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For the year ended 15 October 2025

Annual Report and Financial Statements

AVIVA INVESTORS

INVESTMENT FUNDS ICVC

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 1

CONTENTS

Company Information* 2 Report of the Authorised Corporate Director* 3 Market Review 5 Statement of Cross Holdings 6 Policies and Risks 7 Aviva Investors UK Index Tracking Fund 10 Aviva Investors UK Listed Equity Income Fund 37 Aviva Investors UK Listed Equity Unconstrained Fund 56 Aviva Investors UK Listed Small and Mid-Cap Fund 74 Aviva Investors UK Smaller Companies Fund 91 Aviva Investors Global Climate Aware Equity Fund 104 Aviva Investors Continental European Equity Fund 122 Aviva Investors Higher Income Plus Fund 137 Aviva Investors International Index Tracking Fund 158 Aviva Investors Global Equity Endurance Fund 214 Aviva Investors Global Equity Income Fund 229 Aviva Investors Global Emerging Markets Equity Unconstrained Fund 248 Aviva Investors Managed High Income Fund 257 Aviva Investors Multi-Asset Income Fund 280 Aviva Investors Multi-Strategy Target Return Fund 304 Aviva Investors Sterling Corporate Bond Fund 346 Aviva Investors Strategic Bond Fund 371 Aviva Investors US Equity Income Fund I 392 Statement of the Authorised Corporate Director’s Responsibilities* 407 Authorised Corporate Director’s Statement* 407 Statement of the Depositary’s Responsibilities and Depositary’s Report to the Shareholders 408 Independent Auditors‘ Report to the Shareholders of Aviva Investors Investment Funds ICVC 409 General Information 411 Value Assessment 412 Remuneration Policy (Unaudited) 413

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

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

COMPANY INFORMATION

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Report of the Authorised Corporate Director

THE COMPANY Aviva Investors Investment Funds ICVC (“the Company”) is an Open-Ended Investment Company (“OEIC”) with variable capital incorporated in England and Wales on 9 September 1998. The property of the Company is entrusted to J.P. Morgan Europe Limited (“the Depositary”). The shareholders are not liable for any debts of the Company. The objective of the Company is to invest the scheme property in transferable securities, money market instruments, units in collective investment schemes, deposits and derivatives and forward transactions in accordance with the COLL Sourcebook with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of that property. The Company has an umbrella structure and currently has eighteen sub-funds (“Funds”) which are available for investment, each with a different investment objective. In the financial statements you will find an investment review for each Fund which includes details of the investment objectives.

AUTHORISED STATUS From 9 September 1998 the Company has been authorised as an Open-Ended Investment Company under Regulation 7 of the Open-Ended Investment Companies Regulations 1996 (superseded by Regulation 12 of the Open-Ended Investment Companies Regulations 2001) (“Regulations”). The Company is a UCITS Scheme operating under the COLL Sourcebook and is constituted as an “umbrella company” under the Regulations, which means that the Company issues shares in different Funds.

THE FINANCIAL STATEMENTS We are pleased to present the annual financial statements of the Company for the year ended 15 October 2025. As required by the Regulations, information for each of the Funds has been included in these financial statements. On the following pages we review the performance of each of those Funds during the year. We hope that you find our review useful and informative. We made the decision to wind up the Aviva Investors Global Emerging Markets Equity Unconstrained Fund and the Aviva Investors UK Smaller Companies Fund following review of the annual value assessment. The Aviva Investors Global Emerging Markets Equity Unconstrained Fund closed on 6 April 2022 and the Aviva Investors UK Smaller Companies Fund on 10 May 2024. The sub-funds have been prepared on a basis other than going concern for the reasons disclosed on note a. The financial statements of the remaining sub-funds of the Company have been prepared on a going concern basis.

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

SIGNIFICANT INFORMATION CLOSURE OF AVIVA INVESTORS GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND AND THE AVIVA INVESTORS UK SMALLER COMPANIES FUND As outlined in the financial statements section, the following subfunds were closed: the Aviva Investors Global Emerging Markets Equity Unconstrained Fund and the Aviva Investors UK Smaller Companies Fund.

TERMINATION OF AVIVA INVESTORS CORPORATE BOND FUND On 16 September 2024, Aviva Investors UK Fund Services Limited, the authorised fund manager of the Scheme, commenced the termination of the Aviva Investors Corporate Bond Fund, pursuant to a scheme of arrangement whereby the property of that sub-fund became the property of the Aviva Investors Sterling Corporate Bond Fund, a sub-fund of the Aviva Investors Investment Funds ICVC. On 28 November 2025, the Prospectus and Instrument of Incorporation for the Aviva Investors Investment Funds ICVC was updated to remove all references to Aviva Investors Corporate Bond Fund to reflect completion of its termination, and we requested that the FCA revoke the Fund’s authorisation order.

CHANGES TO THE PROSPECTUS On 31 October 2024, due to the closure of Aviva Investors America, we have terminated the sub-delegation of investment management services to Aviva Investors Americas LLC in respect of certain portfolios of the Aviva Investors Managed High Income Fund. On 26 November 2024, we filed an updated Prospectus to reflect a reduction in the fee for Share Class 2 of the Sterling Corporate Bond Fund (from 55bps to 50bps), effective from September 2024. On 2 December 2024, we updated the investment policy for each Fund to ensure compliance with the FCA’s rules regarding sustainability disclosures – the change was non-material and had no impact on the Fund’s investment approach. On 13 February 2025, the Prospectus and Instrument of Incorporation for the Aviva Investors Investment Funds ICVC was updated to remove all references to the Aviva Investors High Yield Bond Fund to reflect completion of its termination, and we requested that the FCA revoke the Fund’s authorisation order. On 4 March 2025, we made several updates to our Prospectuses, as we do annually to ensure the disclosures are as clear as possible and to make sure all elements of the Prospectus are up to date, including administrative data and fund performance. On 7 March 2025, the Prospectus was updated to reflect a change to the investment policy of the Aviva Investors Climate Transition Global Equity Fund. Both the Prospectus and Instrument were updated to reflect a) a change in investment objective of the Aviva Investors Climate Transition Global Equity Fund; and b) a change to the name of the Aviva Investors Climate Transition Global Equity Fund to Aviva Investors Global Climate Aware Equity Fund.

REPORT OF THE AUTHORISED CORPORATE DIRECTOR

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Report of the Authorised Corporate Director

REPORT OF THE AUTHORISED CORPORATE DIRECTOR (CONTINUED)

SIGNIFICANT INFORMATION (CONTINUED)

CHANGES TO THE PROSPECTUS (CONTINUED) On 27 March 2025, the International Stock Exchange (TISE) was included as an eligible securities market for the following sub-funds of the Aviva Investors Investment Funds ICVC: Aviva Investors Managed High Income Fund, Aviva Investors Sterling Corporate Bond Fund and Aviva Investors Higher Income Plus Fund. On 31 March 2025, we added Investment Association Sectors as performance comparators to the Investment Objective and Policy of certain funds in the Aviva Investors Investment Funds range to help investors to compare funds with broadly similar characteristics. On 17 April 2025, we soft launched the Aviva Investors US Equity Income Fund I. This meant that whilst the sub-fund was legally constituted, it was not yet available for investment. As part of the above filing, we amended the instrument of incorporation to reflect the removal of all references to bearer shares. On 25 April 2025, the Aviva Investors US Equity Income Fund was commercially launched, with shares in the sub-fund offered for investment. On 16 October 2025, we made updates to the Aviva Investors Investment Funds ICVC Prospectus to increase the distribution frequency of the Aviva Investors Multi-Strategy Target Return Fund from annually to quarterly. This does not change the total amount of income generated over the year but was in connection with the switch from dividend distributions to interest distributions. Affected customers were notified pursuant to a separate mailing, where more details can be found. On 16 October 2025, we made updates to the Aviva Investors Investment Funds ICVC Prospectus to reflect a reduction of the Fund Management Fee for Share Class 1 of the Aviva Investors Multi-Strategy Target Return Fund from 1.05% to 1.00%. On 3 December 2025, the Prospectus for the Aviva Investors Investment Funds ICVC was updated to clarify the exceptions that apply when screening out companies for involvement with Thermal Coal, Arctic Oil and Oil Sands in line with our Baseline Exclusions Policy On 23 December 2025 we made updates to the Aviva Investors Investment Funds ICVC Prospectus to reflect a change to the positive return target of this Fund’s investment objective from seeking to generate a positive return on average of 5% per annum above the Bank of England base rate to 3% per annum above the Bank of England Base Rate. Investors in the Fund received 60 days’ prior notice of this change. The other two limbs of the Fund’s investment objective remain unchanged. On 24 December 2025, we made several updates to our Prospectuses, as we do annually to ensure the disclosures are as clear as possible and to make sure all elements of the Prospectus are up to date, including administrative data and fund performance.

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Market Review

EQUITIES Global equities performed well in the twelve month review period, with a number of markets hitting all-time highs despite elevated macro-economic and geopolitical uncertainties. Underpinning share prices was the resilience of corporate earnings against a backdrop of positive, if unspectacular, economic growth. Hopes for transformative efficiency gains under developing artificial intelligence technology helped support sentiment, with the US being the main beneficiary. There was also a sense of relief that the implementation of wide-ranging tariffs on imports to the US by the new Trump administration was not, at least initially, having the deeply negative impact on growth and earnings that had been feared. Following the initial tariff announcement in early April, which triggered a dip in markets, share prices recovered as a number of key trade deals were signed. The period saw attractive gains by the broad UK market, with the larger companies of the FTSE® 100 Index performing the strongest thanks to their greater international exposure. Smaller companies nevertheless saw more subdued returns given their greater sensitivity to domestic growth, which began to look increasingly fragile as the period progressed. Emerging markets enjoyed a rebound as investors noted superior growth in many cases relative to developed markets as well as looser monetary policy. Asia stood out thanks to its key role in supplying microchips for the AI boom.

FIXED INCOME The review period saw broadly flat returns for global sovereign bond markets. Sovereign bonds were generally out of favour as investors became increasingly concerned about oversupply as already highly indebted governments ramped up spending on defence and infrastructure. There were also worries that inflation could remain above target in the US and UK, meaning that there could be fewer interest rate cuts than had been anticipated. For much of the period, the US Federal Reserve had been reticent to loosen policy, although September saw it make its first quarterpoint cut since December 2024. While the European Central Bank cut rates steadily, it paused in the summer, with the next move expected to be a hike. The Bank of England was slower to cut given inflation remaining well above the official 2.0% target. Corporate bonds nevertheless performed solidly in the review period, even though they lacked the positive impulse from underlying sovereign bonds. Performance was driven by a tightening of yield spreads, thanks largely to robust company fundamentals and strong ongoing demand from investors. Strong yields accounting for inflation drove particularly attractive performance from the riskier high-yield and emerging market sectors. November 2025 Source of market data: FactSet, Bloomberg Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities.

MARKET REVIEW

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Statement of Cross Holdings

STATEMENT OF CROSS HOLDINGS

As at 15 October 2025, the following sub-fund held investments in another sub-fund within the Company.

Aviva Investors Multi-Asset Income Fund

Fund

Sub-Fund Currency Holding Market Value

% of net asset value Aviva Investors Global Equity Income Fund, Class 8, Income shares GBP 3,115,317 8,610,642 6.18 Aviva Investors Sterling Corporate Bond Fund, Class 8, Accumulation shares GBP 10,836,077 21,018,175 15.08 Aviva Investors UK Listed Equity Income Fund, Class 8, Income shares GBP 2,731,753 6,865,443 4.93

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Policies and Risks

POLICIES AND RISKS

ACCOUNTING POLICIES a Basis of accounting The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association (IMA) (now The Investment Association) in May 2014 (SORP 2014), and in accordance with United Kingdom Generally Accepted Accounting Practice as defined within FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Authorised Corporate Director made the decision to wind up the Aviva Investors UK Smaller Companies Fund on 10 May 2024 following review of the annual value assessment. The sub-fund holds 350,276 shares of AMTE Power limited, 690,837 shares of Dyson Group and 9,425,879 shares of East Imperial PLC, all of which are unlisted investments in the portfolio of the sub-fund. All these investments have a nil value and no proceeds have been received to date. It is unlikely that these investments will be sold or written off within 12 months from the date issue of the financial statements. Therefore, the financial statements of Aviva Investors UK Smaller Companies Fund have been prepared on a basis other than going concern and any additional costs in respect of the termination of this Fund will be borne by the Authorised Corporate Director. Under this basis, assets are recorded at their expected recoverable value and liabilities are recorded at their expected settlement value. The Authorised Corporate Director made the decision to wind up the Aviva Investors Global Emerging Markets Equity Unconstrained Fund on 6 April 2022 following review of the Fund’s performance. The sub-fund holds 74,838 shares of Sberbank of Russia, which is a suspended Russian investment in the portfolio of the sub-fund. The investment has been fair valued to a nil value following the Ukraine conflict and no proceeds have been received to date. It is unlikely that the investment will be sold or written off within 12 months from the date of issue of the financial statements. Therefore, the financial statements of Aviva Investors Global Emerging Markets Equity Unconstrained Fund have been prepared on a basis other than going concern and any additional costs in respect of the termination of this Fund will be borne by the Authorised Corporate Director. Under this basis, assets are recorded at their expected recoverable value and liabilities are recorded at their expected settlement value. The financial statements of the remaining sub-funds of the Company have been prepared on a going concern basis.

