open/document-extraction

Added by FundsBot | Added: 2026-06-29 18:33 | Views: 1 | Model: dorsalhub/pdf-extractor

This view of the annotation often reflects the precision of the extraction model or annotator, as well as the complexity of the document.

For the six months ended 15 April 2025 (unaudited)

Interim Report and Financial Statements

AVIVA INVESTORS

INVESTMENT FUNDS ICVC

Page 3

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 1

CONTENTS

Company Information* 2 Report of the Authorised Corporate Director* 3 Manager’s Market Review 4 Statement of Cross Holdings 5 Aviva Investors UK Index Tracking Fund 6 Aviva Investors UK Listed Equity Income Fund 26 Aviva Investors UK Listed Equity Unconstrained Fund 36 Aviva Investors UK Listed Small and Mid-Cap Fund 45 Aviva Investors UK Smaller Companies Fund 53 Aviva Investors Continental European Equity Fund 58 Aviva Investors Corporate Bond Fund 65 Aviva Investors Global Climate Aware Equity Fund 70 Aviva Investors Global Equity Endurance Fund 80 Aviva Investors Global Equity Income Fund 86 Aviva Investors Global Emerging Markets Equity Unconstrained Fund 94 Aviva Investors Higher Income Plus Fund 98 Aviva Investors International Index Tracking Fund 107 Aviva Investors Managed High Income Fund 154 Aviva Investors Multi-Asset Income Fund 165 Aviva Investors Multi-Strategy Target Return Fund 173 Aviva Investors Sterling Corporate Bond Fund 195 Aviva Investors Strategic Bond Fund 205 Statement of the Authorised Corporate Director’s Responsibilities* 215 Authorised Corporate Director’s Statement* 215 General Information 216

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

Page 4

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

COMPANY INFORMATION

Page 5

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Report of the Authorised Corporate Director

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

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

THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Company for the six months ended 15 April 2025. As required by the Regulations, information for each of the Funds has been included in these financial statements. On the following pages we review the performance of each of those Funds during the period. We hope that you find our review useful and informative. We made the strategic decision to merge the Aviva Investors Corporate Bond Fund into the Aviva investors Sterling Corporate Bond Fund on 13 September 2024. We intend to fully terminate the sub-fund Aviva Investors Corporate Bond Fund. As a result, the financial statements of the sub-fund have been prepared on a break-up basis. We made the decision to wind up the Aviva Investors Global Emerging Markets Equity Unconstrained Fund and the Aviva Investors UK Smaller Companies Fund following review of the annual value assessment. The Aviva Investors Global Emerging Markets Equity Unconstrained Fund closed on 6 April 2022 and the Aviva Investors UK Smaller Companies Fund on 10 May 2024. The sub funds have been prepared on a basis other than going concern. The financial statements of the remaining sub-funds of the Company have been prepared on a going concern basis.

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

SIGNIFICANT INFORMATION

CLOSURE OF AVIVA INVESTORS GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND On 4 April 2022, Aviva Investors UK Fund Services Limited, the authorised fund manager of the Scheme (the“ACD”), commenced the termination of the following sub-fund of the Scheme: the Aviva Investors Global Equity Unconstrained Fund. Following receipt of final termination accounts for each (1) AI Sustainable Income & Growth Fund and (2) AI Global Equity Unconstrained Fund, the Prospectus and instrument were updated to remove references to these now terminated sub-funds.

CLOSURE OF AVIVA INVESTORS CORPORATE BOND FUND On 16 September 2024, Aviva Investors UK Fund Services Limited, the authorised fund manager of the Scheme, commenced the termination of the Aviva Investors Corporate Bond Fund, pursuant to a scheme of arrangement whereby the property of that sub-fund became the property of the Aviva Investors Sterling Corporate Bond Fund, a sub-fund of the Aviva Investors Investment Funds ICVC.

CHANGES TO THE PROSPECTUS On 31 October 2024, due to the closure of Aviva Investors America, we have terminated the sub-delegation of investment management services to Aviva Investors Americas LLC in respect of certain portfolios of the Aviva Investors Managed High Income Fund. On 26 November, we filed an updated Prospectus to reflect a reduction in the fee for Share Class 2 of the Sterling Corporate Bond Fund (from 55bps to 50bps), effective from September 2024. On 2 December, we updated the investment policy for each Fund to ensure compliance with the FCA’s rules regarding sustainability disclosures – the change was non-material and had no impact on the Fund’s investment approach.

REPORT OF THE AUTHORISED CORPORATE DIRECTOR

Page 6

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Manager’s Market Review

EQUITY MARKET REVIEW Global shares suffered weak performance overall as economic and geopolitical uncertainties intensified. Fading momentum in the US market was a key theme as shares came under increased selling pressure. While the market began 2025 strongly on optimism about the pro-growth policies of the new Trump administration, concerns started to grow about the proposed implementation of heavy tariffs on key trading partners in a bid to rebalance world trade and protect US manufacturing. In the event, the announcement of sweeping tariffs at the start of April saw markets both domestically and internationally sell off sharply amid a collapse in investor confidence and concerns about the potential for a global recession. The period also saw an important development in the artificial intelligence (AI) revolution that had been a key market theme in 2024. The release in China of a more powerful AI platform named DeepSeek threatened the leadership of the US in the field and rattled sentiment towards information technology companies across the world and notably in Asia. In common with other global stock markets, UK shares faced considerable economic and geopolitical uncertainties. For much of the period the UK market traded well, even reaching new highs in early 2025 as hopes grew that the Bank of England would press on with interest rate reductions and defence companies rallied on expectations of increased government spending across Europe. However, the announcement of aggressive tariffs by the new Trump administration at the start of April saw many of these gains erased as investors anticipated major disruption to global trade and even recession across the developed economies. The strongest returns were posted by larger companies thanks to their international exposure. Concerns about the deteriorating performance of the UK economy following the corporate tax-hiking autumn budget weighed on the performance of smaller and medium-sized companies because of their greater domestic focus.

FIXED INCOME – CORPORATE AND HIGH-YIELD BONDS The six-month review period saw broadly flat returns for global fixed income markets. However, this masked elevated volatility against what was a rapidly developing macro-economic and geopolitical backdrop. Sovereign bonds were once again in thrall of central bank moves in interest rates. A notable theme was the shift to a more cautious stance by the US Federal Reserve amid concerns about rising inflation, at least in the early part of the period. Revised expectations that US interest rates could be higher for longer pushed bond markets onto the back foot around the turn of the year. Elsewhere, however, central banks were more prepared to use the opportunity of falling inflation to cut rates in support of ailing economies. This was particularly the case in Europe, where the faltering German economy was threatening to pull the remainder of the single currency bloc into recession. The main outlier was Japan, where the central bank raised interest rates in the face of rising inflationary pressures and a desire to normalise monetary policy after years of negative borrowing costs. By the end of the period, the focus had switched to anticipating the end of the rate cutting cycle. However, the huge economic uncertainty unleased by President Trump’s tariffs led some observers to speculate that rates may have further to fall than expected earlier in the year. The prospect of significantly higher bond issuance in Europe to pay for defence and infrastructure was a further complicating factor. Corporate bond returns were muted but relatively resilient to the challenging backdrop. Corporate debt was supported by steady corporate earnings, which benefited from the resilience of economies and the avoidance of deep downturns. Technical factors were also generally favourable as strong demand from institutional investors, who were keen to lock in higher interest rates while they were still available, absorbed plentiful new issuance. June 2025 Source of market data: FactSet, Bloomberg®. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities.

MANAGER’S MARKET REVIEW

Page 7

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Statement of Cross Holdings

STATEMENT OF CROSS HOLDINGS

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

Aviva Investors Multi-Asset Income Fund

Fund

Sub-fund Currency Holding Market Value

% of net asset value Aviva Investors Global Equity Income Fund, Class 8, Income shares GBP 7,221,876 18,275,095 13.39 Aviva Investors Sterling Corporate Bond Fund, Class 8, Accumulation shares GBP 8,930,664 16,514,780 12.10

Page 8

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

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

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

FUND MANAGER’S REPORT Performance Over the six months ended 15 April 2025, the Aviva Investors UK Index Tracking Fund delivered a total return of 0.4% (share class 1), net of fees. The Fund’s benchmark, the FTSE® All-Share Index, returned 0.7%. The Fund is passively managed, meaning Fund returns are not expected to vary meaningfully from those of the benchmark. The tracking error at the period end was 0.01%. Review In common with other global stock markets, UK shares faced considerable economic and geopolitical uncertainties. For much of the period the UK market traded well, even reaching new highs in early 2025 as hopes grew that the Bank of England would press on with interest rate reductions and defence companies rallied on expectations of increased government spending across Europe. However, the announcement of aggressive tariffs by the new Trump administration at the start of April saw many of these gains erased as investors anticipated major disruption to global trade and even recession across the developed economies. The strongest returns were posted by larger companies thanks to their international exposure. Concerns about the deteriorating performance of the UK economy following the corporate tax-hiking autumn budget weighed on the performance of smaller and medium-sized companies because of their greater domestic focus. At the sector level, the strongest returns were posted by energy, real estate and financial companies. The weakest areas of the market were basic industries (notably miners), consumer discretionary companies and utilities. Outlook The UK economy appears to be stagnating, and it is difficult to see a significant acceleration in economic growth currently, given the uncertain backdrop both in the UK and overseas. While the recent downturn in inflation is encouraging, there are concerns that if Trump’s tariffs remain in place, then inflation may head higher again. In addition, there is increasing evidence that last October’s Budget is proving to be a material headwind for growth in the short-to-medium term, given the huge scale of the tax rises and extra borrowing that were announced in late October. These taxes came into force in early April. Added to that, the UK now faces trade tariffs on its exports to the US, and geopolitical issues remain a significant risk to all equity markets. While there seem to be few evident catalysts to push the market much higher from current levels, UK equities nevertheless continue to offer value and trade at relatively cheap levels compared with history and other global markets. June 2025 * Sources: Fund and peer group performance figures – Lipper, mid to mid basis with net income reinvested in GBP, with no initial charges applied. Market data – Bloomberg®. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its Issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.

AVIVA INVESTORS UK INDEX TRACKING FUND

Page 9

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

Performance History

Share Class Inc/Acc

31.12.20 %

31.12.21 %

31.12.22 %

31.12.23 %

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

Material Portfolio Changes Purchases Sales Coca-Cola Europacific Partners Shell Haleon DS Smith AstraZeneca HSBC Holdings Shell AstraZeneca HSBC Holdings Unilever NatWest Group BP Unilever AngloGold Ashanti Plc RELX British American Tobacco BP Standard Chartered British American Tobacco Barclays

Synthetic Risk and Reward Indicator Lower risk Higher risk

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

AVIVA INVESTORS UK INDEX TRACKING FUND (CONTINUED)

Page 10

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

INVESTMENT PERFORMANCE

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 15.10.22 72,304 99,140,709 72.93 15.10.23 74,977 93,904,955 79.84 15.10.24 76,790 87,367,423 87.89 15.04.25 61,921 71,277,794 86.87 Class 2 15.10.22 15,234 12,761,772 119.37 15.10.23 19,320 14,783,054 130.69 15.10.24 21,708 15,088,198 143.87 15.04.25 35,007 24,618,221 142.20 * Valued at bid market prices.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 8** 15.10.22 509,642 192,302,156 265.02 15.10.23 533,199 177,076,652 301.11 15.10.24 561,668 163,379,862 343.78 15.04.25 546,418 157,995,451 345.84 Class A 15.10.22 33,553 28,706,214 116.88 15.10.23 25,152 18,952,788 132.71 15.10.24 15,855 10,472,564 151.40 15.04.25 37,325 24,512,553 152.27 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 21 November 2022.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 84.40 73.85 2023 85.87 73.70 2024 90.57 76.71 2025** 94.10 82.06 Class 2 2022 138.28 121.01 2023 140.65 120.63 2024 148.36 125.57 2025** 154.15 134.44 * Valued at mid market prices. ** Up to 15 April 2025.

Share Price Record – Accumulation Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 8** 2022 296.13 263.07 2023 312.33 267.75 2024 348.33 289.32 2025*** 368.56 321.50 Class A 2022 130.54 116.02 2023 137.73 118.09 2024 153.41 127.50 2025*** 162.28 141.55 * Valued at mid market prices. ** Class 3 was renamed Class 8 on 21 November 2022. *** Up to 15 April 2025.

Ongoing Charges Figure* (unaudited) Share class 15.04.25 15.10.24 Class 1 0.41% 0.41% Class 2 0.20% 0.20% Class 8 0.01% 0.01% Class A 0.05% 0.07% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. The OCF for share class 1, when aggregated with certain other payments out of scheme property incurred in respect of it, is capped at 0.70%. The OCF for share class A is capped at 0.10%. Please see the Prospectus for full details. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

Page 11

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on an accounting date basis for an investment made on 15 October 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 2.6324 32.14 2023 2.7653 33.77 2024 2.8117 34.33 2025* 1.3905 16.98 Class 2 2022 4.5881 34.19 2023 4.7941 35.73 2024 4.8849 36.40 2025* 2.4234 18.06 * Up to 15 June 2025 (the interim distribution payment date).

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on an accounting date basis for an investment made on 15 October 2021.

Share class

Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 8** 2022 9.9079 35.08 2023 11.2536 39.84 2024 11.9857 42.44 2025* 6.1245 21.68 Class A 2022 4.4930 36.10 2023 4.8674 39.11 2024 5.1741 41.58 2025* 2.6579 21.36 * Up to 15 June 2025 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 21 November 2022.

