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AVIVA INVESTORS
SOCIÉTÉ D’INVESTISSEMENT À
CAPITAL VARIABLE (SICAV)
SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
R.C.S. Luxembourg B 32.640 30 June 2024
avivainvestors.com
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Contents
Conducting officers and Board of Directors’ Report 3 Management and Administration 5 Notes on the portfolio of investments disclosure 6 Aviva Investors - Asian Equity Income Fund 7 Aviva Investors - Climate Transition Global Credit Fund 9 Aviva Investors - Climate Transition Global Equity Fund 13 Aviva Investors - Emerging Markets Bond Fund 14 Aviva Investors - Emerging Markets Corporate Bond Fund 20 Aviva Investors - Emerging Markets Local Currency Bond Fund 24 Aviva Investors - Global Convertibles Absolute Return Fund 32 Aviva Investors - Global Emerging Markets Core Fund 35 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund 37 Aviva Investors - Global Emerging Markets Index Fund 39 Aviva Investors - Global Equity Endurance Fund 57 Aviva Investors - Global Equity Income Fund 58 Aviva Investors - Global High Yield Bond Fund 60 Aviva Investors - Global Investment Grade Corporate Bond Fund 68 Aviva Investors - Global Sovereign Bond Fund 74 Aviva Investors - Multi-Strategy Target Return Fund 88 Aviva Investors - Natural Capital Transition Global Equity Fund 104 Aviva Investors - Short Duration Global High Yield Bond Fund 105 Aviva Investors - Social Transition Global Equity Fund 111 Aviva Investors - UK Equity Unconstrained Fund 112 Combined Statement of Net Assets 113 Statistical Information 116 Combined Statement of Operations and Changes in Net Assets 122 Notes to the Financial Statements 128 Other Information 135 Information for Investors in Switzerland 147
This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current prospectus and the Key Information Documents (“KID”) supplemented by the last available annual report and the latest semi-annual report if published after such an annual report. Investors are hereby urged to read the entire prospectus, particularly the description of special risks. Past performance is not necessarily indicative of future returns. Copies of the prospectus, KID, annual report, semi-annual report and details of changes in investments for the sub-funds are available free of charge from the registered office of the Fund, 2 rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg.
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Dear Shareholders, The Directors of Aviva Investors SICAV (the “Fund” or the “Company” ) have the pleasure of presenting the semi-annual report and unaudited financial statements to the shareholders for the period ended 30 June 2024. Activities during the period : At the end of the period, the total net assets of the Sub-Funds (the “Sub-Funds”) of the Company were EUR 31,310,308,658 compared to EUR 29,522,666,093 on 31 December 2023, representing a increase of 6.06%. Effective 17 January 2024, Global Equity Income Fund was launched. During the period ended 30 June 2024, the following Share Classes have been launched:
Sub-Fund Name Share Class Class Currency Base Currency
Investment Management Fees Distribution Fees Date Launched
Aviva Investors - Global Equity Income Fund A Share Class Accumulation EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Equity Income Fund A Share Class Accumulation USD USD 0.00% 0.00% 17 January 2024 Aviva Investors - Global Equity Income Fund Aq Share Class Dividend USD USD 0.00% 0.00% 17 January 2024
Aviva Investors - Global Equity Income Fund I Share Class Accumulation EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Equity Income Fund I Share Class Accumulation USD USD 0.00% 0.00% 17 January 2024 Aviva Investors - Global Equity Income Fund Iq Share Class Dividend USD USD 0.00% 0.00% 17 January 2024 Aviva Investors - Global Equity Income Fund Mq Share Class Dividend USD USD 0.00% 0.00% 17 January 2024
Aviva Investors - Global Equity Income Fund R Share Class Accumulation EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Equity Income Fund R Share Class Accumulation USD USD 0.00% 0.00% 17 January 2024 Aviva Investors - Global Equity Income Fund Rq Share Class Dividend USD USD 0.00% 0.00% 17 January 2024
Aviva Investors - Global Equity Income Fund Z Share Class Accumulation GBP GBP USD 0.00% 0.00% 17 January 2024 Aviva Investors - Global Equity Income Fund Aq Share Class Dividend EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Equity Income Fund Iq Share Class Dividend EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Equity Income Fund Rq Share Class Dividend EUR EUR USD 0.00% 0.00% 28 March 2024 Aviva Investors - Global Investment Grade Corporate Bond Fund Ryh Share Class Accumulation GBP GBP USD 0.00% 0.00% 25 January 2024 The following Sub-Funds, including their associated Share Classes, were closed during the period: Sub-Fund Name Date Closed Aviva Investors – European Corporate Bond Fund 15 February 2024 Aviva Investors – Global Convertibles Fund 21 May 2024 During the period ended 30 June 2024, the following Share Classes were closed: Sub-Fund Name Share Class Class Currency Base Currency Date Closed
Aviva Investors - Emerging Markets Corporate Bond Fund
Iyh Share Class Accumulation Hedged GBP GBP USD 26 April 2024
Aviva Investors - Emerging Markets Corporate Bond Fund Kq Share Class Dividend Hedged EUR EUR USD 28 February 2024
Aviva Investors - Emerging Markets Local Currency Bond Fund
Z Share Class Accumulation EUR EUR 22 March 2024 Aviva Investors - Global Convertibles Absolute Return Fund Ia Share Class Dividend USD USD 27 March 2024
Aviva Investors - Global Emerging Markets Index Fund Z Share Class Accumulation USD USD 21 March 2024
Aviva Investors - Global Equity Endurance Fund Z Share Class Accumulation USD USD 21 March 2024
Aviva Investors - Global High Yield Bond Fund Z Share Class Accumulation USD USD 22 March 2024
Aviva Investors - Global Investment Grade Corporate Bond Fund Z Share Class Accumulation USD USD 21 March 2024
Aviva Investors - Short Duration Global High Yield Bond Fund
I Share Class Accumulation Hedged GBP GBP USD 22 March 2024
Changes in the Board of Directors: Changes to the composition of the Board of Directors (the “Board)” are shown on page 5. Management Company role and responsibilities: Aviva Investors Luxembourg S.A. as the Management Company is responsible for the investment management, administration and distribution functions of the Company. Aviva Investors Luxembourg S.A. may delegate part or all of such functions to third parties, subject to overall control and supervision. Please refer to the “Management and administration” section to get more details on delegations in place.
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CONDUCTING OFFICERS AND BOARD OF DIRECTORS’ REPORT
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Conducting officers: The Management Company has appointed Conducting officers, in charge of the day to day management which are: - Victoria Kernan - Martin Bell - Grégory Nicolas (until 31 May 2024) - Sophie Vilain - Cindy Joller - Justine Losic (until 12 January 2024) The Directors are required to take decisions in the interests of the Company and its Shareholders and to refrain from taking part in any deliberation or decision which creates conflict between their personal interests and those of the Company and its Shareholders. The Board meets at least four times a year. The Board requests and receives reports from Aviva Investors Luxembourg S.A. on the various activities including compliance controls and risk management undertaken by the Management Company. Senior Aviva Investors Luxembourg S.A. representatives attend all of the quarterly Board meetings, thus enabling the Board to question the reports presented to it. The Board reviews the Annual Report, the external audit process, corporate governance issues, agreements with various key service providers and the relationship with the external Auditor, including the recommendation to Shareholders of its appointment and level of fees. A new director can be co-opted by existing directors of the Company following the resignation of one director. Such co-optation is required to be ratif ied by the shareholders at the Annual General Meeting (“AGM”). If there is no resignation, the existing directors cannot proceed by way of co-optation, an d the approval of the shareholders at an AGM or Extraordinary General Meeting (“EGM”) will be required to appoint a new director. Commission de Surveillance du Secteur Financier (“CSSF”) approval is required in both circumstances. Directors who are affiliated with Aviva investors and its af filiates and subsidiaries have waived their fees for the period ended 30 June 2024. The Company is subject to corporate governance based on: Its obligations as defined by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered office of the Company. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés. Its rules of conduct which have been adopted pursuant to applicable requirements under CSSF Regulation 10-4 and CSSF Circular 18-698 for which the Company relies on: - the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds. The Board of Directors consider that the Fund has been in compliance with this code in all material aspects throughout the period ended 30 June 2024. Environmental, Social & Governance (ESG) Sub-Funds: Information regarding how the Investment Manager integrates ESG into its investment approach, its proprietary ESG model and how it engages with companies for each Sub-Funds is available on the website http://www.avivainvestors.com . Annual General Meeting: The annual general meeting shall be held in the Grand Duchy of Luxembourg at the registered office of the Company, or at such other place in Luxembourg as may be specified in the notice of the meeting, at any date and time decided by the Board but no later than within 6 months from the end of the Company's previous financial year. Significant Events: Effective 17 January 2024, Global Equity Income Fund was launched. Effective 15 February 2024, Aviva Investors - European Corporate Bond Fund has been liquidated. Effective 21 May 2024, Aviva Investors - Global Convertibles Fund Fund has been liquidated.
The information stated in the report is historical and is not representative of future results.
Aviva Investors Société d’investissement à capital variable (SICAV)
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The Bo ar d o f Dir ec t ors L u x e mbour g, 2 9 A ugus t , 2024
CONDUCTING OFFICERS AND BOARD OF DIRECTORS’ REPORT (CONTINUED)
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REGISTERED OFFICE 2, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg BOARD OF DIRECTORS
DIRECTORS Denise Voss Independent Director 11, rue Gabriel Lippmann L-4119 Esch-sur-Alzette Grand Duchy of Luxembourg Jacques Elvinger Partner Elvinger Hoss Prussen Société anonyme 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg Martin Bell (until 15 May 2024) Director of Global Fund Services Aviva Investors Global Services Limited St Helen's, 1 Undershaft, London, EC3P 3DQ, United Kingdom Penny Collins Moffat Global Head of Client Relationship Aviva Investors Global Services Limited St Helen's, 1 Undershaft, London, EC3P 3DQ, United Kingdom REPRESENTATIVE AND PAYING AGENT IN SWITZERLAND BNP Paribas Securities Services, Paris Succursale de Zurich Selnaustrasse 16 8002 Zurich Switzerland MANAGEMENT COMPANY AND DOMICILIARY AGENT Aviva Investors Luxembourg S.A. 2, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg
INVESTMENT MANAGER(*) Aviva Investors Global Services Limited (AIGSL) St Helen’s, 1 Undershaft London, EC3P 3DQ United Kingdom SUB-INVESTMENT MANAGER(**) for the Sub-Funds Aviva Investors Global High Yield Bond Fund, Aviva Investors – Short Duration Global High Yield Bond Fund, Aviva Investors – Global Convertibles Absolute Return Fund and Aviva Investors – Global Convertibles Fund Aviva Investors Americas LLC 225 West Wacker Drive Suite 2250 Chicago, IL 60606 United States of America REGISTRAR AND TRANSFER AGENT(*) The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4 rue Eugéne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg ADMINISTRATOR AND DEPOSITARY The Bank of New York Mellon SA/NV, Luxembourg Branch 2-4 rue Eugéne Ruppert L-2453 Luxembourg Grand Duchy of Luxembourg AUDITOR Ernst & Young S.A., 35E, avenue John F. Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISER Elvinger Hoss & Prussen Société anonyme 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg LISTING AGENT Matheson LLP Solicitors 70 Sir John Rogerson's Quay Dublin 2, Ireland D02 R296
(*) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A. (**) Subject to the responsibility and oversight of Aviva Investors Global Services Limited, the Investment Manager.
Aviva Investors Société d’investissement à capital variable (SICAV)
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MANAGEMENT AND ADMINISTRATION
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Please note that the Portfolio of Investments and Other Net Assets has been prepared based on the country of incorporation of each position. To ensure consistency within this report, the same approach has been applied to all categories of investments. A disclosure based on country of risk could lead t o a different geographical classification. Investments in China are shown with the suffix 'A' or 'H' which signifies: China A-Shares Companies incorporated in mainland China and which are traded in the mainland A-Share markets. China H-Shares Companies incorporated in mainland China and listed in Hong Kong and other foreign stock exchanges. Please also note that the geographical allocation of the portfolios excludes derivatives exposure.
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NOTES ON THE PORTFOLIO OF INVESTMENTS DISCLOSURE:
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Australia ANZ Group Holdings Ltd. AUD 222,593 4,195,702 0.97 Aristocrat Leisure Ltd. AUD 107,348 3,566,716 0.82 ASX Ltd. AUD 9,419 376,981 0.09 BHP Group Ltd. AUD 105,652 3,007,898 0.69 BlueScope Steel Ltd. AUD 187,455 2,558,117 0.59 Brambles Ltd. AUD 235,253 2,283,981 0.53 Coles Group Ltd. AUD 318,543 3,621,640 0.83 Commonwealth Bank of Australia AUD 55,393 4,710,651 1.08 CSL Ltd. AUD 18,684 3,681,321 0.85 De Grey Mining Ltd. AUD 1,699,899 1,294,165 0.30 Dexus, REIT AUD 630,448 2,727,551 0.63 Incitec Pivot Ltd. AUD 644,848 1,248,294 0.29 Macquarie Group Ltd. AUD 5,899 806,107 0.19 Orica Ltd. AUD 37,863 451,541 0.10 Pilbara Minerals Ltd. AUD 340,730 698,858 0.16 QBE Insurance Group Ltd. AUD 263,322 3,055,717 0.70 Santos Ltd. AUD 807,165 4,126,190 0.95 Sonic Healthcare Ltd. AUD 212,002 3,719,161 0.86 South32 Ltd. AUD 968,333 2,364,165 0.54 Steadfast Group Ltd. AUD 252,344 1,040,099 0.24 Suncorp Group Ltd. AUD 183,351 2,130,593 0.49 Transurban Group AUD 531,959 4,403,352 1.01 Treasury Wine Estates Ltd. AUD 137,673 1,142,458 0.26 Westpac Banking Corp. AUD 436,404 7,933,115 1.83 WiseTech Global Ltd. AUD 48,963 3,288,957 0.76 68,433,330 15.76 Bermuda CK Infrastructure Holdings Ltd. HKD 307,000 1,734,223 0.40 Yue Yuen Industrial Holdings Ltd. HKD 645,500 1,246,264 0.29 2,980,487 0.69 Cayman Islands Alibaba Group Holding Ltd., ADR USD 109,114 7,863,846 1.81 Autohome, Inc., ADR USD 84,808 2,304,233 0.53 Baidu, Inc., ADR USD 29,101 2,534,697 0.58 Chailease Holding Co. Ltd. TWD 346,000 1,637,592 0.38 China Hongqiao Group Ltd. HKD 1,329,500 2,010,443 0.46 China Resources Land Ltd. HKD 583,071 1,976,421 0.46 CK Asset Holdings Ltd. HKD 349,000 1,304,873 0.30 CK Hutchison Holdings Ltd. HKD 857,028 4,097,656 0.94 ENN Energy Holdings Ltd. HKD 327,567 2,692,593 0.62 ESR Group Ltd., 144A HKD 1,434,400 1,886,691 0.43 Grab Holdings Ltd. 'A' USD 224,570 796,101 0.18 JD.com, Inc., ADR USD 100,205 2,594,307 0.60 Meituan, 144A 'B' HKD 342,390 4,856,645 1.12 NetEase, Inc., ADR USD 20,577 1,955,227 0.45 PDD Holdings, Inc., ADR USD 32,139 4,244,919 0.98 Sea Ltd., ADR USD 29,970 2,183,015 0.50 Shenzhou International Group Holdings Ltd. HKD 225,200 2,201,194 0.51 Tencent Holdings Ltd. HKD 379,300 18,054,781 4.16 Tongcheng Travel Holdings Ltd. HKD 690,400 1,372,969 0.32 WH Group Ltd., 144A HKD 4,098,500 2,693,861 0.62
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Wuxi Biologics Cayman, Inc., 144A HKD 178,000 263,128 0.06 Xinyi Solar Holdings Ltd. HKD 3,118,000 1,565,989 0.36 71,091,181 16.37 China BYD Co. Ltd. 'H' HKD 68,934 2,044,970 0.47 CGN Power Co. Ltd., 144A 'H' HKD 5,767,000 2,540,996 0.58 China Construction Bank Corp. 'H' HKD 10,638,687 7,850,001 1.81 China Merchants Bank Co. Ltd. 'H' HKD 281,973 1,277,502 0.29 Contemporary Amperex Technology Co. Ltd. 'A' CNH 62,160 1,534,917 0.35 Contemporary Amperex Technology Co. Ltd. 'A' CNY 3,900 96,303 0.02 Haier Smart Home Co. Ltd. 'A' CNH 374,900 1,464,491 0.34 Haier Smart Home Co. Ltd. 'A' CNY 3,200 12,500 Industrial & Commercial Bank of China Ltd. 'H' HKD 7,239,066 4,296,899 0.99 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 971,722 2,119,837 0.49 Livzon Pharmaceutical Group, Inc. 'H' HKD 197,100 648,702 0.15 NARI Technology Co. Ltd. 'A' CNH 1,117,423 3,835,560 0.88 PetroChina Co. Ltd. 'H' HKD 2,851,352 2,882,807 0.66 PICC Property & Casualty Co. Ltd. 'H' HKD 1,558,715 1,936,461 0.45 Ping An Insurance Group Co. of China Ltd. 'H' HKD 704,492 3,183,483 0.73 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 722,900 3,490,332 0.80 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNY 5,300 25,590 0.01 Zijin Mining Group Co. Ltd. 'H' HKD 1,272,000 2,685,743 0.62 41,927,094 9.64 Hong Kong AIA Group Ltd. HKD 871,404 5,897,981 1.36 BOC Hong Kong Holdings Ltd. HKD 844,370 2,596,553 0.60 China Mobile Ltd. HKD 197,504 1,946,287 0.45 CLP Holdings Ltd. HKD 212,377 1,714,411 0.39 CNOOC Ltd. HKD 759,339 2,176,568 0.50 Galaxy Entertainment Group Ltd. HKD 209,974 976,628 0.22 Hang Seng Bank Ltd. HKD 39,831 511,258 0.12 Hong Kong Exchanges & Clearing Ltd. HKD 81,756 2,621,063 0.60 Link REIT, REIT HKD 202,144 785,996 0.18 Sun Hung Kai Properties Ltd. HKD 253,372 2,188,197 0.50 Techtronic Industries Co. Ltd. HKD 75,000 857,351 0.20 22,272,293 5.12 India Avenue Supermarts Ltd., 144A INR 41,741 2,360,918 0.54 Dabur India Ltd. INR 232,972 1,678,296 0.39 Embassy Office Parks REIT, REIT INR 609,910 2,598,695 0.60 HDFC Bank Ltd. INR 342,703 6,919,523 1.59 Hindustan Unilever Ltd. INR 62,589 1,856,128 0.43 ICICI Bank Ltd. INR 550,302 7,915,849 1.82 IndusInd Bank Ltd. INR 268,505 4,715,175 1.09 Infosys Ltd., ADR USD 377,808 7,036,674 1.62 PB Fintech Ltd. INR 110,863 1,857,471 0.43 Reliance Industries Ltd. INR 436,434 16,384,771 3.77
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Aviva Investors - ASIAN EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Tata Consultancy Services Ltd. INR 48,781 2,284,695 0.53 Zomato Ltd. INR 458,095 1,101,638 0.25 56,709,833 13.06 Indonesia Bank Rakyat Indonesia Persero Tbk PT IDR 13,746,466 3,857,162 0.89 Telkom Indonesia Persero Tbk PT IDR 9,993,980 1,909,306 0.44 5,766,468 1.33 Ireland James Hardie Industries plc AUD 23,399 739,430 0.17 739,430 0.17 Malaysia Malayan Banking Bhd. MYR 1,075,800 2,271,357 0.52 2,271,357 0.52 Mauritius MakeMyTrip Ltd. USD 32,846 2,740,342 0.63 2,740,342 0.63 New Zealand Fisher & Paykel Healthcare Corp. Ltd. NZD 45,413 833,134 0.19 833,134 0.19 Singapore CapitaLand Ascendas REIT, REIT SGD 746,996 1,410,960 0.32 CapitaLand Integrated Commercial Trust, REIT SGD 1,090,700 1,593,448 0.37 DBS Group Holdings Ltd. SGD 185,000 4,880,386 1.12 Singapore Technologies Engineering Ltd. SGD 649,400 2,074,622 0.48 Singapore Telecommunications Ltd. SGD 1,931,100 3,918,212 0.90 United Overseas Bank Ltd. SGD 94,600 2,186,661 0.50 16,064,289 3.69 South Korea Hyundai Motor Co. KRW 36,994 7,941,192 1.83 KB Financial Group, Inc. KRW 96,811 5,517,234 1.27 LG Chem Ltd. KRW 13,301 3,339,795 0.77 POSCO Holdings, Inc. KRW 13,210 3,484,988 0.80 Samsung Electronics Co. Ltd. KRW 432,715 25,633,571 5.90 SK Hynix, Inc. KRW 50,058 8,645,033 1.99 54,561,813 12.56 Taiwan E.Sun Financial Holding Co. Ltd. TWD 4,175,177 3,676,966 0.85
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Hon Hai Precision Industry Co. Ltd. TWD 1,262,000 8,339,371 1.92 MediaTek, Inc. TWD 118,000 5,102,998 1.17 Merida Industry Co. Ltd. TWD 232,000 1,551,651 0.36 Nien Made Enterprise Co. Ltd. TWD 114,000 1,370,566 0.32 Sinbon Electronics Co. Ltd. TWD 137,000 1,233,261 0.28 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 1,453,314 43,548,442 10.02 Tripod Technology Corp. TWD 211,000 1,422,703 0.33 Yageo Corp. TWD 174,920 3,939,793 0.91 70,185,751 16.16 Thailand Kasikornbank PCL THB 513,700 1,756,787 0.40 Thai Beverage PCL SGD 7,434,400 2,468,133 0.57 4,224,920 0.97 United Kingdom Rio Tinto plc GBP 121,772 8,017,271 1.85 8,017,271 1.85 United States of America ResMed, Inc. AUD 85,056 1,650,964 0.38 1,650,964 0.38 Total Equities 430,469,957 99.09 Total Transferable securities and money market instruments admitted to an official exchange listing 430,469,957 99.09 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 700,000 884,415 0.21 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 10,700,000 10,700,000 2.46 11,584,415 2.67 Total Collective Investment Schemes 11,584,415 2.67 Total Units of authorised UCITS or other collective investment undertakings 11,584,415 2.67 Total investments 442,054,372 101.76 Cash/(bank overdraft) (8,825,527) (2.03) Other assets/(liabilities) 1,174,921 0.27 Total net assets 434,403,766 100.00 † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
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Aviva Investors - ASIAN EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Australia Australia & New Zealand Banking Group Ltd., Reg. S, FRN 1.809% 16/09/2031 GBP 5,000,000 5,789,404 1.27 5,789,404 1.27 Belgium Anheuser-Busch InBev SA, Reg. S 3.95% 22/03/2044 EUR 4,454,000 4,712,506 1.04 Elia Group SA, Reg. S 3.875% 11/06/2031 EUR 3,200,000 3,423,043 0.75 8,135,549 1.79 Denmark Danske Bank A/S, Reg. S, FRN 4.625% 13/04/2027 GBP 3,313,000 4,153,202 0.91 Orsted AS, Reg. S, FRN 2.25% 24/11/3017 EUR 5,000,000 5,297,218 1.17 9,450,420 2.08 Finland Teollisuuden Voima Oyj, Reg. S 4.25% 22/05/2031 EUR 2,400,000 2,578,023 0.57 2,578,023 0.57 France Electricite de France SA, Reg. S 4.75% 17/06/2044 EUR 1,400,000 1,507,753 0.33 Nexans SA, Reg. S 4.125% 29/05/2029 EUR 3,400,000 3,604,249 0.79 Nexans SA, Reg. S 4.25% 11/03/2030 EUR 3,100,000 3,287,449 0.72 RTE Reseau de Transport d'Electricite SADIR, Reg. S 3.75% 30/04/2044 EUR 1,700,000 1,777,254 0.39 10,176,705 2.23 Germany Porsche Automobil Holding SE, Reg. S 4.125% 27/09/2032 EUR 3,529,000 3,769,664 0.83 3,769,664 0.83 Ireland Aptiv plc 4.25% 11/06/2036 EUR 4,000,000 4,250,436 0.94 4,250,436 0.94 Italy UniCredit SpA, Reg. S, FRN 3.875% 11/06/2028 EUR 4,660,000 4,982,651 1.10 4,982,651 1.10 Netherlands BNI Finance BV, Reg. S 3.875% 01/12/2030 EUR 1,505,000 1,634,594 0.36 Danfoss Finance II BV, Reg. S 0.75% 28/04/2031 EUR 3,000,000 2,629,983 0.58 Danfoss Finance II BV, Reg. S 4.125% 02/12/2029 EUR 2,509,000 2,743,356 0.60 Iberdrola International BV, Reg. S, FRN 1.874% Perpetual EUR 5,500,000 5,651,337 1.24 ING Groep NV, Reg. S, FRN 1% 16/11/2032 EUR 2,900,000 2,797,202 0.62 Pluxee NV, Reg. S 3.75% 04/09/2032 EUR 5,700,000 6,013,914 1.32 Pluxee NV, Reg. S 3.5% 04/09/2028 EUR 2,200,000 2,334,382 0.51 Siemens Financieringsmaatschappij NV, Reg. S 3.625% 22/02/2044 EUR 2,600,000 2,710,934 0.60
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Telefonica Europe BV, Reg. S, FRN 5.752% Perpetual EUR 5,200,000 5,703,885 1.26 Upjohn Finance BV, Reg. S 1.908% 23/06/2032 EUR 3,000,000 2,697,541 0.59 34,917,128 7.68 Portugal EDP - Energias de Portugal SA, Reg. S, FRN 1.7% 20/07/2080 EUR 4,900,000 5,107,859 1.12 EDP - Energias de Portugal SA, Reg. S, FRN 4.75% 29/05/2054 EUR 2,400,000 2,555,041 0.56 7,662,900 1.68 Singapore IBM International Capital Pte Ltd. 5.3% 05/02/2054 USD 3,000,000 2,849,202 0.63 Pfizer Investment Enterprises Pte Ltd. 5.3% 19/05/2053 USD 2,300,000 2,250,543 0.50 5,099,745 1.13 Spain Banco Bilbao Vizcaya Argentaria SA 5.381% 13/03/2029 USD 4,900,000 4,929,918 1.09 Banco Santander SA, FRN 4.175% 24/03/2028 USD 2,200,000 2,123,600 0.47 Banco Santander SA, Reg. S, FRN 3.125% 06/10/2026 GBP 3,700,000 4,532,748 1.00 Cellnex Finance Co. SA, Reg. S 2% 15/02/2033 EUR 5,000,000 4,556,168 1.00 Iberdrola Finanzas SA, Reg. S, FRN 4.871% Perpetual EUR 1,400,000 1,523,171 0.34 17,665,605 3.90 Sweden Volvo Car AB, Reg. S 4.75% 08/05/2030 EUR 2,746,000 2,946,162 0.65 2,946,162 0.65 Switzerland UBS Group AG, FRN, 144A 2.746% 11/02/2033 USD 2,305,000 1,896,661 0.42 UBS Group AG, Reg. S, FRN 7% 30/09/2027 GBP 2,118,000 2,756,380 0.61 4,653,041 1.03 United Kingdom Anglo American Capital plc, Reg. S 4.125% 15/03/2032 EUR 2,116,000 2,274,859 0.50 Barclays plc, FRN 5.829% 09/05/2027 USD 4,750,000 4,764,687 1.05 Barclays plc, FRN 7.325% 02/11/2026 USD 3,565,000 3,628,936 0.80 Barclays plc, FRN 8.5% Perpetual GBP 2,438,000 3,071,093 0.68 Barclays plc, Reg. S, FRN 8.407% 14/11/2032 GBP 2,600,000 3,471,006 0.76 Barclays plc, Reg. S, FRN 4.918% 08/08/2030 EUR 3,000,000 3,347,987 0.74 Barclays plc, Reg. S, FRN 4.973% 31/05/2036 EUR 1,289,000 1,389,566 0.31 British Telecommunications plc, Reg. S 3.875% 20/01/2034 EUR 3,032,000 3,250,999 0.72 British Telecommunications plc, Reg. S, FRN 5.125% 03/10/2054 EUR 4,271,000 4,591,792 1.01 HSBC Holdings plc, Reg. S, FRN 4.599% 22/03/2035 EUR 1,701,000 1,828,239 0.40 Lloyds Banking Group plc, FRN 4.716% 11/08/2026 USD 1,750,000 1,731,294 0.38
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - CLIMATE TRANSITION GLOBAL CREDIT FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 9
