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AVIVA INVESTORS
SOCIÉTÉ D’INVESTISSEMENT À
CAPITAL VARIABLE (SICAV)
ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS
R.C.S. Luxembourg B 32.640 31 December 2025
avivainvestors.com
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Contents
Board of Directors' and Conducting officers Report 3 Manager's Market Review 6 Management and Administration 7 Audit Report 9 Notes on the portfolio of investments disclosure 12 Aviva Investors - Emerging Markets Bond Fund 13 Aviva Investors - Emerging Markets Corporate Bond Fund 19 Aviva Investors - Emerging Markets Local Currency Bond Fund 24 Aviva Investors - Global Climate Credit Fund 28 Aviva Investors - Global Climate Equity Fund 33 Aviva Investors - Global Emerging Markets Core Fund 34 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund 37 Aviva Investors - Global Emerging Markets Index Fund 39 Aviva Investors - Global Equity Endurance Fund 56 Aviva Investors - Global Equity Income Fund 57 Aviva Investors - Global High Yield Bond Fund 60 Aviva Investors - Global Investment Grade Corporate Bond Fund 66 Aviva Investors - Global Sovereign Bond Fund 72 Aviva Investors - Multi-Strategy Target Return Fund 86 Aviva Investors - Natural Capital Global Equity Fund 103 Aviva Investors - ReturnPlus Fund 105 Aviva Investors - Short Duration Global High Yield Bond Fund 109 Aviva Investors - UK Equity Unconstrained Fund 113 Combined Statement of Net Assets 114 Statistical Information 117 Combined Statement of Operations and Changes in Net Assets 122 Notes to the Financial Statements 127 Other Information - Unaudited 134 Information for Investors in Switzerland - Unaudited 373
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)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Annual report and audited financial statements | avivainvestors.com 2
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Sub-Fund Name Date Closed Aviva Investors – Social Transition Global Equity Fund 26 February 2025
Effective 07 July 2025, Aviva Investors - USD ReturnPlus Fund was launched. During the year ended 31 December 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 Mm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 15 December 2025
Aviva Investors - Emerging Markets Bond Fund
Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 20 May 2025 Aviva Investors - Emerging Markets Corporate Bond Fund K Share Class Accumulation Hedged EUR USD 0.37% 0.00% 20 May 2025 Aviva Investors - Emerging Markets Corporate Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 20 May 2025
Aviva Investors - Global Climate Credit Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 20 May 2025
Aviva Investors - Global Equity Income Fund S Share Class Accumulation EUR EUR USD 0.38% 0.00% 13 June 2025 Aviva Investors - Global Equity Income Fund S Share Class Accumulation USD USD 0.38% 0.00% 13 June 2025
Aviva Investors - Global Equity Income Fund Sq Share Class Dividend Hedged EUR EUR USD 0.38% 0.00% 17 June 2025 Aviva Investors - Global Equity Income Fund Zq Share Class Dividend GBP GBP USD 0.00% 0.00% 20 May 2025
Aviva Investors - Global High Yield Bond Fund Mm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 15 December 2025
Aviva Investors - Global High Yield Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 20 May 2025 Aviva Investors - Global Investment Grade Corporate Bond Fund Mm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 15 December 2025 Aviva Investors - Global Investment Grade Corporate Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 20 May 2025
Aviva Investors - Global Sovereign Bond Fund Mm Share Class Dividend Hedged GBP GBP EUR 0.00% 0.00% 15 December 2025 Aviva Investors - Multi-Strategy Target Return Fund
M Share Class Accumulation Hedged USD USD EUR 0.65% 0.00% 3 February 2025
Aviva Investors - ReturnPlus Fund I Share Class Accumulation USD USD USD 0.00% 0.00% 9 July 2025
Aviva Investors - ReturnPlus Fund I Share Class Accumulation Hedged EUR EUR USD 0.00% 0.00% 8 September 2025
Aviva Investors - ReturnPlus Fund Iq Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 15 December 2025
Aviva Investors - ReturnPlus Fund Iy Share Class Accumulation Hedged GBP GBP USD 0.00% 0.00% 8 September 2025
Aviva Investors - ReturnPlus Fund M Share Class Accumulation USD USD USD 0.00% 0.00% 9 July 2025
Aviva Investors - ReturnPlus Fund S Share Class Accumulation USD USD USD 0.00% 0.00% 9 July 2025
Aviva Investors - ReturnPlus Fund Z Share Class Accumulation USD USD USD 0.00% 0.00% 8 September 2025
Aviva Investors - ReturnPlus Fund Zy Share Class Accumulation GBP GBP USD 0.00% 0.00% 9 July 2025
Aviva Investors - ReturnPlus Fund Zy Share Class Accumulation Hedged GBP GBP USD 0.00% 0.00% 21 October 2025
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
avivainvestors.com | Annual report and audited financial statements 3
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 annual report and audited financial statement s to the shareholders for the year ended 31 December 2025. Activities during the year : At year end, the total net assets of the Sub-Funds (the “Sub-Funds”) of the Company were EUR 30,058,7 72,580 compared to EUR 30,670,061,969 on 31 December 2024, representing a decrease of 1.99%. The following Sub-Fund, including its associated Share Classes, was closed during the year:
Aviva Investors Société d’investissement à capital variable (SICAV)
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Activities during the year : (continued)
Sub-Fund Name Share Class Class Currency Base Currency
Investment Management Fees
Distribution Fees Date Launched Aviva Investors - Short Duration Global High Yield Bond Fund Zm Share Class Dividend Hedged GBP GBP USD 0.00% 0.00% 9 September 2025 During the year ended 31 December 2025, the following Share Class was 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 year ended 31 December 2025, 4 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. Aviva Investors - USD ReturnPlus Fund to Aviva Investors - ReturnPlus Fund on 26 November 2025. Changes in the Board of Directors: Changes in the composition of the Board of Directors (the "Board") during the year are outlined on page 7. 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. 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 year ended 31 December 2025. The Company is subject to corporate governance based on: Its obligations as defined by Luxembourg Law 17 December 2010 relating to undertakings for collective investment (as amended) and the Luxembourg law of 10 August 1915 on commercial companies (as amended). 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 year ended 31 December 2025.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
BOARD OF DIRECTORS' AND CONDUCTING OFFICERS REPORT (CONTINUED)
avivainvestors.com | Annual report and audited financial statements 4
Aviva Investors Société d’investissement à capital variable (SICAV)
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The information stated in the report is historical and is not representative of future results.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
BOARD OF DIRECTORS' AND CONDUCTING OFFICERS REPORT (CONTINUED)
Environmental, Social & Governance (ESG) Sub-Funds: On EU Sustainable Finance Disclosure Regulation (SFDR), information about the environmental or social characteristics and sustainable investment objectives, as applicable, are available in the Environmental, Social & Governance (ESG) Sub-Funds (Unaudited) section of the annual report. 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, and consequently on the same date, changed the Sub-Fund’s name to Aviva Investors - Natural Capital Global Equity Fund. Effective 7 July 2025, Aviva Investors - USD ReturnPlus Fund was launched. Effective 26 November 2025, the Board changed Sub-Fund’s name from Aviva Investors - USD ReturnPlus Fund to Aviva Investors - ReturnPlus Fund.
The Board of Directors Luxembourg, 2 9 April 2026
avivainvestors.com | Annual report and audited financial statements 5
Aviva Investors Société d’investissement à capital variable (SICAV)
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2025 MARKET REVIEW Technology and the artificial intelligence (AI) theme continued to be the engine driving equity returns in 2025, with “hyperscalers” and AI-exposed sectors capturing the bulk of performance as earnings continued to show resilience. Global equities, as measured by the MSCI ACWI, finished the year u p 20% in local currency terms. On the back of huge capital expenditure focused on AI, markets did begin to voice concerns as some of the large technology companies continued to load up debt as markets searched for answers on how this expenditure would be converted to revenue. Total AI capital expenditure (capex) was reported to be around €414billion in 2025, up 44% on the previous year. Bubble talk grew louder as we entered the final months of the year as stretched valuations and massive capex continued to worry investors with investment markets beginning to distinguish between possibl e winners and losers in the AI “arms race”. The other notable theme of the year was President Trump’s tariff policy as the US administration sought to redress what it viewed as imbalances in global trade. The so-called “Liberation Day” triggered a burst of asset market volatility, with the US administration’s unilateral tariff actions i gniting sharp swings in global risk sentiment and tightening financial conditions. The US equity bellwether, the S&P 500, fell as much as 15% in April. There was a reprieve for trading partners of the US as the US administration announced the delay of tariffs allowing for ongoing negotiations. This was greeted favourably by markets, allowing regions like Europe, UK and China time to agree lower tariff rates. However, in general, the effective tariff rate ros e from c.2.5% at the beginning of 2025 to c.15% by the end of the year. With tariff-related revenue expected to be around $280 billion in 2025, up from approximately $77billion in 2024, President Trump delivered on one of his election promises but the jury is still out on how this will impact the US economy. It was a choppy yet ultimately positive year for sovereign bond markets. A six-week US government shutdown and fiscal brinkmanship reinforced the divide between short-term political incentives and long-term debt sustainability, driving volatility in Treasury markets and contributing to yie ld curve distortions, with short-dated yields pushed higher by policy and funding uncertainty while longer-dated yields reflected weaker growth and fiscal sustainability concerns. Fiscal looseness did not just impact the US, with market patience also being tested in France, the UK and Germany as governments leant on deficit spending to support investment, energy security and industrial policy. In direct response to this, investors sought alternative safe havens as persistent US fiscal concerns pushed global buyers towards gold which finished the year up 65%. Linked to this, the US dolla r came under significant pressure over the year due to rising fiscal-related risks, concerns about US Federal Reserve independence and the prospect of slower US growth. Returns from US assets for overseas investors were thus eroded as the dollar lost around 9% of its value in 2025.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
MANAGER’S MARKET REVIEW
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Aviva Investors Société d’investissement à capital variable (SICAV)
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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 (until 24 March 2026) 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 (until 31 August 2025) Global Head of Client Relationship Aviva Investors Global Services Limited 80 Fenchurch St London EC3M 4AE, United Kingdom Celeste Dias Brennan (from 19 December 2025) Global Head of Product and distribution Aviva Investors Global Services Limited 80 Fenchurch St London EC3M 4AE, United Kingdom Gast Juncker (from 24 March 2026) Partner Elvinger Hoss Prussen Société anonyme 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg 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
(*) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
MANAGEMENT AND ADMINISTRATION
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Aviva Investors Société d’investissement à capital variable (SICAV)
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SUB-INVESTMENT MANAGER(*) 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 Global Services Limited, the Investment Manager. (**) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
MANAGEMENT AND ADMINISTRATION (CONTINUED)
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Aviva Investors Société d’investissement à capital variable (SICAV)
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Ernst & VounQ Societe anonyme EY 35E, Avenue John F. Kennedy L-1855 Luxembourg Tel: +352 421241 www.ey.com/en_lu
8.P.780 L-2017 Luxembourg R.C.S. Luxembourg 847771 TVA LU 16063074 Shape the future with confidence Autorisations d'etablissement : 00117514/13,00117514/14,00117514/15,00117514/17,00117514/18,00117514/19
Independent auditor's report
To the Shareholders of Aviva Investors 2, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg
Opinion
We have audited the financial statements of Aviva Investors and of each of its sub-funds (the "Fund"), which comprise the combined statement of net assets and the portfolio of investments and other net assets as at 31 December 2025, and the combined statement of operations and changes in net assets for the year then ended, and the notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund and of each of its sub-funds as at 31 December 2025, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the "Law of 23 July 2016") and with International Standards on Auditing ("ISAs") as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" ("CSSF"). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "responsibilities of the "reviseur d'entreprises agree" for the audit of the financial statements" section of our report. We are also independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants ("IESBA Code") as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements, and have fulfilled our other ethical responsibilities under those ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors of the Fund is responsible for the other information. The other information comprises the Notes on the portfolio of investments disclosure, the Statistical information, the Other information, and the Information for Investors in Switzerland included in the annual report but does not include the financial statements and our report of the "reviseur d'entreprises agree" thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
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A member firm of Ernst & Younq Global Limited
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EY
Shape the future with confidence
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report this fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund's and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or any of its sub-funds or to cease operations, or has no realistic alternative but to do so.
Responsibilities of the "reviseur d'entreprises agree" for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the "reviseur d'entreprises agree" that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund.
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EY
Shape the future with confidence
• Conclude on the appropriateness of the Board of Directors of the Fund's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund's or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report of the "reviseur d'entreprises agree" to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of the "reviseur d'entreprises agree". However, future events or conditions may cause the Fund or any of its sub-funds to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Ernst & Young Societe anonyme Cabinet de revision agree
Luxembourg, 29 April 2026
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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)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
NOTES ON THE PORTFOLIO OF INVESTMENTS DISCLOSURE:
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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, FRN 0% 15/12/2035 USD 50,000,000 1,427,000 0.04 Argentine Republic Government International Bond, STEP 4.125% 09/07/2035 USD 87,500,000 65,318,750 1.63 Argentine Republic Government International Bond, STEP 5% 09/01/2038 USD 37,500,000 29,193,750 0.73 Argentine Republic Government International Bond, STEP 3.5% 09/07/2041 USD 67,500,003 46,912,502 1.17 142,852,002 3.57 Brazil Brazilian Government International Bond 7.25% 12/01/2056 USD 55,000,000 54,606,750 1.36 Brazilian Government International Bond 5.5% 04/02/2033 USD 49,182,000 48,540,175 1.21 103,146,925 2.57 Cayman Islands Gaci First Investment Co., Reg. S 5.125% 14/02/2053 USD 15,000,000 13,378,000 0.33 Gaci First Investment Co., Reg. S 5.375% 13/10/2122 USD 30,000,000 26,449,002 0.66 Gaci First Investment Co., Reg. S 5% 29/01/2029 USD 25,000,000 25,477,435 0.63 Gaci First Investment Co., Reg. S 5.25% 29/01/2030 USD 27,500,000 28,360,557 0.71 Gaci First Investment Co., Reg. S 5% 15/09/2035 USD 65,000,000 65,092,731 1.62 SA Global Sukuk Ltd., Reg. S 4.25% 02/10/2029 USD 65,000,000 64,874,550 1.62 223,632,275 5.57 Chile Chile Government International Bond 3.5% 25/01/2050 USD 35,000,000 25,723,250 0.64 Chile Government International Bond 3.1% 07/05/2041 USD 20,000,000 15,454,000 0.38 Chile Government International Bond 3.1% 22/01/2061 USD 20,000,000 12,440,000 0.31 Empresa Nacional del Petroleo, Reg. S 6.15% 10/05/2033 USD 34,000,000 36,071,450 0.90 89,688,700 2.23 Colombia Colombia Government International Bond 8.375% 07/11/2054 USD 10,000,000 10,635,000 0.26 10,635,000 0.26 Côte d'Ivoire Ivory Coast Government International Bond, Reg. S 6.625% 22/03/2048 EUR 10,000,000 10,639,470 0.26 Ivory Coast Government International Bond, Reg. S 6.875% 17/10/2040 EUR 10,000,000 11,505,605 0.29
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ivory Coast Government International Bond, Reg. S 8.25% 30/01/2037 USD 20,000,000 21,833,095 0.54 Ivory Coast Government International Bond, Reg. S 8.075% 01/04/2036 USD 12,500,000 13,539,959 0.34 57,518,129 1.43 Dominican Republic Dominican Republic International Bond, Reg. S 4.875% 23/09/2032 USD 22,500,000 21,706,875 0.54 Dominican Republic International Bond, Reg. S 5.95% 25/01/2027 USD 45,000,000 45,546,750 1.13 Dominican Republic International Bond, Reg. S 5.5% 22/02/2029 USD 20,000,000 20,292,000 0.51 87,545,625 2.18 Ecuador Ecuador Government International Bond, STEP, Reg. S 6.9% 31/07/2030 USD 15,000,000 14,842,650 0.37 Ecuador Government International Bond, STEP, Reg. S 6.9% 31/07/2035 USD 15,000,000 13,267,500 0.33 Ecuador Government International Bond, STEP, Reg. S 5% 31/07/2040 USD 15,000,000 11,782,500 0.29 39,892,650 0.99 Egypt Egypt Government Bond 23.531% 04/03/2027 EGP 750,000,000 15,665,732 0.39 Egypt Government International Bond, Reg. S 8.5% 31/01/2047 USD 5,000,000 4,919,596 0.12 Egypt Government International Bond, Reg. S 8.7% 01/03/2049 USD 5,000,000 5,026,762 0.13 Egypt Government International Bond, Reg. S 8.15% 20/11/2059 USD 5,000,000 4,708,597 0.12 Egypt Government International Bond, Reg. S 8.875% 29/05/2050 USD 5,000,000 5,090,947 0.13 Egypt Government International Bond, Reg. S 7.903% 21/02/2048 USD 15,000,000 13,962,245 0.35 Egypt Government International Bond, Reg. S 8.75% 30/09/2051 USD 5,000,000 5,016,948 0.12 Egypt Treasury Bills 0% 07/04/2026 EGP 750,000,000 14,785,057 0.37 69,175,884 1.73 Gabon Gabon Government International Bond, Reg. S 6.625% 06/02/2031 USD 17,000,000 13,230,432 0.33 Gabon Government International Bond, Reg. S 7% 24/11/2031 USD 5,300,000 4,055,626 0.10 17,286,058 0.43 Ghana Ghana Government International Bond, Reg. S 0% 03/07/2026 USD 832,000 817,119 0.02
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 13
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ghana Government International Bond, Reg. S 0% 03/01/2030 USD 2,709,240 2,400,511 0.06 Ghana Government International Bond, STEP, Reg. S 5% 03/07/2029 USD 12,584,000 12,389,526 0.31 Ghana Government International Bond, STEP, Reg. S 5% 03/07/2035 USD 18,096,000 16,603,589 0.41 32,210,745 0.80 Hungary MVM Energetika Zrt, Reg. S 7.5% 09/06/2028 USD 10,000,000 10,601,899 0.26 10,601,899 0.26 Indonesia Indonesia Government International Bond 3.55% 31/03/2032 USD 40,000,000 37,941,300 0.94 Indonesia Government International Bond 2.15% 28/07/2031 USD 20,000,000 17,771,555 0.44 Indonesia Government International Bond 4.65% 20/09/2032 USD 50,000,000 50,393,180 1.25 Indonesia Government International Bond 4.75% 10/09/2034 USD 10,000,000 9,995,043 0.25 Pertamina Persero PT, Reg. S 1.4% 09/02/2026 USD 27,674,000 27,571,715 0.69 Pertamina Persero PT, Reg. S 4.15% 25/02/2060 USD 40,000,000 29,820,398 0.74 173,493,191 4.31 Kazakhstan Kazakhstan Government International Bond, Reg. S 5% 01/07/2032 USD 15,000,000 15,310,665 0.38 Kazakhstan Government International Bond, Reg. S 5.5% 01/07/2037 USD 33,000,000 34,078,620 0.85 Kazakhstan Government International Bond, Reg. S 4.412% 28/10/2030 USD 79,750,000 79,360,441 1.98 QazaqGaz NC JSC, Reg. S 4.375% 26/09/2027 USD 20,592,000 20,543,311 0.51 149,293,037 3.72 Kenya Republic of Kenya Government International Bond, Reg. S 9.5% 05/03/2036 USD 10,000,000 10,702,970 0.27 Republic of Kenya Government International Bond, Reg. S 7.875% 09/10/2033 USD 10,000,000 10,019,087 0.25 20,722,057 0.52 Luxembourg Greensaif Pipelines Bidco SARL, Reg. S 6.103% 23/08/2042 USD 15,000,000 15,683,247 0.39 Greensaif Pipelines Bidco SARL, Reg. S 5.853% 23/02/2036 USD 30,000,000 31,394,637 0.78 47,077,884 1.17 Mexico Mexican Bonos 8% 31/07/2053 MXN 683,000,000 32,443,492 0.81
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Mexico Government International Bond 4.28% 14/08/2041 USD 40,000,000 32,240,000 0.80 Mexico Government International Bond 3.5% 12/02/2034 USD 25,000,000 21,675,000 0.54 Mexico Government International Bond 6.35% 09/02/2035 USD 10,000,000 10,505,000 0.26 Mexico Government International Bond 6.625% 29/01/2038 USD 46,527,000 48,667,242 1.21 Mexico Government International Bond 5.375% 22/03/2033 USD 43,800,000 43,559,100 1.08 189,089,834 4.70 Morocco Morocco Government International Bond, Reg. S 2.375% 15/12/2027 USD 14,000,000 13,449,300 0.33 Morocco Government International Bond, Reg. S 5.95% 08/03/2028 USD 23,000,000 23,693,417 0.59 OCP SA, Reg. S 6.1% 30/04/2030 USD 15,000,000 15,689,544 0.39 52,832,261 1.31 Netherlands Yinson Bergenia Production BV, Reg. S 8.498% 31/01/2045 USD 13,394,000 14,058,675 0.35 14,058,675 0.35 Nigeria Nigeria Government International Bond, Reg. S 8.747% 21/01/2031 USD 8,000,000 8,734,648 0.22 Nigeria Government International Bond, Reg. S 8.631% 13/01/2036 USD 6,000,000 6,462,393 0.16 Nigeria Government International Bond, Reg. S 9.13% 13/01/2046 USD 6,000,000 6,470,117 0.16 21,667,158 0.54 Oman Mazoon Assets Co. SAOC, Reg. S 5.2% 08/11/2027 USD 5,000,000 5,049,265 0.13 Mazoon Assets Co. SAOC, Reg. S 5.5% 14/02/2029 USD 18,800,000 19,281,524 0.48 Mazoon Assets Co. SAOC, Reg. S 5.25% 09/10/2031 USD 14,500,000 14,779,212 0.37 Oman Government International Bond, Reg. S 5.625% 17/01/2028 USD 35,000,000 35,856,788 0.89 Oman Government International Bond, Reg. S 4.75% 15/06/2026 USD 70,000,000 70,204,258 1.75 145,171,047 3.62 Pakistan Pakistan Government International Bond, Reg. S 6.875% 05/12/2027 USD 15,000,000 15,146,213 0.38 Pakistan Government International Bond, Reg. S 7.375% 08/04/2031 USD 8,927,000 8,896,007 0.22 Pakistan Government International Bond, Reg. S 8.875% 08/04/2051 USD 11,605,000 11,458,239 0.29 35,500,459 0.89
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 14
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Panama Panama Government International Bond 3.87% 23/07/2060 USD 50,000,000 33,242,500 0.83 33,242,500 0.83 Paraguay Paraguay Government International Bond, Reg. S 4.7% 27/03/2027 USD 14,668,000 14,792,678 0.37 Paraguay Government International Bond, Reg. S 2.739% 29/01/2033 USD 5,000,000 4,475,056 0.11 Paraguay Government International Bond, Reg. S 3.849% 28/06/2033 USD 10,000,000 9,480,290 0.24 28,748,024 0.72 Peru Peruvian Government International Bond 1.862% 01/12/2032 USD 25,000,000 20,698,750 0.52 Peruvian Government International Bond 2.78% 01/12/2060 USD 55,000,000 29,997,000 0.75 Peruvian Government International Bond 3% 15/01/2034 USD 10,000,000 8,718,500 0.22 59,414,250 1.49 Philippines Philippine Government International Bond 5.25% 14/05/2034 USD 25,000,000 26,107,776 0.65 Philippine Government International Bond 4.75% 05/03/2035 USD 25,000,000 25,108,126 0.63 ROP Sukuk Trust, Reg. S 5.045% 06/06/2029 USD 10,000,000 10,262,500 0.26 61,478,402 1.54 Poland Republic of Poland Government International Bond 4.875% 04/10/2033 USD 30,000,000 30,560,004 0.76 30,560,004 0.76 Romania Romanian Government International Bond, Reg. S 5.875% 30/01/2029 USD 10,000,000 10,335,832 0.26 Romanian Government International Bond, Reg. S 6.375% 30/01/2034 USD 10,000,000 10,440,385 0.26 Romanian Government International Bond, Reg. S 5.75% 24/03/2035 USD 15,000,000 14,917,617 0.37 Romanian Government International Bond, Reg. S 5.75% 16/09/2030 USD 42,400,000 43,763,051 1.09 79,456,885 1.98 Saudi Arabia Saudi Government International Bond, Reg. S 3.45% 02/02/2061 USD 16,000,000 10,232,099 0.25 Saudi Government International Bond, Reg. S 5.75% 16/01/2054 USD 40,000,000 39,659,705 0.99 49,891,804 1.24
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Senegal Senegal Government International Bond, Reg. S 6.75% 13/03/2048 USD 15,000,000 8,144,862 0.20 Senegal Government International Bond, Reg. S 6.25% 23/05/2033 USD 68,000,000 39,713,686 0.99 Senegal Government International Bond, Reg. S 7.75% 10/06/2031 USD 30,000,000 17,824,681 0.44 65,683,229 1.63 Serbia Serbia International Bond, Reg. S 6.25% 26/05/2028 USD 30,000,000 31,153,231 0.78 31,153,231 0.78 South Africa Republic of South Africa Government International Bond 5.65% 27/09/2047 USD 5,000,000 4,236,612 0.11 Republic of South Africa Government International Bond 5.75% 30/09/2049 USD 5,000,000 4,220,244 0.10 Republic of South Africa Government International Bond 6.3% 22/06/2048 USD 5,000,000 4,566,582 0.11 Republic of South Africa Government International Bond, Reg. S 7.95% 19/11/2054 USD 10,000,000 10,775,611 0.27 Republic of South Africa Government International Bond, Reg. S 7.25% 11/12/2055 USD 13,954,000 13,855,262 0.34 Republic of South Africa Government International Bond, Reg. S 6.125% 11/12/2037 USD 56,504,000 55,828,325 1.39 93,482,636 2.32 Trinidad and Tobago Trinidad & Tobago Government International Bond, Reg. S 4.5% 04/08/2026 USD 13,000,000 12,935,000 0.32 12,935,000 0.32 Turkey TC Ziraat Bankasi AS, Reg. S, FRN 8.994% 02/08/2034 USD 21,500,000 22,933,222 0.57 Turkiye Government Bond 37% 18/02/2026 TRY 1,100,000,000 25,680,931 0.64 Turkiye Government Bond 30% 12/09/2029 TRY 2,100,000,000 47,623,735 1.19 Turkiye Government Bond 36% 12/08/2026 TRY 1,690,000,000 39,660,436 0.99 Turkiye Government Bond 37.84% 14/07/2027 TRY 1,311,000,000 31,781,180 0.79 Turkiye Government International Bond 5.75% 11/05/2047 USD 20,000,000 16,456,800 0.41 Turkiye Government International Bond 4.875% 16/04/2043 USD 40,000,000 30,954,800 0.77 Turkiye Government International Bond 6.95% 16/09/2035 USD 40,000,000 41,262,960 1.03
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 15
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Turkiye Government International Bond 6.8% 04/11/2036 USD 20,000,000 20,208,680 0.50 Turkiye Varlik Fonu Yonetimi AS, Reg. S 6.875% 10/02/2031 USD 12,000,000 12,266,329 0.30 288,829,073 7.19 Ukraine Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2034 USD 8,000,000 4,922,446 0.12 Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2036 USD 7,000,000 4,156,214 0.10 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2034 USD 43,000,000 20,528,673 0.51 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2035 USD 30,000,000 16,992,436 0.42 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2036 USD 30,000,000 17,090,969 0.43 63,690,738 1.58 United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC, Reg. S 4.6% 02/11/2047 USD 40,000,000 37,226,656 0.93 Abu Dhabi Developmental Holding Co. PJSC, Reg. S 5.375% 08/05/2029 USD 14,050,000 14,580,676 0.36 Abu Dhabi Future Energy Co. PJSC Masdar, Reg. S 4.875% 21/05/2030 USD 22,500,000 22,913,500 0.57 Abu Dhabi Government International Bond, Reg. S 3.125% 30/09/2049 USD 20,000,000 14,316,770 0.36 Abu Dhabi Government International Bond, Reg. S 3.875% 16/04/2050 USD 10,000,000 8,068,094 0.20 Adnoc Murban Rsc Ltd., Reg. S 5.125% 11/09/2054 USD 28,839,000 27,156,390 0.68 Finance Department Government of Sharjah, Reg. S 4% 28/07/2050 USD 23,000,000 15,515,326 0.39 139,777,412 3.49 United States of America United States Treasury Notes 4.25% 15/08/2035 USD 178,500,000 179,810,859 4.48 179,810,859 4.48 Uzbekistan Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 22,000,000 21,189,989 0.53 21,189,989 0.53 Zambia Zambia Government International Bond, Reg. S 0.5% 31/12/2053 USD 5,841,920 4,126,760 0.10 Zambia Government International Bond, STEP, Reg. S 5.75% 30/06/2033 USD 5,201,481 5,131,188 0.13 9,257,948 0.23 Total Bonds 2,981,693,479 74.26 Commercial Papers Egypt Egypt Treasury Bills EGP 750,000,000 14,756,164 0.37
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Egypt Treasury Bills EGP 750,000,000 14,688,791 0.37 Egypt Treasury Bills EGP 500,000,000 9,747,988 0.24 39,192,943 0.98 Total Commercial Papers 39,192,943 0.98 Total Transferable securities and money market instruments admitted to an official exchange listing 3,020,886,422 75.24 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 33,409,091 23,937,613 0.60 23,937,613 0.60 Cayman Islands Kingston Airport Revenue Finance Ltd., Reg. S 6.75% 15/12/2036 USD 10,000,000 10,312,500 0.26 10,312,500 0.26 Chile Corp. Nacional del Cobre de Chile, Reg. S 6.44% 26/01/2036 USD 11,000,000 11,939,182 0.30 Empresa Nacional del Petroleo, Reg. S 5.95% 30/07/2034 USD 6,428,000 6,733,947 0.17 18,673,129 0.47 Guatemala Guatemala Government Bond, Reg. S 6.55% 06/02/2037 USD 8,000,000 8,600,000 0.21 8,600,000 0.21 Indonesia Pertamina Hulu Energi PT, Reg. S 5.25% 21/05/2030 USD 40,016,000 40,829,707 1.02 40,829,707 1.02 Luxembourg Eagle Funding Luxco SARL, Reg. S 5.5% 17/08/2030 USD 79,938,000 81,523,970 2.03 Raizen Fuels Finance SA, Reg. S 5.7% 17/01/2035 USD 2,809,000 2,151,475 0.05 83,675,445 2.08 Malaysia Petronas Capital Ltd., Reg. S 4.95% 03/01/2031 USD 20,000,000 20,678,620 0.51 Petronas Capital Ltd., Reg. S 5.34% 03/04/2035 USD 35,000,000 36,411,791 0.91 57,090,411 1.42 Mexico Comision Federal de Electricidad, Reg. S 5.7% 24/01/2030 USD 12,000,000 12,226,800 0.30 Mexico Government International Bond 6% 07/05/2036 USD 25,000,000 25,393,750 0.63 Mexico Government International Bond 6.875% 13/05/2037 USD 20,000,000 21,390,000 0.53 Petroleos Mexicanos 6.35% 12/02/2048 USD 25,000,000 19,640,506 0.49 Petroleos Mexicanos 7.69% 23/01/2050 USD 20,000,000 17,937,523 0.45
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 16
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Petroleos Mexicanos 6.95% 28/01/2060 USD 60,000,000 48,886,200 1.22 Petroleos Mexicanos 6.75% 21/09/2047 USD 50,000,000 41,143,437 1.02 186,618,216 4.64 Morocco OCP SA, Reg. S 6.75% 02/05/2034 USD 21,500,000 23,216,053 0.58 23,216,053 0.58 Peru Peruvian Government International Bond 5.375% 08/02/2035 USD 25,000,000 25,600,000 0.64 Peruvian Government International Bond 5.5% 30/03/2036 USD 15,000,000 15,316,500 0.38 40,916,500 1.02 Poland Republic of Poland Government International Bond 5.375% 12/02/2035 USD 35,000,000 36,366,693 0.91 36,366,693 0.91 Turkey Turkiye Ihracat Kredi Bankasi AS, Reg. S 7.5% 06/02/2028 USD 25,000,000 26,147,042 0.65 Turkiye Varlik Fonu Yonetimi AS, Reg. S 8.25% 14/02/2029 USD 13,391,000 14,403,025 0.36 Turkiye Varlik Fonu Yonetimi AS, Reg. S 7.75% 10/09/2035 USD 10,000,000 10,532,151 0.26 51,082,218 1.27 Total Bonds 581,318,485 14.48 Total Transferable securities and money market instruments dealt in on another regulated market 581,318,485 14.48 Other transferable securities and money market instruments Bonds Argentina Argentine Republic Government International Bond 1% 09/07/2029 § USD 1 1 1-