INVESTMENT PERFORMANCE (CONTINUED)

Page 12

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Equities 98.25% (99.57%)

Communication Services 2.66% (2.88%) Diversified Telecommunication Services 0.48% (0.42%) BT Group GBP 1,794,669 2,990 0.44 Helios Towers GBP 256,085 275 0.04 3,265 0.48 Interactive Media & Services 0.66% (0.67%) Auto Trader Group GBP 249,538 1,977 0.29 Baltic Classifieds Group GBP 112,360 367 0.05 MONY Group GBP 152,614 297 0.04 Rightmove GBP 222,889 1,660 0.24 Trustpilot Group GBP 102,251 219 0.03 4,520 0.66 Media 0.85% (1.07%) 4imprint Group GBP 7,875 249 0.04 Bloomsbury Publishing GBP 22,255 130 0.02 Future GBP 31,438 230 0.03 Informa GBP 378,132 2,702 0.40 ITV GBP 958,487 703 0.10 Reach GBP 81,126 59 0.01 STV Group GBP 11,705 19 WPP GBP 304,875 1,688 0.25 5,780 0.85 Wireless Telecommunication Services 0.66% (0.72%) Airtel Africa GBP 289,060 471 0.07 Vodafone Group GBP 5,832,840 4,040 0.59 4,511 0.66 Communication Services total 18,076 2.66 Consumer Discretionary 6.47% (6.89%) Automobile Components 0.03% (0.06%) Dowlais Group GBP 383,946 209 0.03 209 0.03 Automobiles 0.01% (0.01%) Aston Martin Lagonda Global Holdings GBP 66,279 44 0.01 44 0.01 Broadline Retail 0.71% (0.66%) B&M European Value Retail GBP 264,922 830 0.12 Next GBP 32,936 3,939 0.58 THG GBP 258,008 76 0.01 4,845 0.71 Distributors 0.12% (0.13%) Headlam Group GBP 22,548 19 Inchcape GBP 103,183 724 0.11 Smiths News GBP 67,852 36 0.01 Ultimate Products GBP 13,445 9 788 0.12 Diversified Consumer Services 0.37% (0.32%) Auction Technology Group GBP 27,202 168 0.02 ME Group International GBP 69,443 132 0.02 Pearson GBP 189,703 2,235 0.33 2,535 0.37

Page 13

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Hotels, Restaurants & Leisure 3.26% (3.32%) Carnival GBP 40,872 500 0.07 Compass Group GBP 484,132 12,374 1.82 Deliveroo ‘A’ GBP 331,189 424 0.06 Domino’s Pizza Group GBP 111,792 311 0.05 Entain GBP 172,953 964 0.14 Evoke GBP 104,101 51 0.01 Fuller Smith & Turner ‘A’ GBP 10,151 55 0.01 Greggs GBP 29,037 534 0.08 Gym Group GBP 48,233 66 0.01 Hollywood Bowl Group GBP 46,878 125 0.02 Hostelworld Group GBP 28,848 33 InterContinental Hotels Group GBP 45,108 3,503 0.51 J D Wetherspoon GBP 24,127 149 0.02 Marston’s GBP 182,692 64 0.01 Mitchells & Butlers GBP 74,609 180 0.03 On the Beach Group GBP 43,646 116 0.02 Playtech GBP 87,797 651 0.10 PPHE Hotel Group GBP 5,564 73 0.01 Rank Group GBP 52,349 44 0.01 SSP Group GBP 226,025 322 0.05 Trainline GBP 130,265 376 0.06 Whitbread GBP 50,134 1,265 0.19 22,180 3.26 Household Durables 0.97% (1.25%) Barratt Redrow GBP 412,147 1,762 0.26 Bellway GBP 33,365 810 0.12 Berkeley Group Holdings GBP 28,151 1,087 0.16 Crest Nicholson Holdings GBP 71,115 116 0.02 Henry Boot GBP 28,464 60 0.01 MJ Gleeson GBP 13,282 61 0.01 Persimmon GBP 90,855 1,068 0.16 Taylor Wimpey GBP 1,005,465 1,096 0.16 Videndum GBP 26,773 20 Vistry Group GBP 87,093 505 0.07 6,585 0.97 Leisure Products 0.20% (0.16%) Games Workshop Group GBP 9,349 1,350 0.20 1,350 0.20 Speciality Retail 0.64% (0.81%) AO World GBP 86,311 83 0.01 ASOS GBP 20,293 59 0.01 Card Factory GBP 97,079 87 0.01 Currys GBP 299,696 296 0.04 DFS Furniture GBP 64,626 83 0.01 Dunelm Group GBP 38,428 363 0.05 Frasers Group GBP 28,867 180 0.03 Halfords Group GBP 62,242 86 0.01 JD Sports Fashion GBP 709,397 532 0.08 Kingfisher GBP 509,145 1,358 0.20 Moonpig Group GBP 93,508 211 0.03 Motorpoint group GBP 20,401 25 Pets at Home Group GBP 131,264 307 0.05 Topps Tiles GBP 32,803 10 Watches of Switzerland Group GBP 65,880 233 0.03 WH Smith GBP 37,140 353 0.05 Wickes Group GBP 68,069 123 0.02 4,389 0.64

Page 14

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Textiles, Apparel & Luxury Goods 0.16% (0.17%) Burberry Group GBP 101,236 663 0.10 Coats Group GBP 453,091 336 0.05 Dr. Martens GBP 161,049 83 0.01 1,082 0.16 Consumer Discretionary total 44,007 6.47 Consumer Staples 14.91% (15.73%) Beverages 2.83 (2.80%) AG Barr GBP 30,110 203 0.03 C&C Group GBP 110,005 137 0.02 Coca-Cola Europacific Partners GBP 58,226 3,907 0.57 Coca-Cola HBC GBP 58,136 2,134 0.31 Diageo GBP 632,041 12,868 1.89 19,249 2.83 Consumer Staples Distribution & Retail 1.59% (1.65%) J Sainsbury GBP 540,313 1,330 0.20 Marks & Spencer Group GBP 579,381 2,336 0.34 Ocado Group GBP 169,199 532 0.08 Tesco GBP 1,916,594 6,620 0.97 10,818 1.59 Food Products 0.61% (0.68%) Anglo-Eastern Plantations GBP 5,616 41 0.01 Associated British Foods GBP 88,115 1,854 0.27 Bakkavor Group GBP 49,547 87 0.01 Carr’s Group GBP 22,125 27 Cranswick GBP 15,135 761 0.11 Greencore Group GBP 126,107 225 0.03 Hilton Food Group GBP 23,502 209 0.03 Premier Foods GBP 186,538 364 0.05 Tate & Lyle GBP 104,678 560 0.08 4,128 0.61 Household Products 1.43% (1.37%) McBride GBP 49,414 68 0.01 Reckitt Benckiser Group GBP 196,175 9,644 1.42 9,712 1.43 Personal Care Products 4.79% (6.18%) Applied Nutrition GBP 35,304 38 0.01 PZ Cussons GBP 66,800 50 0.01 Unilever GBP 693,308 32,495 4.77 32,583 4.79 Tobacco 3.67% (3.05%) British American Tobacco GBP 562,354 17,978 2.64 Imperial Brands GBP 237,002 6,999 1.03 24,977 3.67 Consumer Staples total 101,467 14.91 Energy 8.53% (9.46%) Energy Equipment & Services 0.03% (0.07%) Gulf Marine Services GBP 127,775 22 Hunting GBP 39,449 103 0.02 John Wood Group GBP 191,615 43 0.01 Petrofac GBP 122,661 8 176 0.03

Page 15

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Oil, Gas & Consumable Fuels 8.50% (9.39%) BP GBP 4,582,782 15,891 2.33 Capricorn Energy GBP 20,449 40 0.01 Diversified Energy GBP 12,979 112 0.02 Energean GBP 38,254 313 0.05 EnQuest GBP 465,025 61 0.01 Harbour Energy GBP 178,929 279 0.04 Ithaca Energy GBP 53,177 75 0.01 Pharos Energy GBP 99,493 18 Shell GBP 1,730,026 41,019 6.03 Tullow Oil GBP 327,039 45 0.01 57,853 8.50 Energy total 58,029 8.53 Financials 21.54% (19.13%) Banks 11.80% (9.94%) Barclays GBP 4,119,216 11,497 1.69 HSBC Holdings GBP 5,078,785 39,792 5.85 Lion Finance Group GBP 10,001 548 0.08 Lloyds Banking Group GBP 17,386,341 12,306 1.81 Metro Bank Holdings GBP 88,357 83 0.01 NatWest Group GBP 2,108,610 9,634 1.42 Secure Trust Bank GBP 5,471 32 Standard Chartered GBP 565,149 5,790 0.85 TBC Bank Group GBP 14,956 648 0.10 80,330 11.80 Capital Markets 6.00% (5.76%) 3i Group GBP 263,887 10,898 1.60 Aberdeen Group GBP 513,397 734 0.11 Abrdn New India Investment Trust GBP 13,592 100 0.01 AJ Bell GBP 91,340 382 0.06 Alpha Group International GBP 10,318 258 0.04 Ashmore Group GBP 123,288 159 0.02 BBGI Global Infrastructure GBP 203,239 287 0.04 Blackrock Throgmorton Trust GBP 23,507 120 0.02 Bridgepoint Group GBP 94,259 251 0.04 Chrysalis Investments GBP 158,451 147 0.02 City of London Investment Group GBP 7,906 26 CMC Markets GBP 29,451 69 0.01 CT UK Capital & Income Investment Trust GBP 28,963 90 0.01 CT UK High Income Trust GBP 23,494 22 CVC Income & Growth GBP 33,853 40 0.01 Ecofin Global Utilities and Infrastructure Trust GBP 30,826 59 0.01 Foresight Group Holdings GBP 22,633 77 0.01 Franklin Global Trust GBP 17,520 55 0.01 IG Group Holdings GBP 101,294 1,029 0.15 IntegraFin Holdings GBP 84,450 259 0.04 Intermediate Capital Group GBP 75,069 1,362 0.20 Investec GBP 166,836 757 0.11 IP Group GBP 281,797 112 0.02 JPMorgan Global Core Real Assets GBP 49,773 39 0.01 JTC GBP 44,260 390 0.06 Jupiter Fund Management GBP 118,175 87 0.01 Law Debenture GBP 36,982 322 0.05 Liontrust Asset Management GBP 17,475 58 0.01 London Stock Exchange Group GBP 141,296 16,087 2.36 M&G Credit Income Investment Trust GBP 40,866 39 0.01 Man Group GBP 330,471 530 0.08

Page 16

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Capital Markets 6.00% (5.76%) (continued) Molten Ventures GBP 49,625 135 0.02 Ninety One GBP 92,755 124 0.02 Odyssean Investment Trust GBP 27,776 35 0.01 Pantheon Infrastructure GBP 129,748 123 0.02 Pensionbee Group GBP 40,665 62 0.01 Personal Assets Trust GBP 91,515 466 0.07 Petershill Partners GBP 72,027 151 0.02 Plus500 GBP 19,710 587 0.09 Polar Capital Global Financials Trust GBP 87,525 166 0.02 Pollen Street Group GBP 12,671 87 0.01 Quilter GBP 380,415 502 0.07 Rathbones Group GBP 16,749 257 0.04 Record GBP 30,564 16 RM Infrastructure Income GBP 26,899 19 Schroders GBP 239,619 762 0.11 SDCL Energy Efficiency Income Trust GBP 306,426 142 0.02 Seraphim Space Investment Trust GBP 59,619 30 Shires Income GBP 11,865 29 St. James’s Place GBP 155,907 1,404 0.21 Taylor Maritime GBP 77,763 44 0.01 TP ICAP Group GBP 215,252 528 0.08 Vh Global Energy Infrastructure GBP 119,790 65 0.01 VPC Speciality Lending Investments GBP 65,356 17 XPS Pensions Group GBP 58,553 230 0.03 40,826 6.00 Consumer Finance 0.03% (0.03%) Funding Circle Holdings GBP 52,135 55 0.01 International Personal Finance GBP 62,080 84 0.01 S&U GBP 1,123 17 Vanquis Banking Group GBP 73,839 42 0.01 198 0.03 Financial Services 0.43% (0.43%) Aberforth Geared Value & Income Trust GBP 29,561 20 Cab Payments Holdings GBP 38,106 16 Caledonia Investments GBP 8,947 326 0.05 M&G GBP 623,231 1,209 0.18 Merchants Trust GBP 42,356 224 0.03 OSB Group GBP 106,739 459 0.07 Paragon Banking Group GBP 58,120 449 0.07 PayPoint GBP 14,431 92 0.01 Real Estate Credit Investments GBP 64,596 79 0.01 WAG Payment Solutions GBP 38,536 25 2,899 0.43 Insurance 3.29% (2.97%) Admiral Group GBP 82,675 2,627 0.39 Aviva GBP 768,409 4,016 0.59 Beazley GBP 181,325 1,678 0.25 Chesnara GBP 42,327 108 0.02 Direct Line Insurance Group GBP 361,195 990 0.15 Hiscox GBP 91,487 1,059 0.16 Just Group GBP 293,879 409 0.06 Lancashire Holdings GBP 69,038 398 0.06 Legal & General Group GBP 1,674,471 4,067 0.60 Phoenix Group Holdings GBP 198,919 1,138 0.17 Prudential GBP 752,069 5,737 0.84 Sabre Insurance Group GBP 65,742 91 0.01 Saga GBP 29,997 42 0.01 22,360 3.29 Financials total 146,613 21.54

Page 17

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Health Care 10.88% (10.64%) Biotechnology 0.07% (0.08%) Genus GBP 18,742 322 0.05 Oxford Biomedica GBP 22,143 66 0.01 PureTech Health GBP 60,246 75 0.01 463 0.07 Health Care Equipment & Supplies 0.54% (0.55%) ConvaTec Group GBP 469,585 1,216 0.18 Smith & Nephew GBP 248,468 2,468 0.36 3,684 0.54 Health Care Providers & Services 0.02% (0.03%) NMC Health ^ GBP 46,588 – Spire Healthcare Group GBP 79,362 149 0.02 149 0.02 Life Sciences Tools & Services 0.04% (0.00%) Oxford Nanopore Technologies GBP 198,413 248 0.04 248 0.04 Pharmaceuticals 10.21% (9.98%) AstraZeneca GBP 426,082 43,801 6.44 GSK GBP 1,137,045 15,299 2.25 Haleon GBP 2,520,073 9,539 1.40 Hikma Pharmaceuticals GBP 45,988 877 0.13 69,516 10.21 Health Care total 74,060 10.88 Industrails 0.04% (0.00%) Aerospace & Defense 0.02% (0.00%) Senior GBP 117,818 153 0.02 153 0.02 Ground Transportation 0.01% (0.00%) Mobico Group GBP 140,671 86 0.01 86 0.01 Industrails total 239 0.04 Industrials 14.89% (14.24%) Aerospace & Defense 5.34% (4.04%) Avon Technologies GBP 8,539 118 0.02 Babcock International Group GBP 143,608 1,051 0.15 BAE Systems GBP 863,246 15,042 2.21 Chemring Group GBP 77,611 306 0.04 Melrose Industries GBP 362,783 1,570 0.23 QinetiQ Group GBP 140,913 561 0.08 Rolls-Royce Holdings GBP 2,418,674 17,695 2.60 36,343 5.34 Air Freight & Logistics 0.10% (0.09%) International Distribution Services GBP 188,641 690 0.10 690 0.10 Building Products 0.10% (0.12%) Eurocell GBP 30,100 45 0.01 Genuit Group GBP 70,731 257 0.04 Norcros GBP 24,520 56 0.01 Volution Group GBP 54,634 292 0.04 650 0.10

Page 18

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Commercial Services & Supplies 0.54% (0.55%) De La Rue GBP 56,749 73 0.01 Mears Group GBP 25,721 101 0.01 Mitie Group GBP 362,165 442 0.06 Renewi GBP 22,408 192 0.03 Rentokil Initial GBP 716,639 2,395 0.35 Serco Group GBP 294,410 473 0.07 3,676 0.54 Construction & Engineering 0.25% (0.26%) Balfour Beatty GBP 146,921 634 0.09 Costain Group GBP 76,609 79 0.01 Galliford Try Holdings GBP 28,638 108 0.02 Keller Group GBP 20,475 290 0.04 Kier Group GBP 122,118 159 0.02 Morgan Sindall Group GBP 12,219 423 0.06 Severfield GBP 88,292 18 1,711 0.25 Electrical Equipment 0.03% (0.06%) Atrato Onsite Energy ^ GBP 44,137 – Ceres Power Holdings GBP 34,592 21 DiscoverIE Group GBP 27,112 146 0.02 Luceco GBP 24,780 30 XP Power GBP 6,195 40 0.01 237 0.03 Ground Transportation 0.07% (0.09%) Firstgroup GBP 172,053 281 0.04 Zigup GBP 63,968 189 0.03 470 0.07 Industrial Conglomerates 0.47% (0.44%) DCC GBP 28,006 1,388 0.20 Smiths Group GBP 97,469 1,789 0.26 3,177 0.47 Machinery 0.83% (0.87%) Bodycote GBP 52,176 256 0.04 Goodwin GBP 1,016 68 0.01 IMI GBP 72,477 1,257 0.18 Morgan Advanced Materials GBP 80,459 150 0.02 Porvair GBP 10,956 79 0.01 Rotork GBP 240,840 721 0.11 Spirax Group GBP 20,960 1,258 0.18 Trifast GBP 38,729 25 Vesuvius GBP 58,533 201 0.03 Weir Group GBP 73,740 1,619 0.24 5,634 0.83 Marine Transportation 0.04% (0.04%) Clarkson GBP 8,098 268 0.04 268 0.04 Passenger Airlines 0.55% (0.49%) easyJet GBP 182,498 864 0.13 International Consolidated Airlines Group GBP 1,024,471 2,555 0.38 Wizz Air Holdings GBP 21,871 322 0.05 3,741 0.55 Professional Services 4.80% (4.85%) Capita GBP 485,667 63 0.01 Experian GBP 260,632 9,086 1.33 Hays GBP 453,409 316 0.05 Intertek Group GBP 45,728 2,097 0.31

