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For the six months ended 31 March 2025 (unaudited)
Interim Report and Financial Statements
AVIVA INVESTORS
PASSIVE FUNDS ACS
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 1
CONTENTS
Scheme Information* 2 ACS Manager’s Report* 3 ACS Manager’s Responsibilities* 4 Cross Holdings 5 AI 30:70 Global Equity (Currency Hedged) Index Fund 6 AI Multi-Asset (40-85% Shares) Index Fund 48 AI 40:60 Global Equity Index Fund 56 AI 50:50 Global Equity Index Fund 63 AI 60:40 Global Equity Index Fund 108 AI Continental European Equity Index Fund 152 AI Developed Asia Pacific Ex Japan Equity Index Fund 169 AI Developed European Ex UK Equity Index Fund 184 AI Developed Overseas Government Bond (Ex UK) Index Fund 200 AI Developed World Ex UK Equity Index Fund 227 AI Index-Linked Gilts Over 5 Years Index Fund 266 AI Japanese Equity Index Fund 274 AI Non-Gilt Bond All Stocks Index Fund 293 AI Non-Gilt Bond up to 5 Years Index Fund 326 AI Non-Gilt Bond Over 15 Years Index Fund 345 AI North American Equity Index Fund 356 AI Pacific ex-Japan Equity Index Fund 376 AI UK Equity (Ex Aviva, Investment Trusts) Index Fund 386 AI UK Equity Index Fund 400 AI UK Gilts up to 5 Years Index Fund 418 AI UK Gilts Over 15 Years Index Fund 426 AI UK Gilts All Stocks Index Fund 433 AI US Equity Index Fund 442 General Information 464 Securities Financing Transactions Regulation Disclosure 465
* These items, together with the Investment Manager’s Report, Investment Objective and Policy and Portfolio Statement for each individual Sub-fund, comprise the ACS Manager’s Report for the purpose of the rules contained in the Collective Investment Schemes Sourcebook (the “Regulations”).
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
Scheme Information
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AUTHORISED CONTRACTUAL SCHEME (“ACS”) MANAGER Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE Aviva Investors UK Fund Services Limited is a subsidiary of Aviva Investors Holdings Limited and forms part of the Aviva Group. The ACS Manager is authorised and regulated by the Financial Conduct Authority (“FCA”). The Manager is an authorised Alternative Investment Fund Manager (“AIFM”) under the Alternative Investment Fund Managers Directive (“AIFMD”).
DIRECTORS J Adamson (resigned 12 January 2025) J Barber (appointed 1 January 2025) M Bell A Coates M Craston (resigned 16 April 2024) B Fowler (resigned 15 January 2025) J Lowe K McClellan S Winstanley (resigned 31 August 2024)
INVESTMENT MANAGERS BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London, EC2N 2DL
REGISTRAR Aviva Investors UK Fund Services Limited 80 Fenchurch Street London, EC3M 4AE
DEPOSITARY HSBC Bank Plc 8 Canada Square London, E14 5HQ Authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
INDEPENDENT AUDITORS Atria One 144 Morrison Street Edinburgh, EH3 8EX
FUND ACCOUNTING AND PRICING AGENT HSBC Securities Services 1-2 Lochside Way, Edinburgh Park Edinburgh, EH12 9DT
SCHEME INFORMATION
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
ACS Manager’s Report
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THE SCHEME Aviva Investors Passive Funds ACS (“the Scheme”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to Aviva Investors Passive Funds ACS. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) and the Investment Funds Sourcebook (“FUND”), both of which form part of the FCA Handbook, and the Alternative Investment Fund (“AIF”) Regulations. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). The object of the Scheme is to invest the Scheme Property through its Sub-funds, and the objective of each Sub-fund is for the ACS Manager on behalf of the Unitholders, as co-owners of the relevant Sub-fund’s property, to invest that property in transferable securities, money market instruments, derivatives and forward transactions, deposits, cash, near cash, units in collective investment schemes and immovable property, in accordance with the regulations applicable to the Scheme and each Sub-fund, with the aim of spreading investment risk and giving the Unitholders the results of the management of that property. Each Sub-fund has a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 31 March 2025 there were 23 active Sub-funds in the Aviva Investors Passive Funds ACS.
AUTHORISED STATUS The Financial Conduct Authority authorised the Aviva Investors Passive Funds ACS (“the Scheme”) as a Non-UCITS Retail Scheme (NURS) on 14 February 2017.
THE FINANCIAL STATEMENTS We are pleased to present the interim financial statements of the Scheme for the six months ended 31 March 2025. As required by the Regulations, information for each of the Sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the period. We hope that you find our review useful and informative. For the purposes of this report, “Manager”/“ACS Manager” will be used interchangeably.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) Information relating to Aviva Investors TCFD can be found on Aviva Investors website: https://www.avivainvestors.com/en-gb/ capabilities/tcfd/
SIGNIFICANT INFORMATION
CHANGES TO THE PROSPECTUS On 24 December 2024, we made several updates to our Prospectuses, as we do annually to ensure the disclosures are as clear as possible and to make sure all elements of the Prospectus are up to date, including administrative data and fund performance.
ACS MANAGER’S REPORT
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
ACS Manager’s Responsibilities
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We hereby approve the Report and Financial Statements of Aviva Investors Passive Funds ACS for the six months ended 31 March 2025 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.
M Bell Director
K McClellan Director 27 May 2025
ACS MANAGER’S RESPONSIBILITIES
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
Cross Holdings
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Some Sub-funds within the Aviva Investors Passive Funds ACS Scheme may hold investments in other Sub-funds of the Scheme. Details of these cross holdings as at 31 March 2025 are as follows:
AI Multi-Asset (40-85% Shares) Index Fund
Fund Units
Market Value £000 AI Developed Asia Pacific ex Japan Equity Index Fund 38,126,438 47,993 AI Developed European ex UK Equity Index Fund 125,763,621 227,025 AI Developed Overseas Government Bond (Ex UK) Index Fund 224,946,986 214,890 AI Index-Linked Gilts Over 5 Years Index Fund 40,200,446 26,646 AI Japanese Equity Index Fund 56,543,253 85,802 AI Non-Gilt Bond All Stocks Index Fund 33,040,428 34,493 AI UK Equity Index Fund 275,108,588 405,819 AI UK Gilts All Stocks Index Fund 121,597,625 101,986 AI US Equity Index Fund 149,799,630 396,036
AI 40:60 Global Equity Index Fund
Fund Units
Market Value £000 AI Developed Asia Pacific ex Japan Equity Index Fund 4,675,844 5,886 AI Developed European ex UK Equity Index Fund 10,341,204 18,660 AI Developed World ex UK Equity Index Fund 77,104,146 176,051 AI Japanese Equity Index Fund 6,334,442 9,606 AI UK Equity Index Fund 118,121,551 174,241 AI US Equity Index Fund 38,244,254 101,109
CROSS HOLDINGS
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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The Sub-fund is a Sub-fund of the Scheme, a non-UCITS retail scheme under the COLL Sourcebook. The Subfund was authorised by the FCA on 29 September 2017 and launched on 24 November 2017.
INVESTMENT OBJECTIVE AND POLICY The aim of the Sub-fund is to seek to provide capital growth and income for investors by tracking the performance of the Composite Benchmark Index. The Sub-fund seeks to achieve 30% exposure to equity securities of companies listed in the UK, 60% exposure to equity securities of companies listed in developed overseas markets and 10% exposure to equity securities of companies listed in emerging markets. In pursuing this objective the Sub-fund will directly invest into constituents of the Composite Benchmark Index with regard UK and developed overseas equity exposure. With regard to emerging market equity exposure the Sub-fund will invest in units of collective investment schemes. The Sub-fund may also invest in permitted transferable securities, permitted money-market instruments, permitted deposits, units of collective investment schemes (including other suitable Sub-funds of the Scheme and schemes operated by other Aviva Group entities and group entities of the Investment Manager) and exchange traded funds (including funds operated by group entities of the Investment Manager). Derivatives and forward transactions may be used for the purposes of investment purposes and efficient portfolio management. The Investment Manager will seek to hedge to Sterling 95% of foreign currency exposure arising from developed overseas equities, with hedging being re-set to 95% on a monthly basis. No other foreign currency exposure will be hedged.
COMPOSITE BENCHMARK INDEX 30% UK Equity Exposure 30.0% FTSE® All Share Index 60% Developed Overseas Equity Exposure 60.0 % FTSE® Custom Developed ex UK, Canada, Israel and S Korea 95% Hedged to GBP Index 10% Emerging Markets Equity Exposure 10% MSCI Emerging Markets index Composite Benchmark Index description The FTSE® All Share Index represents the performance of all eligible companies listed on the London Stock Exchange’s (LSE) main market, which pass screening for size and liquidity. It is a free float-adjusted market capitalisation weighted index which captures 98 per cent of the UK’s market capitalisation. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The constituents and the weightings comprising the FTSE® All Share Index will be reviewed and reset by FTSE® quarterly on the third Friday in March, June, September, and December. The underlying FTSE® All Share Index of the Composite Benchmark Index is valued at the close of day. Further details regarding the FTSE® All Share Index (including its constituents) are available on the index provider’s website at http://www.ftse.com/Indices/
The FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index is derived from the FTSE Global Equity Index Series (GEIS), it is a market-capitalisation weighted index comprising the large and mid cap stocks of all Developed markets excluding UK, Canada, Israel and South Korea. The index is designed to help investors to manage the currency risk of holding stocks traded in foreign currencies. Hedging methodology allows exposure to the returns of the foreign assets in the index without being exposed to the volatility of the exchange rates against the British Pound Sterling (GBP). The constituents and the weightings comprising the FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index will be reviewed and reset by FTSE® semi-annually. The underlying FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index of the Composite Benchmark Index is valued at close of day. Further details regarding the FTSE Developed ex UK, Canada, Israel, and South Korea 95% Hedged to GBP Index (including its constituents) are available on the index provider’s website at http://www.ftse.com/Indices/ The MSCI Emerging Markets Index captures large and mid cap representation across 24 Emerging Markets countries. The index covers approximately 85% of the free float-adjusted market capitalisation in each country. The constituents and the weightings comprising the MSCI Emerging Markets Index will be reviewed and reset by MSCI quarterly in February, May, August and November. The underlying MSCI Emerging Markets Index of the Composite Benchmark Index is valued at the close of day. Further details regarding the MSCI Emerging Markets Index (including its constituents) are available on the index provider’s website at https://www.msci.com/constituents The Sub-fund will rebalance daily to the respective 30% UK Equity, 60% Developed Overseas Equity and 10% Emerging Market Equity set out in the Composite Benchmark Index above, subject to tolerances mandated to the Investment Manager from time to time. In addition the 60% exposure to overseas regions within the Developed Overseas element of the Composite Benchmark Index will be rebalanced daily to the geographical split of the weightings within the FTSE® Developed ex-UK Canada, Israel, and South Korea 95% Hedged to GBP Index subject to tolerances mandated to the Investment Manager from time to time. The Composite Benchmark Index is valued at the close of day. Benchmark Regulation The ACS Manager is required under Regulation (EU) 2016/1011 (the “Benchmark Regulation”) to set out whether the Composite Benchmark Index is included in the European Securities and Markets Authority (“ESMA”) Register of Benchmarks. FTSE International Limited has been granted authorisation by ESMA as a Benchmark Administrator in respect of all its indices, including the relevant constituents of the Composite Benchmark Index. MSCI Limited has been granted authorisation by ESMA as a Benchmark Administrator in respect of all its indices, including the relevant constituents of the Composite Benchmark Index.
AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND
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AI 30:70 Global Equity (Currency Hedged) Index Fund
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AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND (CONTINUED)
Benchmark replicating/non-replicating Fund Non-replicating Fund. For details of the characteristics of replicating funds and nonreplicating funds please refer to section 24 (c) of the Prospectus. Unitholders should note that the actual performance of the Sub-fund will not necessarily be aligned with the performance of the Composite Benchmark Index, this is referred to as Tracking Error risk. For a detailed explanation of Tracking Error risk and the circumstances under which this may arise, please refer to section 26 of the Prospectus.
PERFORMANCE AND RISK MEASUREMENT The Sub-fund’s performance is compared against the Benchmark Index because the Sub-fund intends to replicate the performance of the Benchmark Index. The Sub-fund uses a “tracking error” to measure the consistency between the Sub-fund’s returns and the returns of the Benchmark Index. In general, the lower the tracking error, the more consistent the Sub-fund’s returns are relative to the Index, and vice-versa. The Sub-fund has a yearly tracking error target range of 0–0.30% (excluding charges). In normal market conditions the anticipated level of tracking error will be within 0.30% (excluding charges) of the Benchmark Index. As at 31 March 2025 the tracking error was 0.09%.
INVESTMENT MANAGERS’ REPORT Performance Over the six months ended 31 March 2025, the Sub-fund returned 0.56%. The Sub-fund’s benchmark returned 0.56% over the same period. Quarter 4 2024 In the US, the Federal Open Market Committee (FOMC) cut the Fed funds rate by 25 basis points (bps) to 4.25–4.50% but adopted a hawkish tone, revising its 2025 dot plot to project two rate cuts instead of three. Committee members showed a wide range of views, with the most hawkish anticipating no cuts and the most dovish expecting up to five. Meanwhile, the November employment report showed gradual loosening, with the unemployment rate increasing to 4.2% in November (above the expected 4.1%) from 4.1% the previous month, despite job openings rising to 7.7 million in October. In Europe, the European Central Bank (ECB) reduced interest rates by 25bps to 3.00%, as expected, alongside downgraded growth and inflation projections. Furthermore, French assets faced pressure as Prime Minister Michel Barnier’s minority government lost a no-confidence vote, widening the France-Germany 10-year bond yield spread to its highest level since 2012. President Emmanuel Macron subsequently named centrist François Bayrou as Barnier’s replacement to stabilize the government. Meanwhile, the Bank of England (BoE) held rates at 4.75% in a surprisingly dovish meeting, with three members voting for a cut and the Bank emphasizing downside risks to growth. The Bank of Japan (BoJ) also held rates steady at 0.25%, consistent with market expectations.
Quarter 1 2025 In the US, inflation data showed Consumer Price Index (CPI) accelerating by 2.8% year-on-year (YoY), and 0.2% on a monthon-month (MoM) basis, both below expectations of 2.9% and 0.3% respectively. Core CPI, which excludes volatile food and energy components, also surprised to the downside at 0.2% MoM against 0.3% MoM. In Europe, inflation surprised to the downside printing 2.3% YoY against the expected 2.4% YoY. Similarly, there was a downside surprise in UK inflation, with inflation printing at 2.8% YoY against 3.0% YoY expected, while Japan’s CPI printed at 3.7% YoY, which was above market expectations of 3.5% YoY. In the US, the March Federal Open Market Committee (FOMC) meeting went as expected as the Federal Reserve (Fed) kept rates unchanged at 4.25% to 4.50%. However, the dominant driver of market sentiment was trade policy, as the US administration first imposed 25% tariffs on imports from Canada and Mexico on March 4th, followed by further tariff hikes on China – from 10% to 20% – and 25% duties on steel and aluminium on March 12th. These measures raised concerns about persistent inflation, reflected in the upward revision of the University of Michigan’s 5–10-year inflation expectations to 4.1% in March, the highest level since 1993. Simultaneously, investor concerns about the US growth outlook deepened, with the University of Michigan consumer sentiment index falling to 57.9 – its lowest since November 2022 – raising fears of stagflation and further driving the widening in credit spreads. In Europe, the European Central Bank (ECB) delivered a widely expected 25 basis point (bps) rate cut to 2.50%, while debate continued among policymakers on the pace of further easing. Fiscal policy developments were in focus, with Germany proposing reforms to its constitutional debt brake to allow increased defence spending, and the European Commission advancing an €800bn ‘Rearm Europe’ initiative. In the UK, the Bank of England (BoE) left rates unchanged at 4.50% and reiterated its ‘gradual and careful’ approach to easing. Labour market data showed a modest decline in wage growth, while the unemployment rate was unchanged at 4.4%. Meanwhile in Japan, the Bank of Japan (BoJ) held its policy rate at 0.50%, as expected, amid continued signs of strong wage growth and persistent inflation pressures. May 2025 Source: BlackRock Please note that the performance figures quoted in the comparative tables are based on the net asset value per the published accounts and are shown after charges. Any opinions expressed are those of the investment managers. They should not be viewed as a guarantee of a return from an investment in the Sub ‑ fund. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell securities. Past performance is not a guide to the future. The value of an investment and any income from it can go down as well as up. Investors may not get back the original amount invested. “FTSE” is a trade mark owned by the London Stock Exchange Plc, and is used by FTSE International Limited (“FTSE”) under Licence. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent list vests in FTSE.
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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Performance History
Calendar year
2020 %
2021 %
2022 %
2023 %
2024 % Insured Pension Accumulation Units 6.2 19.9 -10.8 16.9 17.1 UK Institutional Accumulation Units 6.1 19.8 -11.0 16.8 16.9 Composite Index 6.4 19.7 -11.2 17.0 16.7 Performance figures are based on net asset value, per the published accounts and are shown after charges. Source for all data in subsequent periods: Aviva Investors/Lipper, a Thomson Reuters company. This is based on index provider data where applicable. All performance figures are calculated based on the published price, with net income reinvested in GBP, net of fees. Periods for which less than a full calendar year’s data is available will be labelled as N/A.
Risk and Reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The highlighted number in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.
Lower risk Higher risk
Potentially lower reward Potentially higher reward 1 2 3 4 5 6 7 Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Relevant risks: The indicator does not take into account the following risks of investing in this Sub-fund: – For Sub-funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. – The Sub-fund can use derivatives in order to meet its investment objectives or to protect from price movements. This may result in gains or losses that are greater than the original amount invested. – Further details on risk are set out in the Prospectus in the section Risk Factors.
AI 30:70 GLOBAL EQUITY (CURRENCY HEDGED) INDEX FUND (CONTINUED)
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PERFORMANCE RECORD
Insured Pension Accumulation Units
Six months ended 31.03.25 (pence per Unit)
Year ended 30.09.24 (pence per Unit)
Year ended 30.09.23 (pence per Unit)
Year ended 30.09.22 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 176.11 141.99 121.84 139.59 Return before operating charges † 1.48 34.12 20.15 (17.75) Operating charges # – – – Return after operating charges † 1.48 34.12 20.15 (17.75) Distributions on accumulation Units – ‡ (3.31) (3.63) (2.96) Retained distributions on accumulation Units – 3.31 3.63 2.96 Closing net asset value per Unit 177.59 176.11 141.99 121.84
† after direct transaction costs of# f# : 0.04 0.06 0.06 0.06 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 0.84% 24.03% 16.54% (12.72)%
Other information Closing net asset value (£000) 527,972 577,515 605,737 575,009 Closing number of Units 297,301,770 327,922,905 426,618,760 471,925,330 Operating charges* – – – Direct transaction costs** 0.02% 0.04% 0.04% 0.04% Prices ^ Highest Unit price (p) 188.10 176.20 147.90 148.00 Lowest Unit price (p) 175.00 137.00 121.10 123.20 * All expenses are borne by the Investment Manager, operating charges are nil. ** Expressed by reference to the average NAV during the period/year. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period/year. ‡ The income distribution for this Sub-fund is made annually as at the year-end accounting date of 30 September, being allocated to Unitholders on or before 30 November. Please see the Prospectus for full details.
COMPARATIVE TABLE For the six months ended 31 March 2025 (unaudited)
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
10
PERFORMANCE RECORD (CONTINUED)
COMPARATIVE TABLE For the six months ended 31 March 2025 (unaudited)
UK Institutional Accumulation Units
Six months ended 31.03.25 (pence per Unit)
Year ended 30.09.24 (pence per Unit)
Year ended 30.09.23 (pence per Unit)
Year ended 30.09.22 (pence per Unit) Change in net assets per Unit Opening net asset value per Unit 173.73 140.24 120.55 138.31 Return before operating charges † 1.37 33.49 19.69 (17.76) Operating charges # – – – Return after operating charges † 1.37 33.49 19.69 (17.76) Distributions on accumulation Units – ‡ (3.07) (3.35) (2.74) Retained distributions on accumulation Units – 3.07 3.35 2.74 Closing net asset value per Unit 175.10 173.73 140.24 120.55
† after direct transaction costs of# f# : 0.04 0.06 0.06 0.06 # actual expenses expressed by reference to the average Units in issue. Performance Return after charges 0.79% 23.88% 16.33% (12.84)%
Other information Closing net asset value (£000) 56 58 60 57 Closing number of Units 31,909 33,297 42,855 47,440 Operating charges* – – – Direct transaction costs** 0.02% 0.04% – 0.04% Prices ^ Highest Unit price (p) 185.50 173.90 146.10 146.60 Lowest Unit price (p) 172.60 135.30 119.80 121.90 * All expenses are borne by the Investment Manager, operating charges are nil. ** Expressed by reference to the average NAV during the period/year. ^ These prices may have been calculated on a different basis to the closing net asset value per Unit shown in the comparative table, this may result in the closing net asset value per Unit being higher or lower than the published highest or lowest prices for the period/year. ‡ The income distribution for this Sub-fund is made annually as at the year-end accounting date of 30 September, being allocated to Unitholders on or before 30 November. Please see the Prospectus for full details.