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Lloyds Banking Group plc, FRN 5.985% 07/08/2027 USD 1,993,000 2,007,286 0.44 Lloyds Banking Group plc, Reg. S, FRN 2% 12/04/2028 GBP 2,230,000 2,572,781 0.57 M&G plc, Reg. S, FRN 3.875% 20/07/2049 GBP 3,778,000 4,768,166 1.05 National Grid plc 5.418% 11/01/2034 USD 2,000,000 1,971,212 0.43 NatWest Group plc, Reg. S, FRN 2.105% 28/11/2031 GBP 5,000,000 5,803,484 1.28 NGG Finance plc, Reg. S, FRN 1.625% 05/12/2079 EUR 5,000,000 5,296,600 1.17 Standard Chartered plc, FRN, 144A 5.905% 14/05/2035 USD 5,500,000 5,496,245 1.21 Standard Chartered plc, Reg. S, FRN 1.2% 23/09/2031 EUR 6,000,000 5,945,676 1.31 Thames Water Utilities Finance plc, Reg. S 1.25% 31/01/2032 EUR 5,000,000 3,871,218 0.85 Virgin Money UK plc, Reg. S, FRN 4% 18/03/2028 EUR 1,215,000 1,303,541 0.29 Vodafone Group plc 5.75% 28/06/2054 USD 7,000,000 6,881,368 1.52 Vodafone Group plc, Reg. S, FRN 6.25% 03/10/2078 USD 4,500,000 4,496,816 0.99 Vodafone Group plc, Reg. S, FRN 8% 30/08/2086 GBP 2,472,000 3,355,393 0.74 87,120,244 19.20 United States of America AbbVie, Inc. 5.05% 15/03/2034 USD 2,770,000 2,782,302 0.61 AbbVie, Inc. 5.4% 15/03/2054 USD 1,635,000 1,642,669 0.36 Anheuser-Busch InBev Worldwide, Inc. 5.55% 23/01/2049 USD 2,000,000 2,044,680 0.45 Ashtead Capital, Inc., 144A 5.95% 15/10/2033 USD 2,525,000 2,550,032 0.56 Ashtead Capital, Inc., 144A 5.55% 30/05/2033 USD 855,000 840,033 0.18 AT&T, Inc. 5.4% 15/02/2034 USD 3,273,000 3,296,151 0.73 AT&T, Inc. 4.3% 18/11/2034 EUR 3,500,000 3,890,864 0.86 AT&T, Inc. 4.75% 15/05/2046 USD 1,500,000 1,315,842 0.29 Becton Dickinson & Co. 3.828% 07/06/2032 EUR 1,817,000 1,958,607 0.43 Burlington Northern Santa Fe LLC 5.2% 15/04/2054 USD 1,100,000 1,071,528 0.24 Citigroup, Inc., Reg. S, FRN 3.75% 14/05/2032 EUR 4,917,000 5,221,322 1.15 CVS Health Corp. 5.875% 01/06/2053 USD 2,655,000 2,578,250 0.57 Eli Lilly & Co. 5% 09/02/2054 USD 2,370,000 2,302,828 0.51 Essential Utilities, Inc. 5.375% 15/01/2034 USD 6,815,000 6,743,497 1.49 Ford Motor Credit Co. LLC 5.8% 05/03/2027 USD 4,485,000 4,493,484 0.99 Ford Motor Credit Co. LLC 5.8% 08/03/2029 USD 3,570,000 3,568,617 0.79 General Motors Financial Co., Inc. 5.75% 08/02/2031 USD 2,500,000 2,518,844 0.55 General Motors Financial Co., Inc. 5.4% 08/05/2027 USD 1,365,000 1,367,024 0.30 General Motors Financial Co., Inc., Reg. S 4% 10/07/2030 EUR 2,020,000 2,173,510 0.48 Home Depot, Inc. (The) 4.5% 06/12/2048 USD 3,666,000 3,225,037 0.71
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Morgan Stanley, FRN 4.656% 02/03/2029 EUR 4,373,000 4,831,657 1.06 Morgan Stanley, FRN 3.955% 21/03/2035 EUR 2,000,000 2,134,785 0.47 Mosaic Co. (The) 5.375% 15/11/2028 USD 5,000,000 5,038,584 1.11 Oracle Corp. 2.875% 25/03/2031 USD 4,000,000 3,476,838 0.77 Owens Corning 5.7% 15/06/2034 USD 2,110,000 2,146,508 0.47 RTX Corp. 6.4% 15/03/2054 USD 1,965,000 2,176,465 0.48 Tapestry, Inc. 7.85% 27/11/2033 USD 1,175,000 1,243,549 0.27 Tapestry, Inc. 5.875% 27/11/2031 EUR 5,215,000 5,803,762 1.28 United States Treasury Bonds 1.75% 15/08/2041 USD 12,522,000 8,411,751 1.85 UnitedHealth Group, Inc. 4.75% 15/05/2052 USD 1,725,000 1,551,038 0.34 Verizon Communications, Inc. 2.875% 20/11/2050 USD 2,000,000 1,279,534 0.28 Verizon Communications, Inc. 1.3% 18/05/2033 EUR 3,000,000 2,647,757 0.58 Verizon Communications, Inc. 5.5% 23/02/2054 USD 995,000 988,686 0.22 97,316,035 21.43 Total Bonds 306,513,712 67.51 Total Transferable securities and money market instruments admitted to an official exchange listing 306,513,712 67.51 Transferable securities and money market instruments dealt in on another regulated market Bonds Australia NBN Co. Ltd., 144A 6% 06/10/2033 USD 2,820,000 3,000,319 0.66 3,000,319 0.66 Canada Bell Telephone Co. of Canada or Bell Canada 3.5% 30/09/2050 CAD 2,850,000 1,524,238 0.34 Bell Telephone Co. of Canada or Bell Canada 3.8% 21/08/2028 CAD 3,492,000 2,469,345 0.54 3,993,583 0.88 Denmark Danske Bank A/S, FRN, 144A 5.705% 01/03/2030 USD 5,500,000 5,535,690 1.22 5,535,690 1.22 Hong Kong AIA Group Ltd., Reg. S, FRN 2.7% Perpetual USD 6,000,000 5,643,750 1.24 5,643,750 1.24 Ireland Smurfit Kappa Treasury ULC, 144A 5.438% 03/04/2034 USD 1,460,000 1,456,979 0.32 1,456,979 0.32 Netherlands NXP BV 5.35% 01/03/2026 USD 3,000,000 2,995,966 0.66 OCI NV, 144A 6.7% 16/03/2033 USD 3,365,000 3,344,068 0.74 6,340,034 1.40 Switzerland UBS Group AG, FRN, 144A 5.617% 13/09/2030 USD 1,280,000 1,289,912 0.28 1,289,912 0.28
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - CLIMATE TRANSITION GLOBAL CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 10
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets United Kingdom Vodafone Group plc 6.15% 27/02/2037 USD 3,000,000 3,213,489 0.71 3,213,489 0.71 United States of America Amazon.com, Inc. 3.95% 13/04/2052 USD 1,500,000 1,228,105 0.27 American Express Co., FRN 5.098% 16/02/2028 USD 5,000,000 4,984,872 1.10 Amgen, Inc. 5.65% 02/03/2053 USD 5,065,000 5,063,187 1.12 Apple, Inc. 3.85% 04/05/2043 USD 2,074,000 1,761,547 0.39 Bank of America Corp., FRN 3.97% 05/03/2029 USD 3,983,000 3,819,732 0.84 Bank of America Corp., FRN 1.734% 22/07/2027 USD 5,554,000 5,152,562 1.14 Bank of America Corp., FRN 2.572% 20/10/2032 USD 7,300,000 6,089,875 1.34 Brambles USA, Inc., 144A 4.125% 23/10/2025 USD 4,145,000 4,068,612 0.90 Charter Communications Operating LLC 4.2% 15/03/2028 USD 5,000,000 4,739,120 1.04 Charter Communications Operating LLC 4.8% 01/03/2050 USD 2,500,000 1,860,926 0.41 Charter Communications Operating LLC 6.55% 01/06/2034 USD 1,210,000 1,220,802 0.27 Citigroup, Inc., FRN 6.27% 17/11/2033 USD 1,000,000 1,054,869 0.23 Citigroup, Inc., FRN 7.125% Perpetual USD 1,665,000 1,669,199 0.37 Comcast Corp. 5.65% 01/06/2054 USD 1,364,000 1,383,997 0.30 Constellation Energy Generation LLC 6.5% 01/10/2053 USD 1,945,000 2,094,221 0.46 Constellation Energy Generation LLC 5.75% 15/03/2054 USD 4,885,000 4,804,272 1.06 Goldman Sachs Group, Inc. (The), FRN 2.65% 21/10/2032 USD 4,386,000 3,666,549 0.81 ITC Holdings Corp., 144A 4.95% 22/09/2027 USD 5,000,000 4,965,805 1.09 Metropolitan Life Global Funding I, 144A 5.05% 08/01/2034 USD 5,000,000 4,945,060 1.09 Micron Technology, Inc. 4.975% 06/02/2026 USD 3,000,000 2,979,192 0.66
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Morgan Stanley, FRN 5.123% 01/02/2029 USD 5,200,000 5,193,559 1.14 Morgan Stanley, FRN 5.942% 07/02/2039 USD 5,000,000 4,985,858 1.10 Newmont Corp., Reg. S 3.25% 13/05/2030 USD 4,000,000 3,631,096 0.80 Niagara Mohawk Power Corp., 144A 5.29% 17/01/2034 USD 2,700,000 2,647,702 0.58 Niagara Mohawk Power Corp., 144A 5.664% 17/01/2054 USD 850,000 830,222 0.18 Prudential Financial, Inc., FRN 6.5% 15/03/2054 USD 1,205,000 1,218,156 0.27 T-Mobile USA, Inc. 6% 15/06/2054 USD 1,090,000 1,145,356 0.25 T-Mobile USA, Inc. 5.5% 15/01/2055 USD 1,205,000 1,181,848 0.26 Veralto Corp., 144A 5.5% 18/09/2026 USD 5,000,000 5,007,404 1.10 Viatris, Inc. 2.3% 22/06/2027 USD 5,000,000 4,573,485 1.01 VMware LLC 1.4% 15/08/2026 USD 4,000,000 3,687,467 0.81 Volkswagen Group of America Finance LLC, 144A 5.4% 20/03/2026 USD 6,000,000 5,992,439 1.32 107,647,096 23.71 Total Bonds 138,120,852 30.42 Total Transferable securities and money market instruments dealt in on another regulated market 138,120,852 30.42 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 2,035 221,779 0.05 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 293 370 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 300,000 300,000 0.07 522,149 0.12 Total Collective Investment Schemes 522,149 0.12 Total Units of authorised UCITS or other collective investment undertakings 522,149 0.12 Total investments 445,156,713 98.05 Cash/(bank overdraft) 3,865,108 0.85 Other assets/(liabilities) 4,976,417 1.10 Total net assets 453,998,238 100.00 † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets AUD 913 USD 607 10/07/2024 BNY Mellon 2 USD 3,587,291 CAD 4,906,911 10/07/2024 HSBC 4,070 USD 50,336,145 EUR 46,178,946 10/07/2024 BNP Paribas 898,983 0.20 USD 49,509,209 EUR 45,489,707 10/07/2024 Citigroup 809,915 0.18 USD 59,887,057 EUR 54,998,945 10/07/2024 Royal Bank of Canada 1,007,588 0.22 USD 40,840,195 GBP 31,954,356 10/07/2024 BNP Paribas 464,604 0.10 USD 1,751,546 GBP 1,373,627 10/07/2024 BNY Mellon 15,914 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 3,201,076 0.71 CHF 850 USD 954 10/07/2024 BNY Mellon (7) EUR 245,765,844 USD 267,451,974 10/07/2024 BNY Mellon (4,345,794) (0.96) EUR 200,000 USD 215,204 10/07/2024 Morgan Stanley (1,093) -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - CLIMATE TRANSITION GLOBAL CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 11
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets GBP 152,959,829 USD 195,268,908 10/07/2024 BNY Mellon (1,998,126) (0.44) USD 2,242,030 EUR 2,097,000 10/07/2024 BNY Mellon (2,926) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (6,347,946) (1.40) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (3,146,870) (0.69)
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets Canada 10 Year Bond, 18/09/2024 70 CAD 72,054 0.02 Euro-Schatz, 06/09/2024 76 EUR 47,164 0.01 Long Gilt, 26/09/2024 104 GBP 160,938 0.04 US 10 Year Note, 19/09/2024 243 USD 341,792 0.07 US 5 Year Note, 30/09/2024 150 USD 142,976 0.03 US Long Bond, 19/09/2024 151 USD 363,781 0.08 US Ultra Bond, 19/09/2024 39 USD 43,156 0.01 Total Unrealised Gain on Financial Futures Contracts - Assets 1,171,861 0.26 Euro-Bobl, 06/09/2024 (68) EUR (114,956) (0.03) Euro-Bund, 06/09/2024 (245) EUR (495,654) (0.11) US 10 Year Ultra Bond, 19/09/2024 (127) USD (246,735) (0.05) Total Unrealised Loss on Financial Futures Contracts - Liabilities (857,345) (0.19) Net Unrealised Gain on Financial Futures Contracts - Assets 314,516 0.07
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets (34,914,635) EUR Barclays ITRAXX.EUROPE.MAIN.41.V1 Buy 1.000% 20/06/2029 (655,481) (0.14) Total Market Value on Credit Default Swap Contracts - Liabilities (655,481) (0.14)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - CLIMATE TRANSITION GLOBAL CREDIT FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 12
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Canada ATS Corp. CAD 142,433 4,654,184 1.49 4,654,184 1.49 France AXA SA EUR 227,858 7,423,608 2.37 Schneider Electric SE EUR 26,042 6,237,275 1.99 13,660,883 4.36 Germany Muenchener RueckversicherungsGesellschaft AG in Muenchen EUR 24,935 12,469,860 3.98 Siemens AG EUR 40,554 7,556,066 2.41 20,025,926 6.39 Ireland Accenture plc 'A' USD 16,813 5,120,904 1.63 CRH plc USD 53,890 4,050,911 1.29 Linde plc USD 31,717 13,960,079 4.46 Trane Technologies plc USD 32,992 11,041,598 3.52 34,173,492 10.90 Netherlands ASM International NV EUR 15,189 11,512,542 3.68 BE Semiconductor Industries NV EUR 36,041 5,998,330 1.91 17,510,872 5.59 Sweden Epiroc AB 'A' SEK 145,753 2,907,688 0.93 2,907,688 0.93 Switzerland Lonza Group AG CHF 12,993 7,098,128 2.27 7,098,128 2.27 Taiwan Taiwan Semiconductor Manufacturing Co. Ltd., ADR USD 34,673 6,084,071 1.94 6,084,071 1.94 United Kingdom RELX plc GBP 212,510 9,783,685 3.12 9,783,685 3.12 United States of America Alphabet, Inc. 'A' USD 59,654 10,978,722 3.50
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Autodesk, Inc. USD 34,367 8,434,349 2.69 Cadence Design Systems, Inc. USD 34,344 10,641,145 3.40 Carlisle Cos., Inc. USD 17,230 7,171,643 2.29 Danaher Corp. USD 33,806 8,500,857 2.71 Home Depot, Inc. (The) USD 11,932 4,074,897 1.30 Hubbell, Inc. USD 24,610 9,258,528 2.96 Merck & Co., Inc. USD 47,103 6,122,448 1.95 Microsoft Corp. USD 57,318 26,016,640 8.31 Moody's Corp. USD 23,928 10,087,566 3.22 NVIDIA Corp. USD 105,597 13,323,173 4.25 Otis Worldwide Corp. USD 61,524 5,904,458 1.88 PepsiCo, Inc. USD 22,527 3,717,631 1.19 Procter & Gamble Co. (The) USD 43,820 7,290,333 2.33 PTC, Inc. USD 72,779 13,337,480 4.26 T-Mobile US, Inc. USD 18,851 3,353,216 1.07 United Rentals, Inc. USD 12,476 8,084,947 2.58 UnitedHealth Group, Inc. USD 6,835 3,388,041 1.08 Veralto Corp. USD 35,906 3,505,503 1.12 Visa, Inc. 'A' USD 37,955 10,165,488 3.25 Waste Management, Inc. USD 53,674 11,393,917 3.64 Xylem, Inc. USD 60,872 8,360,769 2.67 193,111,751 61.65 Total Equities 309,010,680 98.64 Total Transferable securities and money market instruments admitted to an official exchange listing 309,010,680 98.64 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 3,908,158 3,908,158 1.25 3,908,158 1.25 Total Collective Investment Schemes 3,908,158 1.25 Total Units of authorised UCITS or other collective investment undertakings 3,908,158 1.25 Total investments 312,918,838 99.89 Cash/(bank overdraft) 181,605 0.06 Other assets/(liabilities) 150,245 0.05 Total net assets 313,250,688 100.00 † Related Party Fund
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets AUD 231,570 USD 153,928 10/07/2024 BNY Mellon 564 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 564 Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 564 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - CLIMATE TRANSITION GLOBAL EQUITY FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 13
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Angola Angolan Government International Bond, Reg. S 8% 26/11/2029 USD 7,000,000 6,312,863 0.17 Angolan Government International Bond, Reg. S 8.25% 09/05/2028 USD 7,000,000 6,597,500 0.18 12,910,363 0.35 Argentina Argentine Republic Government International Bond 1% 09/07/2029 USD 1 1 Argentine Republic Government International Bond, STEP 3.625% 09/07/2035 USD 94,000,000 40,303,028 1.07 Argentine Republic Government International Bond, STEP 4.25% 09/01/2038 USD 24,000,000 11,239,644 0.30 Argentine Republic Government International Bond, STEP 3.5% 09/07/2041 USD 54,000,000 21,493,298 0.57 Argentine Republic Government International Bond, STEP 3.625% 09/07/2046 USD 74,000,000 32,784,108 0.87 105,820,079 2.81 Benin Benin Government International Bond, Reg. S 4.95% 22/01/2035 EUR 22,000,000 18,670,379 0.50 Benin Government International Bond, Reg. S 7.96% 13/02/2038 USD 10,000,000 9,325,875 0.25 27,996,254 0.75 Brazil Brazilian Government International Bond 6.25% 18/03/2031 USD 70,000,000 69,834,413 1.85 Brazilian Government International Bond 7.125% 13/05/2054 USD 45,000,000 43,949,175 1.17 Brazilian Government International Bond 6.125% 15/03/2034 USD 60,000,000 58,079,581 1.54 171,863,169 4.56 Cayman Islands DP World Crescent Ltd., Reg. S 5.5% 13/09/2033 USD 20,000,000 20,124,270 0.54 Gaci First Investment Co., Reg. S 5.125% 14/02/2053 USD 43,000,000 37,418,514 0.99 Gaci First Investment Co., Reg. S 5.375% 13/10/2122 USD 40,000,000 34,397,150 0.91 Gaci First Investment Co., Reg. S 5.25% 29/01/2034 USD 15,000,000 14,809,106 0.39 Gaci First Investment Co., Reg. S 5.375% 29/01/2054 USD 40,000,000 35,604,000 0.95 Gaci First Investment Co., Reg. S 5% 29/01/2029 USD 32,258,000 31,887,549 0.85 IHS Holding Ltd., Reg. S 6.25% 29/11/2028 USD 10,000,000 8,953,900 0.24 IHS Holding Ltd., Reg. S 5.625% 29/11/2026 USD 10,000,000 9,500,100 0.25
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Saudi Electricity Sukuk Programme Co., Reg. S 5.684% 11/04/2053 USD 17,500,000 17,082,695 0.45 Suci Second Investment Co., Reg. S 6% 25/10/2028 USD 25,000,000 25,705,538 0.68 235,482,822 6.25 Chile Chile Government International Bond 3.24% 06/02/2028 USD 15,000,000 14,107,169 0.37 Chile Government International Bond 4.85% 22/01/2029 USD 10,000,000 9,898,400 0.26 Empresa Nacional del Petroleo, Reg. S 6.15% 10/05/2033 USD 29,000,000 29,125,048 0.77 53,130,617 1.40 Colombia Colombia Government International Bond 5.2% 15/05/2049 USD 20,000,000 14,234,811 0.38 Colombia Government International Bond 5.625% 26/02/2044 USD 15,000,000 11,576,872 0.31 Colombia Government International Bond 5% 15/06/2045 USD 50,000,000 35,488,288 0.94 Colombia Government International Bond 3% 30/01/2030 USD 10,000,000 8,226,684 0.22 Colombia Government International Bond 3.875% 15/02/2061 USD 30,000,000 16,799,464 0.45 Colombia Government International Bond 8.75% 14/11/2053 USD 10,000,000 10,607,034 0.28 96,933,153 2.58 Cote Divoire Ivory Coast Government International Bond, Reg. S 4.875% 30/01/2032 EUR 60,000,000 53,923,554 1.43 Ivory Coast Government International Bond, Reg. S 8.25% 30/01/2037 USD 40,000,000 38,890,520 1.03 92,814,074 2.46 Dominican Republic Dominican Republic International Bond, Reg. S 6.875% 29/01/2026 USD 20,000,000 20,325,000 0.54 Dominican Republic International Bond, Reg. S 4.5% 30/01/2030 USD 10,000,000 9,137,778 0.24 Dominican Republic International Bond, Reg. S 5.5% 27/01/2025 USD 30,000,000 30,029,850 0.80 Dominican Republic International Bond, Reg. S 5.95% 25/01/2027 USD 20,000,000 19,968,560 0.53 Dominican Republic International Bond, Reg. S 5.5% 22/02/2029 USD 25,000,000 24,250,113 0.64
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 14
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Dominican Republic International Bond, Reg. S 7.05% 03/02/2031 USD 10,000,000 10,333,189 0.27 Dominican Republic International Bond, Reg. S 6.6% 01/06/2036 USD 20,000,000 20,094,730 0.53 134,139,220 3.55 Ecuador Ecuador Government International Bond, STEP, Reg. S 3.5% 31/07/2035 USD 55,000,000 27,665,781 0.73 Ecuador Government International Bond, STEP, Reg. S 2.5% 31/07/2040 USD 80,000,000 36,720,000 0.98 64,385,781 1.71 Egypt Egypt Government International Bond, Reg. S 8.5% 31/01/2047 USD 30,000,000 22,382,400 0.59 Egypt Government International Bond, Reg. S 8.7% 01/03/2049 USD 10,000,000 7,543,850 0.20 Egypt Government International Bond, Reg. S 8.15% 20/11/2059 USD 20,000,000 14,322,400 0.38 Egypt Government International Bond, Reg. S 7.5% 16/02/2061 USD 20,000,000 13,428,000 0.36 Egypt Government International Bond, Reg. S 8.875% 29/05/2050 USD 10,000,000 7,637,500 0.20 Egypt Government International Bond, Reg. S 7.903% 21/02/2048 USD 20,000,000 14,074,400 0.37 Egypt Government International Bond, Reg. S 7.3% 30/09/2033 USD 10,000,000 7,920,925 0.21 Egypt Government International Bond, Reg. S 8.75% 30/09/2051 USD 25,000,000 18,874,844 0.50 Egypt Treasury Bills 0% 06/05/2025 EGP 2,662,250,000 45,621,719 1.21 151,806,038 4.02 Gabon Gabon Government International Bond, Reg. S 6.625% 06/02/2031 USD 15,000,000 11,276,100 0.30 11,276,100 0.30 Ghana Ghana Government International Bond, Reg. S 8.95% 26/03/2051 USD 22,000,000 11,314,380 0.30 Ghana Government International Bond, Reg. S 8.75% 11/03/2061 USD 15,000,000 7,720,200 0.21 Ghana Government International Bond, Reg. S 8.875% 07/05/2042 USD 15,000,000 7,676,550 0.20 26,711,130 0.71 Hungary MVM Energetika Zrt, Reg. S 7.5% 09/06/2028 USD 12,500,000 13,027,572 0.35 MVM Energetika Zrt, Reg. S 6.5% 13/03/2031 USD 31,598,000 31,781,110 0.84 44,808,682 1.19
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Indonesia Indonesia Government International Bond 4.65% 20/09/2032 USD 15,000,000 14,493,720 0.39 Pertamina Persero PT, Reg. S 1.4% 09/02/2026 USD 31,000,000 28,996,710 0.77 Pertamina Persero PT, Reg. S 4.15% 25/02/2060 USD 60,000,000 44,570,070 1.18 Perusahaan Penerbit SBSN Indonesia III, Reg. S 5.5% 02/07/2054 USD 50,000,000 49,714,315 1.32 137,774,815 3.66 Israel Israel Government International Bond 5.5% 12/03/2034 USD 40,000,000 38,428,400 1.02 Israel Government International Bond 5.75% 12/03/2054 USD 35,000,000 31,719,450 0.84 Israel Government International Bond 5.375% 12/03/2029 USD 30,000,000 29,506,875 0.78 99,654,725 2.64 Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.625% 31/03/2036 USD 10,000,000 8,162,640 0.22 8,162,640 0.22 Kazakhstan KazMunayGas National Co. JSC, Reg. S 4.75% 19/04/2027 USD 20,000,000 19,378,450 0.52 QazaqGaz NC JSC, Reg. S 4.375% 26/09/2027 USD 23,067,000 21,701,780 0.58 41,080,230 1.10 Kenya Republic of Kenya Government International Bond, Reg. S 6.3% 23/01/2034 USD 10,000,000 7,501,542 0.20 7,501,542 0.20 Malaysia Khazanah Capital Ltd., Reg. S 4.876% 01/06/2033 USD 18,250,000 17,917,672 0.48 17,917,672 0.48 Mexico Mexican Bonos 8% 24/05/2035 MXN 154,300,000 7,346,387 0.20 Mexico Government International Bond 2.659% 24/05/2031 USD 60,000,000 49,677,000 1.32 Mexico Government International Bond 3.5% 12/02/2034 USD 75,000,000 61,490,161 1.63 Mexico Government International Bond 6.35% 09/02/2035 USD 30,000,000 30,419,307 0.81 Total Play Telecomunicaciones SA de CV, Reg. S 6.375% 20/09/2028 USD 32,000,000 18,180,237 0.48 167,113,092 4.44 Netherlands IHS Netherlands Holdco BV, Reg. S 8% 18/09/2027 USD 18,100,000 17,592,639 0.47 17,592,639 0.47
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 15
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Nigeria Nigeria Government International Bond, Reg. S 7.625% 28/11/2047 USD 5,000,000 3,637,725 0.10 Nigeria Government International Bond, Reg. S 8.25% 28/09/2051 USD 5,000,000 3,841,779 0.10 Nigeria Government International Bond, Reg. S 6.125% 28/09/2028 USD 10,000,000 8,787,700 0.23 16,267,204 0.43 Oman Mazoon Assets Co. SAOC, Reg. S 5.5% 14/02/2029 USD 25,600,000 25,314,739 0.67 Oman Government International Bond, Reg. S 4.75% 15/06/2026 USD 72,000,000 70,796,898 1.88 96,111,637 2.55 Pakistan Pakistan Government International Bond, Reg. S 8.875% 08/04/2051 USD 13,000,000 9,808,435 0.26 9,808,435 0.26 Panama Panama Government International Bond 3.87% 23/07/2060 USD 60,000,000 34,666,786 0.92 Panama Government International Bond 4.5% 01/04/2056 USD 45,000,000 29,466,000 0.78 Panama Government International Bond 4.5% 19/01/2063 USD 65,000,000 42,183,352 1.12 106,316,138 2.82 Paraguay Paraguay Government International Bond, Reg. S 4.95% 28/04/2031 USD 7,000,000 6,709,610 0.18 Paraguay Government International Bond, Reg. S 4.7% 27/03/2027 USD 23,000,000 22,484,736 0.60 Paraguay Government International Bond, Reg. S 3.849% 28/06/2033 USD 7,000,000 6,101,645 0.16 35,295,991 0.94 Peru Peruvian Government International Bond 2.783% 23/01/2031 USD 10,000,000 8,617,011 0.23 Peruvian Government International Bond 2.392% 23/01/2026 USD 33,000,000 31,528,964 0.84 Peruvian Government International Bond 1.862% 01/12/2032 USD 36,000,000 27,462,209 0.73 Peruvian Government International Bond 3% 15/01/2034 USD 15,000,000 12,295,142 0.33 79,903,326 2.13 Philippines Philippine Government International Bond 5.25% 14/05/2034 USD 40,000,000 40,278,760 1.07 40,278,760 1.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Poland Bank Gospodarstwa Krajowego, Reg. S 5.375% 22/05/2033 USD 21,000,000 20,849,157 0.55 Bank Gospodarstwa Krajowego, Reg. S 6.25% 31/10/2028 USD 11,248,000 11,665,163 0.31 Republic of Poland Government International Bond 5.5% 18/03/2054 USD 35,000,000 34,209,875 0.91 66,724,195 1.77 Qatar QatarEnergy, Reg. S 3.3% 12/07/2051 USD 60,000,000 42,297,000 1.12 42,297,000 1.12 Romania Romanian Government International Bond, Reg. S 6.625% 17/02/2028 USD 22,000,000 22,521,411 0.60 Romanian Government International Bond, Reg. S 5.875% 30/01/2029 USD 40,000,000 39,836,500 1.06 Romanian Government International Bond, Reg. S 6.375% 30/01/2034 USD 25,000,000 25,281,250 0.67 87,639,161 2.33 Saudi Arabia Saudi Government International Bond, Reg. S 3.45% 02/02/2061 USD 37,500,000 24,744,356 0.66 Saudi Government International Bond, Reg. S 5.75% 16/01/2054 USD 58,986,000 57,846,980 1.54 82,591,336 2.20 Serbia Serbia International Bond, Reg. S 6.25% 26/05/2028 USD 43,000,000 43,583,940 1.16 43,583,940 1.16 Sri Lanka Sri Lanka Government International Bond, Reg. S 7.55% 28/03/2030 USD 8,000,000 4,635,951 0.12 Sri Lanka Government International Bond, Reg. S 6.2% 11/05/2027 USD 12,000,000 7,069,095 0.19 Sri Lanka Government International Bond, Reg. S 7.85% 14/03/2029 USD 10,000,000 5,923,869 0.16 17,628,915 0.47 Turkey Hazine Mustesarligi Varlik Kiralama AS, Reg. S 8.509% 14/01/2029 USD 25,000,000 26,485,637 0.70 Istanbul Metropolitan Municipality, Reg. S 10.5% 06/12/2028 USD 15,000,000 16,157,662 0.43 TC Ziraat Bankasi AS, Reg. S, FRN 8.994% 02/08/2034 USD 28,233,000 28,600,029 0.76 Turkiye Government Bond 37% 18/02/2026 TRY 1,188,461,000 35,690,336 0.95 Turkiye Government International Bond 5.75% 11/05/2047 USD 45,000,000 34,782,322 0.92
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 16
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Turkiye Government International Bond 4.875% 16/04/2043 USD 35,000,000 24,918,005 0.66 Turkiye Ihracat Kredi Bankasi AS, Reg. S 9% 28/01/2027 USD 19,328,000 20,120,148 0.53 186,754,139 4.95 Ukraine NPC Ukrenergo, Reg. S 6.875% 09/11/2028 USD 20,000,000 7,135,889 0.19 State Agency of Roads of Ukraine, Reg. S 6.25% 24/06/2030 USD 38,500,000 10,744,762 0.29 Ukraine Government International Bond, Reg. S 7.375% 25/09/2034 USD 55,000,000 15,831,750 0.42 Ukraine Government International Bond, Reg. S 7.253% 15/03/2035 USD 50,000,000 14,545,000 0.39 Ukraine Government International Bond, Reg. S, FRN 7.75% 01/08/2041 USD 90,000,000 44,409,375 1.18 92,666,776 2.47 United Arab Emirates Abu Dhabi Crude Oil Pipeline LLC, Reg. S 4.6% 02/11/2047 USD 35,000,000 31,471,545 0.84 Abu Dhabi Developmental Holding Co. PJSC, Reg. S 5.375% 08/05/2029 USD 38,312,000 39,027,764 1.04 Finance Department Government of Sharjah, Reg. S 4% 28/07/2050 USD 30,000,000 19,617,780 0.52 90,117,089 2.40 United Kingdom Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 25,000,000 15,888,500 0.42 15,888,500 0.42 United States of America United States Treasury Notes 4.5% 15/11/2033 USD 230,000,000 233,935,156 6.21 United States Treasury Notes 4.5% 31/03/2026 USD 40,000,000 39,823,437 1.06 273,758,593 7.27 Uzbekistan Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 32,388,000 27,331,423 0.73 27,331,423 0.73 Total Bonds 3,137,837,395 83.34 Commercial Papers Egypt Egypt Treasury Bills EGP 300,000,000 5,314,349 0.14 5,314,349 0.14 Total Commercial Papers 5,314,349 0.14 Total Transferable securities and money market instruments admitted to an official exchange listing 3,143,151,744 83.48 Transferable securities and money market instruments dealt in on another regulated market Bonds Chile Corp. Nacional del Cobre de Chile, Reg. S 6.44% 26/01/2036 USD 25,000,000 25,955,922 0.69 25,955,922 0.69
