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
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IRELAND – 0.17% (0.23%) (continued) 218 Smurfit WestRock 6 36 Steris 7 124 TE Connectivity 21 0.01 68 Trane Technologies 20 0.01 Total Ireland 524 0.17 ISRAEL – 0.01% (0.00%) 83 Check Point Software Technology 11 859 Teva Pharmaceutical ADR 20 0.01 Total Israel 31 0.01 ITALY – 0.53% (0.43%) 716 Avio SpA 18 0.01 318 Banca Mediolanum 5 4,740 Banco BPM 54 0.02 5,174 BPER Banca 52 0.02 28,683 Enel 222 0.07 6,377 ENI 90 0.03 2,198 Finecobank Banco Fineco 43 0.01 2,768 Generali 86 0.03 50,236 Intesa Sanpaolo 260 0.08 2,594 Leonardo 111 0.04 2,274 Mediobanca 35 0.01 865 Moncler 41 0.01 1,993 Nexi 7 1,898 Poste Italiane 36 0.01 1,041 Prysmian 79 0.03 396 Recordati 17 0.01 8,844 Snam 44 0.01 33,444 Telecom Italia 15 0.01 6,385 Terna 51 0.02 5,067 Unicredit 314 0.10 795 Unipol Gruppo Finanziario 14 0.01 Total Italy 1,594 0.53 JAPAN – 0.30% (0.94%) 300 Advantest 28 0.01 1,200 Aeon 14 0.01 500 Aisin Seiki 7 400 Ajinomoto 6 1,900 Asahi Group Holdings 15 0.01 800 Astellas Pharma 8 300 Bandai Namco Holdings 6 800 Bridgestone 13 0.01 400 Canon 9 400 Central Japan Railway 8 200 Chugai Pharmaceutical 8 300 Daifuku 7 1,100 Dai-Ichi Mutual Life Insurance 7 500 Daiichi Sankyo 8 100 Daikin Industries 10 500 Daiwa House Industry 12 800 Denso 8 700 East Japan Railway 14 0.01 2,000 ENEOS Holdings 11 400 Fanuc Corporation 12 100 Fast Retailing 27 0.01 700 Fujifilm Holdings Corporation 11 100 Fujikura 8 500 Fujitsu 10 300 Hankyu 6 1,600 Hitachi 37 0.01
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets%
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JAPAN – 0.30% (0.94%) (continued) 1,400 Honda Motor 10 100 Hoya 11 900 Idemitsu Kosan 5 700 IHI Corporation 9 700 Isuzu Motors 8 1,500 Itochu 14 0.01 1,200 Japan Post Holdings 9 400 JFE Holdings 4 300 Kao 9 400 Kawasaki Kisen Kaisha 4 700 KDDI 9 100 Keyence 27 0.01 100 Kikkoman 1 1,000 Kirin Holdings 11 300 Komatsu 7 800 Kyocera 8 2,000 LY Corporation 4 400 MatsukiyoCocokara 5 400 Minebea 6 800 Mitsubishi Corporation 14 0.01 600 Mitsubishi Electric 13 0.01 600 Mitsubishi Estate 11 400 Mitsubishi HC Capital 2 1,000 Mitsubishi Heavy Industries 18 0.01 4,000 Mitsubishi UFJ Financial Group 47 0.02 700 Mitsui & Company 15 0.01 1,100 Mitsui Fudosan 9 300 Mitsui O.S.K. Lines 7 800 Mizuho Financial Group 22 0.01 400 MS&AD Insurance Group 7 500 NEC 13 0.01 200 Nexon 4 300 Nidec 3 400 Nintendo 20 0.01 700 Nippon Paint Holdings 3 2,500 Nippon Steel Corporation 8 300 Nippon Yusen 7 1,200 Nomura Holding 7 200 Nomura Research Institute 6 800 Obayashi 12 500 Oriental Land 7 800 Orix 17 0.01 100 Otsuka Holdings 4 2,000 Pan Pacific International Holdings 9 400 Recruit Holdings 17 0.01 800 Renesas Electronics 8 900 Resona 6 400 SBI Holdings 6 500 Secom 13 0.01 700 Seven & I Holdings 7 500 Shin-Etsu Chemical 12 1,200 Softbank 25 0.01 5,800 SoftBank Group 6 2,000 Sony 38 0.01 2,000 Sony Financial Holdings 2 600 Subaru Corporation 10 700 Sumitomo Corporation 18 0.01 1,200 Sumitomo Mitsui Financial 29 0.01 600 Sumitomo Realty & Development 11 600 Takeda Pharmaceutical 14 0.01 800 Terumo 9 –
Holding or Nominal value Market value £000
Total net assets%