Units in issue
Unit class Opening 01.10.24 Units Issued Units Redeemed
Closing 31.03.25 Insured Pension Accumulation Units 327,922,905 15,307,756 (45,928,891) 297,301,770 UK Institutional Accumulation Units 33,297 – (1,388) 31,909
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT As at 31 March 2025 (unaudited)
EQUITIES – 97.58% ( 98.65%) UNITED KINGDOM – 27.69% (26.51%) 61,734 3i Group 2,232 0.42 1,853 4imprint Group 69 0.01 8,220 A. G. Barr 50 0.01 15,354 Aberdeen Diversified Income & Growth 7 113,402 Aberdeen Group 175 0.03 1,664 Aberdeen New India Investment Trust 13 1,961 Aberdeen Private Equity Opportunities Trust 11 5,649 Aberdeen Standard Asia 16 2,405 Aberdeen Standard Equity Income Trust 8 48,629 Aberdeen Standard European Logistics Income 28 0.01 6,680 Aberdeen UK Smaller Companies Growth Trust 31 0.01 4,883 Aberforth Smaller Companies Investment Trust 64 0.01 19,271 Admiral Group 549 0.10 66,492 Airtel Africa 110 0.02 19,837 AJ Bell 80 0.02 8,719 Alfa Financial Software Holdings 19 27,715 Alliance Witan 321 0.06 21,779 Allianz Technology 76 0.01 2,714 Alpha FX Group 69 0.01 82,706 Anglo American 1,774 0.34 1,812 Anglo-Eastern Plantations 13 23,723 Antofagasta 396 0.07 22,333 AO World 21 3,133 Aptitude Software 8 3,822 Artemis UK Future Leaders 13 31,985 Ashmore Group 48 0.01 9,672 Ashoka India 26 0.01 29,028 Ashtead Group 1,203 0.23 2,559 ASOS 7 21,443 Associated British Foods 409 0.08 239,843 Assura REIT 111 0.02 17,986 Aston Martin Lagonda Global Holdings 13 99,603 AstraZeneca 11,207 2.12 6,147 Auction Technology 36 0.01 8,589 Augmentum Fintech 7 12,819 Aurora Investment Trust 29 0.01 56,485 Auto Trader Group 420 0.08 24,622 AVI Global Trust 57 0.01 107,836 Aviva P Note 22/07/2025 (MERRILL) # 596 0.11 93,773 Aviva P Note 28/08/2025 (HSBC) # 413 0.08 1,862 Avon Technologies 27 0.01 34,934 Babcock International 253 0.05 201,827 BAE Systems 3,147 0.60 5,339 Baillie Gifford China Growth Trust 14 36,170 Baillie Gifford European Growth Trust 33 0.01 6,054 Baillie Gifford Japan Trust 45 0.01 5,535 Baillie Gifford Positive Change Fund 17 17,899 Baillie Gifford Shin Nippon Investment Trust 20 13,536 Baillie Gifford UK Growth Fund 24 20,255 Baillie Gifford US Growth Trust 45 0.01 16,812 Bakkavor Group 30 0.01 35,636 Balfour Beatty 155 0.03 29,482 Baltic Classifieds Group 89 0.02 85,390 Bankers Investment Trust 94 0.02 963,087 Barclays Bank 2,772 0.52 99,391 Barratt Redrow 420 0.08 12,328 BB Healthcare Trust 15 41,348 Beazley 383 0.07 7,400 Bellway 175 0.03 6,464 Berkeley Group Holdings 231 0.04
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
12
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
UNITED KINGDOM – 27.69% (26.51%) (continued) 14,007 Big Yellow Group REIT 130 0.03 2,477 Biotech Growth Trust 19 13,418 BlackRock Frontiers Investment Trust 19 6,352 BlackRock Greater Europe Investment Trust 34 0.01 3,636 BlackRock Latin American Investment Trust 11 3,835 BlackRock Smaller Companies Trust 47 0.01 1,081 BlackRock Sustainable American Income Trust 2 6,100 BlackRock Throgmorton Trust 32 0.01 15,101 BlackRock World Mining Investment Trust 71 0.01 5,428 Bloomsbury Publishing 32 0.01 11,270 Bodycote 63 0.01 1,071,496 BP 4,673 0.88 17,694 Breedon Group 79 0.01 22,633 Bridgepoint Group 73 0.01 64,527 British Land REIT 238 0.05 1,771 Brown Advisory US Smaller Companies 22 2,564 Brunner 33 0.01 419,844 BT Group 695 0.13 21,944 Bunzl 650 0.12 22,361 Burberry Group 173 0.03 15,110 Bytes Technology Group 73 0.01 2,300 Caledonia Investments 81 0.02 91,095 Capita 12 89,040 Capital & Counties Properties 111 0.02 10,822 Capital & Counties Properties 14 959 Capital Gearing Trust 46 0.01 5,024 Capricorn Energy 12 24,509 Card Factory 20 21,732 Care REIT 24 10,473 Carnival (London listed) 140 0.03 345,776 Centrica 516 0.10 13,160 Ceres Power 7 19,914 Chemring 74 0.01 14,222 Chesnara 39 0.01 1,218 City of London Investment 4 32,301 City of London Investment Trust 146 0.03 1,868 Clarkson 64 0.01 7,824 Close Brothers 22 14,057 CLS Holdings 10 11,160 CMC Markets 23 105,731 Coats Group 84 0.02 13,611 Coca-Cola Europacific 917 0.17 113,191 Compass Group 2,890 0.55 3,770 Computacenter 92 0.02 107,079 Convatec Group 275 0.05 24,438 Costain 26 0.01 10,762 Coupland Cardiff Japan Income & Growth Trust 19 3,821 Cranswick 187 0.04 25,443 Crest Nicholson Holdings 43 0.01 9,284 Croda International 271 0.05 6,580 CT Private Equity Trust 30 0.01 6,235 CT UK Capital & Income Investment Trust 20 60,359 Currys 53 0.01 40,215 Custodian REIT 30 0.01 17,424 De La Rue 20 65,704 Deliveroo 79 0.01 7,983 Derwent London REIT 147 0.03 147,770 Diageo 2,976 0.56 8,700 Diploma 335 0.06 101,884 Direct Line Insurance 286 0.05 5,613 Discoverie Group 30 0.01
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
13
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
UNITED KINGDOM – 27.69% (26.51%) (continued) 23,510 Diverse Income Trust 21 2,694 Diversified Energy Co PLC 28 0.01 21,721 Domino‘s Pizza 62 0.01 96,080 Dowlais Group 58 0.01 40,219 Dr. Martens 20 22,148 Drax Group 130 0.03 13,371 Dunedin Income Growth Investment Trust 38 0.01 8,443 Dunelm Group 75 0.01 45,610 EasyJet 202 0.04 8,233 Ecofin Global Utilities & Infrastructure Trust 16 11,019 Edinburgh Investment Trust 81 0.02 26,781 Edinburgh Worldwide Investment Trust 42 0.01 35,877 Elementis 46 0.01 37,803 Empiric Student Property 32 0.01 13,114 Endeavour Mining 238 0.05 9,998 Energean Oil & Gas 87 0.02 170,068 EnQuest 27 0.01 5,016 EP Global Opportunities Trust 15 20,831 Essentra 21 33,665 European Assets Trust 27 0.01 2,331 European Opportunities Trust 19 72,801 EVRAZ Group ~+ * – 7,751 FDM Group Holdings 19 7,615 Ferrexpo 4 6,426 Fidelity Asian Values Investment Trust 32 0.01 25,246 Fidelity China Special Situations Trust 67 0.01 23,747 Fidelity European Values 91 0.02 5,970 Fidelity Japan Trust 10 15,019 Fidelity Special Values 48 0.01 39,722 Finablr ~+ * – 11,463 Finsbury Growth & Income 101 0.02 48,449 FirstGroup 76 0.01 31,527 Foreign & Colonial Investment Trust 340 0.06 21,969 Forterra 38 0.01 19,314 Foxtons Group 12 5,929 Frasers Group 37 0.01 11,551 Fresnillo 108 0.02 1,372 Fuller, Smith & Turner ‘A’ 7 11,685 Funding Circle Holdings 13 9,030 Future 67 0.01 9,379 Galliford Try 33 0.01 2,152 Games Workshop 301 0.06 19,973 Genuit Group 72 0.01 4,622 Genus 86 0.02 396 Goodwin 25 0.01 26,545 Gore Street Energy Storage Fund 15 50,847 Grainger 103 0.02 19,386 Great Portland REIT 58 0.01 140,261 Greencoat UK Wind 150 0.03 6,524 Greggs 113 0.02 265,838 GSK 3,887 0.74 589,102 Haleon 2,304 0.44 20,392 Halfords Group 26 0.01 25,185 Halma 650 0.12 38,221 Hammerson REIT 94 0.02 44,338 Harbour Energy 93 0.02 10,709 Harworth Group 18 116,585 Hays 92 0.02 6,210 Headlam Group 5 3,926 Helical 8 50,398 Helios Towers 54 0.01
Holding or Nominal value Market value £000
Total net assets%
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
14
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