b Share classes The Funds have three types of share classes; retail shares (classes 1 and 6), institutional shares (classes A, 2, 4 and 5) and shares held by associated undertakings of Aviva Plc (classes 3, 8 and 9). Each class bears different charges and consequently the level of revenue allocated to each share class will differ. Some share classes consist of accumulation shares only, some consist of income shares only, whilst others consist of both accumulation and income shares.

c Recognition of revenue Dividends are recognised when the investment is quoted ex-dividend. Interest arising on interest stocks is recognised on an effective yield basis. Deposit interest and other revenues are recognised on an accruals basis. Revenue received from Collective Investment Schemes (CIS) is recognised when the CIS is quoted ex-dividend. Equalisation received as part of the revenue from CIS is deducted from the cost of the investment. Special dividends are either treated as income or capital depending on the facts of each dividend. Management fee rebates from CIS are accrued daily and are recognised as revenue or capital according to the treatment of the expense in the underlying CIS.

d Expenses Each Fund will be charged a single fixed rate charge, referred to as the Fund Management Fee, to cover the underlying fees and expenses in relation to the operation and administration of the Company and/or that Fund. The Fund Management Fee accrues daily and is calculated as a percentage of the Net Asset Value of that Fund on the previous Business Day, calculated on a mid market basis and the current Fund Management Fee for each Class and Fund is set out in the Prospectus.

e Treatment of derivatives The return in respect of any derivative transaction is treated on an accrual basis as capital or revenue depending on the motive and circumstances of the transaction. Where positions are undertaken to protect or enhance capital, and the circumstances support this, the returns are recognised in net capital gains; similarly where the motives and circumstances are to generate or protect revenue, and the circumstances support this, the returns are included within net revenue before taxation. Where positions generate total returns, the returns are apportioned between capital and revenue to properly reflect the nature of the transaction. Returns on forward currency contracts are treated as capital. Returns on futures may be split between capital and revenue based on the circumstances of each future. Stock index futures are used to manage market price risk arising from the time lag between sub-funds being receivable or payable by the Scheme and investment or disinvestment in underlying securities. Premiums received on options are treated as revenue or capital depending on the motives and circumstances of the transaction. Interest and finance charges from interest rate swaps are taken to revenue. The premiums from credit default swaps are taken to revenue. The gains and losses on swaps are taken to capital.

f Dilution Levy Policy The Company reserves the right to charge a dilution levy (Investor Protection Fee) to protect existing investors in a fund from the costs of buying or selling investments that may result from the sale and/or purchase of shares in that Fund. The amount of any such dilution levy is calculated by reference to the estimated costs of dealing in the underlying investments, including any dealing spreads, broker commissions and taxes. When the Company imposes a dilution levy on a particular investor or group of investors, this is paid into the Fund and helps to protect existing investors from the costs of the resultant transactions. For details of the circumstances in which a dilution levy may be imposed, dilution levies applied in a Fund historically, and on what values, please see that Fund’s Prospectus.

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Policies and Risks

POLICIES AND RISKS (CONTINUED)

j Taxation and deferred taxation Provision for Corporation Tax is based at the current rate, as appropriate, on the excess of taxable revenue over allowable expenses and takes into account taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is provided using the liability method on all timing differences, and is calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in the future against which the deferred tax asset can be offset.

k Unclaimed distributions Any distribution remaining unclaimed after a period of six years is paid back to the relevant Fund and forms part of the capital property of the Fund.

DISTRIBUTION POLICIES a Distribution policy Where appropriate the Company will pay any surplus revenue as a revenue distribution or accumulation to capital. The following Funds were more than 60% invested in qualifying investments and so have proposed interest distributions: – Aviva Investors Higher Income Plus Fund – Aviva Investors Managed High Income Fund – Aviva Investors Sterling Corporate Bond Fund – Aviva Investors Multi-asset Income Fund – Aviva Investors Strategic Bond Fund All other Funds have proposed dividend distributions. Full details are set out in the distribution tables.

b Treatment of stock dividends The ordinary element of stock dividends is treated as revenue and forms part of the Fund’s distribution. The value of the stock dividend is based on the market value of the shares on the dates they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the date they are quoted ex-dividend) exceeds the cash dividend is treated as capital.

c Treatment of Fund Management Fee All expenses are charged to revenue on an accruals basis. For the purposes of the distribution, 100% of the Fund Management Fee of the Aviva Investors UK Listed Equity Income Fund and the Aviva Investors Global Equity Income Fund is deducted from capital. The Aviva Investors Multi-asset Income Fund was previously called the Aviva Investors Distribution Fund. The name of the Fund was changed on 24 September 2024. Please note that, prior to 24 September 2024, 50% of the Fund Management Fee was charged against income and 50% against capital. From this date, 100% of the Fund Management Fee is now charged to capital.

ACCOUNTING POLICIES (CONTINUED) g Underwriting commission Underwriting commission is accounted for when the issue underwritten takes place and is normally taken to revenue. Where the Company is required to take up all the shares underwritten, the commission received is treated as a deduction from the cost of the shares taken up. Where the Company is required to take up a proportion of the shares underwritten, the same proportion of the commission received is treated as a deduction from the cost of shares taken up and the balance is taken to revenue.

h Basis of valuation of investments Quoted investments The quoted investments of the Company have been valued at the close of business bid market value on the last working day of the accounting period. Unquoted investments The unquoted investments of the Company have been valued by the Investment Manager using available information to arrive at an estimated fair value. Suspended securities Suspended securities have been valued at the suspended market price per share or valued by the Investment Manager using available information to arrive at an estimated fair value. Delisted securities Delisted securities have been valued at nil pence per share.

Forward foreign currency contracts The Company’s forward foreign currency positions on the last working day of the accounting period are included in the portfolio statement as an asset or liability so as to reflect the value of the aggregate positions in each currency.

Over the counter (OTC) derivatives OTC derivatives are either valued by the relevant counterparty or by the investment manager using available information to arrive at an estimated fair value. Exchange traded derivatives (ETDs) ETDs are included at the aggregate unrealised market value of the open contracts.

CIS investments Collective investment schemes operated by the ACD are valued at their cancellation price for dual priced funds and their single price for single priced funds. Other collective investment schemes are valued at their bid price for dual priced funds and their single price for single priced funds.

i Exchange rates Assets and liabilities held in foreign currencies are translated at the 4pm New York FX rate on the last working day of the accounting period, with the exception of cash and accruals which apply the London FX rate ruling at midday on all sub-funds with the exception of the below sub-funds which apply the London FX rate ruling at 4pm. – Aviva Investors UK Index Tracking Fund – Aviva Investors Multi-Strategy Target Return Fund – Aviva Investors Global Equity Income Fund

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Policies and Risks

POLICIES AND RISKS (CONTINUED)

c Market risk The Funds‘ investment portfolios are exposed to market price fluctuations which are monitored by the Manager in pursuance of the investment objectives and policies of the Funds. Adherence to investment and borrowing powers set out in the Instrument of Incorporation and in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, mitigates the risk of excessive exposure to any particular type of security or issuer. Further information on the investment portfolios is set out in the investment reports and portfolio statements, of the individual Funds.

d Credit risk The Funds restrict their exposure to credit losses on derivative instruments by trading via International Swap and Derivative Association (ISDA) Master Arrangements with each counterparty. The Funds are exposed to the risk that a bond issuer may default on the interest payments or the redemption of the bond. The Funds manage this risk by due consideration to interest rate and redemption profiles and maintaining a balanced portfolio with the credit worthiness of the bond issuer.

e Liquidity risk This is the risk that there is insufficient liquidity which restricts a Fund’s investment opportunities or ability to pay liabilities at short notice. This risk is managed by ensuring that overdrafts are monitored and maintained within investment limits and exposure to unquoted or illiquid securities is limited.

f Counterparty Risk There is a risk that the Counterparty will not be able to settle its obligations under the agreement. This is mitigated by an assessment of the credit worthiness of the Counterparty, and the use of multiple counterparties to ensure that no more than 20% of the Fund value is exposed to one counterparty. Further information on the investment portfolio is set out in the investment reports and portfolio statements.

FINANCIAL INSTRUMENTS The Company’s financial instruments, other than derivatives, comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations, and debtors for accrued income. The Company also enters into derivative transactions in the form of forward foreign currency contracts, credit default swaps, interest rate swaps, total return swaps, equity variance swaps, options and stock index futures. The Aviva Investors MultiStrategy Target Return Fund uses these financial instruments as a cheaper or more liquid alternative to other investments, to hedge or reduce overall risk, or in pursuit of its investment objectives. All other Funds use these financial instruments for the purposes of efficient portfolio management. In particular, forward foreign currency contracts are used to manage currency risk arising from holdings of overseas securities. Stock index futures are used to manage market price risk arising from the time lag between funds being receivable or payable by the Company and investment or disinvestment in underlying securities. Interest rate swaps and swaptions are generally held to mitigate exposure to interest rate movements which could adversely affect the value of bonds held within the Fund portfolios. Credit default swaps are used to manage credit risk through selling protection. Interest and finance charges from interest rate swaps are taken to revenue. The premiums from credit default swaps are taken to revenue. The gains and losses on interest rate swaps and credit default swaps are taken to capital. In accordance with requirements set out in the Collective Investment Schemes Sourcebook of the Financial Conduct Authority, such scheme transactions must be economically appropriate, any exposure must be fully covered and the transactions must be entered into with the aim of reducing risk and/or costs and/or generating additional capital or revenue for the scheme with no, or an acceptably low level of risk. The Company’s use of financial instruments satisfies these requirements and no trading in financial instruments is undertaken. The Company has exposure to a number of different risks to varying degrees. The main risks it faces from its financial instruments and the Manager’s policies for managing these risks are summarised below:

a Foreign currency risk The Funds can be exposed to foreign currency risk as a result of investing in assets denominated in currencies other than sterling. Where the manager deems it necessary, this exposure to foreign currency fluctuations is mitigated by the use of forward foreign currency contracts. Numerical disclosures can be found in the notes to the financial statements for each Fund.

b Interest rate risk The value of debt securities may be affected by interest rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. The Manager manages this risk by maintaining a balanced portfolio with due consideration to interest rate and redemption profiles. Interest rate risk is also managed by ensuring that deposits mature within a relatively short period. Numerical disclosures can be found in the notes to the financial statements for each Fund.

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

INVESTMENT OBJECTIVE The Fund aims to track the performance of the FTSE® All-Share Index (before charges and taxes). Any returns will be a combination of capital growth and income.

INVESTMENT POLICY Core investment The Fund will invest directly into shares of companies that make up the FTSE® All-Share Index (the “Index”). Other investments The Fund may also invest in other funds (including funds managed by Aviva Investors companies), cash and deposits. Derivatives, such as futures, may be used from time to time to gain a particular market exposure which would otherwise be difficult or costly to achieve, or to manage the Fund’s cash flows in a cost-effective manner, this type of derivative usage is called “efficient portfolio management”. Strategy The Fund will aim to replicate the Index by investing in all the companies that make up the Index, and in the same proportions, with the aim of providing full exposure to the companies within the Index. This Fund is subject to Aviva Investors’ baseline exclusion policy, please see Prospectus for information on these limited investment restrictions. Performance & Risk Measurement The Fund’s performance is measured against the Index over any given 12-month period, because the Fund intends to replicate the performance of the Index. The Fund may not hold every company in the Index, and may have some investments in non-benchmark holdings. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Index. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Index, and vice-versa. The Fund has a yearly tracking error target of 0% (excluding charges). In normal market conditions the anticipated level of tracking error will be within 0.20% (excluding charges) of the Index. Factors which are likely to affect the ability of the Fund to track the performance of the Index might include transaction costs (from Index and Fund turnover and dividend reinvestment), portfolio weightings not being exactly the same as the Index, residual cash holdings, or other related factors such as efficient portfolio management, illiquid components, and any trading restrictions that may be in place. The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of the UK’s market capitalisation (total market value of a company’s outstanding shares).

FUND MANAGER’S REPORT Performance Over the twelve months ended 15 October 2025, the Aviva Investors UK Index Tracking Fund delivered a total return of 16.5% (share class 1), net of fees. The Fund’s benchmark, the FTSE® All-Share Index, returned 17.1% over the same period. The Fund is passively managed, meaning fund returns are not expected to vary meaningfully from those of the benchmark. The tracking error at the year-end was 0.01%. The anticipated level of tracking error is shown in the Performance & Risk Measurement section of the above Investment Policy. Review In common with other global stock markets, UK shares faced considerable economic and geopolitical uncertainties. However, gains were strong during the period as the global bull market for equities continued into a third year. Sentiment was supported by interest rate cuts by the main central banks, including the Bank of England, and growing expectations that the developed economies would not slide into recession, as had been feared. In the UK market, larger companies fared the best as their higher international exposure shielded them from growing worries about slowing growth domestically. The relatively less unfavourable trade deal terms agreed with the US following President Trump’s tariff announcement in April also buoyed confidence. Within the market, the best performance was posted by financials and industrials. UK banks drove the gains in the financial sector as they posted strong earnings amid favourable interest rate conditions. The relative resilience of the UK economy versus downbeat expectations also drove their share prices higher. Within industrials, defence-related companies such as Rolls-Royce, BAE Systems and Babcock International drew strength from bulging order books as European governments hiked defence spending in response to indications from President Trump that the US would scale back its commitments to NATO. Among the weaker areas of the market, house builders stood out. Weaker confidence from buyers and rising construction costs saw margins narrow. The sector also came under pressure from labour shortages and planning delays. Mining and healthcare companies also lagged the market average. Outlook While the economic outlook for the UK appears to be uncertain to say the least, any upside surprise is currently being well rewarded by the market, which is what we have seen recently in terms of GDP data. Corporate earnings have also been generally supportive. Lower interest rates are a positive, although we do not expect too many more rate cuts in the near future, as inflation remains above the central bank’s target. Nevertheless, the UK economy remains vulnerable to weaker global economic trends and, at home, to feeble productivity growth and rising debt levels. Job losses are mounting while vacancies shrink. Moreover, the UK now faces trade tariffs on its exports to the US, and geopolitical issues remain a significant risk. In these circumstances, it is difficult to see a significant acceleration in economic growth.

