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For the six months ended 31 August 2026 (unaudited)
Interim Report and Financial Statements
AVIVA INVESTORS
PORTFOLIO FUNDS ICVC
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 1
CONTENTS
Company Information* 2 Report of the Authorised Corporate Director* 3 Accounting Policies 3 Statement of Cross Holdings 5 Aviva Investors Multi-Manager Flexible Fund 6 Aviva Investors Multi-Manager 40-85% Shares Fund 14 Aviva Investors Multi-Manager 20-60% Shares Fund 23 Aviva Investors Multi-asset Core Fund I 32 Aviva Investors Multi-asset Core Fund II 67 Aviva Investors Multi-asset Core Fund III 107 Aviva Investors Multi-asset Core Fund IV 147 Aviva Investors Multi-asset Core Fund V 184 Aviva Investors Multi-asset Plus Fund I 214 Aviva Investors Multi-asset Plus Fund II 224 Aviva Investors Multi-asset Plus Fund III 234 Aviva Investors Multi-asset Plus Fund IV 244 Aviva Investors Multi-asset Plus Fund V 254 Aviva Investors Multi-asset Stewardship Fund I 263 Aviva Investors Multi-asset Stewardship Fund II 275 Aviva Investors Multi-asset Stewardship Fund III 287 Aviva Investors Multi-asset Stewardship Fund IV 299 Aviva Investors UK Listed Equity Fund 311 Statement of the Authorised Corporate Director’s Responsibilities* 317 Authorised Corporate Director’s Statement* 317 General Information 318
* These items (as well as each sub-fund’s Investment Objective, Investment Policy, Fund Manager’s Report, Portfolio Statement and Material Portfolio Changes) comprise the Authorised Corporate Director’s Report for the purposes of the rules contained in the Collective Investment Schemes Sourcebook (“the Regulations”).
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Company Information
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AUTHORISED CORPORATE DIRECTOR Aviva Investors UK Fund Services Limited 80 Fe nchurch Street L ondon, EC3M 4AE
Aviva Investors UK Fund Services Limited (the ACD) is a wholly owned subsidiary of Aviva Investors Holdings Limited, a company incorporated in the United Kingdom and within the Aviva Group of Companies. The ACD is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority.
DIRECTORS J Barber M Bell A Coates (resigned 31 March 2026) M Kingdon J Lowe K McClellan G Speirs
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street L ondon, EC3M 4AE
ADMINISTRATOR SS&C Financial Services Europe Limited SS&C House St Nicholas Lane Basildon Essex, SS15 5FS
FUND ACCOUNTING AND PRICING AGENT J.P. Morgan Chase Bank, National Association (London Branch) 25 Bank Street Canary Wharf London, E14 5JP
INVESTMENT MANAGER Aviva Investors Global Services Limited 80 Fe nchurch Street L ondon, EC3M 4AE Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.
DEPOSITARY J.P. Morgan Europe Limited 25 Bank Street Canary Wharf London, E14 5JP J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regula tion Authority.
INDEPENDENT AUDITOR Ernst & Young LLP Atria One 144 Morrison Street Edi nburgh, EH3 8EX
COMPANY INFORMATION
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Report of the Authorised Corporate Director
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REPORT OF THE AUTHORISED CORPORATE DIRECTOR
THE COMPANY Aviva Investors Portfolio Funds ICVC (“the Company”) is an Open-Ended Investment Company (OEIC) with variable capital incorporated in England and Wales on 5 March 2007. The property of the Company is entrusted to J.P. Morgan Europe Limited (“the Depositary”). The shareholders are not liable for any debts of the Company. The objective of the Company is to invest the Scheme Property in transferable securities, money market instruments, cash and near cash, units in collective investment schemes, deposits, derivatives and forward transactions, immovable property and gold in accordance with the COLL Sourcebook (which may include stock lending, borrowing, cash holdings, hedging and using other investment techniques permitted in the COLL Sourcebook) with the aim of spreading investment risk and giving its Shareholders the benefit of the results of the management of that property. The Company has an umbrella structure which means that it contains many sub-funds (“Funds”), each with a different investment objective. In the financial statements you will find an investment review for each Fund which includes details of the investment objectives. There are currently eighteen Funds in the Aviva Investors Portfo lio Funds ICVC.
AUTHORISED STATUS From 5 March 2007 the Company was authorised as an Open Ended Investment Company under Regulation 12 of the Open Ended Investment Companies Regulations 2001 ( “Regulations”). The Company is authorised to operate as a “Non-UCITS Retail Scheme” for the purposes of the COLL Sourcebook and as an Alternative Investment Fund (“AIF”) for the purposes of the FUND Sourcebook. These sourcebooks form part of the regulatory handbook issued by the Financial Conduct Aut hority (“FCA”).
THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Company for the six months ended 31 August 2026. As required by the Regulations, information for each of the sub-funds has been included in these financial statements. On the following pages we review the performance of each of those Funds during this period. We hope that you find our review useful a nd informative. Following the FCA approval received to terminate the Aviva Investors UK Listed Equity Fund on 20 June 2025, the ACD decided to close the sub-fund “Aviva Investors UK Listed Equity Fund”. As a result, the ACD has prepared the financial statements of the sub-fund on a basis other than going concern. The financial statements for the remaining sub-funds of the Company have been prepared on a going concern basis.
ANNUAL GENERAL MEETINGS The Company will not be holding any Annual General Meetings.
SIGNIFICANT INFORMATION
CHANGES TO THE PROSPECTUS On 10 June 2026, the Prospectus of the Aviva Investors Portfolio Funds ICVC was updated to reflect changes to the disclosures of the Aviva Investors Multi-asset Core Fund I, II , III, IV and V to effect the removal of all wording related to the ESG characteristics previously considered by t hese sub-funds. On 9 July 2026, an amended version of the Prospectus for the Aviva Investors Portfolio Funds ICVC 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 mig ht be excluded. On 3 August 2026, an amended version of the Aviva Investors Portfolio Funds ICVC Prospectus was filed to reflect a change in maximum and expected leverage figures for the Aviva Investors Multi-asset Core Funds (each, I, II, III, IV and V).
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Accounting Policies
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ACCOUNTING POLICIES
The following accounting policies apply to all sub ‑ funds, wh ere applicable.
Basis of Accounting The interim report and financial statements have been prepared on the historical cost basis, as modified by the revaluation of investments, and in accordance with United Kingdom Generally Accepted Accounting Practice, including Fina ncial Reporting Standard 104, “Interim Financial Reporting” applicable in the UK and Republic of Ireland; the Statement of Recommended Practice – Financial Statements of Authorised Funds, issued by the Investment Association in October 2025 (“SORP”); the rules in the COLL Sourcebook; and the Instrument of Incorporation.
IA SORP 2025 Changes in accounting policies Following the application of the IA SORP 2025, investments are valued at quoted mid-market prices. Comparative figures for the prior period have not been restated, as permitted by paragraph 1.12 of the SORP, and remain valued at bid-market prices in accordance with the previous acc ounting policy.
Changes in presentation Following the application of the IA SORP 2025, certain presentation and disclosure requirements have changed, resulting in differences in the format and content of these financial statements compared to the prior period. The principal ch anges include: – Amendments to the descriptions and labelling of certain line items within the financi al statements; – Removal of distri bution tables; – Inclusion of a going conce rn assessment; – Inclusion of significant related party tra nsactions; and – Inclusion of fair value hierarchy of the portfolio.
Going concern Following the FCA approval received to terminate the Aviva Investors UK Listed Equity Fund on 20 June 2025, the ACD decided to close the sub-fund “Aviva Investors UK Listed Equity Fund”. As a result, the ACD has prepared the financial statements of the sub-fund on a basis other than going concern. The financial statements for the remaining sub-funds of the Company have been prepared on a going concern basis.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Statement of Cross Holdings
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STATEMENT OF CROSS HOLDINGS
As at 31 August 2026, the following sub-funds held investments in other sub-funds within the Company.
Aviva Investors Multi-asset Plus Fund I
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund I, Class D, Accumulation shares GBP 24,460,482 28,211,595 8.82
Aviva Investors Multi-asset Plus Fund II
Fund Sub-fund Currency Holding Market Value % of net asset value Aviva Investors Multi-asset Core Fund II, Class D, Accumulation shares GBP 68,484,788 92,386,445 6.96
Aviva Investors Multi-asset Plus Fund III
Fund Sub-fund Currency Holding Market Value % of net asset value Aviva Investors Multi-asset Core Fund III, Class D, Accumulation shares GBP 39,211,133 58,776,195 3.81
Aviva Investors Multi-asset Plus Fund IV
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund IV, Class D, Accumulation shares GBP 57,733,652 96,244,769 5.71
Aviva Investors Multi-asset Plus Fund V
Fund
Sub-fund Currency Holding Market Value
% of net asset value Aviva Investors Multi-asset Core Fund V, Class D, Accumulation shares GBP 15,587,871 29,945,563 5.01
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager Flexible Fund
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INVESTMENT OBJECTIVE The sub-fund aims to grow your investment and provide an average annual net return greater than the Investment Association Flexible Investment Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Invest ors companies).
INVESTMENT POLICY Core investment At least 80% of the sub-fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The sub-fund’s asset class exposures will be made up of the combined holdings of the other funds, with at least 75% of the combined holdings being invested in the shares of companies, and a maximum of 25% in b onds and cash*. Other Investment The sub-fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may 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. This type of derivative usage is called “efficient portfol io management”. Strategy The sub-fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Sector. The Sector is made up of other funds managed withi n these limits. This sub-fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this sub-fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on t hese sub-funds. Performance & Risk Measurement The sub-fund’s performance is measured against the Sector, after cha rges and taxes. The sub-fund uses a “tracking error” to measure the consistency between the sub-fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the sub-fund’s returns are relative to the Sector, and vice-versa. The sub-fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the sub-fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee.
The sub-fund does not base its investment process on the Sector and, depending on market conditions, the sub-fund’s returns could be similar to or very different f rom the Sector. The Sector has been selected as a benchmark for performance and risk measurement because the sub-fund will be managed with reference to the Sector, and it is therefore an appropriate comparator for the sub-fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2026, the sub-fund returned 6.3%* (share class 1, net of fees). The Investment Association Flexible Investments Sector returned 4.4% over t he same period. The tracking error at the period end was 3.99%. Review The sub-fund’s positive total return over the review period was driven largely by gains by equities. Global markets continued to rally as enthusiasm for the artificial intelligence (AI) theme persisted, with investors noting a broadening out of performance to sectors expected to be the leading beneficiaries of the rapidly evolving technology. Markets in Asia, which supply much of the heavily in-demand data processing hardware for AI, performed notably well. Overall, investor sentiment was supported by evidence that the major developed economies were holding up well, with growth in the US remaining resilient and the Eurozone and the UK showing some signs of improvement. This was despite a fraught geopolitical backdrop, with tensions between Russia and the West intensifying and a new conflict breaking out in the Middle East as Israel and the US attacked Iran in a bid to permanently halt its nuclear wea pons ambitions. Most fixed income markets nevertheless traded lower over the period, with government bond yields rising on the back of growing concerns that interest rates would need to remain higher for longer. Despite hopes early in the period that inflation rates would gradually ease back closer to central bank targets, a resurgence in the price of oil to around $100 a barrel led investors to bet on rate hikes rather than cuts. Rates were lifted by the European Central Bank and the Bank of Japan over the period, with the US Federal Reserve expected to follow suit by the end of the year. To compound the renewed worries about inflation, concerns grew about the strained balance sheets of the developed countries as high levels of borrowing showed no signs of easing. The weak performance of government bonds was a headwind for corporate debt markets, although returns found useful offsetting support from tighter spreads amid steady confidence in the outlook for compan y fundamentals.
AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND
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Aviva Investors Multi-Manager Flexible Fund
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FUND MANAGER’S REPORT (CONTINUED) Outlook Global growth has continued to prove more resilient than expected despite higher energy prices and ongoing geopolitical uncertainty. Recent activity data, particularly in the US, have surprised to the upside, supported by strong business investment, resilient consumer demand and continued AI-related spending. While initial optimism around a US-Iran diplomatic breakthrough temporarily eased pressure on energy markets, oil prices have since moved higher again as concerns around potential disruptions to traffic through the Strait of Hormuz persist. As a result, inflation risks remain elevated, particularly given the strategic importance of the region to global energy supply. In our central scenario, the balance of risks has become more complicated. Growth remains positive across major developed economies, and recession risks continue to appear low, but the likelihood of a more prolonged energy shock has increased. This could weigh on real incomes, confidence and investment, particularly across energy-importing regions such as the UK and Europe. Nevertheless, recent economic and corporate fundamentals suggest that large-cap companies remain relatively well positioned to navigate the curre nt environment. On interest rates, central banks have become increasingly concerned about the combination of resilient activity and persistent inflation. Markets have repriced expectations for further policy tightening, with the ECB maintaining a hawkish stance and both the Federal Reserve and Bank of England facing pressure to keep rates higher for longer should energy prices re main elevated. Against this backdrop, the outlook for equities remains constructive, although the range of potential outcom es has widened. September 2026 * Sub-fund performance figures – source Morningstar, income units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the sub-funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a sub-fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc
31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 31.12.25 % 1 A 14.00 -9.25 9.07 14.52 13.66 2 A 14.20 -9.11 9.23 11.14 13.57 8* I 14.50 -8.53 10.16 11.76 14.33 Benchmark** 11.50 -9.10 7.29 9.15 12.11 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Flexible Investment Sector. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Sub-fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the sub-fund to 31 December 2025. The figures do not include the effect of the Entry Charge and any Exit Charge.
AVIVA INVESTORS MULTI-MANAGER FLEXIBLE FUND (CONTINUED)
Material Portfolio Changes Purchases Sales
iShares Physical Gold ETC Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares iShares Physical Gold ETC
iShares Core FTSE 100 Fund GBP (Acc) Granahan US Focused Growth Fund Class I USD Accumulating Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares
TwentyFour Income Fund T Rowe Price US Structured Research Equity Fund Class C Acc 9 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) BlackRock European Dynamic Fund Class FD Accumulating GBP JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc) BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged iShares Core FTSE 100 Fund GBP (Acc) Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP AI Japan Equity Fund, UK Fund of Fund Accumulation Units
Blackstone US High Yield Corporate Bond BlackRock European Dynamic Fund Class FD Accumulating GBP
Synthetic Risk and Reward Indicator Lower r isk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The sub-fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the sub-fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the sub-fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – Further information on the risks applicable to the sub-fund is detailed in the sub-fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager Flexible Fund
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INVESTMENT PERFORMANCE
Net Asset Value – Income Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 8 29.02.24 71,887 28,686,907 250.59 28.02.25 75,145 27,079,031 277.50 28.02.26 82,711 25,764,133 321.03 31.08.26 85,696 25,219,056 339.81 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Net Asset Value – Accumulation Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 1 29.02.24 1,009 811,991 124.20 28.02.25 977 674,188 145.03 28.02.26 1,209 713,894 169.40 31.08.26 1,213 678,238 178.80 Class 2 29.02.24 8,955 4,374,941 204.69 28.02.25 7,799 3,388,654 230.17 28.02.26 8,406 3,121,615 269.29 31.08.26 8,603 3,009,176 285.90 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Share Price Record – Income Shares
Share class Financial year
Highest price* (p) Lowest price* (p) Class 8 2024 254.93 229.04 2025 286.50 251.62 2026 324.35 247.44 2027** 343.15 298.49 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Share Price Record – Accumulation Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 1 2024 124.45 112.18 2025 146.87 124.19 2026 168.05 128.57 2027** 179.38 156.53 Class 2 2024 205.09 184.78 2025 234.51 204.67 2026 268.55 205.03 2027** 286.83 250.17 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Ongoing Charges Figure* Share class 31.08.26 28.02.26 Class 1 1.48% 1.56% Class 2 1.33% 1.41% Class 8 0.48% 0.56% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the sub-fund over the period. The OCF is made up of the Fund Management Fee and, where a sub-fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the sub-fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.43% (28.02.26: 0.51%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class
Financial year
Net revenue per share Per £1,000 invested (£) Class 8 2024 5.3517 22.24 2025 5.5248 22.96 2026 5.6651 23.54 2027* 2.3045 9.58 * Up to 31 October 2026 (the interim distribution payment date).
Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class Financial year
Net revenue per share Per £1,000 invested (£) Class 1 2024 1.4194 12.18 2025 12.9741 111.37 2026 4.5729 39.26 2027* – Class 2 2024 2.6191 13.66 2025 4.1040 21.41 2026 3.3495 17.47 2027* 0.9126 4.76 * Up to 31 October 2026 (the interim distribution payment date).
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Aviva Investors Multi-Manager Flexible Fund
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PORTFOLIO STATEMENT As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 96.35% (97.10%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 2,181,660 3,379 3.54 Aviva Investors Global – Systematic Strategies Fund † GBP 1,700 1,924 2.01 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 527,825 826 0.86 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 48,977 1,282 1.34 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 293,851 4,202 4.40 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 1,315,953 5,066 5.30 Blackstone US High Yield Corporate Bond GBP 17,103 2,021 2.12 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 269,742 5,622 5.89 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 14,178 4,274 4.47 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 42,293 5,412 5.67 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 268,296 3,030 3.17 iShares Core FTSE 100 Fund GBP (Acc) GBP 36,589 8,164 8.55 iShares Pacific Index Fund (IE)Class Institutional Accu GBP GBP 377,716 6,294 6.59 iShares Physical Gold ETC GBP 21,847 1,425 1.49 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 136,296 5,189 5.43 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 30,653 1,831 1.92 JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc) USD 225,254 12,880 13.48 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 2,125,677 4,586 4.80 T Rowe Price US Structured Research Equity Fund Class C Acc 9 GBP 984,581 12,756 13.36 TwentyFour Income Fund GBP 1,726,545 1,870 1.96 Collective Investment Schemes total 92,033 96.35 Forward Currency Contracts 0.05% (0.01%) Buy AUD 3,581,717 sell GBP 1,853,645 dated 21/10/2026 42 0.04 Buy GBP 905,779 sell AUD 1,734,722 dated 21/10/2026 (12) (0.01) Buy GBP 939,901 sell USD 1,254,849 dated 21/10/2026 16 0.02 Forward Currency Contracts total 46 0.05 Futures 0.24% (0.37%) Euro-Schatz 08/09/2026 EUR (11) 3 EURO STOXX 50 Index 18/09/2026 EUR (5) (7) (0.01) FTSE 100 Index 18/09/2026 GBP 26 82 0.09 Long Gilt 29/12/2026 GBP 27 4 MSCI Emerging Markets Index 18/09/2026 USD 15 (8) (0.01) PHLX Semiconductor Emini Index 18/09/2026 USD 1 17 0.02 S&P 500 Emini Index 18/09/2026 USD 4 25 0.03 S&P Energy Select Sector Emini Index 18/09/2026 USD 5 51 0.05 STOXX 600 Basic Resources Index 18/09/2026 EUR 13 21 0.02 STOXX Europe Total Market Defense Capped Index 18/09/2026 EUR 18 35 0.04 TOPIX Index 10/09/2026 JPY 3 9 0.01 US 2 Year Note 31/12/2026 USD (22) (1) US 10 Year Note 21/12/2026 USD 11 1 US 10 Year Ultra Bond 21/12/2026 USD (26) (4) Futures total 228 0.24
Investment assets 92,307 96.64 Net other liabilities (295) (0.31) Net assets 95,512 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 28 February 2026. † A related party to the Fund.
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Aviva Investors Multi-Manager Flexible Fund
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STATEMENT OF TOTAL RETURN For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Income Net capital gains 5,383 4,164 Revenue 743 590 Expenses (65) (62) Interest payable and similar charges (1) Net revenue before taxation 677 528 Taxation (71) (62) Net revenue after taxation 606 466 Total return before distributions 5,989 4,630 Distributions (614) (469) Change in net assets attributable to shareholders from investment activities 5,375 4,161
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Opening net assets attributable to shareholders 92,326 83,922 Issue of shares 3,009 3,522 Cancellation of shares (5,225) (3,101) (2,216) 421 Change in net assets attributable to shareholders from investment activities (see above) 5,375 4,161 Retained distribution on accumulation shares 27 39 Closing net assets attributable to shareholders 95,512 88,543
The Statement of Recommended Practice (IA SORP 2025) 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 28 February 2026 w as £92,325,781.
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BALANCE SHEET As at 31 August 2026 (unaudited)
As at 31.08.26 £000
As at 28.02.26 £000 Assets: Current assets: Investments 92,339 90,087 Amounts receivable 246 118 Cash and cash equivalents 3,829 3,833 Total assets 96,414 94,038 Liabilities: Current liabilities: Investments (32) (87) Distributions payable (581) (1,052) Other amounts payable (289) (573) Total liabilities (902) (1,712) Net assets attributable to shareholders 95,512 92,326
These accounts have been prepared in accordance with the IA SORP 2025, and the presentation of certain prior period figures has been updat ed accordingly.
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Aviva Investors Multi-Manager Flexible Fund
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1 Accounting basis and policies Please see page 4 for accounting basis and policies.
2 Related party transactions Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown under expenses in the statement of total return and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The amount paid to the ACD in respect of Fund Management Fee during the period was £64,197 (31.08.25: £58,060). The balance due to the ACD at the period end in respect of Fund Management Fee was £32,856 (28.02.26: £30,237). Amounts due to the ACD in respect of cancellations at the period end is £44,759 (28.02.26: £413,711). Amounts due from the ACD in respect of issues at the period end is £4,039 (28.0 2.26: £13,205). Distributions payable to the ACD and related parties of the ACD during the period amounted to £595,856 (31.08.25: £445,318). The amount outstanding at the period end was £595,856 (28.02.26: £1,096,015). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the sub-fund on behalf of other exte rnal investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portf olio statement. The total purchases and sales on these investments during the period amounted to £15,300 (31.08.25: £1,701,786) and £335,000 (31.08.25: £170,000) respectively. The income received during the period amounted to £542,156 (31.08.25: £76,139). The rebates from ACD during the period amounted to £11,829 (31.0 8.25: £78,901). Holdings at the period end and movements during the period a re as follows:
Holdings at 31.08.26 (shares) Movement (shares)
Holdings at 28.02.26 (shares) ACD and related parties (Class 8 Income shares) 25,219,056 (545,077) 25,764,133 ACD and related parties (Class 2 Accumulation shares) 1,608,955 (74,013) 1,682,968 The ACD and related parties of the ACD are ineligible to vote at any g eneral meeting. The revenue earned for the period from the holdings in the Aviva Investors Tax Transparent Funds (AI Japan Equity Fund) was £38,412 (31.08.25: £36,298) and is included within Revenue in the Statement of Total Return. Amounts receivable at the balance sheet date of £35,343 (28.02.26: £417) are included within Debtors in the Balance Sheet.
NOTES TO THE FINANCIAL STATEMENTS
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-Manager Flexible Fund
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
3 Fair value hierarchy As at 31 August 2026 Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets Collective Investment Schemes 24,339 67,694 – 92,033 Derivatives 248 58 – 306 Total 24,587 67,752 – 92,339 Liabilities: Derivatives (20) (12) – (32) Total (20) (12) – (32)
As at 28 February 2026* Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets: Collective Investment Schemes 23,006 66,645 – 89,651 Derivatives 409 27 – 436 Total 23,415 66,672 – 90,087 Liabilities: Derivatives (68) (19) – (87) Total (68) (19) – (87) * The figures have been restated following adoption of the IA SORP 2025. Liquidity funds used to manage uninvested cash balances are now classified as cash and cash equivalents and excluded from the fair value hierarchy table. This re-presentation has no impact on total net assets.
The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets a nd liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority is given to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the follow ing categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the me asurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asse t or liability. As at the balance sheet date, the sub-fund held no Level 3 investments.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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INVESTMENT OBJECTIVE The sub-fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 40-85% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Invest ors companies).
