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For the six months ended 30 June 2025 (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 2025 1

CONTENTS

Scheme Information* 2 ACS Manager’s Report* 3 Cross Holdings 5 AI Balanced Life Fund 6 AI Balanced Pension Fund 30 AI Cautious Pension Fund 62 AI Distribution Life Fund 86 AI Asia Pacific ex Japan Fund 110 AI Continental European Equity Alpha Fund 123 AI Emerging Market Equity Core Fund 130 AI Europe Equity ex UK Fund 157 AI Europe Equity ex UK Core Fund 169 AI Global Equity Fund 183 AI Global Equity Growth Fund 198 AI Index Linked Gilt Fund 208 AI Japan Equity Fund 216 AI Japan Equity Core Fund 230 AI Money Market VNAV Fund 241 AI North American Equity Fund 250 AI North American Equity Core Fund 261 AI Pacific Equity ex Japan Core Fund 279 AI Pre Annuity Fixed Interest Fund 289 AI Sterling Corporate Bond Fund 300 AI Strategic Global Equity Fund 313 AI Stewardship Fixed Interest Fund 328 AI Stewardship International Equity Fund 341 AI Stewardship UK Equity Fund 352 AI Stewardship UK Equity Income Fund 361 AI Sterling Gilt Fund 369 AI UK Equity Alpha Fund 381 AI UK Equity Core Fund 391 AI UK Equity Dividend Fund 400 AI UK Listed Equity Fund 409 AI UK Listed Equity ex Tobacco Fund 421 AI UK Listed Equity Income Fund 430 AI US Large Cap Equity Fund 439 General Information 449 Securities Financing Transactions Regulation Disclosure 450

* 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 2025 | avivainvestors.com

Scheme Information

AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).

DIRECTORS J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates B Fowler (resigned 15 January 2025) M Kingdon (appointed 12 March 2025) J Lowe K McClellan

INVESTMENT MANAGERS Aviva Investors Global Services Limited 80 Fenchurch Street London, EC3M 4AE

Nomura Asset Management Europe 1 Angel Lane London, EC4R 3AB

Schroder Investment Management Limited 1 London Wall Place London, EC2Y 5AU

Fidelity International Beech Gate, Millfield Lane, Lower Kingswood Tadworth, Surrey KT20 6RP B

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

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 2025

ACS Manager’s Report

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 2025 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 2025. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the period. We hope that you find our review useful and informative.

SIGNIFICANT INFORMATION

TERMINATION OF THE AI CONTINENTAL EUROPEAN EQUITY ALPHA 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.

ACS MANAGER’S REPORT

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

ACS Manager’s Report (continued)

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 2025 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.

M Bell Director

K McClellan Director 29 August 2025

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

Cross Holdings

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 2025 are as follows:

AI Balanced Life Fund

Fund Units

Market Value £000 AI Asia Pacific ex Japan Fund 6,163,654 9,880 AI Global Equity Fund 10,033,263 29,974 AI Japan Equity Fund 6,325,833 7,572 AI UK Listed Equity Fund 25,616,054 32,908 AI US Large Cap Equity Fund 11,445,504 39,837

AI Balanced Pension Fund

Fund Units

Market Value £000 AI Asia Pacific ex Japan Fund 179,579,539 183,126 AI Global Equity Fund 502,384,471 562,696 AI Japan Equity Fund 116,627,175 140,366 AI UK Listed Equity Fund 370,977,107 619,290 AI US Large Cap Equity Fund 196,149,339 748,425

AI Cautious Pension Fund

Fund Units

Market Value £000 AI Asia Pacific ex Japan Fund 2,554,059 2,605 AI Global Equity Fund 7,791,347 8,727 AI Japan Equity Fund 2,442,485 2,939 AI UK Listed Equity Fund 4,325,246 7,220 AI US Large Cap Equity Fund 1,757,632 6,707

AI Distribution Life Fund

Fund Units

Market Value £000 AI Sterling Corporate Bond Fund 13,988,783 12,742 AI Sterling Gilt Fund 8,383,365 7,041 AI UK Listed Equity Fund 7,412,640 9,523

CROSS HOLDINGS

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

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 2025, the Sub-fund returned 4.1% (gross of fees). The Sub-fund’s benchmark, the UK GBP 3-month SONIA (+4%), returned 5.9% over the same period. Review The year began on a weak footing, with global equity markets shaken by aggressive trade policy shifts, US policy volatility, and geopolitical tensions. The portfolios posted negative returns in quarter one (Q1), largely due to losses in US and global equity holdings. However, a sharp rebound in quarter two (Q2), fuelled by easing trade tensions, more than offset early losses. Key contributors over the half included European and UK equities as well as gold, while US equities were the primary detractor following a difficult Q1. Dynamic asset allocation proved crucial in navigating this volatile period. In Q1, markets were whipsawed by executive actions from the Trump administration, the disruptive entrance of China’s DeepSeek in the Artificial Intelligence (AI) race, and a pivot in German fiscal and defence policy. This led to notable divergence across equity markets and currencies. The portfolio posted a marginally negative return in Q1, driven largely by weakness in US large caps, which struggled amid trade fears, AI-related rotations, and reduced investor confidence in US growth. In contrast, allocations to gold and selective regional tilts, such as UK and European large caps, helped cushion downside. In fixed income, an initial preference for credit gave way to growing caution as recession fears mounted. By March, we had reduced exposure to investment-grade debt and increased allocations to US treasuries and EM local debt. As credit spreads widened and treasury yields fell, this rotation protected the portfolio as investors flocked to safety. We liked EM local debt as yields were attractive relative to developed market (DM) bonds. Moving into Q2, markets remained volatile. President Trump’s “Liberation Day” tariffs prompted a steep April correction, but the subsequent 90-day tariff pause marked a turning point. In response, we reduced short US equity hedges, added to global equities, and selectively increased allocations to European and German large caps as well as US technology via the Nasdaq-100. Moving into May, the pause in reciprocal tariffs between the US and China helped US equities deliver their best May performance since 1990. Germany’s DAX reached record highs, while Chinese stocks rallied as the initial threat of 140% tariffs on Chinese goods into the US receded. As such, our decision to re-risk the portfolio paid off with our global and regional equity allocations performing exceptionally well over the quarter. Turning to fixed income, our biggest concern remains bond market instability due to rising populist fiscal policies and potential erosion of central bank credibility. While valuations improved after the sharp sell-off in April, concerns around rising US debt levels and persistent inflation limited our conviction. As such, we rotated a large amount of our government bond exposure into German bunds as a safe-haven position. Germany’s fiscal situation is expected to stay disciplined, and inflation should remain under control. Credit exposure remained largely unchanged in Q2, with investment-grade and EM debt both adding modest value.

AI BALANCED LIFE FUND

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

INVESTMENT MANAGERS’ REPORT (CONTINUED) Review (continued) In alternatives, gold was a solid contributor across the period. Increased exposure in Q1 provided protection during drawdowns, and profits were tactically locked in mid-Q2 as recession risks receded. Currency positioning continued to favour a weaker US dollar, with long euro and sterling exposure contributing positively to performance. We believe the risks of a near-term cyclical downturn are wellcontained, aided by measured policy support and improving sentiment. Our positioning reflects a constructive outlook on equities, especially in financials and outside the US, a neutral stance on rates and credit, and a continued underweight in the US dollar, complemented by gold as a strategic diversifier. Over the medium term, we continue to monitor structural risks particularly around debt sustainability and trade policy volatility – but for now, a balanced allocation across geographies and asset classes remains our preferred strategy. August 2025 * Sources: Sub-fund and peer group performance figures – Lipper, a Thomson Reuters Company, 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 2020 % 2021 % 2022 % 2023 % 2024 % UK Corporate Income Distribution Units 8.3 11.0 -11.3 7.3 8.8 Benchmark – SONIA plus 4% 4.3 4.1 5.4 8.9 9.4 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/Lipper, a Thomson Reuters company. 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.

AI BALANCED LIFE FUND (CONTINUED)

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.

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PERFORMANCE RECORD

UK Corporate Income Distribution Units

Six months ended 30.06.25 (pence per Unit)

Year ended 31.12.24 (pence per Unit)

Year ended 31.12.23 (pence per Unit)

Year ended 31.12.22 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 132.95 125.09 119.37 137.89 Return before operating charges † 6.59 11.24 8.94 (16.47) Operating charges # (0.01) (0.07) (0.08) (0.03) Return after operating charges † 6.58 11.17 8.86 (16.50) Distributions on income Units – ‡ (3.31) (3.14) (2.02) Closing net asset value per Unit 139.53 132.95 125.09 119.37

† after direct transaction costs of# f# : 0.02 0.02 0.10 0.02 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 4.95% 8.93% 7.42% (11.97)%

Other information Closing net asset value (£000) 304,526 302,125 315,486 323,781 Closing number of Units 218,258,084 227,241,628 252,203,988 271,244,824 Operating charges 0.04%* 0.06% 0.08% 0.02% Direct transaction costs** 0.02% 0.02% 0.08% 0.02% Prices ^ Highest Unit price (p) 140.10 140.10 129.30 138.30 Lowest Unit price (p) 124.30 123.20 118.60 117.50 * Annualised in accordance with IA guidelines published in October 2011. ** Expressed by reference to the average NAV during the period/year. ^ 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 01.01.25 Units Issued Units Redeemed

Closing 30.06.25 UK Corporate Income Distribution Units 227,241,628 6,424,609 (15,408,153) 218,258,084

COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT As at 30 June 2025 (unaudited)

AUTHORISED CONTRACTUAL SCHEMES – 39.46% (40.52%) 6,163,654 AI Asia Pacific ex Japan Fund # 9,880 3.24 10,033,263 AI Global Equity Fund # 29,974 9.84 6,325,833 AI Japan Equity Fund # 7,572 2.49 25,616,054 AI UK Listed Equity Fund # 32,908 10.81 11,445,504 AI US Large Cap Equity Fund # 39,837 13.08 Total Authorised Contractual Schemes 120,171 39.46 COLLECTIVE INVESTMENT SCHEMES – 27.73% (30.02%) 30,485 Amundi Physical Gold ETC 2,900 0.95 87,590 L&G India INR Government Bond UCITS ETF 565 0.19 41,754,743 Schroder Advanced Beta Global Corporate Bond Fund 24,635 8.09 35,436 Schroder International Selection Fund Global Multi-Asset Balanced 6,122 2.01 123,664 Schroder International Selection Fund Greater China 18,005 5.91 131,729 Schroder International Selection Global High Yield Bond Fund 7,460 2.45 24,750,000 Schroder Sterling Cash X Income Fund 24,750 8.13 Total Collective Investment Schemes 84,437 27.73 EQUITIES – 15.59% (19.87%) UNITED KINGDOM – 0.24% (0.03%) 836 AstraZeneca 85 0.03 1,049 BAE Systems 20 0.01 815 Coca-Cola Europacific Partners 55 0.02 1,904 Diageo 35 0.01 10,725 HSBC Holdings 95 0.03 6,687 Land Securities 42 0.01 16,068 M&G 41 0.01 1,378 Melrose 7 1,871 RELX 74 0.02 1,325 Rio Tinto 56 0.02 2,950 Rolls-Royce 29 0.01 7,752 Segro REIT 53 0.02 3,939 Shell 101 0.03 1,567 Unilever 69 0.02 Total United Kingdom 762 0.24 AUSTRIA – 0.04% (0.05%) 1,170 Erste Bank 72 0.02 480 OMV 19 0.01 290 Verbund 16 0.01 Total Austria 107 0.04 AUSTRALIA – 0.08% (0.00%) 3,743 BHP Billiton 66 0.02 759 Commonwealth Bank of Australia 67 0.02 1,530 SGH 39 0.01 6,009 Transurban Group 40 0.01 4,324 Westpac Banking 70 0.02 Total Australia 282 0.08 BELGIUM – 0.14% (0.15%) 1,838 Ageas (BRU) 90 0.03 3,371 Anheuser-Busch InBev 168 0.05 542 Groupe Bruxelles Lambert 34 0.01 791 KBC Group 59 0.02 2 Lotus Bakeries 14 275 Syensqo 15 0.01 458 UCB 65 0.02 Total Belgium 445 0.14