AVIVA INVESTORS UK INDEX TRACKING FUND

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

FUND MANAGER’S REPORT (CONTINUED) Outlook (continued) While there seem to be few evident catalysts to push the market much higher from current levels, UK equities nevertheless continue to offer value and trade at relatively cheap levels compared with history and other global markets. November 2025 Sources: Fund and peer group performance figures – Morningstar mid to mid basis with net income reinvested in GBP, with no initial charges applied. Market data – Bloomberg®. As noted above, the performance figures in this commentary have been sourced from an external party and are based on published prices. The performance figures quoted in the comparative tables on pages 12 and 13 are based on the net asset value per the published financial statements and may be different due to post year end accounting adjustments. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its Issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.

Performance History

Share Class Inc/Acc

31.12.20 % 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 1 I -9.70 17.80 0.08 7.43 8.98 8* A -9.50 18.00 0.31 7.84 9.41 A A -9.40 18.10 0.39 7.75 9.34 2 I -9.50 18.00 0.29 7.64 9.20 Benchmark** -9.80 18.30 0.30 7.92 9.47 * Class 3 was renamed Class 8 on 21 November 2022. ** Benchmark – FTSE® All-Share Index. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.

AVIVA INVESTORS UK INDEX TRACKING FUND (CONTINUED)

Material Portfolio Changes Purchases Sales Coca-Cola Europacific Partners Shell AstraZeneca HSBC Holdings NatWest Group DS Smith Unilever Unilever Haleon AstraZeneca HSBC Holdings Hargreaves Lansdown Shell Glencore British American Tobacco Valterra Platinum Metlen Energy & Metals Britvic London Stock Exchange Group BP

Synthetic Risk and Reward Indicator Lower risk Higher risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free‘. – During the year ended 15 October 2025, the indicator changed from category 6 to category 5. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

COMPARATIVE TABLES

Class 1 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 87.89 79.84 72.93 Return before operating charges † 14.71 11.20 10.00 Operating charges (0.37) (0.34) (0.32) Return after operating charges † 14.34 10.86 9.68 Distributions (2.86) (2.81) (2.77) Closing net asset value per share 99.37 87.89 79.84 † after direct transaction costs of (0.03) (0.01) (0.01)

Performance Return after charges (%) 16.32% 13.60% 13.27%

Other information Closing net asset value (£000) 69,361 76,790 74,977 Closing number of shares 69,799,709 87,367,423 93,904,955 Operating charges (%) ‡ 0.41% 0.41% 0.41% Direct transaction costs (%) # 0.03% 0.01% 0.01%

Prices ≈ Highest share price 102.02 90.57 85.87 Lowest share price 82.06 76.71 73.70

Class 2 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 143.87 130.69 119.37 Return before operating charges † 24.08 18.34 16.38 Operating charges (0.30) (0.28) (0.27) Return after operating charges † 23.78 18.06 16.11 Distributions (4.99) (4.88) (4.79) Closing net asset value per share 162.66 143.87 130.69 † after direct transaction costs of (0.05) (0.01) (0.01)

Performance Return after charges (%) 16.53% 13.82% 13.50%

Other information Closing net asset value (£000) 40,515 21,708 19,320 Closing number of shares 24,907,380 15,088,198 14,783,054 Operating charges (%) ‡ 0.20% 0.20% 0.20% Direct transaction costs (%) # 0.03% 0.01% 0.01%

Prices ≈ Highest share price 167.15 148.36 140.65 Lowest share price 134.44 125.57 120.63

Class 8 Accumulation shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 343.78 301.11 265.02 Return before operating charges † 58.49 42.70 36.18 Operating charges (0.04) (0.03) (0.09) Return after operating charges † 58.45 42.67 36.09 Distributions (12.74) (11.99) (11.25) Retained distributions on accumulation shares 12.74 11.99 11.25 Closing net asset value per share 402.23 343.78 301.11 † after direct transaction costs of (0.11) (0.03) (0.03)

Performance Return after charges (%) 17.00% 14.17% 13.62%

Other information Closing net asset value (£000) 615,134 561,668 533,199 Closing number of shares 152,929,938 163,379,862 177,076,652 Operating charges (%) ‡ 0.01% 0.01% 0.01% Direct transaction costs (%) # 0.03% 0.01% 0.01%

Prices ≈ Highest share price 406.89 348.33 312.33 Lowest share price 321.50 289.32 267.75

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

Class A Accumulation shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 151.40 132.71 116.88 Return before operating charges † 25.74 18.81 15.96 Operating charges (0.08) (0.12) (0.13) Return after operating charges † 25.66 18.69 15.83 Distributions (5.54) (5.17) (4.87) Retained distributions on accumulation shares 5.54 5.17 4.87 Closing net asset value per share 177.06 151.40 132.71 † after direct transaction costs of (0.05) (0.01) (0.01)

Performance Return after charges (%) 16.95% 14.08% 13.54%

Other information Closing net asset value (£000) 40,910 15,855 25,152 Closing number of shares 23,104,798 10,472,564 18,952,788 Operating charges (%) ‡ 0.05% 0.07% 0.10% Direct transaction costs (%) # 0.03% 0.01% 0.01%

Prices ≈ Highest share price 179.11 153.41 137.73 Lowest share price 141.55 127.50 118.09

‡ The operating charges are calculated on an ex-post basis and as such may differ from the Ongoing Charge Figure where: (a) Changes to fee rates were made during the year and the Ongoing Charge Figure has been amended to be future proofed for this change. (b) The Ongoing Charge has been annualised for a share class that has not yet been open for a full year. # The direct transaction costs have been stated after deducting, in the case of single-priced funds, the proportion of the amounts collected from dilution adjustments or dilution levies that relates to direct transaction costs and, in the case of dual-priced funds, the amounts collected in relation to direct transaction costs added to, or subtracted from, the valuations by virtue of COLL 6.3.6 G (4). ≈ The high and low prices disclosed are the high and low prices for the accounting period and not the calendar year. The net asset value per share price is based on the net asset value in the published financial statements and may be different due to post year end accounting adjustments.

COMPARATIVE TABLES (CONTINUED)

Ongoing Charges Figure* Share class 15.10.25 15.10.24 Class 1 0.41% 0.41% Class 2 0.20% 0.20% Class 8 0.01% 0.01% Class A** 0.05% 0.07% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF for share class 1 is capped at 0.70%. Please see the Prospectus for full details. ** The Fund Management Fee changed from 0.07% to 0.05% effective from 22 January 2025. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Equities 99.53% (99.57%)

Communication Services 2.48% (2.88%) Diversified Telecommunication Services 0.47% (0.42%) BT Group GBP 1,638,153 3,026 0.40 Gamma Communications GBP 26,943 268 0.03 Helios Towers GBP 229,191 330 0.04 3,624 0.47 Interactive Media & Services 0.57% (0.67%) Auto Trader Group GBP 252,723 1,957 0.26 Baltic Classifieds Group GBP 131,271 395 0.05 MONY Group GBP 140,837 274 0.04 Rightmove GBP 226,766 1,547 0.20 Trustpilot Group GBP 102,251 220 0.03 4,393 0.57 Media 0.77% (1.06%) 4imprint Group GBP 7,875 241 0.03 Bloomsbury Publishing GBP 22,255 106 0.01 Future GBP 29,060 178 0.02 Informa GBP 378,740 3,495 0.46 ITV GBP 958,487 732 0.10 Reach GBP 81,126 50 0.01 STV Group GBP 11,705 14 WPP GBP 315,013 1,109 0.14 5,925 0.77 Wireless Telecommunication Services 0.66% (0.72%) Airtel Africa GBP 161,092 364 0.05 Vodafone Group GBP 5,486,913 4,688 0.61 5,052 0.66 Communication Services total 18,994 2.48 Consumer Discretionary 5.91% (6.89%) Automobile Components 0.04% (0.06%) Dowlais Group GBP 357,750 278 0.04 278 0.04 Automobiles 0.01% (0.01%) Aston Martin Lagonda Global Holdings GBP 66,279 42 0.01 42 0.01 Broadline Retail 0.65% (0.66%) B&M European Value Retail GBP 281,322 623 0.08 Next GBP 33,301 4,280 0.56 THG GBP 188,498 83 0.01 4,986 0.65 Distributors 0.10% (0.13%) Headlam Group GBP 22,548 11 Inchcape GBP 103,183 726 0.09 Smiths News GBP 67,852 40 0.01 Ultimate Products GBP 13,445 8 785 0.10 Diversified Consumer Services 0.30% (0.32%) Auction Technology Group GBP 27,202 83 0.01 ME Group International GBP 69,443 131 0.02 Pearson GBP 189,609 2,064 0.27 2,278 0.30

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Hotels, Restaurants & Leisure 2.94% (3.32%) Carnival GBP 38,124 753 0.10 Compass Group GBP 491,798 12,428 1.62 Domino’s Pizza Group GBP 102,616 193 0.03 Entain GBP 172,953 1,415 0.18 Evoke GBP 96,389 43 0.01 Fuller Smith & Turner ‘A’ GBP 7,858 47 0.01 Greggs GBP 27,818 453 0.06 Gym Group GBP 48,233 66 0.01 Hollywood Bowl Group GBP 46,878 129 0.02 Hostelworld Group GBP 28,848 36 InterContinental Hotels Group GBP 42,375 3,802 0.50 J D Wetherspoon GBP 20,932 130 0.02 Marston’s GBP 182,692 79 0.01 Mitchells & Butlers GBP 74,609 184 0.02 On the Beach Group GBP 43,646 98 0.01 Playtech GBP 65,059 219 0.03 PPHE Hotel Group GBP 5,564 74 0.01 Rank Group GBP 52,349 67 0.01 SSP Group GBP 226,025 358 0.05 Trainline GBP 120,625 313 0.04 Whitbread GBP 50,567 1,630 0.21 22,517 2.94 Household Durables 0.84% (1.25%) Barratt Redrow GBP 397,251 1,537 0.20 Bellway GBP 33,365 864 0.11 Berkeley Group Holdings GBP 26,764 1,073 0.14 Crest Nicholson Holdings GBP 71,115 122 0.02 Henry Boot GBP 13,633 29 MJ Gleeson GBP 13,282 48 0.01 Persimmon GBP 90,855 1,078 0.14 Taylor Wimpey GBP 1,005,465 1,049 0.14 Videndum GBP 26,773 10 Vistry Group GBP 94,703 607 0.08 6,417 0.84 Leisure Products 0.18% (0.16%) Games Workshop Group GBP 9,587 1,402 0.18 1,402 0.18 Speciality Retail 0.63% (0.81%) AO World GBP 86,311 84 0.01 ASOS GBP 20,293 49 0.01 Card Factory GBP 85,075 83 0.01 Currys GBP 299,696 432 0.06 DFS Furniture GBP 64,626 100 0.01 Dunelm Group GBP 38,428 428 0.06 Frasers Group GBP 28,867 202 0.03 Halfords Group GBP 62,242 88 0.01 JD Sports Fashion GBP 709,397 674 0.09 Kingfisher GBP 502,408 1,516 0.20 Moonpig Group GBP 93,508 202 0.03 Motorpoint group GBP 20,401 32 Pets at Home Group GBP 131,264 288 0.04 Topps Tiles GBP 32,803 12 Watches of Switzerland Group GBP 65,880 264 0.03 WH Smith GBP 37,140 237 0.03 Wickes Group GBP 68,069 150 0.02 4,841 0.63