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.16% 31/03/2034 USD 16,208,000 13,929,580 0.37 13,929,580 0.37 Mexico Mexico Government International Bond 6% 07/05/2036 USD 95,000,000 93,287,694 2.48 Petroleos Mexicanos 5.625% 23/01/2046 USD 13,000,000 7,884,882 0.21 Petroleos Mexicanos 7.69% 23/01/2050 USD 20,000,000 14,571,811 0.39 Petroleos Mexicanos 6.95% 28/01/2060 USD 88,000,000 58,583,580 1.55 Petroleos Mexicanos 6.75% 21/09/2047 USD 88,000,000 58,653,895 1.56 232,981,862 6.19 Turkey Turkiye Ihracat Kredi Bankasi AS, Reg. S 7.5% 06/02/2028 USD 13,001,000 13,023,264 0.35 Turkiye Varlik Fonu Yonetimi AS, Reg. S 8.25% 14/02/2029 USD 15,000,000 15,286,440 0.40 28,309,704 0.75 United Kingdom WE Soda Investments Holding plc, Reg. S 9.5% 06/10/2028 USD 17,500,000 17,966,462 0.48 17,966,462 0.48 Zambia Zambia Government International Bond, Reg. S 0.5% 31/12/2053 USD 6,544,183 3,206,650 0.08 Zambia Government International Bond, STEP, Reg. S 5.75% 30/06/2033 USD 8,240,823 7,275,102 0.19 10,481,752 0.27 Total Bonds 329,625,282 8.75 Total Transferable securities and money market instruments dealt in on another regulated market 329,625,282 8.75 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 45,478 4,956,322 0.13 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 2,300,000 2,905,935 0.08 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 222,144,491 222,144,491 5.90 230,006,748 6.11 Total Collective Investment Schemes 230,006,748 6.11 Total Units of authorised UCITS or other collective investment undertakings 230,006,748 6.11 Total investments 3,702,783,774 98.34 Cash/(bank overdraft) 247,192,791 6.57 Other assets/(liabilities) (184,685,347) (4.91) Total net assets 3,765,291,218 100.00 † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 17
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets MXN 552,733,714 USD 29,723,987 11/09/2024 Goldman Sachs 109,995 TRY 942,848,764 USD 21,875,842 16/01/2025 Goldman Sachs 1,431,963 0.04 TRY 931,850,965 USD 21,553,162 10/02/2025 Goldman Sachs 926,436 0.02 TRY 2,468,695,002 USD 52,173,781 21/03/2025 Goldman Sachs 5,217,796 0.14 TRY 1,115,554,689 USD 24,264,323 02/04/2025 Barclays 1,395,346 0.04 TRY 1,115,554,688 USD 24,252,771 02/04/2025 Goldman Sachs 1,406,899 0.04 USD 91,835,410 BRL 478,372,488 17/03/2025 Morgan Stanley 8,568,811 0.23 USD 68,694 BRL 371,810 17/03/2025 Royal Bank of Canada 3,976 USD 12,683 CHF 11,304 10/07/2024 BNY Mellon 90 USD 78,093,992 EUR 72,377,340 11/09/2024 Standard Chartered Bank 372,616 0.01 USD 87,360,000 EUR 80,000,000 20/02/2025 Goldman Sachs 755,180 0.02 USD 610,268,519 GBP 479,949,662 10/07/2024 BNY Mellon 3,833,176 0.10 USD 2,534,744 GBP 2,000,000 11/09/2024 Deutsche Bank AG 6,435 USD 78,650,736 JPY 11,240,369,968 04/10/2024 Morgan Stanley 7,548,089 0.20 USD 68,109,735 JPY 10,165,516,476 27/03/2025 Goldman Sachs 2,201,252 0.06 USD 67,843,013 JPY 10,165,516,477 27/03/2025 Merrill Lynch 1,934,530 0.05 USD 40,540,005 MXN 701,561,004 07/08/2024 Barclays 2,468,133 0.06 USD 40,359,057 MXN 701,561,003 07/08/2024 Standard Chartered Bank 2,287,185 0.06 USD 37,386,784 TRY 1,578,769,118 21/03/2025 Barclays 683,972 0.02 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 41,151,880 1.09 BRL 239,372,149 USD 46,289,030 17/03/2025 Goldman Sachs (4,623,372) (0.12) BRL 239,372,149 USD 46,788,927 17/03/2025 HSBC (5,123,268) (0.13) CHF 939,281 USD 1,054,459 10/07/2024 BNY Mellon (8,067) EUR 384,136,714 USD 418,251,194 10/07/2024 BNY Mellon (7,011,203) (0.19) EUR 80,000,000 USD 88,162,960 20/02/2025 BNP Paribas (1,558,140) (0.04) GBP 2,395,123,184 USD 3,057,494,703 10/07/2024 BNY Mellon (31,162,015) (0.83) JPY 11,238,908,644 USD 79,754,388 04/10/2024 Citigroup (8,660,985) (0.23) JPY 1,461,324 USD 9,523 04/10/2024 J.P. Morgan (279) JPY 6,834,801,562 USD 47,277,757 27/03/2025 Barclays (2,964,081) (0.08) JPY 13,496,231,391 USD 93,803,070 27/03/2025 Nomura (6,299,780) (0.17) MXN 941,109,411 USD 55,833,635 07/08/2024 Barclays (4,762,100) (0.13) MXN 462,012,596 USD 27,507,411 07/08/2024 Societe Generale (2,435,202) (0.06) MXN 210,353,000 USD 11,368,508 11/09/2024 Citigroup (14,636) USD 1,166,768 EUR 1,090,970 10/07/2024 BNY Mellon (1,177) USD 49,430,310 MXN 923,308,019 11/09/2024 Citigroup (405,542) (0.01) USD 50,819,064 TRY 2,231,109,377 02/04/2025 Barclays (500,275) (0.01) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (75,530,122) (2.00) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (34,378,242) (0.91)
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) USD % of Net Assets US 10 Year Ultra Bond, 19/09/2024 877 USD 954,282 0.03 US 5 Year Note, 30/09/2024 2,480 USD 2,363,861 0.06 Total Unrealised Gain on Financial Futures Contracts - Assets 3,318,143 0.09 US Ultra Bond, 19/09/2024 (522) USD (1,524,485) (0.04) Total Unrealised Loss on Financial Futures Contracts - Liabilities (1,524,485) (0.04) Net Unrealised Gain on Financial Futures Contracts - Assets 1,793,658 0.05
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets
(100,000,000) USD Morgan Stanley Brazil Government Bond 3.75% 20/06/2029 Buy 1.000% 20/06/2029 2,944,049 0.08 (150,000,000) USD Barclays CDX.EM.41.V1 Buy 1.000% 20/06/2029 4,725,049 0.13
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 18
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Credit Default Swap Contracts (continued)
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets (50,000,000) USD Barclays CDX.EM.41.V1 Buy 1.000% 20/06/2029 1,575,016 0.04 (50,000,000) USD Goldman Sachs CDX.EM.41.V1 Buy 1.000% 20/06/2029 1,575,017 0.04 (12,500,000) USD Goldman Sachs CDX.EM.41.V1 Buy 1.000% 20/06/2029 393,754 0.01
(15,000,000) USD Goldman Sachs Colombia Government Bond 10.38% 20/06/2029 Buy 1.000% 20/06/2029 617,852 0.02
(85,000,000) USD Goldman Sachs Colombia Government Bond 10.38% 20/06/2029 Buy 1.000% 20/06/2029 3,501,160 0.09
(100,000,000) USD Barclays Mexico Government Bond 4.15% 20/06/2029 Buy 1.000% 20/06/2029 462,382 0.01
(10,000,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 467,452 0.01
(10,000,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 467,452 0.01
(13,500,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 631,060 0.02
(13,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 607,687 0.02
(10,943,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 511,532 0.01
(20,000,000) USD Morgan Stanley South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 934,903 0.02
(25,000,000) USD Morgan Stanley South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 1,168,629 0.03
(14,000,000) USD Morgan Stanley South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 654,432 0.02
(100,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2029 Buy 1.000% 20/06/2029 7,368,410 0.20
(20,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2029 Buy 1.000% 20/06/2029 1,473,682 0.04 Total Market Value on Credit Default Swap Contracts - Assets 30,079,518 0.80
Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security Description Maturity Date Market Value USD % of Net Assets 458,148,681 USD Barclays Pay floating SOFR 1 day Receive fixed 3.397% 30/01/2028 (2,334,330) (0.06) 373,703,923 USD Barclays Pay floating SOFR 1 day Receive fixed 3.407% 30/01/2028 (1,834,075) (0.05) 312,147,396 USD Barclays Pay floating SOFR 1 day Receive fixed 3.395% 30/01/2028 (1,598,786) (0.04) (39,567,943) USD Barclays Pay fixed 3.57% Receive floating SOFR 1 day 30/01/2056 (350,649) (0.01) (48,058,286) USD Barclays Pay fixed 3.55% Receive floating SOFR 1 day 30/01/2056 (263,312) (0.01) (32,373,771) USD Barclays Pay fixed 3.552% Receive floating SOFR 1 day 30/01/2056 (188,328) (0.01) Total Market Value on Interest Rate Swap Contracts - Liabilities (6,569,480) (0.18) Net Market Value on Interest Rate Swap Contracts - Liabilities (6,569,480) (0.18)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 19
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Argentina YPF SA, Reg. S 8.5% 27/06/2029 USD 4,000,000 3,720,132 0.58 3,720,132 0.58 Australia Perenti Finance Pty Ltd., Reg. S 7.5% 26/04/2029 USD 3,133,000 3,199,241 0.50 3,199,241 0.50 Cayman Islands CIFI Holdings Group Co. Ltd., Reg. S 6.55% 28/03/2024 USD 5,000,000 547,900 0.09 EI Sukuk Co. Ltd., Reg. S 5.431% 28/05/2029 USD 4,800,000 4,850,167 0.76 IHS Holding Ltd., Reg. S 5.625% 29/11/2026 USD 3,000,000 2,850,030 0.44 MAF Global Securities Ltd., Reg. S, FRN 6.375% Perpetual USD 8,416,000 8,326,431 1.30 Melco Resorts Finance Ltd., Reg. S 5.375% 04/12/2029 USD 6,714,000 6,056,369 0.94 Melco Resorts Finance Ltd., Reg. S 5.75% 21/07/2028 USD 3,080,000 2,888,513 0.45 QNB Finance Ltd., Reg. S 2.625% 12/05/2025 USD 5,000,000 4,870,500 0.76 Saudi Electricity Sukuk Programme Co., Reg. S 5.684% 11/04/2053 USD 8,000,000 7,809,232 1.22 Tencent Holdings Ltd., Reg. S 3.24% 03/06/2050 USD 5,100,000 3,397,912 0.53 Wynn Macau Ltd., Reg. S 5.5% 01/10/2027 USD 5,000,000 4,770,674 0.74 Wynn Macau Ltd., Reg. S 5.625% 26/08/2028 USD 1,871,000 1,753,967 0.27 48,121,695 7.50 Colombia Ecopetrol SA 5.875% 02/11/2051 USD 2,500,000 1,740,881 0.27 Ecopetrol SA 8.375% 19/01/2036 USD 3,500,000 3,455,238 0.54 5,196,119 0.81 Hong Kong Bank of East Asia Ltd. (The), Reg. S, FRN 4.875% 22/04/2032 USD 9,000,000 8,567,618 1.33 Bank of East Asia Ltd. (The), Reg. S, FRN 6.75% 27/06/2034 USD 4,246,000 4,228,665 0.66 12,796,283 1.99 India Adani Ports & Special Economic Zone Ltd., Reg. S 4.2% 04/08/2027 USD 6,000,000 5,575,899 0.87 5,575,899 0.87 Indonesia Freeport Indonesia PT, Reg. S 5.315% 14/04/2032 USD 8,300,000 8,060,041 1.26 8,060,041 1.26 Israel Bank Leumi Le-Israel BM, Reg. S, FRN, 144A 7.129% 18/07/2033 USD 4,500,000 4,387,433 0.68 4,387,433 0.68
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Kazakhstan KazMunayGas National Co. JSC, Reg. S 5.75% 19/04/2047 USD 6,700,000 5,872,399 0.92 KazMunayGas National Co. JSC, Reg. S 6.375% 24/10/2048 USD 5,300,000 5,023,174 0.78 KazMunayGas National Co. JSC, Reg. S 4.75% 19/04/2027 USD 5,100,000 4,941,505 0.77 15,837,078 2.47 Luxembourg Greensaif Pipelines Bidco SARL, Reg. S 6.129% 23/02/2038 USD 5,000,000 5,124,844 0.80 Mexico Remittances Funding Fiduciary Estate Management SARL, Reg. S 4.875% 15/01/2028 USD 6,507,000 5,987,730 0.93 11,112,574 1.73 Mauritius HTA Group Ltd., Reg. S 7.5% 04/06/2029 USD 5,172,000 5,153,325 0.80 MTN Mauritius Investments Ltd., Reg. S 6.5% 13/10/2026 USD 4,000,000 3,987,980 0.62 9,141,305 1.42 Mexico Total Play Telecomunicaciones SA de CV, Reg. S 6.375% 20/09/2028 USD 15,157,000 8,611,183 1.34 8,611,183 1.34 Netherlands IHS Netherlands Holdco BV, Reg. S 8% 18/09/2027 USD 7,600,000 7,386,964 1.15 Prosus NV, Reg. S 3.832% 08/02/2051 USD 4,000,000 2,639,664 0.41 Vivo Energy Investments BV, Reg. S 5.125% 24/09/2027 USD 9,300,000 8,810,448 1.37 Yinson Boronia Production BV, Reg. S 8.947% 31/07/2042 USD 9,600,000 9,700,800 1.51 28,537,876 4.44 Oman Bank Muscat SAOG, Reg. S 4.75% 17/03/2026 USD 7,650,000 7,477,540 1.17 Mazoon Assets Co. SAOC, Reg. S 5.5% 14/02/2029 USD 4,032,000 3,987,071 0.62 11,464,611 1.79 Peru Kallpa Generacion SA, Reg. S 4.125% 16/08/2027 USD 7,000,000 6,703,523 1.04 6,703,523 1.04 Saudi Arabia Saudi Arabian Oil Co., Reg. S 3.5% 24/11/2070 USD 3,850,000 2,507,901 0.39 2,507,901 0.39 Singapore Oversea-Chinese Banking Corp. Ltd., Reg. S, FRN 5.52% 21/05/2034 USD 6,203,000 6,254,327 0.97 6,254,327 0.97 South Korea Shinhan Bank Co. Ltd., Reg. S 4% 23/04/2029 USD 7,020,000 6,583,640 1.03 6,583,640 1.03
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 20
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Turkey TC Ziraat Bankasi AS, Reg. S, FRN 8.994% 02/08/2034 USD 6,740,000 6,827,620 1.06 Turkiye Garanti Bankasi AS, Reg. S, FRN 8.375% 28/02/2034 USD 6,300,000 6,304,064 0.98 13,131,684 2.04 Ukraine State Agency of Roads of Ukraine, Reg. S 6.25% 24/06/2030 USD 10,350,000 2,888,527 0.45 Ukraine Government International Bond, Reg. S 7.375% 25/09/2034 USD 11,000,000 3,166,350 0.49 6,054,877 0.94 United Arab Emirates First Abu Dhabi Bank PJSC, Reg. S, FRN 6.32% 04/04/2034 USD 3,700,000 3,783,435 0.59 3,783,435 0.59 United Kingdom Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 11,400,000 7,245,156 1.13 Standard Chartered plc, Reg. S, FRN 7.875% Perpetual USD 6,200,000 6,228,836 0.97 Standard Chartered plc, Reg. S, FRN 6.097% 11/01/2035 USD 3,567,000 3,650,004 0.57 Trident Energy Finance plc, Reg. S 12.5% 30/11/2029 USD 6,200,000 6,388,519 1.00 Tullow Oil plc, Reg. S 10.25% 15/05/2026 USD 2,792,000 2,652,734 0.41 26,165,249 4.08 United States of America Karoon USA Finance, Inc., Reg. S 10.5% 14/05/2029 USD 4,975,000 5,004,335 0.78 Kosmos Energy Ltd., Reg. S 7.125% 04/04/2026 USD 5,350,000 5,308,907 0.83 Kosmos Energy Ltd., Reg. S 7.5% 01/03/2028 USD 7,200,000 6,873,846 1.07 Sasol Financing USA LLC 4.375% 18/09/2026 USD 3,000,000 2,831,564 0.44 United States Treasury Notes 4% 15/02/2034 USD 13,000,000 12,724,766 1.98 32,743,418 5.10 Uzbekistan Ipoteka-Bank ATIB, Reg. S 5.5% 19/11/2025 USD 7,350,000 7,137,585 1.11 Uzbekneftegaz JSC, Reg. S 4.75% 16/11/2028 USD 5,350,000 4,514,731 0.71 11,652,316 1.82 Virgin Islands, British Huarong Finance 2017 Co. Ltd., Reg. S 4.25% 07/11/2027 USD 6,500,000 6,012,695 0.94 6,012,695 0.94 Total Bonds 297,354,535 46.32 Total Transferable securities and money market instruments admitted to an official exchange listing 297,354,535 46.32 Transferable securities and money market instruments dealt in on another regulated market Bonds Argentina YPF SA, Reg. S 9.5% 17/01/2031 USD 6,467,000 6,576,313 1.02 6,576,313 1.02
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Australia Australia & New Zealand Banking Group Ltd., Reg. S, FRN 5.731% 18/09/2034 USD 6,259,000 6,246,096 0.97 Commonwealth Bank of Australia, Reg. S 5.837% 13/03/2034 USD 6,300,000 6,339,830 0.99 12,585,926 1.96 Bermuda Tengizchevroil Finance Co. International Ltd., Reg. S 4% 15/08/2026 USD 3,000,000 2,875,448 0.45 2,875,448 0.45 Brazil Banco do Brasil SA, Reg. S 6% 18/03/2031 USD 7,250,000 7,113,990 1.11 7,113,990 1.11 Canada First Quantum Minerals Ltd., Reg. S 8.625% 01/06/2031 USD 3,500,000 3,500,123 0.55 First Quantum Minerals Ltd., Reg. S 9.375% 01/03/2029 USD 2,650,000 2,772,724 0.43 6,272,847 0.98 Cayman Islands China Overseas Finance Cayman III Ltd., Reg. S 6.375% 29/10/2043 USD 2,638,000 2,662,016 0.42 CIFI Holdings Group Co. Ltd., Reg. S 6% 16/07/2025 USD 1,100,000 118,063 0.02 Melco Resorts Finance Ltd., Reg. S 5.625% 17/07/2027 USD 3,000,000 2,865,434 0.45 Melco Resorts Finance Ltd., Reg. S 4.875% 06/06/2025 USD 1,900,000 1,864,330 0.29 MGM China Holdings Ltd., Reg. S 4.75% 01/02/2027 USD 2,500,000 2,385,069 0.37 MGM China Holdings Ltd., Reg. S 7.125% 26/06/2031 USD 622,000 626,914 0.10 Sands China Ltd. 4.05% 08/01/2026 USD 5,000,000 4,842,100 0.75 15,363,926 2.40 Chile Alfa Desarrollo SpA, Reg. S 4.55% 27/09/2051 USD 12,709,641 9,602,151 1.50 Banco de Credito e Inversiones SA, Reg. S, FRN 8.75% Perpetual USD 5,150,000 5,402,994 0.84 15,005,145 2.34 Colombia Ecopetrol SA 4.625% 02/11/2031 USD 7,300,000 5,985,037 0.93 5,985,037 0.93 Hong Kong AIA Group Ltd., Reg. S 5.375% 05/04/2034 USD 3,145,000 3,093,470 0.48 AIA Group Ltd., Reg. S, FRN 2.7% Perpetual USD 11,240,000 10,572,625 1.65 13,666,095 2.13 India Adani Ports & Special Economic Zone Ltd., Reg. S 4.375% 03/07/2029 USD 5,300,000 4,756,385 0.74
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 21
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Continuum Green Energy India Pvt / Co-Issuers, Reg. S 7.5% 26/06/2033 USD 7,500,000 7,443,825 1.16 IRB Infrastructure Developers Ltd., Reg. S 7.11% 11/03/2032 USD 6,250,000 6,250,000 0.97 18,450,210 2.87 Ireland Aragvi Finance International DAC, Reg. S 8.45% 29/04/2026 USD 6,500,000 5,486,000 0.86 5,486,000 0.86 Israel Energean Israel Finance Ltd., Reg. S, 144A 4.875% 30/03/2026 USD 4,150,000 3,921,895 0.61 Energean Israel Finance Ltd., Reg. S, 144A 5.375% 30/03/2028 USD 8,200,000 7,298,923 1.14 11,220,818 1.75 Jersey Galaxy Pipeline Assets Bidco Ltd., Reg. S 2.16% 31/03/2034 USD 9,117,000 7,835,389 1.22 7,835,389 1.22 Luxembourg 3R Lux SARL, Reg. S 9.75% 05/02/2031 USD 4,407,000 4,629,871 0.72 CSN Resources SA, Reg. S 8.875% 05/12/2030 USD 6,400,000 6,367,835 0.99 MC Brazil Downstream Trading SARL, Reg. S 7.25% 30/06/2031 USD 4,373,457 3,883,790 0.61 Millicom International Cellular SA, Reg. S 7.375% 02/04/2032 USD 3,125,000 3,114,257 0.49 Raizen Fuels Finance SA, Reg. S 6.45% 05/03/2034 USD 7,000,000 7,150,297 1.11 Raizen Fuels Finance SA, Reg. S 6.95% 05/03/2054 USD 2,000,000 2,039,856 0.32 Rede D'or Finance SARL, Reg. S 4.5% 22/01/2030 USD 6,900,000 6,248,417 0.97 33,434,323 5.21 Marocco OCP SA, Reg. S 6.75% 02/05/2034 USD 7,500,000 7,720,275 1.20 OCP SA, Reg. S 7.5% 02/05/2054 USD 6,350,000 6,504,273 1.01 14,224,548 2.21 Mexico BBVA Bancomer SA, Reg. S, FRN 5.125% 18/01/2033 USD 14,083,000 12,864,629 2.00 Buffalo Energy Mexico Holdings, Reg. S 7.875% 15/02/2039 USD 7,650,000 7,944,835 1.24 Cemex SAB de CV, Reg. S, FRN 5.125% Perpetual USD 3,300,000 3,178,786 0.50 23,988,250 3.74 Netherlands Embraer Netherlands Finance BV, Reg. S 7% 28/07/2030 USD 4,450,000 4,657,650 0.73 Greenko Dutch BV, Reg. S 3.85% 29/03/2026 USD 3,549,000 3,352,645 0.52 8,010,295 1.25
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Peru Hunt Oil Co. of Peru LLC Sucursal Del Peru, Reg. S 8.55% 18/09/2033 USD 3,500,000 3,791,522 0.59 Kallpa Generacion SA, Reg. S 4.875% 24/05/2026 USD 2,513,000 2,465,353 0.38 6,256,875 0.97 Singapore Medco Bell Pte Ltd., Reg. S 6.375% 30/01/2027 USD 2,750,000 2,707,286 0.42 Medco Laurel Tree Pte Ltd., Reg. S 6.95% 12/11/2028 USD 3,580,000 3,514,988 0.55 Medco Maple Tree Pte Ltd., Reg. S 8.96% 27/04/2029 USD 1,850,000 1,940,476 0.30 8,162,750 1.27 South Korea Kookmin Bank, Reg. S 2.5% 04/11/2030 USD 10,000,000 8,429,419 1.31 Shinhan Bank Co. Ltd., Reg. S 5.75% 15/04/2034 USD 2,000,000 1,990,151 0.31 SK Hynix, Inc., Reg. S 5.5% 16/01/2029 USD 4,515,000 4,529,176 0.71 14,948,746 2.33 Spain AI Candelaria Spain SA, Reg. S 5.75% 15/06/2033 USD 4,300,000 3,496,564 0.55 3,496,564 0.55 Thailand Bangkok Bank PCL, Reg. S, FRN 3.733% 25/09/2034 USD 11,750,000 10,428,389 1.62 10,428,389 1.62 Turkey Aydem Yenilenebilir Enerji AS, Reg. S 7.75% 02/02/2027 USD 2,750,000 2,685,114 0.42 TAV Havalimanlari Holding AS, Reg. S 8.5% 07/12/2028 USD 5,100,000 5,244,050 0.82 Turkiye Is Bankasi AS, Reg. S 7.75% 12/06/2029 USD 9,366,000 9,388,951 1.46 17,318,115 2.70 United Arab Emirates NBK SPC Ltd., Reg. S, FRN 5.5% 06/06/2030 USD 3,855,000 3,896,143 0.61 3,896,143 0.61 United Kingdom Antofagasta plc, Reg. S 6.25% 02/05/2034 USD 4,500,000 4,685,085 0.73 Sisecam UK plc, Reg. S 8.625% 02/05/2032 USD 3,150,000 3,211,050 0.50 WE Soda Investments Holding plc, Reg. S 9.5% 06/10/2028 USD 8,000,000 8,213,240 1.28 WE Soda Investments Holding plc, Reg. S 9.375% 14/02/2031 USD 2,100,000 2,144,827 0.33 18,254,202 2.84 United States of America BOC Aviation USA Corp., Reg. S 5.25% 14/01/2030 USD 6,350,000 6,348,863 0.99 6,348,863 0.99 Virgin Islands, British Studio City Finance Ltd., Reg. S 5% 15/01/2029 USD 3,318,000 2,916,987 0.45 2,916,987 0.45 Total Bonds 300,122,194 46.76 Total Transferable securities and money market instruments dealt in on another regulated market 300,122,194 46.76
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 22
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Other transferable securities and money market instruments Bonds Luxembourg Sberbank of Russia PJSC 5.125% 02/10/2023 § USD 5,300,000 - -Total Bonds - Total Other transferable securities and money market instruments - Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 986 107,510 0.02 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 38,800,001 38,800,001 6.04 38,907,511 6.06 Total Collective Investment Schemes 38,907,511 6.06 Total Units of authorised UCITS or other collective investment undertakings 38,907,511 6.06 Total investments 636,384,240 99.14 Cash/(bank overdraft) (73,043) (0.01) Other assets/(liabilities) 5,578,333 0.87 Total net assets 641,889,530 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets USD 85 EUR 80 10/07/2024 BNY Mellon - USD 2,696,157 EUR 2,498,792 11/09/2024 Standard Chartered Bank 12,865 0.01 USD 516,208 GBP 405,002 10/07/2024 BNY Mellon 4,471 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 17,336 0.01 EUR 112,537,522 USD 122,534,053 10/07/2024 BNY Mellon (2,056,296) (0.32) GBP 392,696,652 USD 501,311,456 10/07/2024 BNY Mellon (5,123,736) (0.80) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (7,180,032) (1.12) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (7,162,696) (1.11)
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value USD % of Net Assets (50,000,000) USD Barclays CDX.EM.41.V1 Buy 1.000% 20/06/2029 1,575,017 0.25 (25,000,000) USD Goldman Sachs CDX.EM.41.V1 Buy 1.000% 20/06/2029 787,508 0.12 (7,000,000) USD Goldman Sachs CDX.EM.41.V1 Buy 1.000% 20/06/2029 220,502 0.03 Total Market Value on Credit Default Swap Contracts - Assets 2,583,027 0.40
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 23
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds Brazil Brazil Letras do Tesouro Nacional 0% 01/07/2024 BRL 122,000 20,444 Brazil Letras do Tesouro Nacional 0% 01/07/2025 BRL 248,000 37,431 Brazil Letras do Tesouro Nacional 0% 01/01/2026 BRL 129,327,000 18,397,253 2.19 Brazil Letras do Tesouro Nacional 0% 01/07/2027 BRL 116,443,000 13,891,020 1.65 Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2028 BRL 4,503,820 32,692,865 3.88 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2025 BRL 570,000 95,111 0.01 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2031 BRL 65,000,000 9,874,295 1.17 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2027 BRL 90,015,000 14,547,975 1.73 Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2029 BRL 77,000,000 12,041,965 1.43 101,598,359 12.06 Chile Bonos de la Tesoreria de la Republica en pesos 6% 01/01/2043 CLP 2,000,000,000 1,950,816 0.23 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 4.7% 01/09/2030 CLP 3,630,000,000 3,352,926 0.40 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 5% 01/10/2028 CLP 5,000,000,000 4,763,262 0.57 Bonos de la Tesoreria de la Republica en pesos, Reg. S, 144A 7% 01/05/2034 CLP 5,305,000,000 5,580,002 0.66 15,647,006 1.86 China China Government Bond 3.27% 19/11/2030 CNY 41,300,000 5,707,575 0.68 China Government Bond 2.8% 15/11/2032 CNY 174,910,000 23,468,160 2.79 China Government Bond 2.44% 15/10/2027 CNY 91,810,000 12,008,448 1.43 China Government Bond 2.52% 25/08/2033 CNY 86,900,000 11,413,316 1.36 China Government Bond 2.57% 20/05/2054 CNY 48,000,000 6,364,691 0.76 58,962,190 7.02 Colombia Colombian TES 7.25% 18/10/2034 COP 12,551,700,000 2,228,064 0.26 Colombian TES 7.5% 26/08/2026 COP 39,676,200,000 8,612,649 1.02 Colombian TES 6% 28/04/2028 COP 42,068,400,000 8,304,113 0.99 Colombian TES 9.25% 28/05/2042 COP 44,244,300,000 8,323,708 0.99 Colombian TES 13.25% 09/02/2033 COP 42,371,800,000 10,873,231 1.29 38,341,765 4.55
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Czech Republic Czech Republic Government Bond 2% 13/10/2033 CZK 540,760,000 18,114,013 2.15 Czech Republic Government Bond 1.2% 13/03/2031 CZK 102,730,000 3,427,243 0.41 21,541,256 2.56 Dominican Republic Dominican Republic International Bond, Reg. S 11.25% 15/09/2035 DOP 108,300,000 1,813,738 0.22 1,813,738 0.22 Ecuador Ecuador Government International Bond, STEP, Reg. S 2.5% 31/07/2040 USD 20,325,000 8,719,263 1.04 8,719,263 1.04 Egypt Egypt Treasury Bills 0% 06/05/2025 EGP 670,550,000 10,739,659 1.28 10,739,659 1.28 Hungary Hungary Government Bond 6.75% 22/10/2028 HUF 2,250,280,000 5,711,723 0.68 Hungary Government Bond 3% 27/10/2027 HUF 1,599,480,000 3,619,938 0.43 Hungary Government Bond 4.75% 24/11/2032 HUF 5,012,130,000 11,071,747 1.32 20,403,408 2.43 India India Government Bond 7.18% 14/08/2033 INR 3,390,620,000 38,347,344 4.56 38,347,344 4.56 Indonesia Indonesia Treasury Bond 7.5% 15/06/2035 IDR 150,000,000,000 8,849,177 1.05 Indonesia Treasury Bond 6.125% 15/05/2028 IDR 97,411,000,000 5,440,734 0.65 Indonesia Treasury Bond 8.375% 15/03/2034 IDR 50,000,000,000 3,118,304 0.37 Indonesia Treasury Bond 8.25% 15/05/2029 IDR 160,150,000,000 9,610,986 1.14 Indonesia Treasury Bond 7.5% 15/04/2040 IDR 90,862,000,000 5,374,337 0.64 Indonesia Treasury Bond 7.125% 15/06/2042 IDR 154,317,000,000 8,768,196 1.04 Indonesia Treasury Bond 8.25% 15/05/2036 IDR 100,000,000,000 6,235,516 0.74 Indonesia Treasury Bond 5.5% 15/04/2026 IDR 104,867,000,000 5,875,025 0.70 Indonesia Treasury Bond 7% 15/02/2033 IDR 562,154,000,000 31,950,866 3.80 85,223,141 10.13 Mexico Mexican Bonos 7.5% 26/05/2033 MXN 477,515,500 20,992,765 2.49 20,992,765 2.49 Netherlands IHS Netherlands Holdco BV, Reg. S 8% 18/09/2027 USD 7,314,000 6,644,218 0.79 6,644,218 0.79 Peru Banco de Credito del Peru S.A., Reg. S 4.65% 17/09/2024 PEN 15,544,000 3,773,585 0.44
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 24
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 25
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Peru Government Bond 5.94% 12/02/2029 PEN 8,086,000 1,986,273 0.24 Peru Government Bond 5.4% 12/08/2034 PEN 112,965,000 24,195,929 2.87 29,955,787 3.55 Poland Republic of Poland Government Bond 2.75% 25/10/2029 PLN 53,532,000 10,903,226 1.29 Republic of Poland Government Bond 1.75% 25/04/2032 PLN 80,901,000 14,293,024 1.70 Republic of Poland Government Bond 6% 25/10/2033 PLN 30,506,000 7,257,112 0.86 Republic of Poland Government Bond 5% 25/10/2034 PLN 64,819,000 14,219,164 1.69 46,672,526 5.54 Romania Romania Government Bond 7.2% 30/10/2033 RON 105,000,000 21,623,053 2.57 21,623,053 2.57 Serbia Serbia Treasury Bonds 4.5% 20/08/2032 RSD 400,000,000 3,188,757 0.38 3,188,757 0.38 South Africa Republic of South Africa Government Bond 10.5% 21/12/2026 ZAR 502,458,545 26,785,245 3.18 Republic of South Africa Government Bond 8% 31/01/2030 ZAR 518,244,424 24,441,669 2.90 Republic of South Africa Government Bond 8.25% 31/03/2032 ZAR 455,398,944 20,406,904 2.42 Republic of South Africa Government Bond 8.875% 28/02/2035 ZAR 773,193,231 33,536,718 3.98 105,170,536 12.48 Thailand Thailand Government Bond 1.585% 17/12/2035 THB 128,826,000 2,899,168 0.34 2,899,168 0.34 Turkey Turkiye Government Bond 10.6% 11/02/2026 TRY 95,500,000 1,937,534 0.23 Turkiye Government Bond 12.4% 08/03/2028 TRY 10,000,000 182,082 0.02 Turkiye Government Bond 17.3% 19/07/2028 TRY 332,000,000 7,095,211 0.84 Turkiye Government Bond 37% 18/02/2026 TRY 261,539,000 7,340,720 0.87 Turkiye Government Bond 10.5% 11/08/2027 TRY 310,000,000 5,651,165 0.67 Turkiye Government Bond 17.8% 13/07/2033 TRY 174,187,000 3,596,004 0.43 25,802,716 3.06 Ukraine Ukraine Government International Bond, Reg. S 7.375% 25/09/2034 USD 25,000,000 6,725,782 0.80