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 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

BERMUDA – 0.01% (0.01%) 5,693 Aegon 30 0.01 5,693 Aegon – Total Bermuda 30 0.01 BRAZIL – 0.03% (0.00%) 33,314 Itausa Investimentos 49 0.02 9,704 Telefônica Brasil 40 0.01 Total Brazil 89 0.03 CANADA – 0.21% (0.01%) 739 Agnico Eagle Mines 64 0.02 3,060 Arc Resources 47 0.02 798 Bank of Montreal 64 0.02 1,669 Canadian Utilities ‘A’ 33 0.01 597 CGI 45 0.01 2,505 Element Fleet Management Corporation 46 0.02 2,216 Enbridge 73 0.02 333 Intact Financial 56 0.02 2,676 Manulife Financial 62 0.02 585 Royal Bank of Canada 56 0.02 1,324 TC Energy Corporation 47 0.02 132 Waste Connections 18 0.01 Total Canada 611 0.21 CAYMAN ISLANDS – 0.14% (0.00%) 6400 Alibaba Group Holding 65 0.02 2400 Anta Sports 21 0.01 3750 Baidu ‘A’ 29 0.01 3000 Chailease Holdings 9 6500 China Resources Land 16 0.01 4500 CK Hutchison Holdings 20 0.01 20000 Geely Automobile Holding 30 0.01 1700 Li Auto 17 0.01 1200 Pop Mart 30 0.01 2600 Tencent Holdings 122 0.04 13000 WH Group 9 8000 Wharf Real Estate Investment Company 16 0.01 2100 Xpeng 14 950 ZTO Express Cayman 12 Total Cayman Islands 410 0.14 CHANNEL ISLANDS – 0.00% (0.01%) 1764 Amcor 12 223 Aptiv Holdings 11 Total Channel Islands 23 CHINA – 0.06% (0.00%) 40000 Bank of Communications 27 0.01 86000 CGN Power 21 0.01 55000 China CITIC Bank 38 0.01 37000 China Life Insurance 65 0.02 18000 China Petroleum & Chemical ‘H’ 7 3400 Nongfu Spring 13 12000 Petrochina 8 14000 Picc Property & Casualty 20 0.01 15000 Postal Saving Bank China ‘H‘ 8 2000 Tsingtao Brewery ‘H‘ 10 Total China 217 0.06

Holding or Nominal value Market value £000

Total net assets%

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AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

CZECH REPUBLIC – 0.02% (0.00%) 1,309 CEZ 56 0.02 Total Czech Republic 56 0.02 DENMARK – 0.40% (0.60%) 30 A P Moller – Maersk A/S 41 0.01 416 Carlsberg ‘B’ 43 0.01 489 Coloplast ‘B’ 34 0.01 2,639 Danske Bank 78 0.03 774 DSV 136 0.04 245 Genmab 37 0.01 13,787 Novo Nordisk 698 0.23 1,336 Novonesis Novozymes 70 0.02 670 Ørsted 21 0.01 331 Pandora 42 0.01 1,343 Tryg 25 0.01 3,799 Vestas Wind System 41 0.01 Total Denmark 1,266 0.40 FINLAND – 0.21% (0.19%) 613 Elisa Communications 25 0.01 1,666 Fortum 23 0.01 864 Kesko ‘B’ 15 0.01 1,354 Kone ‘B’ 65 0.02 2,434 Metso Corporation 23 0.01 1,782 Neste Oyj 18 0.01 19,287 Nokia 73 0.02 11,771 Nordea Bank (EUR) 127 0.04 360 Orion 20 0.01 8,143 Sampo OYJ 64 0.02 1,968 Stora Enso (registered) 16 0.01 4,882 UPM-Kymmene 97 0.03 1,625 Wartsila Corporation 28 0.01 Total Finland 594 0.21 FRANCE – 1.95% (2.00%) 915 Accor 35 0.01 146 ADP Promesses 13 2,682 Air Liquide 402 0.13 1,396 Alstom 24 0.01 247 Amundi 15 0.01 181 Arkema 10 8,608 AXA 307 0.10 181 BioMérieux 18 0.01 4,670 BNP Paribas 305 0.10 3,682 Bollore 17 0.01 865 Bouygues 28 0.01 1,227 Bureau Veritas 30 0.01 566 Capgemini 70 0.02 2,144 Carrefour 22 0.01 944 Covivio REIT 43 0.01 4,187 Credit Agricole 58 0.02 2,443 Danone 145 0.05 2,443 Dassault Systemes 64 0.02 1,036 Edenred 23 0.01 290 Eiffage 30 0.01 6,839 Engie 117 0.04 1,400 Essilor International 279 0.09 495 Gecina 40 0.01 1,626 Getlink 23 0.01 118 Hermes International 232 0.08 165 Ipsen Promesses 14 300 Kering 47 0.02

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 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

FRANCE – 1.95% (2.00%) (continued) 3,084 Klepierre 88 0.03 901 L’Oreal 280 0.09 974 Legrand Promesses 95 0.03 1,213 LVMH 462 0.15 2,543 Michelin (CGDE) 69 0.02 11,435 Orange 126 0.04 734 Pernod-Ricard 53 0.02 844 Publicis Groupe 69 0.02 799 Renault 27 0.01 1,064 Rexel 24 0.01 1,471 Safran 348 0.11 1,731 Saint Gobain 148 0.05 4,231 Sanofi 298 0.10 137 Sartorius Stedim Biotech 24 0.01 2,509 Schneider Electric 485 0.16 2,704 Societe Generale 112 0.04 342 Sodexo 15 0.01 237 Teleperformance 17 0.01 398 Thales 85 0.03 8,034 TotalEnergies 359 0.12 574 Unibail Rodamco Westfield 40 0.01 2,616 Veolia Environnement 68 0.02 1,836 Vinci 197 0.06 Total France 5,900 1.95 GERMANY – 1.92% (1.90%) 643 Adidas 109 0.04 1,740 Allianz 513 0.17 3,404 BASF 122 0.04 3,625 Bayer 79 0.03 812 Beiersdorf 74 0.02 1,248 BMW 81 0.03 438 Brenntag 21 0.01 3,479 Commerzbank 79 0.03 463 Continental 29 0.01 223 CTS Eventim 20 0.01 2,696 Daimler 115 0.04 3,026 Daimler Truck Holding 104 0.03 444 Delivery Hero 9 6,978 Deutsche Bank 150 0.05 708 Deutsche Boerse 168 0.05 15,509 Deutsche Telekom 412 0.14 3,634 DHL Group 122 0.04 496 Dr. Ing. h.c. F. Porsche Preferred shares 18 0.01 8,537 E.On 114 0.04 987 Evonik Industries 15 0.01 1,499 Fresenius 55 0.02 735 Fresenius Medical Care 30 0.01 657 GEA Group 33 0.01 216 Hannover Rueck 49 0.02 523 HeidelbergCement 89 0.03 1,163 Henkel 61 0.02 4,908 Infineon Technologies 152 0.05 308 Knorr-Bremse 22 0.01 367 Leg Immobilien 24 0.01 367 Leg Immobilien – 475 Merck KGaA 45 0.01 224 MTU Aero Engines 72 0.02 500 Muenchener Rueckver 236 0.08 254 Nemetschek 27 0.01 623 Porsche preference 18 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 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

GERMANY – 1.92% (1.90%) (continued) 16 Rational 10 180 Rheinmetall 277 0.09 2,306 RWE 70 0.02 4,433 SAP 977 0.32 86 Sartorius preference 16 0.01 350 Scout24 35 0.01 3,387 Siemens 635 0.21 2,404 Siemens Energy 202 0.07 1,107 Siemens Healthineers 45 0.01 511 Symrise 39 0.01 189 Talanx 18 0.01 702 Volkswagen preference 54 0.02 2,785 Vonovia 72 0.02 3,049 Vonovia Rights +~ – 823 Zalando 20 0.01 Total Germany 5,737 1.92 HONG KONG – 0.02% (0.00%) 4,000 China Mengniu Dairy 6 9,000 China Overseas Land and Investment 11 6,500 China Resources Beer (Holdings) 15 0.01 12,000 CSPC Pharmaceutical 9 6,000 HKT Trust 7 8,000 Lenovo Group 7 2,000 Techtronic Industries 16 0.01 Total Hong Kong 71 0.02 INDIA – 0.10% (0.00%) 898 Axis Bank GDR 45 0.01 3,075 ICICI Bank ADR 75 0.02 6,750 Gail India GDR 65 0.02 1,284 HDFC Bank ADR 72 0.02 1,037 Reliance Industries 53 0.02 13,254 Wipro ADR 29 0.01 Total India 339 0.10 INDONESIA – 0.01% (0.00%) 28,000 Bank Mandiri 6 91,100 Bank Negra Indonesia 17 0.01 35,800 Bank Rakyat Indonesia 6 Total Indonesia 29 0.01 IRELAND – 0.13% (0.23%) 206 Accenture 45 0.01 7,303 AIB Group 44 0.01 126 Allegion 13 4,266 Bank of Ireland Group 44 0.01 557 CRH 37 0.01 154 Eaton Corporation 40 0.01 97 Flutter Entertainment 20 0.01 268 Johnson Controls 21 0.01 598 Kerry Group ‘A’ 48 0.02 590 Kingspan Group 36 0.01 19 Linde 7 533 Medtronic 34 0.01 36 Steris 6 244 TE Connectivity 30 0.01 68 Trane Technologies 22 0.01 Total Ireland 447 0.13 ITALY – 0.45% (0.43%) 346 Amplifon 6 5,060 Banco BPM 43 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 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% ITALY – 0.45% (0.43%) (continued) 361 Diasorin 28 0.01 30,699 Enel 212 0.07 7,956 ENI 94 0.03 2,437 Finecobank Banco Fineco 39 0.01 3,624 Generali 94 0.03 57,396 Intesa Sanpaolo 240 0.08 1,634 Leonardo 67 0.02 5,316 Mediobanca 90 0.03 959 Moncler 40 0.01 1,993 Nexi 9 2,104 Poste Italiane 33 0.01 947 Prysmian 49 0.02 396 Recordati 18 0.01 8,183 Snam 36 0.01 33,444 Telecom Italia 12 6,212 Terna 46 0.02 5,285 Unicredit 257 0.08 Total Italy 1,413 0.45 JAPAN – 0.35% (0.94%) 700 Aeon 16 0.01 1,100 Aisin Seiki 10 1,900 Asahi Group Holdings 18 0.01 1,500 Bandai Namco Holdings 39 0.01 1,000 Canon 21 0.01 1,300 East Japan Railway 20 0.01 4,000 ENEOS Holdings 14 1,900 Fanuc Corporation 38 0.01 1,700 Fujifilm Holdings Corporation 27 0.01 3,500 Hitachi 74 0.02 2,400 Idemitsu Kosan 11 2,800 Japan Post Holdings 19 0.01 1,100 JFE Holdings 9 700 Kao 23 0.01 1,800 Kawasaki Kisen Kaisha 19 0.01 1,200 Kikkoman 8 4,000 Kirin Holdings 41 0.01 2,400 Kyocera 21 0.01 100 Lasertec 10 12,100 LY Corporation 32 0.01 1,100 MatsukiyoCocokara 16 0.01 1,900 Minebea 20 0.01 1,500 Mitsubishi HC Capital 8 5,900 Mitsubishi UFJ Financial Group 59 0.02 300 Mitsui O.S.K. Lines 7 1,600 NEC 34 0.01 600 Nexon 9 1,500 Nidec 21 0.01 2,700 Nippon Paint Holdings 16 0.01 500 Nippon Steel Corporation 7 600 Nomura Research Institute 18 0.01 1,900 Obayashi 21 0.01 1,700 Oriental Land 29 0.01 300 Otsuka Holdings 11 1,100 Pan Pacific International Holdings 28 0.01 2,200 Renesas Electronics 20 0.01 800 SBI Holdings 20 0.01 1,300 Secom 34 0.01 100 Shimano 11 2,400 Sony 45 0.01 2,800 Subaru Corporation 36 0.01 3,100 Sumitomo Corporation 58 0.02

