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AVIVA INVESTORS
SOCIÉTÉ D’INVESTISSEMENT À
CAPITAL VARIABLE (SICAV)
SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
R.C.S. Luxembourg B 32.640 30 June 2025
avivainvestors.com
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For the following sub - funds of Aviva Investors no notification for distribution in the Federal Republic of Germany has been submitted and shares in these sub - funds may NOT be offered to investors within the scope of the German investment code. As a consequence, the following sub - funds are NOT available to investors in Germany:
Aviva Investors – Global Emerging Markets Core Fund Aviva Investors – Global Emerging Markets Index Fund Aviva Investors – UK Equity Unconstrained Fund
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Contents
Board of Directors' and Conducting officers Report 3 Management and Administration 5 Notes on the portfolio of investments disclosure 6 Aviva Investors - Emerging Markets Bond Fund 7 Aviva Investors - Emerging Markets Corporate Bond Fund 14 Aviva Investors - Emerging Markets Local Currency Bond Fund 18 Aviva Investors - Global Climate Credit Fund 23 Aviva Investors - Global Climate Equity Fund 28 Aviva Investors - Global Emerging Markets Core Fund 29 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund 31 Aviva Investors - Global Emerging Markets Index Fund 33 Aviva Investors - Global Equity Endurance Fund 50 Aviva Investors - Global Equity Income Fund 51 Aviva Investors - Global High Yield Bond Fund 54 Aviva Investors - Global Investment Grade Corporate Bond Fund 61 Aviva Investors - Global Sovereign Bond Fund 67 Aviva Investors - Multi-Strategy Target Return Fund 80 Aviva Investors - Natural Capital Global Equity Fund 95 Aviva Investors - Short Duration Global High Yield Bond Fund 96 Aviva Investors - UK Equity Unconstrained Fund 101 Combined Statement of Net Assets 102 Statistical Information 106 Combined Statement of Operations and Changes in Net Assets 111 Notes to the Financial Statements 116 Other Information 122 Information for Investors in Switzerland 134
This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current prospectus and the Key Information Documents (“KID”) supplemented by the last available annual report and the latest semi-annual report if published after such an annual report. Investors are hereby urged to read the entire prospectus, particularly the description of special risks. Past performance is not necessarily indicative of future returns. Copies of the prospectus, KID, annual report, semi-annual report and details of changes in investments for the sub-funds are available free of charge from the registered office of the Fund, 2 rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg.
Aviva Investors Société d’investissement à capital variable (SICAV)
Semi-annual report and unaudited financial statements | avivainvestors.com 2
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Sub-Fund Name Date Closed Aviva Investors – Social Transition Global Equity Fund 26 February 2025
During the period ended 30 June 2025, the following Share Classes have been launched:
Sub-Fund Name Share Class Class Currency Base Currency
Investment Management Fees Distribution Fees Date Launched
Aviva Investors - Emerging Markets Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 19 May 2025 Aviva Investors - Emerging Markets Corporate Bond Fund
K Share Class Accumulation Hedged EUR USD 0.37% 0.00% 19 May 2025 Aviva Investors - Emerging Markets Corporate Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 19 May 2025
Aviva Investors - Global Climate Credit Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 19 May 2025
Aviva Investors - Global Equity Income Fund S Share Class Accumulation EUR EUR USD 0.38% 0.00% 12 June 2025 Aviva Investors - Global Equity Income Fund S Share Class Accumulation USD USD 0.38% 0.00% 12 June 2025
Aviva Investors - Global Equity Income Fund Sq Share Class Dividend Hedged EUR EUR USD 0.38% 0.00% 16 June 2025 Aviva Investors - Global Equity Income Fund Zq Share Class Dividend GBP GBP USD 0.00% 0.00% 19 May 2025
Aviva Investors - Global High Yield Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 19 May 2025 Aviva Investors - Global Investment Grade Corporate Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 19 May 2025 Aviva Investors - Multi-Strategy Target Return Fund M Share Class Accumulation Hedged USD USD EUR 0.65% 0.00% 31 January 2025 During the period ended 30 June 2025, the following Share Class is closed: Sub-Fund Name Share Class Class Currency Base Currency Date Closed
Aviva Investors - Global Investment Grade Corporate Bond Fund V Share Class Accumulation USD USD 19 March 2025 During the period ended 30 June 2025, 3 Sub-Funds were renamed: Aviva Investors - Climate Transition Global Credit Fund to Aviva Investors - Global Climate Credit Fund on 14 May 2025. Aviva Investors - Climate Transition Global Equity Fund to Aviva Investors - Global Climate Equity Fund on 14 May 2025. Aviva Investors - Natural Capital Transition Global Equity Fund to Aviva Investors - Natural Capital Global Equity Fund on 14 May 2025. Changes in the Board of Directors: There were no changes in the composition of the Board of Directors (the "Board") during the period. Management Company role and responsibilities: Aviva Investors Luxembourg S.A. as the Management Company is responsible for the investment management, administration and distribution functions of the Company. Aviva Investors Luxembourg S.A. may delegate part or all of such functions to third parties, subject to overall control and supervision. Please refer to the “Management and administration” section to get more details on delegations in place. Conducting officers: The Management Company has appointed Conducting officers, in charge of the day to day management which are: - Victoria Kernan - Martin Bell - Sophie Vilain - Cindy Joller - Matteo Sbrolla - Justine Losic (from 3 February 2025) The Directors of the Company are required to take decisions in the interests of the Company and its Shareholders and to refrain from taking part in any deliberation or decision which creates conflict between their personal interests and those of the Company and its Shareholders.
Aviva Investors Société d’investissement à capital variable (SICAV)
BOARD OF DIRECTORS' AND CONDUCTING OFFICERS REPORT
Dear Shareholders, The Directors of Aviva Investors SICAV (the “Fund” or the “Company” ) have the pleasure of presenting the semi-annual report and unaudited financial statements to the shareholders for the period ended 30 June 2025. Activities during the period : At the end of the period, the total net assets of the Sub-Funds (the “Sub-Funds”) of the Company were EUR 29,769,422,462 compared to EUR 30,670,061,969 on 31 December 2024, representing a decrease of 2.94 %. The following Sub-Fund, including their associated Share Classes, were closed during the period:
avivainvestors.com | Semi-annual report and unaudited financial statements 3
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Conducting officers: (continued) The Board of Directors meets at least four times a year. The Board requests and receives reports from Aviva Investors Luxembourg S.A. on the various activities including compliance controls and risk management undertaken by the Management Company. Senior Aviva Investors Luxembourg S.A. representatives attend all of the quarterly Board meetings, thus enabling the Board to question the reports presented to it. The Board reviews the Annual Report, the external audit process, corporate governance issues, agreements with various key service providers and the relationship with the external Auditor, including the recommendation to Shareholders of its appointment and level of fees. A new director can be co-opted by existing directors of the Company following the resignation of one director. Such co-optation is required to be ratif ied by the shareholders at the Annual General Meeting (“AGM”). If there is no resignation, the existing directors cannot proceed by way of co-optation, an d the approval of the shareholders at an AGM or Extraordinary General Meeting (“EGM”) will be required to appoint a new director. Commission de Surveillance du Secteur Financier (“CSSF”) approval is required in both circumstances. Directors who are affiliated with Aviva investors and its af filiates and subsidiaries have waived their fees for the period ended 30 June 2025. The Company is subject to corporate governance based on: Its obligations as defined by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered office of the Company. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés. Its rules of conduct which have been adopted pursuant to applicable requirements under CSSF Regulation 10-4 and CSSF Circular 18-698 for which the Company relies on: - the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds. The Board of Directors consider that the Fund has been in compliance with this code in all material aspects throughout the period ended 30 June 2025. Environmental, Social & Governance (ESG) Sub-Funds: Further information regarding how the Investment Manager integrates ESG into its investment approach, its proprietary ESG model and how it engages with companies for each Sub-Funds is available on the website http://www.avivainvestors.com. Annual General Meeting: The annual general meeting shall be held in the Grand Duchy of Luxembourg at the registered office of the Company, or at such other place in Luxembourg as may be specified in the notice of the meeting, at any date and time decided by the Board but no later than within 6 months from the end of the Company's previous financial year. Significant Events: Effective 26 February 2025, Aviva Investors - Social Transition Global Equity Fund has been liquidated. Effective 14 May 2025, the Board changed the investment objective and policy of the Aviva Investors - Climate Transition Global Credit Fund, and consequently on the same date, changed the Sub-Fund’s name to Aviva Investors - Global Climate Credit Fund. Effective 14 May 2025, the Board changed the investment objective and policy of the Aviva Investors - Climate Transition Global Equity Fund, and consequently on the same date, changed the Sub-Fund’s name to Aviva Investors - Global Climate Equity Fund. Effective 14 May 2025, the Board changed the investment objective and policy of the Aviva Investors - Natural Capital Transition Global Equity Fund, a nd consequently on the same date, changed the Sub-Fund’s name to Aviva Investors - Natural Capital Global Equity Fund.
The Board of Directors Luxembourg, 25 August 2025
The information stated in the report is historical and is not representative of future results.
Aviva Investors Société d’investissement à capital variable (SICAV)
BOARD OF DIRECTORS' AND CONDUCTING OFFICERS REPORT (CONTINUED)
avivainvestors.com | Semi-annual report and unaudited financial statements 4
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REGISTERED OFFICE 2, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS
DIRECTORS Denise Voss Independent Director 11, rue Gabriel Lippmann L-4119 Esch-sur-Alzette Grand Duchy of Luxembourg Jacques Elvinger Partner Elvinger Hoss Prussen Société anonyme 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg Paula Concordea Head of Legal Aviva Investors Luxembourg 2, rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg Penny Collins Moffat Global Head of Client Relationship Aviva Investors Global Services Limited 80 Fenchurch St London EC3M 4AE, United Kingdom REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND BNP PARIBAS, Paris, Zurich Branch Selnaustrasse 16 8002 Zurich Switzerland MANAGEMENT COMPANY AND DOMICILIARY AGENT Aviva Investors Luxembourg S.A. 2, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg INVESTMENT MANAGER(*) Aviva Investors Global Services Limited (AIGSL) 80 Fenchurch St London EC3M 4AE, United Kingdom
SUB-INVESTMENT MANAGER(**) for the Sub-Funds Aviva Investors Global High Yield Bond Fund, Aviva Investors – Short Duration Global High Yield Bond Fund Aviva Investors Americas LLC 225 West Wacker Drive Suite 2250 Chicago, IL 60606 United States of America Aviva Investors Global Emerging Markets Core Fund Aviva Investors Asia Pte. Limited 138 Market Street, #05-01, CapitaGreen, Singapore 048946 REGISTRAR AND TRANSFER AGENT(*) The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4 rue Eugéne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg ADMINISTRATOR(*) The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4 rue Eugéne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg DEPOSITARY(*) The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4 rue Eugéne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg AUDITOR Ernst & Young S.A. 35E, avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISER Elvinger Hoss & Prussen Société anonyme 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg LISTING AGENT Matheson LLP Solicitors 70 Sir John Rogerson's Quay Dublin 2, Ireland D02 R296
(*) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A. (**) Subject to the responsibility and oversight of Aviva Investors Global Services Limited, the Investment Manager.
Aviva Investors Société d’investissement à capital variable (SICAV)
MANAGEMENT AND ADMINISTRATION
avivainvestors.com | Semi-annual report and unaudited financial statements 5
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Please note that the Portfolio of Investments and Other Net Assets has been prepared based on the country of incorporation of each position. To ensure consistency within this report, the same approach has been applied to all categories of investments. A disclosure based on country of risk could lead t o a different geographical classification. Investments in China are shown with the suffix 'A' or 'H' which signifies: China A-Shares Companies incorporated in mainland China and which are traded in the mainland A-Share markets. China H-Shares Companies incorporated in mainland China and listed in Hong Kong and other foreign stock exchanges. Please also note that the geographical allocation of the portfolios excludes derivatives exposure.
Aviva Investors Société d’investissement à capital variable (SICAV)
NOTES ON THE PORTFOLIO OF INVESTMENTS DISCLOSURE:
avivainvestors.com | Semi-annual report and unaudited financial statements 6
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina Argentine Republic Government International Bond 1% 09/07/2029 USD 1 1 Argentine Republic Government International Bond, STEP 4.125% 09/07/2035 USD 85,000,000 57,393,573 1.36 Argentine Republic Government International Bond, STEP 5% 09/01/2038 USD 16,000,000 11,443,496 0.27 Argentine Republic Government International Bond, STEP 3.5% 09/07/2041 USD 55,000,003 34,138,457 0.81 102,975,527 2.44 Brazil Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2031 BRL 329,000,000 52,925,528 1.25 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2035 BRL 535,575,000 80,997,291 1.91 Brazilian Government International Bond 5% 27/01/2045 USD 25,000,000 19,065,552 0.45 Brazilian Government International Bond 5.625% 21/02/2047 USD 24,500,000 19,882,999 0.47 Brazilian Government International Bond 4.75% 14/01/2050 USD 30,000,000 21,223,413 0.50 194,094,783 4.58 Cayman Islands Gaci First Investment Co., Reg. S 5.125% 14/02/2053 USD 15,000,000 12,864,150 0.30 Gaci First Investment Co., Reg. S 5.375% 13/10/2122 USD 30,000,000 24,817,275 0.59 Gaci First Investment Co., Reg. S 5% 29/01/2029 USD 25,000,000 25,291,944 0.60 Gaci First Investment Co., Reg. S 5.25% 29/01/2030 USD 13,000,000 13,282,636 0.31 SA Global Sukuk Ltd., Reg. S 4.25% 02/10/2029 USD 65,000,000 64,026,170 1.51 140,282,175 3.31 Chile Chile Government International Bond 3.5% 25/01/2050 USD 35,000,000 24,974,250 0.59 Chile Government International Bond 3.24% 06/02/2028 USD 45,000,000 43,850,925 1.04 Chile Government International Bond 3.1% 22/01/2061 USD 20,000,000 12,165,600 0.29 Chile Government International Bond 4% 31/01/2052 USD 10,000,000 7,727,500 0.18 Empresa Nacional del Petroleo, Reg. S 6.15% 10/05/2033 USD 36,888,000 37,954,063 0.90 126,672,338 3.00
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Colombia Colombia Government International Bond 5.2% 15/05/2049 USD 7,000,000 4,708,187 0.11 Colombia Government International Bond 5% 15/06/2045 USD 11,000,000 7,447,038 0.18 Colombia Government International Bond 3.875% 15/02/2061 USD 57,000,000 30,169,530 0.71 Colombia Government International Bond 8.5% 25/04/2035 USD 31,445,000 32,702,215 0.77 75,026,970 1.77 Côte d'Ivoire Ivory Coast Government International Bond, Reg. S 6.625% 22/03/2048 EUR 10,000,000 9,174,665 0.22 Ivory Coast Government International Bond, Reg. S 6.875% 17/10/2040 EUR 10,000,000 10,006,191 0.24 Ivory Coast Government International Bond, Reg. S 8.25% 30/01/2037 USD 30,000,000 28,965,693 0.68 Ivory Coast Government International Bond, Reg. S 8.075% 01/04/2036 USD 12,500,000 12,092,109 0.29 60,238,658 1.43 Dominican Republic Dominican Republic International Bond, Reg. S 4.875% 23/09/2032 USD 22,500,000 20,829,375 0.49 Dominican Republic International Bond, Reg. S 5.95% 25/01/2027 USD 45,000,000 45,501,750 1.07 Dominican Republic International Bond, Reg. S 5.5% 22/02/2029 USD 20,000,000 19,962,000 0.47 86,293,125 2.03 Ecuador Ecuador Government International Bond, STEP, Reg. S 6.9% 31/07/2030 USD 22,000,000 19,167,500 0.45 Ecuador Government International Bond, STEP, Reg. S 5.5% 31/07/2035 USD 25,000,000 18,206,005 0.43 Ecuador Government International Bond, STEP, Reg. S 5% 31/07/2040 USD 25,000,000 15,798,733 0.37 53,172,238 1.25 Egypt Egypt Government Bond 23.531% 04/03/2027 EGP 750,000,000 14,922,437 0.35 Egypt Government International Bond, Reg. S 8.5% 31/01/2047 USD 15,000,000 12,190,862 0.29 Egypt Government International Bond, Reg. S 8.7% 01/03/2049 USD 10,000,000 8,217,947 0.19 Egypt Government International Bond, Reg. S 8.15% 20/11/2059 USD 15,000,000 11,581,278 0.27 Egypt Government International Bond, Reg. S 8.875% 29/05/2050 USD 10,000,000 8,344,639 0.20
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - EMERGING MARKETS BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 7
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Egypt Government International Bond, Reg. S 7.903% 21/02/2048 USD 15,000,000 11,539,694 0.27 Egypt Government International Bond, Reg. S 8.75% 30/09/2051 USD 10,000,000 8,218,936 0.19 Egypt Treasury Bills 0% 11/11/2025 EGP 2,926,050,000 53,606,742 1.27 Egypt Treasury Bills 0% 25/11/2025 EGP 453,675,000 8,233,537 0.19 136,856,072 3.22 Gabon Gabon Government International Bond, Reg. S 6.625% 06/02/2031 USD 20,000,000 15,968,534 0.38 15,968,534 0.38 Ghana Ghana Government International Bond, Reg. S 0% 03/07/2026 USD 1,248,000 1,212,480 0.03 Ghana Government International Bond, Reg. S 0% 03/01/2030 USD 3,010,106 2,529,304 0.06 Ghana Government International Bond, STEP, Reg. S 5% 03/07/2029 USD 12,584,000 11,847,476 0.28 Ghana Government International Bond, STEP, Reg. S 5% 03/07/2035 USD 18,096,000 14,153,898 0.33 29,743,158 0.70 Hungary Hungary Government International Bond, Reg. S 4.875% 22/03/2040 EUR 40,000,000 46,037,335 1.09 MVM Energetika Zrt, Reg. S 7.5% 09/06/2028 USD 10,000,000 10,540,240 0.25 56,577,575 1.34 Indonesia Indonesia Government International Bond 3.55% 31/03/2032 USD 40,000,000 37,325,404 0.88 Indonesia Government International Bond 2.15% 28/07/2031 USD 20,000,000 17,461,820 0.41 Indonesia Government International Bond 4.65% 20/09/2032 USD 50,000,000 49,691,679 1.17 Indonesia Government International Bond 4.75% 10/09/2034 USD 10,000,000 9,835,382 0.23 Indonesia Government International Bond 5.25% 15/01/2030 USD 10,000,000 10,380,250 0.25 Pertamina Persero PT, Reg. S 1.4% 09/02/2026 USD 27,674,000 27,148,392 0.64 Pertamina Persero PT, Reg. S 4.15% 25/02/2060 USD 40,000,000 28,100,573 0.66 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, Reg. S 4.125% 15/05/2027 USD 5,000,000 4,953,743 0.12 184,897,243 4.36 Kazakhstan Kazakhstan Government International Bond, Reg. S 4.714% 09/04/2035 USD 25,000,000 24,357,694 0.58
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Kazakhstan Government International Bond, Reg. S 5% 01/07/2032 USD 30,000,000 30,189,260 0.71 Kazakhstan Government International Bond, Reg. S 5.5% 01/07/2037 USD 38,000,000 38,232,752 0.90 QazaqGaz NC JSC, Reg. S 4.375% 26/09/2027 USD 20,592,000 20,178,683 0.48 112,958,389 2.67 Kenya Republic of Kenya Government International Bond, Reg. S 9.5% 05/03/2036 USD 10,000,000 9,450,576 0.22 9,450,576 0.22 Latvia Latvia Government International Bond, Reg. S 5.125% 30/07/2034 USD 30,000,000 30,039,750 0.71 30,039,750 0.71 Luxembourg Greensaif Pipelines Bidco SARL, Reg. S 6.103% 23/08/2042 USD 15,000,000 15,016,927 0.35 Greensaif Pipelines Bidco SARL, Reg. S 5.853% 23/02/2036 USD 40,000,000 40,500,220 0.96 55,517,147 1.31 Malaysia Petronas Capital Ltd., Reg. S 2.48% 28/01/2032 USD 3,298,000 2,875,785 0.07 2,875,785 0.07 Mexico Mexican Bonos 8% 31/07/2053 MXN 483,000,000 21,043,754 0.50 Mexico Government International Bond 4.28% 14/08/2041 USD 15,000,000 11,550,750 0.27 Mexico Government International Bond 3.5% 12/02/2034 USD 25,000,000 21,043,750 0.50 Mexico Government International Bond 6.35% 09/02/2035 USD 10,000,000 10,256,000 0.24 Mexico Government International Bond 7.375% 13/05/2055 USD 21,000,000 21,729,540 0.51 Mexico Government International Bond 6.625% 29/01/2038 USD 46,527,000 47,294,696 1.12 132,918,490 3.14 Morocco Morocco Government International Bond, Reg. S 2.375% 15/12/2027 USD 14,000,000 13,253,904 0.31 Morocco Government International Bond, Reg. S 5.95% 08/03/2028 USD 23,000,000 23,603,513 0.56 OCP SA, Reg. S 6.1% 30/04/2030 USD 22,884,000 23,226,533 0.55 60,083,950 1.42 Netherlands Yinson Bergenia Production BV, Reg. S 8.498% 31/01/2045 USD 13,394,000 13,592,626 0.32 13,592,626 0.32
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 8