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Ukraine Government International Bond, Reg. S 6.876% 21/05/2031 USD 20,000,000 5,263,452 0.63 Ukraine Government International Bond, Reg. S, FRN 7.75% 01/08/2041 USD 11,000,000 5,072,959 0.60 17,062,193 2.03 United Kingdom Liquid Telecommunications Financing plc, Reg. S 5.5% 04/09/2026 USD 8,200,000 4,870,721 0.58 4,870,721 0.58 United States of America United States Treasury Inflation Indexed Notes 0.125% 15/01/2030 USD 10,360,961 9,634,777 1.14 9,634,777 1.14 Uruguay Uruguay Government International Bond 9.75% 20/07/2033 UYU 131,776,543 3,167,632 0.38 3,167,632 0.38 Total Bonds 699,021,978 83.04 Total Transferable securities and money market instruments admitted to an official exchange listing 699,021,978 83.04 Transferable securities and money market instruments dealt in on another regulated market Bonds Malaysia Malaysia Government Bond 4.893% 08/06/2038 MYR 66,587,000 14,437,193 1.71 Malaysia Government Bond 3.757% 22/05/2040 MYR 31,393,000 5,999,976 0.71 Malaysia Government Bond 4.762% 07/04/2037 MYR 32,000,000 6,821,881 0.81 Malaysia Government Bond 4.065% 15/06/2050 MYR 20,630,000 3,989,516 0.47 Malaysia Government Bond 4.457% 31/03/2053 MYR 52,383,000 10,776,007 1.28 Malaysia Government Bond 4.642% 07/11/2033 MYR 58,000,000 12,171,518 1.45 Malaysia Government Investment Issue 4.07% 30/09/2026 MYR 30,000,000 6,022,066 0.72 60,218,157 7.15 Thailand Thailand Government Bond 2% 17/06/2042 THB 360,000,000 7,734,601 0.92 Thailand Government Bond 3.35% 17/06/2033 THB 713,847,000 19,141,550 2.27 Thailand Government Bond 1.6% 17/12/2029 THB 227,255,000 5,529,048 0.66 Thailand Government Bond 2.4% 17/03/2029 THB 619,882,000 15,736,381 1.87 48,141,580 5.72 Total Bonds 108,359,737 12.87 Total Transferable securities and money market instruments dealt in on another regulated market 108,359,737 12.87 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 19,804 2,017,165 0.24
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 25
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 26
Investments Currency Quantity/ Nominal Value Market Value EUR
% of Net Assets Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 600,000 708,510 0.09 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 44,700,000 41,777,653 4.96 44,503,328 5.29 Total Collective Investment Schemes 44,503,328 5.29 Total Units of authorised UCITS or other collective investment undertakings 44,503,328 5.29 Total investments 851,885,043 101.20 Cash/(bank overdraft) 151,965,719 18.05 Other assets/(liabilities) (162,091,858) (19.25) Total net assets 841,758,904 100.00 † Related Party Fund Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets COP 37,941,904,150 USD 9,009,996 11/09/2024 Barclays 30,065 COP 37,941,904,151 USD 9,000,250 11/09/2024 BNP Paribas 39,141 CZK 457,748,556 USD 19,574,390 12/11/2024 Citigroup 40,668 DOP 56,903,048 USD 949,238 11/09/2024 Goldman Sachs 7,324 EGP 484,796,462 USD 8,936,340 05/12/2024 Citigroup 443,080 0.05 EGP 252,095,170 USD 4,646,916 05/12/2024 Goldman Sachs 230,403 0.03 EUR 21,419,400 USD 22,900,307 05/08/2024 Deutsche Bank AG 55,843 0.01
EUR 6,800,000 USD 7,296,571 11/09/2024
Canadian Imperial Bank of Commerce 5,137 IDR 208,662,000,000 USD 12,632,423 11/09/2024 Societe Generale 100,321 0.01 INR 2,959,513,374 USD 35,326,928 11/09/2024 Standard Chartered Bank 89,900 0.01 INR 3,412,387,151 USD 40,233,298 23/09/2024 HSBC 553,597 0.07 MXN 384,684,313 USD 20,561,647 11/09/2024 BNP Paribas 187,907 0.02 MXN 1,225,009,392 USD 65,582,225 11/09/2024 Citigroup 500,964 0.06 PHP 194,864,405 USD 3,304,243 11/09/2024 Morgan Stanley 25,590 PHP 356,970,028 USD 6,060,406 11/09/2024 NatWest 39,987 PLN 321,476,050 USD 75,708,621 12/08/2024 BNP Paribas 3,753,430 0.45 PLN 41,216,528 USD 9,456,803 12/08/2024 Citigroup 714,203 0.09 PLN 204,434,238 USD 46,903,647 26/08/2024 Citigroup 3,534,045 0.42 PLN 4,419,225 USD 1,092,298 11/09/2024 Barclays 3,115 PLN 413,381,129 USD 98,678,000 11/09/2024 BNP Paribas 3,548,190 0.42 THB 105,117,804 USD 2,856,462 11/09/2024 Goldman Sachs 23,769 THB 381,995,020 USD 10,438,962 11/09/2024 HSBC 31,747 TRY 224,170,108 USD 5,201,163 16/01/2025 Goldman Sachs 314,693 0.04 TRY 123,526,391 USD 2,791,267 10/02/2025 Barclays 174,074 0.02 TRY 479,125,231 USD 11,074,905 10/02/2025 Goldman Sachs 445,678 0.05 TRY 726,584,439 USD 15,358,389 21/03/2025 Goldman Sachs 1,413,787 0.17 TRY 734,816,645 USD 15,982,927 02/04/2025 Barclays 847,119 0.10 TRY 232,817,938 USD 5,112,945 02/04/2025 Deutsche Bank AG 223,276 0.03 TRY 1,639,556,766 USD 35,924,385 02/04/2025 Goldman Sachs 1,648,080 0.20 TWD 197,669,805 USD 6,074,709 11/09/2024 Citigroup 31,857 -
USD 31,887,016 BRL 176,813,505 11/09/2024 Canadian Imperial Bank of Commerce 415,749 0.05 USD 61,012,901 BRL 332,684,885 11/09/2024 Goldman Sachs 1,728,049 0.21 USD 35,546,087 BRL 192,108,827 11/09/2024 Merrill Lynch 1,290,456 0.15 USD 27,693,992 BRL 144,074,946 06/11/2024 Goldman Sachs 2,070,078 0.25 USD 133,478,484 BRL 693,548,158 20/12/2024 Goldman Sachs 10,625,989 1.26 USD 12,261,113 CLP 11,339,432,301 11/09/2024 BNP Paribas 245,061 0.03 USD 3,398,588 CNH 24,526,180 11/09/2024 BNP Paribas 16,820 USD 33,448,303 CNH 241,702,518 11/09/2024 HSBC 124,440 0.01 USD 16,518,893 CNH 117,831,996 28/10/2024 Goldman Sachs 203,347 0.02 USD 56,266,709 CNH 403,437,932 28/10/2024 Standard Chartered Bank 425,555 0.05
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 26
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 27
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets USD 23,514,203 COP 94,234,066,940 11/09/2024 Barclays 983,785 0.12
USD 14,566,569 COP 60,961,093,064 11/09/2024 Canadian Imperial Bank of Commerce 35,737 USD 30,687,200 CZK 676,437,959 05/08/2024 Deutsche Bank AG 1,665,172 0.20 USD 32,498,353 CZK 722,535,877 07/08/2024 BNP Paribas 1,515,662 0.18 USD 59,197,376 CZK 1,329,374,975 26/08/2024 BNP Paribas 2,204,602 0.26 USD 723,450 CZK 16,726,018 29/08/2024 Citigroup 7,778 USD 39,679,977 CZK 890,934,513 29/08/2024 HSBC 1,480,627 0.18 USD 555,906 CZK 12,847,121 09/09/2024 Citigroup 6,056 USD 38,846,474 CZK 879,950,336 09/09/2024 Deutsche Bank AG 1,132,152 0.13 USD 11,877,168 CZK 276,633,496 11/09/2024 Deutsche Bank AG 43,274 0.01 USD 19,933,810 CZK 457,748,556 12/11/2024 BNP Paribas 292,994 0.03 USD 20,107,332 EGP 986,891,632 05/12/2024 Merrill Lynch 874,377 0.10 USD 23,835,000 EUR 21,416,614 05/08/2024 Deutsche Bank AG 818,912 0.10 USD 29,530,078 EUR 27,368,411 11/09/2024 Standard Chartered Bank 131,197 0.02 USD 39,419,772 EUR 36,352,698 06/11/2024 Deutsche Bank AG 253,452 0.03 USD 14,424,886 EUR 13,011,438 27/11/2024 Deutsche Bank AG 369,166 0.04 USD 14,587,949 EUR 13,158,327 04/12/2024 Deutsche Bank AG 368,589 0.04 USD 9,976,375 EUR 9,063,150 06/12/2024 Deutsche Bank AG 186,642 0.02 USD 11,996,648 EUR 10,883,796 09/12/2024 Deutsche Bank AG 237,390 0.03 USD 18,187,661 EUR 16,283,704 18/12/2024 Deutsche Bank AG 568,786 0.07 USD 172,043,800 EUR 155,000,000 13/03/2025 Morgan Stanley 3,764,108 0.45 USD 2,769,719 HUF 1,023,363,438 11/09/2024 Morgan Stanley 5,305 USD 20,076,055 HUF 7,341,619,050 12/11/2024 Goldman Sachs 259,117 0.03 USD 40,553,980 IDR 663,000,000,000 11/09/2024 HSBC 76,847 0.01 USD 32,399 INR 2,705,559 23/09/2024 Morgan Stanley 26 USD 53,496 JPY 7,670,690 04/10/2024 Citigroup 4,627 USD 39,019,869 JPY 5,576,524,529 04/10/2024 Morgan Stanley 3,483,317 0.41 USD 39,962,325 JPY 5,656,774,667 22/11/2024 Deutsche Bank AG 3,622,025 0.43
USD 39,915,399 JPY 5,638,129,923 25/11/2024 Canadian Imperial Bank of Commerce 3,672,487 0.44 USD 68,478,863 JPY 10,240,661,099 27/03/2025 Goldman Sachs 1,921,134 0.23 USD 59,470,719 KRW 77,042,694,316 06/02/2025 Deutsche Bank AG 2,643,851 0.31 USD 1,770,380 KRW 2,343,540,373 06/02/2025 Goldman Sachs 44,703 0.01 USD 204,698,514 MXN 3,444,754,986 07/08/2024 Goldman Sachs 16,567,514 1.97 USD 44,624,815 MXN 745,234,065 09/08/2024 Goldman Sachs 3,913,644 0.47 USD 25,329,635 MXN 465,750,910 11/09/2024 Morgan Stanley 177,510 0.02 USD 3,791,874 MXN 66,659,852 20/09/2024 HSBC 184,836 0.02 USD 18,632,416 MXN 336,424,355 24/02/2025 Morgan Stanley 865,773 0.10 USD 15,254,786 MYR 71,683,765 11/09/2024 HSBC 13,767 USD 11,855,651 MYR 55,612,486 11/09/2024 Standard Chartered Bank 30,181 USD 34,177,182 PEN 129,176,077 11/09/2024 Standard Chartered Bank 385,828 0.05 USD 19,536,494 PEN 73,769,803 21/02/2025 HSBC 255,323 0.03 USD 87,316,312 PEN 327,113,101 10/03/2025 Goldman Sachs 1,778,693 0.21 USD 14,003,995 PEN 51,688,745 10/03/2025 Standard Chartered Bank 471,847 0.06 USD 417,358 PLN 1,648,714 11/09/2024 UBS 8,007 USD 9,636,923 RON 44,863,039 11/09/2024 Barclays 1,060 USD 3,903,827 TRY 160,285,251 10/02/2025 Barclays 34,683 USD 7,066,665 TRY 298,411,145 21/03/2025 Barclays 119,421 0.01 USD 10,084,157 TRY 428,173,294 21/03/2025 J.P. Morgan 120,244 0.01 USD 25,797,577 TRY 1,100,086,085 02/04/2025 Barclays 455,559 0.05 USD 49,759,279 TWD 1,545,125,128 26/08/2024 Standard Chartered Bank 1,905,058 0.23 USD 24,335,431 TWD 785,182,684 11/09/2024 HSBC 64,840 0.01 USD 64,837,797 TWD 1,975,781,305 18/11/2024 BNP Paribas 3,243,495 0.39 USD 2,182,558 TWD 66,893,207 18/11/2024 Goldman Sachs 98,094 0.01 USD 1,827,225 TWD 57,974,196 17/03/2025 Goldman Sachs 7,893 USD 69,857,881 TWD 2,120,466,120 17/03/2025 Standard Chartered Bank 3,079,909 0.37 USD 34,092,814 TWD 1,057,559,103 20/03/2025 Deutsche Bank AG 837,205 0.10
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 27
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 28
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets USD 3,460,349 TWD 107,696,445 20/03/2025 Goldman Sachs 74,657 0.01 USD 45,718,985 TWD 1,402,475,592 20/03/2025 HSBC 1,577,970 0.19 USD 45,769,029 TWD 1,404,035,573 20/03/2025 Standard Chartered Bank 1,578,979 0.19 ZAR 380,552,820 USD 19,661,710 14/08/2024 Goldman Sachs 1,077,715 0.13 ZAR 380,000,000 USD 19,628,242 14/08/2024 The Bank of Nova Scotia 1,080,723 0.13 ZAR 769,703,134 USD 38,826,637 09/09/2024 Morgan Stanley 2,977,391 0.35 ZAR 26,379,000 USD 1,436,112 11/09/2024 J.P. Morgan 3,629 ZAR 384,238,915 USD 20,293,293 11/09/2024 Nomura 635,115 0.08 ZAR 502,155,361 USD 27,355,936 11/09/2024 Societe Generale 52,459 0.01 ZAR 779,678,362 USD 40,064,662 13/09/2024 Merrill Lynch 2,319,705 0.28 ZAR 377,700,000 USD 19,198,688 27/01/2025 Goldman Sachs 1,106,152 0.13 ZAR 1,177,129,550 USD 60,344,575 26/02/2025 Goldman Sachs 2,824,210 0.34 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 118,805,520 14.11 BRL 292,895,020 USD 54,376,767 11/09/2024 Deutsche Bank AG (2,137,058) (0.25) BRL 152,224,664 USD 27,920,885 11/09/2024 Goldman Sachs (794,019) (0.10) BRL 70,481,099 USD 12,987,598 11/09/2024 Morgan Stanley (423,539) (0.05) BRL 47,750,071 USD 9,434,815 06/11/2024 Barclays (924,108) (0.11) BRL 96,324,875 USD 19,037,289 06/11/2024 Goldman Sachs (1,868,543) (0.22) BRL 300,478,094 USD 58,567,773 20/12/2024 Citigroup (5,287,933) (0.63) BRL 283,518,467 USD 55,260,947 20/12/2024 Goldman Sachs (4,988,419) (0.59) BRL 109,551,597 USD 21,530,860 20/12/2024 HSBC (2,092,458) (0.25)
CLP 41,969,007,006 USD 45,394,474 11/09/2024 Canadian Imperial Bank of Commerce (920,217) (0.11) CNH 391,015,898 USD 54,101,151 11/09/2024 HSBC (191,938) (0.02) CNH 411,565,577 USD 57,551,960 28/10/2024 Goldman Sachs (575,071) (0.07) CNH 109,704,351 USD 15,476,284 28/10/2024 Societe Generale (279,261) (0.03) CZK 649,649,304 USD 27,913,512 05/08/2024 BNP Paribas (145,407) (0.02) CZK 26,788,655 USD 1,157,811 05/08/2024 Citigroup (12,322) CZK 269,793,781 USD 11,899,534 07/08/2024 BNP Paribas (346,457) (0.04) CZK 452,742,096 USD 19,442,674 07/08/2024 J.P. Morgan (90,751) (0.01) CZK 1,329,374,975 USD 59,979,019 26/08/2024 BNP Paribas (2,933,035) (0.35) CZK 907,660,531 USD 39,814,038 29/08/2024 J.P. Morgan (939,217) (0.11) CZK 892,797,457 USD 38,474,025 09/09/2024 Deutsche Bank AG (273,608) (0.03) CZK 428,692,798 USD 18,624,363 11/09/2024 Citigroup (270,610) (0.03) CZK 617,167,040 USD 26,943,604 11/09/2024 J.P. Morgan (511,635) (0.06) EGP 250,000,000 USD 4,868,549 05/12/2024 Deutsche Bank AG (12,825) EUR 52,393,106 USD 56,525,620 30/10/2024 UBS (117,166) (0.01) EUR 69,952,889 USD 75,510,926 04/11/2024 UBS (175,710) (0.02) EUR 10,220 USD 11,197 06/11/2024 Deutsche Bank AG (178) EUR 36,342,478 USD 39,529,612 06/11/2024 Royal Bank of Canada (365,672) (0.04) EUR 155,000,000 USD 172,408,205 13/03/2025 Morgan Stanley (4,100,386) (0.49) HUF 2,977,142,983 USD 8,097,284 11/09/2024 Goldman Sachs (52,394) (0.01) HUF 3,668,595,713 USD 10,289,484 24/10/2024 BNP Paribas (364,403) (0.04) HUF 7,341,619,050 USD 20,578,532 12/11/2024 Goldman Sachs (725,583) (0.09) IDR 883,715,000,000 USD 54,124,922 11/09/2024 Standard Chartered Bank (156,950) (0.02) ILS 3,982,455 USD 1,066,914 11/09/2024 Barclays (5,262) JPY 5,584,195,219 USD 39,626,986 04/10/2024 Citigroup (4,002,938) (0.48)
JPY 5,656,774,667 USD 40,309,505 22/11/2024
Canadian Imperial Bank of Commerce (3,944,155) (0.47)
JPY 2,592,469 USD 18,209 25/11/2024 Canadian Imperial Bank of Commerce (1,555) JPY 5,635,537,454 USD 40,367,329 25/11/2024 UBS (4,107,082) (0.49) JPY 3,572,952,914 USD 24,714,865 27/03/2025 Barclays (1,428,957) (0.17) JPY 6,667,708,185 USD 46,342,621 27/03/2025 Nomura (2,870,180) (0.34) KRW 2,724,925,630 USD 2,085,636 06/02/2025 Morgan Stanley (77,071) (0.01) KRW 76,661,309,059 USD 58,976,741 06/02/2025 Standard Chartered Bank (2,446,283) (0.29) MXN 782,616,879 USD 46,430,675 07/08/2024 Barclays (3,694,066) (0.44) MXN 221,583,995 USD 12,871,205 07/08/2024 Deutsche Bank AG (789,564) (0.09)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 28
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 29
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets MXN 2,339,871,952 USD 136,183,674 07/08/2024 Goldman Sachs (8,586,612) (1.02) MXN 100,682,160 USD 5,953,953 07/08/2024 Morgan Stanley (457,265) (0.05) MXN 745,234,065 USD 44,308,532 09/08/2024 Goldman Sachs (3,618,644) (0.43) MXN 105,000,000 USD 5,686,174 11/09/2024 Goldman Sachs (17,483) MXN 66,659,852 USD 3,908,666 20/09/2024 HSBC (293,553) (0.04) MXN 370,737,233 USD 19,905,517 21/10/2024 Deutsche Bank AG (15,813) MXN 376,940,828 USD 20,501,168 21/10/2024 Goldman Sachs (260,110) (0.03) MXN 336,424,355 USD 19,259,626 24/02/2025 Morgan Stanley (1,445,036) (0.17) MYR 278,445,666 USD 59,314,431 11/09/2024 Standard Chartered Bank (108,722) (0.01) PEN 31,521,653 USD 8,330,687 11/09/2024 Deutsche Bank AG (85,529) (0.01) PEN 41,312,208 USD 10,826,050 11/09/2024 Standard Chartered Bank (26,300) PEN 7,786,262 USD 2,062,513 11/09/2024 UBS (25,526) PEN 178,763 USD 48,418 21/02/2025 Deutsche Bank AG (1,612) PEN 73,591,040 USD 19,262,149 21/02/2025 Merrill Lynch (45,024) (0.01) PEN 378,801,846 USD 101,575,175 10/03/2025 Goldman Sachs (2,485,769) (0.30) PLN 23,637 USD 5,986 26/08/2024 J.P. Morgan (116) RON 2,590,764 USD 558,394 11/09/2024 Barclays (1,810) RON 101,879,539 USD 21,976,063 11/09/2024 Goldman Sachs (87,673) (0.01) RSD 399,976,937 USD 3,667,494 11/09/2024 J.P. Morgan (7,877) TRY 436,460,940 USD 11,202,900 20/12/2024 Goldman Sachs (110,573) (0.01) TWD 1,545,125,128 USD 50,280,674 26/08/2024 Standard Chartered Bank (2,390,960) (0.28) TWD 2,042,674,512 USD 66,439,243 18/11/2024 Standard Chartered Bank (2,802,292) (0.33) TWD 2,178,440,316 USD 69,884,970 17/03/2025 Standard Chartered Bank (1,426,931) (0.17) TWD 2,569,291,121 USD 82,644,688 20/03/2025 Standard Chartered Bank (1,865,838) (0.22) USD 5,937,214 CLP 5,642,431,758 11/09/2024 Merrill Lynch (30,634) USD 21,774,980 CNH 158,112,878 11/09/2024 J.P. Morgan (16,997) USD 2,423,185 EUR 2,261,455 11/09/2024 UBS (4,886) USD 57,836,538 EUR 53,937,519 30/10/2024 Deutsche Bank AG (209,451) (0.03) USD 38,913,941 EUR 36,254,000 04/11/2024 Deutsche Bank AG (113,797) (0.01) USD 1,248,020 HUF 464,498,559 11/09/2024 Barclays (6,102) USD 9,672,271 HUF 3,668,595,713 24/10/2024 BNP Paribas (209,146) (0.03) USD 44,675,205 IDR 736,000,000,000 11/09/2024 Standard Chartered Bank (222,701) (0.03)
USD 11,677,415 INR 978,269,600 11/09/2024 Canadian Imperial Bank of Commerce (29,652) USD 84,800,479 INR 7,100,674,794 11/09/2024 Standard Chartered Bank (176,953) (0.02) USD 40,693,180 INR 3,409,681,592 23/09/2024 Standard Chartered Bank (95,441) (0.01) USD 19,160,167 MXN 372,975,136 21/10/2024 Goldman Sachs (788,494) (0.09) USD 19,535,109 MXN 374,702,925 21/10/2024 J.P. Morgan (526,168) (0.06) USD 18,475,989 PHP 1,085,353,505 11/09/2024 Goldman Sachs (75,426) (0.01) USD 19,737,424 PLN 81,281,504 12/08/2024 BNP Paribas (393,783) (0.05) USD 19,726,694 PLN 81,280,000 12/08/2024 Goldman Sachs (403,441) (0.05) USD 48,520,153 PLN 200,131,074 12/08/2024 Societe Generale (1,041,634) (0.12) USD 48,668,859 PLN 204,457,875 26/08/2024 J.P. Morgan (1,894,462) (0.23) USD 39,244,280 PLN 169,868,866 11/09/2024 BNP Paribas (2,673,340) (0.32) USD 34,281,662 PLN 138,580,378 11/09/2024 Morgan Stanley (70,867) (0.01) USD 3,643,438 RSD 398,719,843 11/09/2024 Deutsche Bank AG (3,816) USD 8,568,409 THB 312,978,273 11/09/2024 HSBC (11,576) USD 7,784,697 TRY 277,326,261 11/09/2024 J.P. Morgan (9,142) USD 33,978,250 TRY 1,507,105,264 02/04/2025 Goldman Sachs (633,547) (0.08) USD 1,586,287 UYU 63,445,151 11/09/2024 HSBC (8,743) USD 41,497,369 ZAR 760,552,820 14/08/2024 Goldman Sachs (100,069) (0.01) USD 37,960,621 ZAR 747,911,545 09/09/2024 Citigroup (2,675,882) (0.32) USD 1,142,773 ZAR 21,791,589 09/09/2024 Royal Bank of Canada (43,759) (0.01) USD 26,597,532 ZAR 500,515,807 11/09/2024 Citigroup (675,368) (0.08) USD 1,798,968 ZAR 33,979,080 11/09/2024 Goldman Sachs (52,078) (0.01) USD 19,305,328 ZAR 379,678,213 13/09/2024 Deutsche Bank AG (1,320,387) (0.16) USD 372 ZAR 7,000 13/09/2024 Goldman Sachs (9) USD 19,316,287 ZAR 379,678,214 13/09/2024 NatWest (1,310,183) (0.16)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 29
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 30
Forward Currency Exchange Contracts (continued)
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) EUR % of Net Assets USD 1,064,959 ZAR 20,314,935 13/09/2024 Royal Bank of Canada (40,837) (0.01) USD 17,717,018 ZAR 350,265,453 27/01/2025 Goldman Sachs (1,106,408) (0.13) USD 1,420,209 ZAR 27,434,547 27/01/2025 Royal Bank of Canada (56,582) (0.01) USD 59,514,686 ZAR 1,175,986,381 26/02/2025 Morgan Stanley (3,533,725) (0.42) USD 59,013 ZAR 1,143,169 26/02/2025 Royal Bank of Canada (2,365) -
ZAR 28,237,330 USD 1,562,053 11/09/2024
Canadian Imperial Bank of Commerce (19,182) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (102,198,087) (12.14) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 16,607,433 1.97
Financial Futures Contracts
Security Description Number of Contracts Currency Unrealised Gain/(Loss) EUR % of Net Assets Euro-Bund, 06/09/2024 (105) EUR 4,200 Total Unrealised Gain on Financial Futures Contracts - Assets 4,200 US 10 Year Ultra Bond, 19/09/2024 (249) USD (408,498) (0.05) US Ultra Bond, 19/09/2024 (106) USD (289,331) (0.03) Total Unrealised Loss on Financial Futures Contracts - Liabilities (697,829) (0.08) Net Unrealised Loss on Financial Futures Contracts - Liabilities (693,629) (0.08)
Credit Default Swap Contracts
Nominal Amount Currency Counterparty Reference Entity Buy/Sell
Interest (Paid)/ Received Rate Maturity Date Market Value EUR % of Net Assets (100,000,000) USD Goldman Sachs CDX.EM.41.V1 Buy 1.000% 20/06/2029 2,944,093 0.35 (50,000,000) USD Morgan Stanley CDX.EM.41.V1 Buy 1.000% 20/06/2029 1,472,047 0.18
(125,000,000) USD Barclays Mexico Government Bond 4.15% 20/06/2029 Buy 1.000% 20/06/2029 540,192 0.06
(17,000,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 742,715 0.09
(20,000,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 873,782 0.10
(26,500,000) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 1,157,761 0.14
(7,126,908) USD Barclays South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 311,368 0.04
(7,000,000) USD Goldman Sachs South Africa Government Bond 5.88% 20/06/2029 Buy 1.000% 20/06/2029 305,824 0.04
(50,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2029 Buy 1.000% 20/06/2029 3,443,343 0.41
(10,000,000) USD Goldman Sachs Turkey Government Bond 11.88% 20/06/2029 Buy 1.000% 20/06/2029 688,669 0.08 Total Market Value on Credit Default Swap Contracts - Assets 12,479,794 1.49
25,000,000 USD Goldman Sachs Mexico Government Bond 4.15% 20/06/2029 Sell 1.000% 20/06/2029 (108,038) (0.01)
25,000,000 USD Goldman Sachs Mexico Government Bond 4.15% 20/06/2029 Sell 1.000% 20/06/2029 (108,038) (0.01) Total Market Value on Credit Default Swap Contracts - Liabilities (216,076) (0.02) Net Market Value on Credit Default Swap Contracts - Assets 12,263,718 1.47
Interest Rate Swap Contracts
Nominal Amount Currency Counterparty Security Description Maturity Date Market Value EUR % of Net Assets (102,000,000) ILS Barclays Pay fixed 4.626% Receive floating TELBOR 3 month 18/09/2034 25,607 180,000,000 ILS Barclays Pay floating TELBOR 3 month Receive fixed 4.4% 18/09/2029 34,641 557,157,986 CZK Barclays Pay floating PRIBOR 6 month Receive fixed 3.925% 18/09/2029 184,615 0.02
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 30
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 31
Interest Rate Swap Contracts (continued)
Nominal Amount Currency Counterparty Security Description Maturity Date Market Value EUR % of Net Assets 87,200,000 PLN Barclays Pay floating WIBOR 6 month Receive fixed 5.36% 02/06/2028 239,422 0.03 1,500,000,000 MXN Barclays Pay floating TIIE 4 week Receive fixed 9.828% 12/09/2029 1,320,295 0.16 Total Market Value on Interest Rate Swap Contracts - Assets 1,804,580 0.21 46,120,201 BRL Barclays Pay floating BROIS 1 day Receive fixed 10.355% 03/01/2033 (1,270,054) (0.15) 209,851,319 USD Barclays Pay floating SOFR 1 day Receive fixed 3.397% 30/01/2028 (999,319) (0.12) 21,242,524 BRL Barclays Pay floating BROIS 1 day Receive fixed 10.32% 03/01/2033 (594,791) (0.07) 43,027,009 USD Barclays Pay floating SOFR 1 day Receive fixed 3.395% 30/01/2028 (205,972) (0.03) (22,026,714) USD Barclays Pay fixed 3.55% Receive floating SOFR 1 day 30/01/2056 (112,795) (0.02) (3,278,255) USD Barclays Pay fixed 3.57% Receive floating SOFR 1 day 30/01/2056 (27,152) Total Market Value on Interest Rate Swap Contracts - Liabilities (3,210,083) (0.39) Net Market Value on Interest Rate Swap Contracts - Liabilities (1,405,503) (0.18)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 31
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 32
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Bonds United States of America United States Treasury Bill 0% 20/03/2025 USD 30,000,000 28,921,911 5.00 United States Treasury BillWhen Issued 0% 03/10/2024 USD 25,000,000 24,662,514 4.26 United States Treasury BillWhen Issued 0% 05/09/2024 USD 30,000,000 29,713,587 5.13 83,298,012 14.39 Total Bonds 83,298,012 14.39 Convertible Bond Cayman Islands Alibaba Group Holding Ltd., 144A 0.5% 01/06/2031 USD 20,000,000 19,355,000 3.34 CIMC Enric Holdings Ltd., Reg. S 0% 30/11/2026 HKD 115,000,000 14,766,440 2.55 34,121,440 5.89 Germany Delivery Hero SE, Reg. S 0.875% 15/07/2025 EUR 6,500,000 6,645,845 1.15 6,645,845 1.15 Netherlands Just Eat Takeaway.com NV, Reg. S 0% 09/08/2025 EUR 20,000,000 20,189,389 3.49 20,189,389 3.49 United States of America Expedia Group, Inc. 0% 15/02/2026 USD 20,000,000 18,460,000 3.19 18,460,000 3.19 Total Convertible Bond 79,416,674 13.72 Total Transferable securities and money market instruments admitted to an official exchange listing 162,714,686 28.11 Transferable securities and money market instruments dealt in on another regulated market Convertible Bond Bermuda Jazz Investments I Ltd. 1.5% 15/08/2024 USD 9,000,000 8,955,000 1.55 8,955,000 1.55 Cayman Islands Meituan, Reg. S 0% 27/04/2027 USD 24,000,000 22,848,000 3.95 Poseidon Finance 1 Ltd., Reg. S 0% 01/02/2025 USD 12,000,000 12,471,000 2.15 Sea Ltd. 0.25% 15/09/2026 USD 17,000,000 14,849,500 2.56 Trip.com Group Ltd., Reg. S 1.5% 01/07/2027 USD 30,000,000 32,504,402 5.61 Wynn Macau Ltd., 144A 4.5% 07/03/2029 USD 1,000,000 1,026,750 0.18 ZTO Express Cayman, Inc. 1.5% 01/09/2027 USD 15,000,000 14,640,750 2.53 98,340,402 16.98 Israel Nice Ltd. 0% 15/09/2025 USD 10,000,000 9,440,437 1.63 Wix.com Ltd. 0% 15/08/2025 USD 25,000,000 23,387,188 4.04 32,827,625 5.67
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets South Korea LG Chem Ltd., Reg. S 1.25% 18/07/2028 USD 20,000,000 19,030,000 3.29 19,030,000 3.29 United States of America Block, Inc. 0% 01/05/2026 USD 20,000,000 17,976,000 3.10 Cloudflare, Inc. 0% 15/08/2026 USD 6,000,000 5,467,500 0.94 DigitalOcean Holdings, Inc. 0% 01/12/2026 USD 15,000,000 12,712,500 2.20 DraftKings Holdings, Inc. 0% 15/03/2028 USD 25,000,000 20,837,500 3.60 Fastly, Inc. 0% 15/03/2026 USD 23,000,000 20,872,500 3.61 Federal Realty OP LP, 144A 3.25% 15/01/2029 USD 11,000,000 10,637,000 1.84 Livongo Health, Inc. 0.875% 01/06/2025 USD 15,000,000 14,324,949 2.47 Magnite, Inc. 0.25% 15/03/2026 USD 15,000,000 13,687,923 2.36 MicroStrategy, Inc., 144A 0.625% 15/03/2030 USD 15,000,000 16,848,750 2.91 NuVasive, Inc. 0.375% 15/03/2025 USD 21,500,000 20,720,625 3.58 Okta, Inc. 0.125% 01/09/2025 USD 30,000,000 28,409,358 4.91 Spotify USA, Inc. 0% 15/03/2026 USD 25,000,000 23,850,000 4.12 Teladoc Health, Inc. 1.25% 01/06/2027 USD 8,000,000 6,649,577 1.15 Unity Software, Inc. 0% 15/11/2026 USD 20,000,000 17,330,000 2.99 Veritone, Inc. 1.75% 15/11/2026 USD 3,667,000 1,316,471 0.23 231,640,653 40.01 Total Convertible Bond 390,793,680 67.50 Total Transferable securities and money market instruments dealt in on another regulated market 390,793,680 67.50 Other transferable securities and money market instruments Equities United States of America Brammo, Inc 'A' § USD 3,010,155 - Brammo, Inc 'B' § USD 1,000,000 - Brammo, Inc. Preference 'R' § USD 7,207,714 - -Total Equities - Total Other transferable securities and money market instruments - Total investments 553,508,366 95.61 Cash/(bank overdraft) 25,572,260 4.42 Other assets/(liabilities) (145,158) (0.03) Total net assets 578,935,468 100.00 § Security is valued at its fair value under the direction of the Board of Directors.