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Textiles, Apparel & Luxury Goods 0.22% (0.17%) Burberry Group GBP 101,236 1,215 0.16 Coats Group GBP 453,091 362 0.05 Dr. Martens GBP 161,049 145 0.02 1,722 0.22 Consumer Discretionary total 45,268 5.91 Consumer Staples 13.88% (15.74%) Beverages 2.34% (2.80%) AG Barr GBP 27,068 182 0.02 C&C Group GBP 110,005 150 0.02 Coca-Cola Europacific Partners GBP 62,056 4,133 0.54 Coca-Cola HBC GBP 58,136 1,976 0.26 Diageo GBP 645,119 11,451 1.50 17,892 2.34 Consumer Staples Distribution & Retail 1.65% (1.65%) J Sainsbury GBP 494,192 1,666 0.22 Marks & Spencer Group GBP 591,486 2,352 0.31 Ocado Group GBP 169,199 403 0.05 Tesco GBP 1,853,321 8,245 1.08 12,666 1.65 Food Products 0.52% (0.69%) Anglo-Eastern Plantations GBP 5,616 75 0.01 Associated British Foods GBP 85,388 1,853 0.24 Bakkavor Group GBP 49,547 108 0.01 Cranswick GBP 15,135 757 0.10 Fevara GBP 6,530 8 Greencore Group GBP 126,107 306 0.04 Hilton Food Group GBP 23,502 155 0.02 Premier Foods GBP 186,538 337 0.04 Tate & Lyle GBP 104,678 394 0.05 3,993 0.52 Household Products 1.49% (1.37%) McBride GBP 43,930 54 0.01 Reckitt Benckiser Group GBP 197,590 11,338 1.48 11,392 1.49 Personal Care Products 4.13% (6.18%) Applied Nutrition GBP 35,304 62 0.01 PZ Cussons GBP 66,800 53 0.01 Unilever GBP 699,445 31,524 4.12 31,639 4.13 Tobacco 3.75% (3.05%) British American Tobacco GBP 580,636 22,035 2.88 Imperial Brands GBP 220,998 6,672 0.87 28,707 3.75 Consumer Staples total 106,289 13.88 Energy 8.65% (9.46%) Energy Equipment & Services 0.02% (0.06%) Gulf Marine Services GBP 127,775 19 Hunting GBP 39,449 127 0.02 John Wood Group ^ GBP 191,615 35 Petrofac ^ GBP 122,661 2 183 0.02

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Oil, Gas & Consumable Fuels 8.63% (9.39%) BP GBP 4,620,917 19,216 2.51 Capricorn Energy GBP 20,449 40 0.01 Diversified Energy GBP 12,979 126 0.02 Energean GBP 38,254 337 0.04 EnQuest GBP 465,025 48 0.01 Harbour Energy GBP 162,510 323 0.04 Ithaca Energy GBP 53,177 97 0.01 Pharos Energy GBP 59,283 12 Shell GBP 1,704,658 45,855 5.99 Tullow Oil GBP 327,039 33 66,087 8.63 Energy total 66,270 8.65 Financials 22.61% (19.13%) Banks 13.35% (9.94%) Barclays GBP 4,089,033 15,508 2.02 Close Brothers Group GBP 42,102 189 0.02 HSBC Holdings GBP 5,040,954 49,835 6.51 Lion Finance Group GBP 9,436 717 0.09 Lloyds Banking Group GBP 17,443,835 14,803 1.93 Metro Bank Holdings GBP 88,357 102 0.01 NatWest Group GBP 2,342,152 12,788 1.67 Secure Trust Bank GBP 4,709 42 0.01 Standard Chartered GBP 537,920 7,727 1.01 TBC Bank Group GBP 13,036 564 0.07 102,275 13.35 Capital Markets 5.39% (5.75%) 3i Group GBP 273,154 11,748 1.53 Aberdeen Group GBP 513,397 1,066 0.14 Abrdn New India Investment Trust GBP 13,592 108 0.01 AJ Bell GBP 86,291 469 0.06 Alpha Group International GBP 10,318 433 0.06 Ashmore Group GBP 123,288 227 0.03 BioPharma Credit plc (The) Fund USD 307,607 211 0.03 Blackrock Throgmorton Trust GBP 20,704 125 0.02 Bridgepoint Group GBP 113,556 347 0.05 Brooks Macdonald Group GBP 4,554 79 0.01 Chrysalis Investments GBP 158,451 189 0.02 City of London Investment Group GBP 7,906 30 CMC Markets GBP 29,451 63 0.01 CT UK Capital & Income Investment Trust GBP 28,963 98 0.01 CT UK High Income Trust GBP 23,494 24 CVC Income & Growth GBP 33,853 40 0.01 Ecofin Global Utilities and Infrastructure Trust GBP 30,826 73 0.01 Foresight Group Holdings GBP 22,633 104 0.01 Franklin Global Trust GBP 14,294 52 0.01 ICG GBP 79,089 1,626 0.21 IG Group Holdings GBP 97,685 1,046 0.14 IntegraFin Holdings GBP 72,322 263 0.03 Investec GBP 166,836 938 0.12 IP Group GBP 247,783 139 0.02 JPMorgan Global Core Real Assets Ltd. (The) Fund GBP 21,954 16 JTC GBP 44,260 572 0.07 Jupiter Fund Management GBP 118,175 174 0.02 Law Debenture GBP 36,982 385 0.05 Liontrust Asset Management GBP 17,475 55 0.01 London Stock Exchange Group GBP 146,480 12,873 1.68 M&G Credit Income Investment Trust GBP 40,866 39 0.01

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Capital Markets 5.39% (5.76%) (continued) Man Group GBP 330,471 634 0.08 Molten Ventures GBP 42,375 172 0.02 Ninety One GBP 73,211 162 0.02 Oakley Capital Investments GBP 41,784 232 0.03 Odyssean Investment Trust GBP 27,776 45 0.01 Partners Group Private Equity EUR 17,345 160 0.02 Pensionbee Group GBP 40,665 63 0.01 Personal Assets Trust GBP 89,088 472 0.06 Petershill Partners GBP 62,626 193 0.03 Plus500 GBP 19,710 624 0.08 Polar Capital Global Financials Trust GBP 49,201 103 0.01 Pollen Street Group GBP 10,215 91 0.01 Quilter GBP 380,415 664 0.09 Rathbones Group GBP 16,749 309 0.04 Record GBP 30,564 17 RM Infrastructure Income GBP 26,899 17 Schroders GBP 214,283 846 0.11 Seraphim Space Investment Trust GBP 59,619 50 0.01 Shires Income GBP 11,865 33 St. James’s Place GBP 150,718 2,035 0.27 TP ICAP Group GBP 215,252 554 0.07 XPS Pensions Group GBP 52,035 180 0.02 41,268 5.39 Consumer Finance 0.04% (0.03%) Funding Circle Holdings GBP 38,335 49 0.01 International Personal Finance GBP 62,080 133 0.02 S&U GBP 1,123 19 Vanquis Banking Group GBP 73,839 85 0.01 286 0.04 Financial Services 0.48% (0.43%) Cab Payments Holdings GBP 38,106 19 Caledonia Investments GBP 89,470 339 0.04 M&G GBP 684,167 1,785 0.23 Merchants Trust GBP 42,356 233 0.03 OSB Group GBP 106,739 593 0.08 Paragon Banking Group GBP 55,983 471 0.06 PayPoint GBP 14,431 109 0.01 Real Estate Credit Investments GBP 64,596 81 0.01 WAG Payment Solutions GBP 38,536 34 3,664 0.48 Insurance 3.35% (2.97%) Admiral Group GBP 72,621 2,417 0.32 Aviva GBP 871,963 5,886 0.77 Beazley GBP 174,721 1,581 0.21 Chesnara GBP 64,604 174 0.02 Hiscox GBP 98,449 1,356 0.18 Just Group GBP 298,459 633 0.08 Lancashire Holdings GBP 69,038 449 0.06 Legal & General Group GBP 1,625,501 3,909 0.51 Phoenix Group Holdings GBP 217,521 1,469 0.19 Prudential GBP 746,356 7,639 1.00 Sabre Insurance Group GBP 65,742 85 0.01 Saga GBP 29,997 82 0.01 25,680 3.35 Financials total 173,173 22.61

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Health Care 11.66% (10.64%) Biotechnology 0.09% (0.08%) Genus GBP 18,742 503 0.07 Oxford Biomedica GBP 19,051 116 0.02 PureTech Health GBP 60,246 79 0.01 698 0.09 Health Care Equipment & Supplies 0.59% (0.55%) Convatec Group GBP 481,248 1,147 0.15 Smith & Nephew GBP 255,232 3,372 0.44 4,519 0.59 Health Care Providers & Services 0.03% (0.03%) NMC Health ^ GBP 46,588 – Spire Healthcare Group GBP 79,362 192 0.03 192 0.03 Life Sciences Tools & Services 0.02% (0.00%) Oxford Nanopore Technologies GBP 125,316 174 0.02 174 0.02 Pharmaceuticals 10.93% (9.98%) AstraZeneca GBP 434,509 54,939 7.17 GSK GBP 1,172,455 19,088 2.49 Haleon GBP 2,612,841 8,926 1.17 Hikma Pharmaceuticals GBP 44,467 794 0.10 83,747 10.93 Health Care total 89,330 11.66 Industrials 15.55% (14.24%) Aerospace & Defense 6.45% (4.04%) Avon Technologies GBP 8,539 166 0.02 Babcock International Group GBP 146,057 1,709 0.22 BAE Systems GBP 871,553 16,568 2.16 Chemring Group GBP 77,611 427 0.06 Melrose Industries GBP 367,531 2,276 0.30 QinetiQ Group GBP 136,290 650 0.08 Rolls-Royce Holdings GBP 2,458,528 27,339 3.57 Senior GBP 117,818 230 0.03 49,365 6.45 Air Freight & Logistics 0.00% (0.09%) Building Products 0.10% (0.12%) Eurocell GBP 30,100 38 Genuit Group GBP 70,731 259 0.03 Norcros GBP 24,520 71 0.01 Volution Group GBP 54,634 364 0.05 732 0.10 Commercial Services & Supplies 0.58% (0.55%) Johnson Service Group GBP 114,480 161 0.02 Mears Group GBP 25,721 85 0.01 Mitie Group GBP 327,250 510 0.07 Rentokil Initial GBP 730,333 2,962 0.39 Serco Group GBP 294,410 710 0.09 4,428 0.58 Construction & Engineering 0.32% (0.26%) Balfour Beatty GBP 143,558 950 0.12 Costain Group GBP 76,609 116 0.02 Galliford Try Holdings GBP 27,204 147 0.02 Keller Group GBP 20,475 317 0.04

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Construction & Engineering 0.32% (0.26%) (continued) Kier Group GBP 122,118 276 0.04 Morgan Sindall Group GBP 12,219 596 0.08 Severfield GBP 88,292 26 2,428 0.32 Electrical Equipment 0.04% (0.06%) Atrato Onsite Energy ^ GBP 44,137 – Ceres Power Holdings GBP 34,592 89 0.01 DiscoverIE Group GBP 27,112 160 0.02 Luceco GBP 24,780 33 XP Power GBP 6,195 60 0.01 342 0.04 Ground Transportation 0.08% (0.09%) Firstgroup GBP 159,224 334 0.04 Mobico Group GBP 140,671 40 0.01 Zigup GBP 63,968 210 0.03 584 0.08 Industrial Conglomerates 0.63% (0.44%) DCC GBP 28,336 1,330 0.17 Metlen Energy & Metals EUR 31,248 1,179 0.15 Smiths Group GBP 97,119 2,296 0.30 4,805 0.63 Machinery 0.90% (0.87%) Bodycote GBP 52,176 337 0.04 Goodwin GBP 725 101 0.01 IMI GBP 70,414 1,607 0.21 Morgan Advanced Materials GBP 80,459 160 0.02 Porvair GBP 10,956 83 0.01 Rotork GBP 240,840 801 0.10 Spirax Group GBP 21,291 1,417 0.18 Trifast GBP 38,729 32 Vesuvius GBP 54,587 195 0.03 Weir Group GBP 75,353 2,128 0.28 6,861 0.90 Marine Transportation 0.04% (0.04%) Clarkson GBP 8,098 281 0.04 Taylor Maritime GBP 77,763 48 0.01 329 0.04 Passenger Airlines 0.67% (0.49%) easyJet GBP 182,498 877 0.11 International Consolidated Airlines Group GBP 992,499 4,043 0.53 Wizz Air Holdings GBP 21,871 239 0.03 5,159 0.67 Professional Services 3.95% (4.84%) Capita GBP 32,377 99 0.01 Experian GBP 265,895 9,431 1.23 Hays GBP 453,409 263 0.03 Intertek Group GBP 45,326 2,197 0.29 Pagegroup GBP 89,164 216 0.03 RELX GBP 533,282 17,988 2.35 Robert Walters GBP 18,554 26 SThree GBP 33,642 54 0.01 30,274 3.95 Trading Companies & Distributors 1.80% (2.32%) Ashtead Group GBP 122,874 6,466 0.84 Bunzl GBP 93,874 2,257 0.29 Diploma GBP 38,831 2,050 0.27

