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For the six months ended 30 June 2026 (unaudited)
Interim Report and Financial Statements
AVIVA INVESTORS FUNDS ACS
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 1
CONTENTS
Scheme Information* 2 ACS Manager’s Report* 3 Accounting Policies 5 Cross Holdings 6 AI Balanced Life Fund 7 AI Balanced Pension Fund 49 AI Cautious Pension Fund 96 AI Distribution Life Fund 137 AI Asia Pacific ex Japan Fund 172 AI Continental European Equity Alpha Fund 186 AI Emerging Market Equity Core Fund 193 AI Europe Equity ex UK Fund 220 AI Europe Equity ex UK Core Fund 233 AI Global Equity Fund 248 AI Global Equity Growth Fund 264 AI Index Linked Gilt Fund 275 AI Japan Equity Fund 284 AI Japan Equity Core Fund 299 AI Money Market VNAV Fund 310 AI North American Equity Fund 320 AI North American Equity Core Fund 332 AI Pacific Equity ex Japan Core Fund 351 AI Pre Annuity Fixed Interest Fund 361 AI Sterling Corporate Bond Fund 373 AI Sterling Gilt Fund 387 AI Stewardship Fixed Interest Fund 400 AI Stewardship International Equity Fund 414 AI Stewardship UK Equity Fund 425 AI Stewardship UK Equity Income Fund 437 AI Strategic Global Equity Fund 449 AI UK Equity Alpha Fund 464 AI UK Equity Core Fund 475 AI UK Equity Dividend Fund 486 AI UK Listed Equity Fund 497 AI UK Listed Equity ex Tobacco Fund 510 AI UK Listed Equity Income Fund 520 AI US Large Cap Equity Fund 530 General Information 541 Securities Financing Transactions Regulation Disclosure 542
* These items, together with the Investment Managers’ Report, Investment Objective and Policy and Portfolio Statement for each individual Sub-fund, comprise the ACS Manager’s Report for the purpose of the rules contained in the Collective Investment Schemes Sourcebook (the “Regulations”).
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
Scheme Information
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AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).
DIRECTORS J Barber M Bell A Coates (resigned 31 March 2026) M Kingdon J Lowe K McClellan G Speirs (appointed 24 February 2026)
INVESTMENT MANAGERS Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE
Fidelity International Limited 4 Cannon Street, London, EC4M 5AB
Schroder Investment Management Limited 1 London Wall Place London, EC2Y 5AU
Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the FCA. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE
ADMINISTRATOR HSBC Bank Plc 8 Canada Square London E14 5HQ
DEPOSITARY HSBC Bank Plc 8 Canada Square London, E14 5HQ Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
FUND ACCOUNTING AND PRICING AGENT HSBC Securities Services 1-2 Lochside Way, Edinburgh Park Edinburgh, EH12 9DT
INDEPENDENT AUDITORS Ernst & Young LLP Atria One 144 Morrison Street Edinburgh, EH3 8EX
SCHEME INFORMATION
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
ACS Manager’s Report
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THE SCHEME Aviva Investors Funds ACS (“the Scheme”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to Aviva Investors Funds ACS. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) and the Investment Funds Sourcebook (“FUND”), both of which form part of the FCA Handbook, and the Alternative Investment Fund (“AIF”) Regulations. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). The objective of the Scheme is to invest the Scheme Property through its Sub-funds, and the objective of each Sub-fund is for the ACS Manager on behalf of the Unitholders, as co-owners of the relevant Sub-fund’s property, to invest that property in transferable securities, money market instruments, derivatives and forward transactions, deposits, cash, near cash, units in collective investment schemes and immovable property, in accordance with the regulations applicable to the Scheme and each Sub-fund, with the aim of spreading investment risk and giving the Unitholders the results of the management of that property. Each Sub-fund has a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 30 June 2026 there were 33 active Sub-funds in the Aviva Investors Funds ACS.
AUTHORISED STATUS The Financial Conduct Authority authorised the Aviva Investors Funds ACS (“the Scheme”), as a Non-UCITS Retail Scheme (NURS) on 5 December 2014.
THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Scheme for the six months ended 30 June 2026. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the period. We hope that you find our review useful and informative.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) Information relating to Aviva Investors TCFD can be found on Aviva Investors website: https://www.avivainvestors.com/en-gb/ capabilities/tcfd/
SIGNIFICANT INFORMATION
TERMINATION OF THE AI CONTINENTAL EUROPEAN EQUITY ALPHA FUND SUB-FUND On 18 January 2022, Aviva Investors UK Fund Services Limited, the authorised fund manager of the Scheme (the “ACS Manager”), commenced the termination of the AI Continental European Equity Alpha Fund, a Sub-fund of the Scheme.
CHANGES TO THE PROSPECTUS On 13 March 2026, the Prospectus of the Aviva Investors Funds ACS was updated to reflect the addition of the Abu Dhabi Securities Exchange and the Dubai Financial Market as an eligible securities and eligible derivatives markets. On 29 May 2026, the Prospectus of the Aviva Investors Funds ACS was updated to reflect changes to the investment objectives, policies and strategies of the AI Balanced Life Fund, AI Balanced Pension Fund and AI Cautious Pension Fund, as previously approved by unitholders in those Sub-funds by way of written resolution. On 9 July 2026, an amended version of the Prospectus for the Aviva Investors Funds ACS was filed, reflecting a rearticulation of the disclosures in relation to Aviva Investors’ baseline exclusion policy. The updates were for clarificatory purposes and no changes were made to the nature of the exclusions nor the associated thresholds at which an investment might be excluded.
ACS MANAGER’S REPORT
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
ACS Manager’s Report
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ACS MANAGER’S REPORT (CONTINUED)
ACS MANAGER’S STATEMENT We hereby approve the Report and Financial Statements of Aviva Investors Funds ACS for the six months ended 30 June 2026 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
M Bell Director
K McClellan Director 28 August 2026
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
Accounting Policies
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ACCOUNTING POLICIES
The following accounting policies apply to all Sub ‑ funds, where applicable.
a) Basis of preparation The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with the Statement of Recommended Practice for UK Authorised Funds issued by the Investment Management Association (IMA) (now The Investment Association) in October 2025, 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 (from 1 January 2026, SORP 2025 / FRS 104 updates have been applied). The ACS Manager intends to terminate AI Continental European Equity Alpha Fund as they made the decision to wind up the Sub-fund on 21 January 2022 following request from its investors (entities within Aviva Group of Companies) to redeem its investment in full. The Sub-fund does not hold any investments at year end. Due to the expected timing of the settlement of the Sub-fund’s withholding tax reclaims being more than 12 months, the Sub-fund is not expected to be terminated within the next 12 months. Therefore, the financial statements of AI Continental European Equity Alpha Fund have been prepared on a basis other than going concern and any additional costs in respect of the termination of this Sub-fund will be borne by the ACS Manager. Under this basis, assets are recorded at their expected recoverable value and liabilities are recorded at their expected settlement value. The financial statements of all other Sub-funds have been prepared on a going concern basis.
b) Basis of valuation of investments For the interim report and financial statements, all investments are valued at their fair value as at close of business (mid of bid/offer price) on 30 June 2026, being the last business day of the financial period. This differs from the Sub-funds daily fair value pricing point of 3pm (except for AI Continental European Equity Alpha Fund, AI Index Linked Gilt Fund, AI Pre Annuity Fixed Interest Fund, AI UK Equity Alpha Fund and AI UK Equity Dividend Fund which are valued at 2pm as well as AI Stewardship Fixed Interest Fund, AI Stewardship International Equity Fund, AI Stewardship UK Equity Fund and AI Stewardship UK Equity Income Fund which are valued at 12pm). The Manager is comfortable that there has been no material difference in valuation to close of business on the last valuation date. Investments are measured at fair value in accordance with FRS 102 and the 2025 SORP. Where quoted market prices are available, investments are valued using mid-market prices. Prior to adoption of the 2025 SORP, investments were valued using bid prices. The change has been applied prospectively. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles; and the fair value of exchange traded futures is the cost of closing out the contract at the balance sheet date. Where values cannot be readily determined, the securities are valued at the Manager’s best assessment of their fair value. The AI Fair Value Pricing Committee meets on a monthly basis or as frequently as necessary to discuss all potential fair value decisions. The committee will discuss and challenge all items raised by the TTF Oversight team prior to approving. Once approved, the fair value price will be provided to the HSBC Accounting & Valuations team to update.
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
Cross Holdings
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Some Sub-funds within the Aviva Investors Funds ACS Scheme may hold investments in other Sub-funds of the Scheme. Details of these cross holdings as at 30 June 2026 are as follows:
AI Balanced Life Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 4,805,255 11,748 AI Global Equity Fund 7,042,273 25,591 AI Japan Equity Fund 5,424,354 8,246 AI UK Listed Equity Fund 30,840,182 45,086 AI US Large Cap Equity Fund 5,013,143 21,151
AI Balanced Pension Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 138,704,740 219,831 AI Global Equity Fund 352,853,624 487,495 AI Japan Equity Fund 102,485,475 157,011 AI UK Listed Equity Fund 439,157,034 859,505 AI US Large Cap Equity Fund 86,074,954 401,498
AI Cautious Pension Fund
Fund Units
Market Value £000 AI Asia Pacific ex Japan Fund 1,973,745 3,128 AI Global Equity Fund 5,014,599 6,928 AI Japan Equity Fund 1,387,307 2,125 AI UK Listed Equity Fund 4,691,640 9,178 AI US Large Cap Equity Fund 978,033 4,562
AI Distribution Life Fund
Fund Units
Market Value £000 AI UK Listed Equity Fund 7,359,772 10,759
CROSS HOLDINGS
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
AI Balanced Life Fund
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INVESTMENT OBJECTIVE AND POLICY The Sub-fund aims to grow your investment over the long term (5 years or more), through a combination of capital and income returns, by the equivalent of SONIA plus 4% (average annualised returns, before the deduction of charges and taxes, measured over rolling 5 year periods). Core investment The Sub-fund invests in a broad range of global asset classes (including emerging markets) that may include shares, bonds issued by companies or governments (which can be investment grade and sub-investment grade), cash, property, and commodities, and will gain this exposure by investing in other funds (including other Sub-funds, funds managed by Aviva Investors companies or the Investment Manager), directly in these assets, or through the use of derivatives. Between 40% and 85% of the Sub-fund will be invested in shares of companies (directly or through other funds). A maximum of 20% can be invested in sub-investment grade bonds. At least 50% of the Sub-fund’s underlying assets will be held in US Dollars, Sterling or Euros, with a minimum of 25% in Sterling. Derivatives may be used for investment purposes or to gain a particular market exposure which would otherwise be difficult or costly to achieve, or to manage the Sub-fund’s cash flows in a cost-effective manner. Derivatives may also be used to reduce risk, such as foreign currency risk within the Sub-fund. Strategy The Sub-fund is actively managed, and seeks to meet the return objective through investment in a diversified range of growth asset classes. The Investment Manager does not seek to add value by trading on very short-term changes in markets, but instead seeks out opportunities where markets are considered to be mispriced relative to their medium- term fundamental outlook. The Sub-fund has limited exclusions based on Aviva Investors’ UK Responsible Investment policy. Further information on the Aviva Investors UK Responsible Investment policy is available on our website and in the Prospectus. Performance & Risk Measurement SONIA has been chosen as a market standard indicator of the risk-free rate of return, and 4% above this rate is the level of performance that the Investment Manager believes to be realistic for this strategy when considered alongside the Sub-fund’s expected level of volatility, as outlined below. The Sub-fund is expected to operate with a volatility equivalent to the composite benchmark of 70% MSCI® All Countries World GBP Total Hedged Return Index and 30% FTSE® All Stock Gilts Total Return Index (the “Index”). Volatility measures how much the returns of the Sub-fund may fluctuate and is an indicator of the level of risk taken by the Investment Manager. The Sub-fund does not base its investment process upon the Index, so will not have exposure to every company or bond in the Index and may also have exposure to companies and bonds that do not form part of it. The Index represents the performance of a broad range of global companies and bonds issued by companies and governments, and it is therefore an appropriate comparator for the Sub-fund’s volatility.