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 32
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 33
Forward Currency Exchange Contracts
Currency Purchased Amount Purchased Currency Sold Amount Sold Maturity Date Counterparty
Unrealised Gain/ (Loss) USD % of Net Assets USD 12,889 EUR 11,962 10/07/2024 BNY Mellon 61 USD 34,609,523 EUR 32,000,000 20/08/2024 Citigroup 224,381 0.04 USD 6,936,660 GBP 5,455,039 10/07/2024 BNY Mellon 40,446 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 264,888 0.04 CHF 78,556 USD 88,189 10/07/2024 BNY Mellon (640) EUR 2,340,529 USD 2,548,161 10/07/2024 BNY Mellon (38,277) (0.01) GBP 450,785,847 USD 575,468,489 10/07/2024 BNY Mellon (5,588,767) (0.96) USD 1,282,612 HKD 10,000,000 20/08/2024 HSBC (242) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (5,627,926) (0.97) Net Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (5,363,038) (0.93)
Option Purchased Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets 125 S&P 500 Index, Put, 4,850.000, 19/07/2024 USD UBS 15,375 Total Market Value on Option Purchased Contracts - Assets 15,375 -
Option Written Contracts
Quantity Security Description Currency Counterparty Market Value USD % of Net Assets (125) S&P 500 Index, Put, 4,450.000, 19/07/2024 USD UBS (8,125) Total Market Value on Option Written Contracts - Liabilities (8,125) -
Total Return Swap on Contracts for Difference
Contract Description Currency Maturity Date Counterparty Market Value USD % of Net Assets Receive performance of the underlying global basket of 1 Spanish convertible arbitrage position. Short the underlying equities in the Information Technology sector. Pay weighted average financing (Overnight EUR ESTRON) on that same basket. EUR 02/01/2050 BNP Paribas 167,193 0.03 Receive performance of the underlying global basket of 2 Chinese convertible arbitrage positions. Long the convertible bond in the Financial and Information Technology sector. Pay weighted average financing (OBFR) on that same basket. USD 02/01/2060 Nomura 61,305 0.01 Receive performance of the underlying global basket of 11 American convertible arbitrage positions. Long the convertible bonds and short the underlying equities, mainly in the Healthcare and Information Technology sector. Pay weighted average financing (OBFR) on that same basket. USD 02/01/2060 Citigroup 486,977 0.08 Receive performance of the underlying global basket of 15 American convertible arbitrage positions. Long the convertible bonds and Short the underlying equities, mainly in the Healthcare, Consumer products and Information Technology sector. Pay weighted average financing (OBFR) on that same basket. USD 02/01/2060 BNP Paribas 6,257,395 1.09 Total Market Value on Total Return Swap on Contracts for Difference - Assets 6,972,870 1.21 Receive performance of the underlying global basket of 1 Spanish convertible arbitrage position. Long the convertible bond in the Information Technology sector. Pay weighted average financing (Overnight EUR ESTRON) on that same basket. EUR 09/04/2025 BNP Paribas (203,830) (0.04)
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 33
Aviva Investors Société d’investissement à capital variable (SICAV)
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Total Return Swap on Contracts for Difference (continued)
Contract Description Currency Maturity Date Counterparty Market Value USD % of Net Assets Receive performance of the underlying global basket of 13 American convertible arbitrage positions. Long the convertible bonds and short the underlying equities, mainly in the Healthcare and Information Technology sector. Pay weighted average financing (OBFR) on that same basket. USD 02/01/2050 BNP Paribas (2,001,901) (0.34) Receive performance of the underlying global basket of 2 Chinese convertible arbitrage positions. Short the underlying equities in the Financial and Information Technology sector. Pay weighted average financing (HIBOR HKD 1 MONTH) on that same basket. HKD 02/01/2060 Nomura (279,677) (0.05) Total Market Value on Total Return Swap on Contracts for Difference - Liabilities (2,485,408) (0.43) Net Market Value on Total Return Swap on Contracts for Difference - Assets 4,487,462 0.78
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 34
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Australia South32 Ltd. AUD 2,227,283 5,437,864 0.37 5,437,864 0.37 Bermuda China Oriental Group Co. Ltd. HKD 772,000 113,560 0.01 113,560 0.01 Brazil Itau Unibanco Holding SA Preference BRL 3,747,535 21,554,819 1.46 Natura & Co. Holding SA BRL 1,594,335 4,479,328 0.30 Neoenergia SA BRL 2,188,504 7,235,567 0.49 Petroleo Brasileiro SA Preference BRL 1,963,650 13,329,351 0.90 Telefonica Brasil SA, ADR USD 863,617 7,055,751 0.48 Vibra Energia SA BRL 1,756,485 6,604,002 0.45 60,258,818 4.08 Cayman Islands Alibaba Group Holding Ltd., ADR USD 434,704 31,329,117 2.12 Autohome, Inc., ADR USD 257,079 6,984,836 0.47 Baidu, Inc., ADR USD 92,481 8,055,095 0.54 Chailease Holding Co. Ltd. TWD 1,938,018 9,172,491 0.62 China Hongqiao Group Ltd. HKD 5,262,690 7,958,132 0.54 China Resources Land Ltd. HKD 2,182,713 7,398,685 0.50 CIMC Enric Holdings Ltd. HKD 8,868,200 8,935,368 0.60 ENN Energy Holdings Ltd. HKD 970,025 7,973,583 0.54 ESR Group Ltd., 144A HKD 7,564,200 9,949,321 0.67 JD.com, Inc., ADR USD 230,506 5,967,800 0.40 Meituan, 144A 'B' HKD 1,266,952 17,971,133 1.22 NetEase, Inc., ADR USD 60,463 5,745,194 0.39 PDD Holdings, Inc., ADR USD 121,021 15,984,454 1.08 Shenzhou International Group Holdings Ltd. HKD 885,750 8,657,670 0.59 Tencent Holdings Ltd. HKD 1,315,821 62,633,430 4.23 Tongcheng Travel Holdings Ltd. HKD 2,661,110 5,292,035 0.36 Wuxi Biologics Cayman, Inc., 144A HKD 543,130 802,881 0.05 Xinyi Solar Holdings Ltd. HKD 14,874,000 7,470,341 0.51 228,281,566 15.43 Chile Banco de Chile CLP 91,062,876 10,334,470 0.70 10,334,470 0.70 China BYD Co. Ltd. 'H' HKD 361,073 10,711,454 0.72 CGN Power Co. Ltd., 144A 'H' HKD 19,278,000 8,494,072 0.57 China Construction Bank Corp. 'H' HKD 36,867,422 27,203,481 1.84 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 36,023,071 9,320,568 0.63 China Merchants Bank Co. Ltd. 'H' HKD 797,967 3,615,256 0.24 Contemporary Amperex Technology Co. Ltd. 'A' CNH 313,140 7,732,367 0.52 Haier Smart Home Co. Ltd. 'A' CNH 1,918,120 7,492,851 0.51 Industrial & Commercial Bank of China Ltd. 'H' HKD 24,344,922 14,450,436 0.98 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 3,498,187 7,631,386 0.52
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Livzon Pharmaceutical Group, Inc. 'H' HKD 3,072,050 10,110,824 0.68 NARI Technology Co. Ltd. 'A' CNH 2,664,528 9,146,007 0.62 PetroChina Co. Ltd. 'H' HKD 11,175,345 11,298,625 0.76 PICC Property & Casualty Co. Ltd. 'H' HKD 8,918,850 11,080,285 0.75 Ping An Insurance Group Co. of China Ltd. 'H' HKD 1,121,220 5,066,609 0.34 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 2,346,397 11,328,960 0.77 Zijin Mining Group Co. Ltd. 'H' HKD 4,706,000 9,936,404 0.67 164,619,585 11.12 Hong Kong AIA Group Ltd. HKD 1,171,820 7,931,306 0.54 CNOOC Ltd. HKD 2,663,983 7,636,036 0.52 Galaxy Entertainment Group Ltd. HKD 1,132,453 5,267,248 0.36 20,834,590 1.42 Hungary OTP Bank Nyrt HUF 109,803 5,431,131 0.37 5,431,131 0.37 India Ashok Leyland Ltd. INR 8,998,451 26,098,924 1.76 Avenue Supermarts Ltd., 144A INR 185,725 10,504,814 0.71 Bharti Airtel Ltd. INR 450,836 7,809,476 0.53 Dabur India Ltd. INR 903,681 6,509,986 0.44 Embassy Office Parks REIT, REIT INR 2,257,805 9,620,021 0.65 HDFC Bank Ltd. INR 1,320,314 26,658,488 1.80 Hindustan Unilever Ltd. INR 236,230 7,005,592 0.47 ICICI Bank Ltd. INR 2,110,683 30,361,235 2.05 IndusInd Bank Ltd. INR 1,075,026 18,878,366 1.28 Infosys Ltd. INR 1,487,272 27,943,115 1.89 PB Fintech Ltd. INR 409,851 6,866,910 0.46 Reliance Industries Ltd. INR 1,449,087 54,402,174 3.68 Tata Consultancy Services Ltd. INR 186,529 8,736,226 0.59 Zomato Ltd. INR 3,129,595 7,526,127 0.51 248,921,454 16.82 Indonesia Bank Rakyat Indonesia Persero Tbk PT IDR 51,550,238 14,464,635 0.98 Indah Kiat Pulp & Paper Tbk PT IDR 5,242,400 2,849,564 0.19 Surya Citra Media Tbk PT IDR 519,716,750 4,503,247 0.30 21,817,446 1.47 Malaysia Malayan Banking Bhd. MYR 4,426,845 9,346,484 0.63 Sunway Bhd. MYR 5,604,382 4,289,133 0.29 13,635,617 0.92 Mauritius MakeMyTrip Ltd. USD 192,257 16,040,002 1.08 16,040,002 1.08 Mexico FIBRA Macquarie Mexico, REIT, 144A MXN 4,818,309 8,180,719 0.55 Gentera SAB de CV MXN 4,307,728 5,361,282 0.36 Grupo Mexico SAB de CV MXN 1,541,939 8,225,247 0.56 Wal-Mart de Mexico SAB de CV MXN 2,112,314 7,233,881 0.49 29,001,129 1.96
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS CORE FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 35
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Netherlands Prosus NV ZAR 157,288 5,585,873 0.38 5,585,873 0.38 Philippines International Container Terminal Services, Inc. PHP 1,402,110 8,372,633 0.57 8,372,633 0.57 Poland Bank Polska Kasa Opieki SA PLN 295,052 12,241,819 0.83 12,241,819 0.83 Qatar Qatar National Bank QPSC QAR 2,942,277 11,806,280 0.80 11,806,280 0.80 South Africa Absa Group Ltd. ZAR 1,774,156 15,403,474 1.04 Impala Platinum Holdings Ltd. ZAR 744,761 3,723,723 0.25 Naspers Ltd. 'N' ZAR 31,132 6,065,821 0.41 Nedbank Group Ltd. ZAR 523,486 7,294,845 0.49 32,487,863 2.19 South Korea Cosmax, Inc. KRW 30,660 4,335,425 0.29 Hyundai Motor Co. KRW 129,107 27,714,319 1.87 KB Financial Group, Inc. KRW 247,007 14,076,866 0.95 LG Chem Ltd. KRW 78,257 19,649,827 1.33 NAVER Corp. KRW 24,722 2,998,443 0.20 POSCO Holdings, Inc. KRW 45,823 12,088,766 0.82 Samsung Electronics Co. Ltd. KRW 1,491,704 88,366,941 5.97 SK Hynix, Inc. KRW 178,589 30,842,378 2.09 200,072,965 13.52 Switzerland Cie Financiere Richemont SA ZAR 20,104 3,131,107 0.21 3,131,107 0.21 Taiwan E.Sun Financial Holding Co. Ltd. TWD 19,880,662 17,508,364 1.18 Hon Hai Precision Industry Co. Ltd. TWD 4,403,786 29,100,479 1.97 MediaTek, Inc. TWD 517,750 22,390,484 1.51 Merida Industry Co. Ltd. TWD 1,082,000 7,236,581 0.49 Nien Made Enterprise Co. Ltd. TWD 722,000 8,680,248 0.59 Quanta Computer, Inc. TWD 528,000 5,097,673 0.34 Sinbon Electronics Co. Ltd. TWD 1,259,085 11,334,165 0.77 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 4,979,337 149,205,450 10.09 Tripod Technology Corp. TWD 1,079,380 7,277,903 0.49 Yageo Corp. TWD 679,763 15,310,572 1.04 273,141,919 18.47 Thailand Kasikornbank PCL THB 2,254,110 7,708,760 0.52 Thai Beverage PCL SGD 33,963,100 11,275,346 0.76 18,984,106 1.28
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets United Kingdom Rio Tinto plc GBP 157,761 10,386,729 0.70 10,386,729 0.70 United States of America MercadoLibre, Inc. USD 4,881 8,117,371 0.55 8,117,371 0.55 Total Equities 1,409,055,897 95.25 Total Transferable securities and money market instruments admitted to an official exchange listing 1,409,055,897 95.25 Other transferable securities and money market instruments Equities Russia Detsky Mir PJSC § RUB 7,337,382 - LUKOIL PJSC § RUB 142,920 - Sberbank of Russia PJSC § RUB 4,573,839 - United Co. RUSAL International PJSC § RUB 6,112,581 - -Total Equities - Total Other transferable securities and money market instruments - Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - Euro Liquidity Fund † EUR 5 512 Aviva Investors Liquidity Funds plc - Sterling Liquidity Fund † GBP 100,000 126,345 0.01 Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 2,400,000 2,400,000 0.16 2,526,857 0.17 Total Collective Investment Schemes 2,526,857 0.17 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 9,140,390 56,396,206 3.81 56,396,206 3.81 Total Exchange Traded Funds 56,396,206 3.81 Total Units of authorised UCITS or other collective investment undertakings 58,923,063 3.98 Total investments 1,467,978,960 99.23 Cash/(bank overdraft) 6,359,784 0.43 Other assets/(liabilities) 4,981,887 0.34 Total net assets 1,479,320,631 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS CORE FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 36
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Australia South32 Ltd. AUD 463,438 1,131,474 0.74 1,131,474 0.74 Brazil Itau Unibanco Holding SA Preference BRL 534,702 3,075,463 2.02 Natura & Co. Holding SA, ADR USD 216,183 1,206,301 0.79 Petroleo Brasileiro SA Preference BRL 153,354 1,040,974 0.68 5,322,738 3.49 Cayman Islands Alibaba Group Holding Ltd., ADR USD 32,065 2,310,925 1.52 Autohome, Inc., ADR USD 27,853 756,766 0.50 Baidu, Inc., ADR USD 12,163 1,059,397 0.69 China Hongqiao Group Ltd. HKD 722,500 1,092,550 0.72 China Resources Land Ltd. HKD 166,751 565,232 0.37 CIMC Enric Holdings Ltd. HKD 748,000 753,665 0.49 ENN Energy Holdings Ltd. HKD 111,853 919,429 0.60 Hesai Group, ADR USD 72,638 303,627 0.20 Meituan, 144A 'B' HKD 152,060 2,156,901 1.41 PDD Holdings, Inc., ADR USD 13,510 1,784,401 1.17 Sands China Ltd. HKD 675,128 1,404,552 0.92 Shenzhou International Group Holdings Ltd. HKD 171,000 1,671,422 1.10 Tencent Holdings Ltd. HKD 75,200 3,579,540 2.35 Tongcheng Travel Holdings Ltd. HKD 668,800 1,330,014 0.87 Xinyi Solar Holdings Ltd. HKD 1,618,000 812,627 0.53 20,501,048 13.44 China BYD Co. Ltd. 'H' HKD 52,715 1,563,823 1.03 China Construction Bank Corp. 'H' HKD 6,800,269 5,017,736 3.29 China Datang Corp. Renewable Power Co. Ltd. 'H' HKD 4,261,329 1,102,571 0.72 Haier Smart Home Co. Ltd. 'A' CNH 214,000 835,959 0.55 Livzon Pharmaceutical Group, Inc. 'H' HKD 422,100 1,389,228 0.91 PetroChina Co. Ltd. 'H' HKD 1,179,114 1,192,121 0.78 Ping An Insurance Group Co. of China Ltd. 'H' HKD 333,265 1,505,970 0.99 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 317,900 1,534,896 1.01 14,142,304 9.28 Hong Kong AIA Group Ltd. HKD 167,737 1,135,305 0.74 China Overseas Grand Oceans Group Ltd. HKD 1,607,000 403,516 0.26 CNOOC Ltd. HKD 360,786 1,034,156 0.68 2,572,977 1.68 India Ashok Leyland Ltd. INR 833,552 2,417,617 1.58 Avenue Supermarts Ltd., 144A INR 24,256 1,371,947 0.90 HDFC Bank Ltd., ADR USD 42,273 2,711,813 1.78 Hindustan Unilever Ltd. INR 25,968 770,102 0.51 ICICI Bank Ltd., ADR USD 108,358 3,122,878 2.05 IndusInd Bank Ltd. INR 109,542 1,923,650 1.26 Infosys Ltd., ADR USD 141,881 2,642,534 1.73
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Reliance Industries Ltd. INR 20,396 765,714 0.50 Reliance Industries Ltd., 144A, GDR USD 66,142 4,940,807 3.24 Tata Consultancy Services Ltd. INR 20,121 942,382 0.62 21,609,444 14.17 Indonesia Bank BTPN Syariah Tbk PT IDR 7,034,200 491,853 0.32 Bank Rakyat Indonesia Persero Tbk PT IDR 5,434,900 1,524,995 1.00 Surya Citra Media Tbk PT IDR 83,330,700 722,045 0.47 2,738,893 1.79 Kazakhstan Kaspi.KZ JSC, ADR USD 12,324 1,625,043 1.07 1,625,043 1.07 Mauritius MakeMyTrip Ltd. USD 42,960 3,584,153 2.35 3,584,153 2.35 Mexico America Movil SAB de CV MXN 842,378 706,601 0.46 Gentera SAB de CV MXN 1,650,238 2,053,842 1.35 Wal-Mart de Mexico SAB de CV MXN 326,683 1,118,766 0.73 3,879,209 2.54 Netherlands ASML Holding NV EUR 869 904,775 0.59 Prosus NV ZAR 77,713 2,759,873 1.81 3,664,648 2.40 Philippines International Container Terminal Services, Inc. PHP 177,310 1,058,798 0.69 1,058,798 0.69 Poland Bank Polska Kasa Opieki SA PLN 48,259 2,002,284 1.31 2,002,284 1.31 Qatar Qatar National Bank QPSC QAR 399,608 1,603,481 1.05 1,603,481 1.05 South Africa Absa Group Ltd. ZAR 179,808 1,561,119 1.02 Life Healthcare Group Holdings Ltd. ZAR 2,297,829 1,628,655 1.07 3,189,774 2.09 South Korea Hyundai Motor Co. KRW 14,296 3,068,803 2.01 LG Chem Ltd. KRW 7,988 2,005,735 1.31 POSCO Holdings, Inc. KRW 5,341 1,409,033 0.92 Samsung Electronics Co. Ltd. KRW 150,354 8,906,809 5.84 SK Hynix, Inc. KRW 20,832 3,597,693 2.36 18,988,073 12.44 Switzerland Cie Financiere Richemont SA ZAR 4,193 653,041 0.43 653,041 0.43 Taiwan E.Sun Financial Holding Co. Ltd. TWD 1,264,724 1,113,808 0.73 Hon Hai Precision Industry Co. Ltd. TWD 359,000 2,372,293 1.56 MediaTek, Inc. TWD 78,000 3,373,168 2.21 Merida Industry Co. Ltd. TWD 135,000 902,901 0.59 Nien Made Enterprise Co. Ltd. TWD 95,000 1,142,138 0.75 Sinbon Electronics Co. Ltd. TWD 187,372 1,686,705 1.11
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 37
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Taiwan Semiconductor Manufacturing Co. Ltd. TWD 509,000 15,252,146 10.00 Yageo Corp. TWD 99,450 2,239,952 1.47 28,083,111 18.42 Thailand Thai Beverage PCL SGD 5,374,600 1,784,303 1.17 1,784,303 1.17 United Kingdom Antofagasta plc GBP 31,466 840,038 0.55 Standard Chartered plc GBP 130,681 1,185,812 0.78 2,025,850 1.33 United States of America MercadoLibre, Inc. USD 664 1,104,269 0.72 1,104,269 0.72 Total Equities 141,264,915 92.60 Warrants China Jiangsu Zhongtian Technology Co. Ltd. 'A' 17/12/2024 USD 607,915 1,326,720 0.87 NARI Technology Co. Ltd. 'A' 11/09/2024 USD 501,474 1,547,699 1.01 2,874,419 1.88 Total Warrants 2,874,419 1.88 Total Transferable securities and money market instruments admitted to an official exchange listing 144,139,334 94.48 Other transferable securities and money market instruments Equities Russia Detsky Mir PJSC § RUB 765,285 - Sberbank of Russia PJSC § RUB 595,602 - -Total Equities - Total Other transferable securities and money market instruments - -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes Ireland Aviva Investors Liquidity Funds plc - USD Liquity Fund † USD 1,404,003 1,404,003 0.92 1,404,003 0.92 Total Collective Investment Schemes 1,404,003 0.92 Exchange Traded Funds Ireland iShares MSCI Saudi Arabia Capped UCITS ETF USD 809,943 4,997,348 3.28 4,997,348 3.28 Total Exchange Traded Funds 4,997,348 3.28 Total Units of authorised UCITS or other collective investment undertakings 6,401,351 4.20 Total investments 150,540,685 98.68 Cash/(bank overdraft) 1,312,416 0.86 Other assets/(liabilities) 698,543 0.46 Total net assets 152,551,644 100.00 § Security is valued at its fair value under the direction of the Board of Directors. † Related Party Fund
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 38
Aviva Investors Société d’investissement à capital variable (SICAV)
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Transferable securities and money market instruments admitted to an official exchange listing Equities Bermuda Alibaba Health Information Technology Ltd. HKD 3,011,600 1,203,554 0.03 Beijing Enterprises Water Group Ltd. HKD 2,110,000 648,659 0.02 Brilliance China Automotive Holdings Ltd. HKD 1,618,000 1,700,666 0.04 China Gas Holdings Ltd. HKD 1,492,470 1,338,296 0.03 China Resources Gas Group Ltd. HKD 496,500 1,739,283 0.04 China Ruyi Holdings Ltd. HKD 3,464,000 931,887 0.02 Credicorp Ltd. USD 36,720 5,814,612 0.14 Kunlun Energy Co. Ltd. HKD 2,090,000 2,168,753 0.05 Orient Overseas International Ltd. HKD 70,000 1,133,489 0.03 16,679,199 0.40 Brazil Ambev SA BRL 2,570,152 5,184,127 0.13 Atacadao SA BRL 332,100 541,249 0.01 B3 SA - Brasil Bolsa Balcao BRL 3,056,151 5,572,628 0.14 Banco Bradesco SA BRL 857,710 1,710,053 0.04 Banco Bradesco SA Preference BRL 2,888,620 6,391,016 0.16 Banco BTG Pactual SA BRL 641,300 3,640,294 0.09 Banco do Brasil SA BRL 934,980 4,440,671 0.11 BB Seguridade Participacoes SA BRL 376,230 2,209,170 0.05 BRF SA BRL 320,200 1,261,866 0.03 Caixa Seguridade Participacoes S/A BRL 319,600 814,837 0.02 CCR SA BRL 549,280 1,160,121 0.03 Centrais Eletricas Brasileiras SA BRL 661,400 4,240,587 0.10 Centrais Eletricas Brasileiras SA Preference BRL 135,380 971,395 0.02 Cia de Saneamento Basico do Estado de Sao Paulo SABESP BRL 185,890 2,452,004 0.06 Cia Energetica de Minas Gerais Preference BRL 972,752 1,723,152 0.04 Cia Paranaense de Energia Copel Preference BRL 586,700 984,592 0.02 Cia Siderurgica Nacional SA BRL 348,240 801,693 0.02 Cosan SA BRL 653,400 1,593,244 0.04 CPFL Energia SA BRL 121,000 712,014 0.02 Energisa S/A BRL 138,400 1,120,610 0.03 Eneva SA BRL 296,500 684,707 0.02 Engie Brasil Energia SA BRL 110,900 882,635 0.02 Equatorial Energia SA BRL 560,632 3,080,865 0.07 Equatorial Energia SA BRL 8,451 45,926 Gerdau SA Preference BRL 754,696 2,469,444 0.06 Hapvida Participacoes e Investimentos S/A, 144A BRL 2,633,804 1,813,339 0.04 Hypera SA BRL 206,650 1,075,590 0.03 Itau Unibanco Holding SA Preference BRL 2,635,223 15,157,098 0.37 Itausa SA Preference BRL 2,949,129 5,139,541 0.12 JBS S/A BRL 417,250 2,420,109 0.06 Klabin SA BRL 443,300 1,679,429 0.04 Localiza Rent a Car SA BRL 495,500 3,692,186 0.09 Localiza Rent a Car SA BRL 5,007 7,899 Lojas Renner SA BRL 517,660 1,157,378 0.03