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ukraine Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2029 § USD 1 - Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2035 USD 9,000,000 5,423,953 0.13 5,423,953 0.13 Total Bonds 5,423,954 0.13 Total Other transferable securities and money market instruments 5,423,954 0.13 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 102,236 12,735,978 0.32 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 200,000 269,010 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 223,244,491 223,244,491 5.56 236,249,479 5.88 Total Collective Investment Schemes 236,249,479 5.88 Total Units of authorised UCITS or other collective investment undertakings 236,249,479 5.88 Total investments 3,843,878,340 95.73 Cash/(bank overdraft) 66,177,393 1.65 Other assets/(liabilities) 105,157,403 2.62 Total net assets 4,015,213,136 100.00 § 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 CHF 306,546 USD 382,559 12/01/2026 BNY Mellon 4,877 CHF 306,546 USD 381,907 20/01/2026 BNY Mellon 5,864 CHF 306,546 USD 386,799 27/01/2026 BNY Mellon 1,266 EUR 87,131,539 USD 101,345,412 12/01/2026 BNY Mellon 1,044,281 0.03 EUR 87,124,157 USD 101,668,094 20/01/2026 BNY Mellon 751,739 0.01 GBP 590,472,209 USD 779,091,925 12/01/2026 BNY Mellon 15,113,269 0.37 GBP 588,897,122 USD 785,288,479 20/01/2026 BNY Mellon 6,788,750 0.17 GBP 588,896,929 USD 790,313,298 27/01/2026 BNY Mellon 1,755,427 0.04 KZT 18,250,000,000 USD 33,562,372 18/03/2026 Deutsche Bank 1,590,010 0.04 KZT 5,300,000,000 USD 9,922,306 18/03/2026 Goldman Sachs 286,331 0.01 KZT 5,300,000,000 USD 9,877,924 18/03/2026 Merrill Lynch 330,713 0.01 MXN 825,534,665 USD 44,914,835 18/03/2026 Merrill Lynch 648,561 0.02 USD 11,017 EUR 9,349 12/01/2026 BNY Mellon 32 USD 11,022 EUR 9,349 20/01/2026 BNY Mellon 32 USD 11,025 EUR 9,349 27/01/2026 BNY Mellon 32 USD 2,189 EUR 1,859 02/02/2026 BNY Mellon 2 USD 1,584,223 GBP 1,177,500 20/01/2026 BNY Mellon 464 USD 1,584,213 GBP 1,177,500 27/01/2026 BNY Mellon 471 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 17
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
Page 18
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets USD 1,584,318 GBP 1,177,595 02/02/2026 BNY Mellon 468 ZAR 1,345,771,586 USD 78,511,848 18/03/2026 HSBC 2,254,964 0.06 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 30,577,553 0.76 CHF 306,546 USD 390,809 02/02/2026 BNY Mellon (2,493) EUR 87,090,634 USD 102,606,670 27/01/2026 BNY Mellon (192,270) EUR 86,960,757 USD 102,787,179 02/02/2026 BNY Mellon (496,490) (0.02) GBP 588,896,615 USD 795,837,720 02/02/2026 BNY Mellon (3,779,639) (0.09) USD 191,140 EUR 163,294 12/01/2026 BNY Mellon (749) USD 182,587 EUR 155,912 20/01/2026 BNY Mellon (697) USD 143,570 EUR 122,387 27/01/2026 BNY Mellon (351) USD 32,182,036 EUR 27,519,343 18/03/2026 Standard Chartered Bank (256,507) (0.01) USD 3,682,941 GBP 2,753,188 12/01/2026 BNY Mellon (20,189) USD 807 GBP 602 20/01/2026 BNY Mellon (3) USD 547 GBP 408 27/01/2026 BNY Mellon (1) USD 39,618,561 MXN 720,000,000 18/03/2026 Goldman Sachs (120,104) USD 39,646,486 MXN 720,000,000 18/03/2026 Merrill Lynch (92,179) USD 39,612,624 ZAR 670,000,000 18/03/2026 Morgan Stanley (597,590) (0.02) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (5,559,262) (0.14) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 25,018,291 0.62
Financial Futures Contracts
Security Description Number of Contracts Currency
Unrealised Gain/(Loss) USD % of Net Assets US 10 Year Ultra Bond, 20/03/2026 1,840 USD (1,480,630) (0.04) US Ultra Bond, 20/03/2026 514 USD (1,385,317) (0.03) Total Unrealised Loss on Financial Futures Contracts - Liabilities (2,865,947) (0.07)
Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets 200,000,000 USD/MXN, Put, 17.720, 17/02/2026 USD Morgan Stanley 546,700 0.01 Total Market Value on Option Purchased Contracts - Assets 546,700 0.01
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets
(25,000,000) USD Citigroup Brazil Government Bond 3.75% 20/12/2030 Buy 1.000% 20/12/2030 423,557 0.01
(25,000,000) USD Goldman Sachs Brazil Government Bond 3.75% 20/12/2030 Buy 1.000% 20/12/2030 423,557 0.01
(100,000,000) USD Morgan Stanley Brazil Government Bond 3.75% 20/12/2030 Buy 1.000% 20/12/2030 1,694,227 0.04 (200,200,000) USD Barclays CDX.EM.44.V1 Buy 1.000% 20/12/2030 2,152,739 0.06 (199,800,000) USD Goldman Sachs CDX.EM.44.V1 Buy 1.000% 20/12/2030 2,148,438 0.05
(25,000,000) USD Citigroup Colombia Government Bond 10.375% 20/12/2030 Buy 1.000% 20/12/2030 1,181,214 0.03
(25,000,000) USD Goldman Sachs Colombia Government Bond 10.375% 20/12/2030 Buy 1.000% 20/12/2030 1,181,214 0.03
(100,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/12/2030 Buy 1.000% 20/12/2030 1,558,354 0.04 Total Market Value on Credit Default Swap Contracts - Assets 10,763,300 0.27
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 18
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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, FRN 0% 15/12/2035 USD 6,000,000 171,240 0.03 Argentine Republic Government International Bond, STEP 4.125% 09/07/2035 USD 2,400,000 1,791,600 0.27 Argentine Republic Government International Bond, STEP 3.5% 09/07/2041 USD 2,500,000 1,737,500 0.26 3,700,340 0.56 Bermuda Ooredoo International Finance Ltd., Reg. S 4.5% 31/01/2043 USD 9,845,000 9,066,593 1.36 9,066,593 1.36 Cayman Islands IHS Holding Ltd., Reg. S 5.625% 29/11/2026 USD 2,106,000 2,095,805 0.31 MAF Global Securities Ltd., Reg. S, FRN 5.748% Perpetual USD 6,100,000 6,054,926 0.91 Melco Resorts Finance Ltd., Reg. S 5.375% 04/12/2029 USD 3,500,000 3,467,472 0.52 Melco Resorts Finance Ltd., Reg. S 5.75% 21/07/2028 USD 5,500,000 5,501,789 0.83 QNB Finance Ltd., Reg. S 2.75% 12/02/2027 USD 7,750,000 7,633,037 1.14 Saudi Electricity Sukuk Programme Co., Reg. S 5.225% 18/02/2030 USD 5,000,000 5,129,189 0.77 SNB Funding Ltd., Reg. S, FRN 6% 24/06/2035 USD 8,000,000 8,235,750 1.24 Sobha Sukuk Ltd., Reg. S 7.996% 19/02/2029 USD 5,373,000 5,480,682 0.82 Wynn Macau Ltd., Reg. S 5.625% 26/08/2028 USD 3,371,000 3,367,777 0.51 46,966,427 7.05 Colombia Ecopetrol SA 7.75% 01/02/2032 USD 6,300,000 6,491,583 0.97 6,491,583 0.97 Indonesia Freeport Indonesia PT, Reg. S 5.315% 14/04/2032 USD 10,000,000 10,209,520 1.53 10,209,520 1.53 Kazakhstan Kazakhstan Government International Bond, Reg. S 4.412% 28/10/2030 USD 6,500,000 6,468,249 0.97 6,468,249 0.97 Kuwait National Bank of Kuwait SAKP, Reg. S, FRN 5.25% 10/02/2036 USD 3,110,000 3,118,596 0.47 3,118,596 0.47
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Luxembourg Greensaif Pipelines Bidco SARL, Reg. S 6.103% 23/08/2042 USD 5,000,000 5,227,749 0.78 Greensaif Pipelines Bidco SARL, Reg. S 5.853% 23/02/2036 USD 3,910,000 4,091,768 0.61 9,319,517 1.39 Mauritius HTA Group Ltd., Reg. S 7.5% 04/06/2029 USD 5,150,000 5,328,576 0.80 5,328,576 0.80 Mexico America Movil SAB de CV 5% 20/01/2033 USD 5,100,000 5,194,760 0.78 5,194,760 0.78 Morocco OCP SA, Reg. S 3.75% 23/06/2031 USD 6,500,000 6,092,915 0.91 OCP SA, Reg. S 6.7% 01/03/2036 USD 5,250,000 5,637,140 0.85 OCP SA, Reg. S 6.1% 30/04/2030 USD 2,500,000 2,614,924 0.39 14,344,979 2.15 Netherlands Prosus NV, Reg. S 3.832% 08/02/2051 USD 11,600,000 7,733,935 1.16 Vivo Energy Investments BV, Reg. S 5.125% 24/09/2027 USD 6,750,000 6,736,907 1.01 Yinson Bergenia Production BV, Reg. S 8.498% 31/01/2045 USD 5,300,000 5,563,012 0.83 Yinson Boronia Production BV, Reg. S 8.947% 31/07/2042 USD 3,188,542 3,480,921 0.52 23,514,775 3.52 Oman Bank Muscat SAOG, Reg. S 4.75% 17/03/2026 USD 7,650,000 7,661,447 1.15 Mazoon Assets Co. SAOC, Reg. S 5.2% 08/11/2027 USD 7,500,000 7,573,897 1.14 15,235,344 2.29 Saudi Arabia Saudi Arabian Oil Co., Reg. S 5.875% 17/07/2064 USD 9,050,000 8,803,041 1.32 8,803,041 1.32 Singapore United Overseas Bank Ltd., Reg. S, FRN 3.863% 07/10/2032 USD 8,800,000 8,744,598 1.31 8,744,598 1.31 South Africa Republic of South Africa Government International Bond, Reg. S 7.25% 11/12/2055 USD 2,274,000 2,257,909 0.34 Republic of South Africa Government International Bond, Reg. S 6.125% 11/12/2037 USD 9,135,000 9,025,764 1.35 11,283,673 1.69 South Korea Shinhan Bank Co. Ltd., Reg. S 4% 23/04/2029 USD 5,320,000 5,250,479 0.79 5,250,479 0.79
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 19
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Thailand Kasikornbank PCL, Reg. S, FRN 3.343% 02/10/2031 USD 7,300,000 7,210,978 1.08 7,210,978 1.08 Turkey Turkiye Garanti Bankasi AS, Reg. S, FRN 8.375% 28/02/2034 USD 5,000,000 5,231,865 0.78 Turkiye Government Bond 30% 12/09/2029 TRY 210,000,000 4,762,373 0.71 Turkiye Government Bond 36% 12/08/2026 TRY 138,000,000 3,238,544 0.49 Turkiye Government Bond 37.84% 14/07/2027 TRY 168,400,677 4,082,359 0.61 Zorlu Enerji Elektrik Uretim AS, Reg. S 11% 23/04/2030 USD 4,800,000 4,161,706 0.62 21,476,847 3.21 Ukraine Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2034 USD 2,500,000 1,193,528 0.18 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2035 USD 3,000,001 1,699,244 0.25 2,892,772 0.43 United Arab Emirates Abu Dhabi Future Energy Co. PJSC Masdar, Reg. S 4.875% 21/05/2030 USD 3,250,000 3,309,728 0.50 Binghatti Sukuk 2 Spv Ltd., Reg. S 7.75% 02/07/2029 USD 7,050,000 6,898,641 1.03 First Abu Dhabi Bank PJSC, Reg. S, FRN 5.804% 16/01/2035 USD 6,000,000 6,189,094 0.93 Sobha Sukuk I Holding Ltd., Reg. S 7.125% 11/09/2030 USD 3,750,000 3,768,004 0.57 20,165,467 3.03 United Kingdom Bidvest Group UK plc (The), Reg. S 6.2% 17/09/2032 USD 6,000,000 6,113,910 0.92 Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 5,750,000 5,251,920 0.79 Prudential Funding Asia plc, Reg. S, FRN 2.95% 03/11/2033 USD 5,988,000 5,757,425 0.86 Standard Chartered plc, Reg. S, FRN 2.678% 29/06/2032 USD 5,000,000 4,536,365 0.68 Standard Chartered plc, Reg. S, FRN 7.625% Perpetual USD 3,300,000 3,537,224 0.53 25,196,844 3.78 Uzbekistan National Bank of Uzbekistan, Reg. S 7.2% 17/07/2030 USD 4,950,000 5,125,457 0.77 Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 3,250,000 3,130,339 0.47 8,255,796 1.24 Virgin Islands, British Studio City Finance Ltd., Reg. S 6.5% 15/01/2028 USD 2,000,000 2,003,932 0.30
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets TSMC Global Ltd., Reg. S 1.375% 28/09/2030 USD 7,500,000 6,615,311 0.99 TSMC Global Ltd., Reg. S 1% 28/09/2027 USD 9,000,000 8,566,272 1.28 17,185,515 2.57 Total Bonds 295,425,269 44.29 Total Transferable securities and money market instruments admitted to an official exchange listing 295,425,269 44.29 Transferable securities and money market instruments dealt in on another regulated market Bonds Argentina Pampa Energia SA, Reg. S 7.75% 14/11/2037 USD 6,754,000 6,699,900 1.00 Vista Energy Argentina SAU, Reg. S 8.5% 10/06/2033 USD 4,503,000 4,632,461 0.69 YPF SA, Reg. S 9.5% 17/01/2031 USD 5,000,000 5,340,860 0.80 YPF SA, Reg. S 8.75% 11/09/2031 USD 3,960,000 4,103,760 0.61 20,776,981 3.10 Bermuda Tengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 3,000,000 2,988,163 0.45 2,988,163 0.45 Cayman Islands IHS Holding Ltd., Reg. S 8.25% 29/11/2031 USD 7,100,000 7,439,091 1.12 Kingston Airport Revenue Finance Ltd., Reg. S 6.75% 15/12/2036 USD 7,732,000 7,973,625 1.20 MGM China Holdings Ltd., Reg. S 4.75% 01/02/2027 USD 2,500,000 2,491,075 0.37 Montego Bay Airport Revenue Finance Ltd., Reg. S 6.6% 15/06/2035 USD 3,300,000 3,308,217 0.50 Sands China Ltd. 5.4% 08/08/2028 USD 1,870,000 1,906,863 0.29 Sands China Ltd. 3.8% 08/01/2026 USD 5,000,000 4,999,765 0.75 Wynn Macau Ltd., Reg. S 5.5% 01/10/2027 USD 5,000,000 4,999,565 0.75 Wynn Macau Ltd., Reg. S 6.75% 15/02/2034 USD 2,250,000 2,280,981 0.34 35,399,182 5.32 Colombia Ecopetrol SA 4.625% 02/11/2031 USD 4,600,000 4,126,556 0.62 Grupo Nutresa SA, Reg. S 8% 12/05/2030 USD 6,700,000 7,246,203 1.09 11,372,759 1.71 Dominican Republic Aeropuertos Dominicanos Siglo XXI SA, Reg. S 7% 30/06/2034 USD 5,550,000 5,854,945 0.88 5,854,945 0.88 Hong Kong AIA Group Ltd., Reg. S 5.375% 05/04/2034 USD 7,425,000 7,689,954 1.15 Bank of East Asia Ltd. (The), Reg. S, FRN 6.75% 27/06/2034 USD 5,500,000 5,775,601 0.87 13,465,555 2.02
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 20
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets India IRB Infrastructure Developers Ltd., Reg. S 7.11% 11/03/2032 USD 6,850,000 7,084,292 1.06 7,084,292 1.06 Ireland Aragvi Finance International DAC, Reg. S 11.125% 20/11/2029 USD 8,850,000 8,838,395 1.32 8,838,395 1.32 Israel Energean Israel Finance Ltd., Reg. S, 144A 5.375% 30/03/2028 USD 8,725,000 8,618,500 1.29 8,618,500 1.29 Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.16% 31/03/2034 USD 6,292,710 5,704,892 0.86 5,704,892 0.86 Luxembourg Aegea Finance SARL, Reg. S 7.625% 20/01/2036 USD 5,686,000 5,433,549 0.81 MC Brazil Downstream Trading SARL, Reg. S 7.25% 30/06/2031 USD 2,871,648 2,520,363 0.38 OHI Group SA, Reg. S 13% 22/07/2029 USD 3,752,500 3,812,540 0.57 Raizen Fuels Finance SA, Reg. S 6.45% 05/03/2034 USD 2,750,000 2,244,719 0.34 Raizen Fuels Finance SA, Reg. S 5.7% 17/01/2035 USD 4,400,000 3,370,057 0.51 Rede D'or Finance SARL, Reg. S 4.5% 22/01/2030 USD 6,150,000 5,985,312 0.90 23,366,540 3.51 Mauritius Greenko Wind Projects Mauritius Ltd., Reg. S 7.25% 27/09/2028 USD 5,500,000 5,563,664 0.83 5,563,664 0.83 Mexico BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, Reg. S, FRN 5.125% 18/01/2033 USD 8,000,000 7,869,400 1.18 Cemex SAB de CV, Reg. S, FRN 5.125% Perpetual USD 7,050,000 7,053,542 1.06 Cemex SAB de CV, Reg. S, FRN 7.2% Perpetual USD 2,844,000 2,969,563 0.44 CFE Fibra E, Reg. S 5.875% 23/09/2040 USD 7,288,767 7,292,910 1.09 Minera Mexico SA de CV, Reg. S 5.625% 12/02/2032 USD 6,500,000 6,734,000 1.01 Total Play Telecomunicaciones SA de CV, Reg. S 11.125% 31/12/2032 USD 5,750,000 5,530,350 0.83 37,449,765 5.61 Netherlands Braskem Netherlands Finance BV, Reg. S 8.5% 12/01/2031 USD 1,200,000 470,640 0.07 Braskem Netherlands Finance BV, Reg. S 8% 15/10/2034 USD 1,200,000 465,768 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Greenko Dutch BV, Reg. S 3.85% 29/03/2026 USD 3,373,500 3,349,546 0.50 Teva Pharmaceutical Finance Netherlands III BV 6% 01/12/2032 USD 6,150,000 6,459,149 0.97 10,745,103 1.61 Oman Bank Muscat SAOG, Reg. S 4.846% 01/10/2030 USD 7,353,000 7,382,245 1.11 7,382,245 1.11 Peru Banco de Credito del Peru S.A., Reg. S, FRN 6.45% 30/07/2035 USD 7,410,000 7,720,542 1.16 Banco de Credito del Peru S.A., Reg. S, FRN 5.65% 15/01/2037 USD 2,800,000 2,817,500 0.42 Kallpa Generacion SA, Reg. S 5.5% 11/09/2035 USD 5,650,000 5,676,838 0.85 Niagara Energy SAC, Reg. S 5.746% 03/10/2034 USD 3,150,000 3,215,413 0.48 19,430,293 2.91 Poland ORLEN SA, Reg. S 6% 30/01/2035 USD 4,500,000 4,748,495 0.71 4,748,495 0.71 Serbia Telecommunications Co. Telekom Srbija AD Belgrade, Reg. S 7% 28/10/2029 USD 8,400,000 8,418,169 1.26 8,418,169 1.26 Singapore DBS Group Holdings Ltd., Reg. S, FRN 1.822% 10/03/2031 USD 5,850,000 5,814,412 0.87 Medco Cypress Tree Pte Ltd., Reg. S 8.625% 19/05/2030 USD 2,966,000 3,128,992 0.47 Medco Laurel Tree Pte Ltd., Reg. S 6.95% 12/11/2028 USD 2,000,000 2,016,272 0.30 Oversea-Chinese Banking Corp. Ltd., Reg. S, FRN 4.55% 08/09/2035 USD 10,700,000 10,670,619 1.60 21,630,295 3.24 South Korea Kookmin Bank, Reg. S 2.5% 04/11/2030 USD 3,750,000 3,421,481 0.51 Shinhan Bank Co. Ltd., Reg. S 4.5% 26/03/2028 USD 3,100,000 3,118,247 0.47 SK hynix, Inc., Reg. S 5.5% 16/01/2029 USD 6,700,000 6,930,835 1.04 13,470,563 2.02 Thailand Bangkok Bank PCL, Reg. S, FRN 3.733% 25/09/2034 USD 11,000,000 10,444,104 1.57 Thaioil Treasury Center Co. Ltd., Reg. S 2.5% 18/06/2030 USD 5,950,000 5,427,642 0.81 15,871,746 2.38 Turkey Akbank TAS, Reg. S, FRN 7.875% 04/09/2035 USD 4,000,000 4,134,273 0.62 Aydem Yenilenebilir Enerji AS, Reg. S 9.875% 30/09/2030 USD 3,700,000 3,645,371 0.55
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 21
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Limak Yenilenebilir Enerji AS, Reg. S 9.625% 12/08/2030 USD 3,600,000 3,544,861 0.53 Turkiye Is Bankasi AS, Reg. S, FRN 7.375% 02/04/2036 USD 6,500,000 6,545,733 0.98 17,870,238 2.68 United States of America Kosmos Energy Ltd., Reg. S 8.75% 01/10/2031 USD 3,800,000 2,164,138 0.32 2,164,138 0.32 Uzbekistan Ipoteka-Bank ATIB, Reg. S 6.45% 09/10/2030 USD 5,100,000 5,109,287 0.77 5,109,287 0.77 Total Bonds 313,324,205 46.97 Total Transferable securities and money market instruments dealt in on another regulated market 313,324,205 46.97 Other transferable securities and money market instruments Bonds Russia Sberbank PJSC 5.125% 02/10/2023 § USD 5,300,000 - -Ukraine Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2030 § USD 1 1 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2036 § USD 1 - Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2035 § USD 1 - 1Total Bonds 1 Total Other transferable securities and money market instruments 1 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 41,800,001 41,800,001 6.27 41,800,001 6.27 Total Collective Investment Schemes 41,800,001 6.27 Total Units of authorised UCITS or other collective investment undertakings 41,800,001 6.27 Total investments 650,549,476 97.53 Cash/(bank overdraft) 1,478,733 0.22 Other assets/(liabilities) 14,985,659 2.25 Total net assets 667,013,868 100.00 § 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 19,684,303 USD 22,895,094 12/01/2026 BNY Mellon 236,253 0.04 EUR 19,684,303 USD 22,970,692 20/01/2026 BNY Mellon 169,424 0.02 GBP 103,205,900 USD 136,173,824 12/01/2026 BNY Mellon 2,641,620 0.39 GBP 103,205,900 USD 137,623,519 20/01/2026 BNY Mellon 1,190,273 0.18 GBP 103,190,901 USD 138,484,767 27/01/2026 BNY Mellon 307,406 0.05 KZT 3,600,000,000 USD 6,739,680 18/03/2026 Goldman Sachs 194,489 0.03 KZT 900,000,000 USD 1,677,383 18/03/2026 Merrill Lynch 56,159 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 4,795,624 0.72 EUR 19,684,284 USD 23,190,879 27/01/2026 BNY Mellon (43,106) (0.01) EUR 19,684,284 USD 23,266,726 02/02/2026 BNY Mellon (112,384) (0.02) GBP 103,190,901 USD 139,452,698 02/02/2026 BNY Mellon (662,316) (0.10) USD 23 EUR 19 12/01/2026 BNY Mellon - USD 22 EUR 19 20/01/2026 BNY Mellon - USD 20,151 GBP 15,000 12/01/2026 BNY Mellon (25) USD 20,150 GBP 15,000 20/01/2026 BNY Mellon (25) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (817,856) (0.13) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 3,977,768 0.59