INVESTMENT POLICY Core investment At least 80% of the sub-fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The sub-fund’s asset class exposures will be made up of the combined holdings of the other funds, of which at between 40% and 85% of the combined holdings will be invested in the shares of companies. The other funds may also invest in b onds and cash*. Other Investment The sub-fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may 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. This type of derivative usage is called “efficient portfol io management”. Strategy The sub-fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Investment Association (the “IA”) Mixed Investment 40-85% Shares Sector (the “Sector”). The Sector is made up of other funds managed withi n these limits. This sub-fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this sub-fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on t hese sub-funds.
Performance & Risk Measurement The sub-fund’s performance is measured against the Sector, after char ges and taxes. The sub-fund uses a “tracking error” to measure the consistency between the sub-fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the sub-fund’s returns are relative to the Sector, and vice-versa. The sub-fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the sub-fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee. The Sector has been selected as a benchmark for performance and risk measurement because the sub-fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate comparator for the sub-fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2026, the sub-fund returned 4.6%* (share class 1, net of fees). The Investment Association Mixed Investment 40-85% Shares Sector returned 4.2% over t he same period. The tracking error at the period end was 3.17%. Review The sub-fund’s positive total return over the review period was driven largely by gains by equities. Global markets continued to rally as enthusiasm for the artificial intelligence (AI) theme persisted, with investors noting a broadening out of performance to sectors expected to be the leading beneficiaries of the rapidly evolving technology. Markets in Asia, which supply much of the heavily in-demand data processing hardware for AI, performed notably well. Overall, investor sentiment was supported by evidence that the major developed economies were holding up well, with growth in the US remaining resilient and the Eurozone and the UK showing some signs of improvement. This was despite a fraught geopolitical backdrop, with tensions between Russia and the West intensifying and a new conflict breaking out in the Middle East as Israel and the US attacked Iran in a bid to permanently halt its nuclear wea pons ambitions. Most fixed income markets nevertheless traded lower over the period, with government bond yields rising on the back of growing concerns that interest rates would need to remain higher for longer. Despite hopes early in the period that inflation rates would gradually ease back closer to central bank targets, a resurgence in the price of oil to around $100 a barrel led investors to bet on rate hikes rather than cuts. Rates were lifted by the European Central Bank and the Bank of Japan over the period, with the US Federal Reserve expected to follow suit by the end of the year. To compound the renewed worries about inflation, concerns grew about the strained balance sheets of the developed countries as high levels of borrowing showed no signs of easing. The weak performance of government bonds was a headwind for corporate debt markets, although returns found useful offsetting support from tighter spreads amid steady confidence in the outlook for compan y fundamentals.
AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-Manager 40-85% Shares Fund
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AVIVA INVESTORS MULTI-MANAGER 40-85% SHARES FUND (CONTINUED)
FUND MANAGER’S REPORT (CONTINUED) Outlook Global growth has continued to prove more resilient than expected despite higher energy prices and ongoing geopolitical uncertainty. Recent activity data, particularly in the US, have surprised to the upside, supported by strong business investment, resilient consumer demand and continued AI-related spending. While initial optimism around a US-Iran diplomatic breakthrough temporarily eased pressure on energy markets, oil prices have since moved higher again as concerns around potential disruptions to traffic through the Strait of Hormuz persist. As a result, inflation risks remain elevated, particularly given the strategic importance of the region to global energy supply. In our central scenario, the balance of risks has become more complicated. Growth remains positive across major developed economies, and recession risks continue to appear low, but the likelihood of a more prolonged energy shock has increased. This could weigh on real incomes, confidence and investment, particularly across energy-importing regions such as the UK and Europe. Nevertheless, recent economic and corporate fundamentals suggest that large-cap companies remain relatively well positioned to navigate the curre nt environment. On interest rates, central banks have become increasingly concerned about the combination of resilient activity and persistent inflation. Markets have repriced expectations for further policy tightening, with the ECB maintaining a hawkish stance and both the Federal Reserve and Bank of England facing pressure to keep rates higher for longer should energy prices re main elevated. Against this backdrop, the outlook for equities remains constructive, although the range of potential outcom es has widened. September 2026 * Sub-fund performance figures – source Aviva Investors/Morningstar, income units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a sub-fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc
31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 31.12.25 % 1 I 10.80 -9.37 7.72 8.99 12.31 2 A 11.00 -9.30 7.85 9.13 12.44 8* I 11.30 -8.87 8.59 9.88 13.21 2 I 11.00 -9.30 7.85 9.13 12.44 Benchmark** 11.20 -10.10 8.09 8.88 11.62 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Mixed Investment 40-85% Shares sector. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Sub-fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the sub-fund to 31 December 2025. The figures do not include the effect of the Entry Charge and any Exit Charge.
Material Portfolio Changes Purchases Sales iShares Physical Gold ETC iShares Physical Gold ETC Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD Granahan US Focused Growth Fund Class I USD Accumulating Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares JPM Global Corporate Bond Fund C (dist) – GBP (hedged) T Rowe Price US Structured Research Equity Fund Class C Acc 9
iShares Core FTSE 100 Fund GBP (Acc) JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc)
TwentyFour Income Fund AI Japan Equity Fund, UK Fund of Fund Accumulation Units Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP iShares Core FTSE 100 Fund GBP (Acc) BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged iShares Pacific Index Fund (IE)Class Institutional Accu GBP iShares Pacific Index Fund (IE)Class Institutional Accu GBP Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares
Synthetic Risk and Reward Indicator Lower r isk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The sub-fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the sub-fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the sub-fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – Further information on the risks applicable to the sub-fund is detailed in the sub-fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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INVESTMENT PERFORMANCE
Net Asset Value – Income Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 1 29.02.24 2,708 2,638,907 102.64 28.02.25 2,175 1,942,671 112.00 28.02.26 1,997 1,569,844 127.20 31.08.26 2,035 1,538,003 132.30 Class 2 29.02.24 5,994 3,169,888 189.08 28.02.25 6,268 3,037,760 206.33 28.02.26 6,976 2,976,759 234.34 31.08.26 6,684 2,741,969 243.75 Class 8 29.02.24 128,147 61,139,538 209.60 28.02.25 126,177 55,156,476 228.76 28.02.26 133,459 51,350,253 259.90 31.08.26 136,203 50,377,365 270.37 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Net Asset Value – Accumulation Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 2 29.02.24 24,950 13,969,567 178.60 28.02.25 25,416 12,834,254 198.03 28.02.26 28,127 12,331,422 228.09 31.08.26 30,078 12,618,883 238.36 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Share Price Record – Income Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 1 2024 103.90 94.44 2025 114.82 103.07 2026 128.24 102.04 2027** 133.18 119.07 Class 2 2024 191.52 174.01 2025 211.63 189.88 2026 236.40 188.01 2027** 245.51 219.40 Class 8 2024 212.99 193.08 2025 235.34 210.50 2026 263.03 208.60 2027** 273.16 243.47 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Share Price Record – Accumulation Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 2 2024 178.83 162.48 2025 200.80 178.64 2026 227.55 180.48 2027** 238.97 213.56 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Ongoing Charges Figure* Share class 31.08.26 28.02.26 Class 1 1.44% 1.49% Class 2 1.29% 1.34% Class 8 0.44% 0.49% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the sub-fund over the period. The OCF is made up of the Fund Management Fee and, where a sub-fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the sub-fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.40% (28.02.26: 0.45%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-Manager 40-85% Shares Fund
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INVESTMENT PERFORMANCE (CONTINUED)
Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class Financial year
Net revenue per share (p) Per £1,000 invested (£) Class 1 2024 1.3708 13.81 2025 1.6318 16.44 2026 1.6303 16.43 2027* 0.5430 5.47 Class 2 2024 2.7441 15.00 2025 3.2698 17.88 2026 3.2608 17.83 2027* 1.1392 6.23 Class 8 2024 4.4220 21.75 2025 5.1411 25.28 2026 5.2382 25.76 2027* 2.1522 10.58 * Up to 31 October 2026 (the interim distribution payment date).
Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class Financial year
Net revenue per share (p) Per £1,000 invested (£) Class 2 2024 2.5627 15.17 2025 3.0927 18.31 2026 3.1367 18.57 2027* 1.1102 6.57 * Up to 31 October 2026 (the interim distribution payment date).
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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PORTFOLIO STATEMENT As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 87.85% (88.90%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 3,189,746 4,941 2.82 Aviva Investors Global – Systematic Strategies Fund † GBP 3,100 3,508 2.00 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 2,105 3,012 1.72 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 3,465,899 5,422 3.10 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 76,394 2,000 1.14 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 449,683 6,431 3.68 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 1,999,263 7,697 4.40 Blackstone US High Yield Corporate Bond GBP 26,500 3,131 1.79 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 412,899 8,606 4.92 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 21,388 6,447 3.68 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 66,435 8,502 4.86 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 417,296 4,713 2.69 iShares Core FTSE 100 Fund GBP (Acc) GBP 71,931 16,050 9.17 iShares Pacific Index Fund (IE)Class Institutional Accu GBP GBP 552,084 9,199 5.26 iShares Physical Gold ETC GBP 39,806 2,596 1.48 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 201,042 7,654 4.37 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 95,202 5,686 3.25 JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc) USD 332,608 19,019 10.87 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 3,162,370 6,823 3.90 T Rowe Price US Structured Research Equity Fund Class C Acc 9 GBP 1,450,283 18,789 10.74 TwentyFour Income Fund GBP 3,238,644 3,507 2.01 Collective Investment Schemes total 153,733 87.85 Forward Currency Contracts 0.05% (0.01%) Buy AUD 6,516,883 sell GBP 3,372,681 dated 21/10/2026 75 0.04 Buy GBP 1,610,274 sell AUD 3,083,951 dated 21/10/2026 (21) (0.01) Buy GBP 1,678,807 sell USD 2,241,352 dated 21/10/2026 29 0.02 Forward Currency Contracts total 83 0.05 Futures 0.16% (0.12%) Euro-Schatz 08/09/2026 EUR (19) 5 EURO STOXX 50 Index 18/09/2026 EUR (8) (12) (0.01) Long Gilt 29/12/2026 GBP 49 7 MSCI Emerging Markets Index 18/09/2026 USD 27 (13) (0.01) PHLX Semiconductor Emini Index 18/09/2026 USD 2 33 0.02 S&P 500 Emini Index 18/09/2026 USD 7 43 0.03 S&P Energy Select Sector Emini Index 18/09/2026 USD 9 92 0.05 STOXX 600 Basic Resources Index 18/09/2026 EUR 24 39 0.02 STOXX Europe Total Market Defense Capped Index 18/09/2026 EUR 33 64 0.04 TOPIX Index 10/09/2026 JPY 5 15 0.01 US 2 Year Note 31/12/2026 USD (29) (1) US 10 Year Note 21/12/2026 USD 241 17 0.01 US 10 Year Ultra Bond 21/12/2026 USD (46) (6) Futures total 283 0.16
Investment assets 154,099 88.06 Net other assets 20,901 11.94 Net assets 175,000 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 28 February 2026. † A related party to the Fund.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-Manager 40-85% Shares Fund
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STATEMENT OF TOTAL RETURN For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Income Net capital gains 6,791 6,833 Revenue 1,637 1,290 Expenses (195) (182) Interest payable and similar charges – (4) Net revenue before taxation 1,442 1,104 Taxation (179) (196) Net revenue after taxation 1,263 908 Total return before distributions 8,054 7,741 Distributions (1,270) (915) Change in net assets attributable to shareholders from investment activities 6,784 6,826
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Opening net assets attributable to shareholders 170,559 160,036 Issue of shares 7,610 5,535 Cancellation of shares (10,093) (9,012) (2,483) (3,477) Dilution adjustment 6,784 6,826 Change in net assets attributable to shareholders from investment activities (see above) 140 79 Closing net assets attributable to shareholders 175,000 163,464
The Statement of Recommended Practice (IA SORP 2025) 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 28 February 2026 wa s £170,559,187.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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BALANCE SHEET As at 31 August 2026 (unaudited)
As at 31.08.26 £000
As at 28.02.26 £000 Assets: Current assets: Investments 154,152 152,201 Amounts receivable 340 657 Cash and cash equivalents 22,244 20,873 Total assets 176,736 173,731 Liabilities: Current liabilities: Investments (53) (345) Bank overdrafts – (342) Distributions payable (1,124) (2,026) Other amounts payable (559) (459) Total liabilities (1,736) (3,172) Net assets attributable to shareholders 175,000 170,559
These accounts have been prepared in accordance with the IA SORP 2025, and the presentation of certain prior period figures has been updat ed accordingly.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
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1 Accounting basis and policies Please see page 4 for accounting basis and policies.