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% JAPAN – 0.35% (0.94%) (continued) 2,300 Terumo 31 0.01 3,300 Toyota Motor 42 0.01 500 West Japan Railway 8 Total Japan 1,079 0.35 LIBERIA – 0.01% (0.01%) 87 Royal Caribbean Cruises 20 0.01 Total Liberia 20 0.01 LUXEMBOURG – 0.14% (0.11%) 1,741 ArcelorMittal 40 0.01 584 Eurofins Scientific 30 0.01 1,047 InPost 13 578 Spotify Technology 323 0.11 1,258 Tenaris 17 0.01 Total Luxembourg 423 0.14 MALAYSIA – 0.05% (0.00%) 9,500 CelcomDigi Berhad 6 30,400 Malayan Banking 51 0.02 27,900 Press Metal Berhad 25 0.01 8,100 Public Bank 6 20,500 QL Resources 16 0.01 5,400 RHB Capital 6 25,900 SD Guthrie 21 0.01 Total Malaysia 131 0.05 MEXICO – 0.02% (0.00%) 22,423 Walmart De Mexico 54 0.02 Total Mexico 54 0.02 NETHERLANDS – 1.09% (1.25%) 1,970 ABN AMRO Group GDR 39 0.01 82 Adyen 109 0.04 719 AerCap 61 0.02 2,276 Airbus Group 346 0.11 762 AkzoNobel 39 0.01 226 Argen 91 0.03 170 ASM International 79 0.03 1,656 ASML Holding 961 0.32 632 ASR Nederland 30 0.01 293 BE Semiconductor Industries 32 0.01 6,801 Davide Campari-Milano 33 0.01 343 Euronext 43 0.01 414 Exor 30 0.01 475 Ferrari New 169 0.06 1,793 Ferrovial International 69 0.02 1,032 Heineken 65 0.02 564 Heineken Holdings 31 0.01 233 IMCD Group 23 0.01 11,919 ING Groep 190 0.06 3,474 Koninklijke Ahold 106 0.03 2,813 Koninklijke Philips 49 0.02 14,879 KPN 53 0.02 1,076 NN Group 52 0.02 138 NXP Semiconductors 22 0.01 5,168 Prosus 210 0.07 891 Qiagen 31 0.01 7,311 Stellantis 53 0.02 2,562 STMicroelectronics 57 0.02 2,937 Universal Music Group 69 0.02 1,155 Wolters Kluwer certificates 140 0.05 Total Netherlands 3,282 1.09

Page 18

Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% NEW ZEALAND – 0.01% (0.00%) 11,271 Auckland International Airport 38 0.01 Total New Zealand 38 0.01 NORWAY – 0.12% (0.12%) 1,146 Aker BP 21 0.01 3,563 DNB Bank ASA 72 0.02 2,992 Equinor 55 0.02 1,727 Kongsberg Gruppen 49 0.02 1,945 Marine Harvest 27 0.01 5,274 Norsk Hydro 22 0.01 2,686 Orkla 21 0.01 250 Salmar 8 2,758 Telenor 31 0.01 710 Yara International 19 0.01 Total Norway 325 0.12 PHILIPPINES – 0.01% (0.00%) 3,120 Ayala Corp 23 0.01 2,180 International Container Terminal Services 12 365 Philippine Long Distance 6 Total Philippines 41 0.01 POLAND – 0.02% (0.00%) 106 mBank 17 0.01 307 Santander Bank Polska 31 0.01 Total Poland 48 0.02 PORTUGAL – 0.03% (0.02%) 12,482 Energias de Portugal 39 0.01 1,514 Galp Energia 20 0.01 1,297 Jeronimo Martins 24 0.01 Total Portugal 83 0.03 SINGAPORE – 0.02% (0.00%) 13,500 Keppel Corporation 57 0.02 Total Singapore 57 0.02 SOUTH AFRICA – 0.01% (0.00%) 3,123 Aspen Pharmacare 15 0.01 20,092 Old Mutual 10 Total South Africa 25 0.01 SOUTH KOREA – 0.05% (0.00%) 462 KB Financial ADR 28 0.01 583 Posco ADR 21 0.01 91 Samsung GDR 73 0.02 951 Shinhan Financial Group ADR 31 0.01 Total South Korea 153 0.05 SPAIN – 0.54% (0.53%) 80 Acciona 10 761 Actividades de Construccion y Servicios 38 0.01 2,840 Aena 55 0.02 2,699 Amadeus IT Group ‘A’ 165 0.05 22,874 Banco de Sabadell 53 0.02 56,626 Banco Santander 341 0.11 21,582 BBV Argentaria 241 0.08 13,855 CaixaBank 87 0.03 2,000 Cellnex Telecom 56 0.02 1,766 EDP Renovaveis 14 1,316 Endesa 30 0.01 994 Grifols ‘A’ 9 21,659 Iberdrola 302 0.10 4,148 Industria de Diseno Textil 157 0.05

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% SPAIN – 0.54% (0.53%) (continued) 1,335 Red Electrica de Espana 21 0.01 4,066 Repsol 43 0.01 15,340 Telefonica 59 0.02 Total Spain 1,681 0.54 SWEDEN – 0.62% (0.67%) 1,166 Alfa Laval 35 0.01 3,818 Assa Abloy ‘B’ 86 0.03 6,013 Atlas Copco 70 0.02 10,420 Atlas Copco ‘B’ 106 0.03 1,311 Beijer Ref ‘B’ 15 0.01 654 Biovitrum 14 909 Boliden SEK 21 0.01 3,112 Epiroc A 50 0.02 1,350 EQT 33 0.01 14,224 Ericsson ‘B’ 88 0.03 2,435 Essity Aktiebolag ‘B’ 49 0.02 655 Evolution Gaming Group 38 0.01 3,511 Fastighets AB Balder 19 0.01 2,384 Hennes & Mauritz ‘B’ 24 0.01 7,362 Hexagon 53 0.02 1,034 Industivarden ‘C’ 27 0.01 1,038 Indutrade 21 0.01 9,359 Investor B 200 0.07 584 Latour Investment ‘B’ 11 995 Lifco 29 0.01 294 Lundbergs ‘B’ 11 6,478 Nibe Industrier 20 0.01 1,450 Saab AB 58 0.02 1,310 Sagax ‘B’ 22 0.01 7,753 Sandvik 128 0.04 1,604 Securitas ‘B’ 17 0.01 10,590 Skandinaviska Enskilda Banken ‘A’ 134 0.04 1,566 Skanska ‘B’ 27 0.01 1,476 SKF ‘B’ 24 0.01 6,092 Svenska Cellulosa ‘B’ 57 0.02 5,644 Svenska Handelsbanken 54 0.02 2,950 Swedbank ‘A’ 56 0.02 1,885 Tele2 ‘B’ 20 0.01 8,135 Telia 21 0.01 995 Trelleborg ‘B’ 27 0.01 5,904 Volvo ‘B’ 120 0.04 Total Sweden 1,785 0.62 SWITZERLAND – 1.79% (1.98%) 5,994 ABB (registered) 260 0.09 1,908 Alcon 123 0.04 2,018 Amrize 73 0.02 183 Baloise Holding 31 0.01 13 Barry Callebaut 10 1,700 Beigene 23 0.01 7 Chocoladefabriken Lindt & Sprüngli Participating Certificates 86 0.03 189 Chubb 40 0.01 2,016 Cie Financiere Richemont ‘A’ 276 0.09 628 DSM-Firmenich 49 0.02 27 Ems-Chemie 15 0.01 68 Garmin 10 118 Geberit 67 0.02 35 Givaudan 123 0.04 181 Helvetia Holding 31 0.01 2,018 Holcim 109 0.04 843 Julius Baer Group 41 0.01