INVESTMENT MANAGERS’ REPORT Performance Over the six months ended 30 June 2026, the Sub-fund returned 7.8% (gross of fees). The Sub-fund’s benchmark, the UK GBP 3-month SONIA (+4%), returned 7.9% over the same period. Review The first half of the year was characterised by two distinct phases. The first quarter saw markets unsettled by the escalation of conflict in the Middle East, a sharp rise in energy prices and renewed concerns over inflation, while the second quarter was marked by a strong recovery in risk assets as geopolitical tensions eased and optimism surrounding the artificial intelligence (AI) investment cycle re-emerged. Within the portfolio’s strategic asset allocation framework, we used tactical positioning to navigate these changing conditions, maintaining a focus on diversified sources of return while selectively adjusting exposures as opportunities evolved. Equities were the principal driver of returns over the period. We maintained an overweight allocation to equities relative to the strategic benchmark, reducing cyclical exposure during the March market sell-off before rebuilding conviction as corporate earnings remained resilient and recession fears receded. Global equities made the largest contribution to performance, while UK and Japanese equities also added value. As confidence returned during the second quarter, we increased exposure to areas benefiting from the ongoing AI investment cycle, including US technology, Asia Pacific ex Japan and emerging markets, while introducing positions in global financials to capture improving earnings prospects. As markets recovered, we selectively realised profits from several successful tactical allocations while maintaining exposure to our highest conviction themes. Fixed income also contributed positively, although our approach remained selective rather than increasing duration broadly. The sharp repricing in government bond yields following the first-quarter inflation shock improved valuations, allowing us to reduce our underweight position and introduce relativevalue opportunities in Australian and Italian government bonds versus US Treasuries. Government bonds and investment grade credit both contributed positively, while emerging market debt benefited from attractive carry and resilient fundamentals. Throughout the period, we remained focused on areas where valuations and income offered the most attractive riskadjusted opportunities. Alternative assets and currency positioning provided additional diversification. Tactical foreign exchange positioning, including a more constructive stance towards the US dollar, added modestly to returns, while the Schroder ISF Global Multi-Asset Balanced strategy participated in the recovery during the second quarter. Commodity-related positions and gold miners, which had provided resilience during the market volatility earlier in the year, were gradually reduced as geopolitical risks eased and leadership shifted back towards technology and growth assets.
AI BALANCED LIFE FUND
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
AI Balanced Life Fund
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INVESTMENT MANAGERS’ REPORT (CONTINUED) Review (continued) Looking ahead, we remain cautiously constructive. We continue to favour equities, supported by resilient corporate earnings and the ongoing AI investment cycle, while maintaining a selective approach within fixed income where higher yields have improved valuations but inflation uncertainty continues to warrant discipline. In an environment where market leadership remains concentrated, diversification, valuation discipline and active asset allocation remain central to delivering attractive long-term returns. August 2026 * Sources: Sub-fund and peer group performance figures – Morningstar, calculated on a mid to mid basis with net income reinvested in GBP, net of fees. UK Corporate Income Distribution Units shown. Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark owned by the London Stock Exchange Plc, and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.
Performance History
Calendar year 2021 % 2022 % 2023 % 2024 % 2025 % UK Corporate Income Distribution Units 11.0 -11.3 7.3 8.8 14.4 Benchmark – SONIA plus 4% 4.1 5.4 8.9 9.4 7.4 Performance figures are based on net asset value, per the published accounts and are shown after charges. Source for all data in subsequent periods: Aviva Investors/Morningstar. This is based on index provider data where applicable. All performance figures are calculated based on the published price, with net income reinvested in GBP, net of fees. Periods for which less than a full calendar year’s data is available will be labelled as N/A.
Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – Bonds may be affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. If interest rates rise, the fixed income earned from bonds becomes less attractive to investors, so the demand for bonds may fall and their capital value may decrease. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. The level of targeted income is not guaranteed. – This Sub-fund invests into other Sub-funds of the range which themselves invest in assets such as bonds, company shares, cash and currencies. You should take into consideration the objectives and risk profiles of these underlying Sub-funds. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – Further details on risk are set out in the Prospectus in the section Risk Factors.
AI BALANCED LIFE FUND (CONTINUED)
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
AI Balanced Life Fund
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PERFORMANCE RECORD
UK Corporate Income Distribution Units
Six months ended 30.06.26 (pence per Unit)
Year ended 31.12.25 (pence per Unit)
Year ended 31.12.24 (pence per Unit)
Year ended 31.12.23 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 148.56 132.95 125.09 119.37 Return before operating charges † 12.89 19.16 11.24 8.94 Operating charges # (0.05) (0.03) (0.07) (0.08) Return after operating charges † 12.84 19.13 11.17 8.86 Distributions on income Units – ‡ (3.52) (3.31) (3.14) Closing net asset value per Unit 161.40 148.56 132.95 125.09
† after direct transaction costs of# f# : 0.04 0.04 0.02 0.10 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 8.64% 14.39% 8.93% 7.42%
Other information Closing net asset value (£000) 321,880 310,619 302,125 315,486 Closing number of Units 199,424,878 209,091,673 227,241,628 252,203,988 Operating charges 0.09%* 0.06% 0.06% 0.08% Direct transaction costs** 0.03% 0.03% 0.02% 0.08% Prices ^ Highest Unit price (p) 162.20 153.80 140.10 129.30 Lowest Unit price (p) 146.00 124.30 123.20 118.60 * Annualised in accordance with IA guidelines published in October 2011. ** Expressed by reference to the average NAV during the period/year. ^ Prior to the 2025 SORP updates, these prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period/year. ‡ The income distribution for this Sub-fund is made annually as at the year-end accounting date of 31 December, being allocated to Unitholders on or before 28/29 February. Please see the Prospectus for full details.
Units in issue
Unit Class Opening 01.01.26 Units Issued Units Redeemed
Closing 30.06.26 UK Corporate Income Distribution Units 209,091,673 5,550,892 (15,217,687) 199,424,878
COMPARATIVE TABLE For the six months ended 30 June 2026 (unaudited)
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
AI Balanced Life Fund
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PORTFOLIO STATEMENT As at 30 June 2026 (unaudited)