2 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence o ver the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown under expenses in the statement of total return and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The amount paid to the ACD in respect of Fund Management Fee during the period was £190,744 (31.08.25: £174,226). The balance due to the ACD at the period end in respect of Fund Management Fee was £63,508 (28.02.26: £61,035). Amounts due to the ACD in respect of cancellations at the period end is £291,912 (28.02.26: £189,369). Amounts due from the ACD in respect of issues at the period end is £85,937 (28.0 2.26: £57,969). Distributions payable to the ACD and related parties of the ACD during the period amounted to £1,196,559 (31.08.25: £865,669). The amount outstanding at the period end was £1,196,559 (28.02.26: £2,179,140). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the sub-fund on behalf of other exte rnal investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portf olio statement. The total purchases and sales on these investments during the period amounted to £568,826 (31.08.25: £3,602,195) and £1,240,000 (31.08.25: £790,000) respectively. The income received during the period amounted to £542,156 (31.08.25: £423,988). The rebates from ACD during the period amounted to £23,003 (31.08 .25: £142,730). Holdings at the period end and movements during the period a re as follows:
Holdings at 31.08.26 (shares)
Movement (shares)
Holdings at 28.02.26 (shares) ACD and related parties (Class 2 Income shares) 1,458,818 (92,312) 1,551,130 ACD and related parties (Class 8 Income shares) 50,377,365 (972,888) 51,350,253 ACD and related parties (Class 2 Accumulation shares) 8,621,694 200,865 8,420,829 The ACD and related parties of the ACD are ineligible to vote at any g eneral meeting. The revenue earned for the period from the holdings in the Aviva Investors Tax Transparent Funds (AI Japan Equity Fund) was £55,078 (31.08.25: £55,859) and is included within Revenue in the Statement of Total Return. Amounts receivable at the balance sheet date of £51,674 (28.02.26: £662) are included within Debtors in the Balance Sheet.
NOTES TO THE FINANCIAL STATEMENTS
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 40-85% Shares Fund
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
3 Fair value hierarchy As at 31 August 2026 Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets: Collective Investment Schemes 41,172 112,561 – 153,733 Derivatives 315 104 – 419 Total 41,487 112,665 – 154,152 Liabilities: Derivatives (32) (21) – (53) Total (32) (21) – (53)
As at 28 February 2026* Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets: Collective Investment Schemes 40,215 111,416 – 151,631 Derivatives 519 51 – 570 Total 40,734 111,467 – 152,201 Liabilities: Derivatives (310) (35) – (345) Total (310) (35) – (345) * The figures have been restated following adoption of the IA SORP 2025. Liquidity funds used to manage uninvested cash balances are now classified as cash and cash equivalents and excluded from the fair value hierarchy table. This re-presentation has no impact on total net assets.
The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets a nd liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority is given to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the follow ing categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the me asurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asse t or liability. As at the balance sheet date, the sub-fund held no Level 3 investments.
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INVESTMENT OBJECTIVE The sub-fund aims to grow your investment and provide an average annual net return greater than the Investment Association Mixed Investment 20-60% Shares Sector (the “Sector”) over a rolling 5 year period through a combination of income and capital returns by investing in other funds (including funds managed by Aviva Invest ors companies).
INVESTMENT POLICY Core investment At least 80% of the sub-fund will be invested in other funds, which in turn invest in a range of global asset classes (including emerging markets). The sub-fund’s asset class exposures will be made up of the combined holdings of the other funds, of which between 20% and 60% of the combined holdings will be invested in the shares of companies, and a minimum of 30% in b onds and cash*. Other Investment The sub-fund may also invest indirect ly in property. Derivatives may be used to gain exposure to an asset class which may 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. This type of derivative usage is called “efficient portfol io management”. Strategy The sub-fund is actively managed to blend asset classes for diversification, different asset allocations can be selected depending on market conditions and opportunities. The Investment Manager relies on an assessment of seven criteria (Parent, Product, Philosophy, Process, People, Performance, Position) to determine which funds are suitable for investment, with the intention of creating an optimum risk and reward profile within the limits of the Sector. The Sector is made up of other funds managed withi n these limits. This sub-fund is subject to Aviva Investors’ baseline exclusion policy – please see the Prospectus for information on these limited investment restrictions. As this sub-fund typically invests in other third-party managed funds, the baseline exclusion policy will have limited impact on t hese sub-funds. Performance & Risk Measurement The sub-fund’s performance is measured against the Sector, after cha rges and taxes. The sub-fund uses a “tracking error” to measure the consistency between the sub-fund’s returns and the returns of the Sector. In general, the lower the tracking error, the more consistent the sub-fund’s returns are relative to the Sector, and vice-versa. The sub-fund is expected to have an average yearly tracking error of between 2% and 6% when compared to the Sector. In certain conditions the sub-fund may be outside of this range. The Sector is an industry benchmark, which consists of all UK funds which have elected to become constituents of the Sector, and meet the criteria of the Sector, as detailed by the IA’s Se ctor Committee. The Sector has been selected as a benchmark for performance and risk measurement because the sub-fund will be managed in line with the criteria of the Sector, and it is therefore an appropriate measure for the sub-fund ’s performance. * Where this exposure to an asset class is achieved indirectly by virtue of an investment in an underlying fund, these thresholds will be calculated based on the type of the underlying fund, not the actual assets in which it invests. For example, 100% of the amount invested in an underlying fund which is classed as an equity fund will be treated as being invested in the shares of companies, even though it may also hold a proportion of cash.
FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2026, the sub-fund returned 2.3%* (share class 1, net of fees). The Investment Association Mixed Investment 20-60% Shares Sector returned 2.3% over t he same period. The tracking error at the period end was 2.16%. Review The sub-fund’s modestly positive total return over the review period was driven largely by gains by equities. Global markets continued to rally as enthusiasm for the artificial intelligence (AI) theme persisted, with investors noting a broadening out of performance to sectors expected to be the leading beneficiaries of the rapidly evolving technology. Markets in Asia, which supply much of the heavily in-demand data processing hardware for AI, performed notably well. Overall, investor sentiment was supported by evidence that the major developed economies were holding up well, with growth in the US remaining resilient and the Eurozone and the UK showing some signs of improvement. This was despite a fraught geopolitical backdrop, with tensions between Russia and the West intensifying and a new conflict breaking out in the Middle East as Israel and the US attacked Iran in a bid to permanently halt its nuclear wea pons ambitions. Most fixed income markets nevertheless traded lower over the period, with government bond yields rising on the back of growing concerns that interest rates would need to remain higher for longer. Despite hopes early in the period that inflation rates would gradually ease back closer to central bank targets, a resurgence in the price of oil to around $100 a barrel led investors to bet on rate hikes rather than cuts. Rates were lifted by the European Central Bank and the Bank of Japan over the period, with the US Federal Reserve expected to follow suit by the end of the year. To compound the renewed worries about inflation, concerns grew about the strained balance sheets of the developed countries as high levels of borrowing showed no signs of easing. The weak performance of government bonds was a headwind for corporate debt markets, although returns found useful offsetting support from tighter spreads amid steady confidence in the outlook for compan y fundamentals. Outlook Global growth has continued to prove more resilient than expected despite higher energy prices and ongoing geopolitical uncertainty. Recent activity data, particularly in the US, have surprised to the upside, supported by strong business investment, resilient consumer demand and continued AI-related spending. While initial optimism around a US-Iran diplomatic breakthrough temporarily eased pressure on energy markets, oil prices have since moved higher again as concerns around potential disruptions to traffic through the Strait of Hormuz persist. As a result, inflation risks remain elevated, particularly given the strategic importance of the region to global energy supply. In our central scenario, the balance of risks has become more complicated. Growth remains positive across major developed economies, and recession risks continue to appear low, but the likelihood of a more prolonged energy shock has increased. This could weigh on real incomes, confidence and investment, particularly across energy-importing regions such as the UK and Europe. Nevertheless, recent economic and corporate fundamentals suggest that large-cap companies remain relatively well positioned to navigate the curre nt environment.
AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND
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Aviva Investors Multi-Manager 20-60% Shares Fund
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AVIVA INVESTORS MULTI-MANAGER 20-60% SHARES FUND (CONTINUED)
FUND MANAGER’S REPORT (CONTINUED) Outlook (continued) On interest rates, central banks have become increasingly concerned about the combination of resilient activity and persistent inflation. Markets have repriced expectations for further policy tightening, with the ECB maintaining a hawkish stance and both the Federal Reserve and Bank of England facing pressure to keep rates higher for longer should energy prices re main elevated. Against this backdrop, the outlook for equities remains constructive, although the range of potential outcom es has widened. September 2026 * Sub-fund performance figures – source Morningstar, income units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the sub-funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell any securities. Past performance is not a guide to the future. The value of a sub-fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 31.12.25 % 1 I 6.30 -9.41 6.22 6.58 10.01 2 A 6.50 -9.31 6.35 6.70 10.14 8* I 6.70 -8.84 7.07 7.44 10.89 2 I 6.50 -9.31 6.35 6.70 10.14 Benchmark** 6.30 -9.60 6.86 6.18 10.24 * Class 3 was renamed Class 8 on 9 May 2022. ** Benchmark – Investment Association Mixed Investment 20-60% Shares sector. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Sub-fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the sub-fund to 31 December 2025. The figures do not include the effect of the Entry Charge and any Exit Charge.
Material Portfolio Changes Purchases Sales iShares Physical Gold ETC iShares Physical Gold ETC Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD Granahan US Focused Growth Fund Class I USD Accumulating Shares Granahan US Focused Growth Fund Class I USD Accumulating Shares BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged T Rowe Price US Structured Research Equity Fund Class C Acc 9 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc) Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares iShares Core FTSE 100 Fund GBP (Acc)
Blackstone US High Yield Corporate Bond AI Japan Equity Fund, UK Fund of Fund Accumulation Units Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares BlackRock European Dynamic Fund Class FD Accumulating GBP Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP
Synthetic Risk and Reward Indicator Lower r isk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The sub-fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the sub-fund. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the sub-fund. – Investment may be restricted to a limited number of holdings, industries, or Countries. The sub-fund share price may be more exposed to specific events and as a result may experience large daily price changes. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free‘. – Bond values are affected by changes in interest rates, and the bond issuer‘s creditworthiness. Bonds that produce a higher level of income usually have a greater risk of default. – The value of investments will be affected by changes in exchange rates. – Further information on the risks applicable to the sub-fund is detailed in the sub-fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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INVESTMENT PERFORMANCE
Net Asset Value – Income Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 1 29.02.24 2,688 3,001,700 89.55 28.02.25 2,974 3,106,503 95.72 28.02.26 2,742 2,607,428 105.16 31.08.26 2,720 2,547,402 106.80 Class 2 29.02.24 6,001 3,946,966 152.04 28.02.25 5,305 3,264,037 162.52 28.02.26 5,668 3,174,191 178.55 31.08.26 5,306 2,926,130 181.33 Class 8 29.02.24 96,940 53,981,376 179.58 28.02.25 93,630 48,769,329 191.99 28.02.26 97,798 46,354,096 210.98 31.08.26 94,865 44,272,240 214.28 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Net Asset Value – Accumulation Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 2 29.02.24 15,710 9,917,256 158.41 28.02.25 15,011 8,706,177 172.42 28.02.26 15,373 7,977,699 192.70 31.08.26 14,895 7,561,386 196.98 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Share Price Record – Income Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 1 2024 90.90 83.58 2025 97.77 89.84 2026 106.46 90.48 2027** 107.61 99.80 Class 2 2024 154.41 141.93 2025 166.09 152.53 2026 180.86 153.63 2027** 182.81 169.47 Class 8 2024 182.98 167.80 2025 196.80 180.16 2026 214.41 181.63 2027** 216.70 200.37 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Share Price Record – Accumulation Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 2 2024 158.67 145.84 2025 173.69 158.49 2026 192.38 163.00 2027** 197.30 182.91 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Ongoing Charges Figure* Share class 31.08.26 28.02.26 Class 1 1.40% 1.44% Class 2 1.25% 1.29% Class 8 0.40% 0.44% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the sub-fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the sub fund when buying or selling shares/units in another collective investment scheme. The OCF includes a synthetic charge of 0.36% (28.02.26: 0.40%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 20-60% Shares Fund
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INVESTMENT PERFORMANCE (CONTINUED)
Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class Financial year
Net revenue per share (p) Per £1,000 invested (£) Class 1 2024 1.3493 15.46 2025 1.6254 18.62 2026 1.6819 19.27 2027* 0.6380 7.31 Class 2 2024 2.4754 16.69 2025 2.9456 19.86 2026 3.0574 20.61 2027* 1.1899 8.02 Class 8** 2024 4.1170 23.42 2025 4.7606 27.09 2026 4.9661 28.25 2027* 2.1223 12.07 * Up to 31 October 2026 (the interim distribution payment date).
Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class Financial year
Net revenue per share (p) Per £1,000 invested (£) Class 2 2024 2.5423 16.84 2025 3.0792 20.40 2026 3.2517 21.54 2027* 1.2842 8.51 * Up to 31 October 2026 (the interim distribution payment date).
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Aviva Investors Multi-Manager 20-60% Shares Fund
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PORTFOLIO STATEMENT As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 84.02% (84.32%) AI Japan Equity Fund, UK Fund of Fund Accumulation Units † GBP 1,407,260 2,180 1.85 Aviva Investors Global – Systematic Strategies Fund † GBP 2,300 2,603 2.21 Aviva Investors Global Sovereign Bond Fund Class Zh, Accumulation shares, GBP † GBP 8,770 12,552 10.66 Aviva Investors Multi-Strategy Target Return Fund Class 5, Accumulation shares, GBP † GBP 5,287,639 8,272 7.02 Baillie Gifford Japanese Fund Class B Shares Accumulation Shares GBP 30,373 795 0.68 BlackRock Emerging Markets Bond Fund Class A2 GBP Hedged GBP 190,723 2,727 2.31 BlackRock European Dynamic Fund Class FD Accumulating GBP GBP 848,042 3,265 2.77 Blackstone US High Yield Corporate Bond GBP 11,290 1,334 1.13 Granahan US Focused Growth Fund Class I USD Accumulating Shares USD 164,035 3,419 2.90 Heptagon Fund – Driehaus Emerging Markets Sustainable Equity Fund – Class S (USD) GBP 9,342 2,816 2.39 Invenomic US Equity Long/Short Fund USD Institutional Pooled Class Shares USD 26,319 3,368 2.86 Invesco Emerging Markets Local Debt Fund Class S accumulation – GBP GBP 227,281 2,567 2.18 iShares Core FTSE 100 Fund GBP (Acc) GBP 30,466 6,798 5.77 iShares Pacific Index Fund (IE)Class Institutional Accu GBP GBP 236,163 3,935 3.34 iShares Physical Gold ETC GBP 27,231 1,775 1.51 Janus Henderson European Selected Opportunities Fund Class I Accumulation GBP GBP 85,168 3,242 2.75 JPM Global Corporate Bond Fund C (dist) – GBP (hedged) GBP 264,372 15,791 13.41 JPM US Research Enhanced Index Equity Active Fund ETF – USD (acc) USD 143,977 8,233 6.99 Skyline Umbrella ARGA Emerging Market Equity Fund Accumulation USD GBP 1,302,827 2,811 2.39 T Rowe Price US Structured Research Equity Fund Class C Acc 9 GBP 627,877 8,135 6.91 TwentyFour Income Fund GBP 2,170,985 2,351 1.99 Collective Investment Schemes total 98,969 84.02 Forward Currency Contracts 0.05% (0.01%) Buy AUD 4,542,224 sell GBP 2,350,736 dated 21/10/2026 53 0.04 Buy GBP 1,157,384 sell AUD 2,216,590 dated 21/10/2026 (16) (0.01) Buy GBP 1,204,600 sell USD 1,608,245 dated 21/10/2026 21 0.02 Forward Currency Contracts total 58 0.05 Futures 0.17% (0.11%) Euro-Schatz 08/09/2026 EUR (13) 3 EURO STOXX 50 Index 18/09/2026 EUR (7) (10) (0.01) Long Gilt 29/12/2026 GBP 34 5 MSCI Emerging Markets Index 18/09/2026 USD 19 (10) (0.01) PHLX Semiconductor Emini Index 18/09/2026 USD 1 17 0.02 S&P 500 Emini Index 18/09/2026 USD 6 36 0.03 S&P Energy Select Sector Emini Index 18/09/2026 USD 7 71 0.06 STOXX 600 Basic Resources Index 18/09/2026 EUR 17 28 0.02 STOXX Europe Total Market Defense Capped Index 18/09/2026 EUR 24 46 0.04 TOPIX Index 10/09/2026 JPY 3 9 0.01 US 2 Year Note 31/12/2026 USD (12) – US 10 Year Note 21/12/2026 USD 150 10 0.01 US 10 Year Ultra Bond 21/12/2026 USD (33) (4) Futures total 201 0.17
Investment assets 99,228 84.24 Net other assets 18,558 15.76 Net assets 117,786 100.00
All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 28 February 2026. If the Market Value of an Investment is less than £500 it is disclosed as nil. † A related party to the Fund.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-Manager 20-60% Shares Fund
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STATEMENT OF TOTAL RETURN For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Income Net capital gains 1,811 4,162 Revenue 1,451 905 Expenses (126) (127) Net revenue before taxation 1,325 778 Taxation (215) (145) Net revenue after taxation 1,110 633 Total return before distributions 2,921 4,795 Distributions (1,113) (635) Change in net assets attributable to shareholders 1,808 4,160
STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 31 August 2026 (unaudited)
£000
Six months ended 31.08.26 £000 £000
Six months ended 31.08.25 £000 Opening net assets attributable to shareholders 121,581 116,920 Issue of shares 3,829 4,980 Cancellation of shares (9,529) (6,850) (5,700) (1,870) Dilution adjustment 1,808 4,160 Change in net assets attributable to shareholders from investment activities (see above) 97 42 Closing net assets attributable to shareholders 117,786 119,252
The Statement of Recommended Practice (IA SORP 2025) 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 28 February 2026 wa s £121,580,687.
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-Manager 20-60% Shares Fund
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BALANCE SHEET As at 31 August 2026 (unaudited)
As at 31.08.26 £000
As at 28.02.26 £000 Assets: Current assets: Investments 99,268 102,926 Amounts receivable 746 294 Cash and cash equivalents 19,934 21,141 Total assets 119,948 124,361 Liabilities: Current liabilities: Investments (40) (256) Distributions payable (991) (1,876) Other amounts payable (1,131) (648) Total liabilities (2,162) (2,780) Net assets attributable to shareholders 117,786 121,581
These accounts have been prepared in accordance with the IA SORP 2025, and the presentation of certain prior period figures has been updat ed accordingly.
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
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1 Accounting basis and policies Please see page 4 for accounting basis and policies.
2 Related party transactions Aviva Investors UK Fund Services Limited, Aviva Investors Global Services Limited and the Aviva group are deemed to be related parties per section 33.10 of FRS 102 as they are entities with control, joint control or significant influence o ver the entity. Fund Management Fee paid to Aviva Investors UK Fund Services Limited (“the ACD”) are shown under expenses in the statement of total return and details of shares issued and cancelled by the ACD are shown in the statement of change in net assets attributable to shareholders. The amount paid to the ACD in respect of Fund Management Fee during the period was £123,755 (31.08.25: £123,305). The balance due to the ACD at the period end in respect of Fund Management Fee was £40,290 (28.02.26: £60,355). Amounts due to the ACD in respect of cancellations at the period end is £863,844 (28.02.26: £362,935). Amounts due from the ACD in respect of issues at the period end is £2,917 (28.02 .26: £160,899). Distributions payable to the ACD and related parties of the ACD during the period amounted to £1,034,282 (31.08.25: £606,580). The amount outstanding at the period end was £1,034,282 (28.02.26: £1,971,655). Related parties of the ACD are deemed to be all companies under the control of Aviva Plc. This will include companies which hold shares in the sub-fund on behalf of other exte rnal investors. Any investments managed and advised by Aviva Investors Global Services Limited or associated with the Aviva Group are identified on the portf olio statement. The total purchases and sales on these investments during the period amounted to £804,876 (31.08.25: £2,520,176) and £760,000 (31.08.25: £1,300,000) respectively. The income received during the period amounted to £864,134 (31.08.25: £437,310). The rebates from ACD during the period amounted to £18,226 (31.0 8.25: £78,920). Holdings at the period end and movements during the period a re as follows:
Holdings at 31.08.26 (shares)
Movement (shares)
Holdings at 28.02.26 (shares) ACD and related parties (Class 2 Income shares) 1,905,332 (232,771) 2,138,103 ACD and related parties (Class 8 Income shares) 44,272,240 (2,081,856) 46,354,096 ACD and related parties (Class 2 Accumulation shares) 5,608,255 (172,794) 5,781,049 The ACD and related parties of the ACD are ineligible to vote at any g eneral meeting. The revenue earned for the period from the holdings in the Aviva Investors Tax Transparent Funds (AI Japan Equity Fund) was £26,272 (31.08.25: £25,696) and is included within Revenue in the Statement of Total Return. Amounts receivable at the balance sheet date of £22,797 (28.02.26: £302) are included within Debtors in the Balance Sheet.
NOTES TO THE FINANCIAL STATEMENTS
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3 Fair value hierarchy As at 31 August 2026 Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets: Collective Investment Schemes 19,157 79,812 – 98,969 Derivatives 225 74 – 299 Total 19,382 79,886 – 99,268 Liabilities: Derivatives (24) (16) – (40) Total (24) (16) – (40)
As at 28 February 2026* Level 1 £000
Level 2 £000
Level 3 £000
Total £000 Assets: Collective Investment Schemes 19,797 82,724 – 102,521 Derivatives 368 37 – 405 Total 20,165 82,761 – 102,926 Liabilities: Derivatives (231) (25) – (256) Total (231) (25) – (256) * The figures have been restated following adoption of the IA SORP 2025. Liquidity funds used to manage uninvested cash balances are now classified as cash and cash equivalents and excluded from the fair value hierarchy table. This re-presentation has no impact on total net assets.
The purpose of the fair value hierarchy is to prioritise the inputs that should be used to measure the fair value of assets a nd liabilities. The highest priority is given to quoted prices at which a transaction can be entered into and the lowest priority is given to unobservable inputs. Disclosure is required of the value in each category in order to give an insight into the extent to which fair value measurements are subjective. The disclosure is split into the follow ing categories: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the me asurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asse t or liability. As at the balance sheet date, the sub-fund held no Level 3 investments.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-asset Core Fund I
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INVESTMENT OBJECTIVE The sub-fund aims to grow your investment over the long term (5 years or more) through a combination of income and capital growth. The sub-fund targets an overall average return before charges and taxes of at least 0.30% greater than the performance benchmark per year, measured over 3-year r olling periods. The performance benchmark is a composite index, comprising 20% MSCI® All Countries World Index (Net) GBP and 80% Bloomberg® Global Aggregate Bond Index Hedged GBP (the “Perfo rmance Index”). The sub-fund is managed to a “defensive” risk profile and aims to remain within a defined risk range of 16% to 24% of the volatility of “Global Equities”, targeting 20%. The benchmark we use to represent the volatility of “Global Equities” is MSCI® All Countries World Index (Net) GBP (the “Volatility Index”). Volatility is measured on an annualised basis, over 3-year rolling periods, using the volatility figures as at the end of each month.