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Magazine Luiza SA BRL 1 1 Natura & Co. Holding SA BRL 490,264 1,377,410 0.03 Petroleo Brasileiro SA BRL 2,023,620 14,574,548 0.35 Petroleo Brasileiro SA Preference BRL 2,589,450 17,577,312 0.43 PRIO SA BRL 431,800 3,371,593 0.08 Raia Drogasil SA BRL 700,736 3,235,162 0.08 Rede D'Or Sao Luiz SA, 144A BRL 307,600 1,479,692 0.04 Rumo SA BRL 706,100 2,633,261 0.06 Sendas Distribuidora S/A BRL 725,200 1,365,248 0.03 Suzano SA BRL 426,164 4,318,602 0.10 Telefonica Brasil SA BRL 222,005 1,809,889 0.04 TIM SA BRL 455,339 1,289,901 0.03 TOTVS SA BRL 298,500 1,637,149 0.04 Ultrapar Participacoes SA BRL 388,800 1,514,085 0.04 Vale SA BRL 1,851,263 20,612,185 0.50 Vibra Energia SA BRL 626,165 2,354,244 0.06 WEG SA BRL 913,038 6,834,546 0.17 172,816,297 4.19 Cayman Islands AAC Technologies Holdings, Inc. HKD 395,000 1,553,700 0.04 Airtac International Group TWD 74,950 2,284,826 0.06 Akeso, Inc., 144A HKD 330,000 1,595,317 0.04 Alchip Technologies Ltd. TWD 43,000 3,260,734 0.08 Alibaba Group Holding Ltd. HKD 8,701,600 78,391,924 1.90 ANTA Sports Products Ltd. HKD 693,200 6,643,498 0.16 Autohome, Inc., ADR USD 37,100 1,008,007 0.02 Baidu, Inc. 'A' HKD 1,240,100 13,512,157 0.33 BeiGene Ltd. HKD 370,000 4,074,294 0.10 Bilibili, Inc. 'Z' HKD 122,858 1,989,066 0.05 Bosideng International Holdings Ltd. HKD 2,042,000 1,272,315 0.03 C&D International Investment Group Ltd. HKD 355,000 660,492 0.02 Chailease Holding Co. Ltd. TWD 824,738 3,903,422 0.09 China Feihe Ltd., 144A HKD 1,945,000 899,578 0.02 China Hongqiao Group Ltd. HKD 1,271,000 1,921,980 0.05 China Literature Ltd., 144A HKD 215,000 692,752 0.02 China Mengniu Dairy Co. Ltd. HKD 1,712,000 3,071,346 0.07 China Resources Land Ltd. HKD 1,745,400 5,916,337 0.14 China Resources Microelectronics Ltd. 'A' CNH 41,600 214,417 0.01 China Resources Mixc Lifestyle Services Ltd., 144A HKD 367,200 1,215,782 0.03 China State Construction International Holdings Ltd. HKD 1,080,000 1,472,641 0.04 Chow Tai Fook Jewellery Group Ltd. HKD 1,073,600 1,159,303 0.03 Country Garden Holdings Co. Ltd. HKD 6,791,644 421,803 0.01 ENN Energy Holdings Ltd. HKD 430,600 3,539,522 0.09 GalaxyCore, Inc. 'A' CNH 54,600 91,008 GCL Technology Holdings Ltd. HKD 11,582,000 1,717,712 0.04 Geely Automobile Holdings Ltd. HKD 3,284,000 3,689,484 0.09 Genscript Biotech Corp. HKD 622,000 662,718 0.02 Giant Biogene Holding Co. Ltd., 144A HKD 159,000 933,058 0.02 H World Group Ltd., ADR USD 112,300 3,747,451 0.09 Haidilao International Holding Ltd., 144A HKD 919,000 1,647,218 0.04
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 39
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Haitian International Holdings Ltd. HKD 351,000 999,533 0.02 Hansoh Pharmaceutical Group Co. Ltd., 144A HKD 654,000 1,363,795 0.03 Hengan International Group Co. Ltd. HKD 341,500 1,041,129 0.03 Horizon Construction Development Ltd. HKD 188,888 36,281 Hygeia Healthcare Holdings Co. Ltd., 144A HKD 206,200 743,809 0.02 Innovent Biologics, Inc., 144A HKD 658,000 3,102,511 0.08 iQIYI, Inc., ADR USD 257,100 926,846 0.02 JD Health International, Inc., 144A HKD 599,400 1,625,122 0.04 JD Logistics, Inc., 144A HKD 1,079,900 1,159,435 0.03 JD.com, Inc. 'A' HKD 1,259,252 16,607,398 0.40 Kanzhun Ltd., ADR USD 142,900 2,706,526 0.07 KE Holdings, Inc., ADR USD 356,700 5,111,511 0.12 Kingdee International Software Group Co. Ltd. HKD 1,561,000 1,458,706 0.04 Kingsoft Corp. Ltd. HKD 509,200 1,467,706 0.04 Kuaishou Technology, 144A HKD 1,267,900 7,471,946 0.18 Legend Biotech Corp., ADR USD 39,400 1,730,842 0.04 Li Auto, Inc. 'A' HKD 672,300 6,034,321 0.15 Li Ning Co. Ltd. HKD 1,270,000 2,739,361 0.07 Longfor Group Holdings Ltd., 144A HKD 1,104,000 1,516,998 0.04 Meituan, 144A 'B' HKD 2,757,720 39,116,994 0.95 MINISO Group Holding Ltd. HKD 7,200 34,437 MINISO Group Holding Ltd., ADR USD 47,950 915,845 0.02 NetEase, Inc. HKD 1,051,825 20,095,587 0.49 New Oriental Education & Technology Group, Inc. HKD 810,000 6,193,519 0.15 NIO, Inc., ADR USD 737,920 3,158,298 0.08 PDD Holdings, Inc., ADR USD 319,600 42,212,768 1.02 Pop Mart International Group Ltd., 144A HKD 270,000 1,323,330 0.03 Qifu Technology, Inc., ADR USD 65,600 1,275,264 0.03 Shenzhou International Group Holdings Ltd. HKD 444,300 4,342,764 0.11 Silergy Corp. TWD 176,000 2,510,417 0.06 Sino Biopharmaceutical Ltd. HKD 5,607,000 1,912,114 0.05 Smoore International Holdings Ltd., 144A HKD 1,013,000 1,225,947 0.03 Sunny Optical Technology Group Co. Ltd. HKD 382,400 2,357,932 0.06 TAL Education Group, ADR USD 238,800 2,559,936 0.06 Tencent Holdings Ltd. HKD 3,595,500 171,146,757 4.15 Tencent Music Entertainment Group, ADR USD 408,400 5,711,474 0.14 Tingyi Cayman Islands Holding Corp. HKD 1,058,400 1,273,040 0.03 Tongcheng Travel Holdings Ltd. HKD 682,000 1,356,264 0.03 Topsports International Holdings Ltd., 144A HKD 977,000 518,226 0.01 Trip.com Group Ltd. HKD 298,720 14,341,384 0.35 Vipshop Holdings Ltd., ADR USD 187,000 2,447,830 0.06 Want Want China Holdings Ltd. HKD 2,535,000 1,532,387 0.04 Wuxi Biologics Cayman, Inc., 144A HKD 2,078,000 3,071,800 0.07 Xiaomi Corp., 144A 'B' HKD 8,326,100 17,532,649 0.43
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Xinyi Solar Holdings Ltd. HKD 2,632,000 1,321,900 0.03 XPeng, Inc. 'A' HKD 670,384 2,529,134 0.06 Yadea Group Holdings Ltd., 144A HKD 676,000 854,758 0.02 ZEEKR Intelligent Technology Holding Ltd., ADR USD 149 2,888 Zhen Ding Technology Holding Ltd. TWD 360,250 1,439,592 0.04 Zhongsheng Group Holdings Ltd. HKD 440,000 643,778 0.02 ZTO Express Cayman, Inc., ADR USD 231,000 4,818,660 0.12 570,785,311 13.89 Chile Banco de Chile CLP 24,720,248 2,805,431 0.07 Banco de Credito e Inversiones SA CLP 41,123 1,149,711 0.03 Banco Santander Chile CLP 36,077,598 1,706,104 0.04 Cencosud SA CLP 699,101 1,295,032 0.03 Cia Sud Americana de Vapores SA CLP 8,515,700 552,538 0.01 Empresas CMPC SA CLP 611,786 1,161,655 0.03 Empresas Copec SA CLP 214,350 1,633,131 0.04 Enel Americas SA CLP 11,793,777 1,102,217 0.03 Enel Chile SA CLP 15,045,329 867,742 0.02 Falabella SA CLP 481,998 1,511,410 0.04 Latam Airlines Group SA CLP 98,609,440 1,343,535 0.03 Sociedad Quimica y Minera de Chile SA Preference 'B' CLP 77,662 3,198,234 0.08 18,326,740 0.45 China 360 Security Technology, Inc. 'A' CNH 219,600 232,402 0.01 37 Interactive Entertainment Network Technology Group Co. Ltd. 'A' CNH 69,900 125,559 Accelink Technologies Co. Ltd. 'A' CNY 23,500 121,108 ACM Research Shanghai, Inc. 'A' CNH 8,660 100,742 Advanced Micro-Fabrication Equipment, Inc. China 'A' CNH 19,480 378,777 0.01 AECC Aero-Engine Control Co. Ltd. 'A' CNH 45,000 124,312 AECC Aviation Power Co. Ltd. 'A' CNH 86,800 436,633 0.01 Agricultural Bank of China Ltd. 'A' CNH 2,739,800 1,644,066 0.04 Agricultural Bank of China Ltd. 'H' HKD 15,044,000 6,436,111 0.16 Aier Eye Hospital Group Co. Ltd. 'A' CNH 308,569 438,341 0.01 AIMA Technology Group Co. Ltd. 'A' CNY 25,200 94,549 AIMA Technology Group Co. Ltd. 'A' CNH 2,000 7,504 Air China Ltd. 'A' CNH 357,700 363,319 0.01 Aluminum Corp. of China Ltd. 'A' CNH 430,500 452,098 0.01 Aluminum Corp. of China Ltd. 'H' HKD 2,116,000 1,443,896 0.04 Amlogic Shanghai Co. Ltd. 'A' CNH 12,230 99,638 Angel Yeast Co. Ltd. 'A' CNH 27,400 105,374 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 40
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Anhui Conch Cement Co. Ltd. 'A' CNH 130,300 422,587 0.01 Anhui Conch Cement Co. Ltd. 'H' HKD 662,000 1,576,992 0.04 Anhui Gujing Distillery Co. Ltd. 'A' CNH 13,300 386,401 0.01 Anhui Gujing Distillery Co. Ltd. 'B' HKD 62,000 921,628 0.02 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNH 4,900 10,686 Anhui Jianghuai Automobile Group Corp. Ltd. 'A' CNY 63,900 139,348 Anhui Kouzi Distillery Co. Ltd. 'A' CNH 18,900 101,950 Anhui Yingjia Distillery Co. Ltd. 'A' CNH 22,597 178,837 Anjoy Foods Group Co. Ltd. 'A' CNH 9,000 92,097 Anker Innovations Technology Co. Ltd. 'A' CNH 13,130 128,689 Anker Innovations Technology Co. Ltd. 'A' CNY 5,850 57,336 Asymchem Laboratories Tianjin Co. Ltd. 'A' CNH 10,760 97,439 Autobio Diagnostics Co. Ltd. 'A' CNH 18,500 117,292 Avary Holding Shenzhen Co. Ltd. 'A' CNH 75,700 412,885 0.01 AVIC Airborne Systems Co. Ltd. CNY 75,111 123,744 AVIC Industry-Finance Holdings Co. Ltd. 'A' CNH 256,000 78,247 AviChina Industry & Technology Co. Ltd. 'H' HKD 1,344,000 604,351 0.02 AVICOPTER plc 'A' CNH 17,400 98,454 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNH 12,400 13,791 BAIC BluePark New Energy Technology Co. Ltd. 'A' CNY 163,200 181,501 Bank of Beijing Co. Ltd. 'A' CNH 666,300 535,541 0.01 Bank of Changsha Co. Ltd. 'A' CNH 126,700 142,640 Bank of Chengdu Co. Ltd. 'A' CNH 120,200 251,303 0.01 Bank of China Ltd. 'A' CNH 1,106,900 703,814 0.02 Bank of China Ltd. 'H' HKD 43,201,000 21,305,393 0.52 Bank of Communications Co. Ltd. 'A' CNH 1,263,200 1,298,914 0.03 Bank of Communications Co. Ltd. 'H' HKD 4,760,400 3,733,161 0.09 Bank of Hangzhou Co. Ltd. 'A' CNH 186,900 335,677 0.01 Bank of Jiangsu Co. Ltd. 'A' CNH 596,590 609,962 0.02 Bank of Nanjing Co. Ltd. 'A' CNH 326,000 466,085 0.01 Bank of Ningbo Co. Ltd. 'A' CNH 208,110 631,921 0.02 Bank of Shanghai Co. Ltd. 'A' CNH 447,650 447,159 0.01 Bank of Suzhou Co. Ltd. 'A' CNH 115,600 119,368 Baoshan Iron & Steel Co. Ltd. 'A' CNH 708,200 648,177 0.02 Beijing Enlight Media Co. Ltd. 'A' CNH 90,200 104,419 Beijing Kingsoft Office Software, Inc. 'A' CNH 14,550 455,774 0.01 Beijing New Building Materials plc 'A' CNH 53,200 216,964 0.01 Beijing Oriental Yuhong Waterproof Technology Co. Ltd. 'A' CNY 36,900 62,673 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Beijing Roborock Technology Co. Ltd. 'A' CNY 3,840 206,931 0.01 Beijing Roborock Technology Co. Ltd. 'A' CNH 300 16,166 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNH 4,560 15,286 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNY 57,774 193,674 0.01 Beijing Tongrentang Co. Ltd. 'A' CNH 44,800 235,621 0.01 Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. 'A' CNH 34,530 313,054 0.01 Beijing Yanjing Brewery Co. Ltd. 'A' CNH 88,800 107,916 Beijing-Shanghai High Speed Railway Co. Ltd. 'A' CNH 1,547,400 1,142,579 0.03 Beiqi Foton Motor Co. Ltd. 'A' CNY 234,300 72,559 Bethel Automotive Safety Systems Co. Ltd. 'A' CNH 18,200 97,447 Bloomage Biotechnology Corp. Ltd. 'A' CNH 15,180 118,205 BOC International China Co. Ltd. 'A' CNH 79,600 99,488 BOE Technology Group Co. Ltd. 'A' CNH 1,190,800 669,019 0.02 BYD Co. Ltd. 'A' CNH 58,000 1,991,921 0.05 BYD Co. Ltd. 'H' HKD 567,000 16,820,407 0.41 By-health Co. Ltd. 'A' CNH 53,600 99,965 Caitong Securities Co. Ltd. 'A' CNH 142,750 129,874 Cambricon Technologies Corp. Ltd. 'A' CNY 12,200 334,122 0.01 Cambricon Technologies Corp. Ltd. 'A' CNH 930 25,470 Cathay Biotech, Inc. 'A' CNH 17,400 108,468 CGN Power Co. Ltd. 'A' CNH 495,800 315,962 0.01 CGN Power Co. Ltd., 144A 'H' HKD 5,689,000 2,506,628 0.06 Changchun High-Tech Industry Group Co. Ltd. 'A' CNH 12,800 161,247 Changjiang Securities Co. Ltd. 'A' CNH 174,300 115,882 Changzhou Xingyu Automotive Lighting Systems Co. Ltd. 'A' CNH 8,800 135,697 Chaozhou Three-Circle Group Co. Ltd. 'A' CNH 58,900 236,647 0.01 Chifeng Jilong Gold Mining Co. Ltd. 'A' CNY 48,700 109,561 China Baoan Group Co. Ltd. 'A' CNH 81,300 96,235 China CITIC Bank Corp. Ltd. 'H' HKD 4,855,600 3,115,816 0.08 China Coal Energy Co. Ltd. 'H' HKD 1,102,000 1,287,490 0.03 China Communications Services Corp. Ltd. 'H' HKD 1,268,400 683,335 0.02 China Construction Bank Corp. 'A' CNH 302,300 307,881 0.01 China Construction Bank Corp. 'H' HKD 52,296,000 38,587,814 0.94 China CSSC Holdings Ltd. 'A' CNH 142,300 797,496 0.02 China Eastern Airlines Corp. Ltd. 'A' CNH 539,300 297,703 0.01 China Energy Engineering Corp. Ltd. 'A' CNH 1,094,600 319,374 0.01 China Everbright Bank Co. Ltd. 'A' CNH 1,462,400 638,000 0.02
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 41
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Everbright Bank Co. Ltd. 'H' HKD 1,665,000 517,544 0.01 China Film Co. Ltd. 'A' CNH 55,500 82,191 China Galaxy Securities Co. Ltd. 'A' CNH 236,300 353,220 0.01 China Galaxy Securities Co. Ltd. 'H' HKD 1,841,500 962,587 0.02 China Great Wall Securities Co. Ltd. 'A' CNH 120,300 110,950 China Greatwall Technology Group Co. Ltd. 'A' CNH 101,700 122,583 China International Capital Corp. Ltd. 'A' CNH 76,800 313,195 0.01 China International Capital Corp. Ltd., 144A 'H' HKD 799,600 890,418 0.02 China Jushi Co. Ltd. 'A' CNH 126,123 191,800 0.01 China Life Insurance Co. Ltd. 'A' CNH 87,500 372,954 0.01 China Life Insurance Co. Ltd. 'H' HKD 4,047,000 5,706,032 0.14 China Longyuan Power Group Corp. Ltd. 'H' HKD 1,792,000 1,611,224 0.04 China Merchants Bank Co. Ltd. 'A' CNH 673,100 3,162,063 0.08 China Merchants Bank Co. Ltd. 'H' HKD 2,122,531 9,616,304 0.23 China Merchants Energy Shipping Co. Ltd. 'A' CNH 256,600 298,342 0.01 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNH 48,500 79,166 China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' CNY 99,900 163,066 China Merchants Securities Co. Ltd. 'A' CNH 228,180 436,875 0.01 China Merchants Shekou Industrial Zone Holdings Co. Ltd. 'A' CNH 285,500 344,143 0.01 China Minsheng Banking Corp. Ltd. 'A' CNH 1,117,500 582,915 0.01 China Minsheng Banking Corp. Ltd. 'H' HKD 3,570,160 1,234,770 0.03 China National Building Material Co. Ltd. 'H' HKD 2,122,000 758,517 0.02 China National Chemical Engineering Co. Ltd. 'A' CNH 187,800 212,989 0.01 China National Medicines Corp. Ltd. 'A' CNH 22,400 94,930 China National Nuclear Power Co. Ltd. 'A' CNH 56,900 83,473 China National Nuclear Power Co. Ltd. 'A' CNY 545,000 799,524 0.02 China National Software & Service Co. Ltd. 'A' CNH 27,130 111,771 China Northern Rare Earth Group High-Tech Co. Ltd. 'A' CNH 113,900 269,657 0.01 China Oilfield Services Ltd. 'H' HKD 972,000 934,889 0.02 China Pacific Insurance Group Co. Ltd. 'A' CNH 220,800 844,322 0.02 China Pacific Insurance Group Co. Ltd. 'H' HKD 1,433,900 3,490,682 0.08 China Petroleum & Chemical Corp. 'A' CNH 1,021,200 888,774 0.02 China Petroleum & Chemical Corp. 'H' HKD 13,255,600 8,580,658 0.21
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets China Railway Group Ltd. 'A' CNH 654,100 587,056 0.01 China Railway Group Ltd. 'H' HKD 2,257,000 1,246,083 0.03 China Railway Signal & Communication Corp. Ltd. 'A' CNH 226,390 186,957 China Rare Earth Resources And Technology Co. Ltd. 'A' CNH 32,634 113,861 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNH 4,160 24,378 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. 'A' CNY 36,270 212,546 0.01 China Shenhua Energy Co. Ltd. 'A' CNH 212,300 1,296,485 0.03 China Shenhua Energy Co. Ltd. 'H' HKD 1,836,500 8,449,785 0.21 China Southern Airlines Co. Ltd. 'A' CNH 345,200 279,877 0.01 China State Construction Engineering Corp. Ltd. 'A' CNH 1,355,600 990,678 0.02 China Three Gorges Renewables Group Co. Ltd. 'A' CNH 902,000 541,243 0.01 China Tourism Group Duty Free Corp. Ltd. 'A' CNH 61,200 526,421 0.01 China Tourism Group Duty Free Corp. Ltd., 144A 'H' HKD 58,100 356,242 0.01 China Tower Corp. Ltd., 144A 'H' HKD 23,778,000 3,075,959 0.07 China United Network Communications Ltd. 'A' CNH 1,049,600 679,116 0.02 China Vanke Co. Ltd. 'A' CNH 306,400 291,449 0.01 China Vanke Co. Ltd. 'H' HKD 1,183,500 701,937 0.02 China XD Electric Co. Ltd. 'A' CNH 152,300 168,530 China Yangtze Power Co. Ltd. 'A' CNH 798,400 3,178,623 0.08 China Zhenhua Group Science & Technology Co. Ltd. 'A' CNH 19,300 110,324 China Zheshang Bank Co. Ltd. 'A' CNH 678,900 257,802 0.01 Chongqing Brewery Co. Ltd. 'A' CNH 14,679 122,641 Chongqing Changan Automobile Co. Ltd. 'A' CNH 260,888 482,342 0.01 Chongqing Rural Commercial Bank Co. Ltd. 'A' CNH 278,700 192,549 0.01 Chongqing Zhifei Biological Products Co. Ltd. 'A' CNH 75,950 292,900 0.01 Citic Pacific Special Steel Group Co. Ltd. 'A' CNY 350,700 654,776 0.02 CITIC Securities Co. Ltd. 'A' CNH 385,850 968,249 0.02 CITIC Securities Co. Ltd. 'H' HKD 910,375 1,337,610 0.03 CMOC Group Ltd. 'A' CNH 575,400 673,312 0.02 CMOC Group Ltd. 'H' HKD 2,006,000 1,835,013 0.04 CNGR Advanced Material Co. Ltd. 'A' CNH 33,040 140,984 CNOOC Energy Technology & Services Ltd. 'A' CNY 869,400 492,876 0.01 CNPC Capital Co. Ltd. 'A' CNY 185,000 140,604 CNPC Capital Co. Ltd. 'A' CNH 80,600 61,258 Contemporary Amperex Technology Co. Ltd. 'A' CNH 143,580 3,545,421 0.09 COSCO SHIPPING Development Co. Ltd. 'A' CNH 291,900 103,716 COSCO SHIPPING Energy Transportation Co. Ltd. 'A' CNH 106,800 229,540 0.01
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 42
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 43
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets COSCO SHIPPING Energy Transportation Co. Ltd. 'H' HKD 680,000 883,095 0.02 COSCO SHIPPING Holdings Co. Ltd. 'A' CNH 407,740 867,676 0.02 COSCO SHIPPING Holdings Co. Ltd. 'H' HKD 1,608,900 2,811,065 0.07 CRRC Corp. Ltd. 'A' CNH 802,400 829,385 0.02 CRRC Corp. Ltd. 'H' HKD 2,355,000 1,519,105 0.04 CSC Financial Co. Ltd. 'A' CNH 136,500 360,520 0.01 CSPC Innovation Pharmaceutical Co. Ltd. 'A' CNH 44,280 153,737 CSSC Science & Technology Co. Ltd. 'A' CNH 44,900 83,551 Daqin Railway Co. Ltd. 'A' CNH 573,200 564,738 0.01 DaShenLin Pharmaceutical Group Co. Ltd. 'A' CNH 35,876 70,599 Datang International Power Generation Co. Ltd. 'A' CNH 325,500 134,857 Dong-E-E-Jiao Co. Ltd. 'A' CNH 20,300 174,937 Dongfang Electric Corp. Ltd. 'A' CNH 92,800 235,637 0.01 Dongxing Securities Co. Ltd. 'A' CNH 101,900 111,651 East Money Information Co. Ltd. 'A' CNH 499,700 726,311 0.02 Eastroc Beverage Group Co. Ltd. 'A' CNY 7,800 231,141 0.01 Eastroc Beverage Group Co. Ltd. 'A' CNH 3,100 91,864 Ecovacs Robotics Co. Ltd. 'A' CNH 18,200 118,276 Empyrean Technology Co. Ltd. 'A' CNH 11,400 120,904 ENN Natural Gas Co. Ltd. 'A' CNH 81,400 233,016 0.01 Eoptolink Technology, Inc. Ltd. 'A' CNH 22,400 326,135 0.01 Eve Energy Co. Ltd. 'A' CNH 69,017 377,454 0.01 Everbright Securities Co. Ltd. 'A' CNH 120,100 241,675 0.01 Everdisplay Optronics Shanghai Co. Ltd. 'A' CNH 343,930 93,739 FAW Jiefang Group Co. Ltd. 'A' CNH 95,000 102,403 First Capital Securities Co. Ltd. 'A' CNH 118,600 83,094 Flat Glass Group Co. Ltd. 'A' CNH 62,000 171,529 Flat Glass Group Co. Ltd. 'H' HKD 225,000 331,411 0.01 Focus Media Information Technology Co. Ltd. 'A' CNH 455,100 379,617 0.01 Foshan Haitian Flavouring & Food Co. Ltd. 'A' CNH 152,892 725,410 0.02 Founder Securities Co. Ltd. 'A' CNH 18,400 19,579 Founder Securities Co. Ltd. 'A' CNY 241,000 256,446 0.01 Foxconn Industrial Internet Co. Ltd. 'A' CNH 426,200 1,613,029 0.04 Fuyao Glass Industry Group Co. Ltd. 'A' CNH 63,100 415,565 0.01 Fuyao Glass Industry Group Co. Ltd., 144A 'H' HKD 329,200 1,911,652 0.05 Ganfeng Lithium Group Co. Ltd. 'A' CNH 49,620 195,054 0.01 Ganfeng Lithium Group Co. Ltd., 144A 'H' HKD 222,400 432,129 0.01 GD Power Development Co. Ltd. 'A' CNH 562,000 463,401 0.01 GEM Co. Ltd. 'A' CNH 148,400 130,214 -
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets GF Securities Co. Ltd. 'A' CNH 182,000 304,866 0.01 GF Securities Co. Ltd. 'H' HKD 556,600 461,548 0.01 GigaDevice Semiconductor, Inc. 'A' CNH 21,032 277,156 0.01 Ginlong Technologies Co. Ltd. 'A' CNH 12,600 72,213 GoerTek, Inc. 'A' CNH 107,800 289,491 0.01 Goldwind Science & Technology Co. Ltd. 'A' CNH 118,200 109,005 Goneo Group Co. Ltd. 'A' CNY 21,460 227,812 0.01 Gotion High-tech Co. Ltd. 'A' CNH 59,900 157,205 Great Wall Motor Co. Ltd. 'A' CNH 77,900 271,208 0.01 Great Wall Motor Co. Ltd. 'H' HKD 1,261,000 1,940,777 0.05 Gree Electric Appliances, Inc. of Zhuhai 'A' CNH 7,300 39,405 Gree Electric Appliances, Inc. of Zhuhai 'A' CNY 81,400 439,390 0.01 Greenland Holdings Corp. Ltd. 'A' CNH 197,700 36,612 Greenland Holdings Corp. Ltd. 'A' CNY 171,400 31,742 GRG Banking Equipment Co. Ltd. 'A' CNH 78,300 112,756 Guangdong Haid Group Co. Ltd. 'A' CNH 54,300 351,713 0.01 Guangdong HEC Technology Holding Co. Ltd. 'A' CNH 85,600 82,976 Guanghui Energy Co. Ltd. 'A' CNH 206,900 190,795 Guangzhou Automobile Group Co. Ltd. 'A' CNH 155,200 165,333 Guangzhou Automobile Group Co. Ltd. 'H' HKD 1,546,400 546,886 0.01 Guangzhou Baiyun International Airport Co. Ltd. 'A' CNH 70,300 91,747 Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. 'A' CNH 43,200 174,388 Guangzhou Haige Communications Group, Inc. Co. 'A' CNH 74,000 105,548 Guangzhou Kingmed Diagnostics Group Co. Ltd. 'A' CNH 14,800 55,392 Guangzhou Shiyuan Electronic Technology Co. Ltd. 'A' CNH 21,300 86,582 Guangzhou Tinci Materials Technology Co. Ltd. 'A' CNH 64,460 154,933 Guangzhou Yuexiu Capital Holdings Group Co. Ltd. 'A' CNH 114,576 78,231 Guolian Securities Co. Ltd. 'A' CNH 70,600 93,696 Guosen Securities Co. Ltd. 'A' CNH 201,961 241,579 0.01 Guotai Junan Securities Co. Ltd. 'A' CNH 236,700 441,459 0.01 Guoyuan Securities Co. Ltd. 'A' CNH 128,200 106,935 Haier Smart Home Co. Ltd. 'A' CNH 198,800 776,583 0.02 Haier Smart Home Co. Ltd. 'H' HKD 1,298,800 4,336,793 0.11 Hainan Airlines Holding Co. Ltd. 'A' CNY 1,265,100 177,599 Hainan Airlines Holding Co. Ltd. 'A' CNH 96,700 13,575 Hainan Airport Infrastructure Co. Ltd. 'A' CNY 187,700 81,135 Hainan Airport Infrastructure Co. Ltd. 'A' CNH 172,300 74,478 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 43
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 44