AUTHORISED CONTRACTUAL SCHEMES – 34.74% (39.01%) 4,805,255 AI Asia Pacific ex Japan Fund # 11,748 3.65 7,042,273 AI Global Equity Fund # 25,591 7.95 5,424,354 AI Japan Equity Fund # 8,246 2.56 30,840,182 AI UK Listed Equity Fund # 45,086 14.01 5,013,143 AI US Large Cap Equity Fund # 21,151 6.57 Total Authorised Contractual Schemes 111,822 34.74 COLLECTIVE INVESTMENT SCHEMES – 10.31% (11.49%) 940,004 iShares China CNY Bond UCITS E ETF 3,980 1.23 7,705 iShares MSCI Korea UCITS ETF U ETF INC 834 0.26 237,712 L&G India INR Government Bond UCITS ETF 1,418 0.44 84,655 Schroder International Selection Fund Greater China 14,924 4.64 15,559 Schroder ISF Global High Yield ACC 5,109 1.59 62,961 Schroder ISF Global Multi-Asset Balanced ACC 6,927 2.15 Total Collective Investment Schemes 33,192 10.31 EQUITIES – 23.90% (17.29%) UNITED KINGDOM – 1.06% (0.04%) 408 3i Group 10 197 Admiral Group 7 4,625 Anglo American 171 0.05 349 Anglogold Ashanti 21 0.01 1,924 Anglogold Ashanti 117 0.05 1,851 Antofagasta 71 0.02 2,468 AstraZeneca 348 0.11 10,332 Babcock International 98 0.04 13,974 BAE Systems 258 0.08 2,908 Barclays Bank 15 31,501 BP 147 0.05 3,160 BT Group 6 24,030 Chemring 123 0.04 625 Coca-Cola Europacific Partners 47 0.01 657 Compass Group 16 221 Croda International 7 1,771 Diageo 27 0.01 322 Endeavour Mining 12 1,866 Endeavour Mining 70 0.03 295 Fresnillo 8 14,800 GSK 293 0.09 1,813 Haleon 6 469 Halma 19 0.01 6,699 HSBC Holdings 96 0.03 774 Informa 7 93 InterContinental Hotels Group 12 140 Intertek Group 8 938 Land Securities 6 2,925 Legal & General 8 14,727 Lloyds Banking Group 16 206 London Stock Exchange Group 17 0.01 3,028 M&G 10 284 Melrose 1 695 Mondi 5 2,671 National Grid 33 0.01 3,932 NatWest Group 26 0.01 54 Next Group 8 746 Prudential 8 28,037 QinetiQ 119 0.04 452 Reckitt Benckiser Group 22 0.02 804 RELX 19 0.01 1,738 Rentokil Initial 7 3,686 Rio Tinto 263 0.08
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
UNITED KINGDOM – 1.06% (0.04%) (continued) 23,137 Rolls-Royce 334 0.10 243 Royalty Pharma 10 606 Sage Group 5 1,704 Segro REIT 15 308 Severn Trent 9 11,089 Shell 325 0.10 463 Smith & Nephew 5 274 Smiths Group 7 947 SSE 23 0.02 492 Standard Chartered 10 196 TechnipFMC 10 4,418 Tesco 20 0.01 694 Unilever 32 0.02 652 United Utilities 9 Total United Kingdom 3,402 1.06 AUSTRALIA – 0.32% (0.24%) 1,729 APA Group 9 227 Aristocrat Leisure 7 1,428 Australia and New Zealand Banking Group 26 0.01 9,901 BHP Group 307 0.10 602 Brambles 6 383 Carsales.com 5 45 Cochlear 3 706 Coles Group 9 645 Commonwealth Bank of Australia 55 0.02 153 CSL 9 11,237 Evolution Mining 69 0.03 4,957 Fortescue Metals Group 50 0.02 1,531 Insurance Australia 6 248 Iris Energy 9 2,950 Lottery Corporation 9 100 Macquarie Group 13 0.01 2,789 Medibank 7 923 National Australia Bank 18 0.01 5,531 Northern Star Resources 55 0.02 1,070 Origin Energy 6 13,619 Perseus Mining 34 0.01 3,248 Pilbara Minerals 9 45 Pro Medicus 5 638 QBE Insurance Group 8 7,427 Regis Resources 23 0.02 19,245 Resolute Mining 10 838 Rio Tinto 76 0.02 1,748 Santos 7 270 SGH 7 14,210 South32 29 0.01 3,404 Telstra Group 9 1,463 Transurban Group 11 10,282 Vault Minerals Limited 22 0.01 504 Washington H Soul Pattinson 12 458 Wesfarmers 22 0.01 1,349 Westpac Banking 25 0.01 140 WiseTech Global 2 1,363 Woodside Energy Group 20 0.01 475 Woolworths 10 Total Australia 1,019 0.32 AUSTRIA – 0.09% (0.06%) 287 Bawag Group 43 0.01 1,877 Erste Bank 189 0.06 666 OMV 31 0.01
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
AUSTRIA – 0.09% (0.06%) (continued) 573 Raiffeisen Bank International 28 0.01 87 Verbund 4 Total Austria 295 0.09 BELGIUM – 0.20% (0.15%) 705 Ageas 42 0.02 4,373 Anheuser-Busch InBev 274 0.09 33 D Ieteren 5 178 Elia Group 21 0.01 64 Financiere De Tubize 13 106 Groupe Bruxelles Lambert 7 93 KBC Ancora 7 1,422 KBC Group 146 0.05 1 Lotus Bakeries 10 182 Syensqo 10 457 UCB 103 0.03 Total Belgium 638 0.20 BERMUDA – 0.02% (0.02%) 4,385 Aegon 28 0.01 4,385 Aegon Rights + – 87 Arch Capital Group 6 70 Credicorp 21 0.01 41 Everest Group 11 Total Bermuda 66 0.02 BRAZIL – 0.07% (0.02%) 4,549 Ambev 11 1,064 Axia Energia 8 279 Axia Energia Pref 2 0.01 935 B3 Brasil Bolsa Balcao 2 0.01 2,809 Banco Bradesco 7 617 Embraer 7 1,580 Equatorial Energia 9 1,573 Itau Unibanco Banco Preferencce 10 4,541 Itausa Investimentos 9 2,648 Petróleo Brasileiro 16 1,122 PRIO 9 3,089 Sabesp 13 0.01 1,081 Telefônica Brasil 5 2,343 VALE 27 0.01 7,145 Vale 81 0.03 1,280 WEG 9 Total Brazil 225 0.07 CANADA – 0.56% (0.71%) 200 Agnico Eagle Mines 23 0.02 1,136 Agnico Eagle Mines 133 0.04 2,550 Alamos Gold 58 0.02 244 Alimentation Couche-Tard 12 293 Altagas Income 8 54 Arc Resources 1 120 AtkinsRealis Group 6 12,607 B2Gold Corporation 36 0.01 291 Bank of Montreal 39 0.01 596 Bank of Nova Scotia 39 0.01 5,424 Barrick Mining 150 0.05 62 Bombardier 11 156 Brookfield Asset Management A 5 742 Brookfield Corporation 24 0.01 159 Cameco Corporation 12 428 Canadian Imperial Bank of Commerce 37 0.01 187 Canadian National Railway 17 0.01
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
AI Balanced Life Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
CANADA – 0.56% (0.71%) (continued) 288 Canadian Pacific 19 0.01 177 Canadian Utilities ‘A’ 5 224 CCL Industries B Shares 11 81 Celestica 22 0.01 62 CGI 3 5 Constellation Software 7 242 Dollarama 24 0.01 2,038 Eldorado Gold Corporation 48 0.01 532 Element Fleet Management Corporation 8 1,143 Enbridge 47 0.01 6,683 Equinox Gold Corporation 50 0.02 6 Fairfax Financial Holdings 7 1,938 First Quantum Minerals 40 0.01 44 FirstService Corporation 5 803 Fortis 35 0.01 44 Franco Nevada 7 142 George Weston 8 230 Great-West Lifeco 11 437 Hydro One 14 0.01 5,548 Iamgold Corporation 66 0.02 61 Intact Financial 9 290 Keyera 9 3,380 Kinross Gold 60 0.02 336 Kinross Gold Corporation 6 322 Loblaw 11 988 Lundin Gold 40 0.02 2,162 Lundin Mining Corporation 40 0.02 634 LunR Royalties Corporation 6 203 Magna International 10 768 Manulife Financial 23 0.02 127 Metro 6 202 National Bank of Canada 24 0.01 174 Nutrien 8 2,086 OceanaGold Corporation 39 0.01 241 Pan American Silver Corporation 8 368 Pembina Pipeline 13 0.01 207 Power Corporation of Canada 10 76 RB Global 7 141 Restaurant Brands International 8 247 Rogers Communications ‘B’ 6 579 Royal Bank of Canada 90 0.03 524 Shopify ‘A’ 45 0.01 2,017 SSR MINING INC 43 0.01 197 Sun Life Financial 12 526 TC Energy Corporation 26 0.01 1,348 Teck Resources ‘B’ 60 0.02 84 TFI International 9 933 Torex Gold Resources 28 0.01 698 Toronto-Dominion Bank 64 0.02 118 Tourmaline Oil 4 0.01 165 Waste Connections 21 0.01 110 Wheaton Precious Metals Corporation 9 1,632 Whitecap Resources 13 0.01 47 WSP Global 4 Total Canada 1,819 0.56 CAYMAN ISLANDS – 0.14% (0.14%) 6,700 Alibaba Group Holding 60 0.02 1,000 Anta Sports 7 1,050 Baidu ‘A’ 11 0.01 60 Chailease Holdings + – 3,000 China Hongqiao Group 6 –
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
CAYMAN ISLANDS – 0.14% (0.14%) (continued) 3,500 China Resources Land 10 2,500 CK Asset Holdings 11 0.01 4,000 CK Hutchison Holdings 25 0.01 73 Credo Technology Group 15 0.01 23 Fabrinet 10 58 FTAI Aviation 12 48 Futu Holdings ADR 3 5,000 Geely Automobile Holding 8 252 Huazhu Group ADR 8 1,000 Innovent Biologics 8 850 JD Com 8 1,000 JD Health International 3 360 Kanzhun 3 1,300 Ke Holdings 5 1,000 Kuaishou Technology 4 500 Li Auto 2 1,600 Meituan ‘B’ 11 600 NetEase 12 0.01 1,430 NIO 5 1,180 NU Holdings 12 0.01 241 PDD Holdings ADR 14 0.01 200 Pop Mart 3 134 Sea ADR 10 900 Sunny Optical Technology 5 2,700 Tencent Holdings 111 0.04 353 Tencent Music Entertainment Group ADR 2 250 Trip.Com Group 7 5,000 WH Group 4 2,000 Wharf Real Estate Investment Company 4 2,000 Wuxi Biologics Cayman 7 10,000 Xiaomi Corporation 21 0.01 700 Xpeng 3 250 ZTO Express Cayman 4 Total Cayman Islands 454 0.14 CHANNEL ISLANDS – 0.00% (0.01%) 103 Aptiv Holdings 5 450 Experian Group 11 579 Wise Group 5 Total Channel Islands 21 CHINA – 0.08% (0.09%) 45,000 Bank of China 22 0.01 1,000 Bank of Communications 1 1,500 BYD 9 14,000 CGN Power 4 46,000 China Construction Bank 36 0.01 6,000 China Life Insurance 15 0.01 3,000 China Merchants Bank 13 0.01 3,400 China Pacific Insurance 9 18,000 China Petroleum & Chemical ‘H’ 7 200 Contemporary Amperex Technology 12 200 Haier Smart Home + – 43,000 Industrial & Commercial Bank of China 27 0.01 2,000 Nongfu Spring 8 24,000 Petrochina 20 0.01 6,000 Picc Property & Casualty 8 3,000 Ping An Insurance ‘H‘ 15 0.01 3,000 Postal Saving Bank China ‘H‘ 1 16,500 Zhaojin Mining Industry 26 0.01 4,000 Zijin Mining Group ‘H’ 11 Total China 244 0.08