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Nigeria Nigeria Government International Bond, Reg. S 7.625% 28/11/2047 USD 5,000,000 3,981,415 0.09 Nigeria Government International Bond, Reg. S 8.25% 28/09/2051 USD 5,000,000 4,158,332 0.10 Nigeria Government International Bond, Reg. S 8.747% 21/01/2031 USD 8,000,000 8,063,911 0.19 Nigeria Government International Bond, Reg. S 10.375% 09/12/2034 USD 12,000,000 12,648,979 0.30 28,852,637 0.68 Oman Mazoon Assets Co. SAOC, Reg. S 5.2% 08/11/2027 USD 5,000,000 5,025,868 0.12 Mazoon Assets Co. SAOC, Reg. S 5.5% 14/02/2029 USD 22,853,000 23,212,449 0.55 Mazoon Assets Co. SAOC, Reg. S 5.25% 09/10/2031 USD 10,390,000 10,377,428 0.24 Oman Government International Bond, Reg. S 5.625% 17/01/2028 USD 25,000,000 25,569,574 0.60 Oman Government International Bond, Reg. S 4.75% 15/06/2026 USD 70,000,000 69,877,955 1.65 134,063,274 3.16 Pakistan Pakistan Government International Bond, Reg. S 6.875% 05/12/2027 USD 15,000,000 14,220,348 0.34 Pakistan Government International Bond, Reg. S 7.375% 08/04/2031 USD 8,927,000 7,952,699 0.19 Pakistan Government International Bond, Reg. S 8.875% 08/04/2051 USD 11,605,000 9,541,726 0.23 31,714,773 0.76 Panama Panama Government International Bond 3.87% 23/07/2060 USD 45,000,000 25,763,803 0.61 Panama Government International Bond 4.5% 01/04/2056 USD 30,000,000 19,520,699 0.46 45,284,502 1.07 Paraguay Paraguay Government International Bond, Reg. S 4.7% 27/03/2027 USD 14,668,000 14,676,067 0.35 Paraguay Government International Bond, Reg. S 2.739% 29/01/2033 USD 5,000,000 4,270,550 0.10 Paraguay Government International Bond, Reg. S 3.849% 28/06/2033 USD 10,000,000 9,096,200 0.21 28,042,817 0.66 Peru Peruvian Government International Bond 2.783% 23/01/2031 USD 35,000,000 31,435,250 0.74 Peruvian Government International Bond 1.862% 01/12/2032 USD 40,000,000 31,959,627 0.75
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Peruvian Government International Bond 2.78% 01/12/2060 USD 55,000,000 29,685,150 0.70 Peruvian Government International Bond 3% 15/01/2034 USD 10,000,000 8,448,500 0.20 101,528,527 2.39 Philippines Philippine Government International Bond 3% 01/02/2028 USD 5,000,000 4,834,654 0.11 Philippine Government International Bond 5.25% 14/05/2034 USD 30,000,000 30,553,799 0.72 Philippine Government International Bond 4.75% 05/03/2035 USD 40,000,000 39,227,283 0.93 ROP Sukuk Trust, Reg. S 5.045% 06/06/2029 USD 10,000,000 10,230,000 0.24 84,845,736 2.00 Poland Republic of Poland Government International Bond 4.875% 04/10/2033 USD 30,000,000 29,863,908 0.71 Republic of Poland Government International Bond 5.5% 18/03/2054 USD 20,000,000 18,607,178 0.44 Republic of Poland Government International Bond 4.875% 12/02/2030 USD 27,000,000 27,560,276 0.65 76,031,362 1.80 Qatar QatarEnergy, Reg. S 3.3% 12/07/2051 USD 32,500,000 21,972,112 0.52 21,972,112 0.52 Romania Romanian Government International Bond, Reg. S 5.875% 30/01/2029 USD 10,000,000 10,083,407 0.24 Romanian Government International Bond, Reg. S 6.375% 30/01/2034 USD 27,000,000 26,507,421 0.63 Romanian Government International Bond, Reg. S 5.75% 24/03/2035 USD 25,000,000 23,145,512 0.55 Romanian Government International Bond, Reg. S 7.5% 10/02/2037 USD 10,000,000 10,400,987 0.25 70,137,327 1.67 Saudi Arabia Saudi Arabian Oil Co., Reg. S 5.25% 17/07/2034 USD 29,000,000 29,326,141 0.69 Saudi Government International Bond, Reg. S 3.45% 02/02/2061 USD 16,000,000 9,942,460 0.23 Saudi Government International Bond, Reg. S 5.75% 16/01/2054 USD 40,000,000 38,223,862 0.90 Saudi Government International Bond, Reg. S 5.375% 13/01/2031 USD 14,500,000 15,039,755 0.36 92,532,218 2.18 Senegal Senegal Government International Bond, Reg. S 6.75% 13/03/2048 USD 10,000,000 6,058,731 0.14
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 9
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Senegal Government International Bond, Reg. S 5.375% 08/06/2037 EUR 20,000,000 14,536,115 0.34 Senegal Government International Bond, Reg. S 6.25% 23/05/2033 USD 20,000,000 13,216,534 0.31 Senegal Government International Bond, Reg. S 7.75% 10/06/2031 USD 39,000,000 28,650,320 0.68 62,461,700 1.47 Serbia Serbia International Bond, Reg. S 2.125% 01/12/2030 USD 15,000,000 12,687,314 0.30 Serbia International Bond, Reg. S 6.25% 26/05/2028 USD 15,000,000 15,520,505 0.37 28,207,819 0.67 South Africa Republic of South Africa Government International Bond 5.65% 27/09/2047 USD 10,000,000 7,493,556 0.18 Republic of South Africa Government International Bond 5.75% 30/09/2049 USD 5,000,000 3,769,636 0.09 Republic of South Africa Government International Bond 7.3% 20/04/2052 USD 5,000,000 4,512,397 0.11 Republic of South Africa Government International Bond 6.3% 22/06/2048 USD 5,000,000 4,052,793 0.10 Republic of South Africa Government International Bond, Reg. S 7.95% 19/11/2054 USD 30,000,000 28,699,384 0.68 48,527,766 1.16 Sri Lanka Sri Lanka Government International Bond, STEP, Reg. S 3.6% 15/06/2035 USD 1 1 Sri Lanka Government International Bond, STEP, Reg. S 3.35% 15/03/2033 USD 1 1 2Turkey Hazine Mustesarligi Varlik Kiralama AS, Reg. S 8.509% 14/01/2029 USD 15,000,000 16,038,835 0.38 TC Ziraat Bankasi AS, Reg. S, FRN 8.994% 02/08/2034 USD 21,500,000 22,338,368 0.53 Turkiye Government Bond 37% 18/02/2026 TRY 2,151,710,611 53,645,107 1.27 Turkiye Government Bond 30% 12/09/2029 TRY 1,700,000,000 39,974,705 0.94 Turkiye Government Bond 36% 12/08/2026 TRY 1,690,000,000 41,528,511 0.98 Turkiye Government International Bond 5.75% 11/05/2047 USD 20,000,000 15,037,618 0.35 Turkiye Government International Bond 4.875% 16/04/2043 USD 40,000,000 28,248,356 0.67 216,811,500 5.12 Ukraine Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2034 USD 39,000,000 20,221,142 0.48
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2036 USD 17,000,000 8,375,715 0.20 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2034 USD 60,000,000 23,007,258 0.54 Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2035 USD 33,000,000 16,713,662 0.39 68,317,777 1.61 United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC, Reg. S 4.6% 02/11/2047 USD 40,000,000 35,815,147 0.85 Abu Dhabi Developmental Holding Co. PJSC, Reg. S 5.375% 08/05/2029 USD 14,050,000 14,477,359 0.34 Abu Dhabi Government International Bond, Reg. S 3.125% 30/09/2049 USD 20,000,000 13,671,095 0.32 Abu Dhabi Government International Bond, Reg. S 3.875% 16/04/2050 USD 10,000,000 7,792,313 0.18 Abu Dhabi Government International Bond, Reg. S 3.125% 11/10/2027 USD 13,391,000 13,148,691 0.31 Adnoc Murban Rsc Ltd., Reg. S 5.125% 11/09/2054 USD 28,839,000 26,361,944 0.62 Finance Department Government of Sharjah, Reg. S 4% 28/07/2050 USD 26,781,000 17,157,009 0.41 Masdar Abu Dhabi Future Energy Co., Reg. S 5.25% 25/07/2034 USD 22,500,000 22,777,875 0.54 151,201,433 3.57 United Kingdom Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 21,000,000 17,913,117 0.42 17,913,117 0.42 United States of America United States Treasury Notes 4.625% 15/02/2035 USD 130,000,000 134,164,062 3.17 United States Treasury Notes 3.75% 30/04/2027 USD 85,000,000 85,000,000 2.01 219,164,062 5.18 Uzbekistan Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 34,513,000 31,691,200 0.75 31,691,200 0.75 Zambia Zambia Government International Bond, Reg. S 0.5% 31/12/2053 USD 5,841,920 4,025,353 0.09 Zambia Government International Bond, STEP, Reg. S 5.75% 30/06/2033 USD 5,201,481 4,787,592 0.11 8,812,945 0.20 Total Bonds 3,248,349,715 76.71
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Commercial Papers Egypt Egypt Treasury Bills EGP 1,300,000,000 24,762,776 0.58 24,762,776 0.58 Total Commercial Papers 24,762,776 0.58 Total Transferable securities and money market instruments admitted to an official exchange listing 3,273,112,491 77.29 Transferable securities and money market instruments dealt in on another regulated market Bonds Argentina Argentine Republic Government International Bond, STEP 4.125% 09/07/2046 USD 70,363,636 46,369,872 1.10 46,369,872 1.10 Cayman Islands Kingston Airport Revenue Finance Ltd., Reg. S 6.75% 15/12/2036 USD 10,000,000 10,064,150 0.24 10,064,150 0.24 Chile Corp. Nacional del Cobre de Chile, Reg. S 6.44% 26/01/2036 USD 11,000,000 11,531,100 0.27 Empresa Nacional del Petroleo, Reg. S 5.95% 30/07/2034 USD 6,428,000 6,511,442 0.15 18,042,542 0.42 Dominican Republic Dominican Republic International Bond, Reg. S 6.95% 15/03/2037 USD 25,300,000 25,756,665 0.61 25,756,665 0.61 Guatemala Guatemala Government Bond, Reg. S 6.55% 06/02/2037 USD 8,000,000 8,089,600 0.19 8,089,600 0.19 Indonesia Pertamina Hulu Energi PT, Reg. S 5.25% 21/05/2030 USD 40,016,000 40,446,431 0.96 40,446,431 0.96 Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.16% 31/03/2034 USD 22,114,500 19,640,564 0.46 19,640,564 0.46 Malaysia Petronas Capital Ltd., Reg. S 4.95% 03/01/2031 USD 28,289,000 28,873,206 0.68 Petronas Capital Ltd., Reg. S 5.34% 03/04/2035 USD 27,181,000 27,848,120 0.66 56,721,326 1.34 Mexico Comision Federal de Electricidad, Reg. S 5.7% 24/01/2030 USD 12,000,000 11,991,000 0.28 Mexico Government International Bond 6% 07/05/2036 USD 50,000,000 49,470,000 1.17 Mexico Government International Bond 6.875% 13/05/2037 USD 20,000,000 20,908,500 0.49 Petroleos Mexicanos 7.69% 23/01/2050 USD 27,500,000 21,648,281 0.51
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Petroleos Mexicanos 6.95% 28/01/2060 USD 57,500,000 41,354,807 0.98 Petroleos Mexicanos 6.75% 21/09/2047 USD 67,500,000 48,931,823 1.16 Total Play Telecomunicaciones SA de CV, Reg. S 11.125% 31/12/2032 USD 6,000,000 5,693,400 0.13 199,997,811 4.72 Morocco OCP SA, Reg. S 6.75% 02/05/2034 USD 21,500,000 22,315,866 0.53 22,315,866 0.53 Paraguay Paraguay Government International Bond, Reg. S 6.65% 04/03/2055 USD 4,858,000 4,863,830 0.11 4,863,830 0.11 Peru Peruvian Government International Bond 5.375% 08/02/2035 USD 35,000,000 35,023,450 0.83 35,023,450 0.83 Poland Republic of Poland Government International Bond 5.375% 12/02/2035 USD 42,168,000 43,036,197 1.02 43,036,197 1.02 Turkey Turkiye Ihracat Kredi Bankasi AS, Reg. S 7.5% 06/02/2028 USD 25,000,000 25,563,981 0.60 Turkiye Varlik Fonu Yonetimi AS, Reg. S 8.25% 14/02/2029 USD 13,391,000 14,028,801 0.33 39,592,782 0.93 United Kingdom WE Soda Investments Holding plc, Reg. S 9.5% 06/10/2028 USD 15,623,000 16,329,121 0.39 16,329,121 0.39 Total Bonds 586,290,207 13.85 Total Transferable securities and money market instruments dealt in on another regulated market 586,290,207 13.85 Other transferable securities and money market instruments Bonds Ukraine Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2029 USD 15,000,001 9,258,259 0.22 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2035 USD 21,000,000 9,807,544 0.23 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2036 USD 10,000,000 4,743,803 0.11 23,809,606 0.56 Total Bonds 23,809,606 0.56 Total Other transferable securities and money market instruments 23,809,606 0.56 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 11,772 1,451,148 0.04
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 400,000 548,140 0.01 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 293,144,491 293,144,491 6.92 295,143,779 6.97 Total Collective Investment Schemes 295,143,779 6.97 Total Units of authorised UCITS or other collective investment undertakings 295,143,779 6.97 Total investments 4,178,356,083 98.67 Cash/(bank overdraft) 88,172,142 2.08 Other assets/(liabilities) (32,008,541) (0.75) Total net assets 4,234,519,684 100.00 † Related Party Fund Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets BRL 240,000,000 USD 41,851,949 17/09/2025 Merrill Lynch 1,271,042 0.03 CHF 1,473,301 USD 1,807,272 10/07/2025 BNY Mellon 45,983 EUR 383,755,445 USD 439,171,578 10/07/2025 BNY Mellon 11,604,115 0.28 EUR 26,000,000 USD 30,324,554 17/09/2025 UBS 354,868 0.01 GBP 2,491,405,812 USD 3,368,874,235 10/07/2025 BNY Mellon 45,379,427 1.07 KRW 84,089,017,860 USD 62,278,012 17/09/2025 Merrill Lynch 134,743 TRY 1,775,000,000 USD 44,029,916 02/07/2025 Barclays 500,289 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 59,290,467 1.40 MXN 1,200,000,000 USD 63,190,746 17/09/2025 Merrill Lynch (197,132) USD 63,268,337 BRL 360,000,000 17/09/2025 Standard Chartered Bank (1,416,150) (0.03) USD 77,181 CHF 62,498 10/07/2025 BNY Mellon (1,434) USD 668,666 EUR 580,819 10/07/2025 BNY Mellon (13,590) USD 107,963,849 EUR 93,912,517 17/09/2025 Deutsche Bank (2,850,833) (0.07) USD 24,667,240 GBP 18,239,712 10/07/2025 BNY Mellon (328,689) (0.01) USD 61,902,531 KRW 84,089,017,860 17/09/2025 Standard Chartered Bank (510,224) (0.01) USD 21,547,938 MXN 415,000,000 17/09/2025 Morgan Stanley (237,353) (0.01) USD 17,787,494 PLN 66,839,567 17/09/2025 Goldman Sachs (674,090) (0.02) USD 43,817,423 TRY 1,775,000,000 02/07/2025 Barclays (712,781) (0.02) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (6,942,276) (0.17) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 52,348,191 1.23
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets US 10 Year Ultra Bond, 19/09/2025 1,800 USD 3,768,732 0.09 Total Unrealised Gain on Financial Futures Contracts - Assets 3,768,732 0.09
Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets
100,000,000
ITRAXX.EUROPE.CROSSOVER.43.V1 5 Year, Put, 375.000, 17/09/2025, pays 5.0% Fixed EUR Citigroup 353,224 0.01 Total Market Value on Option Purchased Contracts - Assets 353,224 0.01
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Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets
(50,000,000) USD Barclays Brazil Government Bond 3.75% 20/06/2030 Buy 1.000% 20/06/2030 1,056,494 0.03
(50,000,000) USD Morgan Stanley Brazil Government Bond 3.75% 20/06/2030 Buy 1.000% 20/06/2030 1,056,494 0.03 (50,200,000) USD Barclays CDX.EM.43.V1 Buy 1.000% 20/06/2030 1,244,375 0.03 (49,800,000) USD Citigroup CDX.EM.43.V1 Buy 1.000% 20/06/2030 1,234,459 0.03 (49,800,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 1,234,459 0.03 (25,000,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 619,708 0.01 (25,000,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 619,708 0.01 (50,200,000) USD Morgan Stanley CDX.EM.43.V1 Buy 1.000% 20/06/2030 1,244,375 0.03
(100,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2030 Buy 1.000% 20/06/2030 3,801,480 0.09
(25,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2030 Buy 1.000% 20/06/2030 950,370 0.02
(25,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2030 Buy 1.000% 20/06/2030 950,370 0.02
(20,000,000) USD Barclays Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 1,596,133 0.04
(28,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 2,234,586 0.05
(12,000,000) USD J.P. Morgan Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 957,680 0.02
(8,000,000) USD Morgan Stanley Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 638,453 0.02
(16,000,000) USD Morgan Stanley Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 1,276,906 0.03 Total Market Value on Credit Default Swap Contracts - Assets 20,716,050 0.49
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Bermuda Ooredoo International Finance Ltd., Reg. S 4.5% 31/01/2043 USD 6,000,000 5,300,730 0.81 5,300,730 0.81 Cayman Islands Dar Al-Arkan Sukuk Co. Ltd., Reg. S 7.25% 02/07/2030 USD 4,200,000 4,195,086 0.64 IHS Holding Ltd., Reg. S 5.625% 29/11/2026 USD 2,106,000 2,074,934 0.32 MAF Global Securities Ltd., Reg. S, FRN 6.375% Perpetual USD 9,016,000 9,015,494 1.38 Melco Resorts Finance Ltd., Reg. S 5.375% 04/12/2029 USD 6,700,000 6,290,707 0.96 Melco Resorts Finance Ltd., Reg. S 5.75% 21/07/2028 USD 5,500,000 5,387,251 0.82 QNB Finance Ltd., Reg. S 1.375% 26/01/2026 USD 5,000,000 4,909,850 0.75 QNB Finance Ltd., Reg. S 2.75% 12/02/2027 USD 3,250,000 3,163,802 0.48 Saudi Electricity Sukuk Programme Co., Reg. S 5.225% 18/02/2030 USD 9,250,000 9,418,396 1.44 SNB Funding Ltd., Reg. S, FRN 6% 24/06/2035 USD 7,937,000 8,000,263 1.22 Sobha Sukuk Ltd., Reg. S 7.996% 19/02/2029 USD 5,373,000 5,494,244 0.84 Wynn Macau Ltd., Reg. S 5.5% 01/10/2027 USD 5,000,000 4,991,143 0.76 Wynn Macau Ltd., Reg. S 5.625% 26/08/2028 USD 3,371,000 3,316,099 0.51 66,257,269 10.12 Colombia Ecopetrol SA 7.75% 01/02/2032 USD 4,300,000 4,228,521 0.65 4,228,521 0.65 Indonesia Freeport Indonesia PT, Reg. S 5.315% 14/04/2032 USD 6,850,000 6,872,125 1.05 6,872,125 1.05 Kazakhstan KazMunayGas National Co. JSC, Reg. S 5.375% 24/04/2030 USD 10,500,000 10,593,144 1.62 10,593,144 1.62 Luxembourg Greensaif Pipelines Bidco SARL, Reg. S 6.129% 23/02/2038 USD 1,500,000 1,547,710 0.24 Greensaif Pipelines Bidco SARL, Reg. S 6.103% 23/08/2042 USD 5,000,000 5,005,643 0.76 Greensaif Pipelines Bidco SARL, Reg. S 5.853% 23/02/2036 USD 3,910,000 3,958,897 0.60 OHI Group SA, Reg. S 13% 22/07/2029 USD 5,750,000 6,036,062 0.92 16,548,312 2.52
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Mauritius HTA Group Ltd., Reg. S 7.5% 04/06/2029 USD 6,550,000 6,727,300 1.03 MTN Mauritius Investments Ltd., Reg. S 6.5% 13/10/2026 USD 4,000,000 4,033,510 0.62 10,760,810 1.65 Morocco OCP SA, Reg. S 3.75% 23/06/2031 USD 7,933,000 7,123,382 1.09 OCP SA, Reg. S 6.7% 01/03/2036 USD 6,750,000 6,795,775 1.04 13,919,157 2.13 Netherlands Prosus NV, Reg. S 3.832% 08/02/2051 USD 12,000,000 7,724,998 1.18 Prosus NV, Reg. S 3.061% 13/07/2031 USD 3,250,000 2,879,192 0.44 Vivo Energy Investments BV, Reg. S 5.125% 24/09/2027 USD 8,300,000 8,151,102 1.25 Yinson Bergenia Production BV, Reg. S 8.498% 31/01/2045 USD 4,125,000 4,186,172 0.64 Yinson Boronia Production BV, Reg. S 8.947% 31/07/2042 USD 3,221,335 3,432,450 0.52 26,373,914 4.03 Oman Bank Muscat SAOG, Reg. S 4.75% 17/03/2026 USD 7,650,000 7,635,140 1.17 Mazoon Assets Co. SAOC, Reg. S 5.2% 08/11/2027 USD 7,500,000 7,538,801 1.15 15,173,941 2.32 Saudi Arabia Saudi Arabian Oil Co., Reg. S 5.875% 17/07/2064 USD 9,050,000 8,278,089 1.26 8,278,089 1.26 Singapore United Overseas Bank Ltd., Reg. S, FRN 3.863% 07/10/2032 USD 8,800,000 8,671,529 1.32 8,671,529 1.32 South Korea Shinhan Bank Co. Ltd., Reg. S 4% 23/04/2029 USD 5,320,000 5,182,249 0.79 5,182,249 0.79 Thailand Kasikornbank PCL, Reg. S, FRN 3.343% 02/10/2031 USD 3,563,000 3,470,196 0.53 3,470,196 0.53 Turkey TC Ziraat Bankasi AS, Reg. S, FRN 8.994% 02/08/2034 USD 3,100,000 3,220,881 0.49 Turkiye Garanti Bankasi AS, Reg. S, FRN 8.375% 28/02/2034 USD 7,800,000 7,930,771 1.21 Turkiye Government Bond 37% 18/02/2026 TRY 93,312,129 2,326,400 0.36 Turkiye Government Bond 30% 12/09/2029 TRY 130,000,000 3,056,889 0.47 Turkiye Government Bond 36% 12/08/2026 TRY 138,000,000 3,391,085 0.52 Zorlu Enerji Elektrik Uretim AS, Reg. S 11% 23/04/2030 USD 6,000,000 5,542,500 0.85 25,468,526 3.90
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ukraine Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2034 USD 2,000,000 1,036,982 0.16 Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2036 USD 3,065,084 1,510,134 0.23 Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2035 USD 2,000,001 1,012,950 0.15 3,560,066 0.54 United Arab Emirates First Abu Dhabi Bank PJSC, Reg. S, FRN 5.804% 16/01/2035 USD 5,000,000 5,109,975 0.78 Masdar Abu Dhabi Future Energy Co., Reg. S 4.875% 21/05/2030 USD 3,250,000 3,288,843 0.50 8,398,818 1.28 United Kingdom HSBC Holdings plc, FRN 5.874% 18/11/2035 USD 4,300,000 4,353,423 0.67 Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 8,000,000 6,824,045 1.04 Prudential Funding Asia plc, Reg. S, FRN 2.95% 03/11/2033 USD 5,988,000 5,606,939 0.86 Standard Chartered plc, Reg. S, FRN 2.678% 29/06/2032 USD 8,000,000 7,053,382 1.08 Standard Chartered plc, Reg. S, FRN 6.17% 09/01/2027 USD 3,000,000 3,024,589 0.46 26,862,378 4.11 United States of America Sasol Financing USA LLC 4.375% 18/09/2026 USD 5,000,000 4,933,079 0.75 4,933,079 0.75 Uzbekistan Ipoteka-Bank ATIB, Reg. S 5.5% 19/11/2025 USD 7,350,000 7,331,671 1.12 Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 5,350,000 4,912,581 0.75 12,244,252 1.87 Virgin Islands, British TSMC Global Ltd., Reg. S 1.375% 28/09/2030 USD 7,500,000 6,473,392 0.99 TSMC Global Ltd., Reg. S 1% 28/09/2027 USD 9,000,000 8,374,570 1.28 14,847,962 2.27 Total Bonds 297,945,067 45.52 Total Transferable securities and money market instruments admitted to an official exchange listing 297,945,067 45.52 Transferable securities and money market instruments dealt in on another regulated market Bonds Argentina YPF SA, Reg. S 9.5% 17/01/2031 USD 8,250,000 8,680,081 1.33 8,680,081 1.33 Bermuda Tengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 3,000,000 2,962,688 0.45 2,962,688 0.45
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Cayman Islands Alibaba Group Holding Ltd., Reg. S 5.25% 26/05/2035 USD 8,637,000 8,737,462 1.33 IHS Holding Ltd., Reg. S 8.25% 29/11/2031 USD 10,000,000 10,117,775 1.54 Kingston Airport Revenue Finance Ltd., Reg. S 6.75% 15/12/2036 USD 8,782,000 8,838,337 1.35 MGM China Holdings Ltd., Reg. S 4.75% 01/02/2027 USD 2,500,000 2,482,773 0.38 Sands China Ltd. 5.4% 08/08/2028 USD 1,870,000 1,885,113 0.29 Sands China Ltd. 3.8% 08/01/2026 USD 5,000,000 4,977,241 0.76 37,038,701 5.65 Chile Alfa Desarrollo SpA, Reg. S 4.55% 27/09/2051 USD 6,916,323 5,093,194 0.78 5,093,194 0.78 Colombia Ecopetrol SA 4.625% 02/11/2031 USD 4,600,000 3,888,599 0.59 Grupo Nutresa SA, Reg. S 8% 12/05/2030 USD 6,527,000 6,850,086 1.05 10,738,685 1.64 Czech Republic Czechoslovak Group AS, Reg. S 6.5% 10/01/2031 USD 3,000,000 3,029,833 0.46 3,029,833 0.46 Dominican Republic Aeropuertos Dominicanos Siglo XXI SA, Reg. S 7% 30/06/2034 USD 6,700,000 6,979,155 1.07 6,979,155 1.07 Hong Kong AIA Group Ltd., Reg. S 5.375% 05/04/2034 USD 4,925,000 5,031,224 0.77 AIA Group Ltd., Reg. S 5.4% 30/09/2054 USD 2,500,000 2,341,563 0.36 Bank of East Asia Ltd. (The), Reg. S, FRN 6.75% 27/06/2034 USD 10,250,000 10,394,302 1.59 17,767,089 2.72 India Continuum Green Energy India Pvt / Co-Issuers, Reg. S 7.5% 26/06/2033 USD 3,182,850 3,277,964 0.50 IRB Infrastructure Developers Ltd., Reg. S 7.11% 11/03/2032 USD 6,850,000 6,884,628 1.05 10,162,592 1.55 Indonesia Bank Mandiri Persero Tbk PT, Reg. S 4.9% 24/03/2028 USD 5,937,000 5,975,433 0.91 5,975,433 0.91 Ireland Aragvi Finance International DAC, Reg. S 11.125% 20/11/2029 USD 7,750,000 7,835,302 1.20 7,835,302 1.20 Israel Energean Israel Finance Ltd., Reg. S, 144A 5.375% 30/03/2028 USD 7,000,000 6,683,250 1.02 6,683,250 1.02