UNITED KINGDOM – 27.69% (26.51%) (continued) 24,551 Henderson European Focus Trust 44 0.01 7,086 Henderson High Income Trust 12 8,464 Henderson International Income Trust 15 5,919 Henderson Smaller Companies Investment Trust 45 0.01 5,249 Henry Boot 11 2,743 Herald Investment Trust 54 0.01 28,134 HgCapital Trust 142 0.03 128,075 HICL Infrastructure 144 0.03 11,279 Hikma Pharmaceuticals 220 0.04 5,407 Hill & Smith Holdings 94 0.02 6,946 Hilton Food Group 57 0.01 24,985 Hochschild Mining 66 0.01 9,813 Hollywood Bowl Group 26 0.01 44,051 Home REIT* – 2,212 Hostelworld Group 3 38,261 Howden Joinery Group 275 0.05 1,187,237 HSBC Holdings 10,375 1.97 6,773 Hunting 20 21,696 Ibstock 37 0.01 2,676 ICG Enterprise Trust 34 0.01 22,843 IG Group Holdings 217 0.04 16,955 IMI 320 0.06 12,976 Impax Environmental Markets 45 0.01 25,803 Inchcape 173 0.03 88,460 Informa 681 0.13 19,711 IntegraFin Holdings 60 0.01 10,553 InterContinental Hotels Group 871 0.16 17,169 Intermediate Capital Group 335 0.06 1,188 International Biotechnology Trust 7 45,287 International Distribution Service 164 0.03 15,006 International Personal Finance 22 8,229 International Workplace Group 12 10,483 Intertek Group 525 0.10 24,799 Intu Properties* ~+ – 13,516 Invesco Asia Trust 46 0.01 4,045 Invesco Global Equity Income Trust 13 38,086 Investec 183 0.04 60,148 IP Group 24 6,729 Ithaca Energy 11 236,947 ITV 187 0.04 7,208 James Fisher & Sons 22 177,839 JD Sports 121 0.02 4,988 JD Wetherspoon 28 0.01 48,253 John Wood Group 14 10,413 Johnson Matthey 138 0.03 13,162 JPMorgan American Investment Trust 129 0.02 2,407 JPMorgan Asia Growth & Income 9 6,710 JPMorgan China Growth & Income 17 4,408 JPMorgan Claverhouse Investment Trust 32 0.01 65,856 JPMorgan Emerging Markets Investment Trust 69 0.01 9,692 JPMorgan European Discovery Trust 47 0.01 18,531 JPMorgan European Investment Trust 21 20,324 JPMorgan Global Emerging Markets Income Trust 27 0.01 36,001 JPMorgan Global Growth & Income Investment Trust 188 0.04 5,710 JPMorgan Indian Investment Trust 56 0.01 8,196 JPMorgan Japanese Investment Trust 46 0.01 4,857 JPMorgan UK Smaller Companies Investment Trust 14 4,352 JPMorgan US Smaller Companies Investment Trust 17 22,171 Jupiter Fund Management 16 66,993 Just Group 98 0.02 6,441 Kainos Group 43 0.01
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
15
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
UNITED KINGDOM – 27.69% (26.51%) (continued) 4,658 Keller 64 0.01 39,101 Kier Group 49 0.01 114,109 Kingfisher 289 0.06 48,064 Land Securities 264 0.05 9,874 Law Debenture Investment Trust 87 0.02 391,726 Legal & General 950 0.18 2,097 Lion Finance Group 114 0.02 3,979 Liontrust Asset Management 15 4,067,355 Lloyds Banking Group 2,932 0.56 33,034 London Stock Exchange Group 3,784 0.72 134,634 Londonmetric Property 247 0.05 21,990 Lowland Investment 28 0.01 5,157 LSL Property Services 14 3,982 Luceco 5 144,498 M&G 287 0.05 282 Macfarlane Group + – 2,325 Majedie Investment Trust 6 134,161 Marks & Spencer Group 477 0.09 17,353 Marshalls 43 0.01 52,736 Marston’s 18 6,004 Mears Group 23 84,869 Melrose 403 0.08 9,539 Merchants Trust 50 0.01 14,610 Metro Bank 13 2,596 Mid Wynd International 19 15,948 Mitchells & Butlers 34 0.01 79,993 Mitie Group 92 0.02 5,312 MJ Gleeson 25 0.01 44,853 Mobico Group 26 0.01 16,097 Molten Ventures 41 0.01 29,337 Mondi 336 0.06 13,647 Monks Investment Trust 159 0.03 10,263 Montanaro European Smaller Companies Trust 15 14,357 Montanaro UK Smaller Companies 14 38,061 Mony Group 76 0.01 15,830 Moonpig Group 33 0.01 22,025 Morgan Advanced Materials 45 0.01 2,939 Morgan Sindall Group 97 0.02 4,098 Motorpoint Group 5 7,708 Murray Income Trust 63 0.01 34,666 Murray International Trust 91 0.02 324,779 National Grid 3,277 0.62 492,918 NatWest Group 2,227 0.42 18,281 NCC Group 25 0.01 30,635 Newriver REIT 21 7,699 Next Group 853 0.16 24,371 Ninety One 35 0.01 12,708 Nippon Active Value Fund 23 2,249 Norcros 5 6,592 North American Income Trust 21 837 North Atlantic Smaller Companies Investment Trust 30 0.01 41,071 Ocado Group 116 0.02 39,042 Octopus Renewables Infrastructure 25 0.01 3,436 Odyssean Investment Trust 5 14,035 On The Beach Group 31 0.01 23,137 OSB Group 99 0.02 2,389 Oxford BioMedica 7 3,755 Oxford Instruments 65 0.01 52,969 Oxford Nanopore Technologies 54 0.01 9,538 Pacific Assets Investment Trust 31 0.01 6,401 Pacific Horizon Investment Trust 37 0.01
Holding or Nominal value Market value £000
Total net assets%
Page 18
Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
16
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
UNITED KINGDOM – 27.69% (26.51%) (continued) 21,925 PageGroup 67 0.01 62 Palace Capital + – 33,391 Pantheon Infrastructure 32 0.01 26,996 Pantheon International 81 0.02 15,317 Paragon Banking Group 113 0.02 1,904 Paypoint 12 43,959 Pearson 535 0.10 28,450 Pennon Group 127 0.02 18,825 Pensionbee Group 27 0.01 20,496 Persimmon 244 0.05 21,883 Personal Assets Trust 110 0.02 14,625 Petershill Partners 35 0.01 36,170 Pets At Home Group 78 0.02 48,286 Phoenix Group Holdings 276 0.05 13,647 Photo-Me International 26 0.01 3,388 Pinewood Technologies Group 11 18,322 Polar Capital Global Financials Trust 36 0.01 8,244 Polar Capital Global Healthcare Growth & Income Trust 27 0.01 78,512 Polar Capital Technology Trust 226 0.04 1,638 Porvair 11 38,529 Premier Foods 71 0.01 102,162 Primary Health Properties REIT 96 0.02 27,087 Provident Financial 16 30,607 PRS REIT 35 0.01 175,807 Prudential 1,453 0.28 14,087 Puretech Health 20 18,557 PZ Cussons 14 35,376 QinetiQ 137 0.03 98,086 Quilter 145 0.03 2,078 Raspberry 10 4,272 Rathbone Brothers 66 0.01 29,170 Reach 21 45,893 Reckitt Benckiser 2,399 0.45 114,782 RELX 4,446 0.84 9,486 RELX (EUR) 367 0.07 6,761 Renewi 58 0.01 2,289 Renishaw 58 0.01 167,651 Rentokil Initial 583 0.11 328 Residential Secure REIT + – 6,420 Ricardo 16 53,030 Rightmove 364 0.07 71,063 Rio Tinto 3,259 0.62 7,186 RIT Capital Partners 136 0.03 3,030 Robert Walters 7 565,496 Rolls-Royce 4,236 0.80 52,567 Rotork 165 0.03 2,517 Royalty Pharma 61 0.01 29,239 RS Group 164 0.03 269 S&U 4 11,075 Sabre Insurance Group 14 13,235 Safestore Holdings REIT 81 0.02 6,317 Saga 8 66,638 Sage Group 804 0.15 125,680 Sainsbury (J) 295 0.06 9,545 Savills 91 0.02 10,879 Schroder Asia Pacific Fund 57 0.01 6,759 Schroder Asian Total Return 31 0.01 5,631 Schroder Income Growth Fund 16 9,656 Schroder Japan Growth Investment Trust 23 2,844 Schroder UK Mid Cap Fund 16 67,614 Schroder UK Public Private Trust 8 –
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
17
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% UNITED KINGDOM – 27.69% (26.51%) (continued) 59,825 Schroders 208 0.04 10,812 Scottish American Investment Trust 53 0.01 81,629 Scottish Mortgage Investment Trust 770 0.15 2,853 Scottish Oriental Smaller Companies 8 89,418 SDCL Energy Efficiency Income Trust 43 0.01 11,827 Securities Trust of Scotland 28 0.01 88,943 Segro REIT 614 0.12 33,440 Senior 50 0.01 63,202 Serco Group 99 0.02 29,852 Severfield 6 17,549 Severn Trent 444 0.08 404,489 Shell 11,421 2.16 65,677 SIG 8 58,127 Smith & Nephew 630 0.12 22,260 Smiths Group 430 0.08 8,100 Smithson Investment Trust 114 0.02 42,087 Social Housing REIT 26 0.01 14,524 Soco International 3 8,655 Softcat 137 0.03 6,105 Spectris 142 0.03 36,247 Speedy Hire 7 4,870 Spirax-Sarco Engineering 301 0.06 19,812 Spire Healthcare Group 35 0.01 40,195 Spirent Communications 76 0.01 72,664 SSE 1,158 0.22 49,527 SSP Group 74 0.01 35,802 St. James’s Place Capital 350 0.07 132,111 Standard Chartered 1,505 0.29 6,538 SThree 17 2,968 Strategic Equity Capital 9 1,843 STV Group 3 92,087 Supermarket Income REIT 71 0.01 6,839 Synthomer 8 28,810 Target Healthcare 26 0.01 22,341 Tate & Lyle 116 0.02 227,168 Taylor Wimpey 245 0.05 3,547 TBC Bank Group 146 0.03 5,020 Telecom Plus 87 0.02 20,501 Temple Bar Investment Trust 60 0.01 76,036 Templeton Emerging Markets Investment Trust 129 0.02 448,031 Tesco 1,489 0.28 23,297 The Global Smaller Companies Trust 35 0.01 8,430 The Gym Group 11 49,352 The Mercantile Investment Trust 112 0.02 20,625 TI Fluid Systems 41 0.01 10,772 Topps Tiles 4 20,948 TR European Growth Trust 38 0.01 24,137 TR Property Investment Trust 71 0.01 30,255 Trainline 82 0.02 15,253 Travis Perkins 84 0.02 6,007 Treatt 20 5,202 Trifast 3 164,992 Tritax Big Box REIT 231 0.04 22,179 Trustpilot 49 0.01 9,621 TT Electronics 8 78,253 Tullow Oil 13 138,574 Unilever 6,388 1.21 23,496 Unilever Ord 1,082 0.21 28,575 Unite Group 233 0.04 46,745 United Utilities 471 0.09 34,350 Urban Logistics REIT 45 0.01