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% CYPRUS – 0.02% (0.01%) 3047 Theon International 79 0.02 Total Cyprus 79 0.02 CZECH REPUBLIC – 0.00% (0.00%) 178 CEZ 8 Total Czech Republic 8 DENMARK – 0.39% (0.34%) 19 A P Moller – Maersk A/S 34 0.01 700 Carlsberg ‘B’ 69 0.02 150 Coloplast ‘B’ 6 1,790 Danske Bank 72 0.02 677 DSV 122 0.04 224 Genmab 46 0.02 19,012 Novo Nordisk 689 0.21 1,064 Novonesis Novozymes 51 0.02 1,446 Ørsted 24 0.01 195 Pandora 17 0.01 1,415 Tryg 24 0.01 3,607 Vestas Wind System 77 0.02 282 William Demant Holding 9 Total Denmark 1,240 0.39 FINLAND – 0.23% (0.23%) 543 Elisa Communications 17 0.01 1,995 Fortum 35 0.01 638 Kesko ‘B’ 11 1,815 Kone ‘B’ 78 0.02 1,574 Metso Corporation 21 0.01 1,360 Neste Oyj 33 0.01 17,254 Nokia 171 0.05 14,118 Nordea Bank (EUR) 201 0.06 514 Orion 32 0.01 8,470 Sampo OYJ 67 0.02 979 Stora Enso (registered) 8 1,556 UPM-Kymmene 31 0.01 1,751 Wartsila Corporation 50 0.02 Total Finland 755 0.23 FRANCE – 2.31% (1.82%) 184 Abivax 18 0.01 1,362 Accor 60 0.02 53 ADP Promesses 5 1,960 Air Liquide 293 0.09 763 Alstom 10 4,315 AXA 163 0.05 5,759 BNP Paribas 507 0.16 239 Bouygues 10 2,081 Bureau Veritas 48 0.01 518 Capgemini 39 0.01 2,250 Carrefour 31 0.01 74 Covivio REIT 3 7,765 Credit Agricole 118 0.04 1,894 Danone 117 0.04 499 Dassault Aviation 124 0.04 1,734 Dassault Systemes 27 0.01 47 Eiffage 5 8,713 Engie 207 0.06 994 Essilor International 140 0.04 1,310 Exail Technologies 136 0.04 2,344 Exosens SAS 115 0.04 61 Gecina 4 64 Hermes International 88 0.03
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% FRANCE – 2.31% (1.82%) (continued) 138 Ipsen Promesses 20 0.01 236 Kering 50 0.02 937 Klepierre 30 0.01 1,684 L’Oreal 557 0.17 1,271 Legrand Promesses 161 0.05 1,611 LVMH 672 0.21 2,032 Michelin (CGDE) 59 0.02 6,346 Orange 90 0.03 1,582 Pernod-Ricard 87 0.03 596 Publicis Groupe 44 0.01 325 Renault 7 185 Rexel 6 2,158 Safran 641 0.20 2,775 Saint Gobain 189 0.06 7,663 Sanofi 496 0.15 41 Sartorius Stedim Biotech 6 3,149 Schneider Electric 774 0.24 3,779 Societe Generale 252 0.08 1,329 Thales 258 0.08 6,788 TotalEnergies 398 0.12 161 Unibail Rodamco Westfield 14 2,874 Veolia Environnement 90 0.03 2,517 Vinci 277 0.09 Total France 7,446 2.31 GERMANY – 1.88% (1.77%) 455 Adidas 70 0.02 1,204 Allianz 429 0.13 3,896 BASF 157 0.05 3,332 Bayer 138 0.04 667 Beiersdorf 44 0.01 980 BMW 49 0.02 274 Brenntag 12 3,458 Commerzbank 111 0.03 347 Continental 22 0.01 2,246 Daimler 85 0.03 1,050 Daimler Truck Holding 38 0.01 420 Delivery Hero 13 11,603 Deutsche Bank 296 0.09 713 Deutsche Boerse 146 0.05 15,395 Deutsche Telekom 315 0.10 2,995 DHL Group 137 0.04 140 Dr. Ing. h.c. F. Porsche Preferred shares 5 7,990 E.On 124 0.04 1,193 Fresenius 41 0.01 595 Fresenius Medical Care 20 0.01 991 GEA Group 52 0.02 189 Hannover Rueck 40 0.01 599 HeidelbergCement 86 0.03 1,098 Henkel preference 69 0.02 2,101 Hensoldt 123 0.04 43 Hochtief 19 0.01 4,807 Infineon Technologies 336 0.10 431 Knorr-Bremse 38 0.01 140 Lufthansa 1 435 Merck KGaA 55 0.02 615 MTU Aero Engines 194 0.06 436 Muenchener Rueckver 183 0.06 71 Nemetschek 3 175 Porsche preference 4 450 Rheinmetall 385 0.12 2,274 RWE 111 0.04
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% GERMANY – 1.88% (1.77%) (continued) 7,100 SAP 818 0.25 45 Sartorius preference 9 556 Scout24 35 0.01 2,832 Siemens 686 0.21 2,859 Siemens Energy 409 0.13 860 Siemens Healthineers 25 0.01 329 Symrise 25 0.01 87 Talanx 8 465 Volkswagen preference 28 0.01 1,641 Vonovia 30 0.01 1,058 Zalando 23 0.01 Total Germany 6,047 1.88 GREECE – 0.01% (0.00%) 2,954 Eurobank 11 0.01 804 National Bank of Greece 10 1,294 Piraeus Bank 10 Total Greece 31 0.01 HONG KONG – 0.06% (0.03%) 5,200 AIA Group 36 0.01 5,000 Bank of China (Hong Kong) 20 0.01 4,000 China Mengniu Dairy 6 4,000 China Overseas Land and Investment 5 2,000 China Resources Beer (Holdings) 4 2,000 CLP Holdings 14 0.01 4,000 CSPC Pharmaceutical 3 2,000 Galaxy Entertainment Group 6 14,000 Hong Kong & China Gas 9 700 Hong Kong Exchanges and Clearing 24 0.01 1,000 Hua Hong Semiconductor 21 0.01 2,000 Lenovo Group 4 8,000 Sino Biopharmaceutical 3 1,000 Sun Hung Kai Properties 11 1,000 Techtronic Industries 12 0.01 Total Hong Kong 178 0.06 HUNGARY – 0.01% (0.01%) 279 OTP Bank 31 0.01 Total Hungary 31 0.01 INDIA – 0.12% (0.09%) 919 Axis Bank GDR 49 0.02 2,276 Gail India GDR 17 0.01 5,244 HDFC Bank ADR 102 0.03 4,433 ICICI Bank ADR 97 0.03 1,512 Reliance Industries 63 0.02 18,935 Wipro ADR 32 0.01 Total India 360 0.12 INDONESIA – 0.01% (0.01%) 67,200 Bank Central Asia 16 28,000 Bank Mandiri 4 19,700 Bank Negra Indonesia 3 30,900 Bank Rakyat Indonesia 4 56,300 Telekomunikasi Indonesia 5 0.01 Total Indonesia 32 0.01 IRELAND – 0.24% (0.17%) 247 Accenture 23 0.01 11,458 AIB Group 101 0.03 75 Allegion 8 96 Aon Ireland 24 0.01 7,899 Bank of Ireland Group 119 0.04
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% IRELAND – 0.24% (0.17%) (continued) 200 CRH 16 138 DCC 9 154 Eaton Corporation 49 0.02 65 Flutter Entertainment 5 294 Johnson Controls 32 0.01 1,141 Kerry Group ‘A’ 79 0.03 608 Kingspan Group 42 0.01 177 Linde 69 0.02 419 Medtronic 25 0.01 396 Octave Intelligence 5 80 Pentair 5 93 Seagate Technology Holdings 67 0.02 218 Smurfit WestRock 8 36 Steris 6 124 TE Connectivity 19 0.01 97 Trane Technologies 36 0.01 52 Willis Towers Watson 10 0.01 Total Ireland 757 0.24 ISRAEL – 0.01% (0.01%) 83 Check Point Software Technology 8 21 Contra Cyberark Software Corporation + – 1,277 Teva Pharmaceutical ADR 33 0.01 Total Israel 41 0.01 ITALY – 0.76% (0.53%) 3,313 Avio SpA 90 0.03 97 Banca Generali 5 10,327 Banca Monte Dei Paschi 97 0.03 4,835 Banco BPM 63 0.02 7,321 BPER Banca 86 0.03 505 Buzzi Unicem 19 0.01 25,604 Enel 222 0.07 6,730 ENI 119 0.04 4,476 Finecobank Banco Fineco 85 0.03 2,418 Generali 89 0.03 82,913 Intesa Sanpaolo 428 0.13 1,905 Italgas 17 6,352 Leonardo 257 0.08 865 Moncler 38 0.01 2,132 Poste Italiane 52 0.02 983 Prysmian 124 0.04 312 Recordati 14 8,152 Snam 44 0.01 5,353 Telecom Italia SpA/Milano 37 0.01 4,865 Terna 43 0.01 6,960 Unicredit 468 0.15 1,894 Unipol Gruppo Finanziario 40 0.01 Total Italy 2,437 0.76 JAPAN – 0.99% (0.30%) 300 Advantest 45 0.01 500 Aeon 3 500 Aisin Seiki 5 400 Ajinomoto 11 1,000 Asahi Group Holdings 7 500 Asics Corporation 10 800 Astellas Pharma 8 300 Bandai Namco Holdings 5 900 Canon 17 0.01 400 Central Japan Railway 6 7,100 Chiba Bank 81 0.03
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 0.99% (0.30%) (continued) 200 Chugai Pharmaceutical 7 10,100 Concordia Financial Group 81 0.03 300 Daifuku 10 1,100 Dai-Ichi Mutual Life Insurance 9 500 Daiichi Sankyo 6 100 Daikin Industries 11 500 Daiwa House Industry 10 800 Denso 7 300 East Japan Railway 5 200 ENEOS Holdings 1 100 Fast Retailing 38 0.01 200 Fuji Electric 13 0.01 700 Fujifilm Holdings Corporation 11 1,100 Fujikura 32 0.01 500 Fujitsu 8 2,500 Fukuoka Financial Group 79 0.03 300 Hankyu 6 1,600 Hitachi 33 0.01 2,900 Honda Motor 20 0.01 200 Hoya 24 0.01 200 Ibiden 22 0.01 900 Idemitsu Kosan 5 300 IHI Corporation 4 600 Inpex 9 700 Isuzu Motors 7 300 Itochu 3 6,100 Japan Post Bank 87 0.03 1,200 Japan Post Holdings 12 400 JFE Holdings 3 600 Kao 9 400 Kawasaki Kisen Kaisha 5 700 KDDI 9 100 Keyence 38 0.01 100 Kikkoman 1 100 Kioxia Holdings Corporation 42 0.01 1,000 Kirin Holdings 13 0.01 300 Komatsu 9 800 Kyocera 13 0.01 3,700 Kyoto Financial Group 77 0.02 2,000 LY Corporation 4 500 Marubeni 11 11,700 Mebuki Financial Group 77 0.02 400 Minebea 9 800 Mitsubishi Corporation 16 1,000 Mitsubishi Electric 27 0.01 600 Mitsubishi Estate 12 400 Mitsubishi HC Capital 2 1,000 Mitsubishi Heavy Industries 17 0.01 26,200 Mitsubishi UFJ Financial Group 390 0.12 1,200 Mitsui & Company 25 0.01 1,100 Mitsui Fudosan 8 300 Mitsui O.S.K. Lines 7 8,500 Mizuho Financial Group 305 0.10 400 MS&AD Insurance Group 8 700 Murata Manufacturing 37 0.01 500 NEC 9 200 Nexon 2 300 Nidec 4 500 Nintendo 16 700 Nippon Paint Holdings 3 33,300 Nippon Steel Corporation 83 0.03