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
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JAPAN – 0.30% (0.94%) (continued) 500 Tokio Marine Holdings 14 0.01 200 Tokyo Electron 33 0.01 100 Toyota Industries Corporation 8 3,300 Toyota Motor 53 0.02 500 West Japan Railway 7 1,200 Yamaha Motor 7 300 Yokogawa Electric 7 Total Japan 1,116 0.30 JERSEY – 0.00% (0.00%) 2,142 Glencore 9 Total Jersey 9 LIBERIA – 0.01% (0.01%) 87 Royal Caribbean Cruises 18 0.01 Total Liberia 18 0.01 LUXEMBOURG – 0.11% (0.11%) 1,570 ArcelorMittal 54 0.02 435 Eurofins Scientific 24 0.01 1,047 InPost 9 555 Spotify Technology 239 0.08 1,314 Tenaris 19 Total Luxembourg 345 0.11 MALAYSIA – 0.01% (0.00%) 9,500 CelcomDigi Berhad 6 5,800 Cimb Group Holdings 9 8,000 Malayan Banking 15 0.01 4,900 Press Metal Berhad 6 8,100 Public Bank 7 2,100 QL Resources 1 5,400 RHB Capital 8 2,700 SD Guthrie 3 Total Malaysia 55 0.01 MEXICO – 0.03% (0.00%) 18,164 America Movil 14 0.01 512 Grupo Aeroport ‘B’ 10 1,776 Grupo Financiero Banorte SAB de 12 2,277 Grupo México 16 0.01 6,937 Walmart De Mexico 16 0.01 Total Mexico 68 0.03 NETHERLANDS – 1.14% (1.25%) 1,777 ABN AMRO Group GDR 46 0.02 85 Adyen 102 0.03 674 AerCap 72 0.02 2,411 Airbus Group 417 0.13 687 AkzoNobel 35 0.01 216 Argen 135 0.04 171 ASM International 77 0.03 1,423 ASML Holding 1,143 0.37 570 ASR Nederland 30 0.01 332 BE Semiconductor Industries 39 0.01 2,124 Davide Campari-Milano 10 309 Euronext 34 0.01 463 Exor 29 0.01 448 Ferrari New 125 0.04 1,699 Ferrovial International 82 0.03 1,058 Heineken 64 0.02 681 Heineken Holdings 37 0.01 233 IMCD Group 16 0.01 10,663 ING Groep 224 0.07
PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets%
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% NETHERLANDS – 1.14% (1.25%) (continued) 483 JDE Peet s 13 0.01 3,138 Koninklijke Ahold 96 0.03 2,850 Koninklijke Philips 58 0.02 15,187 KPN 53 0.02 160 Lyondell Basell Industries 5 184 Magnum Ice Cream 2 886 NN Group 51 0.02 90 NXP Semiconductors 15 0.01 4,764 Prosus 220 0.07 804 Qiagen 27 0.01 205 Randstad Holding 6 7,534 Stellantis 62 0.02 2,650 STMicroelectronics 52 0.02 3,797 Universal Music Group 73 0.02 877 Wolters Kluwer certificates 68 0.02 Total Netherlands 3,518 1.14 NEW ZEALAND – 0.00% (0.00%) 2,238 Auckland International Airport 8 390 Fisher & Paykel Healthcare 6 1,187 Infratil 5 101 Xero 6 Total New Zealand 25 NORWAY – 0.11% (0.12%) 1,163 Aker BP 22 0.01 2,995 DNB Bank ASA 62 0.02 2,461 Equinor 43 0.01 238 Gjensidige Forsikring 5 3,232 Kongsberg Gruppen 62 0.02 2,158 Marine Harvest 39 0.01 4,757 Norsk Hydro 27 0.01 2,823 Orkla 23 0.01 250 Salmar 11 2,999 Telenor 33 0.01 486 Yara International 15 0.01 Total Norway 342 0.11 PANAMA – 0.00% (0.00%) 393 Carnival 9 Total Panama 9 PHILIPPINES – 0.00% (0.00%) 330 Ayala Corp 2 1,130 International Container Terminal Services 8 365 Philippine Long Distance 6 Total Philippines 16 POLAND – 0.00% (0.00%) 20 mBank 5 54 Santander Bank Polska 6 Total Poland 11 PORTUGAL – 0.05% (0.02%) 20,985 Banco Comercial Portugues 16 0.01 13,304 Energias de Portugal 46 0.02 1,505 Galp Energia 19 0.01 934 Jeronimo Martins 17 0.01 Total Portugal 98 0.05 SINGAPORE – 0.01% (0.00%) 900 DBS Group 29 0.01 