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Haitong Securities Co. Ltd. 'A' CNH 296,800 349,707 0.01 Haitong Securities Co. Ltd. 'H' HKD 1,468,400 682,811 0.02 Hang Zhou Great Star Industrial Co. Ltd. 'A' CNH 35,700 121,091 Hangzhou First Applied Material Co. Ltd. 'A' CNH 82,296 166,486 Hangzhou Oxygen Plant Group Co. Ltd. 'A' CNH 33,700 103,208 Hangzhou Robam Appliances Co. Ltd. 'A' CNH 29,900 90,760 Hangzhou Silan Microelectronics Co. Ltd. 'A' CNH 51,200 123,414 Hangzhou Tigermed Consulting Co. Ltd. 'A' CNH 11,000 73,567 Haohua Chemical Science & Technology Co. Ltd. 'A' CNY 22,200 88,337 Hebei Yangyuan Zhihui Beverage Co. Ltd. 'A' CNH 39,900 116,811 Heilongjiang Agriculture Co. Ltd. 'A' CNH 56,000 96,280 Henan Shenhuo Coal Industry & Electricity Power Co. Ltd. 'A' CNH 70,900 197,434 0.01 Henan Shuanghui Investment & Development Co. Ltd. 'A' CNH 112,800 369,044 0.01 Hengdian Group DMEGC Magnetics Co. Ltd. 'A' CNH 51,300 88,062 Hengli Petrochemical Co. Ltd. 'A' CNH 229,260 440,191 0.01 Hengtong Optic-electric Co. Ltd. 'A' CNH 74,300 161,269 Hengyi Petrochemical Co. Ltd. 'A' CNH 116,660 113,553 Hesteel Co. Ltd. 'A' CNH 290,900 77,675 Hisense Home Appliances Group Co. Ltd. 'A' CNY 148,900 660,570 0.02 Hisense Home Appliances Group Co. Ltd. 'H' HKD 184,000 605,562 0.02 Hisense Visual Technology Co. Ltd. 'A' CNY 38,300 130,372 Hisense Visual Technology Co. Ltd. 'A' CNH 2,900 9,872 Hithink RoyalFlush Information Network Co. Ltd. 'A' CNH 16,900 241,390 0.01 HLA Group Corp. Ltd. 'A' CNH 131,200 166,828 Hoshine Silicon Industry Co. Ltd. 'A' CNH 24,800 159,146 Huadian Power International Corp. Ltd. 'A' CNH 293,500 280,462 0.01 Huadong Medicine Co. Ltd. 'A' CNH 55,340 211,814 0.01 Huafon Chemical Co. Ltd. 'A' CNH 156,400 154,351 Huagong Tech Co. Ltd. 'A' CNH 31,700 130,636 Huaibei Mining Holdings Co. Ltd. 'A' CNH 76,300 175,982 Hualan Biological Engineering, Inc. 'A' CNH 57,500 124,947 Huaneng Power International, Inc. 'A' CNH 288,800 382,568 0.01 Huaneng Power International, Inc. 'H' HKD 2,269,600 1,683,903 0.04 Huatai Securities Co. Ltd. 'A' CNH 231,800 395,318 0.01 Huatai Securities Co. Ltd., 144A 'H' HKD 784,000 867,086 0.02 Huaxia Bank Co. Ltd. 'A' CNH 417,900 368,028 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Huayu Automotive Systems Co. Ltd. 'A' CNH 99,400 223,882 0.01 Hubei Jumpcan Pharmaceutical Co. Ltd. 'A' CNH 29,100 126,848 Huizhou Desay Sv Automotive Co. Ltd. 'A' CNH 17,500 210,036 0.01 Humanwell Healthcare Group Co. Ltd. 'A' CNH 51,500 121,725 Hunan Valin Steel Co. Ltd. 'A' CNH 217,700 132,751 Hundsun Technologies, Inc. 'A' CNH 59,881 145,560 Hwatsing Technology Co. Ltd. 'A' CNH 4,740 123,692 Hygon Information Technology Co. Ltd. 'A' CNH 75,840 734,896 0.02 IEIT Systems Co. Ltd. 'A' CNH 45,232 226,875 0.01 Iflytek Co. Ltd. 'A' CNH 73,000 431,601 0.01 Imeik Technology Development Co. Ltd. 'A' CNH 9,520 225,572 0.01 Industrial & Commercial Bank of China Ltd. 'A' CNH 2,024,600 1,588,326 0.04 Industrial & Commercial Bank of China Ltd. 'H' HKD 35,399,000 21,011,815 0.51 Industrial Bank Co. Ltd. 'A' CNH 668,600 1,621,443 0.04 Industrial Securities Co. Ltd. 'A' CNH 272,100 189,504 Ingenic Semiconductor Co. Ltd. 'A' CNH 14,400 110,069 Inner Mongolia BaoTou Steel Union Co. Ltd. 'A' CNH 1,430,800 275,698 0.01 Inner Mongolia Dian Tou Energy Corp. Ltd. 'A' CNH 71,900 208,783 0.01 Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. 'A' CNH 265,900 135,040 Inner Mongolia Yili Industrial Group Co. Ltd. 'A' CNH 210,000 746,608 0.02 Inner Mongolia Yitai Coal Co. Ltd. 'B' USD 569,900 1,023,540 0.03 Inner Mongolia Yuan Xing Energy Co. Ltd. 'A' CNH 115,300 109,645 Isoftstone Information Technology Group Co. Ltd. 'A' CNY 27,900 135,380 Isoftstone Information Technology Group Co. Ltd. 'A' CNH 2,100 10,190 JA Solar Technology Co. Ltd. 'A' CNH 104,396 160,966 Jason Furniture Hangzhou Co. Ltd. 'A' CNH 25,890 114,740 JCET Group Co. Ltd. 'A' CNH 56,400 246,214 0.01 JCHX Mining Management Co. Ltd. 'A' CNY 96,600 672,121 0.02 Jiangsu Eastern Shenghong Co. Ltd. 'A' CNH 208,300 228,515 0.01 Jiangsu Expressway Co. Ltd. 'H' HKD 642,000 684,454 0.02 Jiangsu Hengli Hydraulic Co. Ltd. 'A' CNH 43,936 281,040 0.01 Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' CNH 210,333 1,113,309 0.03 Jiangsu King's Luck Brewery JSC Ltd. 'A' CNH 41,500 263,947 0.01 Jiangsu Nhwa Pharmaceutical Co. Ltd. 'A' CNY 29,500 96,390 Jiangsu Nhwa Pharmaceutical Co. Ltd. 'A' CNH 2,300 7,515 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 44
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 45
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Jiangsu Pacific Quartz Co. Ltd. 'A' CNH 17,100 69,702 Jiangsu Phoenix Publishing & Media Corp. Ltd. 'A' CNH 75,600 114,064 Jiangsu Phoenix Publishing & Media Corp. Ltd. 'A' CNY 4,600 6,940 Jiangsu Yanghe Distillery Co. Ltd. 'A' CNH 49,700 552,259 0.01 Jiangsu Yangnong Chemical Co. Ltd. 'A' CNH 14,090 109,464 Jiangsu Yoke Technology Co. Ltd. 'A' CNH 16,300 141,193 Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. 'A' CNH 31,600 163,573 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNH 104,900 228,842 0.01 Jiangxi Copper Co. Ltd. 'A' CNH 65,400 213,188 0.01 Jiangxi Copper Co. Ltd. 'H' HKD 610,000 1,216,235 0.03 Jinduicheng Molybdenum Co. Ltd. 'A' CNY 94,500 135,399 Jinko Solar Co. Ltd. 'A' CNH 73,700 72,014 Jinko Solar Co. Ltd. 'A' CNY 195,160 190,694 Jizhong Energy Resources Co. Ltd. 'A' CNH 111,400 102,715 Joincare Pharmaceutical Group Industry Co. Ltd. 'A' CNH 60,300 92,507 Jointown Pharmaceutical Group Co. Ltd. 'A' CNY 159,841 107,354 Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd. 'A' CNH 24,800 77,456 Juneyao Airlines Co. Ltd. 'A' CNH 65,800 99,531 Kangmei Pharmaceutical Co. Ltd. CNY 3,525 941 Kingnet Network Co. Ltd. 'A' CNH 64,000 84,134 Kuang-Chi Technologies Co. Ltd. 'A' CNH 67,900 162,164 Kunlun Tech Co. Ltd. 'A' CNY 35,000 155,372 Kunlun Tech Co. Ltd. 'A' CNH 3,300 14,649 Kweichow Moutai Co. Ltd. 'A' CNH 41,000 8,267,502 0.20 LB Group Co. Ltd. 'A' CNH 75,200 192,203 0.01 Lens Technology Co. Ltd. 'A' CNH 152,900 384,112 0.01 Lepu Medical Technology Beijing Co. Ltd. 'A' CNH 59,300 121,116 Liaoning Port Co. Ltd. 'A' CNH 537,100 90,931 Lingyi iTech Guangdong Co. 'A' CNH 215,400 210,349 0.01 Livzon Pharmaceutical Group, Inc. 'A' CNH 1,400 7,171 Livzon Pharmaceutical Group, Inc. 'A' CNY 18,300 93,734 LONGi Green Energy Technology Co. Ltd. 'A' CNH 238,920 460,988 0.01 Luxshare Precision Industry Co. Ltd. 'A' CNH 230,668 1,244,381 0.03 Luzhou Laojiao Co. Ltd. 'A' CNH 47,400 936,580 0.02 Mango Excellent Media Co. Ltd. 'A' CNH 58,960 169,615 Maxscend Microelectronics Co. Ltd. 'A' CNH 16,852 180,454 Meihua Holdings Group Co. Ltd. 'A' CNH 92,800 127,872 Metallurgical Corp. of China Ltd. 'A' CNH 562,600 240,143 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets MGI Tech Co. Ltd. 'A' CNH 13,280 86,486 Midea Group Co. Ltd. 'A' CNH 112,300 997,118 0.02 Montage Technology Co. Ltd. 'A' CNH 35,860 281,312 0.01 Muyuan Foods Co. Ltd. 'A' CNH 180,238 1,080,765 0.03 Nanjing Iron & Steel Co. Ltd. 'A' CNY 988,700 677,639 0.02 Nanjing Securities Co. Ltd. 'A' CNH 109,500 115,745 NARI Technology Co. Ltd. 'A' CNH 264,945 909,425 0.02 National Silicon Industry Group Co. Ltd. 'A' CNY 79,970 152,038 National Silicon Industry Group Co. Ltd. 'A' CNH 6,600 12,548 NAURA Technology Group Co. Ltd. 'A' CNH 16,700 735,339 0.02 New China Life Insurance Co. Ltd. 'A' CNH 65,700 270,670 0.01 New China Life Insurance Co. Ltd. 'H' HKD 478,000 912,324 0.02 New Hope Liuhe Co. Ltd. 'A' CNH 143,300 180,323 Ninestar Corp. 'A' CNH 44,600 162,218 Ningbo Deye Technology Co. Ltd. 'A' CNH 22,204 227,183 0.01 Ningbo Joyson Electronic Corp. 'A' CNH 44,400 90,258 Ningbo Orient Wires & Cables Co. Ltd. 'A' CNH 21,700 145,778 Ningbo Sanxing Medical Electric Co. Ltd. 'A' CNH 45,100 217,409 0.01 Ningbo Shanshan Co. Ltd. 'A' CNH 77,300 86,389 Ningbo Tuopu Group Co. Ltd. 'A' CNH 36,600 270,544 0.01 Ningxia Baofeng Energy Group Co. Ltd. 'A' CNH 237,100 565,505 0.01 Nongfu Spring Co. Ltd., 144A 'H' HKD 1,095,200 5,189,519 0.13 Offshore Oil Engineering Co. Ltd. 'A' CNH 139,300 113,302 OFILM Group Co. Ltd. 'A' CNH 97,200 104,553 Oppein Home Group, Inc. 'A' CNH 15,360 112,864 Orient Securities Co. Ltd. 'A' CNH 229,600 240,181 0.01 Oriental Pearl Group Co. Ltd. 'A' CNH 101,500 84,940 Pangang Group Vanadium Titanium & Resources Co. Ltd. 'A' CNH 272,100 93,635 People.cn Co. Ltd. 'A' CNY 32,400 89,160 People.cn Co. Ltd. 'A' CNH 2,400 6,604 People's Insurance Co. Group of China Ltd. (The) 'A' CNH 298,300 211,081 0.01 People's Insurance Co. Group of China Ltd. (The) 'H' HKD 4,681,000 1,606,725 0.04 PetroChina Co. Ltd. 'A' CNH 45,200 64,256 PetroChina Co. Ltd. 'A' CNY 635,100 902,847 0.02 PetroChina Co. Ltd. 'H' HKD 11,472,600 11,599,160 0.28 Pharmaron Beijing Co. Ltd. 'A' CNH 46,825 119,725 PICC Property & Casualty Co. Ltd. 'H' HKD 3,751,216 4,660,303 0.11 Ping An Bank Co. Ltd. 'A' CNH 21,700 30,315 Ping An Bank Co. Ltd. 'A' CNY 589,800 823,957 0.02 Ping An Insurance Group Co. of China Ltd. 'A' CNH 346,400 1,967,276 0.05 Ping An Insurance Group Co. of China Ltd. 'H' HKD 3,645,000 16,471,155 0.40
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 45
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 46
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Pingdingshan Tianan Coal Mining Co. Ltd. 'A' CNH 300,900 463,880 0.01 Piotech, Inc. 'A' CNY 8,104 134,002 Piotech, Inc. 'A' CNH 622 10,278 Poly Developments and Holdings Group Co. Ltd. 'A' CNH 382,000 459,466 0.01 Postal Savings Bank of China Co. Ltd. 'A' CNH 948,000 661,045 0.02 Postal Savings Bank of China Co. Ltd., 144A 'H' HKD 4,260,000 2,496,149 0.06 Power Construction Corp. of China Ltd. 'A' CNH 561,100 431,687 0.01 Qi An Xin Technology Group, Inc. 'A' CNY 20,060 65,222 Qi An Xin Technology Group, Inc. 'A' CNH 1,530 4,975 Qinghai Salt Lake Industry Co. Ltd. 'A' CNH 177,000 425,101 0.01 Range Intelligent Computing Technology Group Co. Ltd. 'A' CNH 42,700 141,001 Rockchip Electronics Co. Ltd. 'A' CNH 10,400 84,714 Rongsheng Petrochemical Co. Ltd. 'A' CNH 322,550 428,939 0.01 SAIC Motor Corp. Ltd. 'A' CNH 245,500 468,453 0.01 Sailun Group Co. Ltd. 'A' CNH 94,900 182,879 Sanan Optoelectronics Co. Ltd. 'A' CNY 146,100 235,698 0.01 Sanan Optoelectronics Co. Ltd. 'A' CNH 11,100 17,907 Sangfor Technologies, Inc. 'A' CNH 13,100 91,129 Sany Heavy Industry Co. Ltd. 'A' CNH 269,800 612,715 0.02 Satellite Chemical Co. Ltd. 'A' CNH 114,945 284,444 0.01 SDIC Capital Co. Ltd. 'A' CNH 202,500 157,475 SDIC Power Holdings Co. Ltd. 'A' CNY 218,200 547,782 0.01 SDIC Power Holdings Co. Ltd. 'A' CNH 16,700 41,925 Seres Group Co. Ltd. 'A' CNY 44,100 553,100 0.01 Seres Group Co. Ltd. 'A' CNH 5,800 72,743 SF Holding Co. Ltd. 'A' CNH 154,300 756,300 0.02 SG Micro Corp. 'A' CNH 14,712 167,710 Shaanxi Coal Industry Co. Ltd. 'A' CNH 312,000 1,106,588 0.03 Shan Xi Hua Yang Group New Energy Co. Ltd. 'A' CNH 113,650 155,749 Shandong Gold Mining Co. Ltd. 'A' CNH 117,656 443,531 0.01 Shandong Gold Mining Co. Ltd., 144A 'H' HKD 387,500 771,565 0.02 Shandong Himile Mechanical Science & Technology Co. Ltd. 'A' CNY 23,400 122,645 Shandong Hualu Hengsheng Chemical Co. Ltd. 'A' CNH 66,890 244,944 0.01 Shandong Linglong Tyre Co. Ltd. 'A' CNH 46,400 117,347 Shandong Nanshan Aluminum Co. Ltd. 'A' CNH 369,000 193,502 0.01 Shandong Sun Paper Industry JSC Ltd. 'A' CNH 93,100 178,657 Shandong Weigao Group Medical Polymer Co. Ltd. 'H' HKD 1,367,600 650,612 0.02
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Shanghai Aiko Solar Energy Co. Ltd. 'A' CNH 57,600 71,751 Shanghai Baosight Software Co. Ltd. 'A' CNH 67,192 295,447 0.01 Shanghai Baosight Software Co. Ltd. 'B' USD 380,208 615,557 0.02 Shanghai BOCHU Electronic Technology Corp. Ltd. 'A' CNH 6,294 159,898 Shanghai Construction Group Co. Ltd. 'A' CNH 247,700 73,295 Shanghai Electric Group Co. Ltd. 'A' CNH 389,000 198,094 0.01 Shanghai Electric Power Co. Ltd. 'A' CNH 88,800 120,688 Shanghai Fosun Pharmaceutical Group Co. Ltd. 'A' CNH 66,800 203,583 0.01 Shanghai International Airport Co. Ltd. 'A' CNH 39,200 173,988 Shanghai International Port Group Co. Ltd. 'A' CNH 263,300 209,347 0.01 Shanghai Jinjiang International Hotels Co. Ltd. 'A' CNH 28,800 91,092 Shanghai Lingang Holdings Corp. Ltd. 'A' CNH 75,440 94,583 Shanghai M&G Stationery, Inc. 'A' CNH 27,900 120,121 Shanghai Moons' Electric Co. Ltd. 'A' CNY 12,300 67,759 Shanghai Pharmaceuticals Holding Co. Ltd. 'A' CNH 87,700 230,505 0.01 Shanghai Pharmaceuticals Holding Co. Ltd. 'H' HKD 396,300 594,922 0.01 Shanghai Pudong Development Bank Co. Ltd. 'A' CNH 924,900 1,046,551 0.03 Shanghai Putailai New Energy Technology Co. Ltd. 'A' CNH 65,706 127,174 Shanghai RAAS Blood Products Co. Ltd. 'A' CNH 212,400 228,626 0.01 Shanghai Rural Commercial Bank Co. Ltd. 'A' CNH 30,600 28,302 Shanghai Rural Commercial Bank Co. Ltd. 'A' CNY 273,300 252,777 0.01 Shanghai United Imaging Healthcare Co. Ltd. 'A' CNH 25,970 392,070 0.01 Shanghai Yuyuan Tourist Mart Group Co. Ltd. 'A' CNH 122,700 86,981 Shanghai Zhangjiang HighTech Park Development Co. Ltd. 'A' CNH 46,200 117,183 Shanxi Coal International Energy Group Co. Ltd. 'A' CNY 66,000 132,866 Shanxi Coking Coal Energy Group Co. Ltd. 'A' CNH 178,900 253,843 0.01 Shanxi Lu'an Environmental Energy Development Co. Ltd. 'A' CNH 94,300 235,316 0.01 Shanxi Meijin Energy Co. Ltd. 'A' CNH 125,000 81,900 Shanxi Taigang Stainless Steel Co. Ltd. 'A' CNH 183,400 85,311 Shanxi Xinghuacun Fen Wine Factory Co. Ltd. 'A' CNH 39,300 1,138,232 0.03 Shede Spirits Co. Ltd. 'A' CNY 9,800 76,477 Shede Spirits Co. Ltd. 'A' CNH 700 5,463 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 46
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 47
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Shenergy Co. Ltd. 'A' CNH 154,700 188,027 Shengyi Technology Co. Ltd. 'A' CNH 72,300 209,624 0.01 Shennan Circuits Co. Ltd. 'A' CNH 16,200 235,229 0.01 Shenwan Hongyuan Group Co. Ltd. 'A' CNH 692,700 410,938 0.01 Shenzhen Capchem Technology Co. Ltd. 'A' CNH 25,540 100,401 Shenzhen Energy Group Co. Ltd. 'A' CNH 149,940 150,648 Shenzhen Goodix Technology Co. Ltd. 'A' CNH 13,700 129,646 Shenzhen Inovance Technology Co. Ltd. 'A' CNH 42,950 303,224 0.01 Shenzhen Kangtai Biological Products Co. Ltd. 'A' CNH 35,180 75,582 Shenzhen Kedali Industry Co. Ltd. 'A' CNH 7,900 83,046 Shenzhen Mindray BioMedical Electronics Co. Ltd. 'A' CNH 39,000 1,561,868 0.04 Shenzhen New Industries Biomedical Engineering Co. Ltd. 'A' CNH 24,200 224,653 0.01 Shenzhen Salubris Pharmaceuticals Co. Ltd. 'A' CNH 35,100 128,611 Shenzhen Transsion Holdings Co. Ltd. 'A' CNH 36,610 385,665 0.01 Shenzhen YUTO Packaging Technology Co. Ltd. 'A' CNH 26,400 92,983 Shijiazhuang Yiling Pharmaceutical Co. Ltd. 'A' CNH 52,680 111,143 Sichuan Changhong Electric Co. Ltd. 'A' CNH 137,700 85,116 Sichuan Chuantou Energy Co. Ltd. 'A' CNH 159,100 410,557 0.01 Sichuan Hebang Biotechnology Co. Ltd. 'A' CNH 253,000 57,418 Sichuan Kelun Pharmaceutical Co. Ltd. 'A' CNH 46,500 193,700 0.01 Sichuan Road and Bridge Group Co. Ltd. 'A' CNY 209,860 227,920 0.01 Sichuan Road and Bridge Group Co. Ltd. 'A' CNH 19,000 20,635 Sichuan Swellfun Co. Ltd. 'A' CNH 15,400 79,743 Sieyuan Electric Co. Ltd. 'A' CNH 24,300 223,195 0.01 Sinolink Securities Co. Ltd. 'A' CNY 109,000 113,275 Sinoma International Engineering Co. 'A' CNY 77,400 128,470 Sinoma Science & Technology Co. Ltd. 'A' CNH 57,500 102,148 Sinomine Resource Group Co. Ltd. 'A' CNH 24,360 89,825 Sinopharm Group Co. Ltd. 'H' HKD 719,600 1,910,538 0.05 Songcheng Performance Development Co. Ltd. 'A' CNH 82,440 91,169 SooChow Securities Co. Ltd. 'A' CNH 178,190 144,705 Southwest Securities Co. Ltd. 'A' CNH 197,200 97,172 Spring Airlines Co. Ltd. 'A' CNH 2,100 16,260 Spring Airlines Co. Ltd. 'A' CNY 28,700 222,223 0.01 StarPower Semiconductor Ltd. 'A' CNH 7,560 89,689 Sungrow Power Supply Co. Ltd. 'A' CNH 68,600 583,872 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Sunresin New Materials Co. Ltd. 'A' CNY 14,700 84,494 Sunwoda Electronic Co. Ltd. 'A' CNH 57,200 119,436 SUPCON Technology Co. Ltd. 'A' CNH 24,159 125,365 Suzhou Dongshan Precision Manufacturing Co. Ltd. 'A' CNH 53,900 153,593 Suzhou Maxwell Technologies Co. Ltd. 'A' CNH 8,768 144,148 Suzhou TFC Optical Communication Co. Ltd. 'A' CNH 17,360 211,576 0.01 TBEA Co. Ltd. 'A' CNH 28,100 53,643 TBEA Co. Ltd. 'A' CNY 142,480 271,994 0.01 TCL Technology Group Corp. 'A' CNH 607,100 360,179 0.01 TCL Zhonghuan Renewable Energy Technology Co. Ltd. 'A' CNH 127,350 151,613 Thunder Software Technology Co. Ltd. 'A' CNH 14,500 91,003 Tian Di Science & Technology Co. Ltd. 'A' CNY 663,700 629,300 0.02 Tianfeng Securities Co. Ltd. 'A' CNH 258,400 77,536 Tianqi Lithium Corp. 'A' CNH 2,800 11,522 Tianqi Lithium Corp. 'A' CNY 43,800 180,233 Tianshan Aluminum Group Co. Ltd. 'A' CNH 146,600 163,631 Tianshui Huatian Technology Co. Ltd. 'A' CNH 101,000 113,312 TongFu Microelectronics Co. Ltd. 'A' CNH 48,200 148,107 Tongkun Group Co. Ltd. 'A' CNH 76,000 166,473 Tongling Nonferrous Metals Group Co. Ltd. 'A' CNH 439,100 218,208 0.01 Tongwei Co. Ltd. 'A' CNH 144,400 379,763 0.01 TravelSky Technology Ltd. 'H' HKD 490,000 575,042 0.01 Trina Solar Co. Ltd. 'A' CNH 68,490 159,495 Tsingtao Brewery Co. Ltd. 'A' CNH 22,400 224,414 0.01 Tsingtao Brewery Co. Ltd. 'H' HKD 334,000 2,228,817 0.05 Unigroup Guoxin Microelectronics Co. Ltd. 'A' CNH 26,139 189,260 Unisplendour Corp. Ltd. 'A' CNH 90,148 277,773 0.01 Universal Scientific Industrial Shanghai Co. Ltd. 'A' CNH 54,700 120,841 Verisilicon Microelectronics Shanghai Co. Ltd. 'A' CNY 7,000 25,781 Verisilicon Microelectronics Shanghai Co. Ltd. 'A' CNH 7,840 28,874 Walvax Biotechnology Co. Ltd. 'A' CNH 50,700 79,444 Wanda Film Holding Co. Ltd. 'A' CNH 68,700 114,373 Wanhua Chemical Group Co. Ltd. 'A' CNH 5,700 63,310 Wanhua Chemical Group Co. Ltd. 'A' CNY 95,400 1,059,613 0.03 Weichai Power Co. Ltd. 'A' CNH 221,000 493,930 0.01 Weichai Power Co. Ltd. 'H' HKD 1,042,200 1,995,005 0.05 Weihai Guangwei Composites Co. Ltd. 'A' CNH 28,520 97,464 Wens Foodstuffs Group Co. Ltd. 'A' CNH 220,720 602,340 0.01 Western Mining Co. Ltd. 'A' CNH 76,100 188,048 Western Securities Co. Ltd. 'A' CNH 140,900 120,040 -
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 47
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Western Superconducting Technologies Co. Ltd. 'A' CNH 18,634 98,282 Will Semiconductor Co. Ltd. Shanghai 'A' CNH 37,705 515,741 0.01 Wingtech Technology Co. Ltd. 'A' CNH 39,200 152,435 Wintime Energy Group Co. Ltd. 'A' CNH 700,100 113,701 Wuchan Zhongda Group Co. Ltd. 'A' CNH 163,700 97,802 Wuhan Guide Infrared Co. Ltd. 'A' CNH 134,545 109,080 Wuliangye Yibin Co. Ltd. 'A' CNH 124,900 2,201,100 0.05 WUS Printed Circuit Kunshan Co. Ltd. 'A' CNH 60,070 302,402 0.01 WuXi AppTec Co. Ltd. 'A' CNH 80,840 435,933 0.01 WuXi AppTec Co. Ltd., 144A 'H' HKD 190,234 711,300 0.02 XCMG Construction Machinery Co. Ltd. 'A' CNH 398,900 392,564 0.01 Xiamen C & D, Inc. 'A' CNH 94,711 116,418 Xiamen Faratronic Co. Ltd. 'A' CNH 7,100 74,480 Xiamen Tungsten Co. Ltd. 'A' CNH 48,500 115,166 Xinjiang Daqo New Energy Co. Ltd. 'A' CNH 4,190 11,758 Xinjiang Daqo New Energy Co. Ltd. 'A' CNY 52,140 146,319 Yankuang Energy Group Co. Ltd. 'A' CNH 120,550 377,186 0.01 Yankuang Energy Group Co. Ltd. 'H' HKD 1,589,900 2,272,086 0.06 Yantai Jereh Oilfield Services Group Co. Ltd. 'A' CNH 32,300 155,952 Yealink Network Technology Corp. Ltd. 'A' CNH 38,360 194,114 0.01 Yifeng Pharmacy Chain Co. Ltd. 'A' CNH 38,188 129,037 Yihai Kerry Arawana Holdings Co. Ltd. 'A' CNH 52,100 196,134 0.01 Yintai Gold Co. Ltd. 'A' CNH 85,400 191,540 0.01 Yonghui Superstores Co. Ltd. 'A' CNY 265,700 90,557 Yonghui Superstores Co. Ltd. 'A' CNH 20,300 6,919 YongXing Special Materials Technology Co. Ltd. 'A' CNH 18,350 90,366 Yonyou Network Technology Co. Ltd. 'A' CNH 108,214 148,950 Youngor Fashion Co. Ltd. 'A' CNH 145,900 142,972 YTO Express Group Co. Ltd. 'A' CNH 108,433 233,625 0.01 Yunda Holding Co. Ltd. 'A' CNH 84,770 90,312 Yunnan Aluminium Co. Ltd. 'A' CNH 115,500 214,795 0.01 Yunnan Baiyao Group Co. Ltd. 'A' CNH 6,600 46,461 Yunnan Baiyao Group Co. Ltd. 'A' CNY 51,960 365,776 0.01 Yunnan Botanee BioTechnology Group Co. Ltd. 'A' CNH 12,600 83,799 Yunnan Chihong Zinc&Germanium Co. Ltd. 'A' CNY 149,000 109,533 Yunnan Energy New Material Co. Ltd. 'A' CNH 32,600 141,414 Yunnan Tin Co. Ltd. 'A' CNH 51,900 110,658 Yunnan Yuntianhua Co. Ltd. 'A' CNH 57,800 154,442 Yutong Bus Co. Ltd. 'A' CNY 73,700 261,706 0.01
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Zangge Mining Co. Ltd. 'A' CNH 48,600 160,863 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. 'A' CNH 20,100 573,178 0.01 Zhaojin Mining Industry Co. Ltd. 'H' HKD 718,000 1,205,712 0.03 Zhejiang Century Huatong Group Co. Ltd. 'A' CNH 229,120 108,172 Zhejiang China Commodities City Group Co. Ltd. 'A' CNH 172,900 176,581 Zhejiang Chint Electrics Co. Ltd. 'A' CNH 67,700 177,589 Zhejiang Dahua Technology Co. Ltd. 'A' CNH 108,800 231,564 0.01 Zhejiang Dingli Machinery Co. Ltd. 'A' CNH 14,960 124,436 Zhejiang Expressway Co. Ltd. 'H' HKD 905,280 611,056 0.02 Zhejiang Huahai Pharmaceutical Co. Ltd. 'A' CNH 43,430 101,907 Zhejiang Huayou Cobalt Co. Ltd. 'A' CNH 56,564 172,300 Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. 'A' CNH 40,200 158,964 Zhejiang Juhua Co. Ltd. 'A' CNH 83,000 275,626 0.01 Zhejiang Leapmotor Technology Co. Ltd., 144A HKD 276,100 945,354 0.02 Zhejiang Longsheng Group Co. Ltd. 'A' CNY 95,200 112,546 Zhejiang NHU Co. Ltd. 'A' CNY 89,168 235,428 0.01 Zhejiang NHU Co. Ltd. 'A' CNH 8,200 21,650 Zhejiang Sanhua Intelligent Controls Co. Ltd. 'A' CNH 4,800 12,615 Zhejiang Sanhua Intelligent Controls Co. Ltd. 'A' CNY 52,600 138,242 Zhejiang Supor Co. Ltd. 'A' CNH 17,000 117,226 Zhejiang Wanfeng Auto Wheel Co. Ltd. 'A' CNY 343,400 625,843 0.02 Zhejiang Weiming Environment Protection Co. Ltd. 'A' CNH 53,680 151,786 Zhejiang Weixing New Building Materials Co. Ltd. 'A' CNH 45,600 96,745 Zhejiang Zheneng Electric Power Co. Ltd. 'A' CNY 327,100 320,176 0.01 Zhejiang Zheneng Electric Power Co. Ltd. 'A' CNH 25,000 24,471 Zheshang Securities Co. Ltd. 'A' CNH 119,200 175,450 Zhongji Innolight Co. Ltd. 'A' CNH 35,420 673,760 0.02 Zhongjin Gold Corp. Ltd. 'A' CNH 10,900 22,212 Zhongjin Gold Corp. Ltd. 'A' CNY 141,900 289,158 0.01 Zhongtai Securities Co. Ltd. 'A' CNH 207,800 162,172 Zhuzhou CRRC Times Electric Co. Ltd. 'A' CNH 25,910 176,091 Zhuzhou CRRC Times Electric Co. Ltd. 'H' HKD 277,300 1,092,558 0.03 Zijin Mining Group Co. Ltd. 'A' CNH 662,700 1,602,943 0.04 Zijin Mining Group Co. Ltd. 'H' HKD 2,945,000 6,218,170 0.15 Zoomlion Heavy Industry Science and Technology Co. Ltd. 'A' CNH 223,600 236,401 0.01 ZTE Corp. 'A' CNH 129,600 499,283 0.01 ZTE Corp. 'H' HKD 415,224 919,312 0.02 420,664,550 9.94