Page 19

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Professional Services 4.80% (4.85%) (continued) Pagegroup GBP 89,164 224 0.03 RELX GBP 531,495 20,702 3.04 Ricardo GBP 17,403 40 0.01 Robert Walters GBP 18,554 41 0.01 SThree GBP 36,761 89 0.01 32,658 4.80 Trading Companies & Distributors 1.77% (2.32%) Ashtead Group GBP 124,083 4,893 0.72 Bunzl GBP 93,874 2,888 0.42 Diploma GBP 38,055 1,506 0.22 Grafton Group GBP 50,647 461 0.07 Howden Joinery Group GBP 155,964 1,133 0.17 Macfarlane Group GBP 44,406 45 0.01 RS Group GBP 133,944 697 0.10 SIG GBP 186,592 23 Speedy Hire GBP 128,468 25 Travis Perkins GBP 59,823 321 0.05 Vp GBP 4,613 24 12,016 1.77 Transportation Infrastructure 0.01% (0.02%) James Fisher & Sons GBP 11,173 32 Ocean Wilsons Holdings GBP 5,004 70 0.01 102 0.01 Industrials total 101,373 14.89 Information Technology 1.41% (1.36%) Communications Equipment 0.04% (0.04%) Spirent Communications GBP 162,014 288 0.04 288 0.04 Electronic Equipment, Instruments & Components 0.59% (0.60%) Halma GBP 107,655 2,877 0.42 Oxford Instruments GBP 16,570 269 0.04 Renishaw GBP 9,756 223 0.03 Spectris GBP 28,101 579 0.09 TT Electronics GBP 50,493 39 0.01 3,987 0.59 IT Services 0.20% (0.22%) Computacenter GBP 17,057 392 0.06 FDM Group Holdings GBP 24,630 57 0.01 Kainos Group GBP 27,916 195 0.03 NCC Group GBP 90,663 124 0.02 Softcat GBP 36,943 585 0.09 1,353 0.20 Software 0.57% (0.49%) Alfa Financial Software Holdings GBP 34,422 71 0.01 Aptitude Software Group GBP 16,364 43 0.01 Bytes Technology Group GBP 66,123 327 0.05 Pinewood Technologies Group GBP 13,760 45 0.01 Sage Group GBP 284,851 3,363 0.49 3,849 0.57 Technology Hardware, Storage & Peripherals 0.01% (0.01%) Raspberry PI Holdings GBP 16,061 71 0.01 Xaar GBP 22,828 21 92 0.01 Information Technology total 9,569 1.41

Page 20

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Investment Funds 4.91% (5.27%) Banks 0.02% (0.02%) Close Brothers Group GBP 42,102 126 0.02 126 0.02 Investment Companies 4.89% (5.25%) 3i Infrastructure GBP 175,334 560 0.08 Aberforth Smaller Companies Trust GBP 24,086 318 0.05 Abrdn Asia Focus GBP 41,344 112 0.02 Abrdn Asian Income Fund GBP 42,948 85 0.01 Abrdn Diversified Income and Growth GBP 86,580 38 0.01 abrdn Equity Income Trust GBP 13,888 44 0.01 Abrdn UK Smaller Companies Growth Trust GBP 20,152 92 0.01 Alliance Witan GBP 114,557 1,285 0.19 Allianz Technology Trust GBP 109,058 370 0.05 Apax Global Alpha GBP 120,489 137 0.02 Artemis Uk Future Leaders GBP 8,379 28 Ashoka India Equity Investment Trust GBP 37,857 98 0.01 Augmentum Fintech GBP 48,093 39 0.01 Aurora UK Alpha GBP 29,320 68 0.01 Avi Global Trust GBP 121,023 264 0.04 AVI Japan Opportunity Trust GBP 39,934 63 0.01 Baillie Gifford China Growth Trust GBP 18,025 41 0.01 Baillie Gifford European Growth Trust GBP 100,627 92 0.01 Baillie Gifford Japan Trust GBP 23,320 167 0.02 Baillie Gifford Shin Nippon GBP 79,350 86 0.01 Baillie Gifford UK Growth Trust GBP 39,030 68 0.01 Baillie Gifford US Growth Trust GBP 81,044 171 0.03 Bankers Investment Trust GBP 314,656 342 0.05 Bellevue Healthcare Trust GBP 70,353 83 0.01 BH Macro GBP 95,387 382 0.06 Biotech Growth Trust GBP 8,720 59 0.01 Blackrock American Income Trust GBP 22,020 42 0.01 BlackRock Energy and Resources Income Trust GBP 33,582 35 0.01 BlackRock Frontiers Investment Trust GBP 53,071 76 0.01 BlackRock Greater Europe Investment Trust GBP 27,819 149 0.02 BlackRock Latin American Investment Trust GBP 8,530 25 BlackRock Smaller Companies Trust GBP 12,893 156 0.02 BlackRock World Mining Trust GBP 53,473 246 0.04 Bluefield Solar Income Fund – GBP Ordinary Shares GBP 173,123 163 0.02 Brown Advisory US Smaller Companies GBP 3,461 40 0.01 Brunner Investment Trust GBP 8,376 108 0.02 Capital Gearing Trust GBP 5,309 252 0.04 CC Japan Income & Growth Trust GBP 37,825 65 0.01 City of London Investment Trust GBP 140,475 637 0.09 CQS Natural Resources Growth and Income GBP 19,652 34 CQS New City High Yield Fund GBP 154,006 78 0.01 CT Private Equity Trust GBP 20,442 93 0.01 Digital 9 Infrastructure GBP 251,752 21 Diverse Income Trust GBP 59,853 54 0.01 Dunedin Income Growth Investment Trust GBP 40,529 114 0.02 Edinburgh Investment Trust GBP 41,692 309 0.05 Edinburgh Worldwide Investment Trust GBP 105,535 161 0.02 European Assets Trust GBP 101,132 80 0.01 European Opportunities Trust GBP 17,465 145 0.02 European Smaller Companies GBP 113,093 205 0.03 F&C Investment Trust GBP 137,771 1,401 0.21 Fidelity Asian Values GBP 20,270 96 0.01 Fidelity China Special Situations GBP 113,631 257 0.04 Fidelity Emerging Markets GBP 19,509 130 0.02 Fidelity European Trust GBP 116,316 435 0.06 Fidelity Japan Trust GBP 34,054 56 0.01

Page 21

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Investment Companies 4.89% (5.25%) (continued) Fidelity Special Values GBP 62,382 202 0.03 Finsbury Growth & Income Trust GBP 42,355 369 0.05 Foresight Environmental Infrastructure GBP 182,193 133 0.02 Foresight Solar Fund GBP 164,509 131 0.02 GCP Asset Backed Income Fund GBP 62,108 40 0.01 GCP Infrastructure Investments GBP 241,619 175 0.03 Global Opportunities Trust GBP 7,520 22 Global Smaller Companies Trust GBP 133,891 194 0.03 Gore Street Energy Storage Fund GBP 135,077 81 0.01 HarbourVest Global Private Equity GBP 21,130 490 0.07 Henderson European Focus Trust GBP 90,470 162 0.02 Henderson Far East Income GBP 44,929 91 0.01 Henderson High Income Trust GBP 48,990 82 0.01 Henderson International Income Trust GBP 54,569 91 0.01 Henderson Smaller Companies Investment Trust GBP 21,055 154 0.02 Herald Investment Trust GBP 14,245 268 0.04 HgCapital Trust GBP 129,965 632 0.09 Hicl Infrastructure GBP 577,107 653 0.10 ICG Enterprise Trust GBP 12,328 145 0.02 Impax Environmental Markets GBP 66,451 222 0.03 India Capital Growth Fund GBP 23,352 37 0.01 International Biotechnology Trust GBP 10,826 58 0.01 International Public Partnerships GBP 535,385 614 0.09 INVESCO Asia Dragon Trust GBP 59,225 183 0.03 Invesco Bond Income Plus GBP 57,282 97 0.01 Invesco Global Equity Income Trust GBP 11,785 38 0.01 JPMorgan American Investment Trust GBP 50,709 478 0.07 JPMorgan Asia Growth & Income GBP 22,241 77 0.01 JPMorgan China Growth & Income GBP 24,202 52 0.01 JPMorgan Claverhouse Investment Trust GBP 16,270 118 0.02 JPMorgan Emerging Markets Investment Trust GBP 309,927 308 0.05 JPMorgan European Discovery Trust GBP 32,920 158 0.02 JPMorgan European Growth & Income GBP 120,313 132 0.02 JPMorgan Global Emerging Markets Income Trust GBP 80,916 102 0.02 JPMorgan Global Growth & Income GBP 141,134 720 0.11 JPMorgan Indian Investment Trust GBP 19,241 186 0.03 JPMorgan Japanese Investment Trust GBP 41,281 227 0.03 JPMorgan UK Small CAP Growth & Income GBP 39,064 109 0.02 JPMorgan US Smaller Companies Investment Trust GBP 17,390 61 0.01 Lindsell Train Investment Trust GBP 48 37 0.01 Lowland Investment GBP 74,699 92 0.01 Majedie Investments GBP 7,998 20 Manchester & London Investment GBP 5,128 29 Mercantile Investment Trust GBP 212,243 478 0.07 Mid Wynd International Investment Trust GBP 12,976 90 0.01 Middlefield Canadian Income GBP 30,824 33 Mobius Investment Trust GBP 21,793 26 Monks Investment Trust GBP 55,222 611 0.09 Montanaro European Smaller Companies Trust GBP 52,767 79 0.01 Montanaro UK Smaller Companies Investment Trust GBP 45,950 43 0.01 Murray Income Trust GBP 29,234 237 0.03 Murray International Trust ‘O’ GBP 170,019 435 0.06 NB Private Equity Partners GBP 13,061 194 0.03 NextEnergy Solar Fund GBP 166,530 116 0.02 Nippon Active Value Fund GBP 53,266 100 0.01 North American Income Trust GBP 36,127 109 0.02 North Atlantic Smaller Companies Investment Trust GBP 2,256 78 0.01 Octopus Renewables Infrastructure Trust GBP 158,670 105 0.02 Oryx International Growth Fund GBP 1,711 18 Pacific Assets Trust GBP 34,427 108 0.02 Pacific Horizon Investment Trust GBP 25,156 139 0.02

Page 22

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Investment Companies 4.89% (5.25%) (continued) Pantheon International GBP 131,229 361 0.05 Patria Private Equity Trust GBP 18,810 103 0.02 Pershing Square Holdings GBP 41,980 1,407 0.21 Polar Capital Global Healthcare Trust GBP 34,541 109 0.02 Polar Capital Technology Trust GBP 336,555 939 0.14 Rights and Issues Investment Trust GBP 1,320 24 RIT Capital Partners GBP 33,181 607 0.09 Riverstone Energy GBP 7,010 49 0.01 Ruffer Investment GBP 91,787 257 0.04 Schroder Asian Total Return Investment GBP 26,598 110 0.02 Schroder AsiaPacific Fund GBP 40,168 197 0.03 Schroder Income Growth Fund GBP 20,112 56 0.01 Schroder Japan Growth Fund GBP 33,281 78 0.01 Schroder Oriental Income Fund GBP 68,126 173 0.03 Schroder UK Mid Cap Fund GBP 9,839 55 0.01 Schroders Capital Global Innovation Trust GBP 239,937 27 Scottish American Investment GBP 50,311 247 0.04 Scottish Mortgage Investment Trust GBP 349,194 3,084 0.45 Scottish Oriental Smaller Companies Trust GBP 33,725 93 0.01 Sequoia Economic Infrastructure Income Fund GBP 447,049 338 0.05 Smithson Investment Trust GBP 36,571 503 0.07 Starwood European Real Estate Finance GBP 43,890 37 0.01 Strategic Equity Capital GBP 13,111 38 0.01 STS Global Income & Growth Trust GBP 36,705 86 0.01 Syncona GBP 123,387 111 0.02 Temple Bar Investment Trust GBP 78,548 222 0.03 Templeton Emerging Markets Investment Trust ‘O’ GBP 300,718 481 0.07 TR Property Investment Trust GBP 89,065 268 0.04 TwentyFour Income Fund GBP 209,399 236 0.03 TwentyFour Select Monthly Income Fund GBP 72,371 60 0.01 Utilico Emerging Markets Trust GBP 51,263 108 0.02 Value and Indexed Property Income Trust GBP 3,948 7 Vietnam Enterprise Investments ‘C’ GBP 46,217 239 0.04 Vietnam Holding GBP 6,960 22 VinaCapital Vietnam Opportunity Fund GBP 41,240 167 0.02 Worldwide Healthcare Trust GBP 141,685 395 0.06 33,318 4.89 Investment Funds total 33,444 4.91 Materials 5.59% (7.18%) Chemicals 0.32% (0.45%) Croda International GBP 39,616 1,055 0.16 Elementis GBP 168,626 209 0.03 Essentra GBP 80,471 75 0.01 Johnson Matthey GBP 47,726 572 0.08 Synthomer GBP 33,476 28 Treatt GBP 16,941 37 0.01 Victrex GBP 24,306 196 0.03 Zotefoams GBP 13,244 33 2,205 0.32 Construction Materials 0.15% (0.15%) Breedon Group GBP 80,056 361 0.05 Forterra GBP 59,424 104 0.02 Ibstock GBP 110,692 196 0.03 Marshalls GBP 70,861 186 0.03 RHI Magnesita GBP 5,384 167 0.02 1,014 0.15 Containers & Packaging 0.00% (0.26%)

Page 23

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Metals & Mining 4.91% (6.06%) Anglo American GBP 353,536 7,177 1.05 Antofagasta GBP 98,324 1,509 0.22 ATALAYA MINING COPPER GBP 30,633 112 0.02 Capital GBP 43,004 28 Ecora Resources GBP 58,880 30 Endeavour Mining GBP 56,859 1,167 0.17 Evraz ^ GBP 191,739 – Ferrexpo GBP 84,854 44 0.01 Fresnillo GBP 52,378 554 0.08 Glencore GBP 3,455,991 8,844 1.30 Hill & Smith GBP 22,725 388 0.06 Hochschild Mining GBP 89,763 272 0.04 Kenmare Resources GBP 21,582 85 0.01 Petra Diamonds GBP 42,290 11 Rio Tinto GBP 303,767 13,220 1.94 33,441 4.91 Paper & Forest Products 0.20% (0.26%) Mondi GBP 125,404 1,393 0.20 1,393 0.20 Materials total 38,053 5.59 Real Estate 2.23% (2.56%) Diversified REITs 0.53% (0.62%) Abrdn Property Income Trust GBP 111,906 6 AEW UK REIT GBP 45,880 46 0.01 British Land GBP 283,568 1,039 0.15 Custodian Property Income REIT GBP 115,601 87 0.01 Downing Renewables & Infrastructure Trust GBP 40,373 29 Land Securities Group GBP 211,609 1,169 0.17 LondonMetric Property GBP 561,259 1,057 0.16 Picton Property Income GBP 155,829 111 0.02 Schroder European Real Estate Investment Trust GBP 35,031 23 Schroder Real Estate Investment Trust GBP 142,853 71 0.01 3,638 0.53 Health Care REITs 0.16% (0.14%) Assura GBP 914,831 437 0.06 Care ‘B’ GBP 90,374 97 0.01 Life Science REIT GBP 100,995 45 0.01 Primary Health Properties GBP 368,233 363 0.05 Target Healthcare REIT GBP 173,126 166 0.02 1,108 0.16 Industrial REITs 0.56% (0.67%) Segro GBP 383,909 2,571 0.38 Tritax Big Box REIT GBP 700,043 961 0.14 Urban Logistics REIT GBP 131,382 186 0.03 Warehouse REIT GBP 110,764 120 0.02 3,838 0.56 Office REITs 0.18% (0.21%) CLS Holdings GBP 45,386 27 Derwent London GBP 31,841 600 0.09 Great Portland Estates GBP 100,824 298 0.04 Helical GBP 32,442 65 0.01 Palace Capital GBP 8,509 18 Regional REIT GBP 47,169 52 0.01 Workspace Group GBP 39,010 167 0.02 1,227 0.18