1,900 Keppel Corporation 11 700 Oversea-Chinese Banking Corporation 8 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% SINGAPORE – 0.01% (0.00%) (continued) 2,000 Singapore Airlines 8 700 Singapore Exchange 7 1,400 Singapore Technologies Engineering 7 2,800 Singapore Telecommunications 7 500 United Overseas Bank 10 Total Singapore 87 0.01 SOUTH AFRICA – 0.11% (0.00%) 341 Bid Corporation 6 53 Capitec Bank Holdings 10 1,891 Firstrand 8 292 Gold Fields 10 5,496 Goldfields ADR 178 0.06 8,323 Harmony Gold Mining 125 0.04 833 Impala Platinum 10 1,119 MTN Group 8 335 Naspers 17 0.01 5,622 Old Mutual 4 2,054 Sanlam 9 531 Shoprite Holdings 6 Total South Africa 391 0.11 SOUTH KOREA – 0.08% (0.00%) 462 KB Financial ADR 30 0.01 391 Posco ADR 15 0.01 98 Samsung GDR 151 0.05 586 Shinhan Financial Group ADR 23 0.01 Total South Korea 219 0.08 SPAIN – 0.66% (0.53%) 80 Acciona 13 0.01 796 Actividades de Construccion y Servicios 59 0.02 2,952 Aena 62 0.02 1,799 Amadeus IT Group ‘A’ 99 0.03 20,493 Banco de Sabadell 60 0.02 53,058 Banco Santander 467 0.15 1,209 Bankinter 15 0.01 20,734 BBV Argentaria 363 0.12 13,290 CaixaBank 121 0.04 1,641 Cellnex Telecom 39 0.01 1,186 EDP Renovaveis 13 1,470 Endesa 39 0.01 994 Grifols ‘A’ 9 22,716 Iberdrola 366 0.12 4,012 Industria de Diseno Textil 197 0.06 3,150 International Consolidated Airlines 13 1,788 Red Electrica de Espana 24 0.01 4,183 Repsol 58 0.02 12,747 Telefonica 39 0.01 Total Spain 2,056 0.66 SWEDEN – 0.62% (0.67%) 594 AddTech ‘AB’ 16 0.01 1,052 Alfa Laval 40 0.01 3,461 Assa Abloy ‘B’ 101 0.03 6,329 Atlas Copco 85 0.03 8,854 Atlas Copco ‘B’ 106 0.03 1,311 Beijer Ref ‘B’ 16 0.01 654 Biovitrum 17 0.01 820 Boliden SEK 34 0.01 2,807 Epiroc A 48 0.02 1,465 EQT 43 0.01 9,979 Ericsson ‘B’ 73 0.02
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% SWEDEN – 0.62% (0.67%) (continued) 2,301 Essity Aktiebolag ‘B’ 49 0.02 496 Evolution Gaming Group 25 0.01 2,601 Fastighets AB Balder 14 0.01 2,150 Hennes & Mauritz ‘B’ 32 0.01 7,406 Hexagon 66 0.02 933 Industivarden ‘C’ 31 0.01 732 Indutrade 14 0.01 7,343 Investor B 196 0.06 584 Latour Investment ‘B’ 11 1,144 Lifco 32 0.01 294 Lundbergs ‘B’ 12 1,500 Mildef Group AB 14 0.01 4,371 Nibe Industrier 13 2,340 Saab AB 102 0.03 935 Sagax ‘B’ 15 0.01 4,304 Sandvik 105 0.03 1,603 Securitas ‘B’ 19 0.01 5,552 Skandinaviska Enskilda Banken ‘A’ 88 0.03 1,412 Skanska ‘B’ 29 0.01 1,331 SKF ‘B’ 26 0.01 3,308 Svenska Cellulosa ‘B’ 33 0.01 5,777 Svenska Handelsbanken 63 0.02 2,961 Swedbank ‘A’ 77 0.03 1,354 Tele2 ‘B’ 17 0.01 5,942 Telia 19 0.01 620 Trelleborg ‘B’ 20 0.01 5,355 Volvo ‘B’ 128 0.04 Total Sweden 1,829 0.62 SWITZERLAND – 1.78% (1.98%) 5,800 ABB (registered) 322 0.10 1,724 Alcon 102 0.03 2,028 Amrize 83 0.03 181 Avolta AG 8 13 Barry Callebaut 16 0.01 400 Beigene 7 20 Belimo Holding 15 0.01 7 Chocoladefabriken Lindt & Sprüngli Participating Certificates 76 0.03 130 Chubb 30 0.01 1,941 Cie Financiere Richemont ‘A’ 313 0.10 289 Coca-Cola HBC 11 566 DSM-Firmenich 34 0.01 27 Ems-Chemie 14 0.01 463 Galderma Group 71 0.02 68 Garmin 10 121 Geberit 70 0.02 32 Givaudan 95 0.03 402 Helvetia Baloise Holding 79 0.03 1,808 Holcim 132 0.04 802 Julius Baer Group 47 0.02 207 Kuehne + Nagel International 33 0.01 529 Logitech 40 0.01 245 Lonza Group 124 0.04 656 Montana Aerospace 17 0.01 9,343 Nestle 690 0.22 6,931 Novartis (registered) 713 0.23 82 Partners Group 76 0.03 2,541 Roche Holding 783 0.25 128 Roche Holding ‘B’ 40 0.01 1,631 Sandoz Group 89 0.03 247 Schindler participation certificates 69 0.02 635 SGS 54 0.02