Financial Futures Contracts
Security Description Number of Contracts Currency
Unrealised Gain/(Loss) USD % of Net Assets US 10 Year Ultra Bond, 20/03/2026 180 USD (16,877) Total Unrealised Loss on Financial Futures Contracts - Liabilities (16,877) -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 22
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 (40,000,000) USD Barclays CDX.EM.44.V1 Buy 1.000% 20/12/2030 430,118 0.07 (20,000,000) USD Goldman Sachs CDX.EM.44.V1 Buy 1.000% 20/12/2030 215,059 0.03 Total Market Value on Credit Default Swap Contracts - Assets 645,177 0.10
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 23
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 Argentina Argentine Republic Government International Bond, FRN 0% 15/12/2035 USD 7,500,000 182,256 0.02 182,256 0.02 Brazil Brazil Letras do Tesouro Nacional 0% 01/01/2026 BRL 99,327,000 15,433,771 1.71 Brazil Letras do Tesouro Nacional 0% 01/07/2027 BRL 116,443,000 15,031,343 1.67 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2031 BRL 106,000,000 14,467,642 1.60 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2033 BRL 40,000,000 5,235,695 0.58 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2029 BRL 80,000,000 11,503,645 1.27 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2035 BRL 45,000,000 5,730,473 0.63 67,402,569 7.46 Chile Bonos de la Tesoreria de la Republica en pesos 5% 01/03/2035 CLP 2,500,000,000 2,310,287 0.26 Bonos de la Tesoreria de la Republica en pesos 6% 01/01/2043 CLP 2,000,000,000 1,999,815 0.22 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 4.7% 01/09/2030 CLP 3,630,000,000 3,371,505 0.37 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 7% 01/05/2034 CLP 5,305,000,000 5,577,575 0.62 13,259,182 1.47 China China Government Bond 3.27% 19/11/2030 CNY 41,300,000 5,471,344 0.61 China Government Bond 2.8% 15/11/2032 CNY 85,000,000 11,079,535 1.23 China Government Bond 2.44% 15/10/2027 CNY 91,810,000 11,393,085 1.26 China Government Bond 2.52% 25/08/2033 CNY 86,900,000 11,143,458 1.23 China Government Bond 2.57% 20/05/2054 CNY 62,000,000 7,877,086 0.87 China Government Bond 2.27% 25/05/2034 CNY 23,000,000 2,898,508 0.32 China Government Bond 2.49% 25/05/2044 CNY 14,500,000 1,807,901 0.20 51,670,917 5.72 Colombia Colombian TES 7.25% 18/10/2034 COP 12,551,700,000 2,013,823 0.22 Colombian TES 6% 28/04/2028 COP 25,000,000,000 4,933,965 0.55 Colombian TES 9.25% 28/05/2042 COP 44,244,300,000 7,448,732 0.83 Colombian TES 13.25% 09/02/2033 COP 42,371,800,000 9,628,233 1.07
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Colombian TES 11.5% 25/07/2046 COP 6,572,700,000 1,332,992 0.15 Colombian TES 11% 22/08/2029 COP 39,676,200,000 8,453,348 0.94 33,811,093 3.76 Czech Republic Czech Republic Government Bond 2% 13/10/2033 CZK 420,000,000 14,625,462 1.62 Czech Republic Government Bond, Reg. S 4.85% 26/11/2057 CZK 70,500,000 2,755,412 0.31 17,380,874 1.93 Dominican Republic Dominican Republic International Bond, Reg. S 11.25% 15/09/2035 DOP 108,300,000 1,630,478 0.18 1,630,478 0.18 Egypt Egypt Government Bond 25.318% 13/08/2027 EGP 670,000,000 12,333,682 1.37 Egypt Treasury Bills 0% 31/03/2026 EGP 550,000,000 9,296,061 1.03 21,629,743 2.40 Hungary Hungary Government Bond 6.75% 22/10/2028 HUF 2,880,990,000 7,613,610 0.84 Hungary Government Bond 3% 27/10/2027 HUF 1,599,480,000 3,950,340 0.44 Hungary Government Bond 2.25% 22/06/2034 HUF 3,500,000,000 6,551,622 0.73 18,115,572 2.01 India India Government Bond 7.18% 14/08/2033 INR 1,255,620,000 12,284,737 1.36 India Government Bond 7.3% 19/06/2053 INR 1,600,000,000 15,202,832 1.68 India Government Bond 7.18% 24/07/2037 INR 600,000,000 5,827,566 0.65 India Government Bond 7.1% 18/04/2029 INR 1,683,020,000 16,450,104 1.82 India Government Bond 6.79% 07/10/2034 INR 1,186,310,000 11,351,815 1.26 India Government Bond 7.02% 18/06/2031 INR 140,000,000 1,358,895 0.15 India Government Bond 7.32% 13/11/2030 INR 800,000,000 7,887,542 0.87 India Government Bond 6.67% 17/12/2050 INR 200,000,000 1,757,310 0.19 India Government Bond 6.1% 12/07/2031 INR 300,000,000 2,798,499 0.31 India Government Bond 6.33% 05/05/2035 INR 450,000,000 4,196,948 0.46 India Government Bond 6.79% 30/12/2031 INR 570,000,000 5,471,103 0.61 84,587,351 9.36 Indonesia Indonesia Treasury Bond 7.5% 15/06/2035 IDR 125,000,000,000 6,989,894 0.77 Indonesia Treasury Bond 6.125% 15/05/2028 IDR 97,411,000,000 5,062,408 0.56 Indonesia Treasury Bond 8.375% 15/03/2034 IDR 50,000,000,000 2,914,554 0.32 Indonesia Treasury Bond 7.5% 15/04/2040 IDR 110,000,000,000 6,144,373 0.68
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 24
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Indonesia Treasury Bond 6.5% 15/02/2031 IDR 225,000,000,000 11,828,253 1.31 Indonesia Treasury Bond 7.125% 15/06/2042 IDR 126,048,000,000 6,829,014 0.76 Indonesia Treasury Bond 8.25% 15/05/2036 IDR 100,000,000,000 5,877,864 0.65 Indonesia Treasury Bond 5.5% 15/04/2026 IDR 104,867,000,000 5,366,950 0.59 Indonesia Treasury Bond 7% 15/02/2033 IDR 432,000,000,000 23,235,076 2.57 Indonesia Treasury Bond 6.875% 15/04/2029 IDR 118,037,000,000 6,289,754 0.70 Indonesia Treasury Bond 6.625% 15/02/2034 IDR 50,000,000,000 2,642,454 0.29 Indonesia Treasury Bond 7.125% 15/06/2043 IDR 25,000,000,000 1,354,446 0.15 84,535,040 9.35 Malaysia Malaysia Government Bond 3.885% 15/08/2029 MYR 77,000,000 16,536,915 1.83 Malaysia Government Bond 4.893% 08/06/2038 MYR 66,587,000 15,587,872 1.73 Malaysia Government Bond 3.828% 05/07/2034 MYR 62,000,000 13,340,539 1.48 Malaysia Government Bond 2.632% 15/04/2031 MYR 38,000,000 7,702,486 0.85 Malaysia Government Bond 4.762% 07/04/2037 MYR 33,000,000 7,636,709 0.85 Malaysia Government Bond 4.065% 15/06/2050 MYR 20,630,000 4,415,266 0.49 Malaysia Government Bond 4.457% 31/03/2053 MYR 8,383,000 1,905,489 0.21 Malaysia Government Bond 4.054% 18/04/2039 MYR 45,000,000 9,724,940 1.08 Malaysia Government Investment Issue 4.07% 30/09/2026 MYR 30,000,000 6,350,394 0.70 83,200,610 9.22 Mexico Mexican Bonos 8.5% 18/11/2038 MXN 263,000,000 11,690,217 1.30 Mexican Bonos 7.75% 29/05/2031 MXN 220,000,000 10,045,534 1.11 Mexican Bonos 7.75% 13/11/2042 MXN 385,000,000 15,604,750 1.73 Mexican Bonos 8% 31/07/2053 MXN 685,000,000 27,705,304 3.07 Mexican Bonos 8.5% 01/03/2029 MXN 230,000,000 10,993,686 1.22 Mexican Bonos 7% 03/09/2026 MXN 257,207,700 12,153,281 1.35 88,192,772 9.78 Peru Peru Government Bond 5.94% 12/02/2029 PEN 8,086,000 2,145,480 0.24 Peru Government Bond 5.4% 12/08/2034 PEN 55,000,000 13,883,430 1.54 Peruvian Government International Bond, Reg. S 6.9% 12/08/2037 PEN 9,500,000 2,516,839 0.28 18,545,749 2.06 Poland Republic of Poland Government Bond 1.25% 25/10/2030 PLN 103,000,000 21,099,083 2.34
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Republic of Poland Government Bond 6% 25/10/2033 PLN 61,500,000 15,584,626 1.73 Republic of Poland Government Bond 5% 25/10/2034 PLN 26,000,000 6,135,871 0.68 Republic of Poland Government Bond 5% 25/10/2035 PLN 18,000,000 4,218,415 0.47 47,037,995 5.22 Romania Romania Government Bond 4.15% 24/10/2030 RON 92,000,000 16,292,357 1.81 Romania Government Bond 4.85% 25/07/2029 RON 61,315,000 11,362,270 1.26 27,654,627 3.07 Serbia Serbia Treasury Bonds 4.5% 20/08/2032 RSD 400,000,000 3,332,432 0.37 3,332,432 0.37 South Africa Republic of South Africa Government Bond 8.75% 28/02/2048 ZAR 195,000,000 9,637,138 1.07 Republic of South Africa Government Bond 8.25% 31/03/2032 ZAR 404,000,000 21,259,829 2.36 Republic of South Africa Government Bond 8.75% 31/01/2044 ZAR 445,000,000 21,892,742 2.43 Republic of South Africa Government Bond 9% 31/01/2040 ZAR 110,000,000 5,667,737 0.63 Republic of South Africa Government Bond 11.625% 31/03/2053 ZAR 36,000,000 2,335,346 0.26 60,792,792 6.75 Thailand Thailand Government Bond 1.585% 17/12/2035 THB 128,826,000 3,476,970 0.39 Thailand Government Bond 2% 17/06/2042 THB 360,000,000 9,519,969 1.05 Thailand Government Bond 3.35% 17/06/2033 THB 245,000,000 7,536,453 0.83 Thailand Government Bond 1.6% 17/12/2029 THB 227,255,000 6,234,267 0.69 Thailand Government Bond 3.45% 17/06/2043 THB 170,000,000 5,371,994 0.60 Thailand Government Bond 2.4% 17/03/2029 THB 319,882,000 8,981,513 1.00 Thailand Government Bond 2.8% 17/06/2034 THB 100,000,000 2,966,884 0.33 Thailand Government Bond 2.41% 17/03/2035 THB 290,000,000 8,389,363 0.93 52,477,413 5.82 Turkey Turkiye Government Bond 10.6% 11/02/2026 TRY 95,500,000 1,844,438 0.20 Turkiye Government Bond 12.4% 08/03/2028 TRY 10,000,000 137,414 0.01 Turkiye Government Bond 17.3% 19/07/2028 TRY 332,000,000 5,048,983 0.56 Turkiye Government Bond 37% 18/02/2026 TRY 200,000,000 3,975,699 0.44 Turkiye Government Bond 10.5% 11/08/2027 TRY 310,000,000 4,463,396 0.49
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 25
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Turkiye Government Bond 17.8% 13/07/2033 TRY 174,187,000 2,440,376 0.27 Turkiye Government Bond 30% 12/09/2029 TRY 570,000,000 11,006,379 1.22 Turkiye Government Bond 36% 12/08/2026 TRY 550,000,000 10,990,031 1.22 Turkiye Government Bond 32.6% 10/02/2027 TRY 92,000,000 1,796,290 0.20 Turkiye Government Bond 37.84% 14/07/2027 TRY 316,000,000 6,522,587 0.72 48,225,593 5.33 Ukraine Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2034 USD 11,000,001 4,471,473 0.50 Ukraine Government International Bond, STEP, Reg. S 0% 01/02/2035 USD 8,000,000 3,858,245 0.43 8,329,718 0.93 Uruguay Uruguay Government International Bond 9.75% 20/07/2033 UYU 131,776,543 3,226,314 0.36 3,226,314 0.36 Total Bonds 835,221,090 92.57 Total Transferable securities and money market instruments admitted to an official exchange listing 835,221,090 92.57 Other transferable securities and money market instruments Bonds Ukraine Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2036 § USD 1 1 Ukraine Government International Bond, STEP, Reg. S 4.5% 01/02/2035 § USD 1 - 1Total Bonds 1 Total Other transferable securities and money market instruments 1 -
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 103 10,910 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 100,000 114,526 0.01 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 27,900,000 23,755,801 2.64 23,881,237 2.65 Total Collective Investment Schemes 23,881,237 2.65 Total Units of authorised UCITS or other collective investment undertakings 23,881,237 2.65 Total investments 859,102,328 95.22 Cash/(bank overdraft) 21,182,073 2.35 Other assets/(liabilities) 21,929,974 2.43 Total net assets 902,214,375 100.00 § 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) EUR % of Net Assets CLP 2,243,610,501 USD 2,428,574 18/03/2026 Goldman Sachs 54,004 CNH 305,783,453 USD 43,550,962 18/03/2026 Morgan Stanley 391,246 0.04
CZK 549,241,052 USD 26,410,572 18/03/2026 Canadian Imperial Bank of Commerce 260,737 0.03 DOP 58,540,890 USD 904,254 18/03/2026 Citigroup 8,533 HUF 540,734,449 USD 1,630,248 18/03/2026 HSBC 12,901 IDR 57,120,291,582 USD 3,413,162 17/03/2026 Goldman Sachs 584 INR 253,317,417 USD 2,794,832 18/03/2026 HSBC 2,951 KZT 4,500,000,000 USD 8,269,390 18/03/2026 Deutsche Bank 337,890 0.04 KZT 1,450,000,000 USD 2,714,593 18/03/2026 Goldman Sachs 66,448 0.01 KZT 1,450,000,000 USD 2,702,451 18/03/2026 Merrill Lynch 76,749 0.01 MXN 535,657,452 USD 29,143,496 18/03/2026 Merrill Lynch 356,979 0.04 MYR 24,513,699 USD 5,983,767 18/03/2026 Standard Chartered Bank 68,104 0.01 PLN 108,729,507 USD 29,925,045 18/03/2026 Morgan Stanley 259,102 0.03 THB 824,486,153 USD 26,013,746 18/03/2026 BNP Paribas 261,316 0.03 ZAR 506,967,313 USD 29,576,297 18/03/2026 HSBC 720,628 0.08 ZAR 87,993,448 USD 5,166,002 18/03/2026 Morgan Stanley 97,512 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,975,684 0.33 BRL 20,000,000 USD 3,618,508 18/03/2026 Goldman Sachs (29,653) -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 26
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 EUR 2,400,000 USD 2,832,051 18/03/2026 Citigroup (2,579) USD 9,130,082 BRL 51,000,000 18/03/2026 Goldman Sachs (6,771) USD 4,143,178 COP 16,207,326,248 18/03/2026 Deutsche Bank (31,914) (0.01) USD 4,598,936 EUR 3,932,619 18/03/2026 Standard Chartered Bank (31,099) USD 15,407,218 MXN 280,000,000 18/03/2026 Goldman Sachs (39,608) (0.01) USD 10,462,267 MXN 190,000,000 18/03/2026 Merrill Lynch (20,626) USD 532,308 PEN 1,800,000 18/03/2026 Deutsche Bank (1,187) USD 308,007 RON 1,353,209 18/03/2026 Deutsche Bank (2,278) USD 1,087,523 RSD 110,000,000 18/03/2026 Deutsche Bank (10,619) USD 2,099,720 UYU 83,400,872 18/03/2026 Deutsche Bank (20,307) USD 10,361,493 ZAR 174,883,886 18/03/2026 Goldman Sachs (113,847) (0.01) USD 10,642,198 ZAR 180,000,000 18/03/2026 Morgan Stanley (136,192) (0.02) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (446,680) (0.05) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,529,004 0.28
Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value EUR % of Net Assets 50,000,000 USD/MXN, Put, 17.720, 17/02/2026 USD Morgan Stanley 116,374 0.01 Total Market Value on Option Purchased Contracts - Assets 116,374 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 (25,000,000) USD Barclays CDX.EM.44.V1 Buy 1.000% 20/12/2030 228,893 0.03 (37,500,000) USD Goldman Sachs CDX.EM.44.V1 Buy 1.000% 20/12/2030 343,340 0.04
(15,000,000) USD Morgan Stanley Turkey Government Bond 11.88% 20/12/2030 Buy 1.000% 20/12/2030 580,028 0.06 Total Market Value on Credit Default Swap Contracts - Assets 1,152,261 0.13
Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security Description Maturity Date Market Value EUR % of Net Assets 89,991,402 BRL Barclays Pay floating BROIS 1 day Receive fixed 13.2% 03/01/2028 3,900 150,000,000 CNY Barclays Pay floating CNY CNRR 3 month Receive fixed 1.54% 18/03/2028 17,972 230,000,000 CNY Barclays Pay floating CNY CNRR 3 month Receive fixed 1.63% 18/03/2031 45,324 0.01
850,000,000 THB Barclays Pay floating THB-THOR-OIS Compound 1 day Receive fixed 1.2% 18/03/2028 66,880 0.01 270,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 4.06% 18/03/2031 108,183 0.01 Total Market Value on Interest Rate Swap Contracts - Assets 242,259 0.03 660,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 4.004% 06/06/2035 (426,632) (0.05) (1,400,000,000) CZK Barclays Pay fixed 3.797% Receive floating PRIBOR 6 month 18/03/2028 (249,707) (0.03) 210,000,000 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 4.085% 12/06/2035 (108,721) (0.01) (35,974,112) BRL Barclays Pay fixed 13.39% Receive floating BROIS 1 day 02/01/2031 (25,090) Total Market Value on Interest Rate Swap Contracts - Liabilities (810,150) (0.09) Net Market Value on Interest Rate Swap Contracts - Liabilities (567,891) (0.06)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 27
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
Page 28
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 4,594,000 6,070,682 1.13 Commonwealth Bank of Australia, Reg. S, FRN 3.788% 26/08/2037 EUR 2,585,000 3,019,885 0.56 NSW Electricity Networks Finance Pty Ltd., Reg. S, FRN 6.296% 20/11/2055 AUD 1,800,000 1,186,070 0.22 10,276,637 1.91 Belgium Elia Group SA, Reg. S 3.875% 11/06/2031 EUR 7,000,000 8,382,157 1.56 8,382,157 1.56 Cayman Islands Gaci First Investment Co., Reg. S 3.375% 14/10/2032 EUR 3,700,000 4,296,388 0.80 4,296,388 0.80 Finland Teollisuuden Voima Oyj, Reg. S 3.625% 18/03/2033 EUR 2,244,000 2,623,940 0.49 2,623,940 0.49 France AXA SA, Reg. S, FRN 5.125% Perpetual EUR 5,014,000 5,893,135 1.10 BNP Paribas SA, Reg. S, FRN 5.125% Perpetual USD 5,300,000 5,223,777 0.97 BNP Paribas SA, Reg. S, FRN 7% Perpetual AUD 5,000,000 3,344,786 0.62 Electricite de France SA, Reg. S, FRN 2.875% Perpetual EUR 5,400,000 6,319,357 1.18 Electricite de France SA, Reg. S, FRN 4.375% Perpetual EUR 2,000,000 2,327,788 0.43 L'Oreal SA, 144A 5% 20/05/2035 USD 3,400,000 3,477,173 0.65 Nexans SA, Reg. S 4.125% 29/05/2029 EUR 3,100,000 3,739,224 0.70 Nexans SA, Reg. S 4.25% 11/03/2030 EUR 1,700,000 2,065,186 0.38 SPIE SA, Reg. S 3.75% 28/05/2030 EUR 4,000,000 4,747,644 0.88 37,138,070 6.91 Germany Deutsche Bank AG, Reg. S, FRN 5% 26/02/2029 GBP 3,400,000 4,621,141 0.86 Eurogrid GmbH, Reg. S 4.056% 28/05/2037 EUR 2,000,000 2,361,174 0.44 RWE AG, Reg. S, FRN 4.125% 18/06/2055 EUR 1,400,000 1,657,892 0.31 8,640,207 1.61 Ireland Smurfit Westrock Financing DAC 5.185% 15/01/2036 USD 4,286,000 4,318,879 0.80 4,318,879 0.80 Italy Enel SpA, Reg. S, FRN 6.375% Perpetual EUR 2,188,000 2,744,669 0.51 Enel SpA, Reg. S, FRN 4.25% Perpetual EUR 1,508,000 1,798,377 0.33 Intesa Sanpaolo SpA, Reg. S, FRN 7.75% Perpetual EUR 1,500,000 1,836,651 0.34