Page 24

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Real Estate Management & Development 0.27% (0.33%) Abrdn European Logistics Income GBP 113,480 64 0.01 Foxtons Group GBP 79,403 46 0.01 Grainger GBP 211,263 445 0.07 Harworth Group GBP 54,187 95 0.01 International Workplace Group GBP 204,229 357 0.05 LSL Property Services GBP 27,973 74 0.01 Phoenix Spree Deutschland GBP 26,644 43 0.01 Raven Property Group ^ GBP 133,117 – Savills GBP 38,578 354 0.05 Sirius Real Estate GBP 428,385 375 0.06 1,853 0.27 Residential REITs 0.21% (0.22%) Empiric Student Property GBP 171,544 149 0.02 Home Reit ^ GBP 229,251 – PRS REIT GBP 144,155 163 0.02 Residential Secure Income GBP 53,847 30 Social Housing GBP 101,921 66 0.01 UNITE Group GBP 114,792 990 0.15 1,398 0.21 Retail REITs 0.18% (0.20%) Hammerson GBP 140,627 351 0.05 NewRiver REIT GBP 98,040 68 0.01 Shaftesbury Capital GBP 422,834 538 0.08 Supermarket Income REIT GBP 354,332 277 0.04 1,234 0.18 Specialized REITs 0.13% (0.17%) Big Yellow Group GBP 53,285 500 0.07 Safestore Holdings GBP 60,667 355 0.05 855 0.13 Real Estate total 15,151 2.23 Utilities 4.22% (4.23%) Electric Utilities 0.73% (0.86%) SSE GBP 310,611 4,985 0.73 4,985 0.73 Independent Power and Renewable Electricity Producers 0.27% (0.33%) Drax Group GBP 103,600 584 0.09 Greencoat UK Wind GBP 639,308 701 0.10 Renewables Infrastructure Group GBP 706,024 551 0.08 1,836 0.27 Multi-Utilities 2.52% (2.39%) Centrica GBP 1,440,605 2,128 0.31 National Grid GBP 1,389,186 14,649 2.15 Telecom Plus GBP 20,386 351 0.05 17,128 2.52 Water Utilities 0.70% (0.65%) Pennon Group GBP 122,494 591 0.09 Severn Trent GBP 75,017 2,023 0.30 United Utilities Group GBP 193,834 2,135 0.31 4,749 0.70 Utilities total 28,698 4.22

Equities total 668,779 98.25

Page 25

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Futures (0.08)% (0.00%) FTSE 100 Index 20/06/2025 GBP 155 (576) (0.08) Futures total (576) (0.08) Liquidity Funds 0.97% (0.27%) Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 6,600,000 6,600 0.97 Liquidity Funds total 6,600 0.97

Investment assets 674,803 99.14 Net other assets 5,868 0.86 Net assets 680,671 100.00

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

Page 26

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Index Tracking Fund

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Income Net capital (losses)/gains (8,889) 37,785 Revenue 12,060 12,222 Expenses (207) (214) Net revenue before taxation 11,853 12,008 Taxation (10) (18) Net revenue after taxation 11,843 11,990 Total return before distributions 2,954 49,775 Distributions (11,844) (11,993) Change in net assets attributable to shareholders from investment activities (8,890) 37,782

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 15 April 2025 (unaudited)

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Opening net assets attributable to shareholders 676,021 652,648 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 39,180 7,259 Amounts payable on cancellation of shares (36,090) (32,076) 3,090 (24,817) Dilution adjustment 122 Change in net assets attributable to shareholders from investment activities (see above) (8,890) 37,782 Retained distribution on accumulation shares 10,328 10,203 Unclaimed distributions – 1 Closing net assets attributable to shareholders 680,671 675,817

The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives should be for the comparable interim period, the net asset value at the end of the previous period will not agree to the net asset value at the start of this period. The published net asset value as at 15 October 2024 was £676,020,711.

STATEMENT OF TOTAL RETURN For the six months ended 15 April 2025 (unaudited)

Page 27

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Index Tracking Fund

BALANCE SHEET As at 15 April 2025 (unaudited)

As at 15.04.25 £000

As at 15.10.24 £000 Assets: Investments 675,379 674,941 Current assets: Debtors 5,748 1,708 Cash and bank balances 2,124 2,031 Total assets 683,251 678,680 Liabilities: Investment liabilities (576) (21) Creditors: Distributions payable (1,588) (1,647) Other creditors (416) (991) Total liabilities (2,580) (2,659) Net assets attributable to shareholders 680,671 676,021

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 15 October 2024 and are described in those annual financial statements.

Page 28

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

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

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

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

FUND MANAGER’S REPORT Performance Over the six months ended 15 April 2025, the Aviva Investors UK Listed Equity Income Fund delivered a total return of -0.5% (share class 1), net of fees. The Fund’s benchmark, the FTSE® All-Share Index, returned 0.7% over the same period. The tracking error at the period end was 2.74%. Review The Fund’s underperformance of its benchmark was largely a consequence of disappointing stock selection, most notably within financials and consumer discretionary companies. Among the main detractors was renewable energy infrastructure fund Greencoat UK Wind, whose share price weakened as the company’s management lowered its energy-yield estimates. This led to a reduction in its net asset value. Another disappointment was reinsurer Conduit Holdings. Despite posting growth in both premiums and revenue, the company cautioned about the impact on its balance sheet of natural disasters such as Hurricane Milton. On the positive side, not owning mining giant Glencore was helpful given ongoing negative sentiment towards the commodities extraction sector in general. Defence was a positive theme in the UK market as European governments pledged to increase spending on armaments on concerns about America’s waning commitment to NATO. While not holding aero-engine maker Rolls-Royce weighed on performance, the holding in Babcock International added value. Other winners included Lloyds Banking Group following the announcement of an increase in the dividend and a share buyback, and Sage Group, which reported a jump in full-year profits and also raised its dividend and announced a share buyback. Sector allocation had a mixed impact on performance. While being underweight basic materials companies such as miners was helpful, this was offset by being underweight in financials and energy.

AVIVA INVESTORS UK LISTED EQUITY INCOME FUND

Page 29

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Income Fund

FUND MANAGER’S REPORT (CONTINUED) Outlook The UK economy appears to be stagnating, and it is difficult to see a significant acceleration in economic growth currently, given the uncertain backdrop both in the UK and overseas. While the recent downturn in inflation is encouraging, there are concerns that if Trump’s tariffs remain in place, then inflation may head higher again. This could prevent the Bank of England from committing to further rate cuts, despite having cut in early May. In addition, there is increasing evidence that last October’s Budget is proving to be a material headwind for growth in the short-to-medium term, given the huge scale of the tax rises and extra borrowing that were announced in late October. These taxes came into force in early April. Added to that, the UK now faces trade tariffs on its exports to the US. While there seem to be few evident catalysts to push the market much higher from current levels, UK equities nevertheless continue to offer value and trade at relatively cheap levels compared with history and other global markets. In these volatile and challenging times, we believe it is particularly important to maintain a resilient and well-diversified portfolio. We look through market noise for a consistent, incomegenerative return for investors. The Fund, which is more midcap-orientated than its peers, offers the opportunity for income generation, as well as growth in both income and capital, across the whole spectrum of market capitalisations. June 2025 Sources: Fund and peer group performance figures – Lipper, mid to mid basis with net income reinvested in GBP, with no initial charges applied. Market data – Bloomberg®. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its Issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.

Performance History

Share Class Inc/Acc 31.12.20 % 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 1 I -6.40 15.30 -6.29 8.80 7.20 2 I -6.20 15.50 -6.12 9.00 7.41 8* I -5.70 16.10 -5.62 9.86 8.26 8* A -5.70 16.10 -5.62 9.86 8.26 2 A -6.20 15.50 -6.12 9.00 7.40 1 A -6.40 15.30 -6.29 8.80 7.21 4 I -5.90 16.10 -5.73 9.43 7.87 Benchmark** -9.80 18.30 0.30 7.92 9.47 * Class 3 was renamed Class 8 on 21 November 2022. ** Benchmark – FTSE® All-Share Index. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2023. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales NatWest Group Compass Group AstraZeneca Weir Group London Stock Exchange Group Lloyds Banking Group Experian National Grid Rolls-Royce Holdings Sage Group J Sainsbury Shell Auto Trader Group Babcock International Group Coca-Cola HBC Tesco Man Group Genuit Group Anglo American Melrose Industries

Synthetic Risk and Reward Indicator Lower risk Higher risk

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

AVIVA INVESTORS UK LISTED EQUITY INCOME FUND (CONTINUED)

Page 30

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

INVESTMENT PERFORMANCE

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 15.10.22 140,159 183,204,309 76.50 15.10.23 143,282 174,251,659 82.23 15.10.24 153,471 163,373,913 93.94 15.04.25 122,573 132,692,401 92.37 Class 2 15.10.22 150,806 121,327,908 124.30 15.10.23 158,065 118,103,120 133.84 15.10.24 126,273 82,435,595 153.18 15.04.25 135,827 90,093,456 150.76 Class 4 15.10.22 1 1,000 85.10 15.10.23 1 1,000 92.03 15.10.24 1 1,000 105.81 15.04.25 1 1,000 104.38 Class 8** 15.10.22 438,499 249,098,023 176.03 15.10.23 406,683 212,918,965 191.00 15.10.24 355,008 161,094,864 220.37 15.04.25 336,940 154,730,110 217.76 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 21 November 2022.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 15.10.22 4,263 2,605,636 163.62 15.10.23 3,062 1,662,476 184.17 15.10.24 3,105 1,420,056 218.67 15.04.25 2,063 942,697 218.84 Class 2 15.10.22 116,600 57,618,161 202.37 15.10.23 109,441 47,960,337 228.19 15.10.24 100,880 37,167,882 271.42 15.04.25 90,658 33,345,979 271.87 Class 8** 15.10.22 8,513 2,523,315 337.38 15.10.23 8,520 2,222,799 383.32 15.10.24 5,940 1,292,442 459.57 15.04.25 5,210 1,127,404 462.16 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 21 November 2022.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 98.86 78.30 2023 92.22 77.11 2024 98.71 80.03 2025** 99.27 87.52 Class 2 2022 160.37 127.21 2023 149.92 125.28 2024 160.92 130.27 2025** 161.99 142.83 Class 4 2022 109.43 87.09 2023 102.79 85.78 2024 111.08 89.58 2025** 112.08 98.87 Class 8*** 2022 226.25 180.16 2023 212.84 177.44 2024 231.27 185.95 2025** 233.75 206.27 * Valued at mid market prices. ** Up to 15 April 2025. *** Class 3 was renamed Class 8 on 21 November 2022.

Share Price Record – Accumulation Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 201.23 162.35 2023 197.17 164.86 2024 224.70 179.24 2025** 231.05 203.69 Class 2 2022 248.50 200.79 2023 244.01 203.90 2024 278.84 222.09 2025** 286.98 253.04 Class 8*** 2022 412.73 334.74 2023 407.79 339.96 2024 471.67 373.16 2025** 487.39 430.10 * Valued at mid market prices. ** Up to 15 April 2025. *** Class 3 was renamed Class 8 on 21 November 2022.

Page 31

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Income Fund

INVESTMENT PERFORMANCE (CONTINUED)

Ongoing Charges Figure* (unaudited) Share class 15.04.25 15.10.24 Class 1 1.00% 1.00% Class 2 0.81% 0.81% Class 4 0.45% 0.45% Class 8 0.02% 0.02% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 15 October 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 4.1313 42.96 2023 4.0087 41.69 2024 3.6002 37.44 2025* 1.6529 17.19 Class 2 2022 6.7062 43.01 2023 6.5194 41.81 2024 5.8648 37.61 2025* 2.6967 17.29 Class 4 2022 4.5740 43.03 2023 4.4470 41.84 2024 4.0190 37.81 2025* 1.8530 17.43 Class 8** 2022 9.4765 43.12 2023 9.2708 42.19 2024 8.4024 38.24 2025* 3.8883 17.69 * Up to 15 June 2025 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 21 November 2022.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on an accounting date basis for an investment made on 15 October 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 8.5006 44.28 2023 8.6634 45.12 2024 8.1411 42.40 2025* 3.8469 20.04 Class 2 2022 10.5044 44.32 2023 10.7252 45.25 2024 10.0959 42.60 2025* 4.7774 20.16 Class 8** 2022 17.4745 44.44 2023 17.9535 45.66 2024 17.0292 43.31 2025* 8.1073 20.62 * Up to 15 June 2025 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 21 November 2022.

Page 32

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Equities 100.44% (100.78%)

Communication Services 4.21% (3.14%) Interactive Media & Services 1.31% (0.00%) Auto Trader Group GBP 1,147,403 9,092 1.31 9,092 1.31 Media 2.90% (3.14%) Informa GBP 2,812,040 20,095 2.90 20,095 2.90 Communication Services total 29,187 4.21 Consumer Discretionary 6.65% (12.45%) Automobile Components 0.00% (0.44%) Broadline Retail 0.83% (1.17%) B&M European Value Retail GBP 1,843,623 5,774 0.83 5,774 0.83 Distributors 1.18% (1.80%) Inchcape GBP 1,160,573 8,147 1.18 8,147 1.18 Hotels, Restaurants & Leisure 1.12% (5.58%) Whitbread GBP 308,222 7,780 1.12 7,780 1.12 Household Durables 0.72% (0.00%) Berkeley Group Holdings GBP 128,981 4,981 0.72 4,981 0.72 Speciality Retail 2.80% (3.46%) DFS Furniture GBP 3,954,028 5,061 0.73 Dunelm Group GBP 734,665 6,932 1.00 Pets at Home Group GBP 3,166,127 7,396 1.07 Unbound Group ^ GBP 15,664 – 19,389 2.80 Consumer Discretionary total 46,071 6.65 Consumer Staples 14.93% (13.06%) Beverages 1.48% (0.64%) Coca-Cola HBC GBP 162,501 5,964 0.86 Diageo GBP 211,278 4,301 0.62 10,265 1.48 Consumer Staples Distribution & Retail 4.40% (3.76%) J Sainsbury GBP 8,957,036 22,052 3.18 Tesco GBP 2,452,917 8,473 1.22 30,525 4.40 Household Products 2.68% (2.61%) Reckitt Benckiser Group GBP 377,766 18,571 2.68 18,571 2.68 Personal Care Products 6.37% (6.05%) Unilever GBP 942,312 44,166 6.37 44,166 6.37 Consumer Staples total 103,527 14.93