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 0.99% (0.30%) (continued) 14,700 Nippon Telegraph & Telephone 10 0.01 300 Nippon Yusen 7 1,200 Nomura Holding 8 200 Nomura Research Institute 4 100 Obayashi 2 500 Oriental Land 6 400 Orix 11 0.01 400 Osaka Gas 10 0.01 100 Otsuka Holdings 5 2,000 Pan Pacific International Holdings 8 900 Panasonic 19 0.01 600 Recruit Holdings 32 0.01 800 Renesas Electronics 18 0.01 8,900 Resona 87 0.03 200 Resonac holdings Corporation 16 700 Ryohin Keikaku 11 0.01 400 SBI Holdings 5 200 Secom 6 700 Seven & I Holdings 6 500 Shin-Etsu Chemical 16 5,600 Shizuoka Financial Group 79 0.03 1,600 Softbank 44 0.02 16,000 SoftBank Group 15 0.01 400 Sompo Japan Nipponkoa Holdings 12 0.01 2,000 Sony 30 0.01 100 Subaru Corporation 1 1,200 Sumitomo Corporation 9 1,200 Sumitomo Electric Industries 16 11,700 Sumitomo Mitsui Financial 344 0.11 2,900 Sumitomo Mitsui Trust Holdings 82 0.03 600 Sumitomo Realty & Development 10 200 Taisei 13 0.01 600 Takeda Pharmaceutical 14 0.01 800 TDK 13 0.01 800 Tokio Marine Holdings 27 0.01 200 Tokyo Electron 72 0.02 3,300 Toyota Motor 42 0.02 400 Toyota Tsusho 11 0.01 500 West Japan Railway 6 1,200 Yamaha Motor 7 300 Yokogawa Electric 8 Total Japan 3,191 0.99 JERSEY – 0.06% (0.00%) 353 Amcor 12 34,857 Glencore 179 0.06 Total Jersey 191 0.06 LIBERIA – 0.01% (0.01%) 135 Royal Caribbean Cruises 32 0.01 Total Liberia 32 0.01 LUXEMBOURG – 0.12% (0.11%) 2,542 ArcelorMittal 115 0.03 335 Eurofins Scientific 20 0.01 692 InPost 9 401 Millicom Intl Cellular 27 0.01 533 Spotify Technology 185 0.06 1,189 Tenaris 25 0.01 Total Luxembourg 381 0.12
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% MALAYSIA – 0.02% (0.01%) 4,600 CelcomDigi Berhad 2 5,800 Cimb Group Holdings 8 0.01 8,000 Malayan Banking 16 4,900 Press Metal Berhad 7 19,600 Public Bank 17 0.01 2,900 RHB Capital 5 2,700 SD Guthrie 3 Total Malaysia 58 0.02 MEXICO – 0.04% (0.03%) 7,594 America Movil 7 512 Grupo Aeroport ‘B’ 10 1,776 Grupo Financiero Banorte SAB de 14 0.01 11,407 Grupo México 98 0.03 4,326 Walmart De Mexico 9 Total Mexico 138 0.04 NETHERLANDS – 1.70% (1.14%) 3,440 ABN AMRO Group GDR 110 0.03 73 Adyen 52 0.02 556 AerCap 61 0.02 3,705 Airbus Group 621 0.19 358 AkzoNobel 18 0.01 224 Argen 157 0.05 168 ASM International 145 0.05 1,715 ASML Holding 2,543 0.79 570 ASR Nederland 32 0.01 310 BE Semiconductor Industries 77 0.02 816 Davide Campari-Milano 4 138 Euronext 17 0.01 90 Exor 5 514 Ferrari New 144 0.04 1,382 Ferrovial International 71 0.02 2,182 Heineken 138 0.04 172 Heineken Holdings 10 15,688 ING Groep 373 0.12 483 JDE Peet’s 13 3,498 Koninklijke Ahold 106 0.03 2,335 Koninklijke Philips 48 0.02 12,667 KPN 47 0.01 160 Lyondell Basell Industries 6 1,039 Magnum Ice Cream 14 184 Magnum Ice Cream 2 751 Nebius Group 156 0.05 1,046 NN Group 69 0.02 90 NXP Semiconductors 19 0.01 3,580 Prosus 117 0.04 647 Qiagen 19 0.01 6,753 Stellantis 29 0.01 2,345 STMicroelectronics 130 0.04 5,264 Universal Music Group 83 0.03 572 Wolters Kluwer certificates 28 0.01 Total Netherlands 5,464 1.70 NEW ZEALAND – 0.01 (0.00%) 2,238 Auckland International Airport 8 390 Fisher & Paykel Healthcare 6 1,187 Infratil 8 0.01 101 Xero 4 Total New Zealand 26 0.01
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% NORWAY – 0.18% (0.11%) 1,412 Aker BP 33 0.01 5,321 DNB Bank ASA 119 0.04 2,700 Equinor 64 0.02 716 Gjensidige Forsikring 15 7,979 Kongsberg Gruppen 181 0.06 4,805 Kongsberg Maritime 19 0.01 1,215 Marine Harvest 17 0.01 10,118 Norsk Hydro 69 0.02 2,379 Orkla 19 0.01 97 Salmar 4 1,774 Telenor 19 0.01 4,229 Var Energi 13 486 Yara International 16 (0.01) Total Norway 588 0.18 PANAMA – 0.00% (0.00%) 393 Carnival Corporation 8 Total Panama 8 PHILIPPINES – 0.00% (0.00%) 330 Ayala Corp 2 1,130 International Container Terminal Services 12 120 Philippine Long Distance 2 Total Philippines 16 POLAND – 0.00% (0.00%) 54 Erste Bank Polska 7 20 mBank 5 Total Poland 12 PORTUGAL – 0.04% (0.05%) 40,617 Banco Comercial Portugues 36 0.01 11,065 Energias de Portugal 44 0.02 2,116 Galp Energia 34 0.01 Total Portugal 114 0.04 SINGAPORE – 0.03% (0.01%) 600 DBS Group 23 0.01 154 Flex 19 0.01 200 Keppel Corporation 1 700 Oversea-Chinese Banking Corporation 10 0.01 2,000 Singapore Airlines 9 700 Singapore Exchange 10 1,400 Singapore Technologies Engineering 8 2,800 Singapore Telecommunications 7 Total Singapore 87 0.03 SOUTH AFRICA – 0.08% (0.11%) 341 Bid Corporation 7 53 Capitec Bank Holdings 12 0.01 1,891 Firstrand 8 292 Gold Fields 7 3,207 Goldfields ADR 81 0.03 5,747 Harmony Gold Mining 66 0.02 833 Impala Platinum 7 1,119 MTN Group 12 335 Naspers 13 0.01 2,054 Sanlam 8 531 Shoprite Holdings 7 602 Valterra Platinum 30 0.01 Total South Africa 258 0.08
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% SOUTH KOREA – 0.05% (0.08%) 2 Samsung GDR 8 102 SK Hynix 137 0.05 Total South Korea 145 0.05 SPAIN – 0.87% (0.66%) 80 Acciona 19 0.01 577 ACS Actividades De Construccion y Servicios 1 577 Actividades de Construccion y Servicios 64 0.02 2,393 Aena 55 0.02 2,950 Amadeus IT Group ‘A’ 130 0.04 32,703 Banco de Sabadell 87 0.03 70,391 Banco Santander 733 0.23 2,784 Bankinter 35 0.01 29,727 BBV Argentaria 560 0.17 15,829 CaixaBank 169 0.05 417 Cellnex Telecom 9 1,483 EDP Renewables 18 0.01 1,337 Endesa 46 0.01 22,494 Iberdrola 423 0.13 137 Indra Sistemas 6 4,617 Industria de Diseno Textil 219 0.07 3,783 International Consolidated Airlines 18 0.01 2,906 Mapfre 11 1,332 Natural Energy Group 32 0.01 3,110 Red Electrica de Espana 40 0.01 4,232 Repsol 80 0.02 16,122 Telefonica 49 0.02 2,777 Unicaja Banco 7 Total Spain 2,811 0.87 SWEDEN – 0.68% (0.62%) 594 AddTech ‘AB’ 16 479 Alfa Laval 21 0.01 5,904 Assa Abloy ‘B’ 158 0.05 14,613 Atlas Copco 224 0.07 795 Atlas Copco ‘B’ 11 654 Biovitrum 23 0.01 1,066 Boliden SEK 46 0.02 3,600 Epiroc A 75 0.02 1,344 EQT 29 0.01 8,880 Ericsson ‘B’ 75 0.02 1,301 Essity Aktiebolag ‘B’ 28 0.01 304 Evolution Gaming Group 16 1,136 Fastighets AB Balder 5 2,015 Hennes & Mauritz ‘B’ 26 0.01 6,647 Hexagon 42 0.01 1,189 Industivarden ‘C’ 49 0.02 120 Indutrade 2 6,817 Investor B 215 0.07 1,003 Lifco 25 0.01 58 Lundbergs ‘B’ 2 6,943 Mildef Group AB 100 0.03 1,161 Nibe Industrier 3 6,504 Saab AB 256 0.08 316 Sagax ‘B’ 4 3,620 Sandvik 113 0.04 1,298 Securitas ‘B’ 16 5,870 Skandinaviska Enskilda Banken ‘A’ 88 0.03 345 Skanska ‘B’ 7 2,234 SKF ‘B’ 43 0.01 805 Svenska Cellulosa ‘B’ 6 8,901 Svenska Handelsbanken 99 0.03
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% SWEDEN – 0.68% (0.62%) (continued) 2,712 Swedbank ‘A’ 76 0.03 1,872 Tele2 ‘B’ 25 0.01 10,381 Telia 38 0.01 389 Trelleborg ‘B’ 12 0.01 7,834 Volvo ‘B’ 202 0.06 Total Sweden 2,176 0.68 SWITZERLAND – 2.09% (1.78%) 5,751 ABB (registered) 470 0.15 2,544 Alcon 130 0.04 208 Amrize 8 181 Avolta AG 9 28 Banque Cantonale Vaudoise 3 10 Barry Callebaut 10 400 Beigene 7 35 Belimo Holding 30 0.01 23 BKW 3 106 Bunge Global 9 6 Chocoladefabriken Lindt & Sprüngli Participating Certificates 53 0.02 156 Chubb 40 0.01 2,087 Cie Financiere Richemont ‘A’ 364 0.11 289 Coca-Cola HBC 14 425 DSM-Firmenich 30 0.01 21 Ems-Chemie 14 664 Galderma Group 114 0.04 68 Garmin 12 37 Geberit 19 0.01 44 Givaudan 141 0.05 369 Helvetia Baloise Holding 72 0.02 1,476 Holcim 100 0.03 1,102 Julius Baer Group 72 0.02 166 Kuehne + Nagel International 30 0.01 565 Logitech 40 0.01 245 Lonza Group 125 0.04 3,035 Montana Aerospace 60 0.02 13,200 Nestle 1,024 0.32 9,025 Novartis (registered) 1,067 0.33 63 Partners Group 39 0.01 3,367 Roche Holding 1,046 0.32 161 Roche Holding ‘B’ 51 0.02 1,839 Sandoz Group 126 0.04 136 Schindler participation certificates 34 0.01 1,097 SGS 96 0.03 475 Sika 74 0.02 170 Sonova Holding 31 0.01 314 Straumann Holding 31 0.01 101 Swiss Life Holdings 84 0.03 425 Swiss Prime Site 52 0.02 1,052 Swiss Reinsurance (registered) 126 0.04 110 Swisscom (registered) 64 0.02 69 The Swatch Group ‘B’ 13 0.01 11,593 UBS Group 434 0.14 105 VAT Group 69 0.02 519 Zurich Insurance Group 290 0.09 Total Switzerland 6,730 2.09 TAIWAN – 0.85% (0.19%) 2,000 ASE Technology Holding 32 0.01 8,000 Cathay Financial Holding 19 0.01 6,000 China Development Financial 4 5,000 Chunghwa Telecom 17 0.01 5,000 CTBC Financial Holding 8 –