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% SWITZERLAND – 1.79% (1.98%) (continued) 182 Kuehne + Nagel International 29 0.01 586 Logitech 38 0.01 270 Lonza Group 140 0.05 11,203 Nestle 810 0.27 8,622 Novartis (registered) 760 0.25 83 Partners Group 79 0.03 3,063 Roche Holding 726 0.24 142 Roche Holding ‘B’ 36 0.01 1,612 Sandoz Group 64 0.02 248 Schindler participation certificates 67 0.02 612 SGS 45 0.01 1,695 SIG Combibloc Group 23 0.01 910 Sika 180 0.06 202 Sonova Holding 44 0.01 445 Straumann Holding 42 0.01 187 Swiss Life Holdings 138 0.05 291 Swiss Prime Site 32 0.01 1,132 Swiss Reinsurance (registered) 142 0.05 109 Swisscom (registered) 56 0.02 231 Temenos Group 12 105 The Swatch Group ‘B’ 12 12,322 UBS Group 303 0.10 115 VAT Group 35 0.01 550 Zurich Insurance Group 280 0.09 Total Switzerland 5,460 1.79 TAIWAN – 0.13% (0.00%) 16,000 ASE Technology Holding 59 0.02 23,000 Cathay Financial Holding 36 0.01 3,000 Chunghwa Telecom 10 39,000 CTBC Financial Holding 43 0.01 10,000 E.Sun Financial Holdings 8 16,000 Fubon Financial Holding 35 0.01 3,000 Lite-On Technology 8 23,000 Mega Financial 24 0.01 9,000 Nan Ya Plastics 6 2,000 Quanta Computer 14 4,000 Synnex Technology International 6 9,000 Taiwan Cement 6 11,000 Taiwan Cooperative Financial Holding 7 10,000 Taiwan High Speed Rail 7 8,000 Taiwan Semiconductor Manufacturing 212 0.07 6,000 United Microelectronics 7 3,000 Wistron 9 Total Taiwan 497 0.13 THAILAND – 0.01% (0.00%) 6,600 Advanced Info Services 41 0.01 5,500 Central Pattana 6 2,800 Delta Electronics 6 34,800 Home Product Center 5 Total Thailand 58 0.01 UNITED STATES – 4.41% (8.63%) 183 3M 20 0.01 812 Abbott Laboratories 81 0.03 641 AbbVie 87 0.03 167 Adobe 47 0.02 716 Advanced Micro Devices 74 0.02 203 Aflac 16 0.01 118 Agilent Technologies 10 79 Air Products & Chemicals 16 0.01

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% UNITED STATES – 4.41% (8.63%) (continued) 61 Align Technology 8 105 Allstate Corporation 15 0.01 2,034 Alphabet ‘A’ 262 0.09 1,732 Alphabet ‘C’ 224 0.07 3,407 Amazon.com 545 0.18 305 American Express 71 0.02 91 Ameriprise Financial 35 0.01 53 Ametek 7 778 Amphenol Corporation ‘A’ 56 0.02 253 Analog Devices 44 0.01 5,130 Apple 768 0.25 393 Applied Materials 52 0.02 97 AppLovin Corporation 25 0.01 175 Arch Capital Group 12 274 Archer Daniels Midland 11 250 Arconic 34 0.01 124 Ares Management Corporation ‘A’ 16 0.01 640 Arista Networks 48 0.02 3,288 AT&T 69 0.02 66 Atlassian 10 264 Atmos Energy 30 0.01 129 Autodesk 29 0.01 187 Automatic Data Processing 42 0.01 8 Autozone 22 0.01 527 Avantor 5 13 Avery Dennison 2 40 Axon Enterprise 24 0.01 288 Baker Hughes ‘A’ 8 1,788 Bank of America 62 0.02 294 Bank of New York Mellon 20 0.01 429 Baxter International 9 480 Berkshire Hathaway ‘B’ 170 0.06 76 Biogen 7 71 BlackRock Funding 54 0.02 390 Blackstone Group A 43 0.01 236 Block 12 308 Boeing 47 0.02 12 Booking Holdings 51 0.02 564 Boston Scientific 44 0.01 1,151 Bristol Myers Squibb 39 0.01 1,573 Broadcom Corporation 316 0.10 188 Brown & Brown 15 0.01 141 Cadence Design Systems 32 0.01 421 Capital One Financial Corporation 65 0.02 90 Cardinal Health 11 24 Carlisle 7 521 Carrier Global 28 0.01 205 Caterpillar 58 0.02 292 CBRE Group 30 0.01 71 CDW Corporation 9 71 Cencora 16 0.01 216 Centene 9 626 Charles Schwab 42 0.01 53 Charter Communications ‘A’ 16 0.01 108 Cheniere Energy 19 0.01 592 Chevron Corporation 62 0.02 111 Chicago Mercantile Exchange 22 0.01 904 Chipotle Mexican Grill 37 0.01 145 Cigna Corporation 35 0.01 203 Cincinnati Financial 22 0.01 261 Cintas 42 0.01

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% UNITED STATES – 4.41% (8.63%) (continued) 1,877 Cisco Systems 95 0.03 716 Citigroup 44 0.01 129 Cloudflare 18 0.01 1,814 Coca-Cola 94 0.03 286 Cognizant Technology Solutions 16 0.01 64 Coinbase Global 16 0.01 217 Colgate-Palmolive 14 1,448 Comcast 38 0.01 124 Constellation Energy 29 0.01 308 Copart 11 68 Corpay 16 0.01 253 Costar Group 15 0.01 206 Costco Wholesale 149 0.05 340 Coterra Energy 6 145 CrowdStrike Holdings ‘A’ 54 0.02 1,494 CSX 36 0.01 35 Cummins 8 475 CVS Health 24 0.01 190 D.R.Horton 18 0.01 185 Danaher 27 0.01 66 Darden Restaurants 10 138 Datadog 14 122 Deere & Company 45 0.01 132 Dell 12 178 Dexcom 11 1,307 Discovery 11 142 Dollar General 12 72 Dollar Tree Stores 5 996 Dominion Energy 41 0.01 311 DoorDash 56 0.02 132 Ecolab 26 0.01 124 Electronic Arts 14 122 Elevance Health 35 0.01 292 Eli Lilly 166 0.05 133 Emerson Electric 13 311 EOG Resources 27 0.01 67 Equifax 13 211 Estee Lauder ‘A’ 12 296 Eversource Energy 14 572 Exelon 18 0.01 1,514 Exxon Mobil 119 0.04 80 Fedex 13 12 FICO 16 0.01 308 Fidelity National Financial 13 239 Fidelity National Information Services 14 329 Fiserv 41 0.01 2,777 Ford Motor 22 0.01 208 Fortinet 16 0.01 683 Fortive Corporation 26 0.01 797 Freeport-McMoRan ‘B’ 25 0.01 36 Gartner ‘A’ 11 192 GE Healthcare 10 153 GE Vernova 59 0.02 483 General Electric 91 0.03 503 General Motors 18 0.01 631 Gilead Sciences 51 0.02 120 GoDaddy ‘A’ 16 0.01 133 Goldman Sachs Group 69 0.02 365 HEICO A 69 0.02 89 Hershey Company 11 116 Hess 12 –

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% UNITED STATES – 4.41% (8.63%) (continued) 352 Hewlett Packard Enterprise 5 369 Home Depot 99 0.03 487 HP 9 20 HubSpot 8 49 Humana 9 346 IBM 74 0.02 67 Idexx Laboratories 26 0.01 216 Illinois Tool Works 39 0.01 125 Illumina 9 2,190 Intel 36 0.01 278 Intercontinental Exchange 37 0.01 188 International Flavors & Fragrances 10 144 Intuit 83 0.03 161 Intuitive Surgical 64 0.02 71 IQVIA Holdings 8 5 J.B. Hunt Transport Services 1 391 Johnson & Johnson 44 0.01 901 JPMorgan Chase & Co 191 0.06 187 Kellanova 11 789 Kenvue 12 508 Keurig Dr Pepper 12 67 Keysight Technologies 8 172 Kimberly-Clark 16 0.01 1,079 Kinder Morgan 23 0.01 456 KKR & Co. 44 0.01 70 KLA Corporation 46 0.02 466 Kraft Heinz 9 301 Kroger 16 0.01 403 Lam Research 29 0.01 411 Las Vegas Sands 13 332 Lowe’s Companies 54 0.02 35 Lululemon Athletica 6 164 M&T Bank 23 0.01 14 Martin Marietta Materials 6 211 Marvell Technology 12 297 Mastercard 122 0.04 344 McDonald’s 73 0.02 41 McKesson HBOC 22 0.01 1,093 Merck & Co 63 0.02 770 Meta Platforms 415 0.14 246 Metlife 14 14 Mettler Toledo International 12 452 Micron Technology 41 0.01 2,388 Microsoft 866 0.28 103 Microstrategy 30 0.01 141 Molson Coors Beverage ‘B’ 5 21 MongoDB 3 20 Monolithic Power Systems 11 151 Monster Beverage 7 58 Moody’s 21 0.01 542 Morgan Stanley 56 0.02 60 Motorola Solutions 18 0.01 175 NetApp 14 160 Netflix 156 0.05 769 Newmont Mining 33 0.01 537 News Corporation ‘A’ 12 1,088 NextEra Energy 55 0.02 520 Nike ‘B’ 27 0.01 785 Nisource 23 0.01 166 NRG Energy 19 0.01 228 Nucor 22 0.01

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% UNITED STATES – 4.41% (8.63%) (continued) 8,752 Nvidia 1,008 0.33 330 O‘Reilly Automotive 22 0.01 553 Occidental Petroleum 17 0.01 220 On Semiconductor 8 629 ONEOK 37 0.01 637 Oracle 102 0.03 168 Otis Worldwide Corporation 12 776 Palantir Technologies 77 0.03 313 Palo Alto Networks 47 0.02 44 Parker-Hannifin 22 0.01 523 PayPal Holdings 28 0.01 201 PepsiCo 19 0.01 2,515 Pfizer 44 0.01 1,511 PG&E 15 0.01 148 Phillips 66 13 607 Procter & Gamble 71 0.02 256 Progressive Corporation Ohio 50 0.02 186 Prudential Financial 15 0.01 140 PTC 18 0.01 617 Public Service Enterprise Group 38 0.01 144 PulteGroup 11 484 Qualcomm 56 0.02 60 Quanta Services 17 0.01 125 Quest Diagnostics 16 0.01 695 Raytheon Technologies 74 0.02 38 Regeneron Pharmaceuticals 15 0.01 799 Regions Financial 14 83 ResMed 16 0.01 62 Rockwell Automation 15 0.01 70 Roper Technologies 29 0.01 231 Ross Stores 22 0.01 128 S&P Global 49 0.02 462 Salesforce.com 92 0.03 909 Schlumberger 22 0.01 630 Sempra Energy 35 0.01 95 ServiceNow 71 0.02 147 Sherwin-Williams 37 0.01 116 Snowflake 19 0.01 480 Starbucks 32 0.01 771 State Street 60 0.02 157 Stryker 45 0.01 126 Super Micro Computer 5 95 Synopsys 36 0.01 437 Sysco 24 0.01 110 Take-Two Interactive 19 0.01 199 Tango Holdings 21 0.01 117 Targa Resources 15 0.01 243 Target 17 0.01 78 Teledyne Technologies 29 0.01 1,033 Tesla Motors 239 0.08 304 Texas Instruments 46 0.02 183 Textron 11 119 Thermo Fisher Scientific 35 0.01 245 T-Mobile US 43 0.01 130 Tractor Supply Company 5 186 Trade Desk 10 38 TransDigm Group 42 0.01 78 Travelers 15 0.01 1,218 Truist Financial Corporation 38 0.01 41 Tyler Technologies 18 0.01 544 U.S. Bancorp 18 0.01