Page 33

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Energy 6.42% (7.96%) Oil, Gas & Consumable Fuels 6.42% (7.96%) Shell GBP 1,878,612 44,542 6.42 44,542 6.42 Energy total 44,542 6.42 Financials 24.44% (17.80%) Banks 12.57% (8.78%) Close Brothers Group GBP 1,642,260 4,894 0.71 HSBC Holdings GBP 3,932,354 30,810 4.44 Lloyds Banking Group GBP 44,711,519 31,647 4.56 NatWest Group GBP 4,327,826 19,774 2.85 87,125 12.57 Capital Markets 6.66% (3.49%) Intermediate Capital Group GBP 750,517 13,622 1.96 London Stock Exchange Group GBP 153,889 17,520 2.53 Man Group GBP 4,264,776 6,845 0.99 Rosebank Industries # GBP 238,776 1,218 0.18 Schroders GBP 2,195,040 6,984 1.01 46,189 6.66 Insurance 5.21% (5.53%) Conduit Holdings GBP 1,900,447 6,851 0.99 Legal & General Group GBP 10,412,615 25,292 3.65 Prudential GBP 522,282 3,984 0.57 36,127 5.21 Financials total 169,441 24.44 Health Care 13.32% (11.45%) Health Care Equipment & Supplies 3.74% (3.82%) ConvaTec Group GBP 6,760,506 17,509 2.53 Smith & Nephew GBP 847,546 8,418 1.21 25,927 3.74 Pharmaceuticals 9.58% (7.62%) AstraZeneca GBP 413,658 42,524 6.13 GSK GBP 1,774,190 23,872 3.44 66,396 9.58 Health Care total 92,323 13.32 Industrials 12.26% (13.07%) Aerospace & Defense 6.01% (5.33%) Babcock International Group GBP 1,135,910 8,315 1.20 BAE Systems GBP 521,115 9,080 1.31 Chemring Group GBP 1,612,858 6,363 0.92 QinetiQ Group GBP 1,205,794 4,802 0.69 Rolls-Royce Holdings GBP 1,792,432 13,113 1.89 41,673 6.01 Building Products 0.00% (1.38%) Construction & Engineering 0.74% (1.45%) Balfour Beatty GBP 1,183,043 5,101 0.74 5,101 0.74

Page 34

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Machinery 1.36% (2.98%) Weir Group GBP 428,044 9,400 1.36 9,400 1.36 Professional Services 4.16% (1.94%) Experian GBP 410,920 14,325 2.07 Hays GBP 5,493,178 3,834 0.55 RELX GBP 274,047 10,674 1.54 28,833 4.16 Industrials total 85,007 12.26 Information Technology 3.75% (4.81%) Electronic Equipment, Instruments & Components 0.92% (1.15%) Oxford Instruments GBP 391,161 6,360 0.92 6,360 0.92 Software 2.83% (3.66%) Sage Group GBP 1,664,091 19,645 2.83 19,645 2.83 Information Technology total 26,005 3.75 Materials 5.34% (5.17%) Construction Materials 1.31% (1.49%) Ibstock GBP 5,135,715 9,090 1.31 9,090 1.31 Containers & Packaging 1.21% (1.92%) Smurfit WestRock GBP 266,365 8,385 1.21 8,385 1.21 Metals & Mining 2.82% (1.76%) Anglo American GBP 312,093 6,336 0.91 Rio Tinto GBP 303,929 13,227 1.91 19,563 2.82 Materials total 37,038 5.34 Real Estate 2.55% (3.26%) Diversified REITs 1.43% (2.03%) Land Securities Group GBP 1,791,455 9,898 1.43 9,898 1.43 Industrial REITs 1.12% (1.23%) Tritax Big Box REIT GBP 5,679,722 7,798 1.12 7,798 1.12 Real Estate total 17,696 2.55 Utilities 6.56% (8.62%) Independent Power and Renewable Electricity Producers 2.12% (2.75%) Greencoat UK Wind GBP 13,424,848 14,714 2.12 14,714 2.12 Multi-Utilities 4.44% (5.87%) National Grid GBP 2,917,009 30,760 4.44 30,760 4.44 Utilities total 45,474 6.56

Equities total 696,311 100.44

Page 35

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Income Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Liquidity Funds 0.83% (1.17%) Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 5,800,000 5,800 0.83 Liquidity Funds total 5,800 0.83

Investment assets 702,111 101.27 Net other liabilities (8,839) (1.27) Net assets 693,272 100.00

All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 15 October 2024. † A related party to the Fund. ^ Unlisted, suspended or delisted security. # Security traded on another regulated market.

Page 36

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Income Fund

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Income Net capital (losses)/gains (8,015) 88,138 Revenue 12,885 13,393 Expenses (1,655) (1,869) Net revenue before taxation 11,230 11,524 Taxation 2 62 Net revenue after taxation 11,232 11,586 Total return before distributions 3,217 99,724 Distributions (12,710) (13,290) Change in net assets attributable to shareholders from investment activities (9,493) 86,434

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 15 April 2025 (unaudited)

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Opening net assets attributable to shareholders 744,678 829,054 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 12,393 12,737 Amounts payable on cancellation of shares (56,027) (154,897) (43,634) (142,160) Change in net assets attributable to shareholders from investment activities (see above) (9,493) 86,434 Retained distribution on accumulation shares 1,721 1,811 Unclaimed distributions – 2 Closing net assets attributable to shareholders 693,272 775,141

STATEMENT OF TOTAL RETURN For the six months ended 15 April 2025 (unaudited)

Page 37

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Income Fund

BALANCE SHEET As at 15 April 2025 (unaudited)

As at 15.04.25 £000

As at 15.10.24 £000 Assets: Investments 702,111 759,205 Current assets: Debtors 4,671 1,149 Cash and bank balances 59 167 Total assets 706,841 760,521 Liabilities: Creditors: Bank overdrafts (1,253) Distributions payable (10,639) (14,343) Other creditors (1,677) (1,500) Total liabilities (13,569) (15,843) Net assets attributable to shareholders 693,272 744,678

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 15 October 2024 and are described in those annual financial statements.

Page 38

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Unconstrained Fund

INVESTMENT OBJECTIVE The Fund aims to grow your investment and provide an average annual net return greater than the FTSE® All-Share Index (the “Index”) over a rolling 5 year period by investing in shares of UK companies.

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in shares of UK companies (incorporated or domiciled in the UK), or non-UK companies which are listed in the UK or which have significant trading activities in the UK. Other investments The Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies), cash and deposits. Strategy The Fund is actively managed with an unconstrained investment style, allowing the Investment Manager the freedom to invest in selected companies of any size, and at any stage of the business cycle. This will include investing in market leading and mature companies with the potential for superior earnings growth and sustainable dividends respectively, as well as identifying companies which are out of favour at a particular point in time, but where there is a specific opportunity for the company’s value to increase in the future. This Fund is subject to Aviva Investors’ baseline exclusion policy, please see Prospectus for information on these limited investment restrictions. Performance & Risk Measurement The Fund’s performance is measured against the Index, after charges and taxes. The Fund’s investment process is not constrained by the Index, so it will not hold every company in the Index and may also hold companies that do not form part of it. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Index. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Index, and vice-versa. The Fund is expected to have an average yearly tracking error of between 3% and 8% when compared to the Index. However, as the Fund is unconstrained by the range, it could operate outside of it and the Investment Manager has discretion on how best to position the Fund in seeking to achieve its outcome. Therefore the Fund’s returns could be very similar to or very different from the Index. The Index represents the performance of all eligible companies listed on the London Stock Exchange, and 98% of the UK’s market capitalisation (total market value of a company’s outstanding shares). The Index has been selected as a benchmark for performance and risk measurement because it is representative of the type of companies in which the Fund is likely to invest, and it is therefore an appropriate measure for the Fund’s performance.

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

FUND MANAGER’S REPORT Performance Over the six months ended 15 April 2025, the Aviva Investors UK Listed Equity Unconstrained Fund delivered a total return of -3.0% (share class 1), net of fees. The Fund’s benchmark, the FTSE® All-Share Index, returned 0.7% over the same period. The tracking error at the period end was 5.21%. Review The Fund’s underperformance of its benchmark was a consequence of disappointing stock selection and, to a lesser degree, sector allocation. Among the main detractors was discount store chain B&M European Value Retail, which issued a profit warning stemming from challenging trading conditions. Promotional product maker 4imprint Group weighed on performance as its share price slid on worries about slower customer acquisition and falling orders. Ashstead Group was weak after the company revealed that it was planning to move its primary stock market listing from London to New York. Having no exposure to rallying bank HSBC was also a headwind to returns. On the positive side, not owning mining giant Glencore was helpful given ongoing negative sentiment towards the commodities extraction sector in general. Holding no exposure to pharmaceutical giant AstraZeneca was also beneficial. Defence was a positive theme in the UK market as European governments pledged to increase spending on armaments on concerns about America’s waning commitment to NATO. While not holding aeroengine maker Rolls-Royce weighed on performance, the holding in BAE Systems added value. Other winners included Sage Group, which reported a jump in full-year profits and raised its dividend and announced a share buyback, and Games Workshop, which gave an upbeat account of recent trading and guidance for strong growth in pre-tax profits. Sector allocation had a negative impact of performance overall. While being overweight technology was helpful, this was offset by being underweight in financials and consumer discretionary companies.

AVIVA INVESTORS UK LISTED EQUITY UNCONSTRAINED FUND

Page 39

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Unconstrained Fund

FUND MANAGER’S REPORT (CONTINUED) Outlook The UK economy appears to be stagnating, and it is difficult to see a significant acceleration in economic growth currently, given the uncertain backdrop both in the UK and overseas. While the recent downturn in inflation is encouraging, there are concerns that if Trump’s tariffs remain in place, then inflation may head higher again. This could prevent the Bank of England from committing to further rate cuts, despite having cut in early May. In addition, there is increasing evidence that last October’s Budget is proving to be a material headwind for growth in the short-to-medium term, given the huge scale of the tax rises and extra borrowing that were announced in late October. These taxes came into force in early April. Added to that, the UK now faces trade tariffs on its exports to the US, and geopolitical issues remain a significant risk to all equity markets. While there seem to be few evident catalysts to push the market much higher from current levels, UK equities nevertheless continue to offer value and trade at relatively cheap levels compared with history and other global markets. Regarding our investment approach, we aim to manage the Fund in an unconstrained way and avoid being restricted by the composition of the benchmark index. This means we can build significant overweight positions in our best ideas, across all sectors. We look through the short-term market noise and invest based on long-term company fundamentals, with a focus on cash generation. June 2025 Sources: Fund and peer group performance figures – Lipper, mid to mid basis with net income reinvested in GBP, with no initial charges applied. Market data – Bloomberg®. Any opinions expressed are those of the Fund manager. They should not be viewed as a guarantee of a return from an investment in the Funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its Issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.

Performance History

Share Class Inc/Acc 31.12.20 % 31.12.21 % 31.12.22 % 31.12.23 % 31.12.24 % 1 I 0.90 22.10 -5.38 6.51 6.62 2 A 1.10 22.30 -5.21 6.71 6.81 8* I 1.60 22.90 -4.70 7.56 7.68 2 I 1.10 22.30 -5.21 6.71 6.81 1 A N/A N/A N/A 6.51 6.62 8* A N/A N/A N/A 7.56 7.67 Benchmark** -9.80 18.30 0.30 7.92 9.47 * Class 3 was renamed Class 8 on 21 November 2022. ** Benchmark – FTSE® All-Share Index. Source for all data: Aviva Investors/Lipper, a Thomson Reuters company, this is based on index provider data where applicable. Fund return data is mid to mid, net income reinvested, net of all ongoing charges and fees in sterling, net of tax payable by the Fund to 31 December 2024. The figures do not include the effect of the Entry Charge and any Exit Charge.

Material Portfolio Changes Purchases Sales AstraZeneca GSK Experian National Grid Lloyds Banking Group Sage Group Diploma Coca-Cola HBC Auto Trader Group Inchcape Softcat Babcock International Group Clarkson Oxford Instruments Howden Joinery Group Ashtead Group Rio Tinto Chemring Group IntegraFin Holdings BAE Systems

Synthetic Risk and Reward Indicator Lower risk Higher risk

AVIVA INVESTORS UK LISTED EQUITY UNCONSTRAINED FUND (CONTINUED)

Page 40

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Unconstrained Fund

Net Asset Value – Income Shares

Share class As at

Net asset value* £000

Shares in issue

Pence per share Class 1 15.10.22 140,105 112,678,451 124.34 15.10.23 141,651 105,391,788 134.40 15.10.24 147,905 98,955,585 149.47 15.04.25 124,077 85,845,633 144.54 Class 2 15.10.22 14,510 9,522,117 152.38 15.10.23 17,240 10,466,845 164.71 15.10.24 15,546 8,486,788 183.18 15.04.25 29,264 16,521,543 177.13 Class 8** 15.10.22 5,520 2,240,685 246.37 15.10.23 198 74,334 266.29 15.10.24 214 72,181 296.17 15.04.25 202 70,452 286.35 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 21 November 2022.

Net Asset Value – Accumulation Shares

Share class As at

Net asset value* £000

Shares in issue Pence per share Class 1 15.10.22 1,297 1,448,048 89.57 15.10.23 1,047 1,051,768 99.52 15.10.24 1,047 926,622 112.96 15.04.25 820 743,068 110.41 Class 2 15.10.22 22,751 6,559,177 346.85 15.10.23 21,876 5,666,283 386.08 15.10.24 21,627 4,926,511 438.99 15.04.25 19,516 4,543,947 429.48 Class 8** 15.10.22 1,006 1,118,398 89.93 15.10.23 996 987,679 100.87 15.10.24 802 694,002 115.62 15.04.25 750 660,761 113.57 * Valued at bid market prices. ** Class 3 was renamed Class 8 on 21 November 2022.

Share Price Record – Income Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 159.96 125.90 2023 148.26 125.06 2024 156.50 130.56 2025** 157.04 134.73 Class 2 2022 196.15 154.45 2023 181.80 153.27 2024 191.90 160.01 2025** 192.56 165.26 Class 8*** 2022 317.67 250.42 2023 294.67 247.83 2024 311.02 258.75 2025** 312.09 268.23 * Valued at mid market prices. ** Up to 15 April 2025. *** Class 3 was renamed Class 8 on 21 November 2022.

Share Price Record – Accumulation Shares

Share class

Financial year

Highest price* (p)

Lowest price* (p) Class 1 2022 106.75 88.96 2023 106.84 90.07 2024 116.75 96.68 2025** 118.68 101.82 Class 2 2022 429.61 344.49 2023 414.15 348.81 2024 453.58 375.05 2025** 461.46 396.03 Class 8*** 2022 106.92 89.31 2023 107.86 90.44 2024 119.27 98.01 2025** 121.83 104.70 * Valued at mid market prices. ** Up to 15 April 2025. *** Class 3 was renamed Class 8 on 21 November 2022.

INVESTMENT PERFORMANCE

Page 41

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Unconstrained Fund

Ongoing Charges Figure* (unaudited) Share class 15.04.25 15.10.24 Class 1 1.00% 1.00% Class 2 0.82% 0.82% Class 8 0.02% 0.02% * The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Fund Management Fee and, where a fund invests a substantial portion of its assets in other funds, an amount for the pro-rated charges of those other funds (referred to as “synthetic charges” or the “synthetic” part of the ongoing charge). The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling shares/units in another collective investment scheme. Please remember that past performance is not a guide to future performance and it might not be repeated. The value of investments and the revenue from them may go down as well as up and investors may not get back the amount originally invested. Because of this, you are not certain to make a profit on your investments and you may lose money.

Revenue Record – Income Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 15 October 2021.

Share class

Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 4.9834 32.27 2023 3.8782 25.12 2024 3.0497 19.75 2025* 1.5718 10.18 Class 2 2022 6.4343 33.97 2023 5.0663 26.74 2024 4.0663 21.47 2025* 2.0935 11.05 Class 8** 2022 11.8756 38.66 2023 10.3698 33.76 2024 8.9433 29.12 2025* 4.5894 14.94 * Up to 13 June 2025 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 21 November 2022.

Revenue Record – Accumulation Shares The revenue record table below shows the net distribution rates per financial year on a payment date basis for an investment made on 15 October 2021.

Share class Financial year

Net revenue per share (p) Per £1,000 invested (£) Class 1 2022 2.5515 25.52 2023 2.8120 28.12 2024 2.2692 22.69 2025* 1.1878 11.88 Class 2 2022 14.2195 34.83 2023 11.6120 28.44 2024 9.5819 23.47 2025* 5.0169 12.29 Class 8** 2022 2.9598 29.60 2023 3.8181 38.18 2024 3.4126 34.13 2025* 1.7916 17.92 * Up to 13 June 2025 (the interim distribution payment date). ** Class 3 was renamed Class 8 on 21 November 2022.