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.16% 31/03/2034 USD 9,103,802 8,085,366 1.23 8,085,366 1.23 Luxembourg MC Brazil Downstream Trading SARL, Reg. S 7.25% 30/06/2031 USD 4,196,161 3,322,100 0.51 Mexico Remittances Funding Fiduciary Estate Management SARL, Reg. S 12.5% 15/10/2031 USD 3,450,000 3,376,688 0.52 Raizen Fuels Finance SA, Reg. S 6.45% 05/03/2034 USD 2,750,000 2,754,422 0.42 Raizen Fuels Finance SA, Reg. S 5.7% 17/01/2035 USD 4,200,000 3,920,147 0.60 13,373,357 2.05 Mauritius Greenko Wind Projects Mauritius Ltd., Reg. S 7.25% 27/09/2028 USD 7,700,000 7,768,249 1.19 7,768,249 1.19 Mexico BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, Reg. S, FRN 5.125% 18/01/2033 USD 9,800,000 9,424,961 1.44 Buffalo Energy Mexico Holdings, Reg. S 7.875% 15/02/2039 USD 3,750,000 3,866,423 0.59 Cemex SAB de CV, Reg. S, FRN 5.125% Perpetual USD 7,050,000 6,934,933 1.06 Cemex SAB de CV, Reg. S, FRN 7.2% Perpetual USD 2,844,000 2,876,706 0.44 Minera Mexico SA de CV, Reg. S 5.625% 12/02/2032 USD 6,500,000 6,617,520 1.01 Total Play Telecomunicaciones SA de CV, Reg. S 11.125% 31/12/2032 USD 6,880,000 6,528,432 1.00 36,248,975 5.54 Morocco OCP SA, Reg. S 6.75% 02/05/2034 USD 4,000,000 4,151,789 0.63 4,151,789 0.63 Netherlands Braskem Netherlands Finance BV, Reg. S 8.5% 12/01/2031 USD 1,200,000 1,053,042 0.16 Braskem Netherlands Finance BV, Reg. S 8% 15/10/2034 USD 1,200,000 961,980 0.15 Embraer Netherlands Finance BV, Reg. S 7% 28/07/2030 USD 2,550,000 2,754,854 0.42 Greenko Dutch BV, Reg. S 3.85% 29/03/2026 USD 3,432,000 3,372,849 0.51 8,142,725 1.24 Peru Banco de Credito del Peru S.A., Reg. S, FRN 6.45% 30/07/2035 USD 6,374,000 6,505,464 0.99 Niagara Energy SAC, Reg. S 5.746% 03/10/2034 USD 3,150,000 3,121,139 0.48 9,626,603 1.47 Poland ORLEN SA, Reg. S 6% 30/01/2035 USD 5,900,000 6,063,493 0.93 6,063,493 0.93
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Serbia Telecommunications Co. Telekom Srbija AD Belgrade, Reg. S 7% 28/10/2029 USD 7,175,000 7,187,517 1.10 7,187,517 1.10 Singapore DBS Group Holdings Ltd., Reg. S, FRN 1.822% 10/03/2031 USD 5,850,000 5,743,437 0.88 Medco Cypress Tree Pte Ltd., Reg. S 8.625% 19/05/2030 USD 2,966,000 3,039,717 0.46 Medco Laurel Tree Pte Ltd., Reg. S 6.95% 12/11/2028 USD 3,756,000 3,725,208 0.57 12,508,362 1.91 South Korea Kookmin Bank, Reg. S 2.5% 04/11/2030 USD 3,750,000 3,353,418 0.51 Shinhan Bank Co. Ltd., Reg. S 4.5% 26/03/2028 USD 3,100,000 3,089,393 0.47 SK Hynix, Inc., Reg. S 5.5% 16/01/2029 USD 4,750,000 4,888,188 0.75 11,330,999 1.73 Thailand Bangkok Bank PCL, Reg. S, FRN 3.733% 25/09/2034 USD 9,625,000 8,960,161 1.37 Thaioil Treasury Center Co. Ltd., Reg. S 2.5% 18/06/2030 USD 5,950,000 5,207,620 0.79 14,167,781 2.16 Turkey Akbank TAS, Reg. S, FRN 7.875% 04/09/2035 USD 4,733,000 4,702,195 0.72 Limak Yenilenebilir Enerji AS, Reg. S 9.625% 12/08/2030 USD 4,750,000 4,696,065 0.72 9,398,260 1.44 United Arab Emirates Alpha Star Holding IX Ltd., Reg. S 7% 26/08/2028 USD 3,561,000 3,609,982 0.55 Axian Telecom Holding & Management plc, Reg. S 7.25% 11/07/2030 USD 2,977,000 2,966,972 0.45 6,576,954 1.00 United Kingdom Azule Energy Finance plc, Reg. S 8.125% 23/01/2030 USD 2,970,000 2,945,119 0.45 WE Soda Investments Holding plc, Reg. S 9.5% 06/10/2028 USD 5,500,000 5,748,586 0.88 8,693,705 1.33 United States of America Kosmos Energy Ltd., Reg. S 7.5% 01/03/2028 USD 6,500,000 5,354,276 0.82 Kosmos Energy Ltd., Reg. S 8.75% 01/10/2031 USD 6,000,000 4,450,690 0.68 9,804,966 1.50 Total Bonds 296,075,104 45.23 Total Transferable securities and money market instruments dealt in on another regulated market 296,075,104 45.23
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Other transferable securities and money market instruments Bonds Ukraine Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2030 USD 1 1 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2036 USD 1 - 1Total Bonds 1 Equities Russia Sberbank of Russia PJSC § USD 5,300,000 - -Total Equities - Total Other transferable securities and money market instruments 1 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 56,900,001 56,900,001 8.69 56,900,001 8.69 Total Collective Investment Schemes 56,900,001 8.69 Total Units of authorised UCITS or other collective investment undertakings 56,900,001 8.69 Total investments 650,920,173 99.44 Cash/(bank overdraft) 1,058,400 0.16 Other assets/(liabilities) 2,620,814 0.40 Total net assets 654,599,387 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets EUR 86,404,895 USD 98,864,136 10/07/2025 BNY Mellon 2,630,780 0.40 GBP 402,829,589 USD 544,597,143 10/07/2025 BNY Mellon 7,445,559 1.14 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 10,076,339 1.54 USD 92 EUR 81 10/07/2025 BNY Mellon (2) USD 9,654,872 GBP 7,176,246 10/07/2025 BNY Mellon (179,546) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (179,548) (0.03) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 9,896,791 1.51
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets US 10 Year Ultra Bond, 19/09/2025 175 USD 293,561 0.05 Total Unrealised Gain on Financial Futures Contracts - Assets 293,561 0.05
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets (20,000,000) USD Barclays CDX.EM.43.V1 Buy 1.000% 20/06/2030 495,767 0.07 (10,000,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 247,883 0.04 (10,000,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 247,883 0.04 Total Market Value on Credit Default Swap Contracts - Assets 991,533 0.15
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Brazil Brazil Letras do Tesouro Nacional 0% 01/07/2025 BRL 248,000 38,709 Brazil Letras do Tesouro Nacional 0% 01/01/2026 BRL 99,327,000 14,435,474 1.70 Brazil Letras do Tesouro Nacional 0% 01/07/2027 BRL 116,443,000 14,103,276 1.66 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2031 BRL 89,000,000 12,196,823 1.43 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2027 BRL 90,015,000 13,332,684 1.57 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2035 BRL 208,198,000 26,823,420 3.15 80,930,386 9.51 Chile Bonos de la Tesoreria de la Republica en pesos 5% 01/03/2035 CLP 2,500,000,000 2,183,516 0.26 Bonos de la Tesoreria de la Republica en pesos 6% 01/01/2043 CLP 2,000,000,000 1,901,097 0.22 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 4.7% 01/09/2030 CLP 3,630,000,000 3,208,305 0.38 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 7% 01/05/2034 CLP 5,305,000,000 5,307,141 0.62 12,600,059 1.48 China China Government Bond 3.27% 19/11/2030 CNY 41,300,000 5,380,188 0.63 China Government Bond 2.8% 15/11/2032 CNY 85,000,000 10,936,468 1.28 China Government Bond 2.44% 15/10/2027 CNY 91,810,000 11,159,914 1.31 China Government Bond 2.52% 25/08/2033 CNY 86,900,000 10,990,730 1.29 China Government Bond 2.57% 20/05/2054 CNY 55,000,000 7,466,069 0.88 China Government Bond 2.27% 25/05/2034 CNY 23,000,000 2,866,260 0.34 China Government Bond 2.49% 25/05/2044 CNY 5,100,000 661,311 0.08 49,460,940 5.81 Colombia Colombian TES 7.25% 18/10/2034 COP 12,551,700,000 1,916,566 0.23 Colombian TES 7.5% 26/08/2026 COP 39,676,200,000 8,119,931 0.95 Colombian TES 6% 28/04/2028 COP 25,000,000,000 4,697,002 0.55 Colombian TES 9.25% 28/05/2042 COP 44,244,300,000 7,092,147 0.83 Colombian TES 13.25% 09/02/2033 COP 42,371,800,000 9,265,981 1.09 Colombian TES 11.5% 25/07/2046 COP 6,572,700,000 1,241,635 0.15 32,333,262 3.80
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Czech Republic Czech Republic Government Bond 2% 13/10/2033 CZK 420,000,000 14,542,744 1.71 14,542,744 1.71 Dominican Republic Dominican Republic International Bond, Reg. S 11.25% 15/09/2035 DOP 108,300,000 1,642,082 0.19 1,642,082 0.19 Ecuador Ecuador Government International Bond, STEP, Reg. S 6.9% 31/07/2030 USD 3,500,000 2,597,755 0.31 Ecuador Government International Bond, STEP, Reg. S 5.5% 31/07/2035 USD 3,000,000 1,861,158 0.22 4,458,913 0.53 Egypt Egypt Government Bond 25.318% 13/08/2027 EGP 670,000,000 11,776,916 1.38 Egypt Treasury Bills 0% 11/11/2025 EGP 645,625,000 10,076,400 1.18 Egypt Treasury Bills 0% 25/11/2025 EGP 57,450,000 888,217 0.10 22,741,533 2.66 Hungary Hungary Government Bond 6.75% 22/10/2028 HUF 2,880,990,000 7,288,111 0.86 Hungary Government Bond 3% 27/10/2027 HUF 1,599,480,000 3,728,461 0.44 Hungary Government Bond 2.25% 22/06/2034 HUF 3,500,000,000 6,095,335 0.72 17,111,907 2.02 India India Government Bond 7.18% 14/08/2033 INR 1,065,620,000 11,088,953 1.30 India Government Bond 7.3% 19/06/2053 INR 1,387,650,000 14,295,984 1.68 India Government Bond 7.18% 24/07/2037 INR 390,000,000 4,058,687 0.48 India Government Bond 7.1% 18/04/2029 INR 1,683,020,000 17,327,991 2.04 India Government Bond 6.79% 07/10/2034 INR 1,186,310,000 12,145,477 1.43 India Government Bond 7.02% 18/06/2031 INR 140,000,000 1,444,928 0.17 India Government Bond 7.32% 13/11/2030 INR 800,000,000 8,393,757 0.99 India Government Bond 6.67% 17/12/2050 INR 200,000,000 1,908,646 0.22 India Government Bond 6.1% 12/07/2031 INR 300,000,000 2,964,461 0.35 India Government Bond 6.33% 05/05/2035 INR 450,000,000 4,485,284 0.53 78,114,168 9.19 Indonesia Indonesia Treasury Bond 7.5% 15/06/2035 IDR 100,000,000,000 5,549,272 0.65 Indonesia Treasury Bond 6.125% 15/05/2028 IDR 97,411,000,000 5,102,646 0.60 Indonesia Treasury Bond 8.375% 15/03/2034 IDR 50,000,000,000 2,916,392 0.34 Indonesia Treasury Bond 7.5% 15/04/2040 IDR 90,862,000,000 5,009,186 0.59
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Indonesia Treasury Bond 6.5% 15/02/2031 IDR 70,000,000,000 3,683,645 0.43 Indonesia Treasury Bond 7.125% 15/06/2042 IDR 126,048,000,000 6,698,964 0.79 Indonesia Treasury Bond 8.25% 15/05/2036 IDR 100,000,000,000 5,837,033 0.69 Indonesia Treasury Bond 5.5% 15/04/2026 IDR 104,867,000,000 5,485,838 0.64 Indonesia Treasury Bond 7% 15/02/2033 IDR 432,000,000,000 23,201,906 2.73 Indonesia Treasury Bond 6.875% 15/04/2029 IDR 118,037,000,000 6,320,420 0.74 Indonesia Treasury Bond 6.625% 15/02/2034 IDR 50,000,000,000 2,621,104 0.31 Indonesia Treasury Bond 7.125% 15/06/2043 IDR 25,000,000,000 1,329,414 0.16 73,755,820 8.67 Malaysia Malaysia Government Bond 3.885% 15/08/2029 MYR 77,000,000 15,943,809 1.87 Malaysia Government Bond 4.893% 08/06/2038 MYR 66,587,000 15,080,583 1.77 Malaysia Government Bond 3.828% 05/07/2034 MYR 62,000,000 12,847,681 1.51 Malaysia Government Bond 4.762% 07/04/2037 MYR 23,000,000 5,160,091 0.61 Malaysia Government Bond 4.065% 15/06/2050 MYR 20,630,000 4,216,223 0.50 Malaysia Government Bond 4.457% 31/03/2053 MYR 8,383,000 1,822,992 0.21 Malaysia Government Bond 4.642% 07/11/2033 MYR 58,000,000 12,703,432 1.49 Malaysia Government Bond 4.054% 18/04/2039 MYR 9,500,000 1,998,724 0.23 Malaysia Government Investment Issue 4.07% 30/09/2026 MYR 30,000,000 6,145,370 0.72 75,918,905 8.91 Mexico Mexican Bonos 7.5% 03/06/2027 MXN 130,000,000 5,794,614 0.68 Mexican Bonos 8.5% 18/11/2038 MXN 263,000,000 10,911,726 1.28 Mexican Bonos 7.75% 29/05/2031 MXN 220,000,000 9,459,266 1.11 Mexican Bonos 7.75% 13/11/2042 MXN 385,000,000 14,399,282 1.69 Mexican Bonos 5.5% 04/03/2027 MXN 330,000,000 14,277,428 1.68 Mexican Bonos 8% 31/07/2053 MXN 552,000,000 20,488,141 2.41 Mexican Bonos 7% 03/09/2026 MXN 257,207,700 11,448,028 1.35 86,778,485 10.20 Peru Peru Government Bond 5.94% 12/02/2029 PEN 8,086,000 2,035,970 0.24 Peru Government Bond 5.4% 12/08/2034 PEN 55,000,000 12,458,555 1.46 14,494,525 1.70 Poland Republic of Poland Government Bond 1.25% 25/10/2030 PLN 103,000,000 20,209,810 2.37
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Republic of Poland Government Bond 6% 25/10/2033 PLN 61,500,000 15,120,622 1.78 Republic of Poland Government Bond 5% 25/10/2034 PLN 26,000,000 5,945,920 0.70 41,276,352 4.85 Romania Romania Government Bond 4.15% 26/01/2028 RON 70,000,000 12,816,195 1.51 Romania Government Bond 4.85% 25/07/2029 RON 61,315,000 11,050,562 1.30 Romania Government Bond 7.2% 30/10/2033 RON 28,000,000 5,440,909 0.64 29,307,666 3.45 Serbia Serbia Treasury Bonds 4.5% 20/08/2032 RSD 400,000,000 3,324,624 0.39 3,324,624 0.39 South Africa Republic of South Africa Government Bond 6.25% 31/03/2036 ZAR 132,000,000 4,726,088 0.56 Republic of South Africa Government Bond 8.75% 28/02/2048 ZAR 355,000,000 13,676,691 1.61 Republic of South Africa Government Bond 8.25% 31/03/2032 ZAR 404,000,000 18,516,437 2.18 Republic of South Africa Government Bond 8.75% 31/01/2044 ZAR 480,000,000 18,719,433 2.20 55,638,649 6.55 Thailand Thailand Government Bond 1.585% 17/12/2035 THB 128,826,000 3,377,449 0.40 Thailand Government Bond 2% 17/06/2042 THB 360,000,000 9,474,208 1.11 Thailand Government Bond 3.35% 17/06/2033 THB 245,000,000 7,269,396 0.85 Thailand Government Bond 1.6% 17/12/2029 THB 227,255,000 6,001,028 0.71 Thailand Government Bond 3.45% 17/06/2043 THB 170,000,000 5,384,040 0.63 Thailand Government Bond 2.4% 17/03/2029 THB 319,882,000 8,679,890 1.02 Thailand Government Bond 2.8% 17/06/2034 THB 100,000,000 2,881,936 0.34 43,067,947 5.06 Turkey Turkiye Government Bond 10.6% 11/02/2026 TRY 95,500,000 1,737,311 0.20 Turkiye Government Bond 12.4% 08/03/2028 TRY 10,000,000 134,357 0.02 Turkiye Government Bond 17.3% 19/07/2028 TRY 332,000,000 5,030,237 0.59 Turkiye Government Bond 37% 18/02/2026 TRY 501,287,972 10,646,845 1.25 Turkiye Government Bond 10.5% 11/08/2027 TRY 310,000,000 4,277,076 0.50 Turkiye Government Bond 17.8% 13/07/2033 TRY 174,187,000 2,492,969 0.29 Turkiye Government Bond 30% 12/09/2029 TRY 396,892,669 7,950,544 0.93
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Turkiye Government Bond 36% 12/08/2026 TRY 550,000,000 11,513,563 1.35 Turkiye Government Bond 32.6% 10/02/2027 TRY 92,000,000 1,872,636 0.22 45,655,538 5.35 Ukraine Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2034 USD 7,000,000 3,091,908 0.36 Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2036 USD 5,000,001 2,098,604 0.25 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2034 USD 13,800,001 4,507,961 0.53 Ukraine Government International Bond, STEP, Reg. S 1.75% 01/02/2035 USD 5,000,000 2,157,323 0.25 11,855,796 1.39 United Kingdom Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 5,500,000 3,996,704 0.47 3,996,704 0.47 Uruguay Uruguay Government International Bond 9.75% 20/07/2033 UYU 131,776,543 2,946,969 0.35 2,946,969 0.35 Total Bonds 801,953,974 94.24
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Commercial Papers Egypt Egypt Treasury Bills EGP 129,200,000 2,096,553 0.24 2,096,553 0.24 Total Commercial Papers 2,096,553 0.24 Total Transferable securities and money market instruments admitted to an official exchange listing 804,050,527 94.48 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 12,384 1,300,527 0.16 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 16,100,001 13,715,552 1.61 15,016,079 1.77 Total Collective Investment Schemes 15,016,079 1.77 Total Units of authorised UCITS or other collective investment undertakings 15,016,079 1.77 Total investments 819,066,606 96.25 Cash/(bank overdraft) 11,391,228 1.34 Other assets/(liabilities) 20,531,463 2.41 Total net assets 850,989,297 100.00 † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets BRL 55,000,000 USD 9,591,072 17/09/2025 Merrill Lynch 246,819 0.03 BRL 80,609,851 USD 14,129,704 17/09/2025 Goldman Sachs 300,130 0.04
CNH 28,038,945 USD 3,929,458 17/09/2025 Canadian Imperial Bank of Commerce 8,158 CNH 250,199,570 USD 35,129,199 17/09/2025 HSBC 17,270 COP 6,413,082,666 USD 1,524,398 17/09/2025 NA 24,147 CZK 546,542,293 USD 25,244,160 17/09/2025 J.P. Morgan 655,426 0.08 CZK 100,000,000 USD 4,621,750 17/09/2025 Goldman Sachs 117,494 0.02 CZK 40,239,171 USD 1,855,824 17/09/2025 Merrill Lynch 50,609 0.01
HUF 1,064,610,300 USD 3,069,923 17/09/2025 Canadian Imperial Bank of Commerce 37,058 0.01 HUF 275,353,515 USD 772,994 17/09/2025 Merrill Lynch 27,398 IDR 63,974,335,783 USD 3,914,360 17/09/2025 Deutsche Bank 15,264 IDR 122,886,783,648 USD 7,519,308 17/09/2025 Goldman Sachs 29,060 INR 315,629,114 USD 3,660,232 17/09/2025 Goldman Sachs 4,982 INR 344,031,492 USD 3,994,852 17/09/2025 HSBC 982 KRW 19,292,672,392 USD 14,288,540 17/09/2025 Merrill Lynch 26,210 KRW 13,500,000,000 USD 9,978,860 17/09/2025 Standard Chartered 34,876 0.01 MXN 32,646,335 USD 1,681,625 17/09/2025 BNP Paribas 27,230 MXN 109,100,725 USD 5,610,277 17/09/2025 Goldman Sachs 99,088 0.01 MXN 396,611,542 USD 20,603,570 17/09/2025 HSBC 183,387 0.02 MYR 25,688,044 USD 6,096,026 17/09/2025 HSBC 25,095 MYR 16,545,967 USD 3,920,102 17/09/2025 Standard Chartered Bank 21,604 PEN 2,520,320 USD 690,320 17/09/2025 Goldman Sachs 15,591 PLN 72,429,722 USD 19,275,158 17/09/2025 Goldman Sachs 619,047 0.07 RON 4,310,285 USD 965,082 17/09/2025 Barclays 21,905 THB 130,551,714 USD 4,027,680 17/09/2025 Goldman Sachs 10,289 TRY 525,000,000 USD 13,022,933 02/07/2025 Barclays 126,035 0.02
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Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets USD 3,771,234 MXN 71,834,561 17/09/2025 HSBC 260 ZAR 193,547,593 USD 10,816,338 17/09/2025 Standard Chartered Bank 10,581 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,755,995 0.32 CLP 2,243,610,501 USD 2,414,561 17/09/2025 Goldman Sachs (9,439) DOP 58,540,890 USD 970,827 17/09/2025 NA (9,154) THB 985,940,810 USD 30,550,304 17/09/2025 J.P. Morgan (34,862) (0.01) USD 9,835,192 BRL 55,500,000 17/09/2025 Citigroup (116,071) (0.01) USD 15,289,848 BRL 87,000,000 17/09/2025 Standard Chartered Bank (289,984) (0.04) USD 5,791,015 COP 23,986,614,527 17/09/2025 HSBC (14,583) USD 2,469,788 EUR 2,147,950 17/09/2025 Deutsche Bank (54,872) (0.01) USD 977,232 EUR 850,000 17/09/2025 Standard Chartered Bank (21,822) USD 344,020 EUR 300,000 17/09/2025 UBS (8,452) USD 2,069,782 HUF 734,838,329 17/09/2025 Goldman Sachs (67,281) (0.01) USD 1,467,674 IDR 24,000,000,000 17/09/2025 Standard Chartered Bank (6,404) USD 5,164,241 INR 446,340,140 17/09/2025 Goldman Sachs (17,043) USD 7,380,040 KRW 10,026,900,431 17/09/2025 Goldman Sachs (52,676) (0.01) USD 3,394,651 MXN 65,191,496 17/09/2025 Goldman Sachs (23,348) USD 3,717,365 MXN 71,244,327 17/09/2025 Merrill Lynch (19,134) USD 1,874,256 MYR 7,896,242 17/09/2025 HSBC (7,375) USD 4,118,674 RON 18,364,547 17/09/2025 Goldman Sachs (87,555) (0.01) USD 1,071,055 RSD 110,000,000 17/09/2025 Citigroup (26,088) USD 12,960,083 TRY 525,000,000 02/07/2025 Barclays (179,569) (0.02) USD 1,505,938 UYU 63,445,151 17/09/2025 Goldman Sachs (59,353) (0.01) USD 9,989,914 ZAR 180,000,000 17/09/2025 Goldman Sachs (68,589) (0.01) ZAR 93,000,000 USD 5,208,642 17/09/2025 Deutsche Bank (4,551) ZAR 92,500,000 USD 5,185,981 17/09/2025 Goldman Sachs (9,055) ZAR 88,000,000 USD 4,943,987 17/09/2025 Merrill Lynch (17,340) ZAR 90,000,000 USD 5,051,820 17/09/2025 UBS (13,896) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,218,496) (0.14) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 1,537,499 0.18
Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value EUR % of Net Assets
25,000,000 ITRAXX.EUROPE.CROSSOVER.43.V1 5 Year, Put, 375.000, 17/09/2025, pays 5.0% Fixed EUR Citigroup 75,228 0.01 Total Market Value on Option Purchased Contracts - Assets 75,228 0.01
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value EUR % of Net Assets (12,500,000) USD Barclays CDX.EM.43.V1 Buy 1.000% 20/06/2030 263,964 0.03 (12,500,000) USD Citigroup CDX.EM.43.V1 Buy 1.000% 20/06/2030 263,964 0.03 (12,500,000) USD Goldman Sachs CDX.EM.43.V1 Buy 1.000% 20/06/2030 263,964 0.03 (12,500,000) USD Morgan Stanley CDX.EM.43.V1 Buy 1.000% 20/06/2030 263,964 0.03
(5,000,000) USD Barclays Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 339,936 0.04
(7,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 475,910 0.06
(3,000,000) USD J.P. Morgan Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 203,961 0.02
(2,000,000) USD Morgan Stanley Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 135,974 0.02
(4,000,000) USD Morgan Stanley Turkey Government Bond 11.88% 20/06/2030 Buy 1.000% 20/06/2030 271,948 0.03 Total Market Value on Credit Default Swap Contracts - Assets 2,483,585 0.29
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Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security Description Maturity Date Market Value EUR % of Net Assets
2,000,000,000 THB Barclays Pay floating THB-THOR-OIS Compound 1 day Receive fixed 1.233% 17/09/2027 64,207 0.01 (1,400,000,000) CZK Barclays Pay fixed 3.38% Receive floating PRIBOR 6 month 17/09/2027 156,557 0.02 Total Market Value on Interest Rate Swap Contracts - Assets 220,764 0.03 26,120,200 BRL Barclays Pay floating BROIS 1 day Receive fixed 10.355% 03/01/2033 (870,318) (0.10) 660,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 4.004% 06/06/2035 (127,588) (0.02) 485,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 3.531% 17/09/2030 (101,519) (0.01) 210,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 4.085% 12/06/2035 (14,132) 225,000,000 CNY Barclays Pay floating CNY CNRR 3 month Receive fixed 1.47% 17/09/2030 (6,387) Total Market Value on Interest Rate Swap Contracts - Liabilities (1,119,944) (0.13) Net Market Value on Interest Rate Swap Contracts - Liabilities (899,180) (0.10)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia Australia & New Zealand Banking Group Ltd., Reg. S, FRN 1.809% 16/09/2031 GBP 5,000,000 6,593,028 1.06 Australia & New Zealand Banking Group Ltd., Reg. S, FRN 3.706% 31/07/2035 EUR 5,823,000 6,850,785 1.10 13,443,813 2.16 Belgium Elia Group SA, Reg. S 3.875% 11/06/2031 EUR 7,700,000 9,214,773 1.48 9,214,773 1.48 Denmark Danske Bank A/S, Reg. S, FRN 5.25% 04/10/2031 GBP 4,129,000 5,741,261 0.92 5,741,261 0.92 Finland Teollisuuden Voima Oyj, Reg. S 4.25% 22/05/2031 EUR 2,750,000 3,363,602 0.54 3,363,602 0.54 France AXA SA, Reg. S, FRN 4.375% 24/07/2055 EUR 3,608,000 4,274,463 0.69 BNP Paribas SA, Reg. S, FRN 5.125% Perpetual USD 6,300,000 6,051,697 0.97 BNP Paribas SA, Reg. S, FRN 3.78% 19/01/2036 EUR 4,800,000 5,611,624 0.90 BNP Paribas SA, Reg. S, FRN 3.979% 06/05/2036 EUR 2,200,000 2,625,604 0.42 BPCE SA, Reg. S, FRN 1.5% 13/01/2042 EUR 6,000,000 6,868,424 1.10 Credit Agricole SA, Reg. S, FRN 7.5% Perpetual GBP 5,000,000 6,945,088 1.12 Credit Agricole SA, Reg. S, FRN 6% 22/10/2035 GBP 3,700,000 5,165,338 0.83 Electricite de France SA, Reg. S, FRN 2.875% Perpetual EUR 5,800,000 6,711,779 1.08 Electricite de France SA, Reg. S, FRN 5.125% Perpetual EUR 3,800,000 4,584,691 0.74 L'Oreal SA, 144A 5% 20/05/2035 USD 4,000,000 4,068,817 0.65 Nexans SA, Reg. S 4.125% 29/05/2029 EUR 3,400,000 4,096,914 0.66 Nexans SA, Reg. S 4.25% 11/03/2030 EUR 2,000,000 2,427,079 0.39 SPIE SA, Reg. S 3.75% 28/05/2030 EUR 4,000,000 4,748,012 0.76 64,179,530 10.31 Germany Bayer AG, Reg. S, FRN 5.5% 13/09/2054 EUR 1,900,000 2,292,978 0.37 Deutsche Bank AG, Reg. S, FRN 5% 26/02/2029 GBP 3,100,000 4,256,776 0.68 Deutsche Telekom AG, Reg. S 3.625% 03/02/2045 EUR 2,293,000 2,515,433 0.40 Eurogrid GmbH, Reg. S 4.056% 28/05/2037 EUR 1,800,000 2,138,548 0.34 RWE AG, Reg. S, FRN 4.125% 18/06/2055 EUR 1,300,000 1,537,030 0.25 RWE AG, Reg. S, FRN 4.625% 18/06/2055 EUR 1,400,000 1,650,909 0.27 14,391,674 2.31