Page 25

avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% UNITED STATES – 4.41% (8.63%) (continued) 709 Uber Technologies 48 0.02 51 Ulta Beauty 17 0.01 259 Union Pacific 43 0.01 350 United Parcel Service ‘B’ 26 0.01 25 United Rentals 14 437 UnitedHealth Group 99 0.03 115 Valero Energy 11 134 VeriSign 28 0.01 68 Verisk Analytics 15 0.01 963 Verizon Communications 30 0.01 120 Vertex Pharmaceuticals 39 0.01 712 Visa ‘A’ 184 0.06 140 Vulcan Materials 27 0.01 411 W.R. Berkley 22 0.01 1,525 Wal-Mart Stores 109 0.04 233 Waste Management 39 0.01 1,495 Wells Fargo 87 0.03 50 West Pharmaceutical Services 8 1,072 Williams Companies 49 0.02 86 Workday ‘A’ 15 0.01 125 Xylem 12 111 Yum! Brands 12 481 Zillow Group ‘C’ 25 0.01 229 Zoetis 26 0.01 300 Zoom Video Communications ‘A’ 17 0.01 Total United States 13,611 4.41

Total Equities 47,679 15.59 GOVERNMENT BONDS – 15.25% (10.44%) UNITED KINGDOM – 13.42% (8.99%) GBP4,800,000 UK Treasury Bill 0% 28/07/2025 4,785 1.57 GBP4,800,000 UK Treasury Bill 0% 04/08/2025 4,781 1.57 GBP5,300,000 UK Treasury Bill 0% 11/08/2025 5,275 1.73 GBP7,300,000 UK Treasury Bill 0% 01/09/2025 7,248 2.38 GBP9,200,000 UK Treasury Bill 0% 22/09/2025 9,113 2.99 GBP2,800,000 UK Treasury Bill 0% 20/10/2025 2,764 0.91 GBP2,000,000 UK Treasury Bill 0% 27/10/2025 1,973 0.65 GBP5,000,000 UK Treasury Bill 0% 10/11/2025 4,924 1.62 Total United Kingdom 40,863 13.42 BRAZIL – 0.16% (0.12%) BRL648 Federative Republic of Brazil 0% 01/01/2026 81 0.03 BRL263 Federative Republic of Brazil 0% 01/07/2026 31 0.01 BRL774 Federative Republic of Brazil 0% 01/07/2027 80 0.03 BRL427 Federative Republic of Brazil 0% 01/01/2029 37 0.01 BRL750 Federative Republic of Brazil 0% 01/01/2032 44 0.01 BRL829 Federative Republic of Brazil 10% 01/01/2027 100 0.03 BRL324 Federative Republic of Brazil 10% 01/01/2029 38 0.01 BRL235 Federative Republic of Brazil 10% 01/01/2031 26 0.01 BRL311 Federative Republic of Brazil 10% 01/01/2033 33 0.01 BRL220 Federative Republic of Brazil 10% 01/01/2035 23 0.01 Total Brazil 493 0.16 CHILE – 0.09% (0.03%) CLP170,000,000 Republic of Chile 0% 06/05/2027 121 0.04 CLP30,000,000 Republic of Chile 0% 01/04/2029 20 0.01 CLP60,000,000 Republic of Chile 4.5% 01/03/2026 47 0.02 CLP45,000,000 Republic of Chile 5% 01/03/2035 34 0.01

Page 26

Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% CHILE – 0.09% (0.03%) (continued) CLP10,000,000 Republic of Chile 5.8% 01/10/2029 8 CLP25,000,000 Republic of Chile 6% 01/04/2033 20 0.01 CLP10,000,000 Republic of Chile 6% 01/01/2043 8 CLP10,000,000 Republic of Chile 6.2% 01/10/2040 8 Total Chile 266 0.09 COLOMBIA – 0.12% (0.09%) COP2,106,000,000 Colombia Government 9.85% 28/06/2027 369 0.12 Total Colombia 369 0.12 CZECH REPUBLIC – 0.14% (0.11%) CZK320,000 Czech Republic Government Bond 1% 26/06/2026 11 CZK3,060,000 Czech Republic Government Bond 1.2% 13/03/2031 92 0.03 CZK1,840,000 Czech Republic Government Bond 1.5% 24/04/2040 43 0.01 CZK2,790,000 Czech Republic Government Bond 1.75% 23/06/2032 84 0.03 CZK670,000 Czech Republic Government Bond 1.95% 30/07/2037 18 0.01 CZK1,410,000 Czech Republic Government Bond 2.5% 25/08/2028 47 0.02 CZK1,370,000 Czech Republic Government Bond 3% 03/03/2033 44 0.01 CZK790,000 Czech Republic Government Bond 4.5% 11/11/2032 28 0.01 CZK820,000 Czech Republic Government Bond 5.5% 12/12/2028 30 0.01 CZK860,000 Czech Republic Government Bond 6% 26/02/2026 30 0.01 Total Czech Republic 427 0.14 HUNGARY – 0.06% (0.05%) HUF3,800,000 Hungary Government 1% 26/11/2025 8 HUF34,100,000 Hungary Government 2% 23/05/2029 62 0.02 HUF14,420,000 Hungary Government 2.25% 20/04/2033 23 0.01 HUF12,150,000 Hungary Government 2.75% 22/12/2026 25 0.01 HUF33,940,000 Hungary Government 3.25% 22/10/2031 60 0.02 HUF5,280,000 Hungary Government 4.5% 23/03/2028 11 HUF5,490,000 Hungary Government 4.75% 24/11/2032 10 Total Hungary 199 0.06 INDONESIA – 0.19% (0.17%) IDR1,131,000,000 Indonesia Government 6.375% 15/04/2032 50 0.02 IDR2,606,000,000 Indonesia Government 6.5% 15/02/2031 117 0.04 IDR348,000,000 Indonesia Government 6.625% 15/05/2033 16 0.01 IDR527,000,000 Indonesia Government 6.625% 15/02/2034 24 0.01 IDR186,000,000 Indonesia Government 6.75% 15/07/2035 8 IDR501,000,000 Indonesia Government 6.875% 15/04/2029 23 0.01 IDR1,840,000,000 Indonesia Government 7% 15/05/2027 84 0.03 IDR1,611,000,000 Indonesia Government 7% 15/09/2030 74 0.02 IDR463,000,000 Indonesia Government 7% 15/02/2033 21 0.01 IDR125,000,000 Indonesia Government 7.125% 15/06/2038 6 IDR213,000,000 Indonesia Government 7.125% 15/06/2042 10 IDR124,000,000 Indonesia Government 7.5% 15/08/2032 6 IDR256,000,000 Indonesia Government 7.5% 15/04/2040 12 IDR159,000,000 Indonesia Government 8.25% 15/06/2032 8 IDR1,100,000,000 Indonesia Government 8.25% 15/05/2036 55 0.02 IDR398,000,000 Indonesia Government 8.375% 15/09/2026 18 0.01 IDR188,000,000 Indonesia Government 8.375% 15/03/2034 9 IDR389,000,000 Indonesia Government 8.75% 15/05/2031 19 0.01 IDR143,000,000 Indonesia Government 9% 15/03/2029 7 IDR180,000,000 Indonesia Government 9.5% 15/07/2031 9 Total Indonesia 576 0.19 MALAYSIA – 0.21% (0.17%) MYR118,000 Malaysia Government 2.632% 15/04/2031 20 0.01 MYR202,000 Malaysia Government 3.447% 15/07/2036 34 0.01 MYR77,000 Malaysia Government 3.465% 15/10/2030 13 MYR204,000 Malaysia Government 3.582% 15/07/2032 36 0.01

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AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% MALAYSIA – 0.21% (0.17%) (continued) MYR153,000 Malaysia Government 3.757% 22/05/2040 27 0.01 MYR455,000 Malaysia Government 3.828% 05/07/2034 81 0.03 MYR180,000 Malaysia Government 3.885% 15/08/2029 32 0.01 MYR35,000 Malaysia Government 4.054% 18/04/2039 6 MYR166,000 Malaysia Government 4.065% 15/06/2050 29 0.01 MYR195,000 Malaysia Government 4.119% 30/11/2034 35 0.01 MYR130,000 Malaysia Government 4.13% 09/07/2029 23 0.01 MYR49,000 Malaysia Government 4.18% 16/05/2044 9 MYR43,000 Malaysia Government 4.193% 07/10/2032 8 MYR99,000 Malaysia Government 4.245% 30/09/2030 18 0.01 MYR150,000 Malaysia Government 4.254% 31/05/2035 28 0.01 MYR275,000 Malaysia Government 4.258% 26/07/2027 49 0.02 MYR34,000 Malaysia Government 4.291% 14/08/2043 6 MYR130,000 Malaysia Government 4.369% 31/10/2028 23 0.01 MYR53,000 Malaysia Government 4.417% 30/09/2041 10 MYR95,000 Malaysia Government 4.467% 15/09/2039 18 0.01 MYR167,000 Malaysia Government 4.504% 30/04/2029 30 0.01 MYR103,000 Malaysia Government 4.642% 07/11/2033 19 0.01 MYR79,000 Malaysia Government 4.696% 15/10/2042 15 0.01 MYR121,000 Malaysia Government 4.762% 07/04/2037 23 0.01 MYR32,000 Malaysia Government 4.893% 08/06/2038 6 Total Malaysia 598 0.21 MEXICO – 0.24% (0.14%) MXN28,094 Government of United Mexican States 5.5% 04/03/2027 104 0.03 MXN11,800 Government of United Mexican States 5.75% 05/03/2026 45 0.01 MXN11,700 Government of United Mexican States 7.5% 26/05/2033 41 0.01 MXN5,224 Government of United Mexican States 7.75% 29/05/2031 19 0.01 MXN13,200 Government of United Mexican States 7.75% 23/11/2034 47 0.02 MXN16,715 Government of United Mexican States 7.75% 13/11/2042 54 0.02 MXN2,300 Government of United Mexican States 8% 24/05/2035 8 MXN21,177 Government of United Mexican States 8% 07/11/2047 68 0.02 MXN40,995 Government of United Mexican States 8% 31/07/2053 130 0.04 MXN2,809 Government of United Mexican States 8.5% 02/03/2028 11 MXN3,900 Government of United Mexican States 8.5% 01/03/2029 15 0.01 MXN7,500 Government of United Mexican States 8.5% 31/05/2029 29 0.01 MXN23,022 Government of United Mexican States 8.5% 28/02/2030 88 0.03 MXN13,300 Government of United Mexican States 8.5% 18/11/2038 47 0.02 MXN8,740 Government of United Mexican States 10% 20/11/2036 35 0.01 Total Mexico 741 0.24 PERU – 0.03% (0.04%) PEN129,000 Republic of Peru 5.35% 12/08/2040 23 0.01 PEN148,000 Republic of Peru 5.4% 12/08/2034 29 0.01 PEN201,000 Republic of Peru 6.9% 12/08/2037 42 0.01 PEN39,000 Republic of Peru 6.95% 12/08/2031 9 PEN58,000 Republic of Peru 7.6% 12/08/2039 13 PEN53,000 Republic of Peru 8.2% 12/08/2026 11 Total Peru 127 0.03 POLAND – 0.11% (0.13%) PLN165,000 Poland Government 0.25% 25/10/2026 32 0.01 PLN481,000 Poland Government 1.25% 25/10/2030 81 0.03 PLN532,000 Poland Government 1.75% 25/04/2032 87 0.03 PLN152,000 Poland Government 2.5% 25/07/2027 29 0.01 PLN49,000 Poland Government 2.75% 25/04/2028 9 PLN233,000 Poland Government 5% 25/10/2034 46 0.02 PLN148,000 Poland Government 6% 25/10/2033 31 0.01 Total Poland 315 0.11