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% TAIWAN – 0.85% (0.19%) (continued) 1,000 Delta Electronics 46 0.01 10,100 E.Sun Financial Holdings 8 9,000 First Financial Holding 7 5,125 Fubon Financial Holding 16 4,000 Hon Hai Precision Industry 24 0.01 11,000 Hua Nan Financial Holdings 10 0.01 9,000 Innolux 15 0.01 3,000 Lite-On Technology 16 1,000 MediaTek 100 0.03 10,000 Mega Financial 11 0.01 1,000 Nan Ya Plastics 4 1,000 Quanta Computer 9 11,000 SinoPac Financial Holdings 10 9,000 Taiwan Cement 5 11,330 Taiwan Cooperative Financial Holding 7 10,000 Taiwan Semiconductor Manufacturing 571 0.18 4,732 Taiwan Semiconductor Manufacturing ADR 1,699 0.53 1,000 TS Financial Holding 1 1,000 Unimicron Technology 25 0.01 4,000 Uni-President Enterprises 7 6,000 United Microelectronics 23 0.01 3,000 Wistron 11 1,000 Yageo Corporation 27 0.01 1,000 Yuanta Financial Holdings 1 Total Taiwan 2,733 0.85 THAILAND – 0.02% (0.00%) 1,300 Advanced Info Services 11 0.01 13,400 Bangkok Dusit Medical Services 6 7,400 Central Pattana 11 0.01 6,300 CP All 7 1,000 Delta Electronics 7 12,200 PTT Public NVDR 10 Total Thailand 52 0.02 UNITED STATES – 7.47% (5.23%) 183 3M 22 0.01 691 Abbott Laboratories 47 0.02 711 AbbVie 135 0.04 165 Adobe 25 0.01 656 Advanced Micro Devices 287 0.09 107 Affirm Holdings 7 203 Aflac 18 0.01 118 Agilent Technologies 12 130 AIG 7 79 Air Products & Chemicals 17 0.01 108 Airbnb A 12 0.01 585 Alcoa Upstream Corporation 23 0.01 124 Allstate Corporation 22 0.01 43 Alnylam Pharmaceuticals 10 1,848 Alphabet 492 0.15 2,340 Alphabet ‘A’ 630 0.20 3,907 Amazon.com 701 0.22 948 American Express 242 0.08 203 American Water Works 20 0.01 50 Ameriprise Financial 17 0.01 100 Ametek 18 0.01 226 Amgen 62 0.02 484 Amphenol Corporation ‘A’ 64 0.02 221 Analog Devices 66 0.02 4,705 APA Corporation 115 0.04 132 Apollo Global Management 12 0.01
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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 5,945 Apple 1,295 0.40 329 Applied Materials 179 0.06 79 AppLovin Corporation 31 0.01 130 Archer Daniels Midland 7 158 Arconic 32 0.01 75 Ares Management Corporation ‘A’ 6 458 Arista Networks 59 0.02 152 AST SpaceMobile 10 61 Astera Labs 22 0.01 2,853 AT&T 44 0.02 66 Atlassian 4 197 Atmos Energy 26 0.01 83 Autodesk 12 0.01 211 Automatic Data Processing 36 0.01 8 Autozone 19 0.01 13 Avery Dennison 2 28 Axon Enterprise 12 0.01 1,340 Baker Hughes ‘A’ 56 0.02 173 Ball Corporation 8 8,130 Bank of America 349 0.11 2,400 Bank of New York Mellon 261 0.08 78 Becton Dickinson 9 603 Berkshire Hathaway ‘B’ 227 0.07 117 Best Buy 7 32 Biogen 5 53 BlackRock Funding 38 0.01 366 Blackstone Group A 32 0.01 236 Block 14 0.01 113 Bloom Energy Corporation 26 0.01 319 Boeing 52 0.02 250 Booking Holdings 34 0.01 413 Boston Scientific 13 0.01 882 Bristol Myers Squibb 38 0.01 1,810 Broadcom Corporation 515 0.16 40 Broadridge Financial Solutions 4 188 Brown & Brown 9 34 Burlington Store 8 67 C.H. Robinson 10 0.01 131 Cadence Design Systems 37 0.01 212 Capital One Financial Corporation 32 0.01 90 Cardinal Health 16 24 Carlisle 7 133 Carlyle Group 4 284 Carrier Global 16 210 Carvana 10 0.01 21 Casey’s General Stores 13 0.01 189 Caterpillar 152 0.05 47 Cboe Global Markets 9 168 CBRE Group 17 0.01 109 CDW Corporation 12 0.01 71 Cencora 15 0.01 216 Centene 10 0.01 103 CF Industries Holdings 8 1,434 Charles Schwab 100 0.03 19 Charter Communications ‘A’ 2 66 Cheniere Energy 12 0.01 1,836 Chevron Corporation 229 0.07 111 Chicago Mercantile Exchange 18 0.01 430 Chipotle Mexican Grill 11 0.01 122 Church & Dwight 9 62 Ciena Corporation 23 0.01
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 106 Cigna Corporation 22 0.01 142 Cincinnati Financial 20 0.01 142 Cintas 18 0.01 166 Circle Internet Group 8 1,641 Cisco Systems 145 0.05 3,012 Citigroup 318 0.10 375 Citizens Financial Group 20 0.01 73 Clorox 5 115 Cloudflare 21 0.01 397 CMS Energy 23 0.01 1,813 Coca Cola 111 0.04 5,769 CoeurMining 71 0.02 412 Cognizant Technology Solutions 12 86 Coherent Corporation 26 0.01 65 Coinbase Global 7 476 Colgate-Palmolive 33 0.01 1,550 Comcast 29 0.01 18 Comfort Systems USA 27 0.01 264 Consolidation Edison 22 0.01 94 Constellation Brands ‘A’ 10 0.01 150 Constellation Energy 28 0.01 308 Copart 7 137 Coreweave 10 333 Corning 64 0.02 39 Corpay 10 208 Corteva 13 0.01 151 Costar Group 3 184 Costco Wholesale 130 0.04 88 CrowdStrike Holdings ‘A’ 51 0.02 1,010 CSX 36 0.01 35 Cummins 19 0.01 28 Curtiss Wright 16 549 CVS Health 43 0.02 100 D.R.Horton 12 0.01 257 Danaher 37 0.01 66 Darden Restaurants 10 138 Datadog 27 0.01 75 Deckers Outdoor Corporation 6 111 Deere & Company 53 0.02 126 Dell 41 0.01 5,358 Devon Energy 167 0.05 178 Dexcom 9 1,136 Diamondback Energy 150 0.05 40 Dick’s Sporting Goods 7 839 Discovery 17 0.01 57 Dollar General 5 72 Dollar Tree 7 134 DoorDash 19 0.01 65 Dover 11 0.01 352 Dow 7 59 Dupont De Nemours 6 263 eBay 22 0.01 99 Ecolab 21 0.01 157 Edison International 9 325 Edwards Lifesciences 22 0.01 72 Electronic Arts 11 0.01 104 Elevance Health 30 0.01 323 Eli Lilly 292 0.09 21 Emcor Group 13 0.01 294 Emerson Electric 32 0.01 102 Entegris 14 0.01
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 272 Entergy 24 0.01 1,419 EOG Resources 139 0.04 205 EQT 8 32 Equifax 4 80 Estee Lauder ‘A’ 5 108 Everpure 6 358 Eversource Energy 19 0.01 642 Exelon 23 0.01 92 Expand Energy 6 42 Expedia 8 72 Expeditors International 9 3,426 Exxon Mobil 352 0.11 271 Sysco 17 0.01 28 F5 Networks 9 345 Fastenal 12 80 Fedex 19 0.01 40 Fedex Freight Holding 5 78 Ferguson Enterprises 14 16 FICO 14 162 Fidelity National Financial 6 68 Fidelity National Information Services 2 2,676 Fifth Third Bancorp 114 0.04 44 First Solar 8 178 Fiserv 7 1,818 Ford Motor 19 0.01 208 Fortinet 24 0.01 196 Fortive Corporation 9 197 Fox Corporation ‘A’ 8 2,764 Freeport-McMoRan ‘B’ 131 0.04 72 Gallagher (Arthur J) 12 192 GE Healthcare 9 111 GE Vernova 98 0.03 303 Gen Digital 6 425 General Electric 120 0.04 296 General Mills 8 352 General Motors 20 0.01 76 Genuine Parts 7 500 Gilead Sciences 48 0.01 104 Global Payments 6 503 Goldman Sachs Group 383 0.12 177 Graco 10 4,125 Halliburton 105 0.03 102 Hartford Financial Services Group 10 58 HCA Holdings 17 0.01 44 HEICO A 9 41 Hershey Company 5 630 Hewlett Packard Enterprise 21 0.01 108 Hilton Worldwide Holdings 27 0.01 405 Home Depot 108 0.03 129 Honeywell Aerospace -Wi 21 0.01 129 Honeywell International 22 0.01 715 HP 12 32 Hubbell 13 49 Humana 15 1,490 Huntington Bancshares 20 0.01 379 IBM 80 0.02 61 IDEX 10 31 Idexx Laboratories 12 184 Illinois Tool Works 37 0.01 32 Illumina 4 130 Incyte Corporation 11 –