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% SWITZERLAND – 1.78% (1.98%) (continued) 1,300 SIG Combibloc Group 14 0.01 591 Sika 90 0.03 212 Sonova Holding 41 0.01 401 Straumann Holding 35 0.01 122 Swiss Life Holdings 105 0.03 368 Swiss Prime Site 43 0.01 1,052 Swiss Reinsurance (registered) 131 0.04 111 Swisscom (registered) 60 0.02 105 The Swatch Group ‘B’ 17 0.01 11,484 UBS Group 398 0.13 86 VAT Group 31 0.01 515 Zurich Insurance Group 291 0.09 Total Switzerland 5,519 1.78 TAIWAN – 0.19% (0.00%) 3,000 ASE Technology Holding 18 0.01 8,000 Cathay Financial Holding 14 0.01 5,000 Chunghwa Telecom 15 0.01 12,000 CTBC Financial Holding 14 0.01 1,000 Delta Electronics 23 0.01 10,100 E.Sun Financial Holdings 8 9,000 First Financial Holding 6 5,125 Fubon Financial Holding 12 4,000 Hon Hai Precision Industry 22 0.01 11,000 Hua Nan Financial Holdings 8 21,000 KGI Financial Holding 9 1,000 Lite-On Technology 4 1,000 MediaTek 34 0.01 15,000 Mega Financial 14 0.01 1,000 Nan Ya Plastics 1 1,000 Quanta Computer 6 11,000 SinoPac Financial Holdings 7 4,000 Synnex Technology International 6 9,000 Taiwan Cement 5 11,330 Taiwan Cooperative Financial Holding 7 9,000 Taiwan Semiconductor Manufacturing 329 0.11 16,000 TS Financial Holding 8 4,000 Uni-President Enterprises 7 6,000 United Microelectronics 7 3,000 Wistron 11 2,000 Yageo Corporation 11 8,000 Yuanta Financial Holdings 7 Total Taiwan 613 0.19 THAILAND – 0.00% (0.00%) 1,300 Advanced Info Services 10 13,400 Bangkok Dusit Medical Services 6 500 Central Pattana 1 6,300 CP All 6 1,000 Delta Electronics 4 Total Thailand 27 UNITED STATES – 5.23% (8.63%) 183 3M 22 0.01 558 Abbott Laboratories 52 0.02 600 AbbVie 102 0.03 141 Adobe 37 0.01 541 Advanced Micro Devices 86 0.03 103 Ae Technology 7 107 Affirm Holdings 6 203 Aflac 17 0.01 118 Agilent Technologies 12 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 130 AIG 8 79 Air Products & Chemicals 14 0.01 108 Airbnb A 11 61 Align Technology 7 105 Allstate Corporation 16 0.01 43 Alnylam Pharmaceuticals 13 0.01 1,628 Alphabet 380 0.12 1,950 Alphabet ‘A’ 454 0.16 3,196 Amazon.com 548 0.18 257 American Express 71 0.02 64 American Financial Group 7 96 American Water Works 9 69 Ameriprise Financial 25 0.01 100 Ametek 15 0.01 172 Amgen 42 0.01 484 Amphenol Corporation ‘A’ 49 0.02 186 Analog Devices 37 0.01 6,936 APA Corporation 126 0.04 199 Apollo 21 0.01 4,937 Apple 998 0.32 269 Applied Materials 51 0.02 79 AppLovin Corporation 40 0.01 175 Arch Capital Group 12 130 Archer Daniels Midland 5 158 Arconic 24 0.01 75 Ares Management Corporation ‘A’ 9 369 Arista Networks 36 0.01 2,691 AT&T 50 0.02 66 Atlassian 8 197 Atmos Energy 24 0.01 83 Autodesk 18 0.01 153 Automatic Data Processing 29 0.01 8 Autozone 20 0.01 13 Avery Dennison 2 28 Axon Enterprise 12 1,528 Baker Hughes ‘A’ 52 0.02 173 Ball Corporation 7 2,176 Bank of America 89 0.03 294 Bank of New York Mellon 25 