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% ROMANIA – 0.09% (0.08%) RON55,000 Romania Government 2.5% 25/10/2027 8 RON460,000 Romania Government 3.25% 24/06/2026 75 0.02 RON335,000 Romania Government 3.65% 24/09/2031 46 0.02 RON165,000 Romania Government 4.15% 26/01/2028 26 0.01 RON135,000 Romania Government 4.25% 28/04/2036 18 0.01 RON45,000 Romania Government 4.75% 11/10/2034 6 RON105,000 Romania Government 6.3% 26/04/2028 17 0.01 RON235,000 Romania Government 6.7% 25/02/2032 38 0.01 RON190,000 Romania Government 7.9% 24/02/2038 34 0.01 Total Romania 268 0.09 SOUTH AFRICA – 0.16% (0.14%) ZAR1,339,798 Republic of South Africa 6.25% 31/03/2036 41 0.01 ZAR522,744 Republic of South Africa 6.5% 28/02/2041 14 ZAR1,314,225 Republic of South Africa 8% 31/01/2030 53 0.02 ZAR569,598 Republic of South Africa 8.25% 31/03/2032 22 0.01 ZAR1,303,541 Republic of South Africa 8.5% 31/01/2037 47 0.02 ZAR847,051 Republic of South Africa 8.75% 31/01/2044 28 0.01 ZAR1,811,954 Republic of South Africa 8.75% 28/02/2048 60 0.02 ZAR2,297,113 Republic of South Africa 8.875% 28/02/2035 88 0.03 ZAR1,505,857 Republic of South Africa 9% 31/01/2040 53 0.02 ZAR143,334 Republic of South Africa 10% 31/03/3033 6 ZAR735,312 Republic of South Africa 10.5% 21/12/2026 31 0.01 ZAR451,965 Republic of South Africa 11.625% 31/03/2053 19 0.01 Total South Africa 462 0.16 THAILAND – 0.19% (0.16%) THB1,133,000 Thailand Government 1.585% 17/12/2035 25 0.01 THB715,000 Thailand Government 1.6% 17/12/2029 16 0.01 THB523,000 Thailand Government 1.6% 17/06/2035 12 THB1,462,000 Thailand Government 2% 17/06/2042 33 0.01 THB6,136,000 Thailand Government 2.05% 17/04/2028 140 0.05 THB4,784,000 Thailand Government 2.125% 17/12/2026 108 0.04 THB252,000 Thailand Government 2.8% 17/06/2034 6 THB508,000 Thailand Government 2.875% 17/06/2046 13 THB251,000 Thailand Government 2.98% 17/06/2045 6 THB1,956,000 Thailand Government 3.3% 17/06/2038 52 0.02 THB1,961,000 Thailand Government 3.4% 17/06/2036 52 0.02 THB589,000 Thailand Government 3.45% 17/06/2043 16 0.01 THB2,420,000 Thailand Government 3.775% 25/06/2032 62 0.02 THB431,000 Thailand Government 3.85% 12/12/2025 10 Total Thailand 551 0.19 TURKEY – 0.04% (0.02%) TRY1,796,000 Turkey Government 11% 24/02/2027 23 0.01 TRY1,155,516 Turkey Government 11.7% 13/11/2030 11 TRY1,865,000 Turkey Government 12.4% 08/03/2028 21 0.01 TRY1,000,000 Turkey Government 16.9% 02/09/2026 15 0.01 TRY510,000 Turkey Government 17.3% 19/07/2028 7 TRY1,434,576 Turkey Government 26.2% 05/10/2033 24 0.01 Total Turkey 101 0.04

Total Government Bonds 46,356 15.25 OPTION CONTRACTS – 0.01% (0.13%) (83) S&P 500 Index Put Option 5500 July 2025 (15) (0.01) 83 S&P 500 Index Option 5750 July 2025 33 0.01 34 S&P 500 Index Option 5850 July 2025 21 0.01 Total Option Contracts 39 0.01

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

Holding or Nominal value Market value £000

Total net assets% FUTURES – 0.22% ((0.40)%) (76) CBT US 10 Year Note (CBT) September 2025 (101) (0.03) 233 CBT US 10 Year Ultra Future September 2025 375 0.12 14 CME NASDAQ 100 E Mini September 2025 144 0.05 (13) CME S&P 500 E Mini Index Future September 2025 (101) (0.03) 39 CME XAF Financial September 2025 144 0.05 (74) CME XAP Cons Staples September 2025 32 0.01 46 CME XAV Health Care September 2025 (58) (0.02) 164 EUX EURO BUND Future September 2025 (127) (0.04) (66) EUX EURO SCHATZ Future September 2025 1 34 EUX EURO STOXX 50 September 2025 25 0.01 179 EUX EURO STOXX Bank September 2025 26 0.01 156 ICF FTSE 100 Future September 2025 (147) (0.05) 82 ICF Long Gilt Future September 2025 153 0.05 215 NYF MSCI Emerging Market Future September 2025 210 0.07 11 OSE Topix Index Future September 2025 47 0.02 Total Futures 623 0.22

FORWARD CURRENCY CONTRACTS ^ – 0.26% ((0.17)%) Buy £26,084,077 & Sell $35,091,000 (expires 24/07/2025) 480 0.16 Buy £14,634,175 & Sell $19,687,407 (expires 24/07/2025) 269 0.09 Buy £2,713,577 & Sell $3,718,800 (expires 24/07/2025) – Buy £903,902 & Sell $1,239,600 (expires 24/07/2025) (1) Buy £904,276 & Sell $1,239,600 (expires 24/07/2025) – Buy £4,543,500 & Sell $6,245,000 (expires 24/07/2025) (13) Buy $8,067,000 & Sell £5,991,651 (expires 24/07/2025) (106) (0.03) Buy $4,092,798 & Sell CHF3,328,000 (expires 24/07/2025) (74) (0.02) Buy $2,075,605 & Sell CHF1,659,000 (expires 24/07/2025) (11) Buy €10,706,000 & Sell $12,338,494 (expires 24/07/2025) 183 0.06 Buy €1,740,000 & Sell £1,491,257 (expires 24/07/2025) 2 Buy £9,910,307 & Sell €11,563,332 (expires 24/07/2025) (11) Total Forward Currency Contracts 718 0.26

Portfolio of investments 300,023 98.52 Net other assets excluding cash equivalents 4,503 1.48 Net assets 304,526 100.00

Other than forward currency contracts, all holdings are ordinary shares or stock units admitted to an official stock exchange, unless otherwise stated. The comparative percentage figures in brackets are at 31 December 2024. # Related party. + Value less than £1,000. ~ Priced at nil. ^ Unquoted securities.

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Life Fund

STATEMENT OF TOTAL RETURN For the six months ended 30 June 2025 (unaudited)

£000

Six months ended 30.06.25 £000 £000

Six months ended 30.06.24 £000 Income Net capital gains 11,205 20,291 Revenue 3,508 4,029 Expenses (1) (88) Interest payable and similar charges (5) (5) Net revenue before taxation 3,502 3,936 Taxation (218) (190) Net revenue after taxation 3,284 3,746 Total return before distributions 14,489 24,037 Distributions* (61) (93) Change in net assets attributable to Unitholders from investment activities 14,428 23,944 * This revenue, known as income equalisation, represents the part of the value of a cancelled or issued Unit which reflects the relevant share of income and expenses accrued by the Sub-fund. This income and expense, a capital sum, is deducted from the aggregate accrued income or expense as applicable.

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS For the six months ended 30 June 2025 (unaudited)

£000

Six months ended 30.06.25 £000 £000

Six months ended 30.06.24 £000 Opening net assets attributable to Unitholders 302,125 315,486 Movement due to issue and cancellation of Units: Amounts receivable on issue of Units 8,814 9,469 Amounts payable on cancellation of Units (20,841) (25,356) (12,027) (15,887) Dilution adjustment – 4 Change in net assets attributable to Unitholders from investment activities (see above) 14,428 23,944 Closing net assets attributable to Unitholders 304,526 323,547 The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives should be for the comparable interim period, the net asset value at the end of the previous period will not agree to the net asset value at the start of this period. The published net asset value as at 31 December 2024 was £302,124,689.

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Life Fund

BALANCE SHEET As at 30 June 2025 (unaudited)

£000

As at 30.06.25 £000 £000

As at 31.12.24 £000 Assets: Fixed assets: Investments 300,788 306,041 Current assets: Debtors 1,640 2,581 Cash and bank balances 3,441 4,045 Total assets 305,869 312,667 Liabilities: Investment liabilities (765) (2,677) Creditors: Distribution payable – (7,519) Other creditors (578) (346) Total liabilities (1,343) (10,542) Net assets attributable to Unitholders 304,526 302,125

ACCOUNTING POLICIES The interim financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds issued by The Investment Association (IA) in May 2014 (SORP 2014). The accounting policies applied are consistent with those of the financial statements for the year ended 31 December 2024 and are described in those annual financial statements.

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Pension Fund

INVESTMENT MANAGERS’ REPORT Performance Over the six months ended 30 June 2025, the Sub-fund returned 4.3% (gross of fees). The Sub-fund’s benchmark, the UK GBP 3-month SONIA (+4%) returned 4.2% over the same period. Review The year began on a weak footing, with global equity markets shaken by aggressive trade policy shifts, US policy volatility, and geopolitical tensions. The portfolios posted negative returns in quarter one (Q1), largely due to losses in US and global equity holdings. However, a sharp rebound in quarter two (Q2), fuelled by easing trade tensions, more than offset earlier losses. Key contributors over the half included European and UK equities as well as gold, while US equities were the primary detractor following a difficult Q1. Dynamic asset allocation proved crucial in navigating this volatile period. In Q1, markets were whipsawed by executive actions from the Trump administration, the disruptive entrance of China’s DeepSeek in the Artificial Intelligence (AI) race, and a pivot in German fiscal and defence policy. This led to notable divergence across equity markets and currencies. The portfolio posted a marginally negative return in Q1, driven largely by weakness in US large caps, which struggled amid trade fears, AI-related rotations, and reduced investor confidence in US growth. In contrast, allocations to gold and selective regional tilts, such as UK and European large caps, helped cushion downside. In fixed income, an initial preference for credit gave way to growing caution as recession fears mounted. By March, we had reduced exposure to investment-grade debt and increased allocations to US treasuries and EM local debt. As credit spreads widened and treasury yields fell, this rotation protected the portfolio as investors flocked to safety. We liked EM local debt as yields were attractive relative to developed market (DM) bonds. Moving into Q2, markets remained volatile. President Trump’s “Liberation Day” tariffs prompted a steep April correction, but the subsequent 90-day tariff pause marked a turning point. In response, we reduced short US equity hedges, added to global equities, and selectively increased allocations to European and German large caps as well as US technology via the Nasdaq-100. Moving into May, the pause in reciprocal tariffs between the US and China helped US equities deliver their best May performance since 1990. Germany’s DAX reached record highs, while Chinese stocks rallied as the initial threat of 140% tariffs on Chinese goods into the US receded. As such, our decision to re-risk the portfolio paid off with our global and regional equity allocations performing exceptionally well over the quarter. Turning to fixed income, our biggest concern remains bond market instability due to rising populist fiscal policies and potential erosion of central bank credibility. While valuations improved after the sharp sell-off in April, concerns around rising US debt levels and persistent inflation limited our conviction. As such, we rotated a large amount of our government bond exposure into German bunds as a safe-haven position. Germany’s fiscal situation is expected to stay disciplined, and inflation should remain under control. Credit exposure remained largely unchanged in Q2, with investment-grade and EM debt both adding modest value.