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
18
UNITED KINGDOM – 27.69% (26.51%) (continued) 10,640 Utilico Emerging Markets 23 3,228 Value and Indexed Property Income Trust 6 14,989 Vesuvius 58 0.01 16,212 VH Global Sustainable Energy Opportunities 9 6,680 Victrex 59 0.01 18,047 Vistry Group 102 0.02 5,745 Vitec Group 5 1,363,508 Vodafone Group 994 0.19 14,845 Volution Group 80 0.02 11,757 VPC Specialty Lending Investments 3 32,303 Warehouse REIT 34 0.01 18,190 Watches of Switzerland 75 0.01 17,251 Weir Group 400 0.08 12,087 Whitbread 296 0.06 8,972 WHSmith 91 0.02 15,068 Wickes Group 27 0.01 9,478 Workspace Group REIT 39 0.01 29,999 Worldwide Healthcare Trust 89 0.02 12,791 XPS Pensions Group 48 0.01 15,095 Zigup 44 0.01 861 Zotefoams 2 Total United Kingdom 146,228 27.69 AUSTRALIA – 1.15% (1.29%) 3,259 ALS 24 0.01 1,284 Ampol 15 8,956 APA Group 34 0.01 4,041 Aristocrat Leisure 123 0.02 1,116 ASX 35 0.01 5,870 Atlas Arteria 14 8,705 Aurizon Holdings 13 19,431 Australia and New Zealand Banking Group 273 0.05 7,708 Bank of Queensland 25 0.01 2,323 Bendigo Bank 12 31,823 BHP Billiton 587 0.11 2,444 BlueScope Steel 25 0.01 8,450 Brambles 81 0.02 3,035 Carsales.com 46 0.01 1,563 Challenger 5 3,505 Charter Hall Group 27 0.01 19,675 Cleanaway Waste Management 24 0.01 313 Cochlear 40 0.01 7,740 Coles Group 72 0.01 10,528 Commonwealth Bank of Australia 767 0.15 3,775 Computershare 71 0.01 3,041 CSL 366 0.07 6,163 Deterra Royalties 11 6,663 Dexus 23 1,441 Domain Holdings Australia 3 8,387 Endeavour Group 16 15,222 Evolution Mining 52 0.01 1,383 Flight Centre 9 11,325 Fortescue Metals Group 84 0.02 13,033 General Property Group 27 0.01 12,045 Goodman Group 165 0.03 8,869 Harvey Norman Holdings 21 1,939 IDP Education 9 5,140 IGO 10 7,169 Insignia Financial 15 17,606 Insurance Australia 65 0.01 982 JB Hi-Fi 44 0.01 17,503 Lottery Corporation 40 0.01
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets%
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% AUSTRALIA – 1.15% (1.29%) (continued) 4,669 Lynas Rare Earths 16 2,335 Macquarie Group 222 0.04 1,972 Magellan Financial Group 7 16,790 Medibank 36 0.01 2,803 Metcash 4 1,497 Mineral Resources 17 22,378 Mirvac Group 22 19,430 National Australia Bank 319 0.06 4,698 Nextdc 26 0.01 8,697 Northern Star Resources 77 0.01 4,031 Orica 33 0.01 9,171 Origin Energy 47 0.01 689 Perpetual Trustees Australia 6 24,986 Pilbara Minerals 20 422 Pro Medicus 41 0.01 2,826 Qantas Airways 12 8,315 QBE Insurance Group 87 0.02 16,446 Qube Holdings 31 0.01 1,123 Ramsay Health Care 18 320 REA Group 34 0.01 2,318 Reece 17 11,687 Region Group 12 2,560 Rio Tinto 143 0.03 19,276 Santos 62 0.01 35,840 Scentre Group 58 0.01 1,866 SEEK 19 1,530 SGH 37 0.01 1,400 Sims Metal Management 10 3,866 Sonic Healthcare 48 0.01 33,109 South32 51 0.01 33,231 Star Entertainment Group* 2 3,377 Steadfast Group 9 14,328 Stockland Trust 34 0.01 7,977 Suncorp Group 74 0.01 2,177 Technology One 29 0.01 2,234 Telix Pharmaceuticals 29 0.01 20,565 Telstra Corporation 42 0.01 5,820 TPG Telecom 13 20,537 Transurban Group 131 0.03 2,521 Treasury Wine Estates 12 20,844 Vicinity Centres REIT 22 7,257 Wesfarmers 252 0.05 21,227 Westpac Banking 323 0.06 1,064 WiseTech Global 42 0.01 10,647 Woodside Energy Group 119 0.02 8,218 Woolworths 117 0.02 1,834 WorleyParsons 13 Total Australia 6,068 1.15 AUSTRIA – 0.04% (0.04%) 510 Andritz 22 0.01 2,192 Erste Bank 117 0.02 744 OMV 29 0.01 1,767 Telekom Austria 13 412 Verbund 22 Total Austria 203 0.04 BELGIUM – 0.13% (0.14%) 149 Ackermans 25 0.01 1,284 Ageas (BRU) 59 0.01 5,950 Anheuser-Busch InBev 283 0.06 120 D’Ieteren 16 –
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% BELGIUM – 0.13% (0.14%) (continued) 455 Elia Group 30 0.01 455 Elia Group Rights 2 297 Groupe Bruxelles Lambert 17 1,428 KBC Group 100 0.02 2 Lotus Bakeries 14 94 Sofina 19 368 Syensqo 19 675 UCB 92 0.02 991 Warehouses De Pauw 18 Total Belgium 694 0.13 BERMUDA – 0.16% (0.12%) 5,981 Aegon 30 0.01 2,129 Arch Capital Group 159 0.03 5,500 CK Infrastructure Holdings 26 0.01 473 Credicorp 68 0.01 287 Everest Re Group 81 0.02 21,618 Hiscox 254 0.05 5,000 Johnson Electric Holdings 8 17,436 Lancashire Holdings 101 0.02 712 Ocean Wilsons Holdings 10 1,500 Orient Overseas International 17 331 RenaissanceRe Holdings 62 0.01 11,000 Yue Yuen Industrial Holdings 14 Total Bermuda 830 0.16 CAYMAN ISLANDS – 0.11% (0.12%) 5,000 AAC Technologies 23 0.01 6,000 Budweiser Brewing Company 6 14,200 Chow Tai Fook 12 15,500 CK Asset Holdings 48 0.01 17,000 CK Hutchison Holdings 74 0.01 8,631 Dragon Capital Vietnam Enterprise Investment ‘C’ 50 0.01 965 GlobalFoundries 28 0.01 10,800 MGM China Holdings 11 15,000 Nexteer Automotive Group 7 20,805 Nu Holdings 165 0.03 10,000 Sands China 16 5,500 Shenzhou International 32 0.01 6,000 SITC International Holdings 13 48,629 WH Group 34 0.01 13,000 Wharf Real Estate Investment Company 24 0.01 21,200 Wynn Macau 12 Total Cayman Islands 555 0.11 CHANNEL ISLANDS – 1.42% (1.75%) 40,640 3i Infrastructure 129 0.03 3,699 Aberdeen Asian Income Fund 8 51,096 Aberdeen Property Income Trust 3 9,592 Amcor 72 0.01 25,762 Apax Global Alpha 30 0.01 1,416 Aptiv 65 0.01 20,419 BH Macro 76 0.01 45,921 Bluefield Solar Income Fund 40 0.01 39,348 Chrysalis Investments 36 0.01 23,969 CQS New City High Yield Fund 12 69,469 Digital 9 Infrastructure 6 60,972 Experian Group 2,175 0.41 3,213 Fidelity Emerging Markets 23 43,296 Foresight Environmental Infrastructure 31 0.01 3,788 Foresight Group 13 50,669 Foresight Solar Fund 40 0.01
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% CHANNEL ISLANDS – 1.42% (1.75%) (continued) 11,057 GCP Asset Backed Income Fund 7 54,166 GCP Infrastructure Investments 39 0.01 807,997 Glencore 2,265 0.43 4,896 Harbourvest Global Private Equity 124 0.02 9,436 Henderson Far East Income 20 11,844 Highbridge Tactical Credit ~+ * – 129,246 International Public Partnership 144 0.03 51,582 International Workplace Group 93 0.02 8,222 Invesco Bond Income Plus 14 14,418 JPMorgan Global Core Real Asse 12 10,584 JTC 96 0.02 83,182 Man Group 165 0.03 6,043 Middlefield Canadian Income Trust 7 3,274 NB Private Equity Partners ‘A’ 49 0.01 44,245 NextEnergy Solar Fund 30 0.01 10,038 Pershing Square Holdings 375 0.07 40,886 Petrofac 2 2,852 Phoenix Spree REIT 5 32,862 Picton Property Income 24 4,199 Pollen Street Group 31 0.01 2,002 PPHE Hotel Group 24 0.01 19,303 Raven Property ~+ * – 9,724 Real Estate Credit Investments 12 170,406 Renewables Infrastructure 129 0.03 16,912 Ruffer 47 0.01 19,208 Schroder Oriental Income Fund 51 0.01 9,029 Schroder Real Estate Investment Trust 5 88,002 Sequoia Economic Infrastructure Income Fund 69 0.01 107,988 Sirius Real Estate 91 0.02 14,308 Starwood European Real Estate 12 36,030 Syncona 31 0.01 47,290 TP ICAP Group 122 0.02 51,429 TwentyFour Income Fund 57 0.01 6,698 TwentyFour Select Monthly Income Fund 6 10,439 VinaCapital Vietnam Opportunity Fund 44 0.01 5,920 Wizz Air Holdings 88 0.02 72,753 WPP 423 0.08 Total Channels Islands 7,472 1.42 DENMARK – 0.37% (0.54%) 21 A P Moller – Maersk 28 0.01 20 A P Moller – Maersk A/S 27 0.01 645 Carlsberg ‘B’ 64 0.01 678 Coloplast ‘B’ 55 0.01 3,645 Danske Bank 92 0.02 1,130 DSV 168 0.03 345 Genmab 52 0.01 3,624 H Lundbeck ‘B’ 14 20,211 Novo Nordisk 1,064 0.20 2,449 Novozymes 110 0.02 1,144 Ørsted 39 0.01 532 Pandora 63 0.01 31 Rockwool International ‘B’ 10 1,819 Tryg 34 0.01 6,707 Vestas Wind System 72 0.01 616 William Demant Holding 16 476 Zealand Pharma A/S 28 0.01 Total Denmark 1,936 0.37