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Trading Companies & Distributors 1.80% (2.32%) (continued) Grafton Group GBP 50,647 466 0.06 Howden Joinery Group GBP 158,777 1,300 0.17 Macfarlane Group GBP 38,359 34 RS Group GBP 133,944 733 0.10 SIG GBP 186,592 17 Speedy Hire GBP 128,468 36 Travis Perkins GBP 59,823 384 0.05 Vp GBP 4,613 26 13,769 1.80 Transportation Infrastructure 0.01% (0.02%) James Fisher & Sons GBP 11,173 43 0.01 43 0.01 Industrials total 119,119 15.55 Information Technology 1.45% (1.36%) Communications Equipment 0.04% (0.04%) Spirent Communications GBP 162,014 322 0.04 322 0.04 Electronic Equipment, Instruments & Components 0.74% (0.60%) Halma GBP 108,693 3,769 0.49 Oxford Instruments GBP 16,570 301 0.04 Renishaw GBP 9,756 357 0.05 Spectris GBP 28,101 1,154 0.15 TT Electronics GBP 50,493 49 0.01 5,630 0.74 IT Services 0.18% (0.22%) Computacenter GBP 16,185 436 0.06 FDM Group Holdings GBP 24,630 34 Kainos Group GBP 23,230 222 0.03 NCC Group GBP 90,663 132 0.02 Softcat GBP 36,943 587 0.08 1,411 0.18 Software 0.48% (0.49%) Alfa Financial Software Holdings GBP 34,422 77 0.01 Aptitude Software Group GBP 14,488 44 0.01 Bytes Technology Group GBP 66,123 242 0.03 Pinewood Technologies Group GBP 21,422 83 0.01 Sage Group GBP 275,914 3,192 0.42 3,638 0.48 Technology Hardware, Storage & Peripherals 0.01% (0.01%) Raspberry PI Holdings GBP 16,061 62 0.01 Xaar GBP 22,828 29 91 0.01 Information Technology total 11,092 1.45 Investment Funds 5.05% (5.27%) Banks 0.00% (0.02%) Investment Companies 5.05% (5.24%) 3i Infrastructure GBP 188,291 670 0.09 Aberdeen Asian Income Fund GBP 40,905 104 0.01 Aberdeen Equity Income Trust GBP 13,888 52 0.01 Aberforth Geared Value & Income Trust GBP 23,276 19 Aberforth Smaller Companies Trust GBP 21,621 328 0.04 Abrdn Asia Focus GBP 41,344 149 0.02 Abrdn Diversified Income and Growth GBP 86,580 39 0.01 Abrdn UK Smaller Companies Growth Trust GBP 16,854 87 0.01

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Investment Companies 5.05% (5.25%) (continued) Alliance Witan GBP 113,650 1,441 0.19 Allianz Technology Trust GBP 109,058 540 0.07 Artemis Uk Future Leaders GBP 8,379 31 Ashoka India Equity Investment Trust GBP 45,854 126 0.02 Augmentum Fintech GBP 48,093 41 0.01 Aurora UK Alpha GBP 29,320 73 0.01 Avi Global Trust GBP 113,225 290 0.04 AVI Japan Opportunity Trust GBP 36,664 62 0.01 Baillie Gifford China Growth Trust GBP 18,025 55 0.01 Baillie Gifford European Growth Trust GBP 100,627 107 0.01 Baillie Gifford Japan Trust GBP 23,320 214 0.03 Baillie Gifford Shin Nippon GBP 79,350 105 0.01 Baillie Gifford UK Growth Trust GBP 39,030 79 0.01 Baillie Gifford US Growth Trust GBP 81,044 220 0.03 Bankers Investment Trust GBP 302,388 390 0.05 Bellevue Healthcare Trust GBP 42,082 53 0.01 BH Macro GBP 90,854 363 0.05 Biotech Growth Trust GBP 7,817 84 0.01 Blackrock American Income Trust GBP 16,205 34 BlackRock Energy and Resources Income Trust GBP 33,582 47 0.01 BlackRock Frontiers Investment Trust GBP 53,071 89 0.01 BlackRock Greater Europe Investment Trust GBP 27,819 164 0.02 BlackRock Latin American Investment Trust GBP 8,530 30 BlackRock Smaller Companies Trust GBP 11,402 151 0.02 BlackRock World Mining Trust GBP 53,473 371 0.05 Bluefield Solar Income Fund – GBP Ordinary Shares GBP 173,123 145 0.02 Brown Advisory US Smaller Companies GBP 3,461 46 0.01 Brunner Investment Trust GBP 8,376 115 0.01 Capital Gearing Trust GBP 4,863 239 0.03 CC Japan Income & Growth Trust GBP 37,825 81 0.01 City of London Investment Trust GBP 140,475 715 0.09 CQS Natural Resources Growth and Income GBP 19,652 60 0.01 CQS New City High Yield Fund GBP 154,006 80 0.01 CT Private Equity Trust GBP 20,442 94 0.01 Digital 9 Infrastructure GBP 251,752 20 Diverse Income Trust GBP 59,853 62 0.01 Downing Renewables & Infrastructure Trust GBP 29,490 30 Dunedin Income Growth Investment Trust GBP 34,472 102 0.01 Edinburgh Investment Trust GBP 41,692 338 0.04 Edinburgh Worldwide Investment Trust GBP 105,535 222 0.03 European Assets Trust GBP 101,132 92 0.01 European Opportunities Trust GBP 11,592 109 0.01 European Smaller Companies GBP 65,850 137 0.02 F&C Investment Trust GBP 139,707 1,672 0.22 Fidelity Asian Values GBP 20,270 119 0.02 Fidelity China Special Situations GBP 103,529 325 0.04 Fidelity Emerging Markets GBP 19,509 186 0.02 Fidelity European Trust GBP 148,108 619 0.08 Fidelity Japan Trust GBP 34,054 74 0.01 Fidelity Special Values GBP 83,800 336 0.04 Finsbury Growth & Income Trust GBP 37,139 315 0.04 Foresight Environmental Infrastructure GBP 182,193 125 0.02 Foresight Solar Fund GBP 148,643 115 0.02 GCP Asset Backed Income Fund GBP 62,108 41 0.01 GCP Infrastructure Investments GBP 241,619 178 0.02 Global Opportunities Trust GBP 7,520 25 Global Smaller Companies Trust GBP 121,972 205 0.03 Gore Street Energy Storage Fund GBP 135,077 80 0.01 HarbourVest Global Private Equity GBP 21,130 629 0.08 Henderson Far East Income GBP 44,929 109 0.01 Henderson High Income Trust GBP 48,990 89 0.01

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Investment Companies 5.05% (5.25%) (continued) Henderson Smaller Companies Investment Trust GBP 18,689 162 0.02 Herald Investment Trust GBP 14,245 353 0.05 HgCapital Trust GBP 124,171 612 0.08 Hicl Infrastructure GBP 560,495 674 0.09 ICG Enterprise Trust GBP 17,714 266 0.03 Impax Environmental Markets GBP 56,441 228 0.03 India Capital Growth Fund GBP 23,352 40 0.01 International Biotechnology Trust GBP 10,826 89 0.01 International Public Partnerships GBP 535,385 663 0.09 INVESCO Asia Dragon Trust GBP 59,225 238 0.03 Invesco Bond Income Plus GBP 57,282 100 0.01 Invesco Global Equity Income Trust GBP 11,785 44 0.01 JPMorgan American Investment Trust GBP 48,697 538 0.07 JPMorgan Asia Growth & Income GBP 19,310 84 0.01 JPMorgan China Growth & Income GBP 24,202 71 0.01 JPMorgan Claverhouse Investment Trust GBP 16,270 134 0.02 JPMorgan Emerging Markets Investment Trust GBP 295,176 380 0.05 JPMorgan European Discovery Trust GBP 26,796 155 0.02 JPMorgan European Growth & Income GBP 120,313 159 0.02 JPMorgan Global Emerging Markets Income Trust GBP 80,916 129 0.02 JPMorgan Global Growth & Income GBP 159,027 910 0.12 JPMorgan Indian Investment Trust GBP 13,127 138 0.02 JPMorgan Japanese Investment Trust GBP 41,281 285 0.04 JPMorgan UK Small CAP Growth & Income GBP 37,050 120 0.02 JPMorgan US Smaller Companies Investment Trust GBP 14,417 55 0.01 Lindsell Train Investment Trust GBP 3,500 25 Lowland Investment GBP 65,809 99 0.01 Majedie Investments GBP 7,998 20 Manchester & London Investment GBP 5,128 41 0.01 Mercantile Investment Trust GBP 204,306 513 0.07 Mid Wynd International Investment Trust GBP 9,060 70 0.01 Middlefield Canadian Income GBP 30,824 44 0.01 Mobius Investment Trust GBP 21,793 31 Monks Investment Trust GBP 53,204 797 0.10 Montanaro European Smaller Companies Trust GBP 40,790 67 0.01 Montanaro UK Smaller Companies Investment Trust GBP 34,870 35 Murray Income Trust GBP 29,234 265 0.03 Murray International Trust GBP 170,019 514 0.07 NB Private Equity Partners GBP 13,061 197 0.03 NextEnergy Solar Fund GBP 166,530 102 0.01 Nippon Active Value Fund GBP 53,266 112 0.01 North American Income Trust GBP 33,794 120 0.02 North Atlantic Smaller Companies Investment Trust GBP 22,560 85 0.01 Octopus Renewables Infrastructure Trust GBP 158,670 98 0.01 Oryx International Growth Fund GBP 1,711 22 Pacific Assets Trust GBP 34,427 123 0.02 Pacific Horizon Investment Trust GBP 25,156 192 0.03 Pantheon Infrastructure GBP 129,748 132 0.02 Pantheon International GBP 119,411 420 0.05 Patria Private Equity Trust GBP 18,810 107 0.01 Pershing Square Holdings GBP 37,994 1,765 0.23 Polar Capital Global Healthcare Trust GBP 34,541 130 0.02 Polar Capital Technology Trust GBP 328,886 1,429 0.19 Rights and Issues Investment Trust GBP 1,320 28 RIT Capital Partners GBP 33,181 667 0.09 Riverstone Energy GBP 7,010 64 0.01 Ruffer Investment GBP 84,878 249 0.03 Schroder Asian Total Return Investment GBP 26,598 144 0.02 Schroder AsiaPacific Fund GBP 40,168 262 0.03 Schroder Income Growth Fund GBP 20,112 65 0.01 Schroder Japan Trust GBP 33,281 93 0.01

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Investment Companies 5.05% (5.25%) (continued) Schroder Oriental Income Fund GBP 68,126 219 0.03 Schroder UK Mid Cap Fund GBP 9,839 69 0.01 Schroders Capital Global Innovation Trust GBP 239,937 35 Scottish American Investment GBP 50,311 256 0.03 Scottish Mortgage Investment Trust GBP 331,226 3,753 0.49 Scottish Oriental Smaller Companies Trust GBP 33,725 95 0.01 SDCL Efficiency Income Trust GBP 259,441 148 0.02 Sequoia Economic Infrastructure Income Fund GBP 447,049 350 0.05 Smithson Investment Trust GBP 31,412 476 0.06 Starwood European Real Estate Finance GBP 23,764 21 Strategic Equity Capital GBP 11,086 42 0.01 STS Global Income & Growth Trust GBP 29,753 71 0.01 Syncona GBP 123,387 123 0.02 Temple Bar Investment Trust GBP 78,548 285 0.04 Templeton Emerging Markets Investment Trust GBP 281,907 629 0.08 TR Property Investment Trust GBP 89,065 285 0.04 TwentyFour Income Fund GBP 209,399 240 0.03 TwentyFour Select Monthly Income Fund GBP 72,371 64 0.01 Utilico Emerging Markets Trust GBP 51,263 128 0.02 Value and Indexed Property Income Trust GBP 3,948 8 VH Global Energy Infrastructure GBP 119,790 82 0.01 Vietnam Enterprise Investments GBP 41,162 328 0.04 Vietnam Holding GBP 6,960 28 VinaCapital Vietnam Opportunity Fund GBP 41,240 201 0.03 Worldwide Healthcare Trust GBP 129,384 446 0.06 38,673 5.05 Investment Funds total 38,673 5.05 Materials 6.18% (7.18%) Chemicals 0.36% (0.45%) Croda International GBP 40,479 1,081 0.14 Elementis GBP 168,626 275 0.04 Essentra GBP 80,471 89 0.01 Johnson Matthey GBP 47,726 1,029 0.13 Synthomer GBP 33,476 20 Treatt GBP 16,941 47 0.01 Victrex GBP 24,306 154 0.02 Zotefoams GBP 13,244 55 0.01 2,750 0.36 Construction Materials 0.10% (0.16%) Breedon Group GBP 80,056 266 0.03 Forterra GBP 59,424 105 0.01 Ibstock GBP 110,692 138 0.02 Marshalls GBP 70,861 118 0.02 RHI Magnesita GBP 5,384 106 0.01 733 0.10 Containers & Packaging 0.00% (0.27%) Metals & Mining 5.58% (6.06%) Anglo American GBP 308,534 9,083 1.19 Antofagasta GBP 98,324 2,727 0.36 ATALAYA MINING COPPER GBP 30,633 205 0.03 Capital GBP 43,004 46 0.01 Ecora Resources GBP 58,880 55 0.01 Endeavour Mining GBP 54,850 1,934 0.25 Evraz ^ GBP 191,739 – Ferrexpo GBP 84,854 43 0.01 Fresnillo GBP 52,378 1,370 0.18 Glencore GBP 3,105,811 10,970 1.43 Hill & Smith GBP 22,725 478 0.06