INVESTMENT POLICY Core investment The sub-fund will invest in a variety of global asset classes, namely shares of both developed and emerging market companies, bonds issued by companies, governments, or large institutional organisations in developed and emerging markets, cash and money market instruments. It will gain this exposure by investing directly in these assets, through the use of derivatives or investing in other funds (including funds managed by Aviva Invest ors companies). Derivatives may be used for investment purposes to generate additional returns for the sub-fund but will not materially alter the risk profile. They are also used to gain exposure to asset classes which may 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 withi n the sub-fund. Other Investment The sub-fund may also invest in property via real estate investment trusts, and indirectly in commodities, for example through another collective investment scheme, exchange traded commodity o r a derivative. Strategy The sub-fund is actively managed and uses an asset allocation technique to blend asset classes for diversification aiming to provide returns consistent with the sub-fund’s “defensive” risk profile and return target. Based on a longer-term outlook, the sub-fund uses an asset allocation model which determines, within a range, the sub-fund’s allocation to the different asset classes. The asset mix of the sub-fund will be rebalanced on a periodic basis taking into account the results of the model, the “defensive” risk profile and market conditions. This means that the proportion of the portfolio allocated to each asset class is not fixed and may vary over time. For information on the current asset split, investors should refer to the latest F und Fact Sheet. The sub-fund is part of a range of five multi asset core funds, each with their own risk profile, ranging from I (the lowest) to V (the highest). This sub-fund is number I in the range. For more information on these funds please refer to the Prospectus.
This sub-fund is subject to Aviva Investors’ baseline exclusion policy. This policy excludes investment in companies engaged in economic activities in some sectors that, in Aviva Investors’ view, have sustainability risks that are so severe that providing investment funding to companies active in these sectors is fundamentally misaligned with Aviva Investors’ approach. The baseline exclusion policy excludes investment in companies involved in manufacturing controversial weapons and tobacco production. The baseline exclusion policy also prohibits investment in companies that exceed a defined revenue threshold from activities including the production of arctic oil, civilian firearms, oil sands and thermal coal, and the distribution of to bacco products. Sustainability Characteristics The sub-fund does not have any sustainability-related investm ent objectives. The Investment Manager uses an “ESG Approach” when selecting (i) shares in global companies in developed markets; and (ii) bonds issued by governments (“sovereigns”) in developed markets. Further information on the ESG Approach is outlined below. This product does not have a UK sustainable investment label. This is because – although the sub-fund has sustainability characteristics – it does not meet the criteria for a label. Sustainable investment labels help investors find products that have a specific sustainability goal. They can be applied to Funds with an explicit sustainability objective and that meet other specific regulatory criteria for a UK sustainable in vestment label. Performance & Risk Measurement The sub-fund does not base its investment process on either the Performance Index or the Volatility Index, so will not hold every asset in them, and may also hold assets that do not form part of them. The sub-fund’s returns could therefore be very different from those of the Performance Index and the Volatility 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. There may be times when the sub-fund operates outside of its defi ned risk range. The MSCI® All Country World Index (Net) GBP (representing 20% of the Performance Index and 100% of the Volatility Index) comprises large and medium-sized companies, as determined by their market capitalisation (total market value of a company’s outstanding shares), from both developed and emerging markets, and the index is designed to provide a broad measure of global equity market performance. The Bloomberg® Global Aggregate Bond Index Hedged GBP (representing 80% of the Performance Index) is a measure of global investment grade debt from twenty-four local cu rrency markets. The Performance Index has been selected as a target benchmark for performance because it is representative of the type of assets in which the sub-fund is likely to invest, and it is therefore an appropriate measure for the sub-fund’s performance. For the purposes of calculating the 20%/80% weighting, the Performance Index is re-balanced as at the end of each month. The Volatility Index has been selected as a benchmark for risk measurement due to the broad range of companies that it represents, and it is therefore an appropriate measure of the volatility of G lobal Equities.
AVIVA INVESTORS MULTI-ASSET CORE FUND I
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INVESTMENT POLICY (CONTINUED) Performance & Risk Measurement (continued) In addition to the Sector, the sub-fund’s financial performance can be compared against the average performance of the IA Mixed Investments 0-35% Shares sector (the “Performance Sector”). The Performance Sector has been chosen as an appropriate comparator for the sub-fund’s performance because it reflects the aggregate performance and characteristics of other funds with similar objectives and constraints, however the sub-fund is not constrained by, or managed by reference to, the Performance Sector. Investors should be aware that the actual asset allocation of the sub-fund will be in line with its investment object ive and policy. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. Some independent data providers collect performance data to calculate average performance data for the Performance Sector, which investors can use to assess the sub-fund ’s performance.
FUND MANAGER’S REPORT Performance Over the six months ended 31 August 2026, the sub-fund returned 0.8%* (share class 1, net of fees). The sub-fund’s composite benchmark returned 0.9% over t he same period. Review The sub-fund’s total return over the review period was driven largely by gains by growth assets. Global equities continued to rally as enthusiasm for the artificial intelligence (AI) theme persisted, with investors noting a broadening out of performance to sectors expected to be the leading beneficiaries of the rapidly evolving technology. Markets in Asia, which supply much of the heavily in-demand data processing hardware for AI, performed notably well. Overall, investor sentiment was supported by evidence that the major developed economies were holding up well, with growth in the US remaining resilient and the Eurozone and the UK showing some signs of improvement. This was despite a fraught geopolitical backdrop, with tensions between Russia and the West intensifying and a new conflict breaking out in the Middle East as Israel and the US attacked Iran in a bid to permanently halt its nuclear wea pons ambitions. Defensive assets were less helpful. Most fixed income markets traded lower over the period, with government bond yields rising on the back of growing concerns that interest rates would need to remain higher for longer. Despite hopes early in the period that inflation rates would gradually ease back closer to central bank targets, a resurgence in the price of oil to around $100 a barrel led investors to bet on rate hikes rather than cuts. Rates were lifted by the European Central Bank and the Bank of Japan over the period, with the US Federal Reserve expected to follow suit by the end of the year. To compound the renewed worries about inflation, concerns grew about the strained balance sheets of the developed countries as high levels of borrowing showed no signs of easing. The weak performance of government bonds was a headwind for corporate debt markets, although returns found useful offsetting support from tighter spreads amid steady confidence in the outlook for compan y fundamentals.
AVIVA INVESTORS MULTI-ASSET CORE FUND I (CONTINUED)
Outlook Global growth has continued to prove more resilient than expected despite higher energy prices and ongoing geopolitical uncertainty. Recent activity data, particularly in the US, have surprised to the upside, supported by strong business investment, resilient consumer demand and continued AI-related spending. While initial optimism around a US-Iran diplomatic breakthrough temporarily eased pressure on energy markets, oil prices have since moved higher again as concerns around potential disruptions to traffic through the Strait of Hormuz persist. As a result, inflation risks remain elevated, particularly given the strategic importance of the region to global energy supply. In our central scenario, the balance of risks has become more complicated. Growth remains positive across major developed economies, and recession risks continue to appear low, but the likelihood of a more prolonged energy shock has increased. This could weigh on real incomes, confidence and investment, particularly across energy-importing regions such as the UK and Europe. Nevertheless, recent economic and corporate fundamentals suggest that large-cap companies remain relatively well positioned to navigate the curre nt environment. On interest rates, central banks have become increasingly concerned about the combination of resilient activity and persistent inflation. Markets have repriced expectations for further policy tightening, with the ECB maintaining a hawkish stance and both the Federal Reserve and Bank of England facing pressure to keep rates higher for longer should energy prices re main elevated. Against this backdrop, the outlook for equities remains constructive, although the range of potential outcom es has widened. September 2026 * Sub-fund performance figures – source Morningstar, accumulation units, share class 1, net of fees, net income reinvested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the sub-funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of a sub-fund and the income from it may go down as well as up, and the investor may not get back the original amount invested.
Performance History
Share Class Inc/Acc
31.12.21 %
31.12.22 %
31.12.23 %
31.12.24 %
31.12.25 % 1 A 2.10 -10.92 7.53 5.77 6.29 2 A 2.30 -10.79 7.69 5.93 6.46 D A 2.40 -10.71 7.79 6.04 6.55 Benchmark* 2.40 -11.30 8.01 6.22 6.67 * The performance benchmark is a composite index as shown in the Investment Objective section. Source for all data: Aviva Investors/Morningstar, this is based on index provider data where applicable. Sub-fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the sub-fund to 31 December 2025. The figures do not include the effect of the Entry Charge and any Exit Charge.
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AVIVA INVESTORS MULTI-ASSET CORE FUND I (CONTINUED)
Material Portfolio Changes Purchases Sales UK Treasury Bill 0% 03/08/2026 UK Treasury Bill 0% 03/08/2026 UK Treasury Bill 0% 02/11/2026 UK Treasury Bill 0% 05/05/2026 UK Treasury Bill 0% 14/09/2026 UK Treasury Bill 0% 15/06/2026 UK Treasury Bill 0% 15/06/2026 UK Treasury Bill 0% 16/03/2026 Italy Buoni Poliennali del Tesoro 2.2% 28/02/2028 UK Treasury Bill 0% 02/03/2026 Japan Government Five Year Bond 0.4% 20/03/2029 UK Treasury Bill 0% 01/06/2026 US Treasury 4.125% 30/06/2028 UK Treasury Bill 0% 23/03/2026 Canada Government Bond 2.25% 01/02/2028 Canada Government Bond 2.75% 01/05/2027 US Treasury 4.625% 15/02/2046 US Treasury 4.625% 15/06/2027
US Treasury 4.75% 15/05/2055 France Government Bond OAT 2.75% 25/02/2030
Synthetic Risk and Reward Indicator Lower r isk Higher risk
Typically lower rewards Typically higher rewards 1 2 3 4 5 6 7 The sub-fund has been allocated a risk number based on the higher of the historic volatility of its share price, the historic volatility of its current asset classes or its intended maximum risk levels. – This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the sub-fund. – The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’. – The value of investments and the income from them will change over time. – The sub-fund price may fall as well as rise and as a result you may not get back the original amount you invested. – Further information on the risks applicable to the sub-fund is detailed in the sub-fund’s Key Investor Information Document, and a full description is set out in the Prospectus, both of which are available on the internet at www.avivainvestors.com or from the ACD on request.
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INVESTMENT PERFORMANCE
Net Asset Value – Accumulation Shares
Share class As at
Net asset value* £000
Shares in issue
Pence per share Class 1 29.02.24 4,245 4,312,494 98.43 28.02.25 6,336 5,994,182 105.70 28.02.26 6,387 5,664,012 112.76 31.08.26 6,070 5,319,989 114.09 Class 2 29.02.24 22,754 23,007,472 98.90 28.02.25 31,472 29,588,576 106.37 28.02.26 39,219 34,512,403 113.64 31.08.26 43,656 37,938,278 115.07 Class D 29.02.24 32,381 32,640,662 99.20 28.02.25 31,684 29,668,812 106.79 28.02.26 31,401 27,496,555 114.20 31.08.26 28,300 24,462,216 115.69 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices.
Share Price Record – Accumulation Shares
Share class
Financial year
Highest price* (p)
Lowest price* (p) Class 1 2024 98.79 91.50 2025 105.84 98.10 2026 112.84 101.80 2027** 114.37 108.96 Class 2 2024 99.55 92.14 2025 106.92 98.91 2026 113.72 102.46 2027** 115.32 109.83 Class D 2024 99.55 92.14 2025 106.92 98.91 2026 114.28 102.88 2027** 115.92 110.37 * Based on mid-market prices as required by the IA SORP 2025. Prior to 31.08.26, the net asset values were based on bid-market prices. ** Up to 31 August 2026.
Ongoing Charges Figure* Share class 31.08.26 28.02.26 Class 1 0.30% 0.30% Class 2 0.15% 0.15% Class D 0.06% 0.06% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the sub-fund over the period. The OCF is made up of the Fund Management Fee and, where a sub-fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the sub-fund when buying or selling shares/units in another collective investment scheme. The OCF on share class 2 is capped at 0.15%, though the actual figure may be lower. The OCF includes a synthetic charge of 0.00% (28.02.26: 0.00%) in respect of underlying investments. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.
Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a record date basis for an investment made on 28 February 2023.
Share class
Financial year
Net revenue per share (p)
Per £1,000 invested (£) Class 1 2024 1.3537 14.65 2025 1.8607 20.14 2026 2.1986 23.80 2027* 1.4761 15.98 Class 2 2024 1.5059 16.25 2025 2.0255 21.85 2026 2.3795 25.67 2027* 1.5747 16.99 Class D 2024 1.5948 17.17 2025 2.1279 22.91 2026 2.4888 26.79 2027* 1.6343 17.59 * Up to 31 October 2026 (the interim distribution payment date).