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ireland Smurfit Kappa Treasury ULC 5.438% 03/04/2034 USD 1,460,000 1,480,557 0.24 1,480,557 0.24 Italy Enel SpA, Reg. S, FRN 6.375% Perpetual EUR 2,000,000 2,536,297 0.41 Enel SpA, Reg. S, FRN 4.25% Perpetual EUR 1,379,000 1,638,386 0.26 Prysmian SpA, Reg. S 3.875% 28/11/2031 EUR 2,116,000 2,535,152 0.41 6,709,835 1.08 Japan Sumitomo Mitsui Financial Group, Inc., Reg. S 3.573% 28/05/2032 EUR 2,820,000 3,339,317 0.54 3,339,317 0.54 Netherlands BMW Finance NV, Reg. S 3.25% 20/05/2031 EUR 3,256,000 3,840,091 0.62 Enexis Holding NV, Reg. S 3.25% 09/04/2033 EUR 2,500,000 2,960,341 0.48 Iberdrola International BV, Reg. S, FRN 1.874% Perpetual EUR 5,500,000 6,408,790 1.03 ING Groep NV, Reg. S, FRN 1% 16/11/2032 EUR 3,900,000 4,376,353 0.70 Swisscom Finance BV, Reg. S 3.125% 21/05/2032 EUR 4,556,000 5,338,072 0.86 Telefonica Europe BV, Reg. S, FRN 5.752% Perpetual EUR 1,600,000 1,952,883 0.31 Upjohn Finance BV, Reg. S 1.908% 23/06/2032 EUR 3,000,000 3,062,676 0.49 Volkswagen International Finance NV, Reg. S, FRN 5.493% Perpetual EUR 1,500,000 1,775,926 0.29 29,715,132 4.78 Norway Norsk Hydro ASA, Reg. S 3.75% 17/06/2033 EUR 1,715,000 2,006,934 0.32 2,006,934 0.32 Portugal EDP SA, Reg. S, FRN 1.7% 20/07/2080 EUR 4,900,000 5,755,187 0.93 EDP SA, Reg. S, FRN 5.943% 23/04/2083 EUR 2,000,000 2,496,545 0.40 EDP SA, Reg. S, FRN 4.5% 27/05/2055 EUR 4,400,000 5,156,689 0.83 13,408,421 2.16 Singapore Pfizer Investment Enterprises Pte Ltd. 5.3% 19/05/2053 USD 2,800,000 2,645,312 0.43 2,645,312 0.43 Spain Banco Bilbao Vizcaya Argentaria SA 5.381% 13/03/2029 USD 4,900,000 5,049,100 0.81 Banco de Sabadell SA, Reg. S, FRN 3.375% 18/02/2033 EUR 2,200,000 2,565,545 0.41 Banco Santander SA, FRN 4.175% 24/03/2028 USD 5,200,000 5,171,255 0.83 Banco Santander SA, Reg. S, FRN 2.25% 04/10/2032 GBP 6,000,000 7,779,903 1.25 Banco Santander SA, Reg. S, FRN 6% Perpetual EUR 3,200,000 3,777,637 0.61
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets CaixaBank SA, Reg. S, FRN 4% 05/03/2037 EUR 3,300,000 3,869,947 0.62 Cellnex Finance Co. SA, Reg. S 2% 15/02/2033 EUR 5,000,000 5,219,189 0.84 Lorca Telecom Bondco SA, Reg. S 5.75% 30/04/2029 EUR 5,931,000 7,280,951 1.17 Telefonica Emisiones SA, Reg. S 3.724% 23/01/2034 EUR 3,400,000 3,945,081 0.63 44,658,608 7.17 Switzerland UBS Group AG, FRN, 144A 2.746% 11/02/2033 USD 3,305,000 2,884,590 0.46 UBS Group AG, Reg. S, FRN 7% 30/09/2027 GBP 2,118,000 2,982,014 0.48 5,866,604 0.94 United Kingdom Barclays plc, FRN 6.125% Perpetual USD 3,500,000 3,505,708 0.56 Barclays plc, FRN 4.837% 10/09/2028 USD 5,000,000 5,039,595 0.81 Barclays plc, Reg. S, FRN 8.407% 14/11/2032 GBP 3,100,000 4,544,455 0.73 Barclays plc, Reg. S, FRN 4.973% 31/05/2036 EUR 1,289,000 1,583,768 0.26 Barclays plc, Reg. S, FRN 3.543% 14/08/2031 EUR 2,935,000 3,471,829 0.56 British Telecommunications plc, Reg. S 3.875% 20/01/2034 EUR 981,000 1,174,098 0.19 British Telecommunications plc, Reg. S 3.125% 11/02/2032 EUR 3,151,000 3,654,355 0.59 British Telecommunications plc, Reg. S, FRN 5.125% 03/10/2054 EUR 3,000,000 3,665,776 0.59 British Telecommunications plc, Reg. S, FRN 6.375% 03/12/2055 GBP 3,396,000 4,662,065 0.75 HSBC Holdings plc, FRN 5.286% 19/11/2030 USD 3,489,000 3,565,205 0.57 HSBC Holdings plc, FRN 5.13% 03/03/2031 USD 1,011,000 1,024,767 0.17 HSBC Holdings plc, Reg. S, FRN 4.599% 22/03/2035 EUR 1,701,000 2,073,173 0.33 HSBC Holdings plc, Reg. S, FRN 5.813% 22/05/2033 GBP 3,913,000 5,509,921 0.89 Legal & General Group plc, Reg. S, FRN 6.625% 01/04/2055 GBP 2,019,000 2,834,403 0.46 Lloyds Banking Group plc, FRN 5.087% 26/11/2028 USD 5,000,000 5,067,114 0.81 London Power Networks plc, Reg. S 3.837% 11/06/2037 EUR 2,403,000 2,822,488 0.45 NatWest Group plc, Reg. S, FRN 2.105% 28/11/2031 GBP 6,000,000 7,937,713 1.28 Scottish Hydro Electric Transmission plc, Reg. S 3.375% 04/09/2032 EUR 1,706,000 1,996,253 0.32 SSE plc, Reg. S, FRN 4% Perpetual EUR 5,000,000 5,938,113 0.95 SSE plc, Reg. S, FRN 4% Perpetual EUR 3,300,000 3,878,033 0.62 SSE plc, Reg. S, FRN 4.5% Perpetual EUR 2,596,000 3,048,951 0.49 Standard Chartered plc, FRN, 144A 5.005% 15/10/2030 USD 3,080,000 3,112,687 0.50
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Standard Chartered plc, Reg. S, FRN 1.2% 23/09/2031 EUR 7,000,000 8,027,399 1.29 Vodafone Group plc, Reg. S, FRN 8% 30/08/2086 GBP 2,972,000 4,432,893 0.71 92,570,762 14.88 United States of America AbbVie, Inc. 5.05% 15/03/2034 USD 2,770,000 2,821,362 0.45 AbbVie, Inc. 5.4% 15/03/2054 USD 1,635,000 1,590,951 0.26 American Tower Corp. 3.625% 30/05/2032 EUR 1,344,000 1,590,200 0.26 Ashtead Capital, Inc., 144A 5.95% 15/10/2033 USD 2,525,000 2,616,863 0.42 Ashtead Capital, Inc., 144A 5.55% 30/05/2033 USD 855,000 863,949 0.14 AT&T, Inc. 3.65% 01/06/2051 USD 1,900,000 1,351,082 0.22 AT&T, Inc. 5.4% 15/02/2034 USD 3,273,000 3,367,709 0.54 AT&T, Inc. 4.3% 18/11/2034 EUR 1,500,000 1,849,340 0.30 AT&T, Inc. 4.75% 15/05/2046 USD 1,500,000 1,310,820 0.21 AT&T, Inc. 3.6% 01/06/2033 EUR 4,080,000 4,829,800 0.78 AT&T, Inc. 4.05% 01/06/2037 EUR 3,949,000 4,702,525 0.76 Citigroup, Inc., Reg. S, FRN 3.75% 14/05/2032 EUR 2,917,000 3,508,801 0.56 Consolidated Edison Co. of New York, Inc. 5.5% 15/03/2055 USD 4,000,000 3,882,902 0.62 CRH America Finance, Inc. 5.5% 09/01/2035 USD 8,000,000 8,202,868 1.32 CVS Health Corp. 5.875% 01/06/2053 USD 3,400,000 3,250,956 0.52 Eli Lilly & Co. 5% 09/02/2054 USD 2,870,000 2,684,139 0.43 Eli Lilly & Co. 5.5% 12/02/2055 USD 2,449,000 2,466,137 0.40 Equinix Europe 2 Financing Corp. LLC 4% 19/05/2034 EUR 2,424,000 2,856,115 0.46 Essential Utilities, Inc. 5.375% 15/01/2034 USD 6,815,000 6,912,431 1.11 Ford Motor Credit Co. LLC 5.8% 08/03/2029 USD 3,570,000 3,578,730 0.58 Ford Motor Credit Co. LLC 5.875% 07/11/2029 USD 3,307,000 3,317,918 0.53 General Motors Financial Co., Inc. 5.75% 08/02/2031 USD 3,500,000 3,597,772 0.58 General Motors Financial Co., Inc. 4.9% 06/10/2029 USD 2,085,000 2,082,275 0.34 General Motors Financial Co., Inc., Reg. S 4% 10/07/2030 EUR 2,020,000 2,433,560 0.39 Goldman Sachs Group, Inc. (The), Reg. S, FRN 3.5% 23/01/2033 EUR 1,802,000 2,134,050 0.34 Home Depot, Inc. (The) 4.5% 06/12/2048 USD 3,666,000 3,147,558 0.51 Morgan Stanley, FRN 4.656% 02/03/2029 EUR 1,873,000 2,307,315 0.37 Morgan Stanley, FRN 3.521% 22/05/2031 EUR 3,053,000 3,644,514 0.59 Mosaic Co. (The) 5.375% 15/11/2028 USD 5,000,000 5,137,723 0.83 Oracle Corp. 2.875% 25/03/2031 USD 5,000,000 4,562,096 0.73 Oracle Corp. 6% 03/08/2055 USD 3,015,000 3,012,442 0.48 Owens Corning 5.7% 15/06/2034 USD 2,110,000 2,192,599 0.35 RTX Corp. 6.4% 15/03/2054 USD 3,265,000 3,581,926 0.58 Time Warner Cable LLC 5.75% 02/06/2031 GBP 5,000,000 6,891,177 1.11
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets T-Mobile USA, Inc. 3.5% 11/02/2037 EUR 2,971,000 3,353,972 0.54 T-Mobile USA, Inc. 3.8% 11/02/2045 EUR 2,649,000 2,880,452 0.46 UnitedHealth Group, Inc. 4.75% 15/05/2052 USD 3,725,000 3,175,724 0.51 UnitedHealth Group, Inc. 5.95% 15/06/2055 USD 419,000 425,821 0.07 Verizon Communications, Inc. 1.3% 18/05/2033 EUR 3,000,000 3,014,027 0.48 Verizon Communications, Inc. 5.5% 23/02/2054 USD 995,000 962,327 0.16 126,092,928 20.29 Total Bonds 438,829,063 70.55 Total Transferable securities and money market instruments admitted to an official exchange listing 438,829,063 70.55 Transferable securities and money market instruments dealt in on another regulated market Bonds Canada Bell Telephone Co. of Canada or Bell Canada 3.8% 21/08/2028 CAD 3,492,000 2,585,334 0.42 2,585,334 0.42 Denmark Danske Bank A/S, FRN, 144A 5.705% 01/03/2030 USD 5,500,000 5,707,958 0.92 Danske Bank A/S, FRN, 144A 5.019% 04/03/2031 USD 4,545,000 4,598,067 0.74 10,306,025 1.66 France BNP Paribas SA, FRN, 144A 5.283% 19/11/2030 USD 4,500,000 4,587,412 0.74 Credit Agricole SA, FRN, 144A 5.222% 27/05/2031 USD 1,547,000 1,576,393 0.25 Societe Generale SA, FRN, 144A 5.249% 22/05/2029 USD 7,500,000 7,593,260 1.22 13,757,065 2.21 Hong Kong AIA Group Ltd., Reg. S, FRN 2.7% Perpetual USD 6,000,000 5,891,962 0.95 5,891,962 0.95 Ireland Smurfit Westrock Financing DAC 5.418% 15/01/2035 USD 6,000,000 6,081,900 0.98 6,081,900 0.98 Italy Intesa Sanpaolo SpA, 144A 5.71% 15/01/2026 USD 2,375,000 2,380,537 0.38 2,380,537 0.38 Netherlands ABN AMRO Bank NV, FRN, 144A 4.988% 03/12/2028 USD 5,600,000 5,677,070 0.91 Siemens Funding BV, 144A 5.8% 28/05/2055 USD 1,174,000 1,209,021 0.20 6,886,091 1.11 Switzerland UBS Group AG, FRN, 144A 5.617% 13/09/2030 USD 4,280,000 4,445,234 0.72 UBS Group AG, FRN, 144A 5.58% 09/05/2036 USD 1,668,000 1,706,367 0.28 6,151,601 1.00
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets United Kingdom HSBC Holdings plc, FRN 7.05% Perpetual USD 2,561,000 2,596,997 0.42 Vodafone Group plc 6.15% 27/02/2037 USD 1,064,000 1,142,580 0.18 Vodafone Group plc 5.75% 28/06/2054 USD 2,000,000 1,917,562 0.31 5,657,139 0.91 United States of America Albertsons Cos. Inc, 144A 6.25% 15/03/2033 USD 1,083,000 1,117,424 0.18 Amazon.com, Inc. 3.95% 13/04/2052 USD 1,500,000 1,184,688 0.19 Amgen, Inc. 5.65% 02/03/2053 USD 5,565,000 5,437,381 0.87 Apple, Inc. 3.85% 04/05/2043 USD 3,074,000 2,576,422 0.41 Bank of America Corp., FRN 3.97% 05/03/2029 USD 4,983,000 4,928,534 0.79 Bank of America Corp., FRN 2.572% 20/10/2032 USD 8,300,000 7,317,461 1.18 Bank of America Corp., FRN 5.464% 09/05/2036 USD 3,723,000 3,819,061 0.61 Charter Communications Operating LLC 4.2% 15/03/2028 USD 5,000,000 4,957,171 0.80 Charter Communications Operating LLC 4.8% 01/03/2050 USD 2,500,000 2,001,674 0.32 Charter Communications Operating LLC 5.375% 01/04/2038 USD 2,500,000 2,357,406 0.38 Charter Communications Operating LLC 6.55% 01/06/2034 USD 1,210,000 1,291,516 0.21 Citigroup, Inc., FRN 2.976% 05/11/2030 USD 3,000,000 2,807,358 0.45 Citigroup, Inc., FRN 6.27% 17/11/2033 USD 1,000,000 1,077,133 0.17 Citigroup, Inc., FRN 4.786% 04/03/2029 USD 7,000,000 7,051,177 1.13 Constellation Energy Generation LLC 5.75% 15/03/2054 USD 2,185,000 2,143,063 0.35 Exelon Corp. 5.875% 15/03/2055 USD 5,348,000 5,344,247 0.86 Goldman Sachs Group, Inc. (The), FRN 2.65% 21/10/2032 USD 4,386,000 3,876,813 0.62 Goldman Sachs Group, Inc. (The), FRN 4.692% 23/10/2030 USD 1,800,000 1,805,804 0.29 Goldman Sachs Group, Inc. (The), FRN 5.207% 28/01/2031 USD 4,800,000 4,913,807 0.79 Mars, Inc., 144A 5.2% 01/03/2035 USD 5,924,000 5,997,934 0.96 Mars, Inc., 144A 5.7% 01/05/2055 USD 3,492,000 3,485,959 0.56 Morgan Stanley, FRN 5.123% 01/02/2029 USD 3,200,000 3,256,588 0.52 Morgan Stanley, FRN 5.192% 17/04/2031 USD 4,471,000 4,584,447 0.74 Sprint Capital Corp. 8.75% 15/03/2032 USD 6,000,000 7,281,918 1.17 Stellantis Finance US, Inc., 144A 5.75% 18/03/2030 USD 1,929,000 1,946,883 0.31 T-Mobile USA, Inc. 6% 15/06/2054 USD 2,590,000 2,638,490 0.42 T-Mobile USA, Inc. 5.5% 15/01/2055 USD 1,205,000 1,143,321 0.18
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets T-Mobile USA, Inc. 5.875% 15/11/2055 USD 2,178,000 2,178,635 0.35 Viatris, Inc. 2.7% 22/06/2030 USD 5,000,000 4,455,446 0.72 Volkswagen Group of America Finance LLC, 144A 5.4% 20/03/2026 USD 6,000,000 6,028,946 0.97 109,006,707 17.50 Total Bonds 168,704,361 27.12 Total Transferable securities and money market instruments dealt in on another regulated market 168,704,361 27.12 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 19,273 2,375,889 0.38
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 100,000 137,035 0.02 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 3,600,000 3,600,000 0.58 6,112,924 0.98 Total Collective Investment Schemes 6,112,924 0.98 Total Units of authorised UCITS or other collective investment undertakings 6,112,924 0.98 Total investments 613,646,348 98.65 Cash/(bank overdraft) 3,788,461 0.61 Other assets/(liabilities) 4,618,334 0.74 Total net assets 622,053,143 100.00 † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets AUD 943 USD 610 10/07/2025 BNY Mellon 9 CHF 877 USD 1,076 10/07/2025 BNY Mellon 27 EUR 236,181,319 USD 270,133,328 10/07/2025 BNY Mellon 7,295,433 1.17 GBP 284,906,765 USD 385,052,713 10/07/2025 BNY Mellon 5,387,079 0.87 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 12,682,548 2.04 USD 1,911,299 CAD 2,606,911 10/07/2025 J.P. Morgan (229) USD 1,314,029 EUR 1,120,000 10/07/2025 Barclays (1,572) USD 55,824,340 EUR 48,538,650 10/07/2025 Citigroup (1,191,251) (0.19) USD 4,898,757 EUR 4,200,000 10/07/2025 BNY Mellon (34,744) (0.01) USD 55,593,746 EUR 48,538,649 10/07/2025 Goldman Sachs (1,421,843) (0.23) USD 4,042,668 EUR 3,500,000 10/07/2025 Merrill Lynch (68,583) (0.01) USD 55,567,498 EUR 48,538,650 10/07/2025 Royal Bank of Canada (1,448,093) (0.23) USD 57,952,910 EUR 50,638,649 10/07/2025 Standard Chartered Bank (1,529,431) (0.25) USD 1,492,277 GBP 1,100,000 10/07/2025 Barclays (15,177) USD 48,000,561 GBP 35,611,272 10/07/2025 BNY Mellon (801,571) (0.13) USD 74,916,240 GBP 55,184,356 10/07/2025 Morgan Stanley (709,091) (0.11) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (7,221,585) (1.16) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 5,460,963 0.88
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets Canada 10 Year Bond, 18/09/2025 142 CAD 78,051 0.01 Euro-Bobl, 08/09/2025 (268) EUR 149,079 0.03 Euro-OAT Future, 08/09/2025 (134) EUR 136,847 0.02 Long Gilt, 26/09/2025 5 GBP 4,454 US 10 Year Note, 19/09/2025 199 USD 376,233 0.06 US 10 Year Ultra Bond, 19/09/2025 181 USD 315,697 0.05 US 2 Year Note, 30/09/2025 228 USD 152,555 0.03 US 5 Year Note, 30/09/2025 123 USD 125,508 0.02 US Long Bond, 19/09/2025 319 USD 1,066,656 0.17 Total Unrealised Gain on Financial Futures Contracts - Assets 2,405,080 0.39 Euro-BTP, 08/09/2025 (142) EUR (18,336) Euro-Bund, 08/09/2025 14 EUR (11,175) Euro-Schatz, 08/09/2025 134 EUR (31,459) (0.01) US Ultra Bond, 19/09/2025 (21) USD (21,000) Total Unrealised Loss on Financial Futures Contracts - Liabilities (81,970) (0.01) Net Unrealised Gain on Financial Futures Contracts - Assets 2,323,110 0.38
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Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets 91,000,000 ITRAXX.EUROPE.MAIN.43.V1 5 Year, Put, 70.000, 20/08/2025, pays 1.0% Fixed EUR Morgan Stanley 53,976 0.01 88,000,000 ITRAXX.EUROPE.MAIN.43.V1, Put, 65.000, 17/09/2025, pays 1.0% Fixed EUR Goldman Sachs 125,807 0.02 Total Market Value on Option Purchased Contracts - Assets 179,783 0.03
Option Written Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets (88,000,000) ITRAXX.EUROPE.MAIN.43.V1, Put, 75.000, 17/09/2025 EUR Goldman Sachs (74,702) (0.01) (91,000,000) ITRAXX.EUROPE.MAIN.43.V1, Put, 85.000, 20/08/2025 EUR Morgan Stanley (26,577) (0.01) Total Market Value on Option Written Contracts - Liabilities (101,279) (0.02)
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets (32,800,000) EUR Barclays ITRAXX.EUROPE.MAIN.43.V1 Buy 1.000% 20/06/2030 (820,793) (0.13) Total Market Value on Credit Default Swap Contracts - Liabilities (820,793) (0.13)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities China BYD Co. Ltd. 'H' HKD 169,500 2,652,814 0.84 2,652,814 0.84 France AXA SA EUR 226,133 11,061,144 3.52 Schneider Electric SE EUR 25,844 6,850,090 2.18 17,911,234 5.70 Germany Muenchener RueckversicherungsGesellschaft AG in Muenchen EUR 16,195 10,467,182 3.33 Siemens AG EUR 40,248 10,282,899 3.27 20,750,081 6.60 Ireland Accenture plc 'A' USD 11,544 3,450,386 1.10 CRH plc USD 53,483 4,909,739 1.56 Linde plc USD 31,478 14,768,848 4.70 Trane Technologies plc USD 24,079 10,532,395 3.35 33,661,368 10.71 Netherlands ASM International NV EUR 15,074 9,615,254 3.06 ING Groep NV EUR 189,652 4,146,576 1.32 13,761,830 4.38 Sweden Epiroc AB 'A' SEK 339,997 7,327,645 2.33 7,327,645 2.33 Switzerland Lonza Group AG CHF 12,894 9,152,148 2.91 9,152,148 2.91 Taiwan Taiwan Semiconductor Manufacturing Co. Ltd., ADR USD 34,411 7,793,747 2.48 7,793,747 2.48 United Kingdom RELX plc GBP 210,901 11,378,252 3.62 11,378,252 3.62 United States of America Alphabet, Inc. 'A' USD 59,202 10,433,168 3.32 Autodesk, Inc. USD 20,952 6,486,111 2.06 Broadcom, Inc. USD 29,817 8,219,056 2.61 Cadence Design Systems, Inc. USD 22,672 6,986,377 2.22
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Carlisle Cos., Inc. USD 8,736 3,262,022 1.04 Danaher Corp. USD 33,550 6,627,467 2.11 Home Depot, Inc. (The) USD 11,840 4,341,018 1.38 Hubbell, Inc. USD 14,527 5,932,972 1.89 Merck & Co., Inc. USD 46,748 3,700,572 1.18 Microsoft Corp. USD 56,885 28,295,168 9.00 Moody's Corp. USD 23,747 11,911,258 3.79 NVIDIA Corp. USD 77,901 12,307,579 3.91 Otis Worldwide Corp. USD 61,059 6,046,062 1.92 PepsiCo, Inc. USD 22,357 2,952,018 0.94 Procter & Gamble Co. (The) USD 43,490 6,928,827 2.20 PTC, Inc. USD 24,054 4,145,466 1.32 Public Service Enterprise Group, Inc. USD 70,659 5,948,075 1.89 Tapestry, Inc. USD 73,022 6,412,062 2.04 Thermo Fisher Scientific, Inc. USD 9,329 3,782,536 1.20 T-Mobile US, Inc. USD 18,708 4,457,368 1.42 United Rentals, Inc. USD 9,150 6,893,610 2.19 Veralto Corp. USD 43,345 4,375,678 1.39 Visa, Inc. 'A' USD 18,183 6,455,874 2.05 Waste Management, Inc. USD 33,468 7,658,148 2.43 Westinghouse Air Brake Technologies Corp. USD 22,656 4,743,034 1.51 Xylem, Inc. USD 60,413 7,815,026 2.48 187,116,552 59.49 Total Equities 311,505,671 99.06 Total Transferable securities and money market instruments admitted to an official exchange listing 311,505,671 99.06 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 2,708,159 2,708,158 0.86 2,708,158 0.86 Total Collective Investment Schemes 2,708,158 0.86 Total Units of authorised UCITS or other collective investment undertakings 2,708,158 0.86 Total investments 314,213,829 99.92 Cash/(bank overdraft) 124,151 0.04 Other assets/(liabilities) 133,228 0.04 Total net assets 314,471,208 100.00 † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets AUD 1,278 USD 826 10/07/2025 BNY Mellon 12 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 12 Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 12 -
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Australia South32 Ltd. AUD 1,910,163 3,646,101 0.28 3,646,101 0.28 Brazil Banco Bradesco SA Preference BRL 3,366,032 10,379,603 0.79 Itau Unibanco Holding SA Preference BRL 1,921,082 13,005,850 1.00 Neoenergia SA BRL 1,876,905 8,789,852 0.67 Petroleo Brasileiro SA Petrobras Preference BRL 1,741,014 10,009,989 0.77 TIM SA BRL 2,198,961 8,883,918 0.68 Vibra Energia SA BRL 1,973,897 7,833,599 0.60 58,902,811 4.51 Cayman Islands Alibaba Group Holding Ltd., ADR USD 354,698 40,226,300 3.08 Autohome, Inc., ADR USD 220,480 5,686,179 0.44 Baidu, Inc., ADR USD 44,504 3,816,663 0.29 Chailease Holding Co. Ltd. TWD 1,717,692 7,441,319 0.57 China Hongqiao Group Ltd. HKD 3,399,190 7,805,724 0.60 China Resources Land Ltd. HKD 2,519,456 8,549,559 0.65 CIMC Enric Holdings Ltd. HKD 6,776,200 5,655,602 0.43 ENN Energy Holdings Ltd. HKD 927,383 7,418,287 0.57 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 2,382,000 9,045,163 0.69 JD.com, Inc. 'A' HKD 60,500 986,376 0.08 JD.com, Inc., ADR USD 109,737 3,581,816 0.27 Kingdee International Software Group Co. Ltd. HKD 2,294,000 4,523,765 0.35 Meituan, 144A 'B' HKD 474,452 7,592,820 0.58 NetEase, Inc., ADR USD 76,065 10,236,828 0.78 PDD Holdings, Inc., ADR USD 103,849 10,868,836 0.83 Sands China Ltd. HKD 1,716,442 3,581,627 0.27 Tencent Holdings Ltd. HKD 1,035,921 66,533,779 5.09 Trip.com Group Ltd. HKD 95,450 5,559,637 0.43 Xiaomi Corp., 144A 'B' HKD 2,449,200 18,875,171 1.44 227,985,451 17.44 Chile Banco de Chile CLP 45,467,443 6,863,286 0.53 6,863,286 0.53 China BYD Co. Ltd. 'H' HKD 873,459 13,670,348 1.05 China Construction Bank Corp. 'H' HKD 30,192,156 30,506,164 2.33 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 19,678,071 6,125,915 0.47 China Merchants Bank Co. Ltd. 'H' HKD 1,058,707 7,409,897 0.57 Contemporary Amperex Technology Co. Ltd. 'A' CNH 210,240 7,403,644 0.57 Haier Smart Home Co. Ltd. 'A' CNH 1,608,520 5,556,300 0.43 Industrial & Commercial Bank of China Ltd. 'H' HKD 11,380,449 9,028,656 0.69 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 2,665,092 5,399,877 0.41 Kweichow Moutai Co. Ltd. 'A' CNH 14,300 2,820,390 0.22 Livzon Pharmaceutical Group, Inc. 'H' HKD 1,456,150 5,474,524 0.42 NARI Technology Co. Ltd. 'A' CNH 2,145,488 6,712,487 0.51
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets PICC Property & Casualty Co. Ltd. 'H' HKD 4,662,850 9,047,194 0.69 Ping An Bank Co. Ltd. 'A' CNH 3,484,900 5,882,013 0.45 Ping An Insurance Group Co. of China Ltd. 'H' HKD 1,906,635 12,138,481 0.93 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 1,093,797 5,335,165 0.41 Zijin Mining Group Co. Ltd. 'A' CNH 2,754,200 7,582,216 0.58 140,093,271 10.73 Greece Alpha Bank SA EUR 2,661,393 9,340,988 0.71 Metlen Energy & Metals SA EUR 66,008 3,565,790 0.27 12,906,778 0.98 Hong Kong AIA Group Ltd. HKD 924,494 8,313,713 0.64 8,313,713 0.64 Hungary OTP Bank Nyrt HUF 128,590 10,234,225 0.78 10,234,225 0.78 India Aegis Vopak Terminals Ltd. INR 574,368 1,643,338 0.13 Ashok Leyland Ltd. INR 4,766,201 13,949,855 1.07 Avenue Supermarts Ltd., 144A INR 92,430 4,718,252 0.36 Bharti Airtel Ltd. INR 830,472 19,493,046 1.49 Embassy Office Parks REIT, REIT INR 1,936,337 8,791,358 0.67 Eternal Ltd. INR 1,719,378 5,313,197 0.41 HDFC Bank Ltd. INR 1,638,071 38,214,030 2.92 Hindustan Unilever Ltd. INR 166,221 4,451,227 0.34 ICICI Bank Ltd. INR 1,489,458 25,079,554 1.92 Infosys Ltd. INR 1,076,522 20,115,325 1.54 Mahindra & Mahindra Ltd. INR 366,126 13,594,669 1.04 PB Fintech Ltd. INR 493,060 10,481,388 0.80 Power Grid Corp. of India Ltd. INR 1,685,189 5,894,143 0.45 Reliance Industries Ltd. INR 2,271,524 39,758,336 3.04 Tata Consultancy Services Ltd. INR 144,677 5,842,498 0.45 Varun Beverages Ltd. INR 1,345,464 7,193,165 0.55 224,533,381 17.18 Indonesia Bank Central Asia Tbk PT IDR 14,400,500 7,715,792 0.59 Bank Rakyat Indonesia Persero Tbk PT IDR 13,470,138 3,115,087 0.24 Indah Kiat Pulp & Paper Tbk PT IDR 4,833,600 1,718,661 0.13 12,549,540 0.96 Malaysia Gamuda Bhd. MYR 3,841,600 4,372,661 0.33 Malayan Banking Bhd. MYR 3,530,945 8,182,345 0.63 Sunway Bhd. MYR 4,061,582 4,535,148 0.35 17,090,154 1.31 Mauritius MakeMyTrip Ltd. USD 87,422 8,569,104 0.66 8,569,104 0.66 Mexico Gentera SAB de CV MXN 3,304,321 7,011,975 0.54 Grupo Mexico SAB de CV MXN 1,322,398 7,955,947 0.61 Prologis Property Mexico SA de CV, REIT MXN 1,109,697 4,165,769 0.32 Wal-Mart de Mexico SAB de CV MXN 2,713,609 8,927,101 0.68 28,060,792 2.15