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 129 Ingersoll Rand 8 136 Insmed 11 26 Insulet 3 1,771 Intel 186 0.06 1,147 Interactive Brokers 75 0.02 171 Intercontinental Exchange 16 53 International Flavors & Fragrances 3 202 International Paper 6 94 Intuit 18 0.01 151 Intuitive Surgical 45 0.01 237 Ionq 10 71 IQVIA Holdings 10 52 J.B. Hunt Transport Services 11 79 Jabil Circuit 23 0.01 61 Jacobs Solutions 6 1,007 Johnson & Johnson 193 0.06 3,140 JPMorgan Chase & Co 774 0.24 789 Kenvue 11 508 Keurig Dr Pepper 13 6,628 KeyCorp 115 0.04 67 Keysight Technologies 18 0.01 87 Kimberly-Clark 7 1,079 Kinder Morgan 26 0.01 259 KKR & Co. 18 0.01 557 KLA Corporation 127 0.04 678 Kraft Heinz 12 384 Kroger 16 123 L3 Harris Techno Com 27 0.01 32 Labcorp Holdings 7 524 Lam Research 171 0.05 147 Las Vegas Sands 5 49 Leidos Holdings 4 74 Lennar 5 17 Lennox International 7 71 Live Nation 10 126 Loew’s 11 243 Lowe’s Companies 40 0.01 26 LPL Financial Holdings 6 35 Lululemon Athletica 3 31 Lumentum Holdings 20 0.01 145 M&T Bank 26 0.01 211 Marathon Petroleum Corporation 41 0.01 109 Marriott International New ‘A’ 30 0.01 155 Marsh & McLennan Cos 19 0.01 29 Martin Marietta Materials 13 342 Marvell Technology 77 0.02 120 Masco 7 38 Mastec 12 343 Mastercard 133 0.04 142 McCormick & Company 5 308 McDonald’s 63 0.02 59 McKesson Corporation 34 0.01 1,015 Merck & Co 98 0.03 883 Meta Platforms 375 0.12 1,394 Metlife 89 0.03 7 Mettler Toledo International 7 321 Microchip Technology 22 0.01 454 Micron Technology 394 0.12 2,838 Microsoft 797 0.25 89 Microstrategy 6 616 Mondelez International ‘A’ 27 0.01
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 21 MongoDB 5 20 Monolithic Power Systems 21 0.01 288 Monster Beverage 21 0.01 70 Moody’s 24 0.01 2,509 Morgan Stanley 395 0.12 60 Motorola Solutions 19 0.01 48 MSCI 20 0.01 94 Nasdaq OMX Group 6 53 Natera 11 76 NetApp 9 1,708 Netflix 92 0.03 2,929 Newmont Mining 206 0.06 235 News Corporation ‘A’ 4 925 NextEra Energy 61 0.02 370 NIKE 11 570 Nisource 20 0.01 122 Norfolk Southern 29 0.01 1,207 Northern Trust 158 0.05 69 Northrop Grumman Corporation 26 0.01 80 NRG Energy 9 472 Nucor 79 0.02 9,330 Nvidia 1,404 0.44 330 O‘Reilly Automotive 23 0.01 3,239 Occidental Petroleum 119 0.04 112 Okta 12 61 Old Dominion Freight Line 10 118 Omnicom 6 220 On Semiconductor 16 316 ONEOK 21 0.01 691 Oracle 76 0.02 168 Otis Worldwide Corporation 9 235 Paccar 21 0.01 46 Packaging Corporation of America 8 896 Palantir Technologies 79 0.02 338 Palo Alto Networks 87 0.03 59 Parker-Hannifin 43 0.01 223 Paychex 17 0.01 248 PayPal Holdings 8 597 PepsiCo 61 0.02 2,287 Pfizer 41 0.01 1,699 PG&E 22 0.01 148 Phillips 66 19 0.01 1,357 PNC Financial Services 252 0.08 86 PPG Industries 8 953 Procter & Gamble 105 0.03 269 Progressive Corporation Ohio 44 0.01 942 Prudential Financial 77 0.02 56 PTC 5 466 Public Service Enterprise Group 28 0.01 79 PulteGroup 8 89 Qnity Electronics 11 436 Qualcomm 61 0.02 80 Quanta Services 43 0.01 76 Quest Diagnostics 12 54 Raymond James Financial 6 591 Raytheon Technologies 84 0.03 36 Reddit 5 26 Regeneron Pharmaceuticals 12 864 Regions Financial 20 0.01 165 Reliance Steel & Aluminum 46 0.01 127 Republic Services 20 0.01
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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 50 ResMed 7 90 REVOLUTION Medicines 13 882 Robinhood Markets 67 0.02 195 Roblox Corporation 8 1,017 Rocket Cos 12 290 Rocket Lab Corporation 22 0.01 36 Rockwell Automation 13 154 Rollins 5 20 Roper Technologies 5 184 Ross Stores 29 0.01 86 RPM International 7 121 S&P Global 37 0.01 343 Salesforce.com 41 0.01 231 Samsara 6 4,902 Schlumberger 172 0.05 334 Sempra Energy 23 0.01 411 ServiceNow 31 0.01 93 Sherwin Williams 24 0.01 27 Snap-on 8 116 Snowflake 22 0.01 436 Sofi Technologies 6 469 Southern Copper Corporation 62 0.02 99 SS&C Technologies Holdings 5 510 Starbucks 39 0.01 1,292 State Street 165 0.05 321 Steel Dynamics 55 0.02 148 Stryker 35 0.01 308 Sunbelt Rentals Holdings 17 0.01 126 Super Micro Computer 3 105 Synchrony Financial 6 91 Synopsys 31 0.01 74 Take-Two Interactive 14 83 Tapestry 9 117 Targa Resources 24 0.01 240 Target 24 0.01 21 Teledyne Technologies 11 79 Teradyne 29 0.01 1,129 Tesla Motors 358 0.11 385 Texas Instruments 86 0.03 105 Texas Pacific Land Corporation 35 0.01 183 Textron 13 147 Thermo Fisher Scientific 55 0.02 574 TJX Companies 66 0.02 213 T-Mobile US 27 0.01 221 Toast 5 130 Tractor Supply Company 3 24 TransDigm Group 24 0.01 97 TransUnion 5 78 Travelers 19 0.01 109 Trimble 4 326 Truist Financial Corporation 12 87 Twilio 13 20 Tyler Technologies 4 160 Tyson Foods ‘A’ 7 2,797 U.S. Bancorp 127 0.04 808 Uber Technologies 44 0.01 23 Ulta Beauty 8 246 Union Pacific 50 0.02 364 United Parcel Service ‘B’ 29 0.01 25 United Rentals 21 0.01 22 United Therapeutics Corporation 9 –
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED STATES – 7.47% (5.23%) (continued) 366 UnitedHealth Group 114 0.04 404 Valero Energy 79 0.02 49 Veeva Systems 6 107 Veralto Corporation 7 57 VeriSign 11 92 Verisk Analytics 12 1,767 Verizon Communications 56 0.02 90 Vertex Pharmaceuticals 34 0.01 135 Vertiv Holdings 34 0.01 710 Visa ‘A’ 183 0.06 85 Vulcan Materials 19 0.01 173 W R Berkley Corporation 9 25 W. W. Grainger 26 0.01 60 Wabtec 12 1,818 Wal-Mart Stores 155 0.05 674 Walt Disney 49 0.02 207 Waste Management 35 0.01 40 Waters 11 4,263 Wells Fargo 265 0.08 15 West Pharmaceutical Services 4 151 Western Digital 73 0.02 658 Williams Companies 37 0.01 108 Williams Sonoma 19 0.01 127 Workday ‘A’ 12 11 XP + – 59 XPO Logistics 9 62 Xylem 5 111 Yum! Brands 13 0.01 86 Zimmer Biomet Holdings 6 92 Zoetis 5 100 Zoom Video Communications ‘A’ 6 32 Zscaler 3 Total United States 24,045 7.47
Total Equities 76,881 23.90 GOVERNMENT BONDS – 13.18% (14.85%) UNITED KINGDOM – 5.00% (5.88%) GBP2,750,000 UK Treasury 0 % 26/10/2026 2,716 0.84 GBP50,121 UK Treasury 0.125% 31/01/2028 47 0.01 $202,040 UK Treasury 0.375% 22/10/2026 200 0.06 GBP20,572 UK Treasury 0.375% 22/10/2030 18 0.01 £9,221 UK Treasury 0.5% 22/10/2061 2 $42,021 UK Treasury 0.5% 31/01/2029 38 0.01 GBP174,026 UK Treasury 0.625% 22/10/2050 61 0.02 GBP62,956 UK Treasury 0.875% 31/01/2046 29 0.01 GBP894,235 UK Treasury 0.875% 31/07/2033 698 0.22 GBP133,448 UK Treasury 1.25% 22/07/2027 130 0.04 $26,570 UK Treasury 1.25% 31/07/2051 11 $215,794 UK Treasury 1.5% 22/07/2026 215 0.07 GBP428,705 UK Treasury 1.5% 22/07/2047 218 0.07 GBP237,304 UK Treasury 1.625% 22/10/2028 225 0.07 $759,176 UK Treasury 1.75% 07/09/2037 555 0.17 $79,012 UK Treasury 2.5% 22/07/2065 42 0.01 GBP140,458 UK Treasury 3.25% 22/01/2044 107 0.03 GBP1,055,984 UK Treasury 3.25% 31/01/2033 983 0.31 $483,968 UK Treasury 3.5% 22/01/2045 379 0.12 £87,638 UK Treasury 3.5% 22/07/2068 60 0.02 GBP360,519 UK Treasury 3.75% 07/03/2027 360 0.11 GBP75,156 UK Treasury 3.75% 22/07/2052 57 0.02 GBP124,501 UK Treasury 3.75% 22/10/2053 94 0.03
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED KINGDOM – 5.00% (5.88%) (continued) $293,823 UK Treasury 4% 22/01/2060 229 0.07 $227,524 UK Treasury 4% 22/10/2031 224 0.07 GBP328,563 UK Treasury 4% 22/10/2063 253 0.08 GBP758,559 UK Treasury 4.125% 29/01/2027 759 0.24 £293,765 UK Treasury 4.25% 07/03/2036 282 0.09 £259,830 UK Treasury 4.25% 07/06/2032 258 0.08 GBP142,763 UK Treasury 4.25% 07/09/2039 132 0.04 €343,453 UK Treasury 4.25% 07/12/2027 344 0.11 £1,548,876 UK Treasury 4.25% 07/12/2046 1,331 0.41 €231,845 UK Treasury 4.25% 07/12/2055 191 0.06 $291,164 UK Treasury 4.375% 07/03/2028 292 0.09 GBP58,633 UK Treasury 4.375% 07/03/2030 59 0.02 GBP270,725 UK Treasury 4.375% 31/01/2040 251 0.08 GBP183,134 UK Treasury 4.375% 31/07/2054 154 0.05 GBP278,251 UK Treasury 4.5% 07/06/2028 280 0.09 GBP89,888 UK Treasury 4.5% 07/12/2042 82 0.02 GBP1,173,022 UK Treasury 4.625% 31/01/2034 1,176 0.37 GBP587,380 UK Treasury 4.75% 07/12/2030 601 0.19 €294,658 UK Treasury 4.75% 22/10/2043 276 0.08 €375,287 UK Treasury 5.375% 31/01/2056 370 0.10 £1,256,140 UK Treasury 6% 07/12/2028 1,312 0.41 Total United Kingdom 16,101 5.00 AUSTRALIA – 0.12% (0.11%) AUD254,000 Australia Government 2.5% 21/05/2030 124 0.04 $259,000 Australia Government 3% 21/11/2033 122 0.04 €244,000 Australia Government 4.5% 21/04/2033 127 0.04 Total Australia 373 0.12 AUSTRIA – 0.06% (0.06%) EUR186,000 Republic of Austria 0.75% 20/10/2026 159 0.05 EUR33,000 Republic of Austria 1.5% 20/02/2047 20 0.01 Total Austria 179 0.06 AZERBAIJAN – 0.00% (0.03%) BELGIUM – 0.14% (0.14%) €62,134 Belgium Government 0.8% 22/06/2027 53 0.02 EUR199,367 Belgium Government 1.45% 22/06/2037 140 0.04 €35,843 Belgium Government 4% 28/03/2032 33 0.01 EUR34,909 Belgium Government 4.25% 28/03/2041 31 0.01 €183,493 Belgium Government 5% 28/03/2035 178 0.06 Total Belgium 435 0.14 BRAZIL – 0.29% (0.24%) BRL994 Brazil Letras do Tesouro Nacional 0% 01/07/2028 111 0.03 BRL2,427 Federative Republic of Brazil 0% 01/01/2029 255 0.08 $750 Federative Republic of Brazil 0% 01/01/2032 53 0.02 $1,162 Federative Republic of Brazil 0% 01/07/2027 149 0.05 $635 Federative Republic of Brazil 10% 01/01/2027 91 0.03 €747 Federative Republic of Brazil 10% 01/01/2029 100 0.03 BRL664 Federative Republic of Brazil 10% 01/01/2033 80 0.02 $900 Federative Republic of Brazil 10% 01/01/2035 105 0.03 Total Brazil 944 0.29 CANADA – 0.12% (0.12%) €154,000 Canada Government 2% 01/06/2028 81 0.02 CAD56,000 Canada Government 2.75% 01/12/2064 23 0.01 £39,000 Canada Government 3.5% 01/12/2057 20 0.01 £454,000 Canada Government 4% 01/03/2029 248 0.08 Total Canada 372 0.12