INVESTMENT PERFORMANCE (CONTINUED)

Page 42

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Unconstrained Fund

PORTFOLIO STATEMENT As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Equities 100.37% (100.03%)

Communication Services 12.61% (10.31%) Interactive Media & Services 8.22% (4.83%) Auto Trader Group GBP 609,736 4,831 2.77 MONY Group GBP 1,847,454 3,590 2.06 Rightmove GBP 797,881 5,941 3.40 14,362 8.22 Media 4.38% (5.48%) 4imprint Group GBP 84,950 2,684 1.54 Informa GBP 610,877 4,365 2.50 Next 15 Group # GBP 260,553 605 0.35 7,654 4.38 Communication Services total 22,016 12.61 Consumer Discretionary 14.61% (17.19%) Broadline Retail 2.15% (2.17%) B&M European Value Retail GBP 1,198,453 3,754 2.15 3,754 2.15 Distributors 0.00% (2.18%) Hotels, Restaurants & Leisure 6.84% (7.66%) Compass Group GBP 316,038 8,078 4.63 Domino’s Pizza Group GBP 1,389,690 3,863 2.21 11,941 6.84 Leisure Products 3.43% (2.59%) Games Workshop Group GBP 41,459 5,987 3.43 5,987 3.43 Speciality Retail 2.20% (2.59%) Dunelm Group GBP 406,907 3,839 2.20 3,839 2.20 Consumer Discretionary total 25,521 14.61 Consumer Staples 15.56% (17.08%) Beverages 1.73% (4.07%) Diageo GBP 148,098 3,015 1.73 3,015 1.73 Food Products 2.49% (2.35%) Cranswick GBP 86,364 4,344 2.49 4,344 2.49 Household Products 4.10% (3.65%) Reckitt Benckiser Group GBP 145,581 7,157 4.10 7,157 4.10 Personal Care Products 7.24% (7.02%) Unilever GBP 269,914 12,651 7.24 12,651 7.24 Consumer Staples total 27,167 15.56 Energy 4.44% (4.71%) Oil, Gas & Consumable Fuels 4.44% (4.71%) Shell GBP 327,133 7,756 4.44 7,756 4.44 Energy total 7,756 4.44

Page 43

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Unconstrained Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Financials 14.70% (9.71%) Banks 6.22% (2.54%) HSBC Holdings GBP 711,289 5,573 3.19 Lloyds Banking Group GBP 7,481,812 5,295 3.03 10,868 6.22 Capital Markets 8.47% (7.16%) IntegraFin Holdings GBP 1,021,441 3,136 1.80 Intermediate Capital Group GBP 203,327 3,690 2.11 London Stock Exchange Group GBP 70,002 7,970 4.56 14,796 8.47 Financials total 25,664 14.70 Health Care 3.84% (5.18%) Health Care Equipment & Supplies 0.00% (1.15%) Pharmaceuticals 3.84% (4.03%) AstraZeneca GBP 65,152 6,698 3.84 6,698 3.84 Health Care total 6,698 3.84 Industrials 27.16% (21.92%) Aerospace & Defense 5.33% (9.22%) BAE Systems GBP 385,656 6,720 3.85 QinetiQ Group GBP 651,778 2,595 1.49 9,315 5.33 Commercial Services & Supplies 1.90% (1.86%) Rentokil Initial GBP 994,534 3,324 1.90 3,324 1.90 Construction & Engineering 2.64% (1.79%) Morgan Sindall Group GBP 132,903 4,605 2.64 4,605 2.64 Machinery 1.81% (2.14%) Weir Group GBP 143,857 3,159 1.81 3,159 1.81 Marine Transportation 1.68% (0.00%) Clarkson GBP 88,547 2,931 1.68 2,931 1.68 Professional Services 9.05% (3.87%) Experian GBP 182,575 6,365 3.64 RELX GBP 242,337 9,439 5.41 15,804 9.05 Trading Companies & Distributors 4.75% (3.05%) Ashtead Group GBP 20,836 822 0.47 Diploma GBP 105,204 4,164 2.38 Howden Joinery Group GBP 454,856 3,304 1.89 8,290 4.75 Industrials total 47,428 27.16 Information Technology 5.95% (8.06%) Electronic Equipment, Instruments & Components 0.00% (1.56%) IT Services 2.92% (1.90%) Kainos Group GBP 125,808 878 0.50 Softcat GBP 266,761 4,226 2.42 5,104 2.92

Page 44

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Unconstrained Fund

PORTFOLIO STATEMENT (CONTINUED) As at 15 April 2025 (unaudited)

Investment Currency Holding Market Value £000 % of Net Assets Software 3.03% (4.60%) Sage Group GBP 447,522 5,283 3.03 5,283 3.03 Information Technology total 10,387 5.95 Materials 1.51% (1.40%) Metals & Mining 1.51% (1.40%) Rio Tinto GBP 60,588 2,637 1.51 2,637 1.51 Materials total 2,637 1.51 Real Estate – 0.00% (1.22%) Diversified REITs 0.00% (1.22%) Utilities – 0.00% (3.24%) Multi-Utilities 0.00% (3.24%)

Equities total 175,274 100.37 Liquidity Funds 0.11% (0.96%) Aviva Investors Sterling Liquidity Fund, Class 3, Income shares, GBP † GBP 200,000 200 0.11 Liquidity Funds total 200 0.11

Investment assets 175,474 100.48 Net other liabilities (845) (0.48) Net assets 174,629 100.00

All holdings are ordinary shares or stock units and admitted to an official stock exchange unless otherwise stated. The comparative percentage figures in brackets are as at 15 October 2024. † A related party to the Fund. # Security traded on another regulated market.

Page 45

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Equity Unconstrained Fund

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Income Net capital (losses)/gains (5,931) 19,478 Revenue 2,844 2,453 Expenses (879) (921) Net revenue before taxation 1,965 1,532 Taxation 18 (18) Net revenue after taxation 1,983 1,514 Total return before distributions (3,948) 20,992 Distributions (1,983) (1,515) Change in net assets attributable to shareholders from investment activities (5,931) 19,477

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS For the six months ended 15 April 2025 (unaudited)

£000

Six months ended 15.04.25 £000 £000

Six months ended 15.04.24 £000 Opening net assets attributable to shareholders 187,141 183,008 Movement due to issue and cancellation of shares: Amounts receivable on issue of shares 2,255 3,304 Amounts payable on cancellation of shares (9,085) (13,026) (6,830) (9,722) Change in net assets attributable to shareholders from investment activities (see above) (5,931) 19,477 Retained distribution on accumulation shares 249 206 Unclaimed distributions – 1 Closing net assets attributable to shareholders 174,629 192,970

STATEMENT OF TOTAL RETURN For the six months ended 15 April 2025 (unaudited)

Page 46

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Equity Unconstrained Fund

BALANCE SHEET As at 15 April 2025 (unaudited)

As at 15.04.25 £000

As at 15.10.24 £000 Assets: Investments 175,474 189,005 Current assets: Debtors 3,854 270 Cash and bank balances 374 439 Total assets 179,702 189,714 Liabilities: Creditors: Bank overdrafts (1,089) Distributions payable (1,698) (2,140) Other creditors (2,286) (433) Total liabilities (5,073) (2,573) Net assets attributable to shareholders 174,629 187,141

ACCOUNTING POLICIES The accounting policies applied are consistent with those of the financial statements for the year ended 15 October 2024 and are described in those annual financial statements.

Page 47

avivainvestors.com | Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025

Aviva Investors UK Listed Small and Mid-Cap Fund

INVESTMENT OBJECTIVE The Fund aims to grow your investment and provide an average annual net return greater than the FTSE® 250 ex Investment Trust Index (the “Index”) over a rolling 5 year period by investing in shares of small and medium sized UK companies.

INVESTMENT POLICY Core investment At least 80% of the Fund will be invested in shares of small and medium-sized UK companies (incorporated or domiciled in the UK), or non-UK small and medium-sized companies which are listed in the UK or which have significant trading activities in the UK. Other investments The Fund may also invest in other shares, other funds (including funds managed by Aviva Investors companies), cash and deposits. Strategy The Fund is actively managed, and the Investment Manager will invest in small and medium sized companies that are deemed to be undervalued by the market, irrespective of style implications. This approach concentrates on companies that are considered to have growth, quality or recovery characteristics. Growth can come from being in a growing sector, gaining market share, or as a result of industry consolidation. Quality can be defined as companies with market leading products or services, with the potential for stable profits and strong cash generation. A company’s potential for recovery could be as a result of management change, or a change in strategic direction. This Fund is subject to Aviva Investors’ baseline exclusion policy please see Appendix 2 of the Prospectus for information on these limited investment restrictions. Performance & Risk Measurement The Fund’s performance is measured against the Index, after charges and taxes. The Fund does not base its investment process upon the Index, so will not hold every company in the Index and may also hold companies that do not form part of it. This may include investing up to 20% of the Fund in companies listed on the Alternative Investment Market (AIM) All-Share Index, whilst no more than 20% of the Fund can be invested in companies listed on the FTSE 100 Index. The Fund uses a “tracking error” to measure the consistency between the Fund’s returns and the returns of the Index. In general, the lower the tracking error, the more consistent the Fund’s returns are relative to the Index, and vice-versa. The Fund is expected to have an average yearly tracking error of between 3% and 8% when compared to the Index. In certain conditions the Fund may be outside of this range. The Index is currently comprised of approximately 200 medium sized UK companies, as determined by their market capitalisation (total market value of a company’s outstanding shares). The companies included on this Index have a market capitalisation between approximately £200 million and £5.5 billion. We define small and medium-sized as having a market capitalisation below £5.5 billion and this includes those listed on the FTSE® 250 Index, the FTSE® Small Cap Index and the AIM All-Share Index. The Index has been selected as a benchmark for performance and risk measurement because it is representative of the type of companies in which the Fund is likely to invest, and it is therefore an appropriate measure for the Fund’s performance.

FUND MANAGER’S REPORT Performance Over the six months ended 15 April 2025, the Aviva Investors UK Listed Small and Mid-Cap Fund delivered a total return of -12.2% (share class 1) net of fees. The Fund’s benchmark, the FTSE® 250 ex Investment Trust (the “Index”), returned -7.4% over the same period. The tracking error at the period end was 3.99%. Review The Fund produced a negative return over the period and underperformed its benchmark index. This was largely due to weak stock selection, which was notably disappointing in the consumer discretionary and technology sectors. Smaller and medium-sized companies underperformed their larger counterparts as they were viewed as being more sensitive to the weakening outlook for the UK economy. In terms of individual holdings, shares in Safestore were notably weak as the company released underwhelming third-quarter earnings results showing sales and occupancy levels for the firm’s self-storage business deteriorating mildly, and a cautious outlook from management. A recovery in earnings in the fourth quarter did little to stabilise the share price. Shares in WH Smith fell sharply towards the end of the period as its management announced the sale of the retailer’s high street operations. Its exposure to the North American market also negatively impacted investor sentiment towards the company. The lack of exposure to both Direct Line, which was acquired by Aviva in a £3.7 billion deal, and Babcock International, which rallied strongly amid significant commitments by European governments to increase defence spending, also weighed on performance. On the positive side, miniature warrior and games maker Games Workshop made a good contribution to performance after it revealed record earnings in its interim results and raised its guidance. Construction firm Morgan Sindall also performed well after it significantly raised its full-year earnings forecast in October.

AVIVA INVESTORS UK LISTED SMALL AND MID-CAP FUND

Page 48

Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025 | avivainvestors.com

Aviva Investors UK Listed Small and Mid-Cap Fund

AVIVA INVESTORS UK LISTED SMALL AND MID-CAP FUND (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED) Outlook

Truncated: This annotation is too large to fit. View the raw JSON.