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% FINLAND – 0.16% (0.17%) 1,112 Elisa Communications 42 0.01 3,590 Fortum 45 0.01 1,669 Kesko ‘B’ 26 0.01 1,778 Kone ‘B’ 75 0.01 4,566 Metso 36 0.01 3,861 Neste Oyj 28 0.01 32,031 Nokia 129 0.02 20,125 Nordea Bank (EUR) 198 0.04 318 Orion 15 15,575 Sampo Oyj 115 0.02 2,783 Stora Enso (registered) 20 3,205 UPM-Kymmene 66 0.01 1,108 Valmet Corporation 23 3,819 Wartsila Corporation 52 0.01 Total Finland 870 0.16 FRANCE – 1.63% (1.69%) 1,401 Accor 49 0.01 176 ADP Promesses 14 3,571 Air Liquide 523 0.10 2,371 Alstom 40 0.01 316 Amundi 19 398 Arkema 23 10,477 AXA 345 0.07 1,227 Ayvens 8 206 BioMérieux 20 6,326 BNP Paribas 407 0.08 1,475 Bollore 7 613 Bouygues 19 1,901 Bureau Veritas 44 0.01 991 Capgemini 114 0.02 3,757 Carrefour 42 0.01 627 Covivio REIT 27 0.01 6,630 Credit Agricole 93 0.02 3,676 Danone 218 0.04 151 Dassault Aviation 39 0.01 4,383 Dassault Systemes 128 0.02 1,736 Edenred 43 0.01 455 Eiffage 41 0.01 10,299 Engie 155 0.03 1,946 Essilor International 432 0.08 318 Eurazeo 18 649 FDJ United 16 269 Gecina 20 1,177 Getlink 16 207 Hermes International 418 0.08 340 Ipsen Promesses 30 0.01 500 Kering 80 0.02 1,619 Klepierre 42 0.01 1,423 L’Oreal 408 0.08 1,703 Legrand Promesses 139 0.03 1,555 LVMH 744 0.14 4,758 Michelin (CGDE) 129 0.02 12,917 Orange 130 0.02 1,068 Pernod-Ricard 82 0.02 1,465 Publicis Groupe 106 0.02 1,149 Renault 45 0.01 1,505 Rexel 31 0.01 2,165 Safran 438 0.08 2,995 Saint Gobain 230 0.04 6,854 Sanofi 584 0.11 157 Sartorius Stedim Biotech 24 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
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PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% FRANCE – 1.63% (1.69%) (continued) 3,332 Schneider Electric 588 0.11 1,277 Scor Regroupe 28 0.01 151 SEB 11 4,263 Société Générale 148 0.03 487 Sodexo 24 516 Teleperformance 40 0.01 488 Thales 100 0.02 12,222 TotalEnergies 610 0.12 890 Unibail-Rodamco-Westfield 58 0.01 3,616 Veolia Environnement 96 0.02 3,079 Vinci 300 0.06 5,043 Vivendi 12 116 Wendel 9 Total France 8,604 1.63 GERMANY – 1.59% (1.47%) 1,114 Adidas 201 0.04 2,432 Allianz 715 0.14 5,396 BASF 206 0.04 6,854 Bayer 126 0.02 608 Bechtle 17 691 Beiersdorf 69 0.01 2,043 BMW 126 0.02 417 BMW preference 24 966 Brenntag 48 0.01 420 Carl Zeiss Meditec 21 5,326 Commerzbank 93 0.02 740 Continental 40 0.01 1,202 Covestro 60 0.01 325 CTS Eventim 25 0.01 4,715 Daimler 214 0.04 2,850 Daimler Truck Holding 89 0.02 1,554 Delivery Hero 29 0.01 12,155 Deutsche Bank 221 0.04 1,229 Deutsche Boerse 281 0.05 20,587 Deutsche Telekom 590 0.11 5,988 DHL Group 198 0.04 15,073 E.On 176 0.03 884 Evonik Industries 15 531 Fraport 26 2,953 Fresenius 97 0.02 1,218 Fresenius Medical Care 46 0.01 1,038 GEA Group 48 0.01 334 Hannover Rueck 77 0.01 760 HeidelbergCement 101 0.02 729 Henkel 41 0.01 1,228 Henkel preference 75 0.01 8,004 Infineon Technologies 203 0.04 488 KION Group 16 182 Knorr-Bremse 13 487 Leg Immobilien 27 0.01 2,475 Lufthansa 14 882 Merck KGaA 94 0.02 388 MTU Aero Engines 104 0.02 872 Muenchener Rueckver 426 0.08 448 Nemetschek 40 0.01 296 Puma 6 50 Rational 32 0.01 286 Rheinmetall 314 0.06 4,431 RWE 122 0.02 6,928 SAP 1,419 0.27 178 Sartorius preference 32 0.01
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
24
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% GERMANY – 1.59% (1.47%) (continued) 408 Scout24 33 0.01 4,691 Siemens 832 0.16 4,465 Siemens Energy 200 0.04 2,131 Siemens Healthineers 89 0.02 650 Symrise 52 0.01 230 Talanx 19 138 Volkswagen 11 1,304 Volkswagen preference 102 0.02 4,078 Vonovia 85 0.02 224 Wacker Chemie 14 956 Zalando 25 Total Germany 8,419 1.59 GIBRALTAR – 0.00% (0.00%) 28,822 Evoke 14 Total Gibraltar 14 HONG KONG – 0.27% (0.30%) 70,200 AIA Group 409 0.08 1,700 ASMPT 9 23,000 Bank of China (Hong Kong) 72 0.02 17,800 Bank of East Asia 21 28,000 Champion REIT 5 12,000 CLP Holdings 76 0.02 17,000 Galaxy Entertainment Group 51 0.01 14,000 Hang Lung Group 16 4,700 Hang Seng Bank 49 0.01 4,920 Henderson Land Development 11 83,070 Hong Kong & China Gas 55 0.01 7,800 Hong Kong Exchanges and Clearing 268 0.05 10,000 Hysan Development 13 8,500 Kerry Properties 16 54,000 Lenovo Group 56 0.01 19,800 Link REIT 72 0.02 11,600 Man Wah Holdings 5 9,500 MTR Corporation 24 0.01 20,500 New World Development 10 14,000 Sino Land 11 35,000 SJM Holdings 8 7,000 Sun Hung Kai Properties 51 0.01 3,500 Swire Pacific ‘A’ 24 0.01 10,892 Swire Pacific ‘B’ 12 7,500 Techtronic Industries 69 0.01 Total Hong Kong 1,413 0.27 IRELAND – 11.15% (11.76%) 3,959 Accenture 958 0.18 10,246 AIB Group 51 0.01 405 Allegion 41 0.01 1,200 Aon Ireland 371 0.07 7,382 Bank of Ireland Group 67 0.01 1,622,549 BlackRock Emerging Markets Index Fund ‘A’ 52,635 9.97 24,648 C&C Group 32 0.01 4,208 CRH 287 0.05 6,552 DCC 337 0.06 2,452 Eaton Corporation 516 0.10 1,180 Flutter Entertainment 202 0.04 2,398 Glanbia 20 11,565 Grafton Group 99 0.02 32,394 Greencore Group 55 0.01 598 ICON 81 0.02 2,993 James Hardie Industries 55 0.01
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
25
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% IRELAND – 11.15% (11.76%) (continued) 4,218 Johnson Controls 262 0.05 7,376 Kenmare Resources 28 0.01 1,084 Kerry Group ‘A’ 88 0.02 1,080 Kingspan Group 67 0.01 3,032 Linde 1,094 0.21 7,967 Medtronic 555 0.10 873 Pentair 59 0.01 1,148 Seagate Technology Holdings 76 0.01 566 Steris 99 0.02 1,911 TE Connectivity 209 0.04 1,395 Trane Technologies 364 0.07 679 Willis Towers Watson 178 0.03 Total Ireland 58,886 11.15 ISLE OF MAN – 0.07% (0.09%) 41,688 Entain 241 0.05 19,225 Playtech 134 0.02 Total Isle of Man 375 0.07 ISRAEL – 0.04% (0.04%) 435 Check Point Software Technologies 77 0.01 4,730 Plus500 130 0.03 Total Israel 207 0.04 ITALY – 0.47% (0.41%) 1,172 Amplifon 18 821 Banca Mediolanum 10 7,007 Banca Monte dei Paschi di Siena 43 0.01 8,421 Banco BPM 66 0.01 7,643 BPER Banca 46 0.01 392 Brunello Cucinelli 34 0.01 376 Buzzi Unicem 14 49,409 Enel 308 0.06 13,831 ENI 164 0.03 3,253 Finecobank Banco Fineco 48 0.01 8,420 Generali 228 0.04 7,075 Hera 24 1,447 Infrastrutture Wireless 12 470 Interpump Group 13 102,639 Intesa Sanpaolo 405 0.08 4,499 Italgas 25 0.01 2,514 Leonardo 94 0.02 4,440 Mediobanca 64 0.01 1,644 Moncler 77 0.02 5,531 Nexi 23 0.01 3,437 Poste Italiane 47 0.01 2,100 Prada 11 1,888 Prysmian 79 0.01 764 Recordati 33 0.01 177 Reply 22 13,033 Snam 52 0.01 22,152 Telecom Italia 6 10,212 Terna 71 0.01 9,860 Unicredit 425 0.08 3,517 Unipol Gruppo Finanziario 43 0.01 Total Italy 2,505 0.47 JAPAN – 4.07% (4.16%) 1,200 ABC-Mart 17 5,600 Acom 11 16 Advance Residence Investment Corporation 12 4,800 Advantest 161 0.03 4,900 Aeon 95 0.02
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
26
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 1,700 Aeon Financial Service 12 1,700 Aeon Mall 21 1,100 Aica Kogyo 19 2,200 Air Water 22 0.01 3,300 Aisin Seiki 28 0.01 5,000 Ajinomoto 77 0.02 2,800 Alps Electric 22 0.01 1,700 Amada 13 1,700 ANA Holdings 24 0.01 1,700 Aozora Bank 18 1,100 Asahi Glass 26 0.01 10,500 Asahi Group Holdings 104 0.02 1,100 Asahi Intecc 14 9,600 Asahi Kasei 52 0.01 3,100 Asics Corporation 50 0.01 11,900 Astellas Pharma 89 0.02 2,400 Azbil Corporation 14 4,000 Bandai Namco Holdings 104 0.02 500 BayCurrent Consulting 17 2,200 Bic Camera 18 3,400 Bridgestone 106 0.02 900 Brother Industries 13 1,100 Calbee 16 5,400 Canon 130 0.03 700 Canon Marketing Japan 18 2,400 Capcom 46 0.01 3,300 Casio Computer 21 6,500 Central Japan Railway 96 0.02 2,800 Century Tokyo Leasing Corporation 21 3,400 Chiba Bank 25 0.01 4,100 Chugai Pharmaceutical 144 0.03 1,700 Coca-Cola West Japan 22 0.01 1,500 Comsys Holdings 25 0.01 9,200 Concordia Financial Group 47 0.01 400 Cosmos Pharmaceutical 16 600 Credit Saison 11 1,600 CyberAgent 9 3,400 Dai Nippon Printing 37 0.01 2,500 Daido Steel 15 1,900 Daifuku 36 0.01 21,200 Dai-Ichi Mutual Life Insurance 124 0.02 11,800 Daiichi Sankyo 215 0.04 1,900 Daikin Industries 159 0.03 400 Daito Trust Construction 32 0.01 3,600 Daiwa House Industry 92 0.02 10,900 Daiwa Securities Group 56 0.01 9 Daiwahouse Residential Investment Corporation 11 1,300 Denka 14 11,400 Denso 109 0.02 1,300 Dentsu 22 0.01 1,100 DIC 17 600 Disco Corporation 93 0.02 300 DMG Mori 4 700 Dowa Mining 17 7,700 East Japan Railway 118 0.02 3,500 Ebara 41 0.01 1,900 Eisai 41 0.01 14,500 ENEOS Holdings 59 0.01 1,200 EXEO Group 10 800 Ezaki Glico 19 5,400 Fanuc Corporation 114 0.02