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 48
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Colombia Bancolombia SA COP 140,080 1,188,981 0.03 Bancolombia SA Preference COP 245,869 1,999,159 0.05 Interconexion Electrica SA ESP COP 240,941 1,043,453 0.03 4,231,593 0.11 Czech Republic CEZ AS CZK 87,770 3,291,953 0.08 Komercni Banka AS CZK 40,860 1,362,433 0.03 Moneta Money Bank AS, 144A CZK 174,440 762,626 0.02 5,417,012 0.13 Egypt Commercial International Bank - Egypt (CIB) EGP 1,362,476 2,195,620 0.05 Eastern Co. SAE EGP 731,273 276,797 0.01 Talaat Moustafa Group EGP 496,400 587,970 0.01 3,060,387 0.07 Greece Alpha Services and Holdings SA EUR 1,215,520 1,987,234 0.05 Eurobank Ergasias Services and Holdings SA EUR 1,414,740 3,069,786 0.07 Hellenic Telecommunications Organization SA EUR 100,740 1,458,355 0.04 JUMBO SA EUR 62,152 1,784,847 0.04 Metlen Energy & Metals SA EUR 58,280 2,179,990 0.05 Motor Oil Hellas Corinth Refineries SA EUR 34,910 874,036 0.02 National Bank of Greece SA EUR 422,810 3,535,846 0.09 OPAP SA EUR 98,320 1,544,299 0.04 Piraeus Financial Holdings SA EUR 577,970 2,115,543 0.05 Public Power Corp. SA EUR 115,230 1,380,852 0.03 19,930,788 0.48 Hong Kong Beijing Enterprises Holdings Ltd. HKD 270,500 907,742 0.02 BYD Electronic International Co. Ltd. HKD 423,000 2,113,930 0.05 China Merchants Port Holdings Co. Ltd. HKD 758,200 1,127,009 0.03 China Overseas Land & Investment Ltd. HKD 2,083,400 3,601,594 0.09 China Power International Development Ltd. HKD 2,662,000 1,380,851 0.03 China Resources Beer Holdings Co. Ltd. HKD 882,266 2,959,347 0.07 China Resources Pharmaceutical Group Ltd., 144A HKD 1,025,000 760,145 0.02 China Resources Power Holdings Co. Ltd. HKD 1,046,000 3,206,234 0.08 China Taiping Insurance Holdings Co. Ltd. HKD 762,680 779,656 0.02 CITIC Ltd. HKD 3,164,000 2,869,803 0.07 CSPC Pharmaceutical Group Ltd. HKD 4,840,560 3,848,210 0.09 Far East Horizon Ltd. HKD 1,020,000 663,537 0.02 Fosun International Ltd. HKD 1,296,000 695,604 0.02 Guangdong Investment Ltd. HKD 1,546,000 905,029 0.02 Hua Hong Semiconductor Ltd., 144A HKD 311,000 878,646 0.02 Lenovo Group Ltd. HKD 4,367,000 6,151,919 0.15 MMG Ltd. HKD 1,620,000 618,389 0.02
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets MMG Ltd. HKD 648,000 28,628 Sinotruk Hong Kong Ltd. HKD 379,000 985,545 0.02 34,481,818 0.84 Hungary MOL Hungarian Oil & Gas plc HUF 242,210 1,879,856 0.05 OTP Bank Nyrt HUF 121,814 6,025,225 0.15 Richter Gedeon Nyrt HUF 76,460 1,976,363 0.05 9,881,444 0.25 India ABB India Ltd. INR 28,810 2,933,303 0.07 Adani Enterprises Ltd. INR 92,990 3,542,494 0.09 Adani Green Energy Ltd. INR 172,280 3,695,026 0.09 Adani Ports & Special Economic Zone Ltd. INR 287,185 5,089,684 0.12 Adani Power Ltd. INR 419,487 3,618,549 0.09 Ambuja Cements Ltd. INR 323,945 2,603,472 0.06 APL Apollo Tubes Ltd. INR 89,490 1,668,970 0.04 Apollo Hospitals Enterprise Ltd. INR 54,730 4,060,405 0.10 Ashok Leyland Ltd. INR 788,990 2,288,371 0.06 Asian Paints Ltd. INR 208,644 7,298,318 0.18 Astral Ltd. INR 73,040 2,085,210 0.05 AU Small Finance Bank Ltd., 144A INR 197,900 1,594,799 0.04 Aurobindo Pharma Ltd. INR 141,703 2,051,981 0.05 Avenue Supermarts Ltd., 144A INR 88,470 5,003,962 0.12 Axis Bank Ltd. INR 1,242,117 18,845,606 0.46 Bajaj Auto Ltd. INR 36,522 4,161,318 0.10 Bajaj Finance Ltd. INR 151,474 12,924,246 0.31 Bajaj Finserv Ltd. INR 208,230 3,965,554 0.10 Bajaj Holdings & Investment Ltd. INR 14,530 1,487,378 0.04 Balkrishna Industries Ltd. INR 41,560 1,610,312 0.04 Bandhan Bank Ltd., 144A INR 420,450 1,027,429 0.03 Bank of Baroda INR 555,860 1,835,589 0.04 Bharat Electronics Ltd. INR 1,987,560 7,289,927 0.18 Bharat Forge Ltd. INR 137,626 2,756,533 0.07 Bharat Heavy Electricals Ltd. INR 568,070 2,049,127 0.05 Bharat Petroleum Corp. Ltd. INR 823,332 3,000,560 0.07 Bharti Airtel Ltd. INR 1,003,387 17,380,880 0.42 Bharti Airtel Ltd. INR 229,716 2,872,753 0.07 Bosch Ltd. INR 3,940 1,610,383 0.04 Britannia Industries Ltd. INR 58,944 3,870,858 0.09 Canara Bank INR 986,540 1,413,194 0.03 CG Power & Industrial Solutions Ltd. INR 328,330 2,774,206 0.07 Cholamandalam Investment and Finance Co. Ltd. INR 228,400 3,898,511 0.09 Cipla Ltd. INR 285,388 5,069,594 0.12 Coal India Ltd. INR 837,835 4,753,356 0.12 Colgate-Palmolive India Ltd. INR 73,950 2,521,748 0.06 Container Corp. Of India Ltd. INR 144,005 1,799,909 0.04 Cummins India Ltd. INR 75,370 3,585,103 0.09 Dabur India Ltd. INR 330,359 2,379,858 0.06 Divi's Laboratories Ltd. INR 64,968 3,581,693 0.09 DLF Ltd. INR 403,830 3,993,518 0.10 Dr Reddy's Laboratories Ltd. INR 63,500 4,875,124 0.12 Eicher Motors Ltd. INR 74,450 4,171,822 0.10 GAIL India Ltd. INR 1,251,457 3,294,505 0.08 GMR Airports Infrastructure Ltd. INR 1,286,040 1,489,120 0.04
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 49
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
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Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Godrej Consumer Products Ltd. INR 222,489 3,670,856 0.09 Godrej Properties Ltd. INR 67,240 2,586,264 0.06 Grasim Industries Ltd. INR 143,238 4,586,757 0.11 Havells India Ltd. INR 136,323 2,979,096 0.07 HCL Technologies Ltd. INR 516,496 9,039,859 0.22 HDFC Asset Management Co. Ltd., 144A INR 52,240 2,501,992 0.06 HDFC Bank Ltd. INR 1,528,562 30,863,228 0.75 HDFC Life Insurance Co. Ltd., 144A INR 526,370 3,755,919 0.09 Hero MotoCorp Ltd. INR 65,234 4,364,648 0.11 Hindalco Industries Ltd. INR 733,234 6,100,443 0.15 Hindustan Aeronautics Ltd. INR 109,110 6,887,070 0.17 Hindustan Petroleum Corp. Ltd. INR 461,005 1,835,716 0.04 Hindustan Unilever Ltd. INR 447,204 13,262,197 0.32 ICICI Bank Ltd. INR 2,826,187 40,653,441 0.99 ICICI Lombard General Insurance Co. Ltd., 144A INR 128,491 2,757,382 0.07 ICICI Prudential Life Insurance Co. Ltd., 144A INR 193,480 1,405,447 0.03 IDFC First Bank Ltd. INR 1,883,890 1,855,976 0.05 Indian Hotels Co. Ltd. INR 464,440 3,482,865 0.08 Indian Oil Corp. Ltd. INR 1,517,858 3,014,319 0.07 Indian Railway Catering & Tourism Corp. Ltd. INR 128,980 1,529,937 0.04 Indus Towers Ltd. INR 432,180 1,944,971 0.05 IndusInd Bank Ltd. INR 156,600 2,750,028 0.07 Info Edge India Ltd. INR 38,700 3,149,015 0.08 Infosys Ltd. INR 1,805,821 33,928,067 0.82 InterGlobe Aviation Ltd., 144A INR 94,457 4,790,982 0.12 ITC Ltd. INR 1,629,425 8,301,869 0.20 Jindal Stainless Ltd. INR 176,070 1,736,644 0.04 Jindal Steel & Power Ltd. INR 191,880 2,402,936 0.06 Jio Financial Services Ltd. INR 1,554,735 6,676,892 0.16 JSW Energy Ltd. INR 190,090 1,674,028 0.04 JSW Steel Ltd. INR 332,468 3,713,583 0.09 Jubilant Foodworks Ltd. INR 207,930 1,404,365 0.03 Kotak Mahindra Bank Ltd. INR 594,580 12,850,728 0.31 Larsen & Toubro Ltd. INR 366,302 15,585,478 0.38 LTIMindtree Ltd., 144A INR 48,321 3,121,268 0.08 Lupin Ltd. INR 123,903 2,408,954 0.06 Macrotech Developers Ltd., 144A INR 162,240 2,924,985 0.07 Mahindra & Mahindra Ltd. INR 507,184 17,434,108 0.42 Mankind Pharma Ltd. INR 54,460 1,391,276 0.03 Marico Ltd. INR 278,143 2,044,505 0.05 Maruti Suzuki India Ltd. INR 76,937 11,102,064 0.27 Max Healthcare Institute Ltd. INR 422,830 4,769,253 0.12 Mphasis Ltd. INR 40,580 1,195,346 0.03 MRF Ltd. INR 1,270 1,971,591 0.05 Muthoot Finance Ltd. INR 65,500 1,410,539 0.03 Nestle India Ltd. INR 183,510 5,614,940 0.14 NHPC Ltd. INR 1,638,770 1,978,657 0.05 NMDC Ltd. INR 557,790 1,645,604 0.04 NTPC Ltd. INR 2,372,906 10,773,759 0.26 Oil & Natural Gas Corp. Ltd. INR 1,710,316 5,623,271 0.14 Page Industries Ltd. INR 3,294 1,544,416 0.04 PB Fintech Ltd. INR 159,490 2,672,199 0.07 Persistent Systems Ltd. INR 54,220 2,757,685 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Petronet LNG Ltd. INR 403,081 1,596,848 0.04 Phoenix Mills Ltd. (The) INR 53,450 2,299,751 0.06 PI Industries Ltd. INR 44,850 2,043,073 0.05 Pidilite Industries Ltd. INR 82,978 3,143,283 0.08 Polycab India Ltd. INR 28,590 2,310,492 0.06 Power Finance Corp. Ltd. INR 807,577 4,700,546 0.11 Power Grid Corp. of India Ltd. INR 2,528,876 10,035,942 0.24 Punjab National Bank INR 1,197,580 1,769,986 0.04 REC Ltd. INR 715,980 4,513,605 0.11 Reliance Industries Ltd. INR 1,655,655 62,157,229 1.51 Samvardhana Motherson International Ltd. INR 1,474,033 3,363,692 0.08 SBI Cards & Payment Services Ltd. INR 155,140 1,347,999 0.03 SBI Life Insurance Co. Ltd., 144A INR 245,070 4,384,201 0.11 Shree Cement Ltd. INR 4,846 1,619,553 0.04 Shriram Finance Ltd. INR 153,272 5,350,961 0.13 Siemens Ltd. INR 48,420 4,473,133 0.11 Sona Blw Precision Forgings Ltd., 144A INR 218,660 1,681,400 0.04 SRF Ltd. INR 80,600 2,354,473 0.06 State Bank of India INR 970,650 9,880,712 0.24 Sun Pharmaceutical Industries Ltd. INR 521,915 9,518,371 0.23 Sundaram Finance Ltd. INR 36,250 2,039,512 0.05 Supreme Industries Ltd. INR 34,130 2,437,460 0.06 Suzlon Energy Ltd. INR 5,178,520 3,282,334 0.08 Tata Communications Ltd. INR 61,270 1,362,455 0.03 Tata Consultancy Services Ltd. INR 491,886 23,037,852 0.56 Tata Consumer Products Ltd. INR 310,900 4,092,394 0.10 Tata Elxsi Ltd. INR 18,410 1,545,605 0.04 Tata Motors Ltd. INR 903,741 10,725,590 0.26 Tata Motors Ltd. INR 245,960 1,963,046 0.05 Tata Power Co. Ltd. (The) INR 781,940 4,134,410 0.10 Tata Steel Ltd. INR 4,073,190 8,498,739 0.21 Tech Mahindra Ltd. INR 292,143 5,010,928 0.12 Thermax Ltd. INR 22,290 1,430,246 0.04 Titan Co. Ltd. INR 193,117 7,883,120 0.19 Torrent Pharmaceuticals Ltd. INR 54,570 1,826,545 0.04 Torrent Power Ltd. INR 89,920 1,615,473 0.04 Trent Ltd. INR 97,440 6,402,465 0.16 Tube Investments of India Ltd. INR 57,850 2,954,478 0.07 TVS Motor Co. Ltd. INR 127,660 3,620,064 0.09 UltraTech Cement Ltd. INR 62,796 8,785,902 0.21 Union Bank of India Ltd. INR 830,240 1,360,744 0.03 United Spirits Ltd. INR 158,216 2,422,548 0.06 UPL Ltd. INR 242,046 1,656,907 0.04 Varun Beverages Ltd. INR 247,320 4,832,480 0.12 Vedanta Ltd. INR 606,433 3,303,167 0.08 Wipro Ltd. INR 710,373 4,385,541 0.11 Yes Bank Ltd. INR 7,822,100 2,221,940 0.05 Zomato Ltd. INR 3,597,200 8,650,636 0.21 784,279,507 19.09 Indonesia Adaro Energy Indonesia Tbk PT IDR 7,774,300 1,324,502 0.03 Amman Mineral Internasional PT IDR 3,549,200 2,383,459 0.06 Aneka Tambang Tbk IDR 4,542,900 346,806 0.01 Astra International Tbk PT IDR 10,932,900 2,976,653 0.07
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 50
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 51
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Bank Central Asia Tbk PT IDR 30,167,100 18,270,206 0.44 Bank Mandiri Persero Tbk PT IDR 20,302,196 7,617,726 0.18 Bank Negara Indonesia Persero Tbk PT IDR 8,113,000 2,306,398 0.06 Bank Rakyat Indonesia Persero Tbk PT IDR 37,088,523 10,406,779 0.25 Barito Pacific Tbk PT IDR 15,214,758 918,794 0.02 Chandra Asri Pacific Tbk PT IDR 4,234,100 2,385,203 0.06 Charoen Pokphand Indonesia Tbk PT IDR 3,985,600 1,235,261 0.03 GoTo Gojek Tokopedia Tbk PT IDR 454,233,200 1,387,657 0.03 Indah Kiat Pulp & Paper Tbk PT IDR 1,317,000 715,870 0.02 Indofood CBP Sukses Makmur Tbk PT IDR 1,259,700 791,811 0.02 Indofood Sukses Makmur Tbk PT IDR 2,371,300 879,463 0.02 Kalbe Farma Tbk PT IDR 11,393,100 1,060,886 0.03 Merdeka Copper Gold Tbk PT IDR 5,155,458 749,357 0.02 Sumber Alfaria Trijaya Tbk PT IDR 10,161,600 1,705,544 0.04 Telkom Indonesia Persero Tbk PT IDR 26,935,400 5,145,891 0.13 Unilever Indonesia Tbk PT IDR 4,121,100 759,932 0.02 United Tractors Tbk PT IDR 805,877 1,081,501 0.03 64,449,699 1.57 Kuwait Boubyan Bank KSCP KWD 799,550 1,475,290 0.04 Gulf Bank KSCP KWD 1,042,701 968,769 0.02 Kuwait Finance House KSCP KWD 5,582,227 12,920,558 0.31 Mabanee Co. KPSC KWD 379,349 1,027,674 0.03 Mobile Telecommunications Co. KSCP KWD 1,050,660 1,524,185 0.04 National Bank of Kuwait SAKP KWD 4,301,587 12,087,915 0.29 30,004,391 0.73 Luxembourg Allegro.eu SA, 144A PLN 310,740 2,906,645 0.07 Reinet Investments SCA ZAR 75,030 1,882,753 0.05 4,789,398 0.12 Malaysia AMMB Holdings Bhd. MYR 1,272,300 1,157,688 0.03 Axiata Group Bhd. MYR 1,446,300 800,181 0.02 CELCOMDIGI BHD MYR 1,887,800 1,472,681 0.04 CIMB Group Holdings Bhd. MYR 3,773,700 5,439,905 0.13 Gamuda Bhd. MYR 1,054,100 1,471,709 0.04 Genting Bhd. MYR 1,159,600 1,157,995 0.03 Genting Malaysia Bhd. MYR 1,559,300 842,914 0.02 Hong Leong Bank Bhd. MYR 356,088 1,449,408 0.04 IHH Healthcare Bhd. MYR 1,205,500 1,609,865 0.04 Inari Amertron Bhd. MYR 1,544,100 1,211,156 0.03 IOI Corp. Bhd. MYR 1,376,500 1,079,674 0.03 Kuala Lumpur Kepong Bhd. MYR 268,900 1,176,625 0.03 Malayan Banking Bhd. MYR 2,953,000 6,234,726 0.15 Malaysia Airports Holdings Bhd. MYR 499,080 1,047,299 0.03 Maxis Bhd. MYR 1,260,300 943,224 0.02 MISC Bhd. MYR 733,200 1,324,441 0.03 MR DIY Group M Bhd., 144A MYR 1,735,300 713,619 0.02 Nestle Malaysia Bhd. MYR 38,300 986,583 0.02 Petronas Chemicals Group Bhd. MYR 1,501,900 2,008,981 0.05 Petronas Dagangan Bhd. MYR 156,500 578,597 0.01 Petronas Gas Bhd. MYR 433,400 1,637,187 0.04
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets PPB Group Bhd. MYR 350,560 1,062,691 0.03 Press Metal Aluminium Holdings Bhd. MYR 2,016,400 2,462,380 0.06 Public Bank Bhd. MYR 7,916,750 6,746,330 0.16 QL Resources Bhd. MYR 595,600 823,209 0.02 RHB Bank Bhd. MYR 815,850 952,915 0.02 SD Guthrie Bhd. MYR 1,112,900 995,604 0.02 Sime Darby Bhd. MYR 1,482,600 823,431 0.02 Telekom Malaysia Bhd. MYR 604,500 866,272 0.02 Tenaga Nasional Bhd. MYR 1,416,200 4,136,787 0.10 YTL Corp. Bhd. MYR 1,798,900 1,315,772 0.03 YTL Power International Bhd. MYR 1,332,500 1,361,649 0.03 55,891,498 1.36 Mexico Alfa SAB de CV 'A' MXN 1,703,300 1,008,316 0.02 America Movil SAB de CV MXN 10,117,130 8,486,422 0.21 Arca Continental SAB de CV MXN 279,830 2,743,974 0.07 Banco del Bajio SA, 144A MXN 423,100 1,249,787 0.03 Cemex SAB de CV MXN 8,091,877 5,161,408 0.13 Coca-Cola Femsa SAB de CV MXN 285,650 2,432,116 0.06 Fibra Uno Administracion SA de CV, REIT MXN 1,583,620 1,943,257 0.05 Fomento Economico Mexicano SAB de CV MXN 1,051,560 11,301,478 0.27 Gruma SAB de CV 'B' MXN 101,200 1,815,593 0.04 Grupo Aeroportuario del Centro Norte SAB de CV MXN 155,500 1,307,333 0.03 Grupo Aeroportuario del Pacifico SAB de CV 'B' MXN 210,930 3,331,983 0.08 Grupo Aeroportuario del Sureste SAB de CV 'B' MXN 97,950 2,906,432 0.07 Grupo Bimbo SAB de CV MXN 717,050 2,522,196 0.06 Grupo Carso SAB de CV MXN 303,300 2,117,626 0.05 Grupo Financiero Banorte SAB de CV 'O' MXN 1,411,270 11,107,350 0.27 Grupo Financiero Inbursa SAB de CV 'O' MXN 994,780 2,344,142 0.06 Grupo Mexico SAB de CV MXN 1,693,472 9,033,577 0.22 Industrias Penoles SAB de CV MXN 106,810 1,420,847 0.03 Kimberly-Clark de Mexico SAB de CV 'A' MXN 817,310 1,414,888 0.03 Operadora De Sites Mexicanos SAB de CV MXN 670,200 611,951 0.02 Orbia Advance Corp. SAB de CV MXN 527,824 740,796 0.02 Prologis Property Mexico SA de CV, REIT MXN 429,400 1,430,903 0.04 Promotora y Operadora de Infraestructura SAB de CV MXN 109,900 1,022,268 0.03 Wal-Mart de Mexico SAB de CV MXN 2,846,200 9,747,164 0.24 87,201,807 2.13 Netherlands NEPI Rockcastle NV ZAR 305,460 2,189,356 0.05 2,189,356 0.05 Peru Cia de Minas Buenaventura SAA, ADR USD 108,490 1,807,443 0.04 1,807,443 0.04 Philippines Ayala Corp. PHP 148,562 1,475,453 0.04 Ayala Land, Inc. PHP 3,613,760 1,761,880 0.04 Bank of the Philippine Islands PHP 983,977 1,999,335 0.05
Aviva Investors Société d’investissement à capital variable (SICAV)
gn Envelope ID: 804686DE-960B-4718-8B63-8C43CB
Aviva Investors - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2024
The accompanying notes form an integral part of these financial statements. avivainvestors.com | Semi-annual report and unaudited financial statements 51
Aviva Investors Société d’investissement à capital variable (SICAV)
Docusign Envelope ID: 804686DE-960B-4718-8B63-8C43CB7BDDB1
Page 52
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets BDO Unibank, Inc. PHP 1,274,134 2,787,363 0.07 International Container Terminal Services, Inc. PHP 546,030 3,260,592 0.08 JG Summit Holdings, Inc. PHP 1,496,061 664,988 0.02 Jollibee Foods Corp. PHP 235,240 908,679 0.02 Manila Electric Co. PHP 147,990 924,161 0.02 Metropolitan Bank & Trust Co. PHP 944,815 1,089,393 0.03 PLDT, Inc. PHP 39,685 973,039 0.02 SM Investments Corp. PHP 130,185 1,845,049 0.05 SM Prime Holdings, Inc. PHP 5,432,275 2,623,600 0.06 Universal Robina Corp. PHP 457,610 868,264 0.02 21,181,796 0.52 Poland Bank Polska Kasa Opieki SA PLN 99,911 4,145,345 0.10 Budimex SA PLN 6,940 1,202,921 0.03 CD Projekt SA PLN 35,320 1,218,279 0.03 Dino Polska SA, 144A PLN 26,660 2,672,715 0.07 KGHM Polska Miedz SA PLN 75,623 2,818,610 0.07 LPP SA PLN 602 2,536,561 0.06 mBank SA PLN 7,990 1,261,793 0.03 ORLEN SA PLN 315,669 5,299,990 0.13 PGE Polska Grupa Energetyczna SA PLN 488,055 871,992 0.02 Powszechna Kasa Oszczednosci Bank Polski SA PLN 475,829 7,408,095 0.18 Powszechny Zaklad Ubezpieczen SA PLN 328,710 4,204,056 0.10 Santander Bank Polska SA PLN 19,450 2,621,745 0.06 36,262,102 0.88 Qatar Barwa Real Estate Co. QAR 1,163,850 877,443 0.02 Commercial Bank PSQC (The) QAR 1,760,740 2,074,104 0.05 Dukhan Bank QAR 996,220 1,033,431 0.03 Industries Qatar QSC QAR 822,510 2,891,548 0.07 Masraf Al Rayan QSC QAR 3,287,320 2,106,377 0.05 Mesaieed Petrochemical Holding Co. QAR 3,011,350 1,361,352 0.03 Ooredoo QPSC QAR 440,180 1,233,133 0.03 Qatar Electricity & Water Co. QSC QAR 239,280 1,028,490 0.03 Qatar Fuel QSC QAR 327,910 1,341,000 0.03 Qatar Gas Transport Co. Ltd. QAR 1,506,420 1,937,121 0.05 Qatar International Islamic Bank QSC QAR 535,050 1,469,514 0.04 Qatar Islamic Bank QPSC QAR 963,740 4,923,253 0.12 Qatar National Bank QPSC QAR 2,511,420 10,077,409 0.24 32,354,175 0.79 Saudi Arabia ACWA Power Co. SAR 79,672 7,522,077 0.18 Ades Holding Co. SAR 180,420 967,601 0.02 Advanced Petrochemical Co. SAR 66,912 687,562 0.02 Al Rajhi Bank SAR 1,065,864 23,154,898 0.56 Alinma Bank SAR 666,162 5,522,347 0.13 Almarai Co. JSC SAR 135,950 2,054,687 0.05 Arab National Bank SAR 489,426 2,643,078 0.06 Arabian Internet & Communications Services Co. SAR 13,200 1,028,809 0.03 Bank AlBilad SAR 333,087 2,894,401 0.07 Bank Al-Jazira SAR 276,062 1,214,155 0.03 Banque Saudi Fransi SAR 321,090 3,038,356 0.07
Investments Currency Quantity/ Nominal Value Market Value USD
% of Net Assets Bupa Arabia for Cooperative Insurance Co. SAR 44,860 3,073,094 0.07 Co. for Cooperative Insurance (The) SAR 39,970 1,540,586 0.04 Dallah Healthcare Co. SAR 18,430 781,099 0.02 Dar Al Arkan Real Estate Development Co. SAR 290,880 914,912 0.02 Dr Sulaiman Al Habib Medical Services Group Co. SAR 47,580 3,660,195 0.09 Elm Co. SAR 13,050 2,981,784 0.07 Etihad Etisalat Co. SAR 202,380 2,880,662 0.07 Jarir Marketing Co. SAR 314,320 1,062,367 0.03 Mobile Telecommunications Co. Saudi Arabia SAR 231,290 722,550 0.02 Mouwasat Medical Services Co. SAR 53,290 1,721,598 0.04 Nahdi Medical Co. SAR 21,210 745,143 0.02 Power & Water Utility Co. for Jubail & Yanbu SAR 41,480 671,137 0.02 Riyad Bank SAR 799,400 5,550,797 0.13 SABIC Agri-Nutrients Co. SAR 126,850 3,814,021 0.09 Sahara International Petrochemical Co. SAR 193,120 1,503,120 0.04 SAL Saudi Logistics Services SAR 13,050 1,049,816 0.03 Saudi Arabian Mining Co. SAR 702,665 8,063,154 0.20 Saudi Arabian Oil Co., 144A SAR 1,971,966 14,560,043 0.35 Saudi Aramco Base Oil Co. SAR 27,210 953,032 0.02 Saudi Awwal Bank SAR 547,530 5,640,802 0.14 Saudi Basic Industries Corp. SAR 489,430 9,588,737 0.23 Saudi Electricity Co. SAR 453,170 1,988,266 0.05 Saudi Industrial Investment Group SAR 197,710 1,109,866 0.03 Saudi Investment Bank (The) SAR 336,675 1,152,284 0.03 Saudi Kayan Petrochemical Co. SAR 386,020 834,477 0.02 Saudi National Bank (The) SAR 1,598,794 15,640,191 0.38 Saudi Research & Media Group SAR 19,750 1,089,735 0.03 Saudi Tadawul Group Holding Co. SAR 26,100 1,733,692 0.04 Saudi Telecom Co. SAR 1,087,615 10,871,511 0.26 Savola Group (The) SAR 143,260 1,785,213 0.04 Yanbu National Petrochemical Co. SAR 148,130 1,447,106 0.04 159,858,961 3.88 Singapore BOC Aviation Ltd., 144A HKD 114,400 820,512 0.02 820,512 0.02 South Africa Absa Group Ltd. ZAR 462,051 4,011,592 0.10 Anglo American Platinum Ltd. ZAR 35,642 1,171,949 0.03 Aspen Pharmacare Holdings Ltd. ZAR 206,975 2,642,527 0.06 Bid Corp. Ltd. ZAR 182,393 4,252,505 0.10 Bidvest Group Ltd. (The) ZAR 185,043 2,888,351 0.07 Capitec Bank Holdings Ltd. ZAR 47,348 6,792,836 0.16 Clicks Group Ltd. ZAR 129,460 2,433,843 0.06 Discovery Ltd. ZAR 294,250 2,168,944 0.05 Exxaro Resources Ltd. ZAR 132,968 1,294,099 0.03
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"text": "The Directors are required to take decisions in the interests of the Company and its Shareholders and to refrain from taking part in any deliberation or"
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"text": "decision which creates conflict between their personal interests and those of the Company and its Shareholders."
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"text": "The Board meets at least four times a year. The Board requests and receives reports from Aviva Investors Luxembourg S.A. on the various activities"
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"text": "including compliance controls and risk management undertaken by the Management Company. Senior Aviva Investors Luxembourg S.A."
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"text": "representatives attend all of the quarterly Board meetings, thus enabling the Board to question the reports presented to it."
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