AI BALANCED PENSION FUND

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avivainvestors.com | Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025

AI Balanced Pension Fund

AI BALANCED PENSION FUND (CONTINUED)

INVESTMENT MANAGERS’ REPORT (CONTINUED) Review (continued) In alternatives, gold was a solid contributor across the period. Increased exposure in Q1 provided protection during drawdowns, and profits were tactically locked in mid-Q2 as recession risks receded. Currency positioning continued to favour a weaker US dollar, with long euro and sterling exposure contributing positively to performance. We believe the risks of a near-term cyclical downturn are wellcontained, aided by measured policy support and improving sentiment. Our positioning reflects a constructive outlook on equities, especially in financials and outside the US, a neutral stance on rates and credit, and a continued underweight in the US dollar, complemented by gold as a strategic diversifier. Over the medium term, we continue to monitor structural risks particularly around debt sustainability and trade policy volatility – but for now, a balanced allocation across geographies and asset classes remains our preferred strategy. August 2025 * Sources: Sub-fund and peer group performance figures – Lipper, a Thomson Reuters Company, calculated on a mid to mid basis with net income reinvested in GBP, net of fees. Insured Pension 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 2020 % 2021 % 2022 % 2023 % 2024 % Insured Pension Income Distribution Units 7.9 11.0 -10.9 7.4 8.8 UK Institutional Accumulation Units 8.0 11.2 -11.0 7.7 8.8 Benchmark – SONIA plus 4% 4.3 4.1 5.4 8.9 9.4 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/Lipper, a Thomson Reuters company. 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.

Lower risk Higher risk

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Pension Fund

PERFORMANCE RECORD

Insured Pension Income Distribution Units

Six months ended 30.06.25 (pence per Unit)

Year ended 31.12.24 (pence per Unit)

Year ended 31.12.23 (pence per Unit)

Year ended 31.12.22 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 132.08 124.96 119.41 136.84 Return before operating charges † 5.78 10.97 9.19 (14.90) Operating charges # 0.01* (0.04) (0.03) (0.03) Return after operating charges † 5.79 10.93 9.16 (14.93) Distributions on income Units – ‡ (3.81) (3.61) (2.50) Closing net asset value per Unit 137.87 132.08 124.96 119.41

† after direct transaction costs of# f# : 0.02 0.02 0.04 0.02 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 4.38% 8.75% 7.67% (10.91)%

Other information Closing net asset value (£000) 5,718,565 5,618,220 5,672,362 5,741,494 Closing number of Units 4,147,940,832 4,253,532,913 4,539,464,859 4,808,285,347 Operating charges 0.02%** 0.03% 0.03% 0.03% Direct transaction costs*** 0.02% 0.02% 0.03% 0.02% Prices ^ Highest Unit price (p) 138.20 138.80 128.60 137.10 Lowest Unit price (p) 122.70 121.90 117.90 117.10 * Operating charges are positive due to the write-off of previously accrued management fees. ** Annualised in accordance with IA guidelines published in October 2011. *** Expressed by reference to the average NAV during the period/year. ^ 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.

COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)

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AI Balanced Pension Fund

PERFORMANCE RECORD (CONTINUED)

UK Institutional Accumulation Units

Six months ended 30.06.25 (pence per Unit)

Year ended 31.12.24 (pence per Unit)

Year ended 31.12.23 (pence per Unit)

Year ended 31.12.22 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 135.05 124.27 115.42 129.61 Return before operating charges † 5.95 10.84 8.88 (14.16) Operating charges # (0.02) (0.06) (0.03) (0.03) Return after operating charges † 5.93 10.78 8.85 (14.19) Distributions on accumulation Units – ‡ (3.71) (3.49) (2.33) Retained distributions on accumulation Units – 3.71 3.49 2.33 Closing net asset value per Unit 140.98 135.05 124.27 115.42

† after direct transaction costs of# f# : 0.02 0.02 0.04 0.02 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 4.39% 8.67% 7.67% (10.95)%

Other information Closing net asset value (£000) 576 579 585 588 Closing number of Units 408,275 429,187 470,569 509,412 Operating charges 0.06%* 0.05% 0.03% 0.03% Direct transaction costs** 0.02% 0.02% 0.03% 0.02% Prices ^ Highest Unit price (p) 141.40 137.90 124.30 129.90 Lowest Unit price (p) 125.50 121.30 114.00 110.90 * Annualised in accordance with IA guidelines published in October 2011. ** Expressed by reference to the average NAV during the period/year. ^ 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 01.01.25 Units Issued Units Redeemed

Closing 30.06.25 Insured Pension Income Distribution Units 4,253,532,913 119,126,261 (224,718,342) 4,147,940,832 UK Institutional Accumulation Units 429,187 5,803 (26,715) 408,275

COMPARATIVE TABLE For the six months ended 30 June 2025 (unaudited)

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Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Pension Fund

PORTFOLIO STATEMENT As at 30 June 2025 (unaudited)

AUTHORISED CONTRACTUAL SCHEMES – 39.41% (40.93%) 179,579,539 AI Asia Pacific ex Japan Fund # 183,126 3.20 502,384,471 AI Global Equity Fund # 562,696 9.84 116,627,175 AI Japan Equity Fund # 140,366 2.45 370,977,107 AI UK Listed Equity Fund # 619,290 10.83 196,149,339 AI US Large Cap Equity Fund # 748,425 13.09 Total Authorised Contractual Schemes 2,253,903 39.41 COLLECTIVE INVESTMENT SCHEMES – 20.57% (17.30%) LUXEMBOURG – 10.54% (13.57%) 680,336 Schroder International Selection Fund Global Multi-Asset Balanced 117,537 2.06 2,368,998 Schroder International Selection Fund Greater China 344,919 6.03 2,477,460 Schroder International Selection Global High Yield Bond Fund 140,305 2.45 Total Luxembourg 602,761 10.54 IRELAND – 10.03% (3.73%) 572,498 Amundi Physical Gold ETC 54,468 0.95 1,659,279 L&G India INR Government Bond UCITS ETF 10,705 0.19 508,687,400 Schroder Sterling Cash X Income Fund 508,687 8.89 Total Ireland 573,860 10.03

Total Collective Investment Schemes 1,176,621 20.57 EQUITIES – 15.67% (20.92%) UNITED KINGDOM – 0.25% (0.03%) 15,727 AstraZeneca 1,592 0.03 19,725 BAE Systems 372 0.01 16,043 Coca-Cola Europacific Partners 1,085 0.02 35,802 Diageo 654 0.01 201,713 HSBC Holdings 1,778 0.03 125,762 Land Securities 793 0.01 302,195 M&G 777 0.01 25,339 Melrose 134 35,181 RELX 1,385 0.03 24,915 Rio Tinto 1,058 0.02 55,492 Rolls-Royce 537 0.01 145,800 Segro REIT 991 0.02 74,087 Shell 1,892 0.03 29,463 Unilever 1,303 0.02 Total United Kingdom 14,351 0.25 AUSTRALIA – 0.09% (0.00%) 70,398 BHP Billiton 1,237 0.02 14,266 Commonwealth Bank of Australia 1,260 0.02 28,769 SGH 739 0.01 113,013 Transurban Group 748 0.01 81,321 Westpac Banking 1,315 0.03 Total Australia 5,299 0.09 AUSTRIA – 0.03% (0.04%) 21,361 Erste Bank 1,318 0.02 11,663 OMV 459 0.01 4,579 Verbund 254 Total Austria 2,031 0.03 BELGIUM – 0.15% (0.14%) 43 Ageas (BRU) 300 0.01 15,501 Anheuser-Busch InBev 1,164 0.02 9,179 D’Ieteren 1,313 0.02 9,709 Elia Group 601 0.01

Holding or Nominal value Market value £000

Total net assets%

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AI Balanced Pension Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

BELGIUM – 0.15% (0.14%) (continued) 33,281 Groupe Bruxelles Lambert 1,632 0.03 5,041 KBC Group 283 63,321 Lotus Bakeries 3,159 0.06 Total Belgium 8,452 0.15 BERMUDA – 0.01% (0.01%) 105,367 Aegon ~ – 2,534 Aegon 168 105,367 Aegon Rights 555 0.01 Total Bermuda 723 0.01 BRAZIL – 0.03% (0.00%) 626,547 Itausa Investimentos 917 0.02 182,497 Telefônica Brasil 753 0.01 Total Brazil 1,670 0.03 CANADA – 0.20% (0.01%) 13,901 Agnico Eagle Mines 1,201 0.02 57,557 Arc Resources 882 0.02 15,015 Bank of Montreal 1,210 0.02 31,381 Canadian Utilities ‘A’ 630 0.01 11,234 CGI 856 0.01 47,108 Element Fleet Management Corporation 857 0.01 41,683 Enbridge 1,372 0.02 6,265 Intact Financial 1,056 0.02 50,323 Manulife Financial 1,172 0.02 10,996 Royal Bank of Canada 1,053 0.02 24,897 TC Energy Corporation 882 0.02 2,484 Waste Connections 338 0.01 Total Canada 11,509 0.20 CAYMAN ISLANDS – 0.14% (0.00%) 120,600 Alibaba Group Holding 1,231 0.02 43,800 Anta Sports 385 0.01 70,300 Baidu ‘A’ 545 0.01 55,000 Chailease Holdings 173 118,500 China Resources Land 292 0.01 82,000 CK Hutchison Holdings 368 0.01 384,000 Geely Automobile Holding 569 0.01 31,100 Li Auto 309 0.01 22,000 Pop Mart 544 0.01 49,300 Tencent Holdings 2,305 0.04 246,500 WH Group 173 146,000 Wharf Real Estate Investment Company 301 0.01 40,200 Xpeng 264 18,250 ZTO Express Cayman 235 Total Cayman Islands 7,694 0.14 CHANNEL ISLANDS – 0.00% (0.00%) 4,891 Aptiv Holdings 243 Total Channel Islands 243 CHINA – 0.07% (0.00%) 749,000 Bank of Communications 508 0.01 1,626,000 CGN Power 400 0.01 1,041,000 China CITIC Bank 724 0.01 694,000 China Life Insurance 1,214 0.02 328,000 China Petroleum & Chemical ‘H’ 125 65,800 Nongfu Spring 245 0.01 220,000 Petrochina 138 –