{
  "annotation_id": "af5908b0-e91c-4f9c-971b-424d64b7d848",
  "date_created": "2026-06-29T18:33:19.844000Z",
  "date_modified": "2026-06-29T18:33:19.844000Z",
  "file_hash": "6fa48875db207f4223234a8d224dd3365cc33cfed1694e0ab8b2f48f186ec133",
  "private": false,
  "record": {
    "attributes": {
      "chunk_type": "page_range",
      "end_page": 219,
      "start_page": 1
    },
    "blocks": [
      {
        "block_type": "box",
        "box": {
          "height": 12,
          "width": 417,
          "x": 144,
          "y": 631
        },
        "id": "c20a7a19-78e6-43f9-801c-70c8ad5886a7",
        "page_number": 1,
        "text": "For the six months ended 15 April 2025 (unaudited)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 19,
          "width": 521,
          "x": 145,
          "y": 569
        },
        "id": "48d735e5-2ac8-49e0-8d97-76a81e32dfc5",
        "page_number": 1,
        "text": "Interim Report and Financial Statements"
      },
      {
        "block_type": "box",
        "box": {
          "height": 25,
          "width": 495,
          "x": 143,
          "y": 384
        },
        "id": "747a3b11-8363-46de-b28a-257665d55f9b",
        "page_number": 1,
        "text": "AVIVA INVESTORS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 24,
          "width": 708,
          "x": 147,
          "y": 420
        },
        "id": "d0790e8e-b856-4768-84df-7a4604a1aee1",
        "page_number": 1,
        "text": "INVESTMENT FUNDS ICVC"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 97,
          "x": 72,
          "y": 974
        },
        "id": "43191208-a11d-4426-837c-7b2588c24d4d",
        "page_number": 3,
        "text": "avivainvestors.com"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 0,
          "x": 174,
          "y": 973
        },
        "id": "0536b186-b5b9-46cc-b645-18dd03675f41",
        "page_number": 3,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 621,
          "x": 179,
          "y": 974
        },
        "id": "73ec981c-ef47-40f5-b3d8-5c956891ae94",
        "page_number": 3,
        "text": "Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 3,
          "x": 923,
          "y": 974
        },
        "id": "83ff12a5-6d7c-46d1-95b2-5ca24edb83bc",
        "page_number": 3,
        "text": "1"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 75,
          "x": 72,
          "y": 169
        },
        "id": "6545fa38-5f81-4bde-9c2e-14cae960adab",
        "page_number": 3,
        "text": "CONTENTS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 146,
          "x": 72,
          "y": 202
        },
        "id": "c203dfac-cbf9-4829-a12d-5aec8ddd26aa",
        "page_number": 3,
        "text": "Company Information*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 6,
          "x": 578,
          "y": 202
        },
        "id": "0547b7c4-45cc-4316-9f88-6a2dc1390655",
        "page_number": 3,
        "text": "2"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 286,
          "x": 72,
          "y": 220
        },
        "id": "de1344e5-a52d-4307-b231-7f4b5f77f6d5",
        "page_number": 3,
        "text": "Report of the Authorised Corporate Director*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 6,
          "x": 578,
          "y": 221
        },
        "id": "04ee1ded-037f-48da-8be2-6fa7396695ed",
        "page_number": 3,
        "text": "3"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 164,
          "x": 72,
          "y": 239
        },
        "id": "f34cfea0-dd0d-4a21-8394-5ae4109da3b2",
        "page_number": 3,
        "text": "Manager\u2019s Market Review"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 7,
          "x": 578,
          "y": 239
        },
        "id": "b373efed-3070-4047-838b-b05ee08f80af",
        "page_number": 3,
        "text": "4"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 179,
          "x": 72,
          "y": 257
        },
        "id": "703dcd27-780e-4a42-a31a-8f1dce7b681e",
        "page_number": 3,
        "text": "Statement of Cross Holdings"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 6,
          "x": 578,
          "y": 258
        },
        "id": "aa0b9c56-c3f2-48ac-967c-c90a0f537759",
        "page_number": 3,
        "text": "5"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 246,
          "x": 71,
          "y": 276
        },
        "id": "f528fa0c-01d8-4d90-9d50-2545dc2a3965",
        "page_number": 3,
        "text": "Aviva Investors UK Index Tracking Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 6,
          "x": 578,
          "y": 276
        },
        "id": "ed9b6c2e-f236-4712-be01-ae6356ae0c78",
        "page_number": 3,
        "text": "6"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 286,
          "x": 71,
          "y": 295
        },
        "id": "5824f4bd-6ca0-4a59-9152-677097e00e51",
        "page_number": 3,
        "text": "Aviva Investors UK Listed Equity Income Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 295
        },
        "id": "56468a1a-a63b-4478-af2d-62c55ad2050e",
        "page_number": 3,
        "text": "26"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 331,
          "x": 71,
          "y": 313
        },
        "id": "06a5bb9f-48d6-413a-b01d-ce9177f2564a",
        "page_number": 3,
        "text": "Aviva Investors UK Listed Equity Unconstrained Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 314
        },
        "id": "e6b20902-cae1-428f-9215-4f66bc7d0a1d",
        "page_number": 3,
        "text": "36"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 316,
          "x": 71,
          "y": 332
        },
        "id": "040900b4-5816-4e77-ba4d-c13614b4f88b",
        "page_number": 3,
        "text": "Aviva Investors UK Listed Small and Mid-Cap Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 15,
          "x": 569,
          "y": 332
        },
        "id": "0b918c0a-be9e-42ea-bf5d-150d60716d1f",
        "page_number": 3,
        "text": "45"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 276,
          "x": 71,
          "y": 350
        },
        "id": "a44e7f11-fa8f-447e-908f-0098d030da8f",
        "page_number": 3,
        "text": "Aviva Investors UK Smaller Companies Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 351
        },
        "id": "01ef4b79-3ff0-413e-b239-f4dff20af329",
        "page_number": 3,
        "text": "53"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 316,
          "x": 71,
          "y": 369
        },
        "id": "7e28fabf-c11f-411f-9525-b226327988f7",
        "page_number": 3,
        "text": "Aviva Investors Continental European Equity Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 370
        },
        "id": "16c8a994-2cde-4891-b3de-29d83cd18177",
        "page_number": 3,
        "text": "58"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 234,
          "x": 71,
          "y": 388
        },
        "id": "cb4275c9-2d47-4641-940c-b3c4ce5f5b22",
        "page_number": 3,
        "text": "Aviva Investors Corporate Bond Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 388
        },
        "id": "3dc92f4f-b972-465a-b727-89e0bb22f95f",
        "page_number": 3,
        "text": "65"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 315,
          "x": 71,
          "y": 406
        },
        "id": "a9ee168c-7b68-4e81-aeb6-e3eb5675bee1",
        "page_number": 3,
        "text": "Aviva Investors Global Climate Aware Equity Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 407
        },
        "id": "d4ffd70d-565d-4562-906f-51a88ac08328",
        "page_number": 3,
        "text": "70"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 289,
          "x": 71,
          "y": 425
        },
        "id": "8acdd07b-a161-4111-932b-fb81d8c7e973",
        "page_number": 3,
        "text": "Aviva Investors Global Equity Endurance Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 14,
          "x": 570,
          "y": 425
        },
        "id": "6c696b22-0b2b-47e7-9349-159f907431f6",
        "page_number": 3,
        "text": "80"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 268,
          "x": 71,
          "y": 443
        },
        "id": "c5a61cc4-7fb9-49c4-9200-2c40785602eb",
        "page_number": 3,
        "text": "Aviva Investors Global Equity Income Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 444
        },
        "id": "880f2f3f-aebd-4309-ac4a-afcce93e700b",
        "page_number": 3,
        "text": "86"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 434,
          "x": 71,
          "y": 462
        },
        "id": "aa34c8d9-ffb3-407b-b3cb-82bc60bb2b1d",
        "page_number": 3,
        "text": "Aviva Investors Global Emerging Markets Equity Unconstrained Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 15,
          "x": 570,
          "y": 463
        },
        "id": "737e74cd-5d8a-40b8-8855-a61e95e65ec2",
        "page_number": 3,
        "text": "94"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 255,
          "x": 71,
          "y": 481
        },
        "id": "3780f9ad-3f34-4b17-842b-51a12e2df4f0",
        "page_number": 3,
        "text": "Aviva Investors Higher Income Plus Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 14,
          "x": 570,
          "y": 481
        },
        "id": "9d423b3e-8883-4177-9cf6-51f85583e8eb",
        "page_number": 3,
        "text": "98"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 311,
          "x": 71,
          "y": 499
        },
        "id": "a86fa707-1ad1-4cd4-bc35-676b876ea174",
        "page_number": 3,
        "text": "Aviva Investors International Index Tracking Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 500
        },
        "id": "65a1887d-d9e5-45dc-bdbf-cafaad0b9cdd",
        "page_number": 3,
        "text": "107"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 278,
          "x": 71,
          "y": 518
        },
        "id": "291bcea5-898b-4b68-8eef-d115edf7ce2b",
        "page_number": 3,
        "text": "Aviva Investors Managed High Income Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 23,
          "x": 562,
          "y": 518
        },
        "id": "8f2f09d9-4754-4d8e-84bf-cbe120b006e3",
        "page_number": 3,
        "text": "154"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 256,
          "x": 71,
          "y": 536
        },
        "id": "687af225-8b6c-4c9f-a190-dd2b1e3e6bd4",
        "page_number": 3,
        "text": "Aviva Investors Multi-Asset Income Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 537
        },
        "id": "3371f574-43f0-4c83-a895-d2896d56c767",
        "page_number": 3,
        "text": "165"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 314,
          "x": 71,
          "y": 555
        },
        "id": "ef30cdf6-a164-4c66-bf05-98a803e0c8d1",
        "page_number": 3,
        "text": "Aviva Investors Multi-Strategy Target Return Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 556
        },
        "id": "999be3e4-8fa4-45a5-9056-a25a45c972f9",
        "page_number": 3,
        "text": "173"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 286,
          "x": 71,
          "y": 574
        },
        "id": "aef6349d-0d51-4f60-b50a-3d5c30dd5ea7",
        "page_number": 3,
        "text": "Aviva Investors Sterling Corporate Bond Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 574
        },
        "id": "be6f5468-1d71-4fa7-9067-bc0a465236e9",
        "page_number": 3,
        "text": "195"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 226,
          "x": 71,
          "y": 592
        },
        "id": "ee00bea6-17ad-4ac3-babe-0cbc97f85fbc",
        "page_number": 3,
        "text": "Aviva Investors Strategic Bond Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 593
        },
        "id": "1905a8e2-fc8c-400d-8be6-8a7b1f18f593",
        "page_number": 3,
        "text": "205"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 420,
          "x": 72,
          "y": 611
        },
        "id": "34cf36e1-afd6-4e41-8ce8-546c08ee176c",
        "page_number": 3,
        "text": "Statement of the Authorised Corporate Director\u2019s Responsibilities*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 22,
          "x": 562,
          "y": 611
        },
        "id": "46a6c0d7-7f14-4ef8-98a7-089d5e9907cd",
        "page_number": 3,
        "text": "215"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 279,
          "x": 71,
          "y": 630
        },
        "id": "c14d30b7-b42b-4518-a80c-8cb0d74b9e42",
        "page_number": 3,
        "text": "Authorised Corporate Director\u2019s Statement*"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 630
        },
        "id": "bfff06cf-fee7-40c4-97bd-2c739784126e",
        "page_number": 3,
        "text": "215"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 127,
          "x": 72,
          "y": 648
        },
        "id": "6ed52689-d5b5-4a05-b499-9ad99511b1c7",
        "page_number": 3,
        "text": "General Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 22,
          "x": 562,
          "y": 649
        },
        "id": "bc9b3a6d-baa5-4363-bff5-92cb6052cb9c",
        "page_number": 3,
        "text": "216"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 492,
          "x": 71,
          "y": 683
        },
        "id": "2f6d0d96-e3d2-45c1-b788-d96d03948aec",
        "page_number": 3,
        "text": "* These items (as well as each sub-fund\u2019s Investment Objective, Investment Policy, Fund Manager\u2019s Report, Portfolio"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 512,
          "x": 72,
          "y": 692
        },
        "id": "61449e21-9f01-4f38-8e24-a94e772107f2",
        "page_number": 3,
        "text": "Statement and Material Portfolio Changes) comprise the Authorised Corporate Director\u2019s Report for the purposes of the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 366,
          "x": 72,
          "y": 700
        },
        "id": "1e4527fd-93ab-4028-bd9d-11f4eb80435c",
        "page_number": 3,
        "text": "rules contained in the Collective Investment Schemes Sourcebook (\u201cthe Regulations\u201d)."
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 621,
          "x": 199,
          "y": 974
        },
        "id": "f99e52d2-b67d-43fc-b70f-919432ab579f",
        "page_number": 4,
        "text": "Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 0,
          "x": 825,
          "y": 973
        },
        "id": "0010f056-326f-4343-a280-e96504751f8a",
        "page_number": 4,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 97,
          "x": 830,
          "y": 974
        },
        "id": "380a7ca5-faeb-4f07-9b79-2cb4cf552f3f",
        "page_number": 4,
        "text": "avivainvestors.com"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 114,
          "x": 813,
          "y": 19
        },
        "id": "34cc0942-9249-45c7-94d1-06d470e5b8d1",
        "page_number": 4,
        "text": "Company Information"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 5,
          "x": 72,
          "y": 974
        },
        "id": "58aa5890-8f78-40b1-b64d-b96e1831bbc1",
        "page_number": 4,
        "text": "2"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 299,
          "x": 71,
          "y": 145
        },
        "id": "dc5952c0-1500-4fc4-b71e-cce14bd3279b",
        "page_number": 4,
        "text": "AUTHORISED CORPORATE DIRECTOR"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 256,
          "x": 71,
          "y": 164
        },
        "id": "6b811bea-7052-4092-870f-695d916b34e5",
        "page_number": 4,
        "text": "Aviva Investors UK Fund Services Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 125,
          "x": 72,
          "y": 176
        },
        "id": "4fe34166-bffa-4103-aebb-3db1dd4513a8",
        "page_number": 4,
        "text": "80 Fenchurch Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 120,
          "x": 72,
          "y": 188
        },
        "id": "2b3824c4-7728-42fd-9b72-bd870777485e",
        "page_number": 4,
        "text": "London, EC3M 4AE"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 391,
          "x": 71,
          "y": 205
        },
        "id": "203866c5-0dfa-4eb3-93d1-dab3fd9c9181",
        "page_number": 4,
        "text": "Aviva Investors UK Fund Services Limited (the ACD) is a wholly"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 413,
          "x": 72,
          "y": 217
        },
        "id": "9691d3cb-5a5e-4f7a-b884-7ce56738c3c3",
        "page_number": 4,
        "text": "owned subsidiary of Aviva Investors Holdings Limited, a company"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 364,
          "x": 72,
          "y": 229
        },
        "id": "9e6a1f6d-751a-4dcc-8d13-8084611d3e6d",
        "page_number": 4,
        "text": "incorporated in the United Kingdom and within the Aviva"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 389,
          "x": 72,
          "y": 241
        },
        "id": "b74e0ab3-0380-444c-814a-8501cf25b9fe",
        "page_number": 4,
        "text": "Group of Companies. The ACD is a member of the Investment"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 380,
          "x": 71,
          "y": 253
        },
        "id": "aa3cb30f-1c4e-4e3e-b919-1da170561da8",
        "page_number": 4,
        "text": "Association and is authorised and regulated by the Financial"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 119,
          "x": 72,
          "y": 265
        },
        "id": "78d0a4e2-be44-4afd-8618-c93005c9e78c",
        "page_number": 4,
        "text": "Conduct Authority."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 89,
          "x": 73,
          "y": 308
        },
        "id": "1b5a87c2-7485-41c7-b32e-49021acef5e4",
        "page_number": 4,
        "text": "DIRECTORS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 244,
          "x": 71,
          "y": 327
        },
        "id": "eebfe4a1-8de9-49e1-a3d8-588a4e9bf7e8",
        "page_number": 4,
        "text": "J Adamson (resigned 12 January 2025)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 229,
          "x": 71,
          "y": 339
        },
        "id": "1794f2f3-a483-47c0-83a8-0be5a20911cc",
        "page_number": 4,
        "text": "J Barber (appointed 1 January 2025)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 37,
          "x": 72,
          "y": 350
        },
        "id": "34d83a4f-e7fb-425a-ac95-c29abe1f73e1",
        "page_number": 4,
        "text": "M Bell"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 56,
          "x": 71,
          "y": 363
        },
        "id": "4f26bfcf-4442-4710-987e-216b8e10af32",
        "page_number": 4,
        "text": "A Coates"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 228,
          "x": 72,
          "y": 374
        },
        "id": "ed795ffb-c1e2-4761-907d-575ecc3cc4ca",
        "page_number": 4,
        "text": "B Fowler (resigned 15 January 2025)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 248,
          "x": 72,
          "y": 386
        },
        "id": "964d9f1d-f461-4367-ac77-9e4190a86f0b",
        "page_number": 4,
        "text": "M Kingdon (appointed 12 March 2025)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 42,
          "x": 71,
          "y": 399
        },
        "id": "a804ba37-8503-4899-b5c3-7be8bd484540",
        "page_number": 4,
        "text": "J Lowe"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 72,
          "x": 72,
          "y": 410
        },
        "id": "02330cdd-e9b7-4969-b2a9-4bb48db4e6e8",
        "page_number": 4,
        "text": "K McClellan"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 274,
          "x": 73,
          "y": 453
        },
        "id": "0c445b39-183f-4c1e-ac42-019b7b6b57af",
        "page_number": 4,
        "text": "REGISTRAR AND ADMINISTRATOR"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 244,
          "x": 72,
          "y": 472
        },
        "id": "ca928799-34ee-440c-be79-4f5e893472b3",
        "page_number": 4,
        "text": "SS\u0026C Financial Services Europe Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 75,