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% CHANNEL ISLANDS – 0.00% (0.05%) CHILE – 0.09% (0.13%) CLP75,000,000 Republic of Chile 0% 01/04/2029 54 0.02 CLP40,000,000 Republic of Chile 0% 06/05/2027 32 0.01 £40,000,000 Republic of Chile 2.8% 01/10/2033 28 0.01 CLP10,000,000 Republic of Chile 4.7% 01/09/2030 8 £70,000,000 Republic of Chile 5% 01/03/2035 56 0.02 €15,000,000 Republic of Chile 5.8% 01/10/2029 13 $20,000,000 Republic of Chile 6% 01/01/2043 17 0.01 CLP95,000,000 Republic of Chile 6% 01/04/2033 80 0.02 Total Chile 288 0.09 COLOMBIA – 0.17% (0.17%) COP182,800,000 Colombia Government 11% 22/08/2029 39 0.01 COP214,700,000 Colombia Government 11.5% 25/07/2046 45 0.01 COP207,300,000 Colombia Government 12.75% 28/11/2040 48 0.02 COP323,400,000 Colombia Government 13.25% 09/02/2033 74 0.02 $167,500,000 Colombia Government 26/03/2031 30 0.01 COP233,000,000 Colombia Government 5.75% 03/11/2027 47 0.02 COP271,300,000 Colombia Government 6% 28/04/2028 53 0.02 COP265,600,000 Colombia Government 7% 30/06/2032 46 0.01 COP226,900,000 Colombia Government 7.25% 18/10/2034 38 0.01 $179,400,000 Colombia Government 7.75% 18/09/2030 34 0.01 COP574,400,000 Colombia Government 9.25% 28/05/2042 102 0.03 Total Colombia 556 0.17 CZECH REPUBLIC – 0.21% (0.11%) €560,000 Czech Republic Government Bond 2% 13/10/2033 17 $1,780,000 Czech Republic Government Bond 4% 04/04/2044 55 0.02 CZK3,060,000 Czech Republic Government Bond 1.2% 13/03/2031 96 0.03 €890,000 Czech Republic Government Bond 1.5% 24/04/2040 21 0.01 $3,190,000 Czech Republic Government Bond 1.75% 23/06/2032 99 0.03 CZK2,040,000 Czech Republic Government Bond 1.95% 30/07/2037 56 0.02 €2,120,000 Czech Republic Government Bond 2.5% 25/08/2028 73 0.02 £2,060,000 Czech Republic Government Bond 3% 03/03/2033 68 0.02 £2,570,000 Czech Republic Government Bond 4.5% 11/11/2032 92 0.03 CZK3,040,000 Czech Republic Government Bond 5.5% 12/12/2028 112 0.03 Total Czech Republic 689 0.21 DENMARK – 0.00% (0.00%) DKK75,947 Denmark Government 4.5% 15/11/39 10 Total DENMARK 10 DOMINICAN REPUBLIC – 0.00% (0.09%) EGYPT – 0.00% (0.06%) EL SALVADOR – 0.00% (0.06%) FINLAND – 0.05% (0.05%) EUR174,000 Finland Government 2.625% 15/04/2032 148 0.05 Total Finland 148 0.05 FRANCE – 0.41% (0.44%) $184,904 France Government 0% 25/02/2027 157 0.05 €71,476 France Government 0.25% 25/11/2026 61 0.02 EUR124,900 France Government 0.75% 25/11/2028 103 0.03 EUR109,398 France Government 1.25% 25/05/2036 76 0.02 EUR24,285 France Government 2% 25/11/2032 19 0.01 EUR128,781 France Government 2.4% 24/09/2028 110 0.03 $47,741 France Government 2.75% 25/10/2027 41 0.01 EUR18,090 France Government 3.2% 25/05/2035 15 $201,864 France Government 3.25% 25/05/2045 154 0.05 EUR92,808 France Government 4% 25/04/2055 75 0.02 EUR81,178 France Government 4% 25/04/2060 64 0.02
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PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% FRANCE – 0.41% (0.44%) (continued) $199,418 France Government 4.75% 25/04/2035 188 0.06 $309,010 France Government 5.5% 25/04/2029 286 0.09 Total France 1,349 0.41 GERMANY – 0.31% (0.32%) $221,044 Federal Republic of Germany 0% 09/10/2026 189 0.06 EUR233,697 Federal Republic of Germany 0% 16/04/2027 197 0.06 €365,884 Federal Republic of Germany 0.25% 15/02/2027 311 0.10 EUR129,361 Federal Republic of Germany 2.1% 12/04/2029 110 0.03 £57,242 Federal Republic of Germany 2.1% 12/04/2029 49 0.02 $11,665 Federal Republic of Germany 2.6% 15/08/2035 10 EUR34,487 Federal Republic of Germany 2.9% 15/08/2056 27 0.01 EUR99,453 Federal Republic of Germany 4.75% 04/07/2034 98 0.03 Total Germany 991 0.31 GREECE – 0.04% (0.04%) EUR132,000 Hellenic Republic Government 2% 22/04/2027 113 0.04 EUR11,378 Hellenic Republic Government 4.2% 30/01/2042 10 Total Greece 123 0.04 GUATEMALA – 0.00% (0.04%) HUNGARY – 0.12% (0.09%) HUF5,720,000 Hungary Government 1.5% 26/08/2026 14 £42,460,000 Hungary Government 2% 23/05/2029 95 0.03 $41,940,000 Hungary Government 2.25% 20/04/2033 86 0.03 HUF10,270,000 Hungary Government 2.75% 22/12/2026 25 0.01 £37,510,000 Hungary Government 3.25% 22/10/2031 83 0.03 $28,470,000 Hungary Government 4.5% 23/03/2028 68 0.02 Total Hungary 371 0.12 INDONESIA – 0.41% (0.38%) $750,000,000 Indonesia Government 5.125% 15/04/2027 31 0.01 IDR1,621,000,000 Indonesia Government 5.875% 15/03/2031 65 0.02 IDR3,657,000,000 Indonesia Government 6.5% 15/02/2031 150 0.05 IDR2,102,000,000 Indonesia Government 6.625% 15/02/2034 85 0.03 IDR4,539,000,000 Indonesia Government 6.75% 15/07/2035 185 0.06 $752,000,000 Indonesia Government 6.875% 15/04/2029 31 0.01 £2,762,000,000 Indonesia Government 7% 15/05/2027 116 0.04 $2,418,000,000 Indonesia Government 7% 15/09/2030 101 0.03 €881,000,000 Indonesia Government 7.125% 15/06/2038 37 0.01 £1,236,000,000 Indonesia Government 7.125% 15/06/2042 51 0.02 IDR324,000,000 Indonesia Government 7.125% 15/06/2043 13 IDR573,000,000 Indonesia Government 7.125% 15/08/2045 24 0.01 IDR1,582,000,000 Indonesia Government 7.5% 15/04/2040 68 0.02 £900,000,000 Indonesia Government 7.5% 15/08/2032 39 0.01 IDR2,343,000,000 Indonesia Government 8.25% 15/05/2036 106 0.03 IDR1,305,000,000 Indonesia Government 8.375% 15/09/2026 55 0.02 $389,000,000 Indonesia Government 8.75% 15/05/2031 17 0.01 £143,000,000 Indonesia Government 9% 15/03/2029 6 €2,698,000,000 Indonesia Treasury Bond 6.375% 15/04/2032 110 0.03 Total Indonesia 1,290 0.41 IRELAND – 0.02% (0.02%) EUR82,830 Republic of Ireland 0.90% 15/05/2028 69 0.02 Total Ireland 69 0.02 ITALY – 0.40% (0.43%) EUR25,000 Italy Buoni Poliennali Del Tesor 0.85% 15/01/2027 21 0.01 EUR65,000 Italy Buoni Poliennali Del Tesor 2.35% 15/01/2029 55 0.02 €182,000 Italy Buoni Poliennali Del Tesor 2.85% 01/02/2031 156 0.05 £110,000 Italy Buoni Poliennali Del Tesor 2.95% 15/02/2027 95 0.03 $133,000 Italy Buoni Poliennali Del Tesor 3.25% 01/03/2038 109 0.03 $579,000 Italy Buoni Poliennali Del Tesor 3.25% 15/11/2032 501 0.16
Page 38
Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2026 | avivainvestors.com
AI Balanced Life Fund
36
PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2026 (unaudited)
Holding or Nominal value Market value £000
Total net assets% ITALY – 0.40% (0.43%) (continued) EUR114,000 Italy Buoni Poliennali Del Tesor 4.05% 30/10/2037 102 0.03 EUR13,000 Italy Buoni Poliennali Del Tesoro 2.7% 01/10/2030 11 £77,000 Italy Buoni Poliennali Del Tesoro 3.5% 15/02/2031 68 0.02 €35,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 31 0.01 EUR13,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 12 €153,555 Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026 134 0.04 Total Italy 1,295 0.40 JAPAN – 0.94% (1.03%) £8,950,000
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