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Intesa Sanpaolo SpA, Reg. S, FRN 6.375% Perpetual EUR 1,500,000 1,845,344 0.34 Prysmian SpA, Reg. S 3.875% 28/11/2031 EUR 1,816,000 2,185,630 0.41 UniCredit SpA, Reg. S, FRN 5.305% 31/07/2032 GBP 6,600,000 9,056,311 1.69 19,466,982 3.62 Luxembourg Logicor Financing SARL, Reg. S 2% 17/01/2034 EUR 5,469,000 5,514,077 1.03 5,514,077 1.03 Netherlands EnBW International Finance BV, Reg. S 5.792% 26/02/2036 AUD 5,000,000 3,266,165 0.61 Enexis Holding NV, Reg. S 3.25% 09/04/2033 EUR 2,297,000 2,685,099 0.50 GXO Logistics Capital BV 3.75% 24/11/2030 EUR 3,719,000 4,360,457 0.81 Iberdrola International BV, Reg. S, FRN 1.874% Perpetual EUR 4,600,000 5,396,372 1.00 ING Groep NV, Reg. S, FRN 1% 16/11/2032 EUR 3,600,000 4,092,247 0.76 Upjohn Finance BV, Reg. S 1.908% 23/06/2032 EUR 2,734,000 2,821,179 0.53 22,621,519 4.21 Portugal EDP SA, Reg. S, FRN 5.943% 23/04/2083 EUR 800,000 990,265 0.18 990,265 0.18 Singapore Pfizer Investment Enterprises Pte Ltd. 5.3% 19/05/2053 USD 2,571,000 2,436,124 0.45 2,436,124 0.45 Spain Banco Bilbao Vizcaya Argentaria SA 5.381% 13/03/2029 USD 4,500,000 4,670,052 0.87 Banco Santander SA 5.127% 06/11/2035 USD 2,600,000 2,600,091 0.48 Banco Santander SA, Reg. S, FRN 2.25% 04/10/2032 GBP 5,600,000 7,259,531 1.35 CaixaBank SA, Reg. S, FRN 5.875% Perpetual EUR 1,600,000 1,877,739 0.35 Cellnex Finance Co. SA, Reg. S 2% 15/02/2033 EUR 4,600,000 4,832,950 0.90 21,240,363 3.95 United Kingdom Barclays plc, FRN 4.476% 11/11/2029 USD 2,680,000 2,695,148 0.50 Barclays plc, Reg. S, FRN 8.407% 14/11/2032 GBP 2,844,000 4,066,497 0.76 British Telecommunications plc, Reg. S 3.125% 11/02/2032 EUR 2,900,000 3,357,666 0.63 British Telecommunications plc, Reg. S, FRN 5.125% 03/10/2054 EUR 2,734,000 3,342,914 0.62 British Telecommunications plc, Reg. S, FRN 6.375% 03/12/2055 GBP 3,168,000 4,364,318 0.81 Coca-Cola Europacific Partners plc, Reg. S 3.125% 25/09/2032 EUR 3,834,000 4,451,474 0.83 HSBC Holdings plc, FRN 5.286% 19/11/2030 USD 3,160,000 3,261,488 0.61
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE CREDIT FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 28
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets HSBC Holdings plc, Reg. S, FRN 4.599% 22/03/2035 EUR 1,532,000 1,866,068 0.35 HSBC Holdings plc, Reg. S, FRN 5.813% 22/05/2033 GBP 3,624,000 5,085,678 0.95 LSEG Finance plc, Reg. S 4.875% 19/09/2032 GBP 1,874,000 2,531,078 0.47 NatWest Group plc, Reg. S, FRN 2.105% 28/11/2031 GBP 5,469,000 7,241,419 1.35 SSE plc, Reg. S, FRN 4% Perpetual EUR 4,525,000 5,388,166 1.00 SSE plc, Reg. S, FRN 4% Perpetual EUR 3,125,000 3,688,619 0.69 Standard Chartered plc, FRN, 144A 5.005% 15/10/2030 USD 2,822,000 2,883,508 0.54 Standard Chartered plc, Reg. S, FRN 1.2% 23/09/2031 EUR 6,453,000 7,481,729 1.39 Tritax Big Box REIT plc, Reg. S 4.75% 12/11/2032 GBP 2,858,000 3,818,366 0.71 Vodafone Group plc, Reg. S, FRN 8% 30/08/2086 GBP 2,704,000 3,977,140 0.74 69,501,276 12.95 United States of America AbbVie, Inc. 5.05% 15/03/2034 USD 2,544,000 2,615,287 0.49 AbbVie, Inc. 5.4% 15/03/2054 USD 1,502,000 1,461,510 0.27 Ashtead Capital, Inc., 144A 5.95% 15/10/2033 USD 2,325,000 2,461,158 0.46 Ashtead Capital, Inc., 144A 5.55% 30/05/2033 USD 655,000 676,135 0.13 AT&T, Inc. 3.65% 01/06/2051 USD 1,745,000 1,228,016 0.23 AT&T, Inc. 4.3% 18/11/2034 EUR 1,422,000 1,733,836 0.32 AT&T, Inc. 5.7% 01/11/2054 USD 4,534,000 4,351,857 0.81 Citigroup, Inc., FRN 2.928% 22/10/2030 EUR 1,700,000 1,982,908 0.37 Citigroup, Inc., Reg. S, FRN 3.75% 14/05/2032 EUR 2,644,000 3,156,076 0.59 Consolidated Edison Co. of New York, Inc. 5.5% 15/03/2055 USD 2,174,000 2,112,606 0.39 CRH America Finance, Inc. 5.5% 09/01/2035 USD 3,700,000 3,853,939 0.72 CVS Health Corp. 5.875% 01/06/2053 USD 1,355,000 1,316,649 0.25 CVS Health Corp. 5.45% 15/09/2035 USD 2,785,000 2,851,803 0.53 Digital Euro Finco LLC, Reg. S 4.25% 20/11/2037 EUR 3,881,000 4,446,175 0.83 Eli Lilly & Co. 5.5% 12/02/2055 USD 2,249,000 2,253,536 0.42 Ford Motor Credit Co. LLC 5.8% 08/03/2029 USD 3,570,000 3,648,862 0.68 Ford Motor Credit Co. LLC 6.184% 29/08/2031 GBP 3,400,000 4,655,404 0.87 General Motors Financial Co., Inc. 5.75% 08/02/2031 USD 3,340,000 3,514,851 0.65 General Motors Financial Co., Inc. 4.9% 06/10/2029 USD 1,751,000 1,779,245 0.33 General Motors Financial Co., Inc., Reg. S 4% 10/07/2030 EUR 1,720,000 2,081,319 0.39 Goldman Sachs Group, Inc. (The), Reg. S, FRN 3.5% 23/01/2033 EUR 1,656,000 1,946,538 0.36 Lowe's Cos., Inc. 4.05% 03/05/2047 USD 3,700,000 2,930,327 0.55 Medtronic, Inc. 4.2% 15/10/2045 EUR 1,300,000 1,487,987 0.28
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Morgan Stanley, FRN 4.656% 02/03/2029 EUR 1,721,000 2,099,673 0.39 Morgan Stanley, FRN 3.521% 22/05/2031 EUR 2,792,000 3,317,201 0.62 Mosaic Co. (The) 5.375% 15/11/2028 USD 4,593,000 4,740,332 0.88 NextEra Energy Capital Holdings, Inc., FRN 3.996% 15/05/2056 EUR 3,776,000 4,424,440 0.82 Oracle Corp. 2.875% 25/03/2031 USD 4,593,000 4,128,909 0.77 Oracle Corp. 6% 03/08/2055 USD 2,768,000 2,443,201 0.46 Oracle Corp. 5.95% 26/09/2055 USD 1,655,000 1,467,418 0.27 RTX Corp. 6.4% 15/03/2054 USD 1,742,000 1,918,309 0.36 T-Mobile USA, Inc. 3.5% 11/02/2037 EUR 2,703,000 3,046,887 0.57 T-Mobile USA, Inc. 3.8% 11/02/2045 EUR 2,897,000 3,088,343 0.58 UnitedHealth Group, Inc. 4.75% 15/05/2052 USD 3,128,000 2,702,459 0.50 UnitedHealth Group, Inc. 5.95% 15/06/2055 USD 1,000,000 1,027,541 0.19 Verizon Communications, Inc. 1.3% 18/05/2033 EUR 2,734,000 2,748,249 0.51 Verizon Communications, Inc., FRN 3.996% 15/06/2056 EUR 3,200,000 3,742,463 0.70 Verizon Communications, Inc., FRN 5.742% 15/06/2056 GBP 3,800,000 5,114,457 0.95 104,555,906 19.49 Total Bonds 322,002,790 59.96 Total Transferable securities and money market instruments admitted to an official exchange listing 322,002,790 59.96 Transferable securities and money market instruments dealt in on another regulated market Bonds Canada Bell Telephone Co. of Canada or Bell Canada, FRN 7% 15/09/2055 USD 5,500,000 5,782,672 1.08 5,782,672 1.08 Denmark Danske Bank A/S, FRN, 144A 5.019% 04/03/2031 USD 4,206,000 4,297,201 0.80 4,297,201 0.80 France Credit Agricole SA, FRN, 144A 5.222% 27/05/2031 USD 1,247,000 1,280,677 0.24 Societe Generale SA, FRN, 144A 5.249% 22/05/2029 USD 6,300,000 6,427,994 1.20 7,708,671 1.44 Hong Kong AIA Group Ltd., Reg. S, FRN 2.7% Perpetual USD 5,469,000 5,442,475 1.01 5,442,475 1.01 Ireland Smurfit Westrock Financing DAC 5.418% 15/01/2035 USD 5,513,000 5,679,131 1.06 5,679,131 1.06 Italy Intesa Sanpaolo SpA, 144A 5.71% 15/01/2026 USD 1,975,000 1,975,986 0.37 1,975,986 0.37
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 29
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Switzerland UBS Group AG, FRN, 144A 5.617% 13/09/2030 USD 3,916,000 4,091,958 0.76 UBS Group AG, FRN, 144A 5.58% 09/05/2036 USD 1,568,000 1,631,074 0.30 5,723,032 1.06 United Kingdom HSBC Holdings plc, FRN 6% Perpetual USD 3,000,000 3,035,163 0.57 3,035,163 0.57 United States of America AEP Texas, Inc. 5.85% 15/10/2055 USD 2,000,000 1,965,327 0.37 Amazon.com, Inc. 5.45% 20/11/2055 USD 4,800,000 4,688,312 0.87 American Tower Corp. 4.7% 15/12/2032 USD 5,468,000 5,470,825 1.02 Amgen, Inc. 5.65% 02/03/2053 USD 2,500,000 2,449,684 0.46 Bank of America Corp., FRN 3.97% 05/03/2029 USD 4,576,000 4,569,560 0.85 Bank of America Corp., FRN 2.572% 20/10/2032 USD 7,624,000 6,878,053 1.28 Bank of America Corp., FRN 5.464% 09/05/2036 USD 3,419,000 3,560,556 0.66 CCO Holdings LLC, 144A 4.25% 15/01/2034 USD 3,500,000 2,979,285 0.55 Charter Communications Operating LLC 6.384% 23/10/2035 USD 3,000,000 3,098,756 0.58 Charter Communications Operating LLC 5.375% 01/04/2038 USD 2,734,000 2,522,890 0.47 Charter Communications Operating LLC 6.55% 01/06/2034 USD 1,210,000 1,273,075 0.24 Citigroup, Inc., FRN 2.976% 05/11/2030 USD 2,756,000 2,626,310 0.49 Citigroup, Inc., FRN 4.786% 04/03/2029 USD 6,429,000 6,521,964 1.21 Constellation Energy Generation LLC 5.75% 15/03/2054 USD 2,007,000 1,993,240 0.37 Coty Inc, 144A 5.6% 15/01/2031 USD 2,516,000 2,541,263 0.47 Exelon Corp. 5.875% 15/03/2055 USD 2,500,000 2,520,035 0.47 Goldman Sachs Group, Inc. (The), FRN 2.65% 21/10/2032 USD 4,029,000 3,638,122 0.68 Goldman Sachs Group, Inc. (The), FRN 4.692% 23/10/2030 USD 1,654,000 1,677,031 0.31 Goldman Sachs Group, Inc. (The), FRN 5.207% 28/01/2031 USD 4,408,000 4,555,469 0.85 Kraft Heinz Foods Co. 4.375% 01/06/2046 USD 4,000,000 3,307,662 0.62
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Mars, Inc., 144A 5.2% 01/03/2035 USD 5,442,000 5,595,435 1.04 Mars, Inc., 144A 5.7% 01/05/2055 USD 2,208,000 2,201,023 0.41 Meta Platforms, Inc. 4.875% 15/11/2035 USD 2,955,000 2,952,186 0.55 Morgan Stanley, FRN 5.123% 01/02/2029 USD 2,939,000 3,000,523 0.56 Morgan Stanley, FRN 5.192% 17/04/2031 USD 4,107,000 4,235,447 0.79 Oracle Corp. 5.2% 26/09/2035 USD 1,897,000 1,818,160 0.34 RWE Finance US LLC, 144A 5.125% 18/09/2035 USD 2,175,000 2,163,621 0.40 Sprint Capital Corp. 8.75% 15/03/2032 USD 5,510,000 6,667,203 1.24 Stellantis Finance US, Inc., 144A 5.75% 18/03/2030 USD 5,391,000 5,563,990 1.04 Stellantis Financial Services US Corp., 144A 5.4% 15/09/2030 USD 2,138,000 2,172,250 0.40 T-Mobile USA, Inc. 6% 15/06/2054 USD 2,175,000 2,222,448 0.41 T-Mobile USA, Inc. 5.5% 15/01/2055 USD 1,112,000 1,054,446 0.20 T-Mobile USA, Inc. 5.875% 15/11/2055 USD 1,829,000 1,834,913 0.34 Viatris, Inc. 2.7% 22/06/2030 USD 4,593,000 4,199,949 0.78 114,519,013 21.32 Total Bonds 154,163,344 28.71 Total Transferable securities and money market instruments dealt in on another regulated market 154,163,344 28.71 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 246,452 30,701,472 5.72 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 2,300,000 3,093,615 0.57 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 16,100,000 16,100,000 3.00 49,895,087 9.29 Total Collective Investment Schemes 49,895,087 9.29 Total Units of authorised UCITS or other collective investment undertakings 49,895,087 9.29 Total investments 526,061,221 97.97 Cash/(bank overdraft) 8,022,063 1.49 Other assets/(liabilities) 2,889,377 0.54 Total net assets 536,972,661 100.00 † 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 244 USD 160 12/01/2026 BNY Mellon 3 AUD 244 USD 162 20/01/2026 BNY Mellon 1 AUD 244 USD 162 27/01/2026 BNY Mellon 1 CHF 219 USD 274 12/01/2026 BNY Mellon 3 CHF 219 USD 273 20/01/2026 BNY Mellon 4 CHF 219 USD 277 27/01/2026 BNY Mellon 1 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 30
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Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets EUR 37,975,897 USD 44,168,551 12/01/2026 BNY Mellon 457,545 0.09 EUR 5,000,000 USD 5,837,375 13/01/2026 Morgan Stanley 38,485 0.01 EUR 7,000,000 USD 8,170,076 13/01/2026 Standard Chartered Bank 56,128 0.01 EUR 37,675,897 USD 43,964,908 20/01/2026 BNY Mellon 325,438 0.06 GBP 70,180,030 USD 92,597,700 12/01/2026 BNY Mellon 1,796,825 0.34 GBP 3,000,000 USD 4,004,340 13/01/2026 J.P. Morgan 30,756 0.01 GBP 66,976,303 USD 89,312,410 20/01/2026 BNY Mellon 771,922 0.14 GBP 66,599,544 USD 89,378,499 27/01/2026 BNY Mellon 198,155 0.03 USD 4 GBP 3 02/02/2026 BNY Mellon - Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 3,675,267 0.69 AUD 244 USD 163 02/02/2026 BNY Mellon (1) CHF 219 USD 280 02/02/2026 BNY Mellon (2) EUR 37,675,898 USD 44,388,235 27/01/2026 BNY Mellon (83,191) (0.01) EUR 37,675,897 USD 44,532,722 02/02/2026 BNY Mellon (215,104) (0.04) GBP 10,278 USD 13,853 12/01/2026 BNY Mellon (28) GBP 65,937,044 USD 89,107,600 02/02/2026 BNY Mellon (423,157) (0.08) USD 7,893,640 AUD 11,970,000 13/01/2026 Morgan Stanley (89,269) (0.02) USD 40,882 CAD 56,911 13/01/2026 Standard Chartered Bank (661) USD 349,634 EUR 300,000 12/01/2026 BNY Mellon (2,901) USD 51,312,078 EUR 43,903,649 13/01/2026 BNP Paribas (282,259) (0.05) USD 51,332,217 EUR 43,903,650 13/01/2026 Citigroup (262,121) (0.05) USD 51,328,322 EUR 43,903,649 13/01/2026 Royal Bank of Canada (266,015) (0.05) USD 51,293,205 EUR 43,903,650 13/01/2026 Standard Chartered Bank (301,134) (0.06) USD 5,679,295 GBP 4,253,267 12/01/2026 BNY Mellon (41,494) (0.01) USD 74,471,652 GBP 56,004,356 13/01/2026 Standard Chartered Bank (855,999) (0.16) USD 1,391,281 GBP 1,039,261 20/01/2026 BNY Mellon (6,544) USD 885,148 GBP 662,503 27/01/2026 BNY Mellon (5,922) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (2,835,802) (0.53) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 839,465 0.16
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets Euro-Bobl, 06/03/2026 (148) EUR 88,647 0.02 Euro-BTP, 06/03/2026 (134) EUR 68,459 0.01 Euro-Buxl 30 Year Bond, 06/03/2026 (13) EUR 26,566 Euro-OAT Future, 06/03/2026 (134) EUR 88,131 0.02 Long Gilt, 27/03/2026 1 GBP 471 Total Unrealised Gain on Financial Futures Contracts - Assets 272,274 0.05 Australia 10 Year Bond, 16/03/2026 49 AUD (5,442) Canada 10 Year Bond, 20/03/2026 134 CAD (153,478) (0.03) Euro-Bund, 06/03/2026 171 EUR (65,112) (0.01) Euro-Schatz, 06/03/2026 264 EUR (41,857) (0.01) US 10 Year Note, 20/03/2026 144 USD (110,251) (0.02) US 10 Year Ultra Bond, 20/03/2026 124 USD (55,243) (0.01) US 2 Year Note, 31/03/2026 100 USD (9,765) US 5 Year Note, 31/03/2026 224 USD (76,406) (0.01) US Long Bond, 20/03/2026 93 USD (93,938) (0.02) US Ultra Bond, 20/03/2026 82 USD (135,031) (0.03) Total Unrealised Loss on Financial Futures Contracts - Liabilities (746,523) (0.14) Net Unrealised Loss on Financial Futures Contracts - Liabilities (474,249) (0.09)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 31
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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 (30,000,000) EUR Deutsche Bank ITRAXX.EUROPE.MAIN.44.V1 Buy 1.000% 20/12/2030 (813,797) (0.15) Total Market Value on Credit Default Swap Contracts - Liabilities (813,797) (0.15)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 32
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 248,300 3,023,231 0.92 3,023,231 0.92 France AXA SA EUR 245,339 11,791,999 3.59 Schneider Electric SE EUR 21,239 5,817,924 1.77 17,609,923 5.36 Germany Muenchener RueckversicherungsGesellschaft AG in Muenchen EUR 12,330 8,137,268 2.47 Siemens AG EUR 24,440 6,859,253 2.09 14,996,521 4.56 Ireland CRH plc USD 58,017 7,240,522 2.20 Linde plc USD 22,932 9,777,975 2.97 Trane Technologies plc USD 11,204 4,360,597 1.33 21,379,094 6.50 Japan Sony Group Corp. JPY 333,200 8,510,940 2.59 8,510,940 2.59 Netherlands ASM International NV EUR 11,275 6,792,443 2.07 ING Groep NV EUR 205,757 5,780,383 1.76 NXP Semiconductors NV USD 23,684 5,140,849 1.56 17,713,675 5.39 Switzerland Lonza Group AG CHF 13,987 9,461,215 2.88 9,461,215 2.88 Taiwan Taiwan Semiconductor Manufacturing Co. Ltd., ADR USD 25,396 7,717,590 2.35 7,717,590 2.35 United Kingdom AstraZeneca plc GBP 56,013 10,294,944 3.13 10,294,944 3.13 United States of America Alphabet, Inc. 'A' USD 64,221 20,101,173 6.11 Apple, Inc. USD 45,589 12,393,826 3.77 Autodesk, Inc. USD 14,046 4,157,756 1.26 Broadcom, Inc. USD 22,839 7,904,578 2.40
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Cadence Design Systems, Inc. USD 19,339 6,044,985 1.84 Danaher Corp. USD 36,394 8,331,314 2.53 Home Depot, Inc. (The) USD 13,742 4,728,622 1.44 Hubbell, Inc. USD 15,758 6,998,285 2.13 Microsoft Corp. USD 48,682 23,543,589 7.16 Moody's Corp. USD 25,760 13,159,496 4.00 NVIDIA Corp. USD 90,077 16,799,360 5.11 PepsiCo, Inc. USD 35,632 5,113,905 1.55 Procter & Gamble Co. (The) USD 47,178 6,761,079 2.06 PTC, Inc. USD 26,093 4,545,662 1.38 Public Service Enterprise Group, Inc. USD 86,848 6,973,894 2.12 Tapestry, Inc. USD 40,765 5,208,544 1.58 Tetra Tech, Inc. USD 145,903 4,893,587 1.49 Thermo Fisher Scientific, Inc. USD 11,615 6,730,312 2.05 T-Mobile US, Inc. USD 24,191 4,911,741 1.49 United Rentals, Inc. USD 3,556 2,877,942 0.88 Veralto Corp. USD 71,586 7,142,851 2.17 Visa, Inc. 'A' USD 24,888 8,728,470 2.65 Waste Management, Inc. USD 36,303 7,976,132 2.43 Westinghouse Air Brake Technologies Corp. USD 28,175 6,013,954 1.83 Xylem, Inc. USD 65,535 8,924,556 2.71 Zoetis, Inc. USD 27,691 3,484,082 1.06 214,449,695 65.20 Total Equities 325,156,828 98.88 Total Transferable securities and money market instruments admitted to an official exchange listing 325,156,828 98.88 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 3,408,159 3,408,158 1.03 3,408,158 1.03 Total Collective Investment Schemes 3,408,158 1.03 Total Units of authorised UCITS or other collective investment undertakings 3,408,158 1.03 Total investments 328,564,986 99.92 Cash/(bank overdraft) 121,357 0.04 Other assets/(liabilities) 152,445 0.04 Total net assets 328,838,788 100.00 † 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 341 USD 223 12/01/2026 BNY Mellon 4 AUD 341 USD 227 20/01/2026 BNY Mellon 1 AUD 341 USD 226 27/01/2026 BNY Mellon 1 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 6AUD 341 USD 228 02/02/2026 BNY Mellon (1) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 5-