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Netherlands Prosus NV ZAR 103,925 5,798,864 0.44 5,798,864 0.44 Philippines International Container Terminal Services, Inc. PHP 1,147,430 8,394,887 0.64 Jollibee Foods Corp. PHP 1,089,620 4,175,846 0.32 12,570,733 0.96 Poland Bank Polska Kasa Opieki SA PLN 166,907 8,544,530 0.65 8,544,530 0.65 Qatar Qatar National Bank QPSC QAR 2,229,949 10,626,096 0.81 10,626,096 0.81 South Africa Capitec Bank Holdings Ltd. ZAR 49,913 9,973,360 0.76 Impala Platinum Holdings Ltd. ZAR 573,898 5,132,425 0.39 Naspers Ltd. 'N' ZAR 24,323 7,548,742 0.58 Nedbank Group Ltd. ZAR 448,955 6,140,171 0.47 28,794,698 2.20 South Korea Cosmax, Inc. KRW 20,579 4,261,341 0.33 HD Hyundai Marine Solution Co. Ltd. KRW 36,075 5,495,923 0.42 Hyundai Motor Co. KRW 80,404 12,088,046 0.92 Hyundai Rotem Co. Ltd. KRW 46,760 6,807,242 0.52 KB Financial Group, Inc. KRW 199,660 16,404,493 1.26 LG Chem Ltd. KRW 56,315 8,860,132 0.68 NAVER Corp. KRW 21,204 4,116,761 0.32 POSCO Holdings, Inc. KRW 25,743 4,991,718 0.38 Samsung Biologics Co. Ltd., 144A KRW 7,526 5,531,015 0.42 Samsung Electronics Co. Ltd. KRW 1,019,301 45,190,340 3.46 Samsung Fire & Marine Insurance Co. Ltd. KRW 18,174 5,848,754 0.45 SK Hynix, Inc. KRW 100,056 21,672,987 1.66 141,268,752 10.82 Taiwan Cathay Financial Holding Co. Ltd. TWD 1,420,000 3,054,022 0.23 Chung-Hsin Electric & Machinery Manufacturing Corp. TWD 1,373,000 7,617,253 0.58 CTBC Financial Holding Co. Ltd. TWD 3,308,000 4,950,691 0.38 E.Sun Financial Holding Co. Ltd. TWD 6,082,423 6,842,610 0.52 Hon Hai Precision Industry Co. Ltd. TWD 2,818,786 15,453,602 1.18 MediaTek, Inc. TWD 352,750 15,019,166 1.15 Nien Made Enterprise Co. Ltd. TWD 332,000 4,643,404 0.36 Quanta Computer, Inc. TWD 387,000 3,619,119 0.28 Sinbon Electronics Co. Ltd. TWD 501,085 3,729,607 0.29 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 3,454,337 124,722,309 9.54 Tripod Technology Corp. TWD 619,380 5,250,186 0.40 Yageo Corp. TWD 310,060 5,123,581 0.39 200,025,550 15.30
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Thailand Thai Beverage PCL SGD 20,791,600 7,510,541 0.57 True Corp. PCL THB 22,550,900 7,702,606 0.59 15,213,147 1.16 United Arab Emirates Emaar Properties PJSC AED 1,867,520 6,915,140 0.53 6,915,140 0.53 United Kingdom Airtel Africa plc, 144A GBP 1,429,781 3,532,619 0.27 Anglogold Ashanti plc ZAR 146,290 6,592,877 0.50 Rio Tinto plc GBP 95,356 5,546,988 0.42 15,672,484 1.19 United States of America MercadoLibre, Inc. USD 1,436 3,753,173 0.29 Yum China Holdings, Inc. USD 169,467 7,576,870 0.58 11,330,043 0.87 Total Equities 1,216,508,644 93.08 Total Transferable securities and money market instruments admitted to an official exchange listing 1,216,508,644 93.08 Other transferable securities and money market instruments Equities Russia Detsky Mir PJSC § RUB 7,337,382 - LUKOIL PJSC § RUB 142,920 - Sberbank of Russia PJSC § RUB 4,573,839 - United Co. RUSAL International PJSC § RUB 6,112,581 - -Total Equities - Total Other transferable securities and money market instruments - Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 2,400,000 2,400,000 0.18 2,400,000 0.18 Total Collective Investment Schemes 2,400,000 0.18 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 7,442,549 45,794,004 3.51 iShares MSCI Taiwan UCITS ETF GBP 381,301 38,454,552 2.94 84,248,556 6.45 Total Exchange Traded Funds 84,248,556 6.45 Total Units of authorised UCITS or other collective investment undertakings 86,648,556 6.63 Total investments 1,303,157,200 99.71 Cash/(bank overdraft) 5,077,003 0.39 Other assets/(liabilities) (1,282,075) (0.10) Total net assets 1,306,952,128 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Australia South32 Ltd. AUD 269,972 515,320 0.30 515,320 0.30 Brazil Banco Bradesco SA Preference BRL 189,087 583,075 0.34 Itau Unibanco Holding SA Preference BRL 314,043 2,126,092 1.26 Petroleo Brasileiro SA Petrobras Preference BRL 198,588 1,141,785 0.68 TIM SA BRL 255,894 1,033,825 0.61 Vibra Energia SA BRL 265,332 1,052,995 0.62 5,937,772 3.51 Cayman Islands Alibaba Group Holding Ltd. HKD 69,700 989,143 0.59 Alibaba Group Holding Ltd., ADR USD 36,472 4,136,290 2.45 Autohome, Inc., ADR USD 27,853 718,329 0.42 Baidu, Inc., ADR USD 7,624 653,834 0.39 China Hongqiao Group Ltd. HKD 632,500 1,452,440 0.86 China Resources Land Ltd. HKD 331,432 1,124,686 0.67 CIMC Enric Holdings Ltd. HKD 748,000 624,301 0.37 ENN Energy Holdings Ltd. HKD 131,748 1,053,874 0.62 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 296,000 1,124,000 0.67 JD.com, Inc. 'A' HKD 37,450 610,575 0.36 Kingdee International Software Group Co. Ltd. HKD 391,000 771,052 0.46 Meituan, 144A 'B' HKD 59,560 953,159 0.56 PDD Holdings, Inc., ADR USD 13,330 1,395,118 0.83 Sands China Ltd. HKD 357,002 744,941 0.44 Tencent Holdings Ltd. HKD 83,400 5,356,506 3.17 Trip.com Group Ltd. HKD 12,050 701,871 0.42 Xiaomi Corp., 144A 'B' HKD 145,200 1,119,008 0.66 23,529,127 13.94 China BYD Co. Ltd. 'H' HKD 138,645 2,169,908 1.28 China Construction Bank Corp. 'H' HKD 4,741,322 4,790,633 2.84 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 4,261,329 1,326,580 0.78 China Merchants Bank Co. Ltd. 'H' HKD 170,607 1,194,080 0.71 Contemporary Amperex Technology Co. Ltd. 'A' CNH 31,900 1,123,365 0.66 Haier Smart Home Co. Ltd. 'A' CNH 341,700 1,180,332 0.70 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 607,900 1,231,697 0.73 Livzon Pharmaceutical Group, Inc. 'H' HKD 215,700 810,943 0.48 NARI Technology Co. Ltd. 'A' CNH 380,000 1,188,888 0.70 Ping An Bank Co. Ltd. 'A' CNH 503,800 850,342 0.50 Ping An Insurance Group Co. of China Ltd. 'H' HKD 333,265 2,121,712 1.26 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 317,900 1,550,607 0.92 19,539,087 11.56 Greece Alpha Bank SA EUR 396,502 1,391,647 0.82 1,391,647 0.82
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Hong Kong AIA Group Ltd. HKD 167,737 1,508,411 0.89 1,508,411 0.89 Hungary OTP Bank Nyrt HUF 23,394 1,861,882 1.10 1,861,882 1.10 India Aegis Vopak Terminals Ltd. INR 74,008 211,746 0.13 Ashok Leyland Ltd. INR 600,368 1,757,174 1.04 Avenue Supermarts Ltd., 144A INR 20,526 1,047,786 0.62 Bharti Airtel Ltd. INR 98,436 2,310,514 1.37 Eternal Ltd. INR 333,103 1,029,350 0.61 HDFC Bank Ltd. INR 39,362 918,263 0.54 HDFC Bank Ltd., ADR USD 47,072 3,609,010 2.14 Hindustan Unilever Ltd. INR 15,072 403,613 0.24 ICICI Bank Ltd. INR 15,981 269,089 0.16 ICICI Bank Ltd., ADR USD 88,487 2,976,703 1.76 Infosys Ltd., ADR USD 141,881 2,629,055 1.56 Mahindra & Mahindra Ltd. INR 37,229 1,382,355 0.82 PB Fintech Ltd. INR 68,466 1,455,439 0.86 Power Grid Corp. of India Ltd. INR 205,560 718,970 0.43 Reliance Industries Ltd. INR 40,792 713,980 0.42 Reliance Industries Ltd., 144A, GDR USD 56,528 3,945,654 2.34 Tata Consultancy Services Ltd. INR 27,013 1,090,867 0.65 Varun Beverages Ltd. INR 219,046 1,171,071 0.69 27,640,639 16.38 Indonesia Bank Central Asia Tbk PT IDR 1,710,300 916,379 0.54 Bank Rakyat Indonesia Persero Tbk PT IDR 2,388,800 552,431 0.33 1,468,810 0.87 Kazakhstan Kaspi.KZ JSC, ADR USD 8,385 711,803 0.42 711,803 0.42 Malaysia Gamuda Bhd. MYR 807,100 918,673 0.54 918,673 0.54 Mauritius MakeMyTrip Ltd. USD 19,487 1,910,116 1.13 1,910,116 1.13 Mexico Gentera SAB de CV MXN 694,758 1,474,320 0.87 Prologis Property Mexico SA de CV, REIT MXN 182,286 684,296 0.40 Wal-Mart de Mexico SAB de CV MXN 486,635 1,600,909 0.95 3,759,525 2.22 Netherlands Prosus NV ZAR 77,713 4,336,273 2.57 4,336,273 2.57 Philippines International Container Terminal Services, Inc. PHP 177,310 1,297,245 0.77 1,297,245 0.77 Poland Bank Polska Kasa Opieki SA PLN 16,099 824,162 0.49 824,162 0.49 Qatar Qatar National Bank QPSC QAR 243,165 1,158,724 0.69 1,158,724 0.69
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets South Africa Capitec Bank Holdings Ltd. ZAR 4,843 967,703 0.57 Life Healthcare Group Holdings Ltd. ZAR 971,686 780,793 0.46 Nedbank Group Ltd. ZAR 55,783 762,921 0.45 2,511,417 1.48 South Korea Hyundai Motor Co. KRW 11,144 1,675,404 0.99 Hyundai Rotem Co. Ltd. KRW 11,039 1,607,039 0.95 LG Chem Ltd. KRW 7,011 1,103,052 0.65 POSCO Holdings, Inc. KRW 3,796 736,067 0.44 Samsung Biologics Co. Ltd., 144A KRW 1,412 1,037,708 0.61 Samsung Electronics Co. Ltd. KRW 150,068 6,653,210 3.94 Samsung Fire & Marine Insurance Co. Ltd. KRW 2,864 921,692 0.55 SK Hynix, Inc. KRW 14,533 3,147,972 1.86 16,882,144 9.99 Taiwan Cathay Financial Holding Co. Ltd. TWD 547,000 1,176,444 0.70 Hon Hai Precision Industry Co. Ltd. TWD 288,000 1,578,920 0.93 MediaTek, Inc. TWD 64,000 2,724,951 1.61 Nien Made Enterprise Co. Ltd. TWD 95,000 1,328,685 0.79 Sinbon Electronics Co. Ltd. TWD 149,372 1,111,785 0.66 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 460,000 16,608,762 9.83 Yageo Corp. TWD 88,826 1,467,804 0.87 25,997,351 15.39 Thailand Thai Beverage PCL SGD 2,657,700 960,040 0.57 True Corp. PCL THB 3,195,300 1,091,404 0.65 2,051,444 1.22 United Arab Emirates Emaar Properties PJSC AED 240,512 890,579 0.53 890,579 0.53 United Kingdom Airtel Africa plc, 144A GBP 522,876 1,291,891 0.76 Anglogold Ashanti plc ZAR 18,704 842,936 0.50 Antofagasta plc GBP 59,778 1,482,284 0.88 Standard Chartered plc GBP 54,970 909,211 0.54 4,526,322 2.68
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets United States of America MercadoLibre, Inc. USD 612 1,599,542 0.95 Yum China Holdings, Inc. USD 18,144 811,218 0.48 2,410,760 1.43 Total Equities 153,579,233 90.92 Total Transferable securities and money market instruments admitted to an official exchange listing 153,579,233 90.92 Other transferable securities and money market instruments Equities Russia Detsky Mir PJSC § RUB 765,285 - Sberbank of Russia PJSC § RUB 595,602 - -Total Equities - Total Other transferable securities and money market instruments - Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 1,800,000 1,800,000 1.06 1,800,000 1.06 Total Collective Investment Schemes 1,800,000 1.06 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 936,471 5,762,106 3.41 iShares MSCI Taiwan UCITS ETF GBP 53,218 5,367,084 3.18 11,129,190 6.59 Total Exchange Traded Funds 11,129,190 6.59 Total Units of authorised UCITS or other collective investment undertakings 12,929,190 7.65 Total investments 166,508,423 98.57 Cash/(bank overdraft) 1,523,183 0.90 Other assets/(liabilities) 892,700 0.53 Total net assets 168,924,306 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Bermuda Alibaba Health Information Technology Ltd. HKD 3,387,600 2,051,074 0.04 Beijing Enterprises Water Group Ltd. HKD 2,370,000 716,307 0.01 China Gas Holdings Ltd. HKD 1,638,420 1,531,624 0.03 China Resources Gas Group Ltd. HKD 556,714 1,424,741 0.03 China Ruyi Holdings Ltd. HKD 5,136,000 1,658,318 0.03 Credicorp Ltd. USD 40,611 9,077,371 0.17 Kunlun Energy Co. Ltd. HKD 2,343,561 2,278,133 0.04 Orient Overseas International Ltd. HKD 79,437 1,352,720 0.03 20,090,288 0.38 Brazil Ambev SA BRL 2,843,994 6,940,828 0.13 B3 SA - Brasil Bolsa Balcao BRL 3,167,584 8,461,826 0.16 Banco Bradesco SA BRL 957,018 2,544,286 0.05 Banco Bradesco SA Preference BRL 3,180,600 9,807,799 0.19 Banco BTG Pactual SA BRL 709,329 5,491,018 0.10 Banco do Brasil SA BRL 1,034,058 4,185,227 0.08 BB Seguridade Participacoes SA BRL 421,021 2,761,628 0.05 BRF SA BRL 303,582 1,120,247 0.02 Caixa Seguridade Participacoes S/A BRL 353,800 952,265 0.02 Centrais Eletricas Brasileiras SA BRL 729,379 5,374,941 0.10 Centrais Eletricas Brasileiras SA Preference BRL 143,117 1,164,529 0.02 Cia de Saneamento Basico do Estado de Sao Paulo SABESP BRL 287,772 6,281,279 0.12 Cia Energetica de Minas Gerais Preference BRL 1,067,252 2,111,880 0.04 Cia Paranaense de Energia Copel Preference BRL 656,533 1,498,832 0.03 CPFL Energia SA BRL 138,607 1,037,676 0.02 Embraer SA BRL 423,091 5,969,794 0.11 Energisa S/A BRL 167,585 1,483,681 0.03 Eneva SA BRL 464,950 1,162,833 0.02 Engie Brasil Energia SA BRL 120,300 1,000,911 0.02 Equatorial Energia SA BRL 716,431 4,720,331 0.09 Gerdau SA Preference BRL 801,296 2,349,045 0.04 Itau Unibanco Holding SA Preference BRL 3,206,035 21,705,066 0.41 Itausa SA Preference BRL 3,471,976 6,965,772 0.13 Klabin SA BRL 495,249 1,674,165 0.03 Localiza Rent a Car SA BRL 553,479 4,109,122 0.08 Motiva Infraestrutura de Mobilidade SA BRL 607,474 1,534,866 0.03 Natura & Co. Holding SA BRL 543,659 1,100,696 0.02 Petroleo Brasileiro SA Petrobras BRL 2,238,098 13,979,270 0.26 Petroleo Brasileiro SA Petrobras Preference BRL 2,784,470 16,009,357 0.30 PRIO SA BRL 512,160 3,978,780 0.08 Raia Drogasil SA BRL 774,983 2,146,952 0.04 Rede D'Or Sao Luiz SA, 144A BRL 481,920 3,127,533 0.06 Rumo SA BRL 780,939 2,651,374 0.05 Suzano SA BRL 418,173 3,923,640 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Telefonica Brasil SA BRL 490,383 2,775,439 0.05 TIM SA BRL 509,605 2,058,831 0.04 TOTVS SA BRL 324,464 2,509,344 0.05 Ultrapar Participacoes SA BRL 427,500 1,373,865 0.03 Vale SA BRL 2,184,021 21,068,499 0.40 Vibra Energia SA BRL 605,729 2,403,894 0.05 WEG SA BRL 1,009,806 7,915,113 0.15 199,432,434 3.77 Cayman Islands AAC Technologies Holdings, Inc. HKD 468,500 2,431,307 0.05 Airtac International Group TWD 83,950 2,490,220 0.05 Akeso, Inc., 144A HKD 378,000 4,430,986 0.08 Alchip Technologies Ltd. TWD 47,000 4,948,345 0.09 Alibaba Group Holding Ltd. HKD 10,340,800 146,750,772 2.77 ANTA Sports Products Ltd. HKD 759,800 9,165,470 0.17 Autohome, Inc., ADR USD 39,277 1,012,954 0.02 Baidu, Inc. 'A' HKD 1,344,650 14,332,309 0.27 Bilibili, Inc. 'Z' HKD 140,878 3,018,878 0.06 Bosideng International Holdings Ltd. HKD 2,776,000 1,642,808 0.03 C&D International Investment Group Ltd. HKD 416,000 842,884 0.02 Chailease Holding Co. Ltd. TWD 902,823 3,911,175 0.07 China Feihe Ltd., 144A HKD 2,181,000 1,588,157 0.03 China Hongqiao Group Ltd. HKD 1,697,500 3,898,051 0.07 China Literature Ltd., 144A HKD 246,600 939,616 0.02 China Mengniu Dairy Co. Ltd. HKD 1,884,313 3,870,876 0.07 China Resources Land Ltd. HKD 1,930,035 6,549,409 0.12 China Resources Microelectronics Ltd. 'A' CNH 48,348 318,345 0.01 China Resources Mixc Lifestyle Services Ltd., 144A HKD 411,800 1,992,621 0.04 China State Construction International Holdings Ltd. HKD 1,188,000 1,792,824 0.03 Chow Tai Fook Jewellery Group Ltd. HKD 1,201,400 2,059,654 0.04 ENN Energy Holdings Ltd. HKD 476,272 3,809,777 0.07 GalaxyCore, Inc. 'A' CNH 79,704 172,103 GCL Technology Holdings Ltd. HKD 13,704,035 1,746,694 0.03 Geely Automobile Holdings Ltd. HKD 3,637,000 7,409,849 0.14 Genscript Biotech Corp. HKD 716,000 1,353,464 0.03 Giant Biogene Holding Co. Ltd., 144A HKD 187,000 1,377,081 0.03 H World Group Ltd., ADR USD 122,147 4,143,226 0.08 Haidilao International Holding Ltd., 144A HKD 1,006,000 1,912,871 0.04 Haitian International Holdings Ltd. HKD 376,000 973,230 0.02 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 714,000 2,711,270 0.05 Hengan International Group Co. Ltd. HKD 376,758 1,082,462 0.02 Innovent Biologics, Inc., 144A HKD 739,000 7,391,258 0.14 J&T Global Express Ltd. HKD 1,432,731 1,239,980 0.02 JD Health International, Inc., 144A HKD 673,550 3,691,155 0.07 JD Logistics, Inc., 144A HKD 1,198,800 2,012,178 0.04 JD.com, Inc. 'A' HKD 1,466,902 23,915,975 0.45 Kanzhun Ltd., ADR USD 175,582 3,132,383 0.06 KE Holdings, Inc., ADR USD 418,340 7,421,352 0.14
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Kingdee International Software Group Co. Ltd. HKD 1,814,000 3,577,206 0.07 Kingsoft Corp. Ltd. HKD 562,000 2,928,953 0.06 Kuaishou Technology, 144A HKD 1,610,800 13,034,694 0.25 Legend Biotech Corp., ADR USD 38,660 1,372,043 0.03 Li Auto, Inc. 'A' HKD 751,600 10,225,469 0.19 Li Ning Co. Ltd. HKD 1,399,000 3,021,509 0.06 Longfor Group Holdings Ltd., 144A HKD 1,260,751 1,490,127 0.03 Meituan, 144A 'B' HKD 2,993,620 47,907,942 0.91 MINISO Group Holding Ltd. HKD 71,600 325,165 0.01 MINISO Group Holding Ltd., ADR USD 47,950 873,649 0.02 NetEase, Inc. HKD 1,047,325 28,249,501 0.53 New Oriental Education & Technology Group, Inc. HKD 737,700 3,968,972 0.08 NIO, Inc. 'A' HKD 219,550 750,339 0.01 NIO, Inc., ADR USD 726,620 2,492,307 0.05 NU Holdings Ltd. 'A' USD 1,926,382 26,429,961 0.50 PDD Holdings, Inc., ADR USD 417,644 43,710,621 0.83 Pop Mart International Group Ltd., 144A HKD 323,000 10,972,047 0.21 Qifu Technology, Inc., ADR USD 68,660 2,977,098 0.06 Shenzhou International Group Holdings Ltd. HKD 497,300 3,537,525 0.07 Silergy Corp. TWD 198,000 2,409,353 0.05 Sino Biopharmaceutical Ltd. HKD 6,209,000 4,169,553 0.08 Smoore International Holdings Ltd., 144A HKD 1,116,000 2,597,167 0.05 Sunny Optical Technology Group Co. Ltd. HKD 428,000 3,790,994 0.07 TAL Education Group, ADR USD 247,974 2,534,294 0.05 Tencent Holdings Ltd. HKD 3,874,800 248,865,588 4.70 Tencent Music Entertainment Group, ADR USD 451,733 8,804,276 0.17 Tingyi Cayman Islands Holding Corp. HKD 1,186,109 1,738,814 0.03 Tongcheng Travel Holdings Ltd. HKD 770,800 1,925,611 0.04 Trip.com Group Ltd. HKD 373,270 21,741,706 0.41 Vipshop Holdings Ltd., ADR USD 209,500 3,152,975 0.06 Want Want China Holdings Ltd. HKD 2,839,625 1,984,175 0.04 Wuxi Biologics Cayman, Inc., 144A HKD 2,100,500 6,880,143 0.13 Xiaomi Corp., 144A 'B' HKD 10,297,300 79,357,872 1.50 Xinyi Solar Holdings Ltd. HKD 2,812,000 894,665 0.02 XP, Inc. 'A' USD 223,297 4,510,599 0.09 XPeng, Inc. 'A' HKD 746,684 6,667,808 0.13 Yadea Group Holdings Ltd., 144A HKD 748,000 1,198,829 0.02 Zhen Ding Technology Holding Ltd. TWD 403,250 1,380,907 0.03 Zhongsheng Group Holdings Ltd. HKD 488,500 755,453 0.01 ZTO Express Cayman, Inc. HKD 20,900 370,930 0.01 ZTO Express Cayman, Inc., ADR USD 231,000 4,100,250 0.08 911,161,059 17.28 Chile Banco de Chile CLP 27,340,933 4,127,099 0.08 Banco de Credito e Inversiones SA CLP 52,593 2,216,577 0.04
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Banco Santander Chile CLP 39,669,914 2,486,634 0.05 Cencosud SA CLP 768,145 2,608,693 0.05 Empresas CMPC SA CLP 672,283 1,025,611 0.02 Empresas Copec SA CLP 234,543 1,594,066 0.03 Enel Americas SA CLP 12,904,890 1,254,647 0.02 Enel Chile SA CLP 16,640,338 1,229,719 0.02 Falabella SA CLP 377,242 2,000,533 0.04 Latam Airlines Group SA CLP 127,240,603 2,570,917 0.05 Sociedad Quimica y Minera de Chile SA Preference 'B' CLP 85,900 3,055,286 0.06 24,169,782 0.46 China 360 Security Technology, Inc. 'A' CNH 252,600 361,369 0.01 37 Interactive Entertainment Network Technology Group Co. Ltd. 'A' CNH 69,900 169,354 Accelink Technologies Co. Ltd. 'A' CNY 28,100 193,683 ACM Research Shanghai, Inc. 'A' CNH 10,240 162,963 Advanced Micro-Fabrication Equipment, Inc. China 'A' CNH 21,320 544,205 0.01 Advanced Micro-Fabrication Equipment, Inc. China 'A' CNY 1,140 29,090 AECC Aviation Power Co. Ltd. 'A' CNH 93,000 501,095 0.01 AECC Aviation Power Co. Ltd. 'A' CNY 3,200 17,236 Agricultural Bank of China Ltd. 'A' CNH 2,982,900 2,448,981 0.05 Agricultural Bank of China Ltd. 'A' CNY 89,300 73,292 Agricultural Bank of China Ltd. 'H' HKD 16,639,000 11,887,404 0.23 Aier Eye Hospital Group Co. Ltd. 'A' CNH 329,969 574,261 0.01 Air China Ltd. 'A' CNH 465,000 513,040 0.01 Aluminum Corp. of China Ltd. 'A' CNH 458,800 450,963 0.01 Aluminum Corp. of China Ltd. 'H' HKD 2,372,000 1,599,857 0.03 Amlogic Shanghai Co. Ltd. 'A' CNH 14,870 147,495 Angel Yeast Co. Ltd. 'A' CNH 31,300 153,907 Anhui Conch Cement Co. Ltd. 'A' CNH 141,500 424,444 0.01 Anhui Conch Cement Co. Ltd. 'H' HKD 742,573 1,890,280 0.04 Anhui Gujing Distillery Co. Ltd. 'A' CNH 14,500 269,453 0.01 Anhui Gujing Distillery Co. Ltd. 'B' HKD 72,200 965,771 0.02 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNH 14,900 83,668 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNY 63,900 358,699 0.01 Anhui Yingjia Distillery Co. Ltd. 'A' CNH 22,597 124,318 Anker Innovations Technology Co. Ltd. 'A' CNH 13,130 207,294 Anker Innovations Technology Co. Ltd. 'A' CNY 5,850 92,329 APT Medical, Inc. 'A' CNY 5,079 210,805 Avary Holding Shenzhen Co. Ltd. 'A' CNH 82,000 368,045 0.01
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets AVIC Airborne Systems Co. Ltd. CNY 75,111 126,742 AviChina Industry & Technology Co. Ltd. 'H' HKD 1,681,000 946,828 0.02 AVICOPTER plc 'A' CNH 26,700 145,039 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNH 34,600 35,747 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNY 163,200 168,554 Bank of Beijing Co. Ltd. 'A' CNH 763,000 728,566 0.01 Bank of Changsha Co. Ltd. 'A' CNH 145,100 201,681 Bank of Chengdu Co. Ltd. 'A' CNH 147,500 414,220 0.01 Bank of China Ltd. 'A' CNH 1,245,200 977,983 0.02 Bank of China Ltd. 'H' HKD 42,751,063 24,874,540 0.47 Bank of Communications Co. Ltd. 'A' CNH 1,416,500 1,584,735 0.03 Bank of Communications Co. Ltd. 'H' HKD 5,264,400 4,902,048 0.09 Bank of Hangzhou Co. Ltd. 'A' CNH 227,800 535,582 0.01 Bank of Jiangsu Co. Ltd. 'A' CNH 641,790 1,070,326 0.02 Bank of Jiangsu Co. Ltd. 'A' CNY 20,500 34,177 Bank of Nanjing Co. Ltd. 'A' CNH 391,600 635,693 0.01 Bank of Ningbo Co. Ltd. 'A' CNH 232,810 891,859 0.02 Bank of Ningbo Co. Ltd. 'A' CNY 6,200 23,743 Bank of Shanghai Co. Ltd. 'A' CNH 487,150 721,692 0.01 Bank of Shanghai Co. Ltd. 'A' CNY 25,500 37,765 Bank of Suzhou Co. Ltd. 'A' CNH 161,300 197,908 Baoshan Iron & Steel Co. Ltd. 'A' CNH 769,800 708,221 0.01 Beijing Enlight Media Co. Ltd. 'A' CNH 105,900 299,385 0.01 Beijing Kingsoft Office Software, Inc. 'A' CNH 15,867 620,679 0.01 Beijing Kingsoft Office Software, Inc. 'A' CNY 830 32,457 Beijing New Building Materials plc 'A' CNH 59,300 219,051 Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 'A' CNY 36,900 55,393 Beijing Roborock Technology Co. Ltd. 'A' CNY 7,526 165,451 Beijing Roborock Technology Co. Ltd. 'A' CNH 1,623 35,681 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNH 13,760 36,890 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNY 57,774 154,838 Beijing Tong Ren Tang Co. Ltd. 'A' CNH 49,500 249,688 0.01 Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. 'A' CNH 37,330 318,277 0.01 Beijing Yanjing Brewery Co. Ltd. 'A' CNH 101,700 183,584 Beijing-Shanghai High Speed Railway Co. Ltd. 'A' CNH 1,772,100 1,423,705 0.03 Bestechnic Shanghai Co. Ltd. 'A' CNY 4,247 206,277 Bethel Automotive Safety Systems Co. Ltd. 'A' CNH 21,300 156,697 BOC International China Co. Ltd. 'A' CNH 91,200 136,112 BOE Technology Group Co. Ltd. 'A' CNH 1,307,300 730,607 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets BYD Co. Ltd. 'A' CNH 65,400 3,046,429 0.06 BYD Co. Ltd. 'H' HKD 2,215,500 34,674,388 0.66 Caitong Securities Co. Ltd. 'A' CNH 165,150 182,381 Cambricon Technologies Corp. Ltd. 'A' CNY 12,890 1,082,124 0.02 Cambricon Technologies Corp. Ltd. 'A' CNH 2,175 182,653 Capital Securities Co. Ltd. 'A' CNY 61,500 171,392 CCOOP Group Co. Ltd. 'A' CNY 638,900 207,414 CGN Power Co. Ltd. 'A' CNH 537,900 273,344 0.01 CGN Power Co. Ltd., 144A 'H' HKD 6,379,000 2,169,996 0.04 Changchun High-Tech Industry Group Co. Ltd. 'A' CNH 14,700 204,147 Changjiang Securities Co. Ltd. 'A' CNH 201,900 195,144 Changzhou Xingyu Automotive Lighting Systems Co. Ltd. 'A' CNH 9,900 172,587 Chaozhou Three-Circle Group Co. Ltd. 'A' CNH 67,800 316,287 0.01 Chifeng Jilong Gold Mining Co. Ltd. 'A' CNY 58,900 206,921 China CITIC Bank Corp. Ltd. 'H' HKD 4,922,600 4,693,244 0.09 China Coal Energy Co. Ltd. 'H' HKD 1,234,995 1,426,694 0.03 China Communications Services Corp. Ltd. 'H' HKD 1,410,400 763,753 0.01 China Construction Bank Corp. 'A' CNH 339,400 447,347 0.01 China Construction Bank Corp. 'H' HKD 57,840,461 58,442,019 1.10 China CSSC Holdings Ltd. 'A' CNH 154,000 699,610 0.01 China CSSC Holdings Ltd. 'A' CNY 4,200 19,074 China Eastern Airlines Corp. Ltd. 'A' CNH 617,600 348,170 0.01 China Energy Engineering Corp. Ltd. 'A' CNH 1,170,300 364,211 0.01 China Everbright Bank Co. Ltd. 'A' CNH 1,598,400 926,392 0.02 China Everbright Bank Co. Ltd. 'A' CNY 51,900 30,070 China Everbright Bank Co. Ltd. 'H' HKD 1,869,000 933,453 0.02 China Galaxy Securities Co. Ltd. 'A' CNH 246,300 588,987 0.01 China Galaxy Securities Co. Ltd. 'A' CNY 15,100 36,097 China Galaxy Securities Co. Ltd. 'H' HKD 2,109,000 2,373,404 0.05 China Great Wall Securities Co. Ltd. 'A' CNH 137,900 161,166 China Greatwall Technology Group Co. Ltd. 'A' CNH 101,700 209,972 China Greatwall Technology Group Co. Ltd. 'A' CNY 7,200 14,860 China International Capital Corp. Ltd. 'A' CNH 85,000 419,163 0.01 China International Capital Corp. Ltd. 'A' CNY 18,800 92,679 China International Capital Corp. Ltd., 144A 'H' HKD 973,200 2,195,475 0.04 China Jushi Co. Ltd. 'A' CNH 141,923 226,281 China Life Insurance Co. Ltd. 'A' CNH 95,100 546,871 0.01