0.01 429 Baxter International 6 78 Becton Dickinson 11 462 Berkshire Hathaway ‘B’ 173 0.06 117 Best Buy 6 76 Biogen 10 53 BlackRock Funding 42 0.02 254 Blackstone Group A 29 0.01 236 Block 11 256 Boeing 41 0.01 12 Booking Holdings 48 0.02 564 Boston Scientific 40 0.01 728 Bristol Myers Squibb 29 0.01 1,508 Broadcom Corporation 388 0.13 40 Broadridge Financial Solutions 7 188 Brown & Brown 11 62 Builders Firstsource IPO 5 34 Burlington Store 7 67 C.H. Robinson 8 96 Cadence Design Systems 22 0.01 285 Capital One Financial Corporation 51 0.02 90 Cardinal Health 14 0.01 24 Carlisle 6 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 133 Carlyle Group 6 284 Carrier Global 11 42 Carvana 13 0.01 161 Caterpillar 68 0.02 168 CBRE Group 20 0.01 71 CDW Corporation 7 71 Cencora 18 0.01 216 Centene 7 103 CF Industries Holdings 6 626 Charles Schwab 47 0.02 19 Charter Communications ‘A’ 3 108 Cheniere Energy 16 0.01 654 Chevron Corporation 74 0.02 111 Chicago Mercantile Exchange 23 0.01 430 Chipotle Mexican Grill 12 122 Church & Dwight 8 91 Cigna Corporation 19 0.01 142 Cincinnati Financial 17 0.01 142 Cintas 20 0.01 1,395 Cisco Systems 80 0.03 606 Citigroup 53 0.02 171 Citizens Financial Group 7 73 Clorox 5 115 Cloudflare 17 0.01 212 CMS Energy 11 1,461 Coca Cola 76 0.03 9,849 CoeurMining 130 0.04 158 Cognizant Technology Solutions 10 65 Coinbase Global 11 323 Colgate-Palmolive 19 0.01 1,448 Comcast 32 0.01 137 Consolidation Edison 10 94 Constellation Brands ‘A’ 10 96 Constellation Energy 25 0.01 308 Copart 9 333 Corning 22 0.01 39 Corpay 9 208 Corteva 10 151 Costar Group 7 149 Costco Wholesale 96 0.03 340 Coterra Energy 7 88 CrowdStrike Holdings ‘A’ 31 0.01 92 Crown Holdings 7 726 CSX 19 0.01 35 Cummins 13 0.01 357 CVS Health 21 0.01 100 D.R.Horton 11 185 Danaher 31 0.01 66 Darden Restaurants 9 138 Datadog 14 0.01 75 Deckers Outdoor Corporation 6 87 Deere & Company 30 0.01 61 Dell 6 7,548 Devon Energy 205 0.07 178 Dexcom 9 1,543 Diamondback Energy 172 0.06 40 Dick’s Sporting Goods 6 839 Discovery 18 0.01 110 DocuSign 6 57 Dollar General 6 72 Dollar Tree 7 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 608 Dominion Energy 26 0.01 134 DoorDash 23 0.01 352 Dow 6 201 Draftkings 5 178 DuPont de Nemours 5 139 eBay 9 99 Ecolab 19 0.01 157 Edison International 7 171 Edwards Lifesciences 11 72 Electronic Arts 11 72 Elevance Health 19 0.01 269 Eli Lilly 215 0.07 21 Emcor Group 10 199 Emerson Electric 20 0.01 102 Entegris 6 272 Entergy 19 0.01 1,854 EOG Resources 145 0.05 205 EQT 8 32 Equifax 5 164 Equitable Holdings 6 294 Essential Utilities 8 80 Estee Lauder ‘A’ 6 296 Eversource Energy 15 0.01 572 Exelon 19 0.01 92 Expand Energy 8 42 Expedia 9 72 Expeditors International 8 4,529 Exxon Mobil 405 0.13 9 F&G + – 28 F5 Networks 5 345 Fastenal 10 80 Fedex 17 0.01 78 Ferguson Enterprises 13 0.01 12 FICO 15 0.01 162 Fidelity National Financial 7 239 Fidelity National Information Services 12 44 First Solar 9 178 Fiserv 9 1,818 Ford Motor 18 0.01 208 Fortinet 12 196 Fortive Corporation 8 514 Freeport-McMoRan ‘B’ 19 0.01 72 Gallagher (Arthur J) 14 0.01 36 Gartner ‘A’ 7 192 GE Healthcare 12 96 GE Vernova 47 0.02 303 Gen Digital 6 371 General Electric 85 0.03 296 General Mills 10 