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL CLIMATE EQUITY FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 33
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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 2,066,822 4,903,088 0.30 4,903,088 0.30 Brazil Banco Bradesco SA Preference BRL 743,735 2,468,824 0.15 Itau Unibanco Holding SA Preference BRL 1,922,646 13,764,390 0.85 Neoenergia SA BRL 1,418,037 8,379,221 0.52 Petroleo Brasileiro SA Petrobras Preference BRL 1,883,802 10,595,151 0.65 TIM SA BRL 1,417,503 5,520,236 0.34 Vale SA BRL 786,474 10,327,966 0.64 Vibra Energia SA BRL 1,974,470 9,126,936 0.56 60,182,724 3.71 Cayman Islands Alibaba Group Holding Ltd. HKD 434,000 7,941,990 0.49 Alibaba Group Holding Ltd., ADR USD 311,015 45,588,579 2.80 Baidu, Inc. 'A' HKD 312,850 5,127,575 0.32 Baidu, Inc., ADR USD 40,249 5,258,934 0.32 Chailease Holding Co. Ltd. TWD 1,237,846 4,156,271 0.26 China Hongqiao Group Ltd. HKD 1,960,190 8,144,681 0.50 China Resources Land Ltd. HKD 2,275,708 7,925,658 0.49 CIMC Enric Holdings Ltd. HKD 7,336,200 8,906,930 0.55 Daqo New Energy Corp., ADR USD 206,439 6,089,950 0.37 ENN Energy Holdings Ltd. HKD 1,003,443 8,909,035 0.55 Giant Biogene Holding Co. Ltd., 144A HKD 846,200 3,606,345 0.22 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 1,772,000 8,197,526 0.50 JD.com, Inc. 'A' HKD 448,800 6,437,607 0.40 JD.com, Inc., ADR USD 99,664 2,860,357 0.18 Kingdee International Software Group Co. Ltd. HKD 2,482,000 4,224,239 0.26 Meituan, 144A 'B' HKD 796,952 10,515,237 0.65 NetEase, Inc. HKD 66,800 1,838,086 0.11 NetEase, Inc., ADR USD 68,828 9,472,109 0.58 NU Holdings Ltd. 'A' USD 795,612 13,318,545 0.82 PDD Holdings, Inc., ADR USD 112,368 12,741,408 0.78 Sands China Ltd. HKD 1,857,213 4,680,052 0.29 Tencent Holdings Ltd. HKD 1,073,321 82,237,169 5.06 Trip.com Group Ltd. HKD 149,200 10,701,568 0.66 Xiaomi Corp., 144A 'B' HKD 2,424,800 12,236,855 0.75 291,116,706 17.91 Chile Banco de Chile CLP 49,196,292 9,494,667 0.58 9,494,667 0.58 China BYD Co. Ltd. 'H' HKD 944,758 11,503,107 0.71 China Construction Bank Corp. 'H' HKD 21,997,178 21,676,777 1.33 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 21,293,071 5,630,038 0.35 China Merchants Bank Co. Ltd. 'H' HKD 1,015,740 6,868,450 0.42 Contemporary Amperex Technology Co. Ltd. 'A' CNH 201,540 10,563,466 0.65 Foxconn Industrial Internet Co. Ltd. 'A' CNH 315,800 2,789,334 0.17
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Industrial & Commercial Bank of China Ltd. 'H' HKD 23,028,625 18,657,584 1.15 Inner Mongolia Yili Industrial Group Co. Ltd. 'A' CNH 1,242,000 5,086,209 0.31 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNH 728,464 6,202,264 0.38 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 2,317,692 5,994,146 0.37 Kweichow Moutai Co. Ltd. 'A' CNH 15,300 3,016,652 0.19 Livzon Pharmaceutical Group, Inc. 'H' HKD 526,750 1,926,752 0.12 NARI Technology Co. Ltd. 'A' CNH 2,321,788 7,465,718 0.46 NAURA Technology Group Co. Ltd. 'A' CNH 147,700 9,680,539 0.60 PICC Property & Casualty Co. Ltd. 'H' HKD 2,770,850 5,808,788 0.36 Ping An Bank Co. Ltd. 'A' CNH 5,797,500 9,473,469 0.58 Ping An Insurance Group Co. of China Ltd. 'H' HKD 2,262,197 19,027,283 1.17 Skshu Paint Co. Ltd. 'A' CNH 1,063,136 7,047,712 0.43 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 798,017 8,088,375 0.50 Zijin Mining Group Co. Ltd. 'A' CNH 1,659,100 8,158,414 0.50 174,665,077 10.75 Greece Alpha Bank SA EUR 1,995,421 8,386,026 0.52 8,386,026 0.52 Hong Kong AIA Group Ltd. HKD 1,000,316 10,273,683 0.63 10,273,683 0.63 Hungary OTP Bank Nyrt HUF 110,004 11,790,781 0.73 11,790,781 0.73 India Aegis Vopak Terminals Ltd. INR 1,845,978 5,120,397 0.31 Ashok Leyland Ltd. INR 8,934,755 17,815,069 1.10 Avenue Supermarts Ltd., 144A INR 105,957 4,457,448 0.27 Bharti Airtel Ltd. INR 827,278 19,407,208 1.19 Embassy Office Parks REIT, REIT INR 2,240,935 10,859,472 0.67 Eternal Ltd. INR 1,933,719 5,999,356 0.37 HDFC Bank Ltd. INR 3,598,463 39,763,181 2.45 Hindustan Unilever Ltd. INR 190,132 4,899,079 0.30 Hindustan Unilever Ltd. INR 190,132 80,809 ICICI Bank Ltd. INR 1,645,208 24,562,195 1.51 Infosys Ltd. INR 914,057 16,346,853 1.01 Mahindra & Mahindra Ltd. INR 396,157 16,351,343 1.01 PB Fintech Ltd. INR 547,168 11,114,347 0.68 Power Grid Corp. of India Ltd. INR 2,007,311 5,904,833 0.36 Reliance Industries Ltd. INR 1,733,317 30,254,298 1.86 Tata Consultancy Services Ltd. INR 121,018 4,326,183 0.27 Trent Ltd. INR 46,910 2,233,437 0.14 Varun Beverages Ltd. INR 1,455,811 7,928,250 0.49 227,423,758 13.99 Indonesia Bank Central Asia Tbk PT IDR 15,581,900 7,521,331 0.46 Indah Kiat Pulp & Paper Tbk PT IDR 5,230,000 2,665,615 0.16
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS CORE FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 34
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Japfa Comfeed Indonesia Tbk PT IDR 15,131,800 2,377,083 0.15 Telkom Indonesia Persero Tbk PT IDR 41,473,800 8,626,060 0.53 21,190,089 1.30 Malaysia Gamuda Bhd. MYR 5,666,200 6,945,470 0.43 Malayan Banking Bhd. MYR 3,820,645 9,867,886 0.61 16,813,356 1.04 Mauritius MakeMyTrip Ltd. USD 113,554 9,325,054 0.57 9,325,054 0.57 Mexico Gentera SAB de CV MXN 2,675,884 6,858,074 0.42 Grupo Mexico SAB de CV MXN 499,273 4,721,566 0.29 Prologis Property Mexico SA de CV, REIT MXN 1,227,052 5,148,575 0.32 Wal-Mart de Mexico SAB de CV MXN 2,936,160 9,166,365 0.56 25,894,580 1.59 Netherlands Prosus NV ZAR 78,745 4,850,184 0.30 4,850,184 0.30 Peru Cia de Minas Buenaventura SAA, ADR USD 212,862 5,923,949 0.36 5,923,949 0.36 Philippines International Container Terminal Services, Inc. PHP 1,126,470 10,800,880 0.66 Jollibee Foods Corp. PHP 1,346,260 4,119,035 0.25 14,919,915 0.91 Poland Bank Polska Kasa Opieki SA PLN 180,600 10,297,079 0.63 10,297,079 0.63 Qatar Qatar National Bank QPSC QAR 2,412,833 12,365,031 0.76 12,365,031 0.76 Saudi Arabia Al Rajhi Bank SAR 434,210 11,287,391 0.69 Elm Co. SAR 25,000 4,985,847 0.31 Etihad Etisalat Co. SAR 370,243 6,510,939 0.40 Saudi National Bank (The) SAR 1,162,654 11,738,915 0.72 34,523,092 2.12 South Africa Capitec Bank Holdings Ltd. ZAR 54,279 13,622,220 0.84 Impala Platinum Holdings Ltd. ZAR 624,099 9,823,369 0.60 Naspers Ltd. 'N' ZAR 132,254 8,779,071 0.54 Nedbank Group Ltd. ZAR 488,225 7,832,025 0.48 40,056,685 2.46 South Korea Cosmax, Inc. KRW 22,267 2,513,688 0.15 HD Hyundai Marine Solution Co. Ltd. KRW 46,073 6,161,676 0.38 Hyosung Heavy Industries Corp. KRW 3,691 4,515,232 0.28 Hyundai Motor Co. KRW 78,935 16,161,890 0.99 Hyundai Rotem Co. Ltd. KRW 50,597 6,602,912 0.41 KB Financial Group, Inc. KRW 216,037 18,675,983 1.15 LG Chem Ltd. KRW 47,058 10,811,358 0.66 NAVER Corp. KRW 22,944 3,844,611 0.24 POSCO Holdings, Inc. KRW 27,856 5,877,556 0.36
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Samsung Biologics Co. Ltd., 144A KRW 8,500 9,959,192 0.61 Samsung Electronics Co. Ltd. KRW 1,030,990 85,927,135 5.29 Samsung Fire & Marine Insurance Co. Ltd. KRW 23,351 8,048,535 0.50 SK hynix, Inc. KRW 88,171 39,926,068 2.46 SK Square Co. Ltd. KRW 28,296 7,111,642 0.44 226,137,478 13.92 Taiwan Chung-Hsin Electric & Machinery Manufacturing Corp. TWD 614,000 2,921,416 0.18 CTBC Financial Holding Co. Ltd. TWD 4,120,000 6,577,478 0.40 Delta Electronics, Inc. TWD 132,000 4,016,429 0.25 Hon Hai Precision Industry Co. Ltd. TWD 1,312,786 9,538,343 0.59 MediaTek, Inc. TWD 119,750 5,426,061 0.33 Nien Made Enterprise Co. Ltd. TWD 162,000 1,855,586 0.11 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 3,117,337 152,292,441 9.37 Tripod Technology Corp. TWD 438,380 4,399,756 0.27 Wiwynn Corp. TWD 35,000 4,958,373 0.30 Yageo Corp. TWD 506,240 3,707,997 0.23 195,693,880 12.03 Thailand CP ALL PCL THB 2,502,920 3,455,758 0.21 Thai Beverage PCL SGD 10,701,280 3,822,421 0.24 True Corp. PCL THB 24,400,600 8,421,418 0.52 15,699,597 0.97 United Arab Emirates Emaar Properties PJSC AED 2,020,683 7,730,708 0.48 7,730,708 0.48 United Kingdom Airtel Africa plc, 144A GBP 1,547,043 7,319,072 0.45 Anglogold Ashanti plc ZAR 197,628 16,965,494 1.04 Metlen Energy & Metals plc EUR 71,784 3,727,244 0.23 28,011,810 1.72 United States of America MercadoLibre, Inc. USD 2,252 4,536,114 0.28 Yum China Holdings, Inc. USD 153,280 7,317,587 0.45 Yum China Holdings, Inc. HKD 41,800 1,976,916 0.12 13,830,617 0.85 Total Equities 1,481,499,614 91.13 Total Transferable securities and money market instruments admitted to an official exchange listing 1,481,499,614 91.13 Other transferable securities and money market instruments Equities Russia 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 - -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS CORE FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 35
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 3,500,000 3,500,000 0.21 3,500,000 0.21 Total Collective Investment Schemes 3,500,000 0.21 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 1,810,345 10,894,485 0.67 iShares MSCI Taiwan UCITS ETF GBP 1,112,732 131,653,528 8.10 142,548,013 8.77 Total Exchange Traded Funds 142,548,013 8.77 Total Units of authorised UCITS or other collective investment undertakings 146,048,013 8.98 Total investments 1,627,547,627 100.11 Cash/(bank overdraft) 4,383,644 0.27 Other assets/(liabilities) (6,149,492) (0.38) Total net assets 1,625,781,779 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS CORE FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 36
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 285,427 677,114 0.33 677,114 0.33 Brazil Itau Unibanco Holding SA Preference BRL 246,000 1,761,135 0.85 Petroleo Brasileiro SA Petrobras Preference BRL 209,959 1,180,882 0.57 TIM SA BRL 176,750 688,324 0.33 Vale SA BRL 99,576 1,307,631 0.63 Vibra Energia SA BRL 249,181 1,151,834 0.56 6,089,806 2.94 Cayman Islands Alibaba Group Holding Ltd. HKD 73,700 1,348,674 0.65 Alibaba Group Holding Ltd., ADR USD 37,213 5,454,682 2.64 Baidu, Inc. 'A' HKD 20,400 334,354 0.16 Baidu, Inc., ADR USD 8,061 1,053,250 0.51 China Hongqiao Group Ltd. HKD 247,000 1,026,297 0.50 China Resources Land Ltd. HKD 286,892 999,165 0.48 CIMC Enric Holdings Ltd. HKD 790,000 959,144 0.46 Daqo New Energy Corp., ADR USD 31,302 923,409 0.45 ENN Energy Holdings Ltd. HKD 139,293 1,236,708 0.60 Giant Biogene Holding Co. Ltd., 144A HKD 124,000 528,465 0.25 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 222,000 1,027,004 0.50 JD.com, Inc. 'A' HKD 77,650 1,113,815 0.54 Kingdee International Software Group Co. Ltd. HKD 414,000 704,607 0.34 Meituan, 144A 'B' HKD 101,560 1,340,015 0.65 NU Holdings Ltd. 'A' USD 100,578 1,683,676 0.81 PDD Holdings, Inc., ADR USD 14,094 1,598,119 0.77 Sands China Ltd. HKD 473,104 1,192,190 0.58 Tencent Holdings Ltd. HKD 113,500 8,696,297 4.20 Trip.com Group Ltd. HKD 20,100 1,441,699 0.70 Xiaomi Corp., 144A 'B' HKD 189,000 953,796 0.46 33,615,366 16.25 China BYD Co. Ltd. 'H' HKD 146,545 1,784,291 0.86 China Construction Bank Corp. 'H' HKD 2,765,350 2,725,071 1.32 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 3,776,329 998,488 0.48 China Merchants Bank Co. Ltd. 'H' HKD 127,412 861,562 0.42 Contemporary Amperex Technology Co. Ltd. 'A' CNH 30,200 1,582,895 0.76 Industrial & Commercial Bank of China Ltd. 'H' HKD 2,903,568 2,352,445 1.14 Inner Mongolia Yili Industrial Group Co. Ltd. 'A' CNH 207,300 848,930 0.41 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNH 113,500 966,358 0.47 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 481,600 1,245,541 0.60 Livzon Pharmaceutical Group, Inc. 'H' HKD 107,900 394,678 0.19 NARI Technology Co. Ltd. 'A' CNH 342,500 1,101,310 0.53
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets NAURA Technology Group Co. Ltd. 'A' CNH 20,000 1,310,838 0.63 Ping An Bank Co. Ltd. 'A' CNH 732,400 1,196,786 0.58 Ping An Insurance Group Co. of China Ltd. 'H' HKD 352,345 2,963,565 1.43 Skshu Paint Co. Ltd. 'A' CNH 134,000 888,309 0.43 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 146,500 1,484,864 0.72 22,705,931 10.97 Greece Alpha Bank SA EUR 319,760 1,343,834 0.65 1,343,834 0.65 Hong Kong AIA Group Ltd. HKD 150,359 1,544,253 0.75 1,544,253 0.75 Hungary OTP Bank Nyrt HUF 21,011 2,252,064 1.09 2,252,064 1.09 India Aegis Vopak Terminals Ltd. INR 321,159 890,835 0.43 Ashok Leyland Ltd. INR 1,293,730 2,579,577 1.25 Avenue Supermarts Ltd., 144A INR 29,177 1,227,431 0.59 Bharti Airtel Ltd. INR 104,097 2,442,023 1.18 Eternal Ltd. INR 352,173 1,092,615 0.53 HDFC Bank Ltd. INR 128,415 1,418,992 0.69 HDFC Bank Ltd., ADR USD 99,535 3,637,009 1.76 Hindustan Unilever Ltd. INR 15,935 410,593 0.20 Hindustan Unilever Ltd. INR 15,935 6,773 ICICI Bank Ltd. INR 16,897 252,264 0.12 ICICI Bank Ltd., ADR USD 93,554 2,787,909 1.35 Infosys Ltd., ADR USD 108,732 1,937,604 0.94 Mahindra & Mahindra Ltd. INR 50,115 2,068,492 1.00 PB Fintech Ltd. INR 72,387 1,470,361 0.71 Power Grid Corp. of India Ltd. INR 252,532 742,864 0.36 Reliance Industries Ltd. INR 56,236 981,575 0.47 Reliance Industries Ltd., 144A, GDR USD 40,232 2,816,240 1.36 Tata Consultancy Services Ltd. INR 19,724 705,099 0.34 Varun Beverages Ltd. INR 231,588 1,261,213 0.61 28,729,469 13.89 Indonesia Bank Central Asia Tbk PT IDR 1,808,300 872,860 0.42 Telkom Indonesia Persero Tbk PT IDR 6,240,700 1,297,992 0.63 2,170,852 1.05 Malaysia Gamuda Bhd. MYR 853,400 1,046,074 0.51 1,046,074 0.51 Mauritius MakeMyTrip Ltd. USD 21,628 1,776,091 0.86 1,776,091 0.86 Mexico Gentera SAB de CV MXN 500,936 1,283,858 0.62 Prologis Property Mexico SA de CV, REIT MXN 196,951 826,385 0.40 Wal-Mart de Mexico SAB de CV MXN 373,167 1,164,986 0.56 3,275,229 1.58 Netherlands Prosus NV ZAR 43,909 2,704,511 1.31 2,704,511 1.31
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 37
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Philippines International Container Terminal Services, Inc. PHP 142,930 1,370,449 0.66 Jollibee Foods Corp. PHP 170,820 522,643 0.25 1,893,092 0.91 Poland Bank Polska Kasa Opieki SA PLN 17,021 970,468 0.47 970,468 0.47 Qatar Qatar National Bank QPSC QAR 257,085 1,317,482 0.64 1,317,482 0.64 Saudi Arabia Al Rajhi Bank SAR 54,554 1,418,144 0.68 Elm Co. SAR 3,133 624,826 0.30 Etihad Etisalat Co. SAR 46,441 816,692 0.39 Saudi National Bank (The) SAR 146,074 1,474,859 0.71 4,334,521 2.08 South Africa Capitec Bank Holdings Ltd. ZAR 6,944 1,742,713 0.84 Impala Platinum Holdings Ltd. ZAR 78,294 1,232,354 0.60 Life Healthcare Group Holdings Ltd. ZAR 1,027,316 706,247 0.34 Nedbank Group Ltd. ZAR 58,977 946,099 0.46 4,627,413 2.24 South Korea Hyosung Heavy Industries Corp. KRW 820 1,003,113 0.48 Hyundai Motor Co. KRW 10,097 2,067,354 1.00 Hyundai Rotem Co. Ltd. KRW 9,100 1,187,551 0.57 KB Financial Group, Inc. KRW 18,021 1,557,881 0.75 LG Chem Ltd. KRW 5,934 1,363,309 0.66 POSCO Holdings, Inc. KRW 3,545 747,987 0.36 Samsung Biologics Co. Ltd., 144A KRW 1,072 1,256,030 0.61 Samsung Electronics Co. Ltd. KRW 146,667 12,223,858 5.91 Samsung Fire & Marine Insurance Co. Ltd. KRW 3,028 1,043,680 0.50 SK hynix, Inc. KRW 11,224 5,082,512 2.46 SK Square Co. Ltd. KRW 4,576 1,150,087 0.56 28,683,362 13.86 Taiwan Cathay Financial Holding Co. Ltd. TWD 579,000 1,393,491 0.67 Hon Hai Precision Industry Co. Ltd. TWD 278,000 2,019,872 0.98 MediaTek, Inc. TWD 45,000 2,039,021 0.98 Nien Made Enterprise Co. Ltd. TWD 74,000 847,614 0.41 Sinbon Electronics Co. Ltd. TWD 64,372 393,707 0.19 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 420,000 20,518,419 9.92 Tripod Technology Corp. TWD 94,000 943,421 0.46 Yageo Corp. TWD 189,304 1,386,573 0.67 29,542,118 14.28
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Thailand CP ALL PCL THB 317,200 437,955 0.21 Thai Beverage PCL SGD 1,473,200 526,217 0.25 True Corp. PCL THB 3,378,300 1,165,958 0.56 2,130,130 1.02 United Arab Emirates Emaar Properties PJSC AED 254,282 972,829 0.47 972,829 0.47 United Kingdom Airtel Africa plc, 144A GBP 423,004 2,001,235 0.97 Anglogold Ashanti plc ZAR 22,857 1,962,173 0.95 Antofagasta plc GBP 63,201 2,767,934 1.34 6,731,342 3.26 United States of America MercadoLibre, Inc. USD 484 974,902 0.47 Yum China Holdings, Inc. USD 19,183 915,796 0.44 1,890,698 0.91 Total Equities 191,024,049 92.32 Total Transferable securities and money market instruments admitted to an official exchange listing 191,024,049 92.32 Other transferable securities and money market instruments Equities Russia 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 600,000 600,000 0.29 600,000 0.29 Total Collective Investment Schemes 600,000 0.29 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 291,047 1,751,493 0.85 iShares MSCI Taiwan UCITS ETF GBP 112,557 13,317,247 6.43 15,068,740 7.28 Total Exchange Traded Funds 15,068,740 7.28 Total Units of authorised UCITS or other collective investment undertakings 15,668,740 7.57 Total investments 206,692,789 99.89 Cash/(bank overdraft) 326,404 0.16 Other assets/(liabilities) (91,769) (0.05) Total net assets 206,927,424 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 38