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Life Insurance Co. Ltd. 'A' CNY 5,100 29,318 China Life Insurance Co. Ltd. 'H' HKD 4,475,561 10,772,958 0.20 China Longyuan Power Group Corp. Ltd. 'H' HKD 1,896,000 1,709,995 0.03 China Merchants Bank Co. Ltd. 'A' CNH 744,400 4,784,485 0.09 China Merchants Bank Co. Ltd. 'H' HKD 2,347,053 16,427,040 0.31 China Merchants Energy Shipping Co. Ltd. 'A' CNH 294,000 256,854 0.01 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNH 101,200 169,557 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNY 99,900 167,324 China Merchants Securities Co. Ltd. 'A' CNH 267,880 657,242 0.01 China Merchants Shekou Industrial Zone Holdings Co. Ltd. 'A' CNH 320,600 393,259 0.01 China Minsheng Banking Corp. Ltd. 'A' CNH 1,254,600 833,320 0.02 China Minsheng Banking Corp. Ltd. 'H' HKD 4,003,453 2,272,662 0.04 China National Building Material Co. Ltd. 'H' HKD 2,235,260 1,069,607 0.02 China National Chemical Engineering Co. Ltd. 'A' CNH 207,200 221,870 China National Nuclear Power Co. Ltd. 'A' CNH 182,700 238,035 China National Nuclear Power Co. Ltd. 'A' CNY 545,000 709,832 0.01 China National Software & Service Co. Ltd. 'A' CNH 30,630 199,916 China Northern Rare Earth Group High-Tech Co. Ltd. 'A' CNH 130,500 453,734 0.01 China Oilfield Services Ltd. 'H' HKD 1,068,000 875,113 0.02 China Pacific Insurance Group Co. Ltd. 'A' CNH 240,500 1,259,477 0.02 China Pacific Insurance Group Co. Ltd. 'A' CNY 6,500 34,029 China Pacific Insurance Group Co. Ltd. 'H' HKD 1,585,768 5,440,991 0.10 China Petroleum & Chemical Corp. 'A' CNH 1,128,300 888,159 0.02 China Petroleum & Chemical Corp. 'A' CNY 41,300 32,499 China Petroleum & Chemical Corp. 'H' HKD 14,464,663 7,582,602 0.14 China Railway Group Ltd. 'A' CNH 726,500 568,993 0.01 China Railway Group Ltd. 'H' HKD 2,531,000 1,213,018 0.02 China Railway Signal & Communication Corp. Ltd. 'A' CNH 258,031 185,172 China Rare Earth Resources And Technology Co. Ltd. 'A' CNH 38,334 193,388 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNH 9,958 43,536 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNY 47,151 206,073 China Shenhua Energy Co. Ltd. 'A' CNH 231,800 1,311,613 0.03
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Shenhua Energy Co. Ltd. 'A' CNY 6,200 35,070 China Shenhua Energy Co. Ltd. 'H' HKD 2,031,417 7,887,605 0.15 China Southern Airlines Co. Ltd. 'A' CNH 400,400 330,578 0.01 China State Construction Engineering Corp. Ltd. 'A' CNH 1,447,200 1,165,206 0.02 China State Construction Engineering Corp. Ltd. 'A' CNY 44,000 35,415 China Three Gorges Renewables Group Co. Ltd. 'A' CNH 1,012,500 601,988 0.01 China Tourism Group Duty Free Corp. Ltd. 'A' CNH 67,000 569,809 0.01 China Tourism Group Duty Free Corp. Ltd. 'A' CNY 3,500 29,756 China Tower Corp. Ltd., 144A 'H' HKD 2,666,307 3,814,907 0.07 China United Network Communications Ltd. 'A' CNH 1,077,500 803,297 0.02 China United Network Communications Ltd. 'A' CNY 48,700 36,295 China Vanke Co. Ltd. 'A' CNH 350,900 315,327 0.01 China Vanke Co. Ltd. 'H' HKD 1,301,100 810,693 0.02 China XD Electric Co. Ltd. 'A' CNH 168,200 144,626 China Yangtze Power Co. Ltd. 'A' CNH 883,000 3,715,987 0.07 China Zheshang Bank Co. Ltd. 'A' CNH 777,500 368,398 0.01 Chongqing Brewery Co. Ltd. 'A' CNH 16,879 130,118 Chongqing Changan Automobile Co. Ltd. 'A' CNH 283,288 506,392 0.01 Chongqing Changan Automobile Co. Ltd. 'A' CNY 15,400 27,519 Chongqing Rural Commercial Bank Co. Ltd. 'A' CNH 312,900 312,042 0.01 Chongqing Rural Commercial Bank Co. Ltd. 'H' HKD 1,361,000 1,151,182 0.02 Chongqing Zhifei Biological Products Co. Ltd. 'A' CNH 81,550 223,047 Citic Pacific Special Steel Group Co. Ltd. 'A' CNY 121,400 199,628 CITIC Securities Co. Ltd. 'A' CNH 434,350 1,673,087 0.03 CITIC Securities Co. Ltd. 'A' CNY 7,600 29,265 CITIC Securities Co. Ltd. 'H' HKD 945,521 2,863,094 0.05 CMOC Group Ltd. 'A' CNH 633,900 745,228 0.01 CMOC Group Ltd. 'H' HKD 2,249,000 2,276,165 0.04 CNGR Advanced Material Co. Ltd. 'A' CNH 33,040 151,671 CNOOC Energy Technology & Services Ltd. 'A' CNY 244,600 139,226 CNPC Capital Co. Ltd. 'A' CNY 185,000 189,375 CNPC Capital Co. Ltd. 'A' CNH 120,400 123,288 Contemporary Amperex Technology Co. Ltd. 'A' CNH 158,480 5,580,905 0.11 Contemporary Amperex Technology Co. Ltd. 'A' CNY 400 14,081 Contemporary Amperex Technology Co. Ltd. 'H' HKD 51,600 2,163,913 0.04 COSCO SHIPPING Energy Transportation Co. Ltd. 'A' CNH 114,000 164,357 COSCO SHIPPING Holdings Co. Ltd. 'A' CNH 451,440 947,967 0.02
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets COSCO SHIPPING Holdings Co. Ltd. 'H' HKD 1,731,900 3,010,981 0.06 CRRC Corp. Ltd. 'A' CNH 860,700 845,948 0.02 CRRC Corp. Ltd. 'H' HKD 2,629,000 1,587,760 0.03 CSC Financial Co. Ltd. 'A' CNH 142,100 477,115 0.01 CSC Financial Co. Ltd. 'A' CNY 8,100 27,188 CSI Solar Co. Ltd. 'A' CNY 130,486 166,385 CSPC Innovation Pharmaceutical Co. Ltd. 'A' CNH 49,880 361,732 0.01 Daqin Railway Co. Ltd. 'A' CNH 690,400 636,539 0.01 Daqin Railway Co. Ltd. 'A' CNY 36,700 33,826 Datang International Power Generation Co. Ltd. 'A' CNH 402,900 178,702 Dong-E-E-Jiao Co. Ltd. 'A' CNH 23,200 169,326 Dongfang Electric Corp. Ltd. 'A' CNH 110,100 258,187 0.01 Dongxing Securities Co. Ltd. 'A' CNH 117,300 183,459 East Money Information Co. Ltd. 'A' CNH 560,100 1,808,753 0.03 East Money Information Co. Ltd. 'A' CNY 9,600 30,991 Eastroc Beverage Group Co. Ltd. 'A' CNY 10,140 444,251 0.01 Eastroc Beverage Group Co. Ltd. 'A' CNH 8,730 382,602 0.01 Ecovacs Robotics Co. Ltd. 'A' CNH 18,200 148,505 Empyrean Technology Co. Ltd. 'A' CNH 16,300 281,630 0.01 ENN Natural Gas Co. Ltd. 'A' CNH 91,300 240,822 0.01 Eoptolink Technology, Inc. Ltd. 'A' CNH 35,140 623,302 0.01 Eve Energy Co. Ltd. 'A' CNH 73,817 471,259 0.01 Everbright Securities Co. Ltd. 'A' CNH 138,500 347,279 0.01 Everdisplay Optronics Shanghai Co. Ltd. 'A' CNH 499,163 162,987 Flat Glass Group Co. Ltd. 'A' CNH 62,000 132,132 Focus Media Information Technology Co. Ltd. 'A' CNH 511,000 520,802 0.01 Foshan Haitian Flavouring & Food Co. Ltd. 'A' CNH 167,192 909,576 0.02 Founder Securities Co. Ltd. 'A' CNH 36,300 40,088 Founder Securities Co. Ltd. 'A' CNY 241,000 266,061 0.01 Foxconn Industrial Internet Co. Ltd. 'A' CNH 477,800 1,426,373 0.03 Fuyao Glass Industry Group Co. Ltd. 'A' CNH 68,600 547,029 0.01 Fuyao Glass Industry Group Co. Ltd. 'A' CNY 3,700 29,495 Fuyao Glass Industry Group Co. Ltd., 144A 'H' HKD 364,800 2,608,146 0.05 Ganfeng Lithium Group Co. Ltd. 'A' CNH 49,620 234,784 Ganfeng Lithium Group Co. Ltd. 'A' CNY 4,900 23,177 GD Power Development Co. Ltd. 'A' CNH 631,000 427,044 0.01 GEM Co. Ltd. 'A' CNH 148,400 131,998 GEM Co. Ltd. 'A' CNY 24,800 22,052 GF Securities Co. Ltd. 'A' CNH 194,200 457,616 0.01 GF Securities Co. Ltd. 'A' CNY 11,400 26,854 GigaDevice Semiconductor, Inc. 'A' CNH 24,132 426,550 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets GoerTek, Inc. 'A' CNH 123,000 402,276 0.01 Goldwind Science & Technology Co. Ltd. 'A' CNH 118,200 169,624 Goneo Group Co. Ltd. 'A' CNY 30,044 202,539 Gotion High-tech Co. Ltd. 'A' CNH 59,900 272,602 0.01 Great Wall Motor Co. Ltd. 'A' CNH 89,100 268,067 0.01 Great Wall Motor Co. Ltd. 'H' HKD 1,394,649 2,151,569 0.04 Gree Electric Appliances, Inc. of Zhuhai 'A' CNH 19,700 123,691 Gree Electric Appliances, Inc. of Zhuhai 'A' CNY 81,400 510,920 0.01 GRG Banking Equipment Co. Ltd. 'A' CNH 90,000 169,750 Guangdong Haid Group Co. Ltd. 'A' CNH 58,900 481,630 0.01 Guanghui Energy Co. Ltd. 'A' CNH 236,900 199,105 Guangzhou Automobile Group Co. Ltd. 'A' CNH 217,700 227,649 Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. 'A' CNH 47,700 175,539 Guangzhou Haige Communications Group, Inc. Co. 'A' CNH 74,000 144,434 Guangzhou Haige Communications Group, Inc. Co. 'A' CNY 9,800 19,121 Guangzhou Tinci Materials Technology Co. Ltd. 'A' CNH 64,460 163,742 Guolian Minsheng Securities Co. Ltd. 'A' CNH 118,600 171,540 Guosen Securities Co. Ltd. 'A' CNH 231,261 371,625 0.01 Guotai Haitong Securities Co. Ltd. CNH 509,670 1,363,358 0.03 Guotai Haitong Securities Co. Ltd., 144A 'H' HKD 1,240,232 1,995,504 0.04 Guoyuan Securities Co. Ltd. 'A' CNH 143,200 157,602 Haier Smart Home Co. Ltd. 'A' CNH 221,300 764,435 0.01 Haier Smart Home Co. Ltd. 'H' HKD 1,460,800 4,188,058 0.08 Hainan Airlines Holding Co. Ltd. 'A' CNY 1,349,700 253,283 0.01 Hainan Airlines Holding Co. Ltd. 'A' CNH 204,100 38,314 Hainan Airport Infrastructure Co. Ltd. 'A' CNY 187,700 92,999 Hainan Airport Infrastructure Co. Ltd. 'A' CNH 222,200 110,129 Haisco Pharmaceutical Group Co. Ltd. 'A' CNY 33,700 198,745 Hangzhou First Applied Material Co. Ltd. 'A' CNH 94,396 171,375 Hangzhou Silan Microelectronics Co. Ltd. 'A' CNH 57,600 199,769 Hangzhou Tigermed Consulting Co. Ltd. 'A' CNH 11,000 81,888 Hebei Yangyuan Zhihui Beverage Co. Ltd. 'A' CNH 45,800 135,434 Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. 'A' CNH 81,200 188,644 Henan Shuanghui Investment & Development Co. Ltd. 'A' CNH 120,400 410,154 0.01 Hengli Petrochemical Co. Ltd. 'A' CNH 229,260 456,736 0.01 Hengli Petrochemical Co. Ltd. 'A' CNY 14,800 29,475 -
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Hengtong Optic-electric Co. Ltd. 'A' CNH 90,600 194,347 Hisense Home Appliances Group Co. Ltd. 'H' HKD 203,000 553,560 0.01 Hithink RoyalFlush Information Network Co. Ltd. 'A' CNH 19,000 724,228 0.01 HLA Group Corp. Ltd. 'A' CNH 156,100 151,585 Hoshine Silicon Industry Co. Ltd. 'A' CNH 28,400 188,211 Huadian Power International Corp. Ltd. 'A' CNH 293,500 224,413 Huadong Medicine Co. Ltd. 'A' CNH 63,340 357,426 0.01 Huafon Chemical Co. Ltd. 'A' CNH 156,400 144,332 Huagong Tech Co. Ltd. 'A' CNH 35,700 234,528 Huaibei Mining Holdings Co. Ltd. 'A' CNH 87,600 138,686 Hualan Biological Engineering, Inc. 'A' CNH 57,500 125,728 Huaneng Lancang River Hydropower, Inc. 'A' CNH 19,373 25,846 Huaneng Lancang River Hydropower, Inc. 'A' CNY 175,500 234,066 Huaneng Power International, Inc. 'A' CNH 313,300 312,582 0.01 Huaneng Power International, Inc. 'H' HKD 2,544,379 1,641,778 0.03 Huaqin Technology Co. Ltd. 'A' CNY 28,600 322,652 0.01 Huatai Securities Co. Ltd. 'A' CNH 250,600 622,293 0.01 Huatai Securities Co. Ltd. 'A' CNY 13,100 32,519 Huatai Securities Co. Ltd., 144A 'H' HKD 775,400 1,567,582 0.03 Huaxia Bank Co. Ltd. 'A' CNH 479,400 530,570 0.01 Huayu Automotive Systems Co. Ltd. 'A' CNH 107,700 265,388 0.01 Huizhou Desay Sv Automotive Co. Ltd. 'A' CNH 19,000 271,937 0.01 Humanwell Healthcare Group Co. Ltd. 'A' CNH 58,900 172,522 Hunan Valin Steel Co. Ltd. 'A' CNH 217,700 134,112 Hundsun Technologies, Inc. 'A' CNH 66,981 313,922 0.01 Hwatsing Technology Co. Ltd. 'A' CNH 7,772 183,587 Hygon Information Technology Co. Ltd. 'A' CNH 80,213 1,586,946 0.03 Hygon Information Technology Co. Ltd. 'A' CNY 2,020 39,951 IEIT Systems Co. Ltd. 'A' CNH 52,132 372,014 0.01 Iflytek Co. Ltd. 'A' CNH 79,100 530,680 0.01 Iflytek Co. Ltd. 'A' CNY 4,300 28,839 Imeik Technology Development Co. Ltd. 'A' CNH 10,320 252,681 0.01 Industrial & Commercial Bank of China Ltd. 'A' CNH 2,240,900 2,376,054 0.05 Industrial & Commercial Bank of China Ltd. 'A' CNY 29,300 31,057 Industrial & Commercial Bank of China Ltd. 'H' HKD 39,152,292 31,061,390 0.59 Industrial Bank Co. Ltd. 'A' CNH 749,700 2,447,648 0.05 Industrial Securities Co. Ltd. 'A' CNH 272,100 236,030 Industrial Securities Co. Ltd. 'A' CNY 31,500 27,315 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ingenic Semiconductor Co. Ltd. 'A' CNH 16,900 163,412 Inner Mongolia BaoTou Steel Union Co. Ltd. 'A' CNH 1,634,400 409,651 0.01 Inner Mongolia Dian Tou Energy Corp. Ltd. 'A' CNH 80,900 223,407 Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. 'A' CNH 298,500 230,959 Inner Mongolia Yili Industrial Group Co. Ltd. 'A' CNH 229,700 895,524 0.02 Inner Mongolia Yitai Coal Co. Ltd. 'B' USD 626,400 1,240,898 0.02 Isoftstone Information Technology Group Co. Ltd. 'A' CNY 27,900 212,775 Isoftstone Information Technology Group Co. Ltd. 'A' CNH 5,800 44,247 JA Solar Technology Co. Ltd. 'A' CNH 117,996 165,023 JCET Group Co. Ltd. 'A' CNH 61,200 288,053 0.01 Jiangsu Eastern Shenghong Co. Ltd. 'A' CNH 233,900 271,827 0.01 Jiangsu Expressway Co. Ltd. 'H' HKD 736,000 1,039,592 0.02 Jiangsu Hengli Hydraulic Co. Ltd. 'A' CNH 47,436 476,873 0.01 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNH 230,233 1,672,012 0.03 Jiangsu Hoperun Software Co. Ltd. 'A' CNY 28,200 200,292 Jiangsu King's Luck Brewery JSC Ltd. 'A' CNH 45,000 244,793 0.01 Jiangsu Phoenix Publishing & Media Corp. Ltd. 'A' CNH 75,600 117,941 Jiangsu Phoenix Publishing & Media Corp. Ltd. 'A' CNY 4,600 7,174 Jiangsu Yanghe Distillery Co. Ltd. 'A' CNH 54,400 491,179 0.01 Jiangsu Yoke Technology Co. Ltd. 'A' CNH 16,300 124,461 Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. 'A' CNH 36,200 180,269 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 123,200 249,622 0.01 Jiangxi Copper Co. Ltd. 'A' CNH 74,900 245,856 0.01 Jiangxi Copper Co. Ltd. 'H' HKD 667,611 1,299,051 0.03 Jinduicheng Molybdenum Co. Ltd. 'A' CNY 115,000 175,887 Jinko Solar Co. Ltd. 'A' CNH 158,816 115,081 Jinko Solar Co. Ltd. 'A' CNY 195,160 141,370 Juneyao Airlines Co. Ltd. 'A' CNH 75,800 142,907 Kuang-Chi Technologies Co. Ltd. 'A' CNH 77,200 430,464 0.01 Kunlun Tech Co. Ltd. 'A' CNY 35,000 165,082 Kunlun Tech Co. Ltd. 'A' CNH 8,600 40,576 Kweichow Moutai Co. Ltd. 'A' CNH 45,100 8,895,077 0.17 Kweichow Moutai Co. Ltd. 'A' CNY 200 39,433 LB Group Co. Ltd. 'A' CNH 86,100 195,241 Lens Technology Co. Ltd. 'A' CNH 176,300 551,243 0.01 Liaoning Port Co. Ltd. 'A' CNH 617,800 129,749 Lingyi iTech Guangdong Co. 'A' CNH 247,900 298,621 0.01 LONGi Green Energy Technology Co. Ltd. 'A' CNH 259,620 544,430 0.01
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets LONGi Green Energy Technology Co. Ltd. 'A' CNY 13,900 29,139 Loongson Technology Corp. Ltd. 'A' CNY 11,280 209,773 Luxshare Precision Industry Co. Ltd. 'A' CNH 253,568 1,232,957 0.02 Luxshare Precision Industry Co. Ltd. 'A' CNY 8,000 38,887 Luzhou Laojiao Co. Ltd. 'A' CNH 53,400 847,732 0.02 Mango Excellent Media Co. Ltd. 'A' CNH 66,160 202,303 Maxscend Microelectronics Co. Ltd. 'A' CNH 16,852 167,967 Maxscend Microelectronics Co. Ltd. 'A' CNY 1,200 11,957 Meihua Holdings Group Co. Ltd. 'A' CNH 92,800 138,664 Metallurgical Corp. of China Ltd. 'A' CNH 602,700 250,743 0.01 Midea Group Co. Ltd. 'A' CNH 126,400 1,272,312 0.02 Midea Group Co. Ltd. 'H' HKD 215,300 2,045,187 0.04 Montage Technology Co. Ltd. 'A' CNH 41,313 472,984 0.01 Muyuan Foods Co. Ltd. 'A' CNH 192,838 1,132,074 0.02 Muyuan Foods Co. Ltd. 'A' CNY 4,300 25,235 Nanjing Iron & Steel Co. Ltd. 'A' CNY 208,100 121,909 Nanjing Securities Co. Ltd. 'A' CNH 121,000 136,397 NARI Technology Co. Ltd. 'A' CNH 284,145 888,991 0.02 National Silicon Industry Group Co. Ltd. 'A' CNY 79,970 209,677 National Silicon Industry Group Co. Ltd. 'A' CNH 12,770 33,493 NAURA Technology Group Co. Ltd. 'A' CNH 19,200 1,185,651 0.02 New China Life Insurance Co. Ltd. 'A' CNH 73,800 602,760 0.01 New China Life Insurance Co. Ltd. 'H' HKD 559,776 3,058,342 0.06 New Hope Liuhe Co. Ltd. 'A' CNH 161,900 212,089 Nexchip Semiconductor Corp. 'A' CNY 70,975 200,796 Ninestar Corp. 'A' CNH 51,300 164,978 Ningbo Deye Technology Co. Ltd. 'A' CNH 31,085 229,262 Ningbo Orient Wires & Cables Co. Ltd. 'A' CNH 24,800 179,485 Ningbo Sanxing Medical Electric Co. Ltd. 'A' CNH 45,100 141,174 Ningbo Tuopu Group Co. Ltd. 'A' CNH 60,270 397,622 0.01 Ningxia Baofeng Energy Group Co. Ltd. 'A' CNH 247,900 558,619 0.01 Ningxia Baofeng Energy Group Co. Ltd. 'A' CNY 16,700 37,620 Nongfu Spring Co. Ltd., 144A 'H' HKD 1,211,200 6,196,906 0.12 OFILM Group Co. Ltd. 'A' CNH 120,300 199,702 OmniVision Integrated Circuits Group, Inc. CNH 41,505 739,720 0.01 OmniVision Integrated Circuits Group, Inc. CNY 1,500 26,725 Oppein Home Group, Inc. 'A' CNH 18,360 144,632 Orient Securities Co. Ltd. 'A' CNH 264,300 356,822 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets People's Insurance Co. Group of China Ltd. (The) 'A' CNH 341,600 415,042 0.01 People's Insurance Co. Group of China Ltd. (The) 'H' HKD 5,248,000 4,001,978 0.08 PetroChina Co. Ltd. 'A' CNH 128,700 153,527 PetroChina Co. Ltd. 'A' CNY 635,100 757,368 0.01 PetroChina Co. Ltd. 'H' HKD 12,690,124 10,897,486 0.21 Pharmaron Beijing Co. Ltd. 'A' CNH 53,425 183,055 PICC Property & Casualty Co. Ltd. 'H' HKD 4,149,216 8,050,605 0.15 Ping An Bank Co. Ltd. 'A' CNH 90,000 151,907 Ping An Bank Co. Ltd. 'A' CNY 610,300 1,029,761 0.02 Ping An Insurance Group Co. of China Ltd. 'A' CNH 376,100 2,922,278 0.06 Ping An Insurance Group Co. of China Ltd. 'A' CNY 12,300 95,539 Ping An Insurance Group Co. of China Ltd. 'H' HKD 4,031,471 25,666,126 0.49 Piotech, Inc. 'A' CNY 8,104 174,315 Piotech, Inc. 'A' CNH 1,743 37,493 Poly Developments and Holdings Group Co. Ltd. 'A' CNH 423,500 479,927 0.01 Postal Savings Bank of China Co. Ltd. 'A' CNH 1,028,800 786,307 0.02 Postal Savings Bank of China Co. Ltd., 144A 'H' HKD 5,374,000 3,756,146 0.07 Power Construction Corp. of China Ltd. 'A' CNH 601,200 408,750 0.01 Power Construction Corp. of China Ltd. 'A' CNY 20,400 13,865 Qinghai Salt Lake Industry Co. Ltd. 'A' CNH 191,000 456,607 0.01 Range Intelligent Computing Technology Group Co. Ltd. 'A' CNH 50,800 351,914 0.01 Rockchip Electronics Co. Ltd. 'A' CNH 14,800 315,102 0.01 Rongsheng Petrochemical Co. Ltd. 'A' CNH 365,450 423,701 0.01 SAIC Motor Corp. Ltd. 'A' CNH 264,900 593,586 0.01 SAIC Motor Corp. Ltd. 'A' CNY 13,600 30,465 Sailun Group Co. Ltd. 'A' CNH 118,700 217,444 Sanan Optoelectronics Co. Ltd. 'A' CNY 146,100 254,028 0.01 Sanan Optoelectronics Co. Ltd. 'A' CNH 24,500 42,613 Sany Heavy Industry Co. Ltd. 'A' CNH 292,100 733,394 0.01 Sany Heavy Industry Co. Ltd. 'A' CNY 7,700 19,327 Satellite Chemical Co. Ltd. 'A' CNH 114,945 278,875 0.01 SDIC Capital Co. Ltd. 'A' CNH 227,700 238,832 SDIC Power Holdings Co. Ltd. 'A' CNY 218,200 448,865 0.01 SDIC Power Holdings Co. Ltd. 'A' CNH 70,700 145,487 Seres Group Co. Ltd. 'A' CNY 44,100 829,908 0.02 Seres Group Co. Ltd. 'A' CNH 14,800 278,609 0.01 SF Holding Co. Ltd. 'A' CNH 173,900 1,186,810 0.02 SG Micro Corp. 'A' CNH 21,725 221,077 Shaanxi Coal Industry Co. Ltd. 'A' CNH 333,800 896,200 0.02 Shaanxi Coal Industry Co. Ltd. 'A' CNY 9,200 24,692 -
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Shandong Gold Mining Co. Ltd. 'A' CNH 127,856 575,033 0.01 Shandong Gold Mining Co. Ltd., 144A 'H' HKD 465,000 1,634,486 0.03 Shandong Himile Mechanical Science & Technology Co. Ltd. 'A' CNY 28,900 238,876 Shandong Hualu Hengsheng Chemical Co. Ltd. 'A' CNH 76,590 231,931 Shandong Nanshan Aluminum Co. Ltd. 'A' CNH 419,100 223,824 Shandong Sun Paper Industry JSC Ltd. 'A' CNH 93,100 175,236 Shandong Weigao Group Medical Polymer Co. Ltd. 'H' HKD 1,496,000 1,166,737 0.02 Shanghai Baosight Software Co. Ltd. 'A' CNH 76,392 251,919 0.01 Shanghai Baosight Software Co. Ltd. 'B' USD 435,408 589,978 0.01 Shanghai BOCHU Electronic Technology Corp. Ltd. 'A' CNH 9,987 183,368 Shanghai Electric Group Co. Ltd. 'A' CNH 435,900 451,327 0.01 Shanghai Electric Group Co. Ltd. 'A' CNY 11,900 12,317 Shanghai Fosun Pharmaceutical Group Co. Ltd. 'A' CNH 72,500 254,665 0.01 Shanghai International Airport Co. Ltd. 'A' CNH 44,900 199,495 Shanghai M&G Stationery, Inc. 'A' CNH 33,300 135,351 Shanghai Pharmaceuticals Holding Co. Ltd. 'A' CNH 87,700 219,324 Shanghai Pharmaceuticals Holding Co. Ltd. 'A' CNY 6,300 15,750 Shanghai Pudong Development Bank Co. Ltd. 'A' CNH 1,029,600 1,995,121 0.04 Shanghai Pudong Development Bank Co. Ltd. 'A' CNY 29,600 57,339 Shanghai Putailai New Energy Technology Co. Ltd. 'A' CNH 76,206 199,816 Shanghai RAAS Blood Products Co. Ltd. 'A' CNH 239,500 229,700 Shanghai Rural Commercial Bank Co. Ltd. 'A' CNH 67,900 91,949 Shanghai Rural Commercial Bank Co. Ltd. 'A' CNY 273,300 369,978 0.01 Shanghai United Imaging Healthcare Co. Ltd. 'A' CNH 28,192 502,826 0.01 Shanghai United Imaging Healthcare Co. Ltd. 'A' CNY 1,550 27,636 Shanghai Zhangjiang HighTech Park Development Co. Ltd. 'A' CNH 56,500 202,528 Shanjin International Gold Co. Ltd. 'A' CNH 85,400 226,531 Shanjin International Gold Co. Ltd. 'A' CNY 12,500 33,146 Shanxi Coking Coal Energy Group Co. Ltd. 'A' CNH 204,900 183,077 Shanxi Lu'an Environmental Energy Development Co. Ltd. 'A' CNH 108,000 159,070 Shanxi Xinghuacun Fen Wine Factory Co. Ltd. 'A' CNH 42,800 1,054,888 0.02