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PORTFOLIO STATEMENT As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Collective Investment Schemes 8.99% (9.06%) AI Non-Gilt Bond Up to 5 Years Index Fund UK Fund of Fund Institutional Accumulation Units † GBP 3,724,955 3,878 4.97 Aviva Investors – Emerging Markets Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 765 1,171 1.50 Aviva Investors – Emerging Markets Corporate Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 598 789 1.01 Aviva Investors – Global High Yield Bond Fund, Class Zyh, Accumulation shares, GBP † GBP 891 1,179 1.51 Collective Investment Schemes total 7,017 8.99 Equities 18.66% (17.83%) Australia 0.31% (0.31%) ANZ Group Holdings AUD 591 11 0.02 APA Group AUD 232 1 Aristocrat Leisure AUD 96 3 ASX AUD 68 2 BHP Group AUD 617 22 0.03 BHP Group GBP 469 17 0.02 Brambles AUD 204 2 CAR Group AUD 146 2 Cochlear AUD 12 1 Coles Group AUD 361 5 0.01 Commonwealth Bank of Australia AUD 358 30 0.04 Computershare AUD 87 2 CSL AUD 111 10 0.01 Evolution Mining AUD 425 4 0.01 Fortescue AUD 346 3 0.01 Goodman Group, REIT AUD 410 6 0.01 Insurance Australia Group AUD 695 3 0.01 IREN USD 100 3 Lottery AUD 249 1 Lynas Rare Earths AUD 263 2 Macquarie Group AUD 73 10 0.01 Medibank AUD 795 2 National Australia Bank AUD 631 13 0.02 Northern Star Resources AUD 309 4 0.01 Origin Energy AUD 498 3 0.01 PLS Group AUD 662 2 Pro Medicus AUD 12 1 QBE Insurance Group AUD 338 4 0.01 REA Group AUD 19 2 Rio Tinto AUD 76 7 0.01 Santos AUD 995 4 0.01 Scentre Group, REIT AUD 1,265 2 SGH AUD 35 1 Sigma Healthcare AUD 1,467 2 Sonic Healthcare AUD 114 1 South32 AUD 1,019 3 Stockland, REIT AUD 272 1 Suncorp Group AUD 265 3 Telstra Group AUD 566 1 Transurban Group AUD 581 4 0.01 Vicinity, REIT AUD 1,591 2 Washington H Soul Pattinson AUD 107 2 Wesfarmers AUD 248 10 0.01 Westpac Banking AUD 732 13 0.02 WiseTech Global AUD 32 1 Woodside Energy Group AUD 368 6 0.01 Woolworths Group AUD 226 5 0.01 239 0.31
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Austria 0.02% (0.01%) BAWAG Group EUR 18 3 Erste Group Bank EUR 64 7 0.01 OMV EUR 52 3 0.01 13 0.02 Belgium 0.04% (0.04%) Ageas EUR 42 3 Anheuser-Busch InBev EUR 202 12 0.02 D’ieteren Group EUR 10 1 Elia Group EUR 17 2 Groupe Bruxelles Lambert EUR 18 1 KBC Group EUR 55 6 0.01 UCB EUR 27 5 0.01 30 0.04 Bermuda 0.02% (0.02%) Aegon EUR 103 1 Arch Capital Group USD 84 6 0.01 Carnival USD 254 5 0.01 Everest Group USD 11 3 Hongkong Land Holdings USD 400 2 17 0.02 Canada 0.65% (0.64%) Agnico Eagle Mines CAD 111 17 0.02 Alamos Gold ‘A’ CAD 105 3 Alimentation Couche-Tard CAD 159 7 0.01 AltaGas CAD 370 10 0.01 ARC Resources CAD 497 9 0.01 AtkinsRealis Group CAD 42 2 Bank of Montreal CAD 150 19 0.03 Bank of Nova Scotia CAD 288 20 0.03 Barrick Mining CAD 385 13 0.02 Bombardier ‘B’ CAD 18 3 Brookfield CAD 436 13 0.02 Brookfield Asset Management ‘A’ CAD 84 3 Brookfield Renewable CAD 63 1 CAE CAD 180 3 0.01 Cameco CAD 98 7 0.01 Canadian Imperial Bank of Commerce CAD 210 18 0.02 Canadian National Railway CAD 120 11 0.02 Canadian Pacific Kansas City CAD 181 13 0.02 Canadian Tire ‘A’ CAD 2 – Canadian Utilities ‘A’ CAD 97 3 Celestica CAD 25 6 0.01 CGI CAD 46 3 Constellation Software CAD 4 7 0.01 Descartes Systems Group CAD 12 1 Dollarama CAD 67 6 0.01 Element Fleet Management CAD 91 1 Enbridge CAD 499 18 0.02 Fairfax Financial Holdings CAD 4 5 0.01 First Quantum Minerals CAD 159 4 0.01 FirstService CAD 10 1 Fortis CAD 322 13 0.02 Franco-Nevada CAD 43 8 0.01 Gildan Activewear CAD 32 1 Great-West Lifeco CAD 63 3 Hydro One CAD 74 2 iA Financial CAD 21 2 Imperial Oil CAD 38 4 0.01 Intact Financial CAD 40 6 0.01
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Canada 0.65% (0.64%) – continued Ivanhoe Mines ‘A’ CAD 79 1 Keyera CAD 87 3 Kinross Gold CAD 279 6 0.01 Lundin Gold CAD 31 2 Lundin Mining CAD 145 3 Magna International CAD 69 3 Manulife Financial CAD 441 14 0.02 National Bank of Canada CAD 74 8 0.01 Nutrien CAD 106 6 0.01 Pan American Silver CAD 102 4 0.01 Pembina Pipeline CAD 108 4 0.01 Power CAD 126 6 0.01 RB Global CAD 40 3 Restaurant Brands International CAD 77 4 0.01 Rogers Communications ‘B’ CAD 54 1 Royal Bank of Canada CAD 300 45 0.06 Saputo CAD 96 2 Shopify ‘A’ CAD 265 30 0.04 Stantec CAD 31 2 Sun Life Financial CAD 117 7 0.01 TC Energy CAD 224 10 0.01 Teck Resources ‘B’ CAD 102 5 0.01 TELUS CAD 180 1 TFI International CAD 19 2 Thomson Reuters CAD 35 3 TMX Group CAD 85 2 Toromont Industries CAD 22 2 Toronto-Dominion Bank CAD 364 33 0.04 Tourmaline Oil CAD 79 3 Waste Connections USD 47 6 0.01 Wheaton Precious Metals CAD 119 14 0.02 Whitecap Resources CAD 380 4 0.01 WSP Global CAD 34 3 508 0.65 Cayman Islands 0.04% (0.03%) CK Asset Holdings HKD 500 2 CK Hutchison Holdings HKD 500 3 0.01 Credo Technology Group Holding USD 29 5 0.01 Fabrinet USD 4 1 FTAI Aviation USD 24 4 0.01 Futu Holdings, ADR USD 11 1 Grab Holdings ‘A’ USD 360 1 HKT Trust & HKT HKD 1,000 1 Sands China HKD 800 1 Sea, ADR USD 72 7 0.01 WH Group HKD 3,000 2 28 0.04 Curacao 0.02% (0.02%) SLB USD 301 13 0.02 13 0.02 Denmark 0.08% (0.07%) AP Moller – Maersk ‘B’ DKK 1 3 0.01 Carlsberg ‘B’ DKK 23 2 Coloplast ‘B’ DKK 41 2 Danske Bank DKK 114 5 0.01 DSV DKK 46 7 0.01 Genmab DKK 8 2 Novo Nordisk ‘B’ DKK 702 24 0.03 Novonesis (Novozymes) ‘B’ DKK 83 5 0.01
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Denmark 0.08% (0.07%) – continued Orsted DKK 81 1 Pandora DKK 20 2 Tryg DKK 76 1 Vestas Wind Systems DKK 256 6 0.01 60 0.08 Finland 0.05% (0.05%) Elisa EUR 24 1 Fortum EUR 152 3 Kesko ‘B’ EUR 127 2 Kone ‘B’ EUR 78 3 Metso EUR 210 3 0.01 Neste EUR 56 2 Nokia EUR 1,146 9 0.01 Nordea Bank SEK 504 8 0.01 Nordea Bank EUR 88 1 Sampo ‘A’ EUR 412 3 Stora Enso ‘R’ EUR 101 1 UPM-Kymmene EUR 141 3 0.01 Wartsila EUR 146 4 0.01 43 0.05 France 0.39% (0.44%) Abivax EUR 21 2 Accor EUR 53 2 Aeroports de Paris EUR 6 1 Air Liquide EUR 129 19 0.03 Alstom EUR 110 1 AXA EUR 367 14 0.02 BioMerieux EUR 6 – BNP Paribas EUR 200 17 0.02 Bollore EUR 56 – Bouygues EUR 17 1 Bureau Veritas EUR 71 2 Capgemini EUR 39 4 0.01 Carrefour EUR 84 1 Cie de Saint-Gobain EUR 100 7 0.01 Cie Generale des Etablissements Michelin EUR 130 4 0.01 Credit Agricole EUR 246 4 0.01 Danone EUR 124 7 0.01 Dassault Aviation EUR 8 2 Dassault Systemes EUR 137 3 Eiffage EUR 17 2 Engie EUR 399 8 0.01 EssilorLuxottica EUR 64 9 0.01 Getlink EUR 7 – Hermes International EUR 7 10 0.01 Ipsen EUR 3 – Kering EUR 15 3 Klepierre, REIT EUR 66 2 Legrand EUR 55 7 0.01 L’Oreal EUR 53 18 0.02 LVMH Moet Hennessy Louis Vuitton EUR 50 20 0.03 Orange EUR 416 5 0.01 Pernod Ricard EUR 38 2 Publicis Groupe EUR 40 3 Renault EUR 70 2 Rexel EUR 78 2 Safran EUR 75 22 0.03 Sanofi EUR 231 15 0.02 Schneider Electric EUR 116 30 0.04 Societe Generale EUR 144 9 0.01
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets France 0.39% (0.44%) – continued Thales EUR 22 5 0.01 TotalEnergies EUR 423 27 0.04 Unibail-Rodamco-Westfield, REIT EUR 27 2 Veolia Environnement EUR 151 4 0.01 Vinci EUR 107 10 0.01 308 0.39 Germany 0.41% (0.43%) adidas EUR 34 4 0.01 Allianz EUR 81 31 0.04 BASF EUR 170 8 0.01 Bayer EUR 212 9 0.01 Bayerische Motoren Werke EUR 88 5 0.01 Beiersdorf EUR 19 1 Brenntag EUR 43 2 Commerzbank EUR 140 5 0.01 Continental EUR 16 1 Daimler Truck Holding EUR 122 5 0.01 Deutsche Bank EUR 378 11 0.01 Deutsche Boerse EUR 38 9 0.01 Deutsche Lufthansa EUR 58 – Deutsche Telekom EUR 788 19 0.03 DHL EUR 177 9 0.01 E.ON EUR 481 7 0.01 Fresenius EUR 101 4 0.01 Fresenius Medical Care EUR 53 2 GEA Group EUR 35 2 Hannover Rueck EUR 14 3 Heidelberg Materials EUR 21 3 Henkel Preference EUR 39 3 Henkel EUR 25 2 HOCHTIEF EUR 5 2 Infineon Technologies EUR 284 14 0.02 Knorr-Bremse EUR 24 2 Mercedes-Benz Group EUR 117 5 0.01 Merck KGaA EUR 32 4 0.01 MTU Aero Engines EUR 13 4 0.01 Muenchener Rueckversicherungs-Gesellschaft EUR 27 12 0.02 Nemetschek EUR 21 1 Porsche Automobil Holding Preference EUR 64 2 Rheinmetall EUR 9 9 0.01 RWE EUR 136 7 0.01 SAP EUR 227 37 0.05 Scout24 EUR 27 2 Siemens EUR 160 40 0.05 Siemens Energy EUR 161 21 0.03 Siemens Healthineers EUR 95 3 Symrise ‘A’ EUR 29 2 Talanx EUR 14 1 Volkswagen Preference EUR 43 3 Vonovia EUR 209 4 0.01 Zalando EUR 72 1 321 0.41 Hong Kong 0.07% (0.07%) AIA Group HKD 2,229 16 0.02 BOC Hong Kong Holdings HKD 835 4 0.01 CLP Holdings HKD 500 4 0.01 Galaxy Entertainment Group HKD 1,000 3 Henderson Land Development HKD 1,000 3 Hong Kong & China Gas HKD 2,150 1 Hong Kong Exchanges & Clearing HKD 300 12 0.02