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
27
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 1,100 Fast Retailing 251 0.05 800 FP Corporation 12 1,000 Fuji Electric 33 0.01 600 Fuji Media Holdings 8 1,100 Fuji Oil 17 7,200 Fujifilm Holdings Corporation 106 0.02 1,900 Fujikura 53 0.01 11,900 Fujitsu 182 0.04 800 Fujitsu General 11 800 Fukuoka Financial Group 16 17 GLP J-REIT 11 500 GMO Payment Gateway 20 0.01 1,200 GS Yuasa 15 1,400 Hachijuni Bank 8 3,600 Hakuhodo DY Holdings 20 0.01 1,200 Hamamatsu Photonics 9 1,700 Hankyu 35 0.01 3,000 Haseko 30 0.01 800 Heiwa 10 100 Hikari Tsushin 20 4,000 Hino Motors 9 120 Hirose Electric 11 27,400 Hitachi 491 0.09 300 Hitachi Construction Machinery 6 29,000 Honda Motor 202 0.04 200 Horiba 10 400 Hoshizaki Electric 12 1,100 House Foods 16 2,000 Hoya 174 0.03 5,100 Hulic 38 0.01 400 Ibiden 8 7,700 Idemitsu Kosan 42 0.01 600 IHI Corporation 32 0.01 2,100 Iida Group Holdings 25 0.01 11 Industrial & Infrastructure Fund Investment Corporation 7 6,500 Inpex 69 0.01 97 Invincible Investment 32 0.01 2,500 Isetan Mitsukoshi Holdings 28 0.01 3,600 Isuzu Motors 38 0.01 1,400 IT Holdings 30 0.01 900 Ito En 15 8,700 Itochu 311 0.06 400 Itoham Yonekyu Holdings 9 800 Iwatani 6 3,300 Iyogin Holdings 30 0.01 600 Izumi 10 1,700 Japan Airlines 23 0.01 700 Japan Airport Terminal 15 8,000 Japan Exchange Group 63 0.01 35 Japan Metropolitan Fund Investment Corporation 17 13,400 Japan Post Bank 105 0.02 12,500 Japan Post Holdings 97 0.02 1,100 Japan Post Insurance 17 6 Japan Prime Realty Investment Corporation 11 30 Japan Real Estate Investment Trust 17 4,000 JFE Holdings 38 0.01 3,200 JGC 20 3,400 JTEKT 20 2,300 K‘s Holdings 16 1,100 Kagome 17 2,100 Kajima 33 0.01
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
28
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 1,500 Kandenko 21 600 Kansai Paint 7 2,700 Kao 90 0.02 900 Kawasaki Heavy Industries 42 0.01 3,000 Kawasaki Kisen Kaisha 31 0.01 19,000 KDDI 232 0.05 300 Keio 6 3,000 Keisei Electric Railway 21 10 Kenedix Realty Investment 8 1,200 Keyence 364 0.07 6,500 Kikkoman 49 0.01 1,100 Kintetsu 18 4,900 Kirin Holdings 53 0.01 1,100 Kobe Bussan 20 2,200 Koei Tecmo Holdings 22 0.01 500 Koito Manufacturing 5 800 Kokuyo 12 5,600 Komatsu 125 0.02 400 Konami 36 0.01 6,800 Konica Minolta 18 7,100 Kubota 67 0.01 900 Kuraray 9 400 Kurita Water Industries 10 600 Kusuri No Aoki Holdings ‘C’ 11 8,200 Kyocera 71 0.01 2,800 Kyoto Financial Group 33 0.01 1,100 Kyowa Kirin 12 600 Kyudenko 15 3,700 Kyushu Electric Power 25 0.01 1,000 Kyushu Financial Group 4 300 Kyushu Railway 6 700 Lasertec 46 0.01 800 Lixil Group 7 1,600 Mabuchi Motor 19 1,200 Makita 31 0.01 10,000 Marubeni 123 0.02 1,400 Matsui Securities 6 3,600 MatsukiyoCocokara 44 0.01 2,300 Mazda Motor 11 900 McDonalds 27 0.01 5,300 Mebuki Financial Group 20 2,400 Medipal Holdings 29 0.01 1,400 Meiji Holdings 24 0.01 2,800 Minebea 32 0.01 1,400 Misumi 18 9,300 Mitsubishi Chemical Group Corporation 36 0.01 23,900 Mitsubishi Corporation 325 0.06 12,000 Mitsubishi Electric 169 0.03 7,500 Mitsubishi Estate 94 0.02 800 Mitsubishi Gas Chemical 10 4,700 Mitsubishi HC Capital 25 0.01 21,000 Mitsubishi Heavy Industries 275 0.05 9,500 Mitsubishi Motors 20 70,500 Mitsubishi UFJ Financial Group 734 0.15 18,600 Mitsui & Company 270 0.05 1,700 Mitsui Chemicals 29 0.01 18,400 Mitsui Fudosan 127 0.03 2,500 Mitsui O.S.K. Lines 67 0.01 16,000 Mizuho Financial Group 336 0.06 500 Monotaro 7 1,200 Morinaga 16 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
29
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 600 Morinaga Milk Industry 10 8,000 MS&AD Insurance Group 134 0.03 9,600 Murata Manufacturing 115 0.02 1,700 Nabtesco 20 1,600 Nankai Electric Railway 20 8,500 NEC 138 0.03 3,100 Nexon 33 0.01 1,400 NGK Insulators 13 600 NGK Spark Plug 14 700 NH Foods 18 600 Nichirei 6 7,400 Nidec 96 0.02 1,200 Nifco 22 0.01 2,200 Nihon Kohden 23 0.01 3,800 Nihon M&A Center 11 6,600 Nintendo 346 0.07 50 Nippon Building Fund REIT 33 0.01 600 Nippon Express Holdings 8 2,500 Nippon Kayaku 18 6,600 Nippon Paint Holdings 38 0.01 1,000 Nippon Sanso Holdings Corporation 23 0.01 800 Nippon Shinyaku 16 2,000 Nippon Shokubai 18 6,000 Nippon Steel Corporation 99 0.02 165,100 Nippon Telegraph & Telephone 124 0.02 2,100 Nippon Yusen 54 0.01 1,700 Nipro 12 800 Nissan Chemical Industries 18 14,200 Nissan Motor 28 0.01 1,200 Nisshin Seifun 11 1,300 Nissin Food Products 21 500 Nitori Holdings 38 0.01 3,800 Nitto Denko 54 0.01 1,700 NOK 19 21,500 Nomura Holding 101 0.02 2,500 Nomura Real Estate Holdings 11 23 Nomura Real Estate Master Fund 17 2,800 Nomura Research Institute 70 0.01 3,200 NTT Data 44 0.01 5,200 Obayashi 53 0.01 2,500 OBIC 56 0.01 200 OBIC Business Consultants 7 1,100 Odakyu Electric Railway 8 4,200 Oji Holdings Corporation 14 1,000 Okuma Corporation 18 8,300 Olympus Optical 84 0.02 1,500 Omron 33 0.01 2,700 Ono Pharmaceutical 22 0.01 600 Open House 17 6,200 Oriental Land 95 0.02 7,300 Orix 117 0.02 17 Orix J-REIT 15 1,700 Osaka Gas 30 0.01 1,100 Otsuka 18 2,600 Otsuka Holdings 104 0.02 500 Paltac 10 2,100 Pan Pacific International Holdings 44 0.01 15,500 Panasonic 142 0.03 1,500 Park24 16 1,100 Peptidream 12 5,000 Persol Holdings 6 –
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
30
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 1,100 Pola Orbis Holdings 7 200 Rakuten Bank 7 12,100 Rakuten Group 53 0.01 8,700 Recruit Holdings 345 0.07 1,500 Relo Holdings 14 11,300 Renesas Electronics 116 0.02 3,200 Rengo 13 14,200 Resona 95 0.02 2,000 Resort Trust 15 2,800 Ricoh 23 0.01 2,000 Rohm 15 700 Rohto Pharmaceutical 8 1,100 Ryohin Keikaku 23 0.01 1,500 Sanrio 53 0.01 1,500 Santen Pharmaceutical 11 800 Sanwa Holdings 20 200 Sapporo Breweries 8 1,500 Sawai Group Holdings 15 1,400 SBI Holdings 29 0.01 800 Screen Holdings 40 0.01 300 SCSK Corporation 6 2,800 Secom 74 0.01 1,100 Seibu Holdings 19 1,900 Seiko Epson 23 0.01 1,500 Sekisui Chemical 20 2,800 Sekisui House 48 0.01 38 Sekisui House REIT 16 14,700 Seven & I Holdings 165 0.03 9,800 Seven Bank 14 2,200 SG Holdings 17 2,100 Sharp 10 2,100 Shimadzu 41 0.01 500 Shimano 54 0.01 4,100 Shimizu 28 0.01 1,000 Shin Nittetsu Sumikin Solutions Corporation 20 12,000 Shin-Etsu Chemical 263 0.05 6,000 Shionogi 70 0.01 2,500 Shiseido 37 0.01 1,600 Shizuoka Financial Group 13 300 Sho-Bond Holdings 7 1,900 Showa Denko 29 0.01 1,800 Skylark 28 0.01 400 SMC 110 0.02 1,700 Socionext 16 6,700 Softbank 260 0.05 168,300 SoftBank Group 182 0.04 5,000 Sohgo Security Services 29 0.01 1,600 Sojitz Holdings 27 0.01 5,400 Sompo Japan Nipponkoa Holdings 126 0.03 3,600 So-Net M3 32 0.01 37,400 Sony 729 0.14 1,100 Sotetsu Holdings 12 900 Square Enix 32 0.01 4,100 Subaru Corporation 56 0.01 1,500 Sugi Holdings 22 0.01 3,500 Sumco 18 7,400 Sumitomo Chemical 14 7,400 Sumitomo Corporation 129 0.03 5,500 Sumitomo Electric Industries 70 0.01 800 Sumitomo Forestry 19 500 Sumitomo Heavy Industries 8 –