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Metals & Mining 5.58% (6.06%) Hochschild Mining GBP 89,763 385 0.05 Kenmare Resources GBP 21,582 61 0.01 Rio Tinto GBP 299,676 15,406 2.01 42,763 5.58 Paper & Forest Products 0.14% (0.26%) Mondi GBP 125,404 1,057 0.14 1,057 0.14 Materials total 47,303 6.18 Real Estate 1.97% (2.57%) Diversified REITs 0.36% (0.62%) AEW UK REIT GBP 35,702 39 0.01 British Land GBP 283,568 1,052 0.14 Custodian Property Income REIT GBP 115,601 89 0.01 Land Securities Group GBP 216,617 1,344 0.18 Picton Property Income GBP 155,829 121 0.02 Schroder European Real Estate Investment Trust GBP 35,031 22 Schroder Real Estate Investment Trust GBP 142,853 68 0.01 2,735 0.36 Health Care REITs 0.11% (0.14%) Life Science REIT GBP 100,995 38 Primary Health Properties GBP 721,815 656 0.09 Target Healthcare REIT GBP 173,126 163 0.02 857 0.11 Industrial REITs 0.63% (0.67%) LondonMetric Property GBP 645,917 1,207 0.16 Segro GBP 390,583 2,595 0.34 Tritax Big Box REIT GBP 700,043 1,010 0.13 4,812 0.63 Office REITs 0.16% (0.21%) CLS Holdings GBP 45,386 27 Derwent London GBP 30,701 548 0.07 Great Portland Estates GBP 113,119 375 0.05 Helical GBP 32,442 66 0.01 Palace Capital GBP 5,863 13 Regional REIT GBP 36,532 42 0.01 Workspace Group GBP 39,010 157 0.02 1,228 0.16 Real Estate Management & Development 0.26% (0.33%) Abrdn European Logistics Income GBP 113,480 38 Foxtons Group GBP 79,403 44 0.01 Grainger GBP 204,134 395 0.05 Harworth Group GBP 44,336 72 0.01 International Workplace Group GBP 222,724 516 0.07 LSL Property Services GBP 27,973 72 0.01 Phoenix Spree Deutschland GBP 26,644 43 0.01 Raven Property Group ^ GBP 133,117 – Savills GBP 38,578 383 0.05 Sirius Real Estate GBP 428,385 421 0.06 1,984 0.26

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Residential REITs 0.15% (0.22%) Empiric Student Property GBP 171,544 138 0.02 PRS REIT GBP 144,155 163 0.02 Residential Secure Income GBP 53,847 31 Social Housing GBP 101,921 70 0.01 UNITE Group GBP 121,388 714 0.09 1,116 0.15 Retail REITs 0.18% (0.20%) Hammerson GBP 133,801 398 0.05 NewRiver REIT GBP 98,040 69 0.01 Shaftesbury Capital GBP 422,834 611 0.08 Supermarket Income REIT GBP 354,332 282 0.04 1,360 0.18 Specialized REITs 0.13% (0.17%) Big Yellow Group GBP 53,285 596 0.08 Safestore Holdings GBP 60,667 432 0.06 1,028 0.13 Real Estate total 15,120 1.97 Utilities 4.14% (4.23%) Electric Utilities 0.77% (0.86%) SSE GBP 320,879 5,898 0.77 5,898 0.77 Independent Power and Renewable Electricity Producers 0.26% (0.33%) Drax Group GBP 100,465 717 0.09 Greencoat UK Wind GBP 639,308 707 0.09 Renewables Infrastructure Group GBP 706,024 545 0.07 1,969 0.26 Multi-Utilities 2.44% (2.38%) Centrica GBP 1,406,248 2,392 0.31 National Grid GBP 1,435,354 15,911 2.08 Telecom Plus GBP 20,386 376 0.05 18,679 2.44 Water Utilities 0.67% (0.65%) Pennon Group GBP 137,636 706 0.09 Severn Trent GBP 76,643 2,079 0.27 United Utilities Group GBP 198,515 2,373 0.31 5,158 0.67 Utilities total 31,704 4.14

Equities total 762,335 99.53 Futures 0.00% (0.00%) FTSE 100 Index 19/12/2025 GBP 46 17 Futures total 17 Liquidity Funds 0.00% (0.27%)

Investment assets 762,352 99.53 Net other assets 3,568 0.47 Net assets 765,920 100.00

All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 15 October 2024. ^ Unlisted, suspended or delisted security.

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

Notes £000

Year ended 15.10.25 £000 £000

Year ended 15.10.24 £000 Income Net capital gains 2 88,086 64,141 Revenue 3 24,998 24,950 Expenses 4 (420) (431) Net revenue before taxation 24,578 24,519 Taxation 5 (37) (36) Net revenue after taxation 24,541 24,483 Total return before distributions 112,627 88,624 Distributions 6 (24,542) (24,485) Change in net assets attributable to shareholders from investment activities 88,085 64,139

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the year ended 15 October 2025

£000

Year ended 15.10.25 £000 £000

Year ended 15.10.24 £000 Opening net assets attributable to shareholders 676,021 652,648 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 48,419 11,809 Amounts payable on cancellation of shares (67,840) (73,254) (19,421) (61,445) Dilution adjustment 122 Change in net assets attributable to shareholders from investment activities (see above) 88,085 64,139 Retained distribution on accumulation shares 21,113 20,678 Unclaimed distributions – 1 Closing net assets attributable to shareholders 765,920 676,021

STATEMENT OF TOTAL RETURN For the year ended 15 October 2025

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

BALANCE SHEET As at 15 October 2025

Notes

As at 15.10.25 £000

As at 15.10.24 £000 Assets: Investments 7 762,352 674,941 Current assets: Debtors 8 6,268 1,708 Cash and bank balances 9 96 2,031 Total assets 768,716 678,680 Liabilities: Investment liabilities 7 – (21) Creditors: Distributions payable (1,669) (1,647) Other creditors 10 (1,127) (991) Total liabilities (2,796) (2,659) Net assets attributable to shareholders 765,920 676,021

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

1 Accounting basis and policies Please see the Policies and Risks section within pages 7 to 9 which include the accounting basis and policies.

2 Net capital gains Year ended 15.10.25 £000

Year ended 15.10.24 £000 Net capital gains on investment during the year comprise: Currency gains/(losses) 9 (3) Derivative contracts gains 597 303 Non-derivative securities gains 87,480 63,841 Net capital gains 88,086 64,141

3 Revenue Year ended 15.10.25 £000

Year ended 15.10.24 £000 Bank and deposit interest 21 29 Interest on debt securities 176 102 Overseas dividends 1,387 1,541 Property income distributions 586 595 Commission revenue 46 61 UK dividends 22,782 22,622 Total revenue 24,998 24,950

4 Expenses Year ended 15.10.25 £000

Year ended 15.10.24 £000 Payable to the Authorised Corporate Director (“ACD”), associates of the ACD or agents of either of them: Fund Management Fee 411 428 Payable to the Depositary, associates of the Depositary or agents of either of them: Interest payable 9 3 Total expenses 420 431 The audit fee was £10,850 (2024: £10,500) net of VAT. The audit fee forms part of the FMF.

NOTES TO THE FINANCIAL STATEMENTS

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

5 Taxation a Analysis of tax charge Year ended 15.10.25 £000

Year ended 15.10.24 £000 Overseas tax suffered 37 36 Total current tax (see note 5b) 37 36

b Factors affecting current tax charge The tax assessed for the year is lower (2024: lower) than the standard rate of corporation tax in the UK for an Authorised Investment Fund (20%) (2024: 20%). The differences are explained below:

Year ended 15.10.25 £000

Year ended 15.10.24 £000 Net revenue before taxation 24,578 24,519 Corporation tax at 20% 4,916 4,904 Effects of: Movement in excess management expenses (101) (79) Overseas dividends not subject to corporation tax (270) (308) Overseas tax suffered 37 36 UK dividends not subject to corporation tax (4,545) (4,517) Current tax charge (see note 5a) 37 36 Authorised Investment Funds are exempt from tax on capital gains, therefore, any capital returns are not included in the above reconciliation.

c Deferred tax There is no material unprovided deferred tax (2024: £nil). After claiming relief against accrued income taxable on receipt, the Fund has unrelieved excess expenses of £37,485,563 (2024: £37,990,797) creating a potential deferred tax asset of £7,497,113 (2024: £7,598,159). It is unlikely that the Fund will generate taxable profits in the future to utilise these amounts and therefore no deferred tax asset has been recognised in the current or prior year.

6 Distributions Year ended 15.10.25 £000

Year ended 15.10.24 £000 The distributions take account of revenue received on the issue of shares and revenue deducted on the cancellation of shares, and comprise: Interim distribution 11,916 11,813 Final distribution 12,455 12,122 24,371 23,935 Add: Revenue deducted on cancellation of shares 570 628 Deduct: Revenue received on issue of shares (399) (78) Total distributions 24,542 24,485 Reconciliation of distributions for the year to net revenue after taxation Distributions for the year 24,542 24,485 Equalisation on conversions (1) (2) Net revenue after taxation 24,541 24,483 Details of the distributions per share are set out in the distribution tables on page 35.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

7 Fair value hierarchy

As at 15.10.25 As at 15.10.24

Valuation technique Assets £000

Liabilities £000 Assets £000

Liabilities £000 Level 1: Quoted prices 762,315 – 673,076 (21) Level 2: Observable market data – – 1,800 Level 3: Unobservable data 37 – 65 Total value 762,352 – 674,941 (21) The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets and liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the following categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly; Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. Level 3 securities are either delisted, suspended or unquoted, and the valuation methodologies for these securities are disclosed in Accounting Policies. As at the balance sheet date, the Fund held no level 2 investments.

8 Debtors As at 15.10.25 £000

As at 15.10.24 £000 Accrued revenue 1,217 1,472 Amounts receivable on issue of shares 1,586 180 Corporation tax recoverable 30 30 Overseas tax recoverable 20 26 Sales awaiting settlement 3,415 Total debtors 6,268 1,708

9 Cash and bank balances As at 15.10.25 £000

As at 15.10.24 £000 Amounts held at futures clearing houses and brokers 42 256 Cash and bank balances 54 1,775 Total cash and bank balances 96 2,031

10 Other creditors As at 15.10.25 £000

As at 15.10.24 £000 Accrued expenses 38 25 Amounts payable for cancellation of shares 1,089 966 Total other creditors 1,127 991

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

11 Contingent liabilities and commitments There were no contingent liabilities or commitments at the year end (2024: £nil).

12 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva Group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence over the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown in note 4 and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The balance due to the ACD at the year end in respect of Fund Management Fee was £37,846 (2024: £25,333). Any balance due from the ACD in respect of issues is shown in note 8. Any balance due to the ACD in respect of cancellations is shown in note 10. Distributions payable to the ACD and related parties of the ACD during the year amounted to £19,920,786 (2024: £20,127,076). The amount outstanding at the year end was £10,194,520 (2024: £10,242,623). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the Fund on behalf of other external investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portfolio statement. The total purchases and sales on these investments during the year amounted to £54,593,602 (2024: £53,014,949) and £56,330,092 (2024: £53,375,379) respectively. The income received during the year amounted to £473,117 (2024: £365,837). Holdings at the year end and movements during the year are as follows:

Holdings at 15.10.25 (shares) Movement (shares)

Holdings at 15.10.24 (shares) ACD and related parties (Class 2 Income shares) 2,893,081 882,748 2,010,334 ACD and related parties (Class 8 Accumulation shares) 152,929,938 (10,449,924) 163,379,862 The ACD and related parties of the ACD are ineligible to vote at any general meeting.

13 Shareholder funds The Fund currently has four share classes: Class 1 and A (Retail), Class 2 (Institutional) and Class 8 (Associated undertakings of Aviva Plc). The Fund Management Fees are as follows: Class 1: 0.41% Class 2: 0.20% Class 8: 0.01% Class A*: 0.05% * The Fund Management Fee changed from 0.07% to 0.05% effective from 22 January 2025. The net asset value of each share class, the net asset value per share and the number of shares in the class are shown on pages 12 and 13. The distributions per share are given in the distribution tables on page 35. All the share classes have the same rights on winding up.

14 Shares in issue reconciliation Number of shares in issue at 15.10.24

Number of shares issued

Number of shares cancelled

Number of shares converted

Number of shares in issue at 15.10.25 Class 1 Income shares 87,367,423 2,890,283 (4,132,906) (16,325,091) 69,799,709 Class 2 Income shares 15,088,198 3,056,947 (3,210,300) 9,972,535 24,907,380 Class 8 Accumulation shares 163,379,862 3,807,039 (14,256,963) – 152,929,938 Class A Accumulation shares 10,472,564 17,513,641 (4,881,407) – 23,104,798

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

15 Derivatives and other financial instruments The policies applied in the management of financial instruments are set out on page 9.

Fair value of financial assets and financial liabilities There is no significant difference between the carrying values of the financial assets and liabilities and their fair values (2024: £nil). Leverage Average leverage is calculated as the sum of the gross asset value and the incremental exposure generated through the use of derivatives (calculated in accordance with the commitment approach (CESR/10-788)) divided by the net asset value. At the year end date the average leverage was 0.57% (2024: 0.70%). Currency risk At the year end date, 0.21% (2024: 0.05%) of the net assets of the Fund were denominated in currencies other than sterling and as such, the currency risk is not considered significant. Interest rate risk The Fund does not invest in either fixed or floating rate securities and interest rate risk exposure is restricted to interest receivable on bank deposits or payable on bank overdraft positions which will be affected by fluctuations in interest rates. At the year end date 0.01% (2024: 0.57%) of the net assets of the Fund were interest bearing and as such the interest rate risk is not considered significant. The floating rate on bank balances is linked to the Depositary’s base rate. The floating rate on deposits is linked to SONIA or its overseas equivalent.

Market price risk At the year end date, 99.53% (2024: 99.84%) of the net assets of the Fund were invested in ordinary shares or stock units or debt securities admitted to an official stock exchange and also derivatives. If the market value were to change by 10%, the value of the Fund would change by 9.95% (2024: 9.98%).