352 General Motors 21 0.01 76 Genuine Parts 7 452 Gilead Sciences 41 0.01 104 Global Payments 6 59 GoDaddy ‘A’ 5 100 Goldman Sachs Group 65 0.02 5,518 Halliburton 116 0.04 102 Hartford Financial Services Group 10 58 HCA Holdings 20 0.01 100 HEICO A 19 0.01 41 Hershey Company 5 352 Hewlett Packard Enterprise 6 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 108 Hilton Worldwide Holdings 23 0.01 369 Home Depot 94 0.03 195 Honeywell International 28 0.01 352 Hormel Foods 6 171 HP 3 32 Hubbell 11 20 HubSpot 6 49 Humana 9 311 IBM 68 0.02 31 Idexx Laboratories 16 0.01 131 Illinois Tool Works 24 0.01 32 Illumina 3 129 Ingersoll Rand 8 26 Insulet 5 1,505 Intel 41 0.01 139 Interactive Brokers 7 171 Intercontinental Exchange 21 0.01 53 International Flavors & Fragrances 3 202 International Paper 6 94 Intuit 46 0.02 119 Intuitive Surgical 50 0.02 71 IQVIA Holdings 12 5 J.B. Hunt Transport Services 1 42 Jabil Circuit 7 61 Jacobs Solutions 6 82 JM Smucker 6 776 Johnson & Johnson 119 0.04 901 JPMorgan Chase & Co 216 0.07 789 Kenvue 10 508 Keurig Dr Pepper 11 463 KeyCorp 7 67 Keysight Technologies 10 172 Kimberly-Clark 13 0.01 1,079 Kinder Morgan 22 0.01 259 KKR & Co. 25 0.01 51 KLA Corporation 46 0.02 466 Kraft Heinz 8 171 Kroger 8 79 L3 Harris Techno Com 17 0.01 32 Labcorp Holdings 6 403 Lam Research 51 0.02 147 Las Vegas Sands 7 49 Leidos Holdings 7 74 Lennar 6 17 Lennox International 6 71 Live Nation 8 217 Lowe’s Companies 39 0.01 26 LPL Financial Holdings 7 35 Lululemon Athletica 5 71 M&T Bank 11 188 Marathon Petroleum Corporation 23 0.01 72 Marriott International New ‘A’ 17 0.01 74 Marsh & Mclennan 10 29 Martin Marietta Materials 13 0.01 342 Marvell Technology 22 0.01 120 Masco 6 297 Mastercard 126 0.04 142 McCormick & Company 7 254 McDonald’s 58 0.02 41 McKesson Corporation 25 0.01 851 Merck & Co 67 0.02
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 717 Meta Platforms 352 0.11 136 Metlife 8 14 Mettler Toledo International 14 0.01 174 Microchip Technology 8 375 Micron Technology 79 0.03 2,351 Microsoft 845 0.27 89 Microstrategy 10 141 Molson Coors Beverage ‘B’ 5 403 Mondelez International ‘A’ 16 0.01 21 MongoDB 7 20 Monolithic Power Systems 13 0.01 288 Monster Beverage 16 0.01 40 Moody’s 15 0.01 392 Morgan Stanley 52 0.02 60 Motorola Solutions 17 0.01 25 MSCI 11 94 Nasdaq OMX Group 7 53 Natera 9 76 NetApp 6 1,440 Netflix 100 0.03 4,523 Newmont Mining 336 0.11 235 News Corporation ‘A’ 5 767 NextEra Energy 46 0.02 370 NIKE 17 0.01 570 Nisource 18 0.01 79 Norfolk Southern 17 0.01 44 Northrop Grumman Corporation 19 0.01 80 NRG Energy 9 93 Nucor 11 112 Nutanix 4 8,140 Nvidia 1,129 0.36 330 O‘Reilly Automotive 22 0.01 4,617 Occidental Petroleum 141 0.05 61 Old Dominion Freight Line 7 118 Omnicom 7 220 On Semiconductor 9 316 ONEOK 17 0.01 563 Oracle 82 0.03 168 Otis Worldwide Corporation 11 58 Owens Corning 5 123 Paccar 10 46 Packaging Corporation of America 7 755 Palantir Technologies 100 0.03 238 Palo Alto Networks 33 0.01 44 Parker-Hannifin 29 0.01 89 Paychex 7 248 PayPal Holdings 11 456 PepsiCo 49 0.02 2,145 Pfizer 40 0.01 891 PG&E 11 148 Phillips 66 14 0.01 252 Pinterest ‘A’ 5 136 PNC Financial Services 21 0.01 86 PPG Industries 7 766 Procter & Gamble 82 0.03 202 Progressive Corporation Ohio 34 0.01 103 Prudential Financial 9 56 PTC 7 295 Public Service Enterprise Group 18 0.01 79 PulteGroup 7 108 Pure Storage 5 –