          "x": 72,
          "y": 484
        },
        "id": "f5d2ac8c-a7ea-4ca6-a5c9-12d29dd38951",
        "page_number": 4,
        "text": "SS\u0026C House"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 102,
          "x": 72,
          "y": 495
        },
        "id": "3ccbf7c1-7cf5-4946-bb90-3275f1232132",
        "page_number": 4,
        "text": "St Nicholas Lane"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 52,
          "x": 72,
          "y": 507
        },
        "id": "5f3a68c0-e523-4ffc-82de-bf3426d46776",
        "page_number": 4,
        "text": "Basildon"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 95,
          "x": 72,
          "y": 520
        },
        "id": "80ae5443-6ddc-4618-9953-9097a3e72766",
        "page_number": 4,
        "text": "Essex, SS15 5FS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 339,
          "x": 73,
          "y": 562
        },
        "id": "4c161149-dfb2-49b2-8091-d7e3c09aac8d",
        "page_number": 4,
        "text": "FUND ACCOUNTING AND PRICING AGENT"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 395,
          "x": 71,
          "y": 581
        },
        "id": "d2443428-40e2-47f4-a677-49789dcdee8d",
        "page_number": 4,
        "text": "J.P. Morgan Chase Bank, National Association (London Branch)"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 91,
          "x": 72,
          "y": 593
        },
        "id": "6bfe6aa4-7891-41ce-80ac-b3e9688fae20",
        "page_number": 4,
        "text": "25 Bank Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 87,
          "x": 72,
          "y": 605
        },
        "id": "7fbedb57-31d6-41d1-8501-5afd8202ece5",
        "page_number": 4,
        "text": "Canary Wharf"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 102,
          "x": 72,
          "y": 617
        },
        "id": "6f7b17b5-55b5-4ddf-9af5-8bdb43e6794c",
        "page_number": 4,
        "text": "London, E14 5JP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 196,
          "x": 513,
          "y": 145
        },
        "id": "5040c050-1def-47e5-b5ca-f45a6731c6ad",
        "page_number": 4,
        "text": "INVESTMENT MANAGER"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 243,
          "x": 512,
          "y": 164
        },
        "id": "e5405a85-a257-4969-9c3d-f65ee960c5c7",
        "page_number": 4,
        "text": "Aviva Investors Global Services Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 126,
          "x": 512,
          "y": 176
        },
        "id": "88d67c64-7a3c-4681-96c4-02578608f516",
        "page_number": 4,
        "text": "80 Fenchurch Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 120,
          "x": 513,
          "y": 188
        },
        "id": "3c218a15-6424-4e54-ba1a-d082a4757980",
        "page_number": 4,
        "text": "London, EC3M 4AE"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 366,
          "x": 512,
          "y": 205
        },
        "id": "93de81db-4125-48c1-aabf-89d60c6ac5d7",
        "page_number": 4,
        "text": "Aviva Investors Global Services Limited is a member of the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 395,
          "x": 513,
          "y": 217
        },
        "id": "a5c760f4-9576-478c-a8cb-73e122b237f2",
        "page_number": 4,
        "text": "Investment Association and is authorised and regulated by the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 388,
          "x": 513,
          "y": 229
        },
        "id": "d1fcd0d6-0c91-4a16-873c-16af3319618b",
        "page_number": 4,
        "text": "Financial Conduct Authority. The ultimate parent company of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 318,
          "x": 512,
          "y": 241
        },
        "id": "a6039545-7be6-434b-8235-4f4bacdfa433",
        "page_number": 4,
        "text": "Aviva Investors Global Services Limited is Aviva Plc."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 220,
          "x": 512,
          "y": 284
        },
        "id": "f52c37c5-172c-4e67-b83c-6358fc8aff10",
        "page_number": 4,
        "text": "TRUSTEE AND DEPOSITARY"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 171,
          "x": 512,
          "y": 303
        },
        "id": "d400a2c7-bdc3-40a8-928f-4f389328bd9a",
        "page_number": 4,
        "text": "J.P. Morgan Europe Limited"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 91,
          "x": 512,
          "y": 315
        },
        "id": "5926ddec-8e38-4de8-b4e9-28e6e7eb3a17",
        "page_number": 4,
        "text": "25 Bank Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 87,
          "x": 512,
          "y": 327
        },
        "id": "7ba6bf2e-9db1-4198-aa9e-41e2dc516a33",
        "page_number": 4,
        "text": "Canary Wharf"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 102,
          "x": 513,
          "y": 339
        },
        "id": "ebc5d03b-b015-4002-9cb1-ff29fd4de878",
        "page_number": 4,
        "text": "London, E14 5JP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 368,
          "x": 512,
          "y": 356
        },
        "id": "67de962c-559e-41d8-82ff-f1a7b06ec014",
        "page_number": 4,
        "text": "J.P. Morgan Europe Limited is authorised by the Prudential"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 386,
          "x": 513,
          "y": 368
        },
        "id": "e33b4e44-a9de-443f-a844-d74f8bb395bd",
        "page_number": 4,
        "text": "Regulation Authority and regulated by the Financial Conduct"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 321,
          "x": 512,
          "y": 380
        },
        "id": "b3f75dfe-46bc-430c-ac60-bf438ea9da7c",
        "page_number": 4,
        "text": "Authority and the Prudential Regulation Authority."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 205,
          "x": 513,
          "y": 423
        },
        "id": "5d307afe-c2d0-4b3b-a1bd-7326c5900194",
        "page_number": 4,
        "text": "INDEPENDENT AUDITORS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 112,
          "x": 513,
          "y": 442
        },
        "id": "cc9ab160-c332-4f52-a8bb-f9954e4971b7",
        "page_number": 4,
        "text": "Ernst \u0026 Young LLP"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 60,
          "x": 512,
          "y": 454
        },
        "id": "85c03c12-ab93-4722-b352-7768481a217e",
        "page_number": 4,
        "text": "Atria One"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 125,
          "x": 513,
          "y": 466
        },
        "id": "1db934d0-df13-411f-81f0-fe772028c5a0",
        "page_number": 4,
        "text": "144 Morrison Street"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 126,
          "x": 513,
          "y": 478
        },
        "id": "837e6dd1-4c59-49cc-b57a-7b20989b8ea3",
        "page_number": 4,
        "text": "Edinburgh, EH3 8EX"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 245,
          "x": 72,
          "y": 95
        },
        "id": "81193fc1-29d9-49e3-9f48-39a9360f9ae0",
        "page_number": 4,
        "text": "COMPANY INFORMATION"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 97,
          "x": 72,
          "y": 974
        },
        "id": "648b1d87-c2c0-4ea0-a621-10e44aa1fd28",
        "page_number": 5,
        "text": "avivainvestors.com"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 0,
          "x": 174,
          "y": 973
        },
        "id": "1b30e870-8ad8-4bf5-ac31-d93c4ba666c9",
        "page_number": 5,
        "text": "|"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 621,
          "x": 179,
          "y": 974
        },
        "id": "a643f754-14e4-413e-b891-245a4c11ddb0",
        "page_number": 5,
        "text": "Aviva Investors Investment Funds ICVC Interim Report and Financial Statements for the six months ended 15 April 2025"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 230,
          "x": 72,
          "y": 19
        },
        "id": "e10ad45a-8756-4446-9580-8b1179978130",
        "page_number": 5,
        "text": "Report of the Authorised Corporate Director"
      },
      {
        "block_type": "box",
        "box": {
          "height": 6,
          "width": 5,
          "x": 922,
          "y": 974
        },
        "id": "89e0caea-ea9b-409f-ae38-8b956f2254a6",
        "page_number": 5,
        "text": "3"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 122,
          "x": 71,
          "y": 145
        },
        "id": "f4c1e103-144f-43f6-8c5b-a1c0006d9b02",
        "page_number": 5,
        "text": "THE COMPANY"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 386,
          "x": 71,
          "y": 164
        },
        "id": "fa9c3696-41c9-4af3-87b4-54b8b7343825",
        "page_number": 5,
        "text": "Aviva Investors Investment Funds ICVC (\u201cthe Company\u201d) is an"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 405,
          "x": 72,
          "y": 176
        },
        "id": "c21aeab5-9110-4c4e-a03c-01eb9869fa2e",
        "page_number": 5,
        "text": "Open-Ended Investment Company (\u201cOEIC\u201d) with variable capital"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 394,
          "x": 72,
          "y": 188
        },
        "id": "1cbda367-92d6-43b6-83c5-de0144834948",
        "page_number": 5,
        "text": "incorporated in England and Wales on 9 September 1998. The"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 379,
          "x": 72,
          "y": 200
        },
        "id": "afab8f68-ad58-4241-b91b-6b5166e6efc6",
        "page_number": 5,
        "text": "property of the Company is entrusted to J.P. Morgan Europe"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 366,
          "x": 72,
          "y": 211
        },
        "id": "556f5187-90c6-4dbb-993a-e258b26e53f9",
        "page_number": 5,
        "text": "Limited (\u201cthe Depositary\u201d). The shareholders are not liable"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 191,
          "x": 71,
          "y": 223
        },
        "id": "5d648b3f-6631-4571-967e-e22a5dcdfd99",
        "page_number": 5,
        "text": "for any debts of the Company."
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 395,
          "x": 71,
          "y": 241
        },
        "id": "21eab03e-c332-4d1a-b35d-d6e014a29700",
        "page_number": 5,
        "text": "The objective of the Company is to invest the scheme property"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 384,
          "x": 72,
          "y": 253
        },
        "id": "9982fe7c-a485-48c8-bdc1-5ba8fbb8d143",
        "page_number": 5,
        "text": "in transferable securities, money market instruments, units in"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 377,
          "x": 72,
          "y": 265
        },
        "id": "d0ac2aff-146c-41e7-983a-f45bba2f5ef7",
        "page_number": 5,
        "text": "collective investment schemes, deposits and derivatives and"
      },
      {
        "block_type": "box",
        "box": {
          "height": 7,
          "width": 395,
          "x": 71,
          "y": 277
        },
        "id": "16da9975-f62f-478a-a68f-ee476df6ce32",
        "page_number": 5,
        "text": "forward transactions in accordance with the COLL Sourcebook"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 351,
          "x": 71,
          "y": 289
        },
        "id": "2917847d-e056-452a-af5c-97533b4f08f5",
        "page_number": 5,
        "text": "with the aim of spreading investment risk and giving its"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 371,
          "x": 72,
          "y": 300
        },
        "id": "7a800ffb-2f4f-4a0a-bffc-31a3588cc731",
        "page_number": 5,
        "text": "shareholders the benefit of the results of the management"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 102,
          "x": 72,
          "y": 312
        },
        "id": "dd7097ee-7352-4a2e-a3d6-381bfb07cd23",
        "page_number": 5,
        "text": "of that property."
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 365,
          "x": 71,
          "y": 330
        },
        "id": "f18182ff-b37f-4756-b0a1-b6f25b4b1002",
        "page_number": 5,
        "text": "The Company has an umbrella structure and currently has"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 410,
          "x": 72,
          "y": 342
        },
        "id": "bdaf8a26-ce5a-42cb-9426-d903a077912e",
        "page_number": 5,
        "text": "eighteen sub-funds (\u201cFunds\u201d) which are available for investment,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 366,
          "x": 72,
          "y": 354
        },
        "id": "a7e03377-5603-4a5e-9282-0c80ba18af6a",
        "page_number": 5,
        "text": "each with a different investment objective. In the financial"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 380,
          "x": 72,
          "y": 366
        },
        "id": "d8f04752-e6ff-471d-a9c3-bbb8d6d34184",
        "page_number": 5,
        "text": "statements you will find an investment review for each Fund"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 324,
          "x": 71,
          "y": 378
        },
        "id": "654dff7c-fa48-45a7-9312-d4f94f5bb074",
        "page_number": 5,
        "text": "which includes details of the investment objectives."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 172,
          "x": 71,
          "y": 420
        },
        "id": "1e234bd5-14fe-4951-9abb-b2fd5106d590",
        "page_number": 5,
        "text": "AUTHORISED STATUS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 374,
          "x": 72,
          "y": 440
        },
        "id": "a31f7933-1b9e-409c-b28d-de37d96acab9",
        "page_number": 5,
        "text": "From 9 September 1998 the Company has been authorised"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 380,
          "x": 72,
          "y": 451
        },
        "id": "2c6ad7db-7303-4ccb-880a-64abe609bc33",
        "page_number": 5,
        "text": "as an Open-Ended Investment Company under Regulation 7"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 385,
          "x": 72,
          "y": 463
        },
        "id": "4eb1a41a-bd7f-48ae-a3e8-4646d0a0e76f",
        "page_number": 5,
        "text": "of the Open-Ended Investment Companies Regulations 1996"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 388,
          "x": 72,
          "y": 475
        },
        "id": "e2ee46f0-2980-435b-a266-fc66e5f70636",
        "page_number": 5,
        "text": "(superseded by Regulation 12 of the Open-Ended Investment"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 292,
          "x": 72,
          "y": 487
        },
        "id": "8216922f-e749-43b2-a0b4-9d9f3d83432a",
        "page_number": 5,
        "text": "Companies Regulations 2001) (\u201cRegulations\u201d)."
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 374,
          "x": 71,
          "y": 505
        },
        "id": "259c6630-5a7a-4e81-93a1-f5bb1399ea62",
        "page_number": 5,
        "text": "The Company is a UCITS Scheme operating under the COLL"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 403,
          "x": 72,
          "y": 517
        },
        "id": "34c391b0-84d0-4bb3-a0ac-b3e568db7eea",
        "page_number": 5,
        "text": "Sourcebook and is constituted as an \u201cumbrella company\u201d under"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 407,
          "x": 71,
          "y": 529
        },
        "id": "c26150a9-4e55-4e50-bee0-d72cd0ed8953",
        "page_number": 5,
        "text": "the Regulations, which means that the Company issues shares in"
      },
      {
        "block_type": "box",
        "box": {
          "height": 8,
          "width": 97,
          "x": 72,
          "y": 540
        },
        "id": "e183f4c9-bce1-4315-9c7d-eee8353b215f",
        "page_number": 5,
        "text": "different Funds."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 235,
          "x": 71,
          "y": 583
        },
        "id": "45d58475-8044-4765-bf42-e70caab47075",
        "page_number": 5,
        "text": "THE FINANCIAL STATEMENTS"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 388,
          "x": 71,
          "y": 602
        },
        "id": "00108ebe-c1b6-4ab2-a255-2dd34a87bef6",
        "page_number": 5,
        "text": "We are pleased to present the interim financial statements of"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 415,
          "x": 71,
          "y": 614
        },
        "id": "e3594c83-d47e-4a41-b04d-306d5113dba4",
        "page_number": 5,
        "text": "the Company for the six months ended 15 April 2025. As required"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 398,
          "x": 72,
          "y": 626
        },
        "id": "c921f16b-f02a-436b-8348-b0232b3926d0",
        "page_number": 5,
        "text": "by the Regulations, information for each of the Funds has been"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 395,
          "x": 72,
          "y": 638
        },
        "id": "fa55b19d-1356-4284-9b7e-331bad482ad5",
        "page_number": 5,
        "text": "included in these financial statements. On the following pages"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 392,
          "x": 71,
          "y": 650
        },
        "id": "379c9290-e243-4e9d-90c9-0776ee4bd338",
        "page_number": 5,
        "text": "we review the performance of each of those Funds during the"
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 411,
          "x": 72,
          "y": 662
        },
        "id": "625e52df-5a60-46fb-a9d0-88962a99d6c0",
        "page_number": 5,
        "text": "period. We hope that you find our review useful and informative."
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 383,
          "x": 71,
          "y": 679
        },
        "id": "616245fb-e03b-4066-8103-24c12cb31a18",
        "page_number": 5,
        "text": "We made the strategic decision to merge the Aviva Investors"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 407,
          "x": 72,
          "y": 691
        },
        "id": "aafa0ccc-fb46-43a2-8eb2-ca1899dc342f",
        "page_number": 5,
        "text": "Corporate Bond Fund into the Aviva investors Sterling Corporate"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 404,
          "x": 72,
          "y": 703
        },
        "id": "fcdc221a-bc09-4f2d-865f-0dca56331751",
        "page_number": 5,
        "text": "Bond Fund on 13 September 2024. We intend to fully terminate"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 395,
          "x": 71,
          "y": 715
        },
        "id": "8450fe02-c68c-462c-8c24-6836efc47c81",
        "page_number": 5,
        "text": "the sub-fund Aviva Investors Corporate Bond Fund. As a result,"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 406,
          "x": 71,
          "y": 727
        },
        "id": "2a2f13bc-3d23-4758-b8e6-a493411e75d8",
        "page_number": 5,
        "text": "the financial statements of the sub-fund have been prepared on"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 104,
          "x": 72,
          "y": 739
        },
        "id": "7c9d74fc-31e2-4728-94c0-9f38ddc819f8",
        "page_number": 5,
        "text": "a break-up basis."
      },
      {
        "block_type": "box",
        "box": {
          "height": 9,
          "width": 381,
          "x": 71,
          "y": 757
        },
        "id": "1d0ec63f-a3a5-48ca-9b04-07db084056ad",
        "page_number": 5,
        "text": "We made the decision to wind up the Aviva Investors Global"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 380,
          "x": 72,
          "y": 768
        },
        "id": "1642d449-3c41-4ae7-ae9b-61b14b498fe5",
        "page_number": 5,
        "text": "Emerging Markets Equity Unconstrained Fund and the Aviva"
      },
      {
        "block_type": "box",
        "box": {
          "height": 10,
          "width": 389,
          "x": 72,
          "y": 780
        },
        "id": "6979954f-67f9-4d5f-b022-f19bb4e2b660",
       ...