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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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 3,577,600 2,312,758 0.04 China Gas Holdings Ltd. HKD 1,726,579 1,701,318 0.03 China Resources Gas Group Ltd. HKD 586,669 1,702,758 0.03 China Ruyi Holdings Ltd. HKD 7,316,000 2,053,837 0.03 Credicorp Ltd. USD 42,998 12,340,426 0.19 Kunlun Energy Co. Ltd. HKD 2,469,662 2,357,088 0.04 Orient Overseas International Ltd. HKD 83,712 1,347,647 0.02 23,815,832 0.38 Brazil Ambev SA BRL 3,016,903 7,630,690 0.12 Axia Energia BRL 775,653 7,163,794 0.11 Axia Energia Preference BRL 150,818 1,442,745 0.02 Axia Energia Preference BRL 243,512 2,182,817 0.03 B3 SA - Brasil Bolsa Balcao BRL 3,357,273 8,509,973 0.13 Banco Bradesco SA BRL 1,013,539 2,885,389 0.04 Banco Bradesco SA Preference BRL 3,366,776 11,175,994 0.17 Banco BTG Pactual SA BRL 752,612 7,221,559 0.11 Banco do Brasil SA BRL 1,102,053 4,408,413 0.07 BB Seguridade Participacoes SA BRL 443,675 2,926,931 0.04 Caixa Seguridade Participacoes S/A BRL 385,000 1,167,699 0.02 Centrais Eletricas Brasileiras SA BRL 150,818 35,765 Cia de Saneamento Basico do Estado de Sao Paulo SABESP BRL 314,255 7,649,717 0.12 Cia Energetica de Minas Gerais Preference BRL 1,086,790 2,221,278 0.03 Cia Paranaense de Energia BRL 691,859 97,837 Cia Paranaense de Energia Copel BRL 691,859 1,651,447 0.03 CPFL Energia SA BRL 146,065 1,420,467 0.02 Embraer SA BRL 448,943 7,258,789 0.11 Energisa S/A BRL 194,290 1,672,102 0.03 Eneva SA BRL 617,199 2,272,928 0.03 Engie Brasil Energia SA BRL 183,876 1,052,637 0.02 Equatorial SA BRL 762,255 5,355,503 0.08 Gerdau SA Preference BRL 830,211 3,089,192 0.05 Itau Unibanco Holding SA Preference BRL 3,498,896 25,048,893 0.38 Itausa SA Preference BRL 3,755,115 8,003,967 0.12 Klabin SA BRL 521,772 1,786,294 0.03 Localiza Rent a Car SA BRL 589,497 4,687,145 0.07 Localiza Rent a Car SA Preference BRL 22,673 171,710 MBRF Global Foods Co. SA BRL 412,283 1,503,247 0.02 Motiva Infraestrutura de Mobilidade SA BRL 640,160 1,759,352 0.03 Petroleo Brasileiro SA Petrobras BRL 2,371,399 14,094,889 0.21 Petroleo Brasileiro SA Petrobras Preference BRL 2,950,313 16,593,576 0.25 Porto Seguro SA BRL 124,872 1,102,023 0.02 PRIO SA BRL 546,484 4,130,730 0.06 Raia Drogasil SA BRL 833,017 3,564,805 0.05 Rede D'Or Sao Luiz SA, 144A BRL 507,851 3,763,644 0.06
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Rumo SA BRL 822,959 2,216,684 0.03 Suzano SA BRL 440,674 4,137,539 0.06 Telefonica Brasil SA BRL 516,769 3,121,503 0.05 TIM SA BRL 537,026 2,091,361 0.03 TOTVS SA BRL 341,922 2,625,681 0.04 Ultrapar Participacoes SA BRL 459,571 1,752,823 0.03 Vale SA BRL 2,314,102 30,388,755 0.46 Vibra Energia SA BRL 683,708 3,160,423 0.05 WEG SA BRL 1,070,249 9,474,479 0.14 235,673,189 3.57 Canada China Gold International Resources Corp. Ltd. HKD 151,576 3,043,398 0.05 3,043,398 0.05 Cayman Islands 3SBio, Inc., 144A HKD 1,162,500 3,606,532 0.05 AAC Technologies Holdings, Inc. HKD 494,000 2,467,979 0.04 Airtac International Group TWD 88,950 2,632,766 0.04 Akeso, Inc., 144A HKD 411,000 5,934,155 0.09 Alchip Technologies Ltd. TWD 49,000 5,473,738 0.08 Alibaba Group Holding Ltd. HKD 10,948,200 200,346,770 3.03 ANTA Sports Products Ltd. HKD 805,400 8,318,599 0.13 Autohome, Inc., ADR USD 41,290 919,115 0.01 Baidu, Inc. 'A' HKD 1,418,500 23,249,048 0.35 Bilibili, Inc. 'Z' HKD 159,158 3,926,426 0.06 Bizlink Holding, Inc. TWD 111,820 5,336,552 0.08 Bosideng International Holdings Ltd. HKD 2,932,000 1,678,187 0.03 C&D International Investment Group Ltd. HKD 575,000 1,154,726 0.02 Chailease Holding Co. Ltd. TWD 986,339 3,311,795 0.05 China Feihe Ltd., 144A HKD 2,299,000 1,197,120 0.02 China Hongqiao Group Ltd. HKD 1,821,000 7,566,340 0.11 China Literature Ltd., 144A HKD 258,800 1,091,208 0.02 China Mengniu Dairy Co. Ltd. HKD 1,983,201 3,790,636 0.06 China Resources Land Ltd. HKD 2,046,953 7,128,968 0.11 China Resources Mixc Lifestyle Services Ltd., 144A HKD 434,000 2,385,989 0.04 China State Construction International Holdings Ltd. HKD 836,000 977,225 0.02 Chow Tai Fook Jewellery Group Ltd. HKD 1,250,600 1,988,000 0.03 ENN Energy Holdings Ltd. HKD 501,909 4,456,182 0.07 GalaxyCore, Inc. 'A' CNH 79,704 170,615 GCL Technology Holdings Ltd. HKD 15,554,971 2,114,286 0.03 GDS Holdings Ltd. 'A' HKD 717,100 3,122,769 0.05 Geely Automobile Holdings Ltd. HKD 3,869,000 8,879,574 0.13 Genscript Biotech Corp. HKD 760,000 1,208,332 0.02 Giant Biogene Holding Co. Ltd., 144A HKD 237,600 1,012,606 0.02 H World Group Ltd., ADR USD 127,586 6,002,921 0.09 Haidilao International Holding Ltd., 144A HKD 1,060,000 1,934,476 0.03 Haitian International Holdings Ltd. HKD 404,632 1,149,971 0.02 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 964,000 4,459,602 0.07 Hengan International Group Co. Ltd. HKD 397,030 1,421,356 0.02 Horizon Robotics HKD 3,193,200 3,521,049 0.05
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 39
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Innovent Biologics, Inc., 144A HKD 928,000 9,042,416 0.14 J&T Global Express Ltd. HKD 1,506,935 2,020,024 0.03 JD Health International, Inc., 144A HKD 709,900 5,042,760 0.08 JD Logistics, Inc., 144A HKD 1,264,100 1,847,338 0.03 JD.com, Inc. 'A' HKD 1,521,752 21,828,079 0.33 Kanzhun Ltd., ADR USD 237,483 4,839,904 0.07 KE Holdings, Inc. 'A' HKD 18,236 96,497 KE Holdings, Inc., ADR USD 428,740 6,756,942 0.10 Kingdee International Software Group Co. Ltd. HKD 1,912,000 3,254,128 0.05 Kingsoft Corp. Ltd. HKD 669,400 2,445,909 0.04 Kuaishou Technology, 144A HKD 1,607,200 13,098,112 0.20 Legend Biotech Corp., ADR USD 46,722 1,015,736 0.02 Li Auto, Inc. 'A' HKD 792,000 6,668,424 0.10 Li Ning Co. Ltd. HKD 1,474,500 3,530,159 0.05 Longfor Group Holdings Ltd., 144A HKD 1,328,588 1,456,726 0.02 Meitu, Inc., 144A HKD 2,328,000 2,084,362 0.03 Meituan, 144A 'B' HKD 3,172,820 41,863,193 0.63 MINISO Group Holding Ltd. HKD 125,400 582,723 0.01 MINISO Group Holding Ltd., ADR USD 47,950 899,062 0.01 NetEase Cloud Music, Inc., 144A HKD 55,150 1,313,459 0.02 NetEase, Inc. HKD 1,109,725 30,535,470 0.46 New Oriental Education & Technology Group, Inc. HKD 862,100 4,742,216 0.07 NIO, Inc. 'A' HKD 453,970 2,343,122 0.04 NIO, Inc., ADR USD 726,620 3,705,762 0.06 NU Holdings Ltd. 'A' USD 2,161,183 36,178,203 0.55 PDD Holdings, Inc., ADR USD 452,357 51,292,760 0.78 Pop Mart International Group Ltd., 144A HKD 340,400 8,167,347 0.12 Qfin Holdings, Inc., ADR USD 63,920 1,231,738 0.02 Shenzhou International Group Holdings Ltd. HKD 524,000 4,094,506 0.06 Sino Biopharmaceutical Ltd. HKD 6,540,000 5,180,370 0.08 Smoore International Holdings Ltd., 144A HKD 1,177,000 1,800,998 0.03 StoneCo Ltd. 'A' USD 142,109 2,101,792 0.03 Sunny Optical Technology Group Co. Ltd. HKD 451,000 3,770,021 0.06 TAL Education Group, ADR USD 263,828 2,878,363 0.04 Tencent Holdings Ltd. HKD 4,083,400 312,867,499 4.73 Tencent Music Entertainment Group, ADR USD 363,271 6,368,141 0.10 Tingyi Cayman Islands Holding Corp. HKD 1,250,307 1,892,143 0.03 Tongcheng Travel Holdings Ltd. HKD 816,000 2,352,546 0.04 Trip.com Group Ltd. HKD 395,720 28,383,542 0.43 Vipshop Holdings Ltd., ADR USD 207,774 3,675,522 0.06 Want Want China Holdings Ltd. HKD 2,992,418 1,784,187 0.03 Wuxi Biologics Cayman, Inc., 144A HKD 2,214,500 8,917,420 0.14 WuXi XDC Cayman, Inc. HKD 235,000 1,829,677 0.03 Xiaomi Corp., 144A 'B' HKD 10,967,100 55,345,932 0.84 Xinyi Solar Holdings Ltd. HKD 2,882,000 1,096,273 0.02 XP, Inc. 'A' USD 256,573 4,200,100 0.06 XPeng, Inc. 'A' HKD 795,884 8,056,940 0.12 XtalPi Holdings Ltd. HKD 1,096,870 1,333,127 0.02
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Yadea Group Holdings Ltd., 144A HKD 790,000 1,152,576 0.02 Zhen Ding Technology Holding Ltd. TWD 464,250 2,080,164 0.03 ZTO Express Cayman, Inc. HKD 34,500 719,779 0.01 ZTO Express Cayman, Inc., ADR USD 231,000 4,825,590 0.07 1,068,525,392 16.21 Chile Banco de Chile CLP 29,084,670 5,613,213 0.09 Banco de Credito e Inversiones SA CLP 55,422 3,589,990 0.05 Banco Santander Chile CLP 41,804,443 3,296,782 0.05 Cencosud SA CLP 789,786 2,536,040 0.04 Empresas CMPC SA CLP 713,050 1,118,324 0.02 Empresas Copec SA CLP 247,163 1,935,469 0.03 Enel Americas SA CLP 13,599,267 1,292,087 0.02 Enel Chile SA CLP 17,535,709 1,439,112 0.02 Falabella SA CLP 397,540 2,770,864 0.04 Latam Airlines Group SA CLP 201,266,947 5,444,806 0.08 Plaza SA CLP 488,477 1,726,242 0.03 Sociedad Quimica y Minera de Chile SA Preference 'B' CLP 91,339 6,463,609 0.10 37,226,538 0.57 China 360 Security Technology, Inc. 'A' CNH 271,900 434,020 0.01 37 Interactive Entertainment Network Technology Group Co. Ltd. 'A' CNH 81,800 275,743 Accelink Technologies Co. Ltd. 'A' CNY 31,300 312,540 0.01 ACM Research Shanghai, Inc. 'A' CNH 10,928 274,311 Advanced Micro-Fabrication Equipment, Inc. China 'A' CNH 22,672 885,838 0.01 Advanced Micro-Fabrication Equipment, Inc. China 'A' CNY 1,140 44,490 AECC Aviation Power Co. Ltd. 'A' CNH 100,800 577,301 0.01 AECC Aviation Power Co. Ltd. 'A' CNY 3,200 18,306 Agricultural Bank of China Ltd. 'A' CNH 3,148,200 3,463,763 0.05 Agricultural Bank of China Ltd. 'A' CNY 89,300 98,136 Agricultural Bank of China Ltd. 'H' HKD 17,630,000 13,075,193 0.20 Aier Eye Hospital Group Co. Ltd. 'A' CNH 362,269 569,563 0.01 Air China Ltd. 'A' CNH 476,500 639,241 0.01 Aluminum Corp. of China Ltd. 'A' CNH 514,900 897,939 0.01 Aluminum Corp. of China Ltd. 'H' HKD 2,374,000 3,695,301 0.06 Amlogic Shanghai Co. Ltd. 'A' CNH 16,899 210,866 Angel Yeast Co. Ltd. 'A' CNH 31,300 195,851 Anhui Conch Cement Co. Ltd. 'A' CNH 152,100 475,840 0.01 Anhui Conch Cement Co. Ltd. 'H' HKD 782,529 2,213,362 0.03 Anhui Gujing Distillery Co. Ltd. 'A' CNH 15,100 286,829 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 40
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Anhui Gujing Distillery Co. Ltd. 'B' HKD 76,200 854,242 0.01 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNH 21,000 148,474 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNY 63,900 451,256 0.01 Anker Innovations Technology Co. Ltd. 'A' CNH 13,830 226,091 Anker Innovations Technology Co. Ltd. 'A' CNY 5,850 95,523 APT Medical, Inc. 'A' CNY 5,079 176,750 Avary Holding Shenzhen Co. Ltd. 'A' CNH 89,500 645,704 0.01 AVIC Airborne Systems Co. Ltd. CNY 75,111 144,040 AviChina Industry & Technology Co. Ltd. 'H' HKD 1,780,000 905,701 0.01 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNH 44,300 50,970 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNY 163,200 187,552 Bank of Beijing Co. Ltd. 'A' CNH 820,500 644,161 0.01 Bank of Changsha Co. Ltd. 'A' CNH 145,100 201,470 Bank of Chengdu Co. Ltd. 'A' CNH 156,700 361,893 0.01 Bank of China Ltd. 'A' CNH 1,512,200 1,240,769 0.02 Bank of China Ltd. 'H' HKD 45,297,314 25,892,839 0.39 Bank of Communications Co. Ltd. 'A' CNH 2,028,900 2,107,344 0.03 Bank of Communications Co. Ltd. 'H' HKD 5,547,400 4,591,890 0.07 Bank of Hangzhou Co. Ltd. 'A' CNH 275,700 603,519 0.01 Bank of Jiangsu Co. Ltd. 'A' CNH 679,390 1,012,796 0.02 Bank of Jiangsu Co. Ltd. 'A' CNY 20,500 30,524 Bank of Nanjing Co. Ltd. 'A' CNH 463,500 758,993 0.01 Bank of Ningbo Co. Ltd. 'A' CNH 246,110 990,383 0.02 Bank of Ningbo Co. Ltd. 'A' CNY 6,200 24,920 Bank of Shanghai Co. Ltd. 'A' CNH 523,650 757,698 0.01 Bank of Shanghai Co. Ltd. 'A' CNY 25,500 36,854 Bank of Suzhou Co. Ltd. 'A' CNH 161,300 191,600 Baoshan Iron & Steel Co. Ltd. 'A' CNH 840,900 896,859 0.01 Beijing Compass Technology Development Co. Ltd. 'A' CNH 1,300 24,377 Beijing Compass Technology Development Co. Ltd. 'A' CNY 22,000 412,048 0.01 Beijing Enlight Media Co. Ltd. 'A' CNH 117,100 274,238 Beijing Kingsoft Office Software, Inc. 'A' CNH 16,977 746,840 0.01 Beijing Kingsoft Office Software, Inc. 'A' CNY 830 36,470 Beijing New Building Materials plc 'A' CNH 62,500 223,395 Beijing Roborock Technology Co. Ltd. 'A' CNY 7,526 163,363 Beijing Roborock Technology Co. Ltd. 'A' CNH 2,096 45,539 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNH 13,760 32,199 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNY 57,774 135,037 Beijing Tong Ren Tang Co. Ltd. 'A' CNH 49,500 228,723 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. 'A' CNH 39,030 251,305 Beijing Yanjing Brewery Co. Ltd. 'A' CNH 101,700 163,512 Beijing-Shanghai High Speed Railway Co. Ltd. 'A' CNH 1,860,600 1,372,834 0.02 Bestechnic Shanghai Co. Ltd. 'A' CNH 772 25,014 Bestechnic Shanghai Co. Ltd. 'A' CNY 5,945 192,400 BOC International China Co. Ltd. 'A' CNH 102,700 220,215 BOE Technology Group Co. Ltd. 'A' CNH 1,418,500 854,623 0.01 BYD Co. Ltd. 'A' CNH 206,600 2,887,885 0.04 BYD Co. Ltd. 'H' HKD 2,347,400 28,581,280 0.43 Caitong Securities Co. Ltd. 'A' CNH 190,550 237,706 Cambricon Technologies Corp. Ltd. 'A' CNY 12,890 2,501,076 0.04 Cambricon Technologies Corp. Ltd. 'A' CNH 3,020 586,666 0.01 Capital Securities Co. Ltd. 'A' CNY 67,400 180,654 CCOOP Group Co. Ltd. 'A' CNY 672,000 240,354 CGN Power Co. Ltd. 'A' CNH 581,900 313,471 0.01 CGN Power Co. Ltd., 144A 'H' HKD 6,722,000 2,527,854 0.04 Changchun High-Tech Industry Group Co. Ltd. 'A' CNH 16,400 217,155 Changjiang Securities Co. Ltd. 'A' CNH 201,900 235,199 Changzhou Xingyu Automotive Lighting Systems Co. Ltd. 'A' CNH 10,600 187,367 Chaozhou Three-Circle Group Co. Ltd. 'A' CNH 70,900 464,907 0.01 Chifeng Jilong Gold Mining Co. Ltd. 'A' CNY 58,900 261,462 Chifeng Jilong Gold Mining Co. Ltd. 'A' CNH 3,300 14,666 China CITIC Bank Corp. Ltd. 'A' CNH 29,400 32,432 China CITIC Bank Corp. Ltd. 'A' CNY 450,100 495,932 0.01 China CITIC Bank Corp. Ltd. 'H' HKD 5,187,600 4,620,025 0.07 China CITIC Financial Asset Management Co. Ltd., 144A 'H' HKD 8,965,000 953,074 0.01 China Coal Energy Co. Ltd. 'H' HKD 1,171,302 1,494,019 0.02 China Communications Services Corp. Ltd. 'H' HKD 1,526,400 876,965 0.01 China Construction Bank Corp. 'A' CNH 808,300 1,074,609 0.02 China Construction Bank Corp. 'H' HKD 61,285,436 60,392,780 0.91 China CSSC Holdings Ltd. 'A' CNH 282,000 1,342,940 0.02 China CSSC Holdings Ltd. 'A' CNY 4,200 19,978 China Eastern Airlines Corp. Ltd. 'A' CNH 670,100 575,070 0.01 China Energy Engineering Corp. Ltd. 'A' CNH 1,259,500 423,624 0.01 China Everbright Bank Co. Ltd. 'A' CNH 1,727,300 863,396 0.01 China Everbright Bank Co. Ltd. 'A' CNY 51,900 25,912 China Galaxy Securities Co. Ltd. 'A' CNH 264,900 595,041 0.01
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 41
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Galaxy Securities Co. Ltd. 'A' CNY 15,100 33,879 China Galaxy Securities Co. Ltd. 'H' HKD 2,222,500 2,850,064 0.04 China Great Wall Securities Co. Ltd. 'A' CNH 149,200 218,039 China Greatwall Technology Group Co. Ltd. 'A' CNH 112,100 231,049 China Greatwall Technology Group Co. Ltd. 'A' CNY 7,200 14,823 China International Capital Corp. Ltd. 'A' CNH 95,100 476,057 0.01 China International Capital Corp. Ltd. 'A' CNY 18,800 94,000 China International Capital Corp. Ltd., 144A 'H' HKD 1,025,600 2,563,953 0.04 China Jushi Co. Ltd. 'A' CNH 148,123 362,120 0.01 China Life Insurance Co. Ltd. 'A' CNH 103,000 670,231 0.01 China Life Insurance Co. Ltd. 'A' CNY 5,100 33,147 China Life Insurance Co. Ltd. 'H' HKD 4,742,126 16,572,253 0.25 China Longyuan Power Group Corp. Ltd. 'H' HKD 1,577,000 1,343,014 0.02 China Merchants Bank Co. Ltd. 'A' CNH 784,500 4,732,144 0.07 China Merchants Bank Co. Ltd. 'H' HKD 2,486,843 16,816,071 0.25 China Merchants Energy Shipping Co. Ltd. 'A' CNH 318,500 410,850 0.01 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNH 110,300 159,215 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNY 99,900 144,034 China Merchants Securities Co. Ltd. 'A' CNH 286,880 682,880 0.01 China Merchants Shekou Industrial Zone Holdings Co. Ltd. 'A' CNH 335,100 414,332 0.01 China Minsheng Banking Corp. Ltd. 'A' CNH 1,364,800 748,698 0.01 China Minsheng Banking Corp. Ltd. 'H' HKD 4,218,868 2,128,028 0.03 China National Building Material Co. Ltd. 'H' HKD 2,355,534 1,544,188 0.02 China National Chemical Engineering Co. Ltd. 'A' CNH 225,900 243,468 China National Nuclear Power Co. Ltd. 'A' CNH 240,200 297,694 China National Nuclear Power Co. Ltd. 'A' CNY 545,000 674,658 0.01 China National Software & Service Co. Ltd. 'A' CNH 34,730 230,365 China Northern Rare Earth Group High-Tech Co. Ltd. 'A' CNH 138,300 913,190 0.01 China Oilfield Services Ltd. 'H' HKD 1,150,683 1,031,920 0.02 China Pacific Insurance Group Co. Ltd. 'A' CNH 253,800 1,521,435 0.02 China Pacific Insurance Group Co. Ltd. 'A' CNY 6,500 38,919 China Pacific Insurance Group Co. Ltd. 'H' HKD 1,671,093 7,525,468 0.11