Liquidity risk The main liability of the Fund is the redemption of any shares that investors want to sell. Investments may have to be sold to fund such redemptions should insufficient cash be held at the bank to meet this obligation. The ACD monitors the liquidity profile of the Fund daily. In assessing the liquidity profile of the Fund, the ACD assesses how much of the Fund can be realised in one and five days, under normal and stressed market conditions, and the impact this would have on the overall subsequent liquidity profile. In assessing the liquidity of a company’s shares, the ACD utilises the lower of the 0 and 25 day average market volume of that company’s shares. Based on this analysis 99.99% of the portfolio can be liquidated within 5 days and 100% within 21 days (15.10.24: 99.98% within 5 days and 100% within 21 days). Given this and the ACD’s understanding of the investor base, it is considered that the liquidity profile of the Fund is appropriate.

16 Stock lending At the balance sheet date the Fund did not enter into stock lending arrangements with its counterparties.

17 Direct transaction costs In the case of shares, broker commissions and transfer taxes, stamp duty is paid by the Fund on each transaction. In addition, there is a dealing spread between buying and selling prices of the underlying investments. Unlike shares, other types of investments (such as bonds, money market instruments, derivatives) have no separately identifiable transaction costs; these costs form part of the dealing spread.

15.10.25

Principal before costs £000

Commissions £000

Taxes £000

Total after costs £000

Commissions as % of principal

Taxes as % of principal Purchases (excluding Inspecie & Corporate Action activity) Equities (45,474) (4) (200) (45,678) 0.01% 0.44%

Purchases (Corporate Action activity only) Equities (164) – – (164) 0.00% 0.00% (45,638) (4) (200) (45,842)

Sales (excluding Inspecie & Corporate Action activity) Equities 44,128 (4) (1) 44,123 0.01% 0.00% 44,128 (4) (1) 44,123

Total (8) (201)

Percentage of Fund average net assets 0.00% 0.03%

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

17 Direct transaction costs (continued)

15.10.24

Principal before costs £000

Commissions £000

Taxes £000

Total after costs £000

Commissions as % of principal

Taxes as % of principal Purchases (excluding Inspecie & Corporate Action activity) Equities (11,854) – (60) (11,914) 0.00% 0.51% Funds (4) – – (4) 0.00% 0.00%

Purchases (Corporate Action activity only) Equities (2,053) – – (2,053) 0.00% 0.00% (13,911) – (60) (13,971)

Sales (excluding Inspecie & Corporate Action activity) Equities 56,046 (7) (1) 56,038 0.01% 0.00% Funds 3 – – 3 0.00% 0.00% 56,049 (7) (1) 56,041

Total (7) (61)

Percentage of Fund average net assets 0.00% 0.01%

Dealing spread As at 15 October 2025, the average portfolio dealing spread was 0.06% (2024: 0.07%). This spread represents the difference between the values determined retrospectively by reference to the bid and offer prices of investments expressed as a percentage of the value determined by reference to the offer price.

18 Post balance sheet events There are no post balance sheet events which require adjustment or disclosure at the year end.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Index Tracking Fund

DISTRIBUTION TABLES

Final distribution payable in pence per share for the six months ended 15 October 2025

Income shares Net revenue Equalisation

Final distribution payable 15 December 2025

Final distribution paid 13 December 2024 Class 1 Income shares Group 1 1.4743 – 1.4743 1.4504 Group 2 0.7345 0.7398 1.4743 1.4504 Class 2 Income shares Group 1 2.5710 – 2.5710 2.5200 Group 2 0.8094 1.7616 2.5710 2.5200

Accumulation shares Net revenue Equalisation

Final distribution payable 15 December 2025

Final distribution paid 13 December 2024 Class 8 Accumulation shares Group 1 6.6175 – 6.6175 6.2382 Group 2 3.2922 3.3253 6.6175 6.2382 Class A Accumulation shares Group 1 2.8797 – 2.8797 2.7028 Group 2 1.1627 1.7170 2.8797 2.7028 Final distribution Group 1 shares are those shares purchased at or before 5:00pm on 15 April 2025. Group 2 shares are those shares purchased after 5:00pm on 15 April 2025.

Interim distribution paid in pence per share for the six months ended 15 April 2025

Income shares Net revenue Equalisation

Interim distribution paid 13 June 2025

Interim distribution paid 14 June 2024 Class 1 Income shares Group 1 1.3905 – 1.3905 1.3613 Group 2 0.9041 0.4864 1.3905 1.3613 Class 2 Income shares Group 1 2.4234 – 2.4234 2.3649 Group 2 1.2580 1.1654 2.4234 2.3649

Accumulation shares Net revenue Equalisation

Interim distribution paid 13 June 2025

Interim distribution paid 14 June 2024 Class 8 Accumulation shares Group 1 6.1245 – 6.1245 5.7475 Group 2 1.9370 4.1875 6.1245 5.7475 Class A Accumulation shares Group 1 2.6579 – 2.6579 2.4713 Group 2 1.5707 1.0872 2.6579 2.4713

Interim distribution Group 1 shares are those shares purchased at or before 5:00pm on 15 October 2024. Group 2 shares are those shares purchased after 5:00pm on 15 October 2024.

Equalisation Equalisation applies only to Group 2 shares, in other words shares purchased during the relevant period. It is the average amount of revenue included in the purchase price of all Group 2 shares and is refunded to the holders of these shares as return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

SECURITIES FINANCING TRANSACTIONS (UNAUDITED)

The Fund engages in Securities Financing Transactions (SFT) (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Fund’s involvement in and exposures related to SFT for the accounting year ended 15 October 2025 are detailed below.

GLOBAL DATA Amount of securities on loan The total value of securities on loan as a proportion of the Fund’s total lendable assets, as at the balance sheet date, is 0%. Total lendable assets represents the aggregate value of assets types forming part of the Fund’s securities lending programme.

Return and cost The Bank of New York Mellon, London Branch, has been appointed to act as securities lending agent and receives a fee of 20% of the gross revenue for its services related to the Stock Lending Transactions. The remainder of the revenue, 80%, is received by the Fund i.e. for the benefit of Shareholders.

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Listed Equity Income Fund

INVESTMENT OBJECTIVE The Fund aims to deliver an income return of 110% of the income return of the FTSE® All-Share Index (the “Index”), annualised over 3-year rolling periods, whilst also aiming to grow your investment and provide an average annual net return greater than the Index over rolling 5-year periods by investing in shares of UK companies.

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in shares of UK companies (incorporated or domiciled in the UK), or non UK companies which are listed in the UK or which have significant trading activities in the UK. Other investments The Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies), cash and deposits. Strategy The Fund is actively managed, and the Investment Manager will adopt a high conviction approach (a strong belief), with a particular focus on “cash compounding” companies. These are typically mature companies which benefit from high barriers to entry given their competitive position in their industry, which we believe will offer good to high returns, and generate stable cash flows which will either be returned to investors as income or re-invested into the company to generate future dividends. The Investment Manager is also likely to invest in companies with a focus on the potential future cash flow growth they will generate, and their perceived ability to steadily grow their dividends, while showing what we believe to be financial strength and/or low levels of debt, with a strong management capability. In addition, the Investment Manager is likely to identify companies which are out of favour at a particular point in time, but where there is a specific opportunity for the company to increase their future cash flows, and therefore potentially increase their dividends in the future. This Fund is subject to Aviva Investors’ baseline exclusion policy. Please see Prospectus for information on these limited investment restrictions. Performance & Risk Measurement The Fund’s income return target is measured against the Index, before the deduction of charges and taxes, annualised on a rolling three year basis. The Fund’s overall performance is also measured against the Index, after charges and taxes, annualised on a rolling five year basis. The Fund does not base its investment process upon the Index, so will not hold every company in the Index and may also hold companies that do not form part of it. The Fund uses a “tracking error” to measure the consistency of the Fund’s returns and the returns of the Index. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Index, and vice-versa. The Fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Index. In certain conditions the Fund may be outside of this range. The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of the UK’s market capitalisation (total market value of a company’s outstanding shares).

The Index has been selected as a benchmark for the income target and for performance and risk measurement because it is representative of the type of companies in which the Fund is likely to invest, and it is therefore an appropriate target in relation to the income return and as a measure for the Fund’s overall performance. In addition to the Index, the Fund’s financial performance can be compared against the average performance of the Investment Association UK Equity Income sector (the “Performance Sector”). The Performance Sector has been chosen as an appropriate comparator for the Fund’s performance because it reflects the aggregate performance and characteristics of other funds with similar objectives and constraints, however the Fund is not constrained by, or managed by reference to, the Performance Sector. Investors should be aware that the actual asset allocation of the Fund will be in line with its investment objective and policy. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. Some independent data providers collect performance data to calculate average performance data for the Performance Sector, which investors can use to assess the Fund’s performance.

FUND MANAGER’S REPORT Performance Over the twelve months ended 15 October 2025, the Aviva Investors UK Listed Equity Income Fund delivered a total return of 15.0% (share class 1), net of fees. The Fund’s benchmark, the FTSE® All-Share Index, returned 17.1% over the same period. The tracking error at the year-end was 2.42%. The anticipated level of tracking error is shown in the Performance & Risk Measurement section of the above Investment Policy. Review While posting a strong absolute return, the Fund’s underperformance of its benchmark was largely a consequence of disappointing stock selection, most notably within financials. Among the main detractors was renewable energy infrastructure fund Greencoat UK Wind, whose share price weakened as the company’s management lowered its energy-yield estimates. This led to a reduction in its net asset value. Another disappointment was reinsurer Conduit Holdings. Despite posting growth in both premiums and revenue, the company cautioned about the impact on its balance sheet of natural disasters such as Hurricane Milton. Having no exposure to Barclays, British American Tobacco and Rolls-Royce was also unhelpful. On the positive side, not owning mining giant Glencore was helpful given ongoing negative sentiment towards the commodities extraction sector in general. Defence was a positive theme in the UK market as European governments pledged to increase spending on armaments on concerns about America’s waning commitment to NATO. Here, the holding in Babcock International was a useful contributor. Other winners included Lloyds Banking Group following the announcement of an increase in the dividend and a share buyback, and Sage Group, which reported a jump in full-year profits and also raised its dividend and announced a share buyback. Sector allocation had a positive impact on performance overall. Being underweight basic materials and overweight technology were among the most profitable positions.

AVIVA INVESTORS UK LISTED EQUITY INCOME FUND

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

AVIVA INVESTORS UK LISTED EQUITY INCOME FUND (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED) Outlook While the economic outlook for the UK appears to be uncertain to say the least, any upside surprise is currently being well rewarded by the market, which is what we have seen recently in terms of GDP data. Corporate earnings have also been generally supportive. Lower interest rates are a positive, although we do not expect too many more rate cuts in the near future, as inflation remains above the central bank’s target. Nevertheless, the UK economy remains vulnerable to weaker global economic trends and, at home, to feeble productivity growth and rising debt levels. Job losses are mounting while vacancies shrink. Moreover, the UK now faces trade tariffs on its exports to the US, and geopolitical issues remain a significant risk. In these circumstances, it is difficult to see a significant acceleration in economic growth. While there seem to be few evident catalysts to push the market much higher from current levels, UK equities nevertheless continue to offer value and trade at relatively cheap levels compared with history and other global markets. In these volatile and challenging times, we believe it is particularly important to maintain a resilient and well-diversified portfolio. We look through market noise for a consistent, incomegenerative return for investors. The Fund, which is more midcap-oriented than its peers, offers the opportunity for income generation, as well as growth in both income and capital, across the whole spectrum of market capitalisations. November 2025 Sources: Fund and peer group performance figures – Morningstar mid to mid basis with net income reinvested in GBP, with no initial charges applied. Market data – Bloomberg®. As noted above, the performance figures in this commentary have been sourced from an external party and are based on published prices. The performance figures quoted in the comparative tables on pages 39 to 40 are based on the net asset value per the published financial statements and may be different due to post year end accounting adjustments. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its Issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.