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Shanxi Xinghuacun Fen Wine Factory Co. Ltd. 'A' CNY 1,200 29,567 Shenergy Co. Ltd. 'A' CNH 175,800 211,158 Shengyi Technology Co. Ltd. 'A' CNH 85,900 361,622 0.01 Shennan Circuits Co. Ltd. 'A' CNH 22,750 344,159 0.01 Shenwan Hongyuan Group Co. Ltd. 'A' CNH 797,300 558,313 0.01 Shenzhen Goodix Technology Co. Ltd. 'A' CNH 16,100 160,211 Shenzhen Inovance Technology Co. Ltd. 'A' CNH 47,650 431,432 0.01 Shenzhen Mindray BioMedical Electronics Co. Ltd. 'A' CNH 43,800 1,374,337 0.03 Shenzhen New Industries Biomedical Engineering Co. Ltd. 'A' CNH 28,400 225,253 Shenzhen Salubris Pharmaceuticals Co. Ltd. 'A' CNH 40,200 266,438 0.01 Shenzhen Transsion Holdings Co. Ltd. 'A' CNH 40,345 450,325 0.01 Sichuan Biokin Pharmaceutical Co. Ltd. 'A' CNH 7,236 300,277 0.01 Sichuan Changhong Electric Co. Ltd. 'A' CNH 163,300 222,513 Sichuan Chuantou Energy Co. Ltd. 'A' CNH 172,500 386,251 0.01 Sichuan Kelun Pharmaceutical Co. Ltd. 'A' CNH 57,700 289,925 0.01 Sichuan Road and Bridge Group Co. Ltd. 'A' CNY 209,860 290,064 0.01 Sichuan Road and Bridge Group Co. Ltd. 'A' CNH 19,000 26,270 Sieyuan Electric Co. Ltd. 'A' CNH 26,100 266,037 0.01 Sinolink Securities Co. Ltd. 'A' CNY 121,800 148,920 Sinopharm Group Co. Ltd. 'H' HKD 807,200 1,892,234 0.04 SooChow Securities Co. Ltd. 'A' CNH 178,190 217,705 Southwest Securities Co. Ltd. 'A' CNH 227,500 138,055 Spring Airlines Co. Ltd. 'A' CNH 6,800 52,912 Spring Airlines Co. Ltd. 'A' CNY 28,700 223,245 Sungrow Power Supply Co. Ltd. 'A' CNH 73,300 691,783 0.01 Sunwoda Electronic Co. Ltd. 'A' CNH 62,900 176,174 SUPCON Technology Co. Ltd. 'A' CNH 27,439 172,140 Suzhou Dongshan Precision Manufacturing Co. Ltd. 'A' CNH 60,000 317,868 0.01 Suzhou TFC Optical Communication Co. Ltd. 'A' CNH 26,544 295,928 0.01 TBEA Co. Ltd. 'A' CNH 28,100 46,924 TBEA Co. Ltd. 'A' CNY 142,480 237,846 TCL Technology Group Corp. 'A' CNH 677,700 410,904 0.01 TCL Zhonghuan Renewable Energy Technology Co. Ltd. 'A' CNH 146,250 157,313 Tianfeng Securities Co. Ltd. 'A' CNH 292,500 202,198 Tianqi Lithium Corp. 'A' CNH 8,500 38,157 Tianqi Lithium Corp. 'A' CNY 43,800 196,558 Tianshan Aluminum Group Co. Ltd. 'A' CNH 167,900 194,804 Tianshui Huatian Technology Co. Ltd. 'A' CNH 117,400 166,148 -
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets TongFu Microelectronics Co. Ltd. 'A' CNH 54,100 194,260 Tongling Nonferrous Metals Group Co. Ltd. 'A' CNH 439,100 204,762 Tongwei Co. Ltd. 'A' CNH 162,500 381,291 0.01 TravelSky Technology Ltd. 'H' HKD 561,000 750,632 0.01 Trina Solar Co. Ltd. 'A' CNH 78,591 159,436 Tsingtao Brewery Co. Ltd. 'A' CNH 22,400 217,460 Tsingtao Brewery Co. Ltd. 'A' CNY 2,500 24,262 Tsingtao Brewery Co. Ltd. 'H' HKD 374,297 2,446,190 0.05 Unigroup Guoxin Microelectronics Co. Ltd. 'A' CNH 29,439 271,424 0.01 Unisplendour Corp. Ltd. 'A' CNH 103,748 349,134 0.01 Verisilicon Microelectronics Shanghai Co. Ltd. 'A' CNH 18,075 243,526 0.01 Victory Giant Technology Huizhou Co. Ltd. 'A' CNY 31,100 581,199 0.01 Wanhua Chemical Group Co. Ltd. 'A' CNH 15,700 118,791 Wanhua Chemical Group Co. Ltd. 'A' CNY 95,400 721,591 0.01 Weichai Power Co. Ltd. 'A' CNH 235,600 507,449 0.01 Weichai Power Co. Ltd. 'H' HKD 1,168,659 2,377,516 0.05 Wens Foodstuff Group Co. Ltd. 'A' CNH 235,420 561,986 0.01 Western Mining Co. Ltd. 'A' CNH 86,000 199,682 Western Securities Co. Ltd. 'A' CNH 162,500 178,774 Western Superconducting Technologies Co. Ltd. 'A' CNH 22,985 166,828 Wingtech Technology Co. Ltd. 'A' CNH 39,200 184,177 Wingtech Technology Co. Ltd. 'A' CNY 2,800 13,151 Wintime Energy Group Co. Ltd. 'A' CNH 700,100 131,332 Wuhan Guide Infrared Co. Ltd. 'A' CNH 154,145 221,195 Wuliangye Yibin Co. Ltd. 'A' CNH 138,200 2,299,319 0.04 Wuliangye Yibin Co. Ltd. 'A' CNY 1,900 31,601 WUS Printed Circuit Kunshan Co. Ltd. 'A' CNH 67,870 403,516 0.01 WuXi AppTec Co. Ltd. 'A' CNH 88,440 862,977 0.02 WuXi AppTec Co. Ltd., 144A 'H' HKD 194,134 1,949,951 0.04 XCMG Construction Machinery Co. Ltd. 'A' CNH 426,400 463,755 0.01 Xiamen C & D, Inc. 'A' CNH 94,711 137,334 Xiamen Tungsten Co. Ltd. 'A' CNH 57,300 167,351 Xinjiang Daqo New Energy Co. Ltd. 'A' CNH 12,452 37,149 Xinjiang Daqo New Energy Co. Ltd. 'A' CNY 52,140 155,504 Yankuang Energy Group Co. Ltd. 'A' CNH 215,215 365,661 0.01 Yankuang Energy Group Co. Ltd. 'H' HKD 1,960,997 1,953,990 0.04 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 36,900 179,986 Yealink Network Technology Corp. Ltd. 'A' CNH 45,560 221,107 Yifeng Pharmacy Chain Co. Ltd. 'A' CNH 43,788 149,689 Yihai Kerry Arawana Holdings Co. Ltd. 'A' CNH 57,800 238,149 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Yonghui Superstores Co. Ltd. 'A' CNH 321,100 219,666 Yonyou Network Technology Co. Ltd. 'A' CNH 120,914 225,954 Youngor Fashion Co. Ltd. 'A' CNH 166,800 169,882 YTO Express Group Co. Ltd. 'A' CNH 116,133 209,100 Yunnan Aluminium Co. Ltd. 'A' CNH 115,500 257,700 0.01 Yunnan Baiyao Group Co. Ltd. 'A' CNH 6,600 51,465 Yunnan Baiyao Group Co. Ltd. 'A' CNY 55,260 430,765 0.01 Yunnan Chihong Zinc&Germanium Co. Ltd. 'A' CNY 183,700 135,470 Yunnan Energy New Material Co. Ltd. 'A' CNH 32,600 133,582 Yunnan Yuntianhua Co. Ltd. 'A' CNH 66,200 203,050 Yutong Bus Co. Ltd. 'A' CNY 79,900 277,215 0.01 Zangge Mining Co. Ltd. 'A' CNH 55,900 333,968 0.01 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. 'A' CNH 21,300 594,470 0.01 Zhaojin Mining Industry Co. Ltd. 'H' HKD 1,039,882 2,735,405 0.05 Zhejiang China Commodities City Group Co. Ltd. 'A' CNH 197,900 574,083 0.01 Zhejiang Chint Electrics Co. Ltd. 'A' CNH 75,700 239,250 0.01 Zhejiang Dahua Technology Co. Ltd. 'A' CNH 119,100 264,214 0.01 Zhejiang Expressway Co. Ltd. 'H' HKD 951,280 875,892 0.02 Zhejiang Huayou Cobalt Co. Ltd. 'A' CNH 61,364 317,175 0.01 Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. 'A' CNH 45,400 172,132 Zhejiang Juhua Co. Ltd. 'A' CNH 89,300 358,792 0.01 Zhejiang Juhua Co. Ltd. 'A' CNY 8,100 32,534 Zhejiang Leapmotor Technology Co. Ltd., 144A HKD 302,200 2,110,318 0.04 Zhejiang Longsheng Group Co. Ltd. 'A' CNY 116,100 165,012 Zhejiang NHU Co. Ltd. 'A' CNY 89,168 264,403 0.01 Zhejiang NHU Co. Ltd. 'A' CNH 18,800 55,765 Zhejiang Sanhua Intelligent Controls Co. Ltd. 'A' CNH 10,700 39,412 Zhejiang Sanhua Intelligent Controls Co. Ltd. 'A' CNY 52,600 193,682 Zhejiang Supor Co. Ltd. 'A' CNH 17,000 124,339 Zhejiang Wanfeng Auto Wheel Co. Ltd. 'A' CNY 68,200 151,818 Zhejiang Wanfeng Auto Wheel Co. Ltd. 'A' CNH 8,800 19,596 Zhejiang Weiming Environment Protection Co. Ltd. 'A' CNH 61,480 164,250 Zhejiang Zheneng Electric Power Co. Ltd. 'A' CNY 327,100 241,949 0.01 Zhejiang Zheneng Electric Power Co. Ltd. 'A' CNH 73,100 54,088 Zheshang Securities Co. Ltd. 'A' CNH 161,800 246,449 0.01 Zhongji Innolight Co. Ltd. 'A' CNH 38,620 786,611 0.02 Zhongji Innolight Co. Ltd. 'A' CNY 1,000 20,361 Zhongjin Gold Corp. Ltd. 'A' CNH 10,900 22,496 Zhongjin Gold Corp. Ltd. 'A' CNY 158,800 327,633 0.01
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Zhongtai Securities Co. Ltd. 'A' CNH 228,700 205,093 Zhuzhou CRRC Times Electric Co. Ltd. 'A' CNH 28,510 169,581 Zhuzhou CRRC Times Electric Co. Ltd. 'H' HKD 285,400 1,151,243 0.02 Zijin Mining Group Co. Ltd. 'A' CNH 743,000 2,045,453 0.04 Zijin Mining Group Co. Ltd. 'H' HKD 3,421,000 8,707,647 0.16 Zoomlion Heavy Industry Science and Technology Co. Ltd. 'A' CNH 249,500 252,675 0.01 ZTE Corp. 'A' CNH 142,500 648,970 0.01 ZTE Corp. 'H' HKD 454,404 1,401,802 0.03 564,864,771 10.40 Colombia Grupo Cibest SA COP 153,283 1,913,692 0.04 Grupo Cibest SA Preference COP 271,933 3,072,810 0.06 Interconexion Electrica SA ESP COP 266,489 1,290,368 0.02 6,276,870 0.12 Czech Republic CEZ AS CZK 97,074 5,684,135 0.11 Komercni Banka AS CZK 45,723 2,203,937 0.04 Moneta Money Bank AS, 144A CZK 153,673 1,056,731 0.02 8,944,803 0.17 Egypt Commercial International Bank - Egypt (CIB) EGP 1,372,751 2,335,477 0.04 Eastern Co. SAE EGP 759,543 459,865 0.01 Talaat Moustafa Group EGP 460,840 516,643 0.01 3,311,985 0.06 Greece Alpha Bank SA EUR 1,274,075 4,471,763 0.08 Eurobank Ergasias Services and Holdings SA EUR 1,547,984 5,298,667 0.10 Hellenic Telecommunications Organization SA EUR 99,287 1,881,085 0.04 JUMBO SA EUR 69,559 2,392,399 0.05 Metlen Energy & Metals SA EUR 60,160 3,249,878 0.06 National Bank of Greece SA EUR 522,655 6,644,406 0.13 OPAP SA EUR 111,289 2,514,754 0.05 Piraeus Financial Holdings SA EUR 639,238 4,413,674 0.08 Public Power Corp. SA EUR 111,050 1,806,735 0.03 32,673,361 0.62 Hong Kong Beijing Enterprises Holdings Ltd. HKD 302,655 1,246,859 0.02 BYD Electronic International Co. Ltd. HKD 474,500 1,923,897 0.04 China Merchants Port Holdings Co. Ltd. HKD 758,200 1,383,439 0.03 China Overseas Land & Investment Ltd. HKD 2,304,014 4,002,986 0.08 China Power International Development Ltd. HKD 2,604,000 991,985 0.02 China Resources Beer Holdings Co. Ltd. HKD 975,620 3,102,506 0.06 China Resources Pharmaceutical Group Ltd., 144A HKD 1,111,500 725,916 0.01 China Resources Power Holdings Co. Ltd. HKD 1,245,515 3,008,949 0.06 China Taiping Insurance Holdings Co. Ltd. HKD 864,680 1,690,779 0.03
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets CITIC Ltd. HKD 2,449,524 3,370,667 0.06 CSPC Pharmaceutical Group Ltd. HKD 4,860,560 4,779,593 0.09 Far East Horizon Ltd. HKD 1,151,000 1,000,078 0.02 Fosun International Ltd. HKD 1,447,500 862,797 0.02 Guangdong Investment Ltd. HKD 1,770,000 1,480,322 0.03 Hua Hong Semiconductor Ltd., 144A HKD 396,000 1,755,045 0.03 Lenovo Group Ltd. HKD 4,849,581 5,835,972 0.11 MMG Ltd. HKD 2,552,000 1,246,019 0.02 Sinotruk Hong Kong Ltd. HKD 407,000 1,186,057 0.02 39,593,866 0.75 Hungary MOL Hungarian Oil & Gas plc HUF 246,425 2,137,833 0.04 OTP Bank Nyrt HUF 134,727 10,722,657 0.20 Richter Gedeon Nyrt HUF 84,073 2,469,079 0.05 15,329,569 0.29 India ABB India Ltd. INR 31,864 2,260,272 0.04 Adani Enterprises Ltd. INR 97,187 2,969,503 0.06 Adani Ports & Special Economic Zone Ltd. INR 324,809 5,495,162 0.10 Adani Power Ltd. INR 347,969 2,377,350 0.05 Alkem Laboratories Ltd. INR 24,676 1,421,346 0.03 Ambuja Cements Ltd. INR 370,367 2,494,792 0.05 APL Apollo Tubes Ltd. INR 108,498 2,201,136 0.04 Apollo Hospitals Enterprise Ltd. INR 60,536 5,112,640 0.10 Ashok Leyland Ltd. INR 883,100 2,584,683 0.05 Asian Paints Ltd. INR 230,767 6,307,277 0.12 Astral Ltd. INR 75,570 1,328,187 0.03 AU Small Finance Bank Ltd., 144A INR 219,424 2,092,442 0.04 Aurobindo Pharma Ltd. INR 157,198 2,086,430 0.04 Avenue Supermarts Ltd., 144A INR 97,847 4,994,772 0.09 Axis Bank Ltd. INR 1,378,601 19,269,516 0.36 Bajaj Auto Ltd. INR 40,311 3,946,666 0.08 Bajaj Finserv Ltd. INR 230,478 5,527,480 0.10 Bajaj Holdings & Investment Ltd. INR 16,065 2,694,531 0.05 Balkrishna Industries Ltd. INR 45,596 1,300,344 0.03 Bank of Baroda INR 622,072 1,804,939 0.03 Bharat Electronics Ltd. INR 2,198,266 10,808,932 0.20 Bharat Forge Ltd. INR 158,153 2,413,360 0.05 Bharat Heavy Electricals Ltd. INR 628,295 1,951,884 0.04 Bharat Petroleum Corp. Ltd. INR 913,302 3,536,197 0.07 Bharti Airtel Ltd. INR 1,313,596 30,833,054 0.58 Bharti Airtel Ltd. INR 229,716 4,106,045 0.08 Bosch Ltd. INR 4,435 1,690,451 0.03 Britannia Industries Ltd. INR 65,193 4,449,434 0.08 BSE Ltd. INR 119,769 3,882,438 0.07 Canara Bank INR 1,091,125 1,453,534 0.03 CG Power & Industrial Solutions Ltd. INR 367,821 2,927,087 0.06 Cholamandalam Investment and Finance Co. Ltd. INR 252,896 4,801,824 0.09 Cipla Ltd. INR 340,024 5,983,597 0.11 Coal India Ltd. INR 1,111,988 5,084,348 0.10 Coforge Ltd. INR 1,677,750 18,326,487 0.35 Colgate-Palmolive India Ltd. INR 81,794 2,298,196 0.04 Container Corp. Of India Ltd. INR 146,586 1,299,261 0.03
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Coromandel International Ltd. INR 70,885 2,068,704 0.04 Cummins India Ltd. INR 83,362 3,309,016 0.06 Dabur India Ltd. INR 319,793 1,809,991 0.03 Divi's Laboratories Ltd. INR 71,851 5,715,192 0.11 Dixon Technologies India Ltd. INR 21,738 3,798,952 0.07 DLF Ltd. INR 446,640 4,364,856 0.08 Dr Reddy's Laboratories Ltd. INR 351,323 5,267,239 0.10 Eicher Motors Ltd. INR 82,449 5,436,163 0.10 Eternal Ltd. INR 2,902,145 8,968,166 0.17 FSN E-Commerce Ventures Ltd. INR 687,889 1,674,384 0.03 GAIL India Ltd. INR 1,384,128 3,081,532 0.06 GMR Airports Ltd. INR 1,587,698 1,577,781 0.03 Godrej Consumer Products Ltd. INR 246,119 3,386,203 0.06 Godrej Properties Ltd. INR 90,575 2,475,720 0.05 Grasim Industries Ltd. INR 163,712 5,441,508 0.10 Havells India Ltd. INR 150,832 2,728,673 0.05 HCL Technologies Ltd. INR 571,255 11,518,366 0.22 HDFC Asset Management Co. Ltd., 144A INR 57,864 3,508,894 0.07 HDFC Bank Ltd. INR 3,405,848 79,453,929 1.50 HDFC Life Insurance Co. Ltd., 144A INR 582,720 5,534,961 0.11 Hero MotoCorp Ltd. INR 72,179 3,567,341 0.07 Hindalco Industries Ltd. INR 810,969 6,554,719 0.12 Hindustan Aeronautics Ltd. INR 120,672 6,854,958 0.13 Hindustan Petroleum Corp. Ltd. INR 575,909 2,940,315 0.06 Hindustan Unilever Ltd. INR 494,614 13,245,252 0.25 Hyundai Motor India Ltd. INR 97,742 2,533,720 0.05 ICICI Bank Ltd. INR 3,170,277 53,381,252 1.01 ICICI Lombard General Insurance Co. Ltd., 144A INR 146,098 3,481,563 0.07 ICICI Prudential Life Insurance Co. Ltd., 144A INR 217,334 1,670,282 0.03 IDFC First Bank Ltd. INR 2,157,934 1,833,575 0.04 Indian Hotels Co. Ltd. (The) INR 513,682 4,569,031 0.09 Indian Oil Corp. Ltd. INR 1,698,669 2,911,839 0.06 Indian Railway Catering & Tourism Corp. Ltd. INR 141,517 1,289,939 0.02 Indus Towers Ltd. INR 793,373 3,896,933 0.07 IndusInd Bank Ltd. INR 346,741 3,537,869 0.07 Info Edge India Ltd. INR 214,334 3,721,520 0.07 Infosys Ltd. INR 1,998,414 37,341,315 0.71 InterGlobe Aviation Ltd., 144A INR 113,885 7,954,621 0.15 ITC Ltd. INR 1,806,415 8,781,299 0.17 Jindal Stainless Ltd. INR 198,185 1,630,268 0.03 Jindal Steel & Power Ltd. INR 245,416 2,695,774 0.05 Jio Financial Services Ltd. INR 1,719,519 6,554,404 0.12 JSW Energy Ltd. INR 262,803 1,600,743 0.03 JSW Steel Ltd. INR 367,710 4,377,389 0.08 Jubilant Foodworks Ltd. INR 218,278 1,786,906 0.03 Kalyan Jewellers India Ltd. INR 243,276 1,577,389 0.03 Kotak Mahindra Bank Ltd. INR 657,709 16,596,737 0.31 Larsen & Toubro Ltd. INR 405,290 17,347,828 0.33 LTIMindtree Ltd., 144A INR 44,551 2,763,395 0.05 Lupin Ltd. INR 137,303 3,110,408 0.06 Macrotech Developers Ltd., 144A INR 180,007 2,916,976 0.06 Mahindra & Mahindra Ltd. INR 560,949 20,828,666 0.39
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Mankind Pharma Ltd. INR 74,445 2,015,293 0.04 Marico Ltd. INR 311,675 2,624,236 0.05 Maruti Suzuki India Ltd. INR 75,640 10,933,976 0.21 Max Healthcare Institute Ltd. INR 467,763 6,968,267 0.13 Mphasis Ltd. INR 62,878 2,087,514 0.04 MRF Ltd. INR 1,403 2,329,329 0.04 Muthoot Finance Ltd. INR 72,439 2,217,224 0.04 Nestle India Ltd. INR 202,965 5,835,508 0.11 NHPC Ltd. INR 1,812,503 1,814,345 0.03 NMDC Ltd. INR 1,850,771 1,511,343 0.03 NTPC Ltd. INR 2,624,466 10,252,675 0.19 Oberoi Realty Ltd. INR 75,040 1,668,057 0.03 Oil & Natural Gas Corp. Ltd. INR 1,891,630 5,385,853 0.10 Oil India Ltd. INR 292,235 1,480,232 0.03 Page Industries Ltd. INR 3,690 2,130,187 0.04 PB Fintech Ltd. INR 207,168 4,403,943 0.08 Persistent Systems Ltd. INR 65,616 4,624,855 0.09 Petronet LNG Ltd. INR 451,094 1,588,291 0.03 Phoenix Mills Ltd. (The) INR 118,270 2,158,165 0.04 PI Industries Ltd. INR 45,626 2,188,710 0.04 Pidilite Industries Ltd. INR 91,779 3,272,151 0.06 Polycab India Ltd. INR 31,667 2,417,466 0.05 Power Finance Corp. Ltd. INR 893,194 4,453,343 0.08 Power Grid Corp. of India Ltd. INR 2,796,966 9,782,711 0.19 Prestige Estates Projects Ltd. INR 103,627 2,008,238 0.04 Punjab National Bank INR 1,382,507 1,780,327 0.03 Rail Vikas Nigam Ltd. INR 313,514 1,454,894 0.03 REC Ltd. INR 791,888 3,717,564 0.07 Reliance Industries Ltd. INR 3,662,625 64,106,686 1.21 Samvardhana Motherson International Ltd. INR 1,904,419 3,451,134 0.07 SBI Cards & Payment Services Ltd. INR 171,661 1,911,462 0.04 SBI Life Insurance Co. Ltd., 144A INR 271,234 5,826,109 0.11 Shree Cement Ltd. INR 5,425 1,963,427 0.04 Shriram Finance Ltd. INR 848,230 6,994,109 0.13 Siemens Ltd. INR 53,548 2,029,105 0.04 Sona Blw Precision Forgings Ltd., 144A INR 261,756 1,470,079 0.03 SRF Ltd. INR 80,229 3,038,342 0.06 State Bank of India INR 1,073,559 10,272,091 0.19 Sun Pharmaceutical Industries Ltd. INR 577,241 11,295,011 0.21 Sundaram Finance Ltd. INR 39,765 2,401,034 0.05 Supreme Industries Ltd. INR 38,201 1,956,950 0.04 Suzlon Energy Ltd. INR 5,746,261 4,540,999 0.09 Tata Communications Ltd. INR 67,220 1,325,594 0.03 Tata Consultancy Services Ltd. INR 544,033 21,969,708 0.42 Tata Consumer Products Ltd. INR 357,086 4,582,032 0.09 Tata Elxsi Ltd. INR 20,603 1,516,505 0.03 Tata Motors Ltd. INR 1,217,799 9,774,922 0.19 Tata Power Co. Ltd. (The) INR 960,933 4,555,583 0.09 Tata Steel Ltd. INR 4,504,999 8,397,109 0.16 Tech Mahindra Ltd. INR 323,853 6,373,296 0.12 Thermax Ltd. INR 25,085 1,001,461 0.02 Titan Co. Ltd. INR 213,587 9,192,925 0.17 Torrent Pharmaceuticals Ltd. INR 71,246 2,831,839 0.05 Torrent Power Ltd. INR 106,077 1,816,076 0.03 Trent Ltd. INR 109,044 7,926,892 0.15 Tube Investments of India Ltd. INR 64,008 2,321,514 0.04
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets TVS Motor Co. Ltd. INR 142,873 4,858,762 0.09 UltraTech Cement Ltd. INR 70,895 9,999,539 0.19 Union Bank of India Ltd. INR 918,260 1,645,327 0.03 United Spirits Ltd. INR 174,989 2,917,743 0.06 UPL Ltd. INR 270,876 2,089,338 0.04 UPL Ltd. INR 31,133 156,373 Varun Beverages Ltd. INR 813,621 4,349,808 0.08 Vedanta Ltd. INR 823,178 4,425,724 0.08 Vodafone Idea Ltd. INR 16,290,972 1,411,966 0.03 Voltas Ltd. INR 139,261 2,138,300 0.04 Wipro Ltd. INR 1,574,204 4,884,706 0.09 Yes Bank Ltd. INR 8,486,196 2,018,785 0.04 Zydus Lifesciences Ltd. INR 151,302 1,749,898 0.03 949,683,013 17.99 Indonesia Alamtri Resources Indonesia Tbk PT IDR 7,400,000 836,258 0.02 Amman Mineral Internasional PT IDR 3,925,500 2,043,798 0.04 Astra International Tbk PT IDR 12,174,600 3,375,218 0.06 Bank Central Asia Tbk PT IDR 33,365,200 17,877,083 0.34 Bank Mandiri Persero Tbk PT IDR 22,454,496 6,754,915 0.13 Bank Negara Indonesia Persero Tbk PT IDR 8,973,100 2,285,594 0.04 Bank Rakyat Indonesia Persero Tbk PT IDR 41,020,423 9,486,330 0.18 Barito Pacific Tbk PT IDR 14,096,296 1,446,471 0.03 Chandra Asri Pacific Tbk PT IDR 5,203,300 3,162,423 0.06 Charoen Pokphand Indonesia Tbk PT IDR 4,438,200 1,288,187 0.02 GoTo Gojek Tokopedia Tbk PT IDR 537,318,600 1,926,402 0.04 Indofood CBP Sukses Makmur Tbk PT IDR 1,402,800 907,459 0.02 Indofood Sukses Makmur Tbk PT IDR 2,640,500 1,323,356 0.03 Kalbe Farma Tbk PT IDR 12,687,100 1,193,809 0.02 Sumber Alfaria Trijaya Tbk PT IDR 11,238,900 1,653,916 0.03 Telkom Indonesia Persero Tbk PT IDR 29,790,900 5,103,953 0.10 United Tractors Tbk PT IDR 897,377 1,188,985 0.02 61,854,157 1.18 Kuwait Boubyan Bank KSCP KWD 928,525 2,186,551 0.04 Gulf Bank KSCP KWD 1,200,701 1,409,817 0.03 Kuwait Finance House KSCP KWD 6,667,939 17,490,391 0.33 Mabanee Co. KPSC KWD 400,264 1,144,172 0.02 Mobile Telecommunications Co. KSCP KWD 1,171,147 1,850,087 0.04 National Bank of Kuwait SAKP KWD 4,995,494 16,322,154 0.31 40,403,172 0.77 Luxembourg Allegro.eu SA, 144A PLN 381,411 3,650,780 0.07 Reinet Investments SCA ZAR 82,495 2,674,516 0.05 Zabka Group SA PLN 180,438 1,080,506 0.02 7,405,802 0.14 Malaysia AMMB Holdings Bhd. MYR 1,495,000 1,811,299 0.03 Axiata Group Bhd. MYR 1,637,000 898,363 0.02 CELCOMDIGI BHD MYR 2,116,800 1,975,208 0.04 CIMB Group Holdings Bhd. MYR 4,847,100 7,912,388 0.15 Gamuda Bhd. MYR 2,774,100 3,157,590 0.06
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Genting Bhd. MYR 1,284,000 930,369 0.02 Hong Leong Bank Bhd. MYR 391,188 1,821,257 0.03 IHH Healthcare Bhd. MYR 1,326,000 2,147,937 0.04 IOI Corp. Bhd. MYR 1,512,100 1,342,837 0.03 Kuala Lumpur Kepong Bhd. MYR 302,100 1,491,466 0.03 Malayan Banking Bhd. MYR 3,269,700 7,576,955 0.14 Maxis Bhd. MYR 1,413,400 1,211,985 0.02 MISC Bhd. MYR 805,400 1,452,128 0.03 MR DIY Group M Bhd., 144A MYR 2,006,700 781,823 0.02 Nestle Malaysia Bhd. MYR 42,600 776,094 0.02 Petronas Chemicals Group Bhd. MYR 1,684,100 1,396,551 0.03 Petronas Dagangan Bhd. MYR 180,000 919,744 0.02 Petronas Gas Bhd. MYR 476,100 1,992,571 0.04 PPB Group Bhd. MYR 385,060 945,105 0.02 Press Metal Aluminium Holdings Bhd. MYR 2,230,100 2,774,126 0.05 Public Bank Bhd. MYR 8,756,050 8,964,563 0.17 QL Resources Bhd. MYR 988,000 1,081,024 0.02 RHB Bank Bhd. MYR 1,048,850 1,579,634 0.03 SD Guthrie Bhd. MYR 1,247,900 1,381,879 0.03 Sime Darby Bhd. MYR 1,639,700 642,694 0.01 Sunway Bhd. MYR 1,497,100 1,671,656 0.03 Telekom Malaysia Bhd. MYR 692,500 1,077,458 0.02 Tenaga Nasional Bhd. MYR 1,573,300 5,374,316 0.10 YTL Corp Bhd MYR 393,120 76,561 YTL Corp. Bhd. MYR 2,012,900 1,109,699 0.02 YTL Power International Bhd MYR 292,600 106,324 YTL Power International Bhd. MYR 1,493,300 1,412,311 0.03 67,793,915 1.30 Mexico Alfa SAB de CV 'A' MXN 2,173,101 1,594,282 0.03 America Movil SAB de CV MXN 10,957,530 9,732,551 0.18 Arca Continental SAB de CV MXN 306,418 3,216,805 0.06 Cemex SAB de CV MXN 9,115,061 6,248,149 0.12 Coca-Cola Femsa SAB de CV MXN 315,891 3,040,192 0.06 Fibra Uno Administracion SA de CV, REIT MXN 1,720,680 2,360,789 0.05 Fomento Economico Mexicano SAB de CV MXN 1,049,280 10,730,515 0.20 Gruma SAB de CV 'B' MXN 96,461 1,653,143 0.03 Grupo Aeroportuario del Centro Norte SAB de CV MXN 171,983 2,244,009 0.04 Grupo Aeroportuario del Pacifico SAB de CV 'B' MXN 232,486 5,300,587 0.10 Grupo Aeroportuario del Sureste SAB de CV 'B' MXN 108,312 3,434,486 0.07 Grupo Bimbo SAB de CV MXN 780,300 2,162,222 0.04 Grupo Carso SAB de CV MXN 339,365 2,403,147 0.05 Grupo Comercial Chedraui SA de CV MXN 169,800 1,339,202 0.03 Grupo Financiero Banorte SAB de CV 'O' MXN 1,530,170 13,892,376 0.26 Grupo Financiero Inbursa SAB de CV 'O' MXN 1,100,594 2,821,976 0.05 Grupo Mexico SAB de CV MXN 1,872,943 11,268,193 0.21 Industrias Penoles SAB de CV MXN 119,533 3,301,204 0.06 Kimberly-Clark de Mexico SAB de CV 'A' MXN 914,640 1,662,058 0.03 Prologis Property Mexico SA de CV, REIT MXN 627,717 2,356,431 0.04
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Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Promotora y Operadora de Infraestructura SAB de CV MXN 114,314 1,279,346 0.02 Qualitas Controladora SAB de CV MXN 117,900 1,202,528 0.02 Wal-Mart de Mexico SAB de CV MXN 3,147,974 10,356,055 0.20 103,600,246 1.95 Netherlands JBS NV BRL 233,468 3,345,561 0.06 NEPI Rockcastle NV ZAR 342,763 2,602,848 0.05 5,948,409 0.11 Peru Cia de Minas Buenaventura SAA, ADR USD 99,190 1,628,700 0.03 1,628,700 0.03 Philippines Ayala Corp. PHP 150,032 1,518,165 0.03 Ayala Land, Inc. PHP 3,958,460 1,900,005 0.04 Bank of the Philippine Islands PHP 1,268,377 2,927,197 0.06 BDO Unibank, Inc. PHP 1,438,563 3,902,227 0.07 International Container Terminal Services, Inc. PHP 607,160 4,442,136 0.08 Jollibee Foods Corp. PHP 303,000 1,161,213 0.02 Manila Electric Co. PHP 169,470 1,621,603 0.03 Metropolitan Bank & Trust Co. PHP 1,082,005 1,392,697 0.03 PLDT, Inc. PHP 45,480 982,602 0.02 SM Investments Corp. PHP 133,015 2,060,697 0.04 SM Prime Holdings, Inc. PHP 6,078,775 2,530,742 0.05 24,439,284 0.47 Poland Bank Millennium SA PLN 364,820 1,443,632 0.03 Bank Polska Kasa Opieki SA PLN 110,505 5,657,122 0.11 Budimex SA PLN 7,678 1,183,862 0.02 CCC SA PLN 32,430 1,835,195 0.04 CD Projekt SA PLN 39,060 3,035,088 0.06 Dino Polska SA, 144A PLN 29,484 4,291,549 0.08 KGHM Polska Miedz SA PLN 84,204 3,003,499 0.06 LPP SA PLN 670 2,719,862 0.05 mBank SA PLN 8,946 1,975,485 0.04 ORLEN SA PLN 349,130 7,931,809 0.15 PGE Polska Grupa Energetyczna SA PLN 539,801 1,703,613 0.03 Powszechna Kasa Oszczednosci Bank Polski SA PLN 526,277 10,957,338 0.21 Powszechny Zaklad Ubezpieczen SA PLN 363,562 6,338,127 0.12 Santander Bank Polska SA PLN 24,585 3,358,051 0.06 55,434,232 1.06 Qatar Al Rayan Bank QAR 3,635,819 2,324,687 0.04 Barwa Real Estate Co. QAR 1,261,968 961,813 0.02 Commercial Bank PSQC (The) QAR 1,947,406 2,433,589 0.05 Dukhan Bank QAR 1,101,834 1,100,926 0.02 Industries Qatar QSC QAR 909,707 3,085,658 0.06 Mesaieed Petrochemical Holding Co. QAR 3,400,305 1,257,020 0.02 Ooredoo QPSC QAR 481,648 1,690,596 0.03 Qatar Electricity & Water Co. QSC QAR 264,642 1,177,479 0.02 Qatar Fuel QSC QAR 358,802 1,476,203 0.03 Qatar Gas Transport Co. Ltd. QAR 1,666,121 2,269,695 0.04 Qatar International Islamic Bank QSC QAR 591,774 1,769,958 0.03