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Petroleum & Chemical Corp. 'A' CNH 1,197,700 1,059,464 0.02 China Petroleum & Chemical Corp. 'A' CNY 41,300 36,490 China Petroleum & Chemical Corp. 'H' HKD 14,458,950 8,661,790 0.13 China Railway Group Ltd. 'A' CNH 798,600 618,397 0.01 China Railway Group Ltd. 'H' HKD 2,667,000 1,309,297 0.02 China Railway Signal & Communication Corp. Ltd. 'A' CNH 258,031 202,023 China Rare Earth Resources And Technology Co. Ltd. 'A' CNH 42,634 283,683 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNH 14,558 59,347 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNY 47,151 191,989 China Shenhua Energy Co. Ltd. 'A' CNH 244,700 1,419,557 0.02 China Shenhua Energy Co. Ltd. 'A' CNY 6,200 35,925 China Shenhua Energy Co. Ltd. 'H' HKD 2,152,408 10,706,618 0.16 China Southern Airlines Co. Ltd. 'A' CNH 415,300 475,848 0.01 China State Construction Engineering Corp. Ltd. 'A' CNH 1,527,400 1,121,377 0.02 China State Construction Engineering Corp. Ltd. 'A' CNY 44,000 32,266 China Three Gorges Renewables Group Co. Ltd. 'A' CNH 1,108,400 648,965 0.01 China Tourism Group Duty Free Corp. Ltd. 'A' CNH 71,800 970,969 0.02 China Tourism Group Duty Free Corp. Ltd. 'A' CNY 3,500 47,276 China Tower Corp. Ltd., 144A 'H' HKD 2,809,774 4,167,853 0.06 China United Network Communications Ltd. 'A' CNH 1,146,700 838,696 0.01 China United Network Communications Ltd. 'A' CNY 48,700 35,577 China Vanke Co. Ltd. 'A' CNH 382,400 254,212 China Vanke Co. Ltd. 'H' HKD 1,402,600 588,915 0.01 China XD Electric Co. Ltd. 'A' CNH 200,500 260,318 China Yangtze Power Co. Ltd. 'A' CNH 930,500 3,624,851 0.06 China Zheshang Bank Co. Ltd. 'A' CNH 848,900 369,816 0.01 Chongqing Changan Automobile Co. Ltd. 'A' CNH 308,088 522,949 0.01 Chongqing Changan Automobile Co. Ltd. 'A' CNY 15,400 26,109 Chongqing Qianli Technology Co. Ltd. 'A' CNY 172,800 262,773 Chongqing Rural Commercial Bank Co. Ltd. 'A' CNH 327,000 302,656 Chongqing Rural Commercial Bank Co. Ltd. 'H' HKD 1,434,000 1,132,046 0.02 Chongqing Zhifei Biological Products Co. Ltd. 'A' CNH 88,550 239,415 Citic Pacific Special Steel Group Co. Ltd. 'A' CNY 121,400 284,090 CITIC Securities Co. Ltd. 'A' CNH 458,050 1,881,094 0.03 CITIC Securities Co. Ltd. 'A' CNY 7,600 31,175 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 42
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
Page 43
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets CITIC Securities Co. Ltd. 'H' HKD 996,397 3,493,357 0.05 CMOC Group Ltd. 'A' CNH 664,200 1,895,821 0.03 CMOC Group Ltd. 'H' HKD 2,369,000 5,829,540 0.09 CNGR Advanced Material Co. Ltd. 'A' CNH 37,440 247,756 CNPC Capital Co. Ltd. 'A' CNY 185,000 253,839 CNPC Capital Co. Ltd. 'A' CNH 128,400 176,385 Contemporary Amperex Technology Co. Ltd. 'A' CNH 168,080 8,809,702 0.13 Contemporary Amperex Technology Co. Ltd. 'A' CNY 400 20,941 Contemporary Amperex Technology Co. Ltd. 'H' HKD 49,700 3,220,831 0.05 COSCO SHIPPING Energy Transportation Co. Ltd. 'A' CNH 159,400 266,708 COSCO SHIPPING Holdings Co. Ltd. 'A' CNH 483,340 1,051,038 0.02 COSCO SHIPPING Holdings Co. Ltd. 'H' HKD 1,642,900 2,902,277 0.04 CRRC Corp. Ltd. 'A' CNH 928,900 906,426 0.01 CRRC Corp. Ltd. 'H' HKD 2,770,000 2,125,155 0.03 CSC Financial Co. Ltd. 'A' CNH 160,100 612,433 0.01 CSC Financial Co. Ltd. 'A' CNY 8,100 30,949 CSI Solar Co. Ltd. 'A' CNH 16,605 35,484 CSI Solar Co. Ltd. 'A' CNY 130,486 278,514 CSPC Innovation Pharmaceutical Co. Ltd. 'A' CNH 51,980 268,276 Daqin Railway Co. Ltd. 'A' CNH 744,300 549,861 0.01 Daqin Railway Co. Ltd. 'A' CNY 36,700 27,081 Datang International Power Generation Co. Ltd. 'A' CNH 458,400 228,999 Dongfang Electric Corp. Ltd. 'A' CNH 121,400 422,392 0.01 Dongfeng Motor Group Co. Ltd. 'H' HKD 1,429,410 1,618,514 0.02 Dongxing Securities Co. Ltd. 'A' CNH 117,300 232,583 East Money Information Co. Ltd. 'A' CNH 591,400 1,959,758 0.03 East Money Information Co. Ltd. 'A' CNY 9,600 31,775 Eastroc Beverage Group Co. Ltd. 'A' CNY 10,140 387,738 0.01 Eastroc Beverage Group Co. Ltd. 'A' CNH 9,930 380,154 0.01 Ecovacs Robotics Co. Ltd. 'A' CNH 21,300 245,618 Empyrean Technology Co. Ltd. 'A' CNH 17,000 259,030 ENN Natural Gas Co. Ltd. 'A' CNH 95,400 283,743 Eoptolink Technology, Inc. Ltd. 'A' CNH 37,840 2,321,343 0.04 Eve Energy Co. Ltd. 'A' CNH 78,217 734,274 0.01 Everbright Securities Co. Ltd. 'A' CNH 144,500 362,603 0.01 Everdisplay Optronics Shanghai Co. Ltd. 'A' CNH 499,163 189,993 Flat Glass Group Co. Ltd. 'A' CNH 70,300 157,584 Focus Media Information Technology Co. Ltd. 'A' CNH 559,800 590,506 0.01 Foshan Haitian Flavouring & Food Co. Ltd. 'A' CNH 176,992 937,905 0.01 Founder Securities Co. Ltd. 'A' CNH 63,400 70,713 Founder Securities Co. Ltd. 'A' CNY 241,000 268,482 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Foxconn Industrial Internet Co. Ltd. 'A' CNH 503,500 4,447,212 0.07 Fuyao Glass Industry Group Co. Ltd. 'A' CNH 73,400 680,321 0.01 Fuyao Glass Industry Group Co. Ltd. 'A' CNY 3,700 34,254 Fuyao Glass Industry Group Co. Ltd., 144A 'H' HKD 384,400 3,314,141 0.05 Ganfeng Lithium Group Co. Ltd. 'A' CNH 58,520 525,629 0.01 Ganfeng Lithium Group Co. Ltd. 'A' CNY 4,900 43,960 Ganfeng Lithium Group Co. Ltd., 144A 'H' HKD 282,600 1,886,178 0.03 GD Power Development Co. Ltd. 'A' CNH 659,600 476,029 0.01 GEM Co. Ltd. 'A' CNH 164,800 197,426 GEM Co. Ltd. 'A' CNY 24,800 29,675 GF Securities Co. Ltd. 'A' CNH 216,300 680,731 0.01 GF Securities Co. Ltd. 'A' CNY 11,400 35,836 GF Securities Co. Ltd. 'H' HKD 542,200 1,226,716 0.02 Giant Network Group Co. Ltd. 'A' CNH 75,900 469,071 0.01 GigaDevice Semiconductor, Inc. 'A' CNH 25,232 769,312 0.01 GoerTek, Inc. 'A' CNH 135,000 554,207 0.01 Goldwind Science & Technology Co. Ltd. 'A' CNH 127,600 371,949 0.01 Goneo Group Co. Ltd. 'A' CNH 3,400 19,875 Goneo Group Co. Ltd. 'A' CNY 30,044 175,418 Gotion High-tech Co. Ltd. 'A' CNH 66,600 371,937 0.01 Great Wall Motor Co. Ltd. 'A' CNH 102,800 333,305 0.01 Great Wall Motor Co. Ltd. 'H' HKD 1,469,691 2,880,282 0.04 Gree Electric Appliances, Inc. of Zhuhai 'A' CNH 27,600 158,928 Gree Electric Appliances, Inc. of Zhuhai 'A' CNY 81,400 468,174 0.01 Guangdong Haid Group Co. Ltd. 'A' CNH 64,900 514,929 0.01 Guangdong HEC Technology Holding Co. Ltd. 'A' CNH 115,100 368,831 0.01 Guanghui Energy Co. Ltd. 'A' CNH 236,900 166,994 Guangzhou Automobile Group Co. Ltd. 'A' CNH 227,800 265,787 Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. 'A' CNH 52,000 191,646 Guangzhou Tinci Materials Technology Co. Ltd. 'A' CNH 70,760 468,428 0.01 Guolian Minsheng Securities Co. Ltd. 'A' CNH 166,900 242,810 Guosen Securities Co. Ltd. 'A' CNH 237,561 445,732 0.01 Guotai Haitong Securities Co. Ltd. CNH 537,170 1,579,056 0.02 Guotai Haitong Securities Co. Ltd., 144A 'H' HKD 1,222,032 2,612,528 0.04 Guoyuan Securities Co. Ltd. 'A' CNH 161,400 192,769 Haier Smart Home Co. Ltd. 'A' CNH 239,700 895,187 0.01 Haier Smart Home Co. Ltd. 'H' HKD 1,539,400 4,783,465 0.07 Hainan Airlines Holding Co. Ltd. 'A' CNY 1,349,700 349,133 0.01 Hainan Airlines Holding Co. Ltd. 'A' CNH 337,900 87,509 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 43
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
Page 44
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Hainan Airport Infrastructure Co. Ltd. 'A' CNY 187,700 143,065 Hainan Airport Infrastructure Co. Ltd. 'A' CNH 242,900 185,356 Haisco Pharmaceutical Group Co. Ltd. 'A' CNY 33,700 247,558 Hangzhou Chang Chuan Technology Co. Ltd. 'A' CNH 24,100 349,878 0.01 Hangzhou First Applied Material Co. Ltd. 'A' CNH 94,396 188,484 Hangzhou Silan Microelectronics Co. Ltd. 'A' CNH 61,500 249,857 Hangzhou Tigermed Consulting Co. Ltd. 'A' CNH 13,700 111,011 Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. 'A' CNH 81,200 317,830 0.01 Henan Shuanghui Investment & Development Co. Ltd. 'A' CNH 128,100 485,721 0.01 Hengli Petrochemical Co. Ltd. 'A' CNH 258,160 832,348 0.01 Hengli Petrochemical Co. Ltd. 'A' CNY 14,800 47,662 Hengtong Optic-electric Co. Ltd. 'A' CNH 90,600 320,052 0.01 Hgtech Co. Ltd. 'A' CNH 37,300 422,287 0.01 Hithink RoyalFlush Information Network Co. Ltd. 'A' CNH 20,500 943,266 0.01 Hoshine Silicon Industry Co. Ltd. 'A' CNH 37,500 282,655 Huadian Power International Corp. Ltd. 'A' CNH 376,300 267,216 Huadong Medicine Co. Ltd. 'A' CNH 65,140 368,187 0.01 Huafon Chemical Co. Ltd. 'A' CNH 183,500 288,658 Huaibei Mining Holdings Co. Ltd. 'A' CNH 99,600 158,325 Huaneng Power International, Inc. 'A' CNH 338,900 361,895 0.01 Huaneng Power International, Inc. 'H' HKD 2,681,285 1,972,250 0.03 Huaqin Technology Co. Ltd. 'A' CNY 28,600 370,468 0.01 Huaqin Technology Co. Ltd. 'A' CNH 3,600 46,687 Huatai Securities Co. Ltd. 'A' CNH 267,100 900,467 0.01 Huatai Securities Co. Ltd. 'A' CNY 13,100 44,112 Huatai Securities Co. Ltd., 144A 'H' HKD 876,400 2,119,079 0.03 Huaxia Bank Co. Ltd. 'A' CNH 490,500 482,743 0.01 Huayu Automotive Systems Co. Ltd. 'A' CNH 116,600 334,146 0.01 Huizhou Desay Sv Automotive Co. Ltd. 'A' CNH 20,500 352,066 0.01 Hunan Valin Steel Co. Ltd. 'A' CNH 255,500 205,354 Hundsun Technologies, Inc. 'A' CNH 69,981 301,565 Hwatsing Technology Co. Ltd. 'A' CNH 12,980 278,487 Hygon Information Technology Co. Ltd. 'A' CNH 86,373 2,777,654 0.04 Hygon Information Technology Co. Ltd. 'A' CNY 2,020 64,885 IEIT Systems Co. Ltd. 'A' CNH 57,432 546,608 0.01 Iflytek Co. Ltd. 'A' CNH 85,200 611,684 0.01 Iflytek Co. Ltd. 'A' CNY 4,300 30,835 Imeik Technology Development Co. Ltd. 'A' CNH 11,220 227,450 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Industrial & Commercial Bank of China Ltd. 'A' CNH 2,363,100 2,684,629 0.04 Industrial & Commercial Bank of China Ltd. 'A' CNY 29,300 33,248 Industrial & Commercial Bank of China Ltd. 'H' HKD 41,484,200 33,610,123 0.51 Industrial Bank Co. Ltd. 'A' CNH 804,800 2,428,972 0.04 Industrial Securities Co. Ltd. 'A' CNH 287,900 305,617 Industrial Securities Co. Ltd. 'A' CNY 31,500 33,399 Ingenic Semiconductor Co. Ltd. 'A' CNH 19,500 294,028 Inner Mongolia BaoTou Steel Union Co. Ltd. 'A' CNH 1,766,300 602,304 0.01 Inner Mongolia Dian Tou Energy Corp. Ltd. 'A' CNH 80,900 322,799 0.01 Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. 'A' CNH 312,700 215,644 Inner Mongolia Xingye Silver&Tin Mining Co. Ltd. 'A' CNY 67,800 342,189 0.01 Inner Mongolia Yili Industrial Group Co. Ltd. 'A' CNH 243,300 996,356 0.02 Inner Mongolia Yitai Coal Co. Ltd. 'B' USD 589,200 1,125,372 0.02 Isoftstone Information Technology Group Co. Ltd. 'A' CNY 27,900 188,809 Isoftstone Information Technology Group Co. Ltd. 'A' CNH 7,300 49,460 JA Solar Technology Co. Ltd. 'A' CNH 134,496 220,214 JCET Group Co. Ltd. 'A' CNH 66,200 347,964 0.01 Jiangsu Eastern Shenghong Co. Ltd. 'A' CNH 244,500 381,057 0.01 Jiangsu Expressway Co. Ltd. 'H' HKD 780,000 1,001,207 0.02 Jiangsu Hengli Hydraulic Co. Ltd. 'A' CNH 51,836 813,971 0.01 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNH 242,633 2,065,818 0.03 Jiangsu Hoperun Software Co. Ltd. 'A' CNY 31,800 224,961 Jiangsu King's Luck Brewery JSC Ltd. 'A' CNH 45,000 224,119 Jiangsu Yanghe Distillery Co. Ltd. 'A' CNH 58,900 512,131 0.01 Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. 'A' CNH 36,200 197,928 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 134,800 348,627 0.01 Jiangxi Copper Co. Ltd. 'A' CNH 74,900 586,769 0.01 Jiangxi Copper Co. Ltd. 'H' HKD 659,562 3,616,487 0.06 Jinduicheng Molybdenum Co. Ltd. 'A' CNY 122,000 271,219 Jinko Solar Co. Ltd. 'A' CNH 174,841 141,010 Jinko Solar Co. Ltd. 'A' CNY 195,160 157,213 JL Mag Rare-Earth Co. Ltd. 'A' CNY 43,600 212,626 Kangmei Pharmaceutical Co Ltd CNY 3,343 914 Kingfa Sci & Tech Co. Ltd. 'A' CNY 100,800 281,132 Kingnet Network Co. Ltd. 'A' CNH 81,700 256,023 Kuang-Chi Technologies Co. Ltd. 'A' CNH 84,100 587,569 0.01
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: FA58777D-7236-8740-82EE-BBE72C
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2025
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Annual report and audited financial statements 44
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: FA58777D-7236-8740-82EE-BBE72C74922F
Page 45
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Kunlun Tech Co. Ltd. 'A' CNY 35,000 208,370 Kunlun Tech Co. Ltd. 'A' CNH 10,900 64,969 Kweichow Moutai Co. Ltd. 'A' CNH 47,600 9,385,141 0.14 Kweichow Moutai Co. Ltd. 'A' CNY 200 39,387 Laopu Gold Co. Ltd. 'H' HKD 17,700 1,403,969 0.02 LB Group Co. Ltd. 'A' CNH 86,100 241,001 Lens Technology Co. Ltd. 'A' CNH 190,900 823,418 0.01 Lingyi iTech Guangdong Co. 'A' CNH 272,500 603,023 0.01 LONGi Green Energy Technology Co. Ltd. 'A' CNH 278,520 725,066 0.01 LONGi Green Energy Technology Co. Ltd. 'A' CNY 13,900 36,143 Loongson Technology Corp. Ltd. 'A' CNY 12,358 233,006 Loongson Technology Corp. Ltd. 'A' CNH 2,892 54,592 Luxshare Precision Industry Co. Ltd. 'A' CNH 267,768 2,163,937 0.03 Luxshare Precision Industry Co. Ltd. 'A' CNY 8,000 64,575 Luzhou Laojiao Co. Ltd. 'A' CNH 56,100 933,823 0.01 Mango Excellent Media Co. Ltd. 'A' CNH 72,360 252,617 Maxscend Microelectronics Co. Ltd. 'A' CNH 18,552 216,109 Maxscend Microelectronics Co. Ltd. 'A' CNY 1,200 13,962 Metallurgical Corp. of China Ltd. 'A' CNH 660,200 280,123 Midea Group Co. Ltd. 'A' CNH 133,400 1,493,116 0.02 Midea Group Co. Ltd. 'H' HKD 269,600 2,936,563 0.04 Montage Technology Co. Ltd. 'A' CNH 43,825 734,117 0.01 Muyuan Foods Co. Ltd. 'A' CNH 203,438 1,472,459 0.02 Muyuan Foods Co. Ltd. 'A' CNY 4,300 31,086 NARI Technology Co. Ltd. 'A' CNH 306,545 985,697 0.02 National Silicon Industry Group Co. Ltd. 'A' CNY 79,970 246,832 National Silicon Industry Group Co. Ltd. 'A' CNH 21,623 66,819 NAURA Technology Group Co. Ltd. 'A' CNH 900 58,988 NAURA Technology Group Co. Ltd. 'A' CNY 26,520 1,736,132 0.03 New China Life Insurance Co. Ltd. 'A' CNH 80,600 803,728 0.01 New China Life Insurance Co. Ltd. 'H' HKD 589,896 4,098,154 0.06 New Hope Liuhe Co. Ltd. 'A' CNH 161,900 213,810 Nexchip Semiconductor Corp. 'A' CNH 6,357 30,151 Nexchip Semiconductor Corp. 'A' CNY 70,975 336,232 0.01 Ningbo Deye Technology Co. Ltd. 'A' CNH 33,485 413,630 0.01 Ningbo Orient Wires & Cables Co. Ltd. 'A' CNH 24,800 212,329 Ningbo Sanxing Medical Electric Co. Ltd. 'A' CNH 52,200 171,562 Ningbo Tuopu Group Co. Ltd. 'A' CNH 66,970 738,250 0.01 Ningxia Baofeng Energy Group Co. Ltd. 'A' CNH 267,000 749,730 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Ningxia Baofeng Energy Group Co. Ltd. 'A' CNY 16,700 46,838 Nongfu Spring Co. Ltd., 144A 'H' HKD 1,284,200 7,709,857 0.12 OFILM Group Co. Ltd. 'A' CNH 120,300 182,634 OmniVision Integrated Circuits Group, Inc. CNH 45,005 809,910 0.01 OmniVision Integrated Circuits Group, Inc. CNY 1,500 26,962 Orient Securities Co. Ltd. 'A' CNH 276,200 430,569 0.01 People's Insurance Co. Group of China Ltd. (The) 'A' CNH 368,900 472,342 0.01 People's Insurance Co. Group of China Ltd. (The) 'H' HKD 5,531,000 4,780,055 0.07 PetroChina Co. Ltd. 'A' CNH 189,500 282,227 PetroChina Co. Ltd. 'A' CNY 635,100 944,760 0.01 PetroChina Co. Ltd. 'H' HKD 13,445,947 14,444,752 0.22 Pharmaron Beijing Co. Ltd. 'A' CNH 53,425 216,761 PICC Property & Casualty Co. Ltd. 'H' HKD 4,397,216 9,218,289 0.14 Ping An Bank Co. Ltd. 'A' CNH 127,700 208,670 Ping An Bank Co. Ltd. 'A' CNY 610,300 996,097 0.02 Ping An Insurance Group Co. of China Ltd. 'A' CNH 397,000 3,886,090 0.06 Ping An Insurance Group Co. of China Ltd. 'A' CNY 12,300 120,259 Ping An Insurance Group Co. of China Ltd. 'H' HKD 4,271,585 35,928,195 0.54 Piotech, Inc. 'A' CNY 8,104 381,086 0.01 Piotech, Inc. 'A' CNH 2,241 105,482 Poly Developments and Holdings Group Co. Ltd. 'A' CNH 442,700 386,270 0.01 Postal Savings Bank of China Co. Ltd. 'A' CNH 1,148,900 896,660 0.01 Postal Savings Bank of China Co. Ltd., 144A 'H' HKD 5,663,000 3,864,711 0.06 Power Construction Corp. of China Ltd. 'A' CNH 639,600 476,088 0.01 Power Construction Corp. of China Ltd. 'A' CNY 20,400 15,167 Qinghai Salt Lake Industry Co. Ltd. 'A' CNH 206,300 827,836 0.01 Range Intelligent Computing Technology Group Co. Ltd. 'A' CNH 53,100 400,996 0.01 Remegen Co. Ltd., 144A 'H' HKD 119,633 1,100,558 0.02 Rockchip Electronics Co. Ltd. 'A' CNH 16,500 421,503 0.01 Rongsheng Petrochemical Co. Ltd. 'A' CNH 396,850 665,318 0.01 SAIC Motor Corp. Ltd. 'A' CNH 284,500 619,521 0.01 SAIC Motor Corp. Ltd. 'A' CNY 13,600 29,580 Sailun Group Co. Ltd. 'A' CNH 118,700 275,171 Sanan Optoelectronics Co. Ltd. 'A' CNY 146,100 294,835 Sanan Optoelectronics Co. Ltd. 'A' CNH 38,400 77,584 Sany Heavy Industry Co. Ltd. 'A' CNH 315,100 952,637 0.01 Sany Heavy Industry Co. Ltd. 'A' CNY 7,700 23,252 -
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