Performance History

Share Class Inc/Acc

31.12.20 %

31.12.21 %

31.12.22 %

31.12.23 %

31.12.24 % 1 I -6.40 15.30 -6.29 8.80 7.20 2 I -6.20 15.50 -6.12 9.00 7.41 8* I -5.70 16.10 -5.62 9.86 8.26 8* A -5.70 16.10 -5.62 9.86 8.26 2 A -6.20 15.50 -6.12 9.00 7.40 1 A -6.40 15.30 -6.29 8.80 7.21 4 I -5.90 16.10 -5.73 9.43 7.87 Benchmark** -9.80 18.30 0.30 7.92 9.47 * Class 3 was renamed Class 8 on 21 November 2022. ** Benchmark – FTSE® All-Share Index. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales AstraZeneca Shell BP Compass Group London Stock Exchange Group Tesco NatWest Group National Grid Rolls-Royce Holdings Sage Group Experian NatWest Group Haleon Babcock International Group Glencore Lloyds Banking Group Rio Tinto Weir Group J Sainsbury ICG

Synthetic Risk and Reward Indicator Lower risk Higher risk

Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free‘. – The level of targeted income is not guaranteed and may not be achieved. – During the year ended 15 October 2025, the indicator changed from category 6 to category 5. – Further information on the risks applicable to the Fund is detailed in the Fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Listed Equity Income Fund

COMPARATIVE TABLES

Class 1 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 93.94 82.23 76.50 Return before operating charges † 15.05 16.23 10.61 Operating charges (0.97) (0.92) (0.87) Return after operating charges † 14.08 15.31 9.74 Distributions (3.75) (3.60) (4.01) Closing net asset value per share 104.27 93.94 82.23 † after direct transaction costs of (0.31) (0.27) (0.05)

Performance Return after charges (%) 14.99% 18.62% 12.73%

Other information Closing net asset value (£000) 134,535 153,471 143,282 Closing number of shares 129,029,233 163,373,913 174,251,659 Operating charges (%) ‡ 1.00% 1.00% 1.00% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 107.42 98.71 92.22 Lowest share price 87.52 80.03 77.11

Class 1 Accumulation shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 218.67 184.17 163.62 Return before operating charges † 35.58 36.56 22.41 Operating charges (2.27) (2.06) (1.86) Return after operating charges † 33.31 34.50 20.55 Distributions (8.81) (8.14) (8.66) Retained distributions on accumulation shares 8.81 8.14 8.66 Closing net asset value per share 251.98 218.67 184.17 † after direct transaction costs of (0.74) (0.60) (0.11)

Performance Return after charges (%) 15.23% 18.73% 12.56%

Other information Closing net asset value (£000) 2,320 3,105 3,062 Closing number of shares 920,658 1,420,056 1,662,476 Operating charges (%) ‡ 1.00% 1.00% 1.00% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 254.50 224.70 197.17 Lowest share price 203.69 179.24 164.86

Class 2 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 153.18 133.84 124.30 Return before operating charges † 24.55 26.42 17.21 Operating charges (1.29) (1.22) (1.15) Return after operating charges † 23.26 25.20 16.06 Distributions (6.11) (5.86) (6.52) Closing net asset value per share 170.33 153.18 133.84 † after direct transaction costs of (0.51) (0.43) (0.09)

Performance Return after charges (%) 15.18% 18.83% 12.92%

Other information Closing net asset value (£000) 135,789 126,273 158,065 Closing number of shares 79,721,575 82,435,595 118,103,120 Operating charges (%) ‡ 0.81% 0.81% 0.81% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 175.48 160.92 149.92 Lowest share price 142.83 130.27 125.28

Class 2 Accumulation shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 271.42 228.19 202.37 Return before operating charges † 44.22 45.32 27.71 Operating charges (2.31) (2.09) (1.89) Return after operating charges † 41.91 43.23 25.82 Distributions (10.94) (10.10) (10.73) Retained distributions on accumulation shares 10.94 10.10 10.73 Closing net asset value per share 313.33 271.42 228.19 † after direct transaction costs of (0.91) (0.74) (0.14)

Performance Return after charges (%) 15.44% 18.94% 12.76%

Other information Closing net asset value (£000) 98,236 100,880 109,441 Closing number of shares 31,351,919 37,167,882 47,960,337 Operating charges (%) ‡ 0.81% 0.81% 0.81% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 316.46 278.84 244.01 Lowest share price 253.04 222.09 203.90

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

COMPARATIVE TABLES (CONTINUED)

Class 4 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 105.81 92.03 85.10 Return before operating charges † 16.99 18.17 11.75 Operating charges (0.37) (0.37) (0.37) Return after operating charges † 16.62 17.80 11.38 Distributions (4.21) (4.02) (4.45) Closing net asset value per share 118.22 105.81 92.03 † after direct transaction costs of (0.35) (0.30) (0.06)

Performance Return after charges (%) 15.71% 19.34% 13.37%

Other information Closing net asset value (£000) 1 1 1 Closing number of shares 1,000 1,000 1,000 Operating charges (%) ‡ 0.45% 0.45% 0.45% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 121.77 111.08 102.79 Lowest share price 98.87 89.58 85.78

Class 8 Income shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 220.37 191.00 176.03 Return before operating charges † 35.52 37.82 24.35 Operating charges (0.05) (0.05) (0.11) Return after operating charges † 35.47 37.77 24.24 Distributions (8.83) (8.40) (9.27) Closing net asset value per share 247.01 220.37 191.00 † after direct transaction costs of (0.74) (0.62) (0.12)

Performance Return after charges (%) 16.10% 19.77% 13.77%

Other information Closing net asset value (£000) 372,191 355,008 406,683 Closing number of shares 150,679,473 161,094,864 212,918,965 Operating charges (%) ‡ 0.02% 0.02% 0.02% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 254.42 231.27 212.84 Lowest share price 206.27 185.95 177.44

Class 8 Accumulation shares

2025 p per share

2024 p per share

2023 p per share Change in net assets per share Opening net asset value per share 459.57 383.32 337.38 Return before operating charges † 75.28 76.34 46.14 Operating charges (0.10) (0.09) (0.20) Return after operating charges † 75.18 76.25 45.94 Distributions (18.60) (17.03) (17.95) Retained distributions on accumulation shares 18.60 17.03 17.95 Closing net asset value per share 534.75 459.57 383.32 † after direct transaction costs of (1.55) (1.25) (0.23)

Performance Return after charges (%) 16.36% 19.89% 13.62%

Other information Closing net asset value (£000) 6,023 5,940 8,520 Closing number of shares 1,126,410 1,292,442 2,222,799 Operating charges (%) ‡ 0.02% 0.02% 0.02% Direct transaction costs (%) # 0.32% 0.29% 0.06%

Prices ≈ Highest share price 540.00 471.67 407.79 Lowest share price 430.10 373.16 339.96

Ongoing Charges Figure* Share class 15.10.25 15.10.24 Class 1 1.00% 1.00% Class 2 0.81% 0.81% Class 4 0.45% 0.45% Class 8 0.02% 0.02% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF for share class 1, when aggregated with certain other payments out of scheme property incurred in respect of it, is capped at 1.00%. Please see the Prospectus for full details. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Equities 101.20% (100.78%)

Communication Services 2.49% (3.14%) Media 2.49% (3.14%) Informa GBP 2,019,559 18,637 2.49 18,637 2.49 Communication Services total 18,637 2.49 Consumer Discretionary 5.07% (12.45%) Automobile Components 0.00% (0.44%) Broadline Retail 0.00% (1.17%) Distributors 1.07% (1.80%) Inchcape GBP 1,138,292 8,008 1.07 8,008 1.07 Hotels, Restaurants & Leisure 1.00% (5.58%) Whitbread GBP 232,074 7,482 1.00 7,482 1.00 Household Durables 1.38% (0.00%) Berkeley Group Holdings GBP 130,909 5,247 0.70 Taylor Wimpey GBP 4,912,358 5,126 0.68 10,373 1.38 Speciality Retail 1.62% (3.46%) DFS Furniture GBP 3,427,269 5,329 0.71 Pets at Home Group GBP 3,105,336 6,813 0.91 Unbound Group ^ GBP 15,664 – 12,142 1.62 Consumer Discretionary total 38,005 5.07 Consumer Staples 13.55% (13.06%) Beverages 1.54% (0.64%) Diageo GBP 649,507 11,529 1.54 11,529 1.54 Consumer Staples Distribution & Retail 1.77% (3.76%) J Sainsbury GBP 3,942,131 13,285 1.77 13,285 1.77 Food Products 1.01% (0.00%) Tate & Lyle GBP 2,012,599 7,579 1.01 7,579 1.01 Household Products 3.17% (2.61%) Reckitt Benckiser Group GBP 413,881 23,749 3.17 23,749 3.17 Personal Care Products 6.06% (6.05%) Unilever GBP 1,006,720 45,373 6.06 45,373 6.06 Consumer Staples total 101,515 13.55 Energy 8.72% (7.96%) Oil, Gas & Consumable Fuels 8.72% (7.96%) BP GBP 6,459,065 26,860 3.59 Shell GBP 1,428,267 38,420 5.13 65,280 8.72 Energy total 65,280 8.72

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Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Financials 24.60% (17.80%) Banks 11.73% (8.78%) Barclays GBP 3,137,711 11,900 1.59 Close Brothers Group GBP 870,389 3,904 0.52 HSBC Holdings GBP 4,210,156 41,622 5.56 Lloyds Banking Group GBP 35,833,992 30,409 4.06 87,835 11.73 Capital Markets 6.12% (3.49%) 3i Group GBP 134,121 5,769 0.77 ICG GBP 180,111 3,703 0.49 London Stock Exchange Group GBP 239,208 21,022 2.81 Man Group GBP 4,222,840 8,099 1.08 Rosebank Industries # GBP 2,138,646 7,250 0.97 45,843 6.12 Financial Services 1.25% (0.00%) M&G GBP 3,600,087 9,392 1.25 9,392 1.25 Insurance 5.50% (5.53%) Admiral Group GBP 235,415 7,835 1.05 Conduit Holdings GBP 1,706,289 5,955 0.79 Legal & General Group GBP 6,480,283 15,585 2.08 Prudential GBP 1,155,748 11,829 1.58 41,204 5.50 Financials total 184,274 24.60 Health Care 16.28% (11.45%) Health Care Equipment & Supplies 2.27% (3.82%) Convatec Group GBP 7,128,298 16,994 2.27 16,994 2.27 Pharmaceuticals 14.01% (7.62%) AstraZeneca GBP 436,456 55,185 7.37 GSK GBP 1,856,505 30,224 4.03 Haleon GBP 3,807,512 13,006 1.74 Hikma Pharmaceuticals GBP 363,647 6,495 0.87 104,910 14.01 Health Care total 121,904 16.28 Industrials 11.78% (13.07%) Aerospace & Defense 4.45% (5.33%) Chemring Group GBP 775,588 4,266 0.57 QinetiQ Group GBP 1,223,821 5,842 0.78 Rolls-Royce Holdings GBP 2,085,401 23,190 3.10 33,298 4.45 Building Products 0.00% (1.38%) Commercial Services & Supplies 0.44% (0.00%) Rentokil Initial GBP 805,546 3,267 0.44 3,267 0.44 Construction & Engineering 0.00% (1.45%) Industrial Conglomerates 0.90% (0.00%) DCC GBP 144,105 6,761 0.90 6,761 0.90

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avivainvestors.com | Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Machinery 1.34% (2.98%) Vesuvius GBP 1,097,008 3,921 0.52 Weir Group GBP 217,360 6,138 0.82 10,059 1.34 Professional Services 4.13% (1.94%) Experian GBP 483,885 17,163 2.29 Hays GBP 5,613,790 3,253 0.43 RELX GBP 312,792 10,551 1.41 30,967 4.13 Trading Companies & Distributors 0.52% (0.00%) Grafton Group GBP 424,306 3,904 0.52 3,904 0.52 Industrials total 88,256 11.78 Information Technology 2.44% (4.81%) Electronic Equipment, Instruments & Components 0.93% (1.15%) Oxford Instruments GBP 383,651 6,959 0.93 6,959 0.93 Software 1.51% (3.66%) Sage Group GBP 978,784 11,325 1.51 11,325 1.51 Information Technology total 18,284 2.44 Materials 7.44% (5.17%) Construction Materials 0.84% (1.49%) Ibstock GBP 5,037,107 6,276 0.84 6,276 0.84 Containers & Packaging 1.37% (1.92%) Smurfit WestRock GBP 329,523 10,252 1.37 10,252 1.37 Metals & Mining 5.23% (1.76%) Glencore GBP 4,457,726 15,745 2.10 Rio Tinto GBP 455,812 23,433 3.13 39,178 5.23 Materials total 55,706 7.44 Real Estate 3.10% (3.26%) Diversified REITs 1.20% (2.03%) Land Securities Group GBP 1,453,329 9,018 1.20 9,018 1.20 Industrial REITs 1.18% (1.23%) Tritax Big Box REIT GBP 6,128,611 8,844 1.18 8,844 1.18 Real Estate Management & Development 0.72% (0.00%) Savills GBP 541,376 5,370 0.72 5,370 0.72 Real Estate total 23,232 3.10 Utilities 5.73% (8.62%) Independent Power and Renewable Electricity Producers 1.78% (2.75%) Greencoat UK Wind GBP 12,045,729 13,323 1.78 13,323 1.78

Page 46

Aviva Investors Investment Funds ICVC Annual Report and Financial Statements for the year ended 15 October 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 October 2025

Investment Currency Holding Market Value £000 % of Net Assets Multi-Utilities 3.51% (5.87%) National Grid GBP 2,372,355 26,297 3.51 26,297 3.51

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        "text": "Aviva Investors Investment Funds ICVC (\u201cthe Company\u201d) is an"
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        "text": "Open-Ended Investment Company (\u201cOEIC\u201d) with variable capital"
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        "text": "incorporated in England and Wales on 9 September 1998. The"
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        "text": "property of the Company is entrusted to J.P. Morgan Europe"
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        "text": "Limited (\u201cthe Depositary\u201d). The shareholders are not liable for any"
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        "text": "The objective of the Company is to invest the scheme property"
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        "text": "of that property."
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        "text": "eighteen sub-funds (\u201cFunds\u201d) which are available for investment,"
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        "text": "each with a different investment objective. In the financial"
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        "text": "We are pleased to present the annual financial statements of the"
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        "text": "Company for the year ended 15 October 2025. As required by the"
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        "text": "in these financial statements. On the following pages we review"
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