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Hong Kong 0.07% (0.07%) – continued Link REIT HKD 560 2 MTR HKD 500 1 Sun Hung Kai Properties HKD 500 6 0.01 52 0.07 Ireland 0.29% (0.29%) Accenture ‘A’ USD 141 20 0.03 AIB Group EUR 452 4 0.01 Allegion USD 21 3 Aon ‘A’ USD 42 11 0.02 Bank of Ireland Group EUR 150 3 CRH USD 140 10 0.01 Eaton USD 82 24 0.03 Flutter Entertainment USD 32 2 Johnson Controls International USD 147 15 0.02 Kerry Group ‘A’ EUR 44 3 Kingspan Group EUR 23 2 Linde USD 101 37 0.05 Medtronic USD 266 18 0.02 Octave Intelligence, SDR SEK 46 1 Pentair USD 52 2 Ryanair Holdings EUR 99 2 Seagate Technology Holdings USD 47 29 0.04 Smurfit WestRock USD 122 4 0.01 STERIS USD 24 4 0.01 TE Connectivity USD 67 10 0.01 Trane Technologies USD 49 16 0.02 Willis Towers Watson USD 21 5 0.01 225 0.29 Isle of Man 0.00% (0.00%) Italy 0.14% (0.13%) Banca Monte dei Paschi di Siena EUR 293 3 Banco BPM EUR 276 4 0.01 BPER Banca EUR 340 4 0.01 Enel EUR 1,693 14 0.02 Eni EUR 432 8 0.01 FinecoBank Banca Fineco EUR 131 3 0.01 Generali EUR 188 7 0.01 Intesa Sanpaolo EUR 2,725 16 0.02 Italgas EUR 230 2 Leonardo EUR 102 4 0.01 Moncler EUR 49 2 Poste Italiane EUR 95 2 Prysmian EUR 61 6 0.01 Recordati Industria Chimica e Farmaceutica EUR 24 1 Snam EUR 317 1 Telecom Italia EUR 408 3 Terna – Rete Elettrica Nazionale EUR 219 2 UniCredit EUR 288 21 0.03 Unipol Assicurazioni EUR 120 3 106 0.14 Japan 1.07% (1.10%) Advantest JPY 158 26 0.03 Aeon JPY 600 4 0.01 Aisin JPY 100 1 Ajinomoto JPY 258 6 0.01 ANA Holdings JPY 57 1 Asahi Group Holdings JPY 522 4 0.01 Asahi Kasei JPY 400 3 Asics JPY 100 2 –
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PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Japan 1.07% (1.10%) – continued Astellas Pharma JPY 400 4 0.01 Bandai Namco Holdings JPY 127 3 Bridgestone JPY 200 4 0.01 Canon JPY 199 4 0.01 Capcom JPY 100 2 Central Japan Railway JPY 200 4 0.01 Chugai Pharmaceutical JPY 145 5 0.01 Dai Nippon Printing JPY 28 – Daifuku JPY 82 2 Daiichi Life Group JPY 780 7 0.01 Daiichi Sankyo JPY 400 5 0.01 Daikin Industries JPY 61 6 0.01 Daiwa House Industry JPY 100 2 Daiwa Securities Group JPY 300 3 Denso JPY 300 3 Disco JPY 20 5 0.01 East Japan Railway JPY 218 4 0.01 Ebara JPY 100 2 Eisai JPY 100 2 ENEOS Holdings JPY 700 4 0.01 FANUC JPY 200 6 0.01 Fast Retailing JPY 38 12 0.02 Fuji Electric JPY 26 2 FUJIFILM Holdings JPY 300 5 0.01 Fujikura JPY 342 8 0.01 Fujitsu JPY 367 7 0.01 Furukawa Electric JPY 140 3 Hankyu Hanshin Holdings JPY 100 2 Hitachi JPY 956 24 0.03 Honda Motor JPY 700 5 0.01 Hoya JPY 72 8 0.01 Ibiden JPY 52 5 0.01 Idemitsu Kosan JPY 100 1 IHI JPY 245 3 Inpex JPY 197 4 0.01 Isuzu Motors JPY 200 2 ITOCHU JPY 1,230 12 0.02 Japan Exchange Group JPY 200 2 Japan Post Bank JPY 400 6 0.01 Japan Post Holdings JPY 289 3 JX Advanced Metals JPY 100 2 Kajima JPY 100 2 Kao JPY 300 5 0.01 Kawasaki Heavy Industries JPY 205 2 KDDI JPY 635 9 0.01 Keyence JPY 40 15 0.02 Kikkoman JPY 200 2 Kioxia Holdings JPY 67 15 0.02 Kirin Holdings JPY 300 4 0.01 Komatsu JPY 200 7 0.01 Konami Group JPY 23 2 Kubota JPY 200 3 Kyocera JPY 202 3 Lasertec JPY 16 3 LY JPY 200 1 Makita JPY 76 2 Marubeni JPY 336 8 0.01 MINEBEA MITSUMI JPY 42 1 Mitsubishi JPY 679 15 0.02 Mitsubishi Chemical Group JPY 100 1 Mitsubishi Electric JPY 421 11 0.02
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avivainvestors.com | Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026
Aviva Investors Multi-asset Core Fund I
43
PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Japan 1.07% (1.10%) – continued Mitsubishi Estate JPY 200 4 0.01 Mitsubishi HC Capital JPY 300 2 Mitsubishi Heavy Industries JPY 669 12 0.02 Mitsubishi UFJ Financial Group JPY 2,292 39 0.05 Mitsui JPY 478 11 0.02 Mitsui Fudosan JPY 600 4 0.01 Mitsui Kinzoku JPY 12 2 Mitsui OSK Lines JPY 100 3 Mizuho Financial Group JPY 499 20 0.03 MS&AD Insurance Group Holdings JPY 275 6 0.01 Murata Manufacturing JPY 348 12 0.02 NEC JPY 265 6 0.01 Nexon JPY 100 1 Nidec JPY 200 2 Nintendo JPY 239 10 0.01 Nippon Building Fund, REIT JPY 3 2 Nippon Sanso Holdings JPY 72 2 Nippon Steel JPY 810 3 Nippon Yusen JPY 93 3 Nitto Denko JPY 153 2 Nomura Holdings JPY 632 5 0.01 Nomura Research Institute JPY 100 2 NTT JPY 7,400 6 0.01 Obayashi JPY 200 3 Obic JPY 78 2 Olympus JPY 300 3 Oriental Land JPY 300 4 0.01 ORIX JPY 251 7 0.01 Osaka Gas JPY 95 2 Otsuka Holdings JPY 98 6 0.01 Pan Pacific International Holdings JPY 500 2 Panasonic Holdings JPY 500 10 0.01 Rakuten Group JPY 400 1 Recruit Holdings JPY 275 23 0.03 Renesas Electronics JPY 400 6 0.01 Resona Holdings JPY 500 6 0.01 Resonac Holdings JPY 37 3 Ryohin Keikaku JPY 100 2 SBI Holdings JPY 126 2 SCREEN Holdings JPY 52 3 0.01 Secom JPY 100 3 Sekisui House JPY 151 2 Seven & i Holdings JPY 500 5 0.01 Shimano JPY 26 2 Shimizu JPY 100 1 Shin-Etsu Chemical JPY 339 9 0.01 Shionogi JPY 142 2 Shiseido JPY 100 2 SMC JPY 12 4 0.01 SoftBank JPY 6,064 7 0.01 SoftBank Group JPY 803 19 0.03 Sompo Holdings JPY 200 6 0.01 Sony Group JPY 1,200 22 0.03 Subaru JPY 138 2 Sumitomo JPY 800 7 0.01 Sumitomo Electric Industries JPY 524 5 0.01 Sumitomo Metal Mining JPY 54 3 Sumitomo Mitsui Financial Group JPY 783 25 0.03 Sumitomo Mitsui Trust Group JPY 416 3 Sumitomo Realty & Development JPY 100 2 Suntory Beverage & Food JPY 23 – –
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Aviva Investors Portfolio Funds ICVC Interim Report and Financial Statements for the six months ended 31 August 2026 | avivainvestors.com
Aviva Investors Multi-asset Core Fund I
44
PORTFOLIO STATEMENT (CONTINUED) As at 31 August 2026 (unaudited)
Investment Currency Holding Market Value £000 % of Net Assets Japan 1.07% (1.10%) – continued Suzuki Motor JPY 400 4 0.01 T&D Holdings JPY 100 2 Taisei JPY 23 1 Takeda Pharmaceutical JPY 372 10 0.01 TDK JPY 403 6 0.01 Terumo JPY 300 4 0.01 Tokio Marine Holdings JPY 359 13 0.02 Tokyo Electron JPY 97 25 0.03 Tokyo Gas JPY 121 3 Toray Industries JPY 287 2 Toyota Motor JPY 2,078 30 0.04 Toyota Tsusho JPY 153 5 0.01 Unicharm JPY 300 1 West Japan Railway JPY 71 1 Yamaha Motor JPY 100 1 Yokogawa Electric JPY 58 1 Yokohama Financial Group JPY 138 1 836 1.07 Jersey 0.03% (0.03%) Amcor USD 75 3 Aptiv USD 56 2 Experian GBP 170 5 0.01 Glencore GBP 2,838 17 0.02 27 0.03 Liberia 0.01% (0.02%) Royal Caribbean Cruises USD 55 11 0.01 11 0.01 Luxembourg 0.03% (0.03%) ArcelorMittal EUR 85 5 0.01 Eurofins Scientific EUR 30 2 Spotify Technology USD 31 13 0.02 Tenaris EUR 24 – 20 0.03 Netherlands 0.34% (0.33%) ABN AMRO Bank, CVA EUR 124 5 0.01 Adyen EUR 5 5 0.01 AerCap Holdings USD 45 5 0.01 Airbus EUR 121 21 0.03 Akzo Nobel EUR 37 2 Argenx EUR 13 10 0.01 ASM International EUR 9 6 0.01 ASML Holding EUR 83 106 0.14 ASR Nederland EUR 46 3 BE Semiconductor Industries EUR 20 3 CNH Industrial USD 236 2 CSG EUR 77 1 Euronext EUR 17 2 Ferrari EUR 30 9 0.01 Ferrovial EUR 117 5 0.01 Heineken EUR 67 4 0.01
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"text": "THE COMPANY"
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"text": "Aviva Investors Portfolio Funds ICVC (\u201cthe Company\u201d) is an"
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"text": "Open-Ended Investment Company (OEIC) with variable capital"
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"text": "incorporated in England and Wales on 5 March 2007. The"
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"text": "property of the Company is entrusted to J.P. Morgan Europe"
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"text": "Limited (\u201cthe Depositary\u201d). The shareholders are not liable for any"
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"text": "of the Company."
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"text": "The objective of the Company is to invest the Scheme Property in"
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"text": "transferable securities, money market instruments, cash and near"
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"text": "and forward transactions, immovable property and gold in"
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"text": "accordance with the COLL Sourcebook (which may include stock"
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"text": "investment techniques permitted in the COLL Sourcebook) with"
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"text": "the aim of spreading investment risk and giving its Shareholders"
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"text": "the benefit of the results of the management of"
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"text": "that property."
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"text": "it contains many sub-funds (\u201cFunds\u201d), each with a different"
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"text": "investment objective. In the financial statements you will find an"
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"text": "investment objectives. There are currently eighteen Funds in the"
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"text": "lio Funds ICVC."
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"text": "From 5 March 2007 the Company was authorised as an Open"
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"text": "Ended Investment Company under Regulation 12 of the Open"
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"text": "\u201cRegulations\u201d)."
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"text": "The Company is authorised to operate as a \u201cNon-UCITS Retail"
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...