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 89 Qnity Electronics 5 374 Qualcomm 48 0.02 60 Quanta Services 19 0.01 76 Quest Diagnostics 10 227 Ralliant Corporation 9 54 Raymond James Financial 6 493 Raytheon Technologies 67 0.02 36 Reddit 6 38 Regeneron Pharmaceuticals 22 0.01 443 Regions Financial 9 31 Reliance Steel & Aluminum 7 63 Republic Services 10 50 ResMed 9 245 Robinhood Markets 21 0.01 195 Roblox Corporation 12 166 Rocket Lab Corporation 9 36 Rockwell Automation 10 154 Rollins 7 52 Roper Technologies 17 0.01 125 Ross Stores 17 0.01 86 RPM International 7 108 S&P Global 42 0.02 314 Salesforce.com 62 0.02 231 Samsara 6 6,943 Schlumberger 198 0.06 334 Sempra Energy 22 0.01 350 ServiceNow 40 0.01 93 Sherwin Williams 22 0.01 27 Snap-on 7 116 Snowflake 19 0.01 436 Sofi Technologies 8 49 Solstice Advanced Materials 2 121 Solventum Corporation 7 110 Southern Copper Corporation 12 99 SS&C Technologies Holdings 6 372 Starbucks 23 0.01 137 State Street 13 0.01 128 Stryker 33 0.01 126 Super Micro Computer 3 223 Synchrony Financial 14 0.01 62 Synopsys 22 0.01 271 Sysco 15 0.01 74 Take-Two Interactive 14 0.01 83 Tapestry 8 117 Targa Resources 16 0.01 134 Target 10 35 Teledyne Technologies 13 0.01 79 Teradyne 11 962 Tesla Motors 322 0.10 304 Texas Instruments 39 0.01 141 Texas Pacific Land Corporation 30 0.01 183 Textron 12 119 Thermo Fisher Scientific 51 0.02 390 TJX Companies 45 0.02 183 T-Mobile US 28 0.01 221 Toast 6 130 Tractor Supply Company 5 186 Trade Desk 5 24 TransDigm Group 24 0.01 97 TransUnion 6 78 Travelers 17 0.01
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Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025 | avivainvestors.com
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 5.23% (8.63%) (continued) 109 Trimble 6 485 Truist Financial Corporation 18 0.01 87 Twilio 9 20 Tyler Technologies 7 160 Tyson Foods ‘A’ 7 544 U.S. Bancorp 22 0.01 617 Uber Technologies 37 0.01 23 Ulta Beauty 10 259 Union Pacific 45 0.02 239 United Parcel Service ‘B’ 18 0.01 25 United Rentals 15 0.01 22 United Therapeutics Corporation 8 301 UnitedHealth Group 74 0.02 541 Valero Energy 65 0.02 49 Veeva Systems 8 107 Veralto Corporation 8 57 VeriSign 10 68 Verisk Analytics 11 1,389 Verizon Communications 42 0.01 90 Vertex Pharmaceuticals 30 0.01 135 Vertiv Holdings 16 0.01 559 Visa ‘A’ 146 0.05 85 Vulcan Materials 18 0.01 173 W R Berkley Corporation 9 14 W. W. Grainger 11 60 Wabtec 10 1,438 Wal-Mart Stores 119 0.04 582 Walt Disney 49 0.02 162 Waste Management 26 0.01 30 Waters 8 1,045 Wells Fargo 72 0.02 15 West Pharmaceutical Services 3 97 Western Digital 12 603 Williams Companies 27 0.01 45 Williams Sonoma 6 58 WIX COM 4 86 Workday ‘A’ 14 0.01 468 XP 6 62 Xylem 6 200 Yum China 7 111 Yum! Brands 12 98 Zillow Group ‘C’ 5 86 Zimmer Biomet Holdings 6 162 Zoetis 15 0.01 100 Zoom Video Communications ‘A’ 6 32 Zscaler 5 Total United States 16,247 5.23