Holding or Nominal value Market value £000

Total net assets%

Page 38

Aviva Investors Funds ACS Interim Report and Financial Statements for the six months ended 30 June 2025 | avivainvestors.com

AI Balanced Pension Fund

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

CHINA – 0.07% (0.00%) (continued) 256,000 Picc Property & Casualty 361 0.01 274,000 Postal Saving Bank China ‘H‘ 140 36,000 Tsingtao Brewery ‘H‘ 171 Total China 4,026 0.07 CZECH REPUBLIC – 0.02% (0.00%) 24,623 CEZ 1,048 0.02 Total Czech Republic 1,048 0.02 DENMARK – 0.41% (0.58%) 538 A P Moller – Maersk A/S 730 0.01 7,448 Carlsberg ‘B’ 767 0.01 7,903 Coloplast ‘B’ 546 0.01 50,326 Danske Bank 1,492 0.03 14,272 DSV 2,501 0.04 4,934 Genmab 745 0.01 258,991 Novo Nordisk 13,121 0.23 26,011 Novonesis Novozymes 1,354 0.02 12,465 Ørsted 391 0.01 5,878 Pandora 749 0.01 25,001 Tryg 470 0.01 75,640 Vestas Wind System 825 0.02 Total Denmark 23,691 0.41 FINLAND – 0.20% (0.20%) 9,902 Elisa Communications 398 0.01 31,120 Fortum 424 0.01 15,968 Kesko ‘B’ 285 24,916 Kone ‘B’ 1,192 0.02 45,527 Neste Oyj 450 0.01 381,157 Nokia 1,437 0.03 5,315 Nordea Bank (EUR) 57 214,834 Nordea Bank (SEK) 2,310 0.04 6,717 Orion 366 0.01 45,334 Outotec 425 0.01 158,802 Sampo OYJ 1,238 0.02 32,249 Stora Enso (registered) 255 88,613 UPM-Kymmene 1,757 0.03 34,755 Wartsila Corporation 595 0.01 Total Finland 11,189 0.20 FRANCE – 1.94% (1.96%) 16,073 Accor 610 0.01 2,390 ADP Promesses 218 50,391 Air Liquide 7,559 0.13 27,641 Alstom 468 0.01 4,128 Amundi 243 3,241 Arkema 174 161,721 AXA 5,773 0.10 3,446 BioMérieux 347 0.01 87,737 BNP Paribas 5,735 0.10 74,634 Bollore 340 0.01 14,060 Bouygues 462 0.01 21,430 Bureau Veritas 531 0.01 11,436 Capgemini 1,421 0.02 29,716 Carrefour 305 0.01 17,364 Covivio REIT 796 0.01 72,660 Credit Agricole 999 0.02 45,888 Danone 2,726 0.05 49,676 Dassault Systemes 1,307 0.02

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 2025

AI Balanced Pension Fund

FRANCE – 1.94% (1.96%) (continued) 18,544 Edenred 417 0.01 4,775 Eiffage 488 0.01 1,504 Engie 26 125,573 Engie 2,139 0.04 26,285 Essilor International 5,242 0.09 10,855 Gecina 868 0.02 33,329 Getlink 467 0.01 2,221 Hermes International 4,374 0.08 2,899 Ipsen Promesses 251 5,050 Kering 798 0.01 57,355 Klepierre 1,642 0.03 16,914 L’Oreal 5,252 0.09 18,871 Legrand Promesses 1,835 0.03 22,788 LVMH 8,678 0.15 45,670 Michelin (CGDE) 1,234 0.02 211,332 Orange 2,335 0.04 14,617 Pernod-Ricard 1,059 0.02 16,564 Publicis Groupe 1,357 0.02 16,408 Renault 550 0.01 19,564 Rexel 438 0.01 27,632 Safran 6,528 0.11 32,518 Saint Gobain 2,775 0.05 79,465 Sanofi 5,595 0.10 2,698 Sartorius Stedim Biotech 468 0.01 47,146 Schneider Electric 9,119 0.16 50,142 Societe Generale 2,085 0.04 6,104 Sodexo 272 0.01 4,243 Teleperformance 299 0.01 7,906 Thales 1,690 0.03 150,887 TotalEnergies 6,734 0.12 10,795 Unibail Rodamco Westfield 750 0.01 51,109 Veolia Environnement 1,324 0.02 34,483 Vinci 3,694 0.06 Total France 110,797 1.94 GERMANY – 1.88% (1.96%) 12,081 Adidas 2,050 0.04 32,687 Allianz 9,646 0.17 63,616 BASF 2,288 0.04 69,452 Bayer 1,523 0.03 16,040 Beiersdorf 1,463 0.03 22,727 BMW 1,472 0.02 7,215 Brenntag 348 0.01 67,508 Commerzbank 1,535 0.03 9,231 Continental 584 0.01 3,787 CTS Eventim 342 0.01 50,126 Daimler 2,136 0.04 53,951 Daimler Truck Holding 1,857 0.03 14,118 Delivery Hero 279 131,051 Deutsche Bank 2,825 0.05 13,292 Deutsche Boerse 3,153 0.05 291,335 Deutsche Telekom 7,744 0.13 67,994 DHL Group 2,287 0.04 9,110 Dr. Ing. h.c. F. Porsche Preferred shares 328 0.01 157,412 E.On 2,105 0.04 17,166 Evonik Industries 259 29,621 Fresenius 1,083 0.02 12,571 Fresenius Medical Care 521 0.01 12,194 GEA Group 620 0.01 4,295 Hannover Rueck 982 0.02 10,314 Heidelberg Cement 1,760 0.03 21,846 Henkel 1,151 0.02

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

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 2025 | avivainvestors.com

AI Balanced Pension Fund

GERMANY – 1.88% (1.96%) (continued) 92,184 Infineon Technologies 2,850 0.05 5,979 Knorr-Bremse 420 0.01 6,153 Leg Immobilien 398 0.01 6,153 Leg Immobilien ~ – 8,571 Merck KGaA 809 0.01 4,112 MTU Aero Engines 1,328 0.02 9,394 Muenchener Rueckver 4,440 0.08 4,725 Nemetschek 498 0.01 10,858 Porsche preference 315 294 Rational 181 3,348 Rheinmetall 5,145 0.09 44,965 RWE 1,367 0.02 83,272 SAP 18,354 0.32 1,422 Sartorius preference 264 6,239 Scout24 625 0.01 63,619 Siemens 11,932 0.21 45,147 Siemens Energy 3,787 0.07 18,315 Siemens Healthineers 739 0.01 10,195 Symrise 781 0.01 3,383 Talanx 318 0.01 13,818 Volkswagen preference 1,062 0.02 54,819 Vonovia 1,409 0.02 54,819 Vonovia Rights +~ – 13,675 Zalando 329 0.01 Total Germany 107,692 1.88 HONG KONG – 0.02% (0.00%) 73,000 China Mengniu Dairy 109 173,500 China Overseas Land and Investment 219 118,500 China Resources Beer (Holdings) 274 0.01 220,000 CSPC Pharmaceutical 157 110,000 HKT Trust 120 146,000 Lenovo Group 128 36,500 Techtronic Industries 293 0.01 Total Hong Kong 1,300 0.02 INDIA – 0.11% (0.00%) 16,896 Axis Bank GDR 856 0.01 126,950 Gail India GDR 1,218 0.02 24,148 HDFC Bank ADR 1,351 0.02 57,831 ICICI Bank ADR 1,419 0.03 19,508 Reliance Industries 992 0.02 249,278 Wipro ADR 549 0.01 Total India 6,385 0.11 INDONESIA – 0.01% (0.00%) 526,900 Bank Mandiri 116 1,713,400 Bank Negra Indonesia 316 0.01 674,000 Bank Rakyat Indonesia 113 Total Indonesia 545 0.01 IRELAND – 0.15% (0.25%) 3,872 Accenture 844 0.02 154,896 AIB Group 924 0.02 2,779 Allegion 292 0.01 79,448 Bank of Ireland Group 823 0.01 10,466 CRH 701 0.01 2,904 Eaton Corporation 756 0.01 1,827 Flutter Entertainment 381 0.01 4,084 Johnson Controls 315 0.01 10,466 Kerry Group ‘A’ 838 0.01 11,896 Kingspan Group 732 0.01 365 Linde 125 –

PORTFOLIO STATEMENT (CONTINUED) As at 30 June 2025 (unaudited)

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 2025

AI Balanced Pension Fund

IRELAND – 0.15% (0.25%) (continued) 10,028 Medtronic 638 0.01 676 Steris 119 4,457 TE Connectivity 548 0.01 1,377 Trane Technologies 439 0.01 Total Ireland 8,475 0.15 ITALY – 0.46% (0.43%) 6,189 Amplifon 105 93,419 Banco BPM 793 0.01 6,711 Diasorin 522 0.01 576,575 Enel 3,978 0.07 156,594 ENI 1,845 0.03 38,562 Finecobank Banco Fineco 622 0.01 66,457 Generali 1,719 0.03 1,077,984 Intesa Sanpaolo 4,512 0.08 32,646 Leonardo 1,336 0.02 98,865 Mediobanca 1,671 0.03 17,559 Moncler 728 0.01 35,703 Nexi 155 38,687 Poste Italiane 604 0.01 19,081 Prysmian 981 0.02 6,139 Recordati 281 0.01 148,531 Snam 654 0.01 599,061 Telecom Italia 215 114,223 Terna 851 0.02 99,255 Unicredit 4,834 0.09 Total Italy 26,406 0.46 JAPAN – 0.35% (1.01%) 12,800 Aeon 286 0.01 20,100 Aisin Seiki 187 36,500 Asahi Group Holdings 354 0.01 27,400 Bandai Namco Holdings 714 0.01 18,300 Canon 387 0.01 23,700 East Japan Railway 371 0.01 74,900 ENEOS Holdings 270 36,500 Fanuc Corporation 725 0.01 31,100 Fujifilm Holdings Corporation 493 0.01 65,800 Hitachi 1,398 0.02 45,700 Idemitsu Kosan 202 53,000 Japan Post Holdings 357 0.01 20,100 JFE Holdings 170 12,800 Kao 418 0.01 34,700 Kawasaki Kisen Kaisha 358 0.01 21,900 Kikkoman 148 74,900 Kirin Holdings 763 0.01 45,700

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        "text": "Sub-fund and shall not be available for any other purpose."
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        "text": "The Scheme is subject to the rules of the FCA as set out in the"
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        "id": "1c127464-6bb5-4095-8475-a0b761dad4ef",
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        "text": "Collective Investment Schemes Sourcebook (\u201cCOLL\u201d) and the"
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        "text": "Investment Funds Sourcebook (\u201cFUND\u201d), both of which form"
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        "page_number": 5,
        "text": "part of the FCA Handbook, and the Alternative...