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Qatar Islamic Bank QPSC QAR 1,065,905 6,484,426 0.12 Qatar National Bank QPSC QAR 2,777,666 13,236,063 0.25 39,268,113 0.73 Saudi Arabia ACWA Power Co. SAR 88,121 6,014,925 0.11 Ades Holding Co. SAR 199,727 729,572 0.01 Al Rajhi Bank SAR 1,178,860 29,734,744 0.56 Al Rajhi Co for Co-operative Insurance SAR 24,234 830,954 0.02 Alinma Bank SAR 736,787 5,268,798 0.10 Almarai Co. JSC SAR 294,715 3,984,016 0.08 Arab National Bank SAR 541,313 3,134,867 0.06 Arabian Internet & Communications Services Co. SAR 14,435 1,025,326 0.02 Bank AlBilad SAR 442,072 3,102,342 0.06 Bank Al-Jazira SAR 377,603 1,293,747 0.02 Banque Saudi Fransi SAR 736,787 3,508,603 0.07 Bupa Arabia for Cooperative Insurance Co. SAR 49,620 2,356,305 0.04 Co. for Cooperative Insurance (The) SAR 44,207 1,862,340 0.04 Dallah Healthcare Co. SAR 21,383 744,599 0.01 Dar Al Arkan Real Estate Development Co. SAR 318,292 1,629,438 0.03 Dr Sulaiman Al Habib Medical Services Group Co. SAR 52,628 3,805,550 0.07 Elm Co. SAR 14,435 3,854,593 0.07 Etihad Etisalat Co. SAR 226,930 3,588,041 0.07 Jabal Omar Development Co. SAR 347,770 1,865,653 0.04 Jarir Marketing Co. SAR 353,658 1,182,475 0.02 Makkah Construction & Development Co. SAR 58,943 1,445,875 0.03 Mouwasat Medical Services Co. SAR 58,943 1,185,775 0.02 Nahdi Medical Co. SAR 23,623 804,335 0.02 Riyad Bank SAR 884,145 6,775,184 0.13 SABIC Agri-Nutrients Co. SAR 140,295 4,010,032 0.08 Sahara International Petrochemical Co. SAR 216,124 1,142,135 0.02 SAL Saudi Logistics Services SAR 21,653 1,084,238 0.02 Saudi Arabian Mining Co. SAR 800,527 11,440,674 0.22 Saudi Arabian Oil Co., 144A SAR 3,638,827 23,595,860 0.45 Saudi Aramco Base Oil Co. SAR 29,851 813,431 0.02 Saudi Awwal Bank SAR 605,579 5,441,411 0.10 Saudi Basic Industries Corp. SAR 541,313 7,887,683 0.15 Saudi Electricity Co. SAR 501,207 1,964,470 0.04 Saudi Industrial Investment Group SAR 215,191 962,206 0.02 Saudi Investment Bank (The) SAR 368,394 1,426,231 0.03 Saudi Kayan Petrochemical Co. SAR 433,395 597,428 0.01 Saudi National Bank (The) SAR 1,768,289 17,029,889 0.32 Saudi Research & Media Group SAR 21,754 1,121,777 0.02 Saudi Tadawul Group Holding Co. SAR 28,870 1,357,864 0.03 Saudi Telecom Co. SAR 1,202,918 13,644,083 0.26 Yanbu National Petrochemical Co. SAR 165,777 1,334,879 0.03 184,582,348 3.52
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Singapore BOC Aviation Ltd., 144A HKD 122,800 1,018,100 0.02 1,018,100 0.02 South Africa Absa Group Ltd. ZAR 511,034 5,061,095 0.10 Aspen Pharmacare Holdings Ltd. ZAR 228,142 1,533,977 0.03 Bid Corp. Ltd. ZAR 202,634 5,329,800 0.10 Bidvest Group Ltd. ZAR 194,428 2,554,847 0.05 Capitec Bank Holdings Ltd. ZAR 52,372 10,464,704 0.20 Clicks Group Ltd. ZAR 142,509 2,975,077 0.06 Discovery Ltd. ZAR 327,040 3,952,912 0.08 FirstRand Ltd. ZAR 3,036,489 12,932,790 0.24 Gold Fields Ltd. ZAR 538,320 12,594,651 0.24 Harmony Gold Mining Co. Ltd. ZAR 343,608 4,733,414 0.09 Impala Platinum Holdings Ltd. ZAR 543,941 4,864,517 0.09 Kumba Iron Ore Ltd. ZAR 38,744 621,430 0.01 MTN Group Ltd. ZAR 1,019,980 8,083,505 0.15 Naspers Ltd. 'N' ZAR 98,899 30,693,708 0.58 Nedbank Group Ltd. ZAR 278,730 3,812,074 0.07 Old Mutual Ltd. ZAR 2,551,153 1,732,710 0.03 OUTsurance Group Ltd. ZAR 511,554 2,254,767 0.04 Pepkor Holdings Ltd., 144A ZAR 1,443,746 2,212,180 0.04 Remgro Ltd. ZAR 302,387 2,691,855 0.05 Sanlam Ltd. ZAR 1,082,374 5,400,526 0.10 Sasol Ltd. ZAR 348,088 1,542,683 0.03 Shoprite Holdings Ltd. ZAR 302,316 4,711,341 0.09 Standard Bank Group Ltd. ZAR 793,455 10,158,814 0.19 Valterra Platinum Ltd. ZAR 55,847 2,483,587 0.05 Vodacom Group Ltd. ZAR 374,921 2,883,967 0.05 Woolworths Holdings Ltd. ZAR 564,927 1,645,389 0.03 147,926,320 2.79 South Korea Alteogen, Inc. KRW 24,052 6,642,541 0.13 Amorepacific Corp. KRW 17,590 1,782,338 0.03 Celltrion, Inc. KRW 97,755 11,558,851 0.22 CJ CheilJedang Corp. KRW 4,980 918,716 0.02 Coway Co. Ltd. KRW 32,637 2,341,452 0.04 DB Insurance Co. Ltd. KRW 27,679 2,529,915 0.05 Doosan Bobcat, Inc. KRW 31,670 1,366,431 0.03 Doosan Enerbility Co. Ltd. KRW 269,690 13,665,268 0.26 Ecopro BM Co. Ltd. KRW 29,412 2,185,131 0.04 Ecopro Co. Ltd. KRW 61,248 2,042,781 0.04 Hana Financial Group, Inc. KRW 172,764 11,023,587 0.21 Hanjin Kal Corp. KRW 14,054 1,229,741 0.02 Hankook Tire & Technology Co. Ltd. KRW 43,826 1,288,864 0.02 Hanmi Semiconductor Co. Ltd. KRW 26,149 1,978,118 0.04 Hanwha Aerospace Co. Ltd. KRW 19,218 12,077,804 0.23 Hanwha Aerospace Co. Ltd. KRW 1,361 165,385 Hanwha Ocean Co. Ltd. KRW 64,503 3,794,257 0.07 Hanwha Systems Co. Ltd. KRW 45,451 1,953,023 0.04 HD Hyundai Co. Ltd. KRW 26,131 2,508,968 0.05 HD Hyundai Electric Co. Ltd. KRW 14,093 5,292,854 0.10 HD Hyundai Heavy Industries Co. Ltd. KRW 13,348 4,237,459 0.08 HD Korea Shipbuilding & Offshore Engineering Co. Ltd. KRW 25,540 6,932,796 0.13 HLB, Inc. KRW 71,142 2,583,732 0.05 HMM Co. Ltd. KRW 158,973 2,649,975 0.05
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets HYBE Co. Ltd. KRW 13,779 3,154,473 0.06 Hyundai Glovis Co. Ltd. KRW 22,555 2,252,524 0.04 Hyundai Mobis Co. Ltd. KRW 36,356 7,713,154 0.15 Hyundai Motor Co. KRW 81,871 12,308,597 0.23 Hyundai Motor Co. Preference KRW 21,508 2,531,985 0.05 Hyundai Motor Co. Preference KRW 13,640 1,561,304 0.03 Hyundai Rotem Co. Ltd. KRW 45,951 6,689,469 0.13 Industrial Bank of Korea KRW 167,867 2,272,563 0.04 Kakao Corp. KRW 186,880 8,290,942 0.16 KakaoBank Corp. KRW 100,409 2,234,169 0.04 KB Financial Group, Inc. KRW 224,857 18,474,733 0.35 Kia Corp. KRW 143,510 10,275,175 0.19 Korea Aerospace Industries Ltd. KRW 43,970 2,925,288 0.06 Korea Electric Power Corp. KRW 154,446 4,469,035 0.08 Korea Investment Holdings Co. Ltd. KRW 25,138 2,599,929 0.05 Korea Zinc Co. Ltd. KRW 2,490 1,510,888 0.03 Korean Air Lines Co. Ltd. KRW 110,735 1,879,745 0.04 Krafton, Inc. KRW 17,290 4,651,713 0.09 KT&G Corp. KRW 58,732 5,552,435 0.11 LG Chem Ltd. KRW 29,721 4,676,054 0.09 LG Corp. KRW 53,984 3,185,433 0.06 LG Display Co. Ltd. KRW 180,438 1,198,718 0.02 LG Electronics, Inc. KRW 63,978 3,500,295 0.07 LG Energy Solution Ltd. KRW 28,148 6,193,417 0.12 LG H&H Co. Ltd. KRW 5,636 1,334,678 0.03 LG Innotek Co. Ltd. KRW 8,373 915,189 0.02 LG Uplus Corp. KRW 128,676 1,363,583 0.03 LS Electric Co. Ltd. KRW 9,022 2,000,749 0.04 Meritz Financial Group, Inc. KRW 49,971 4,164,997 0.08 Mirae Asset Securities Co. Ltd. KRW 138,054 2,195,768 0.04 NAVER Corp. KRW 85,764 16,651,100 0.32 NH Investment & Securities Co. Ltd. KRW 86,898 1,287,764 0.02 Orion Corp. KRW 14,268 1,150,121 0.02 POSCO Future M Co. Ltd. KRW 18,636 1,740,205 0.03 POSCO Future M Co. Ltd. KRW 2,210 49,126 POSCO Holdings, Inc. KRW 43,810 8,495,014 0.16 Posco International Corp. KRW 31,743 1,169,113 0.02 Samsung Biologics Co. Ltd., 144A KRW 10,702 7,865,123 0.15 Samsung C&T Corp. KRW 51,117 6,116,122 0.12 Samsung Electro-Mechanics Co. Ltd. KRW 33,694 3,364,163 0.06 Samsung Electronics Co. Ltd. KRW 2,848,335 126,279,899 2.39 Samsung Electronics Co. Ltd. Preference KRW 490,775 17,997,627 0.34 Samsung Fire & Marine Insurance Co. Ltd. KRW 18,521 5,960,426 0.11 Samsung Heavy Industries Co. Ltd. KRW 423,427 5,257,711 0.10 Samsung Life Insurance Co. Ltd. KRW 48,117 4,544,650 0.09 Samsung SDI Co. Ltd. KRW 37,766 4,837,086 0.09 Samsung SDS Co. Ltd. KRW 25,597 3,216,978 0.06 Samyang Foods Co. Ltd. KRW 2,492 2,575,405 0.05 Shinhan Financial Group Co. Ltd. KRW 257,381 11,708,110 0.22 SK Biopharmaceuticals Co. Ltd. KRW 18,841 1,281,361 0.02 SK Hynix, Inc. KRW 328,398 71,133,821 1.34
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 46
Page 48
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets SK Innovation Co. Ltd. KRW 40,879 3,706,887 0.07 SK Square Co. Ltd. KRW 56,227 7,632,566 0.14 SK Telecom Co. Ltd. KRW 32,297 1,356,610 0.03 SK, Inc. KRW 21,804 3,305,926 0.06 SKC Co. Ltd. KRW 11,165 915,669 0.02 S-Oil Corp. KRW 27,086 1,201,454 0.02 Woori Financial Group, Inc. KRW 401,974 6,689,234 0.13 Yuhan Corp. KRW 33,880 2,618,043 0.05 564,934,303 10.71 Switzerland BeOne Medicines Ltd. HKD 502,700 9,452,866 0.18 9,452,866 0.18 Taiwan Accton Technology Corp. TWD 304,000 7,558,119 0.14 Acer, Inc. TWD 1,742,000 1,807,699 0.03 Advantech Co. Ltd. TWD 285,903 3,329,237 0.06 ASE Technology Holding Co. Ltd. TWD 1,991,878 9,979,613 0.19 Asia Cement Corp. TWD 1,386,064 2,024,437 0.04 Asia Vital Components Co. Ltd. TWD 198,000 5,008,967 0.10 Asustek Computer, Inc. TWD 424,281 9,358,048 0.18 AUO Corp. TWD 3,920,400 1,658,272 0.03 Catcher Technology Co. Ltd. TWD 368,000 2,671,861 0.05 Cathay Financial Holding Co. Ltd. TWD 5,735,228 12,334,866 0.23 Chang Hwa Commercial Bank Ltd. TWD 3,706,491 2,373,476 0.05 Cheng Shin Rubber Industry Co. Ltd. TWD 1,072,607 1,388,430 0.03 China Airlines Ltd. TWD 1,747,000 1,292,316 0.02 China Steel Corp. TWD 7,097,712 4,569,934 0.09 Chunghwa Telecom Co. Ltd. TWD 2,286,602 10,569,009 0.20 Compal Electronics, Inc. TWD 2,518,000 2,489,000 0.05 CTBC Financial Holding Co. Ltd. TWD 10,047,491 15,036,888 0.28 Delta Electronics, Inc. TWD 1,171,246 16,489,342 0.31 E Ink Holdings, Inc. TWD 517,955 3,920,711 0.07 E.Sun Financial Holding Co. Ltd. TWD 8,659,075 9,741,294 0.18 Eclat Textile Co. Ltd. TWD 115,624 1,623,600 0.03 Elite Material Co. Ltd. TWD 177,000 5,318,019 0.10 eMemory Technology, Inc. TWD 38,000 3,056,046 0.06 Eva Airways Corp. TWD 1,624,000 2,219,178 0.04 Evergreen Marine Corp. Taiwan Ltd. TWD 651,444 4,439,716 0.08 Far Eastern New Century Corp. TWD 1,770,606 1,997,899 0.04 Far EasTone Telecommunications Co. Ltd. TWD 1,063,000 3,261,463 0.06 Feng TAY Enterprise Co. Ltd. TWD 291,556 1,217,389 0.02 First Financial Holding Co. Ltd. TWD 6,749,828 6,715,094 0.13 Formosa Chemicals & Fibre Corp. TWD 2,114,880 1,663,042 0.03 Formosa Plastics Corp. TWD 2,488,400 2,977,444 0.06 Fortune Electric Co. Ltd. TWD 86,300 1,654,145 0.03 Fubon Financial Holding Co. Ltd. TWD 4,931,696 14,744,140 0.28 Gigabyte Technology Co. Ltd. TWD 322,000 3,102,901 0.06 Global Unichip Corp. TWD 52,000 2,311,043 0.04 Globalwafers Co. Ltd. TWD 158,000 1,622,967 0.03
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Hon Hai Precision Industry Co. Ltd. TWD 7,519,414 41,224,141 0.78 Hotai Motor Co. Ltd. TWD 183,960 3,553,459 0.07 Hua Nan Financial Holdings Co. Ltd. TWD 5,386,545 5,017,609 0.10 Innolux Corp. TWD 4,564,898 1,829,130 0.04 International Games System Co. Ltd. TWD 153,000 4,473,872 0.08 Inventec Corp. TWD 1,618,615 2,334,195 0.04 Jentech Precision Industrial Co. Ltd. TWD 52,000 2,672,951 0.05 KGI Financial Holding Co. Ltd. TWD 9,603,507 4,916,864 0.09 Largan Precision Co. Ltd. TWD 60,000 4,890,660 0.09 Lite-On Technology Corp. TWD 1,270,925 4,809,638 0.09 Lotes Co. Ltd. TWD 51,000 2,343,160 0.04 MediaTek, Inc. TWD 914,932 38,955,394 0.74 Mega Financial Holding Co. Ltd. TWD 7,137,120 10,032,979 0.19 Nan Ya Plastics Corp. TWD 3,100,494 2,906,254 0.06 Nien Made Enterprise Co. Ltd. TWD 104,000 1,454,560 0.03 Novatek Microelectronics Corp. TWD 348,000 6,495,459 0.12 Pegatron Corp. TWD 1,201,000 3,158,788 0.06 PharmaEssentia Corp. TWD 154,000 2,890,172 0.06 Pou Chen Corp. TWD 1,329,000 1,408,680 0.03 President Chain Store Corp. TWD 344,000 3,021,521 0.06 Quanta Computer, Inc. TWD 1,626,000 15,205,910 0.29 Realtek Semiconductor Corp. TWD 293,253 5,694,342 0.11 Ruentex Development Co. Ltd. TWD 942,324 962,079 0.02 Shanghai Commercial & Savings Bank Ltd. (The) TWD 2,338,946 3,716,533 0.07 Shin Kong Financial Holding Co. Ltd. TWD 9,055,561 3,510,498 0.07 SinoPac Financial Holdings Co. Ltd. TWD 6,485,977 5,375,397 0.10 Synnex Technology International Corp. TWD 752,000 1,658,542 0.03 Taishin Financial Holding Co. Ltd. TWD 7,024,204 3,794,974 0.07 Taiwan Business Bank TWD 4,135,544 2,173,937 0.04 Taiwan Cooperative Financial Holding Co. Ltd. TWD 6,409,643 5,432,766 0.10 Taiwan High Speed Rail Corp. TWD 1,185,000 1,146,355 0.02 Taiwan Mobile Co. Ltd. TWD 1,052,100 4,142,509 0.08 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 14,818,000 535,018,783 10.11 TCC Group Holdings Co. Ltd. TWD 4,087,271 3,569,356 0.07 Unimicron Technology Corp. TWD 782,000 3,052,773 0.06 Uni-President Enterprises Corp. TWD 2,904,493 8,056,880 0.15 United Microelectronics Corp. TWD 6,798,000 10,305,933 0.20 Vanguard International Semiconductor Corp. TWD 618,000 2,130,935 0.04 Voltronic Power Technology Corp. TWD 42,000 1,812,347 0.03 Wan Hai Lines Ltd. TWD 422,320 1,287,273 0.02 Wistron Corp. TWD 1,654,000 6,903,004 0.13 Wiwynn Corp. TWD 67,000 5,773,419 0.11 WPG Holdings Ltd. TWD 958,961 2,305,397 0.04 Yageo Corp. TWD 249,638 4,125,139 0.08
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 47
Page 49
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Yang Ming Marine Transport Corp. TWD 1,050,000 2,561,700 0.05 Yuanta Financial Holding Co. Ltd. TWD 6,228,123 7,284,173 0.14 976,916,045 18.47 Thailand Advanced Info Service PCL THB 626,100 5,354,122 0.10 Airports of Thailand PCL THB 2,577,700 2,398,598 0.05 Bangkok Dusit Medical Services PCL 'F' THB 6,690,900 4,281,023 0.08 Bumrungrad Hospital PCL THB 358,600 1,538,807 0.03 Central Pattana PCL THB 1,214,700 1,728,146 0.03 Charoen Pokphand Foods PCL THB 2,277,200 1,611,123 0.03 CP ALL PCL THB 3,241,800 4,387,717 0.08 CP AXTRA PCL THB 1,264,409 696,210 0.01 Delta Electronics Thailand PCL THB 1,875,600 5,538,743 0.11 Gulf Development PCL THB 2,695,716 3,213,258 0.06 Home Product Center PCL THB 3,489,578 697,728 0.01 Kasikornbank PCL THB 356,300 1,687,388 0.03 Krung Thai Bank PCL THB 2,101,475 1,376,904 0.03 Minor International PCL THB 2,046,191 1,460,272 0.03 PTT Exploration & Production PCL THB 835,702 2,814,915 0.05 PTT Oil & Retail Business PCL THB 1,804,400 627,207 0.01 PTT PCL THB 6,012,800 5,548,783 0.11 SCB X PCL THB 506,300 1,829,977 0.04 Siam Cement PCL (The) THB 469,100 2,424,233 0.05 TMBThanachart Bank PCL THB 11,815,300 687,046 0.01 TMBThanachart Bank PCL THB 2,882,800 167,601 True Corp. PCL THB 5,668,813 1,935,597 0.04 52,005,398 0.99 Turkey Akbank TAS TRY 1,876,552 3,216,124 0.06 Aselsan Elektronik Sanayi Ve Ticaret AS TRY 822,796 3,118,038 0.06 BIM Birlesik Magazalar AS TRY 273,904 3,405,431 0.06 Coca-Cola Icecek AS TRY 510,200 630,803 0.01 Eregli Demir ve Celik Fabrikalari TAS TRY 2,105,106 1,410,334 0.03 Ford Otomotiv Sanayi AS TRY 422,680 947,999 0.02 Haci Omer Sabanci Holding AS TRY 694,809 1,565,322 0.03 KOC Holding AS TRY 457,571 1,770,790 0.03 Pegasus Hava Tasimaciligi AS TRY 150,659 973,008 0.02 Sasa Polyester Sanayi AS TRY 6,588,324 506,622 0.01 Turk Hava Yollari AO TRY 332,005 2,365,296 0.05 Turkcell Iletisim Hizmetleri AS TRY 727,765 1,758,443 0.03 Turkiye Is Bankasi AS 'C' TRY 5,262,760 1,765,561 0.03 Turkiye Petrol Rafinerileri AS TRY 579,444 2,038,578 0.04 Turkiye Sise ve Cam Fabrikalari AS TRY 736,959 667,446 0.01 Yapi ve Kredi Bankasi AS TRY 2,032,222 1,618,893 0.03 27,758,688 0.52 United Arab Emirates Abu Dhabi Commercial Bank PJSC AED 1,761,059 6,463,394 0.12 Abu Dhabi Islamic Bank PJSC AED 873,800 5,115,020 0.10 Abu Dhabi National Oil Co. for Distribution PJSC AED 1,879,559 1,878,101 0.04 ADNOC Drilling Co. PJSC AED 1,924,669 2,986,948 0.06 Adnoc Gas plc AED 3,693,026 3,438,787 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Aldar Properties PJSC AED 2,317,234 5,627,708 0.11 Americana Restaurants International plc - Foreign Co. AED 1,773,608 1,086,518 0.02 Dubai Electricity & Water Authority PJSC AED 3,608,754 2,770,787 0.05 Dubai Islamic Bank PJSC AED 1,742,004 4,301,830 0.08 Emaar Development PJSC AED 601,459 2,210,735 0.04 Emaar Properties PJSC AED 3,987,127 14,763,720 0.28 Emirates NBD Bank PJSC AED 1,139,752 7,075,254 0.13 Emirates Telecommunications Group Co. PJSC AED 2,092,296 10,026,113 0.19 First Abu Dhabi Bank PJSC AED 2,657,874 12,012,663 0.23 Multiply Group PJSC AED 1,977,098 1,297,305 0.02 Salik Co. PJSC AED 1,127,736 1,857,632 0.04 82,912,515 1.58 United Kingdom Anglogold Ashanti plc ZAR 302,844 13,648,323 0.26 13,648,323 0.26 United States of America Southern Copper Corp. USD 53,197 5,381,941 0.10 Yum China Holdings, Inc. USD 225,545 10,084,117 0.19 15,466,058 0.29 Total Equities 5,259,928,795 99.36 Total Transferable securities and money market instruments admitted to an official exchange listing 5,259,928,795 99.36 Transferable securities and money market instruments dealt in on another regulated market Equities China Kangmei Pharmaceutical Co Ltd Common Stock CNY CNY 3,381 892 892 Total Equities 892 Total Transferable securities and money market instruments dealt in on another regulated market 892 Other transferable securities and money market instruments Equities Cayman Islands China Evergrande Group § HKD 1,467,000 - -Greece FF Group § EUR 6,570 - -Netherlands X5 Retail Group NV, GDR § USD 42,820 - -Russia Alrosa PJSC § RUB 138,120 - Alrosa PJSC § USD 765,110 - Gazprom PJSC § RUB 4,182,384 - GMK Norilskiy Nickel PAO § RUB 2,239,300 - Inter RAO UES PJSC § RUB 2,200,000 - Inter RAO UES PJSC § USD 10,794,000 - LUKOIL PJSC § RUB 146,929 - Magnit PJSC § RUB 25,369 - Mobile TeleSystems PJSC § RUB 316,220 - Moscow Exchange MICEX-RTS PJSC § USD 411,610 - Moscow Exchange MICEX-RTS PJSC § RUB 108,430 - Novatek PJSC § RUB 322,230 - Novolipetsk Steel PJSC § RUB 169,560 - -
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 48
Page 50
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Novolipetsk Steel PJSC § USD 355,440 - PhosAgro PJSC, GDR § USD 304 - PhosAgro PJSC, GDR § USD 47,344 - Polyus PJSC § RUB 20,800 - Polyus PJSC § USD 100,100 - Rosneft Oil Co. PJSC § RUB 413,375 - Sberbank of Russia PJSC § RUB 3,814,624 - Severstal PAO, GDR § USD 73,379 - Surgutneftegas PAO § RUB 4,813,510 - Tatneft PJSC § RUB 501,996 - United Co. RUSAL International PJSC § RUB 1,069,580 - VTB Bank PJSC § USD 230,192 - -United States of America Florida Housing Finance Corp INR 12,798 1,341,449 0.03 MMC Norilsk Nickel PJSC § USD 9 - Verus Securitization Trust 2021-2, FRN, 144A TWD 432,000 2,123,281 0.04 3,464,730 0.07 Total Equities 3,464,730 0.07 Total Other transferable securities and money market instruments 3,464,730 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 400,000 548,140 0.01 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 44,000,000 44,000,000 0.83 44,548,140 0.84 Total Collective Investment Schemes 44,548,140 0.84 Total Units of authorised UCITS or other collective investment undertakings 44,548,140 0.84 Total investments 5,307,942,557 100.27 Cash/(bank overdraft) 6,123,245 0.12 Other assets/(liabilities) (20,191,203) (0.39) Total net assets 5,293,874,599 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets MSCI Emerging Markets Index, 19/09/2025 1,107 USD 1,450,994 0.03 Total Unrealised Gain on Financial Futures Contracts - Assets 1,450,994 0.03
Aviva Investors Société d’investissement à capital variable (SICAV)
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 49
Page 51
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Canada Canadian Pacific Kansas City Ltd. USD 140,183 11,112,306 3.01 11,112,306 3.01 France Safran SA EUR 46,573 15,083,375 4.09 15,083,375 4.09 Ireland Linde plc USD 23,439 10,997,110 2.98 10,997,110 2.98 Jersey Experian plc GBP 264,498 13,599,305 3.68 13,599,305 3.68 Netherlands Ferrari NV EUR 7,709 3,765,376 1.02 Wolters Kluwer NV EUR 40,720 6,785,092 1.84 10,550,468 2.86 Spain Industria de Diseno Textil SA EUR 142,104 7,369,612 2.00 7,369,612 2.00 United Kingdom London Stock Exchange Group plc GBP 124,450 18,136,935 4.91 RELX plc GBP 218,555 11,791,191 3.19 29,928,126 8.10 United States of America Alphabet, Inc. 'C' USD 137,230 24,343,230 6.59 Apple, Inc. USD 30,387 6,234,501 1.69 Arthur J Gallagher & Co. USD 31,603 10,116,752 2.74
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Automatic Data Processing, Inc. USD 58,379 18,004,084 4.88 Broadcom, Inc. USD 41,064 11,319,292 3.07 Colgate-Palmolive Co. USD 82,724 7,519,612 2.04 Copart, Inc. USD 167,367 8,212,699 2.22 Costco Wholesale Corp. USD 7,344 7,270,119 1.97 Elevance Health, Inc. USD 29,297 11,395,361 3.09 Hilton Worldwide Holdings,
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"text": "Aviva Investors - Climate Transition Global Credit Fund to Aviva Investors - Global Climate Credit Fund on 14 May 2025."
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"text": "Aviva Investors - Climate Transition Global Equity Fund to Aviva Investors - Global Climate Equity Fund on 14 May 2025."
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"text": "Aviva Investors - Natural Capital Transition Global Equity Fund to Aviva Investors - Natural Capital Global Equity Fund on 14 May 2025."
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"text": "Changes in the Board of Directors:"
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"text": "There were no changes in the composition of the Board of Directors (the \"Board\") during the period."
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"text": "Management Company role and responsibilities:"
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"text": "Aviva Investors Luxembourg S.A. as the Management Company is responsible for the investment management, administration and distribution"
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"text": "functions of the Company. Aviva Investors Luxembourg S.A. may delegate part or all of such functions to third parties, subject to overall control and"
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"text": "supervision. Please refer to the \u201cManagement and administration\u201d section to get more details on delegations in place."
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"text": "The Management Company has appointed Conducting officers, in...