Total Equities 53,773 17.29 GOVERNMENT BONDS – 14.85% (10.44%) UNITED KINGDOM – 5.88% (8.99%) £1,500,000 UK Treasury 0% 08/06/2026 1,475 0.48 £2,750,000 UK Treasury 0% 27/04/2026 2,717 0.87 £174,521 UK Treasury 0.125% 30/01/2026 174 0.06 £50,121 UK Treasury 0.125% 31/01/2028 47 0.02 £202,040 UK Treasury 0.375% 22/10/2026 197 0.06 £20,572 UK Treasury 0.375% 22/10/2030 17 0.01 £9,221 UK Treasury 0.5% 22/10/2061 2 £42,021 UK Treasury 0.5% 31/01/2029 38 0.01
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avivainvestors.com | Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 December 2025
Holding or Nominal value Market value £000
Total net assets% UNITED KINGDOM – 5.88% (8.99%) (continued) £174,026 UK Treasury 0.625% 22/10/2050 64 0.02 £62,956 UK Treasury 0.875% 31/01/2046 30 0.01 £894,235 UK Treasury 0.875% 31/07/2033 699 0.23 £133,448 UK Treasury 1.25% 22/07/2027 129 0.04 £26,570 UK Treasury 1.25% 31/07/2051 12 £215,794 UK Treasury 1.5% 22/07/2026 213 0.07 £428,705 UK Treasury 1.5% 22/07/2047 227 0.07 £237,304 UK Treasury 1.625% 22/10/2028 224 0.07 £759,176 UK Treasury 1.75% 07/09/2037 561 0.18 £79,012 UK Treasury 2.5% 22/07/2065 44 0.01 £140,458 UK Treasury 3.25% 22/01/2044 110 0.04 £1,055,984 UK Treasury 3.25% 31/01/2033 992 0.32 £483,968 UK Treasury 3.5% 22/01/2045 390 0.13 £484,059 UK Treasury 3.5% 22/07/2068 350 0.11 £360,519 UK Treasury 3.75% 07/03/2027 361 0.12 £75,156 UK Treasury 3.75% 22/07/2052 60 0.02 £124,501 UK Treasury 3.75% 22/10/2053 98 0.03 £293,823 UK Treasury 4% 22/01/2060 240 0.08 £227,524 UK Treasury 4% 22/10/2031 226 0.07 £328,563 UK Treasury 4% 22/10/2063 265 0.09 £758,559 UK Treasury 4.125% 29/01/2027 762 0.25 £293,765 UK Treasury 4.25% 07/03/2036 286 0.09 £259,830 UK Treasury 4.25% 07/06/2032 262 0.08 £142,763 UK Treasury 4.25% 07/09/2039 134 0.04 £343,453 UK Treasury 4.25% 07/12/2027 347 0.11 £1,548,876 UK Treasury 4.25% 07/12/2046 1,373 0.44 £231,845 UK Treasury 4.25% 07/12/2055 199 0.06 £291,164 UK Treasury 4.375% 07/03/2028 295 0.10 £58,633 UK Treasury 4.375% 07/03/2030 60 0.02 £270,725 UK Treasury 4.375% 31/01/2040 257 0.08 £183,134 UK Treasury 4.375% 31/07/2054 160 0.05 £278,251 UK Treasury 4.5% 07/06/2028 283 0.09 £89,888 UK Treasury 4.5% 07/12/2042 85 0.03 £1,173,022 UK Treasury 4.625% 31/01/2034 1,194 0.38 £587,380 UK Treasury 4.75% 07/12/2030 610 0.20 £294,658 UK Treasury 4.75% 22/10/2043 283 0.09 £375,287 UK Treasury 5.375% 31/01/2056 386 0.12 £1,256,140 UK Treasury 6% 07/12/2028 1,333 0.43 Total United Kingdom 18,271 5.88 AUSTRALIA – 0.11% (0.00%) AUD254,000 Australia Government 2.5% 21/05/2030 117 0.04 AUD259,000 Australia Government 3% 21/11/2033 115 0.03 AUD244,000 Australia Government 4.5% 21/04/2033 121 0.04 Total Australia 353 0.11 AUSTRIA – 0.06% (0.00%) €186,000 Republic of Austria 0.75% 20/10/2026 161 0.05 €33,000 Republic of Austria 1.5% 20/02/2047 19 0.01 Total Austria 180 0.06 AZERBAIJAN – 0.03% (0.00%) $150,000 Republic of Azerbaijan 3.5% 01/09/2032 105 0.03 Total Azerbaijan 105 0.03 BELGIUM – 0.14% (0.00%) €62,134 Belgium Government 0.8% 22/06/2027 53 0.02 €199,367 Belgium Government 1.45% 22/06/2037 140 0.04 €35,843
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"text": "Aviva Investors Funds ACS Annual Report and Audited Financial Statements for the year ended 31 December 2025"
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