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
31
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 1,900 Sumitomo Metal Mining 32 0.01 23,200 Sumitomo Mitsui Financial 456 0.09 4,900 Sumitomo Mitsui Trust Holdings 94 0.02 2,400 Sumitomo Realty & Development 70 0.01 2,700 Sumitomo Rubber Industries 26 0.01 1,000 Sundrug 22 0.01 700 Suntory Beverage & Food 18 10,300 Suzuki Motor 96 0.02 3,400 Sysmex Corporation 50 0.01 3,200 T&D Holdings 52 0.01 600 Taisei 21 300 Taiyo Yuden 4 2,600 Takara Holdings 15 9,276 Takeda Pharmaceutical 212 0.04 500 Tbs Holdings 11 12,500 TDK 100 0.02 2,700 Teijin 18 8,000 Terumo 116 0.02 1,100 Tobu Railway 15 3,600 Toda 16 1,100 Toho 42 0.01 800 Toho Gas 17 1,200 Tokai Carbon 6 11,900 Tokio Marine Holdings 354 0.07 2,700 Tokyo Electron 281 0.05 2,800 Tokyo Gas 69 0.01 1,000 Tokyo Tatemono 13 3,500 Tokyu 31 0.01 3,400 Tokyu Fudosan Holdings 18 1,800 Toppan Printing 38 0.01 10,300 Toray Industries 54 0.01 2,800 Tosoh 30 0.01 500 Toto 10 500 Toyo Suisan Kaisha 23 0.01 1,500 Toyo Tire Corporation 21 1,100 Toyoda Gosei 15 800 Toyota Boshoku 8 800 Toyota Industries Corporation 53 0.01 73,100 Toyota Motor 991 0.19 3,300 Toyota Tsusho 43 0.01 800 Trend Micro 41 0.01 1,600 TS Technologies 14 1,000 Tsumura & Co 22 0.01 500 Tsuruha Holdings 24 0.01 1,500 Ube Industries 17 200 Ulvac 5 6,600 Unicharm Corporation 41 0.01 24 United Urban Investment 18 1,700 Ushio 16 4,400 USS 32 0.01 1,400 Welcia Holdings 16 3,000 West Japan Railway 45 0.01 1,800 Yakult Honsha 27 0.01 3,600 Yamaha 21 4,500 Yamaha Motor 28 0.01 1,600 Yamato Holdings 16 500 Yamato Kogyo 20 500 Yamazaki Baking 7 1,800 Yaskawa Electric 35 0.01 1,500 Yokogawa Electric 22 0.01 1,500 Yokohama Rubber 27 0.01
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
32
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% JAPAN – 4.07% (4.16%) (continued) 16,800 Z Holdings Corporation 44 0.01 1,400 Zenkoku Hosho 21 500 Zensho Holdings 21 2,200 Zeon Corporation 17 900 ZOZO 7 Total Japan 21,501 4.07 LIBERIA – 0.04% (0.04%) 1,486 Royal Caribbean Group 237 0.04 Total Liberia 237 0.04 LUXEMBOURG – 0.16% (0.15%) 3,145 Allegro.eu 20 0.01 3,831 ArcelorMittal 85 0.02 64,453 B&M European Value Retail 168 0.03 47,217 BBGI 66 0.01 1,054 Eurofins Scientific 43 0.01 872 InPost 10 9,600 Samsonite International 18 927 Spotify Technology 395 0.07 2,619 Tenaris 39 0.01 Total Luxembourg 844 0.16 NETHERLANDS – 0.97% (1.06%) 501 Aalberts Industries 13 4,044 ABN AMRO Group GDR 65 0.01 180 Adyen 212 0.04 3,807 Airbus Group 519 0.10 1,217 AkzoNobel 57 0.01 410 Argen 185 0.04 270 ASM International 94 0.02 2,448 ASML Holding 1,241 0.24 1,088 ASR Nederland 48 0.01 597 BE Semiconductor Industries 48 0.01 5,940 CNH Industrial 57 0.01 2,956 Davide Campari-Milano 13 551 Euronext 62 0.01 738 Exor 52 0.01 741 Ferrari New 242 0.05 3,158 Ferrovial International 109 0.02 5,043 Havas 6 1,926 Heineken 121 0.02 793 Heineken Holdings 44 0.01 467 IMCD Group 48 0.01 18,542 ING Groep 279 0.05 545 JDE Peet s 9 5,884 Koninklijke Ahold 170 0.03 5,038 Koninklijke Philips 98 0.02 24,238 KPN 79 0.01 1,714 Lyondell Basell Industries 93 0.02 1,532 NN Group 66 0.01 1,647 NXP Semiconductors 243 0.05 7,992 Prosus 285 0.05 979 QIAGEN 30 0.01 854 Randstad Holding 27 0.01 1,476 RHI Magnesita 45 0.01 171 Royal Vopak 6 12,173 Stellantis 104 0.02 4,688 STMicroelectronics 78 0.01 4,585 Universal Music Group 98 0.02 1,454 Wolters Kluwer certificates 174 0.03 Total Netherlands 5,120 0.97
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
33
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% NEW ZEALAND – 0.06% (0.06%) 7,109 A2 Milk 27 0.01 22,413 Air New Zealand 6 7,947 Auckland International Airport 28 0.01 3,435 Contact Energy 14 960 EBOS Group 16 3,883 Fisher & Paykel Healthcare 57 0.01 10,358 Fletcher Building 15 9,322 Infratil 42 0.01 421 Mainfreight 11 11,382 Meridian Energy 28 0.01 11,024 Ryman Healthcare 13 11,916 Spark New Zealand 11 889 Xero 66 0.01 Total New Zealand 334 0.06 NORWAY – 0.10% (0.10%) 138 Aker ‘A’ 6 2,369 Aker BP 43 0.01 5,805 DNB Bank ASA 118 0.02 5,075 Equinor 104 0.02 442 Kongsberg Gruppen 50 0.01 2,297 Marine Harvest 33 0.01 10,990 Norsk Hydro 49 0.01 5,181 Orkla 44 0.01 497 Salmar 18 255 Schibsted ‘B’ 5 2,957 Telenor 33 0.01 1,350 Yara International 31 Total Norway 534 0.10 PANAMA – 0.02% (0.02%) 6,108 Carnival 92 0.02 Total Panama 92 0.02 POLAND – 0.06% (0.05%) 122 Dino Polska 11 623 KGHM Polska Miedź 16 10 LPP 35 0.01 3,945 Orlen 54 0.01 1,567 Pekao 55 0.01 5,474 PKO Bank Polski 82 0.01 3,792 PZU GROUP 42 0.01 344 Santander Bank Polska 38 0.01 Total Poland 333 0.06 PORTUGAL – 0.03% (0.03%) 61,008 Banco Comercial Portugues 28 14,307 Energias de Portugal 37 0.01 2,892 Galp Energia 39 0.01 1,738 Jeronimo Martins 28 0.01 Total Portugal 132 0.03 SINGAPORE – 0.27% (0.26%) 25,444 Ascendas Real Estate Investment Trust 39 0.01 929 Ascott Residence REIT + – 3,100 BOC Aviation 19 30,298 CapitaLand Integrated Commercial Trust REIT 37 0.01 16,300 CapitaLand Investment 26 0.01 7,000 City Developments 20 12,030 DBS Group 322 0.06 1,933 Flex 49 0.01 21,400 Frasers Logistics & Commercial Trust 11 71,600 Hutchison Port 9 –
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Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025 | avivainvestors.com
AI 30:70 Global Equity (Currency Hedged) Index Fund
34
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% SINGAPORE – 0.27% (0.26%) (continued) 10,800 Keppel Corporation 43 0.01 3,500 Keppel REIT 2 22,700 Mapletree Industrial Trust 27 0.01 37,935 Mapletree Logistics REIT 29 0.01 23,492 Oversea-Chinese Banking Corporation 234 0.04 5,953 SATS 11 5,441 Seatrium 7 8,300 Sembcorp Industries 30 0.01 3,900 SIA Engineering 5 12,700 Singapore Airlines 50 0.01 2,100 Singapore Exchange 16 10,400 Singapore Technologies Engineering 41 0.01 43,300 Singapore Telecommunications 86 0.02 7,600 Starhub 5 38,600 Suntec REIT 26 8,100 United Overseas Bank 178 0.03 7,100 UOL Group 24 0.01 3,700 Venture Corporation 26 0.01 12,000 Wilmar International 23 1,628 XP Power 12 Total Singapore 1,407 0.27 SPAIN – 0.61% (0.55%) 108 Acciona 11 1,361 Actividades de Construccion y Servicios 60 0.01 498 Aena 90 0.02 2,771 Amadeus IT Group ‘A’ 163 0.03 30,022 Banco de Sabadell 65 0.01 94,439 Banco Santander 490 0.09 5,061 Bankinter 43 0.01 36,328 BBV Argentaria 381 0.07 26,212 CaixaBank 157 0.03 3,777 Cellnex Telecom 104 0.02 2,683 EDP Renovaveis 17 1,469 Endesa 30 0.01 1,394 Grifols ‘A’ 10 1,590 Grifols ‘B’ 9 37,150 Iberdrola 464 0.09 6,561 Industria de Diseno Textil 252 0.05 239,485 International Consolidated Airlines Group 625 0.12 2,629 Merlin Properties REIT 22 647 Naturgy Energy Group 14 2,748 Red Electrica de Espana 43 0.01 8,455 Repsol 87 0.02 26,751 Telefonica 97 0.02 Total Spain 3,234 0.61 SWEDEN – 0.55% (0.58%) 1,274 AAK 28 0.01 1,488 AddTech 34 0.01 2,041 Alfa Laval 67 0.01 6,557 Assa Abloy ‘B’ 151 0.03 15,826 Atlas Copco 194 0.04 9,078 Atlas Copco ‘B’ 98 0.02 2,407 Beijer Ref ‘B’ 26 1,325 Biovitrum 29 0.01 1,102 Boliden 28 0.01 2,898 Castellum 25 4,394 Epiroc A 68 0.01 2,127 Epiroc B 29 0.01 4,567 EQT 107 0.02 19,327 Ericsson ‘B’ 115 0.02
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avivainvestors.com | Aviva Investors Passive Funds ACS Interim Report and Financial Statements for the six months ended 31 March 2025
AI 30:70 Global Equity (Currency Hedged) Index Fund
35
PORTFOLIO STATEMENT (CONTINUED) As at 31 March 2025 (unaudited)
Holding or Nominal value Market value £000
Total net assets% SWEDEN – 0.55% (0.58%) (continued) 3,408 Essity Aktiebolag ‘B’ 75 0.01 1,020 Evolution Gaming Group 59 0.01 3,730 Fastighets AB Balder 18 1,355 Getinge ‘B’ 23 4,618 Hennes & Mauritz ‘B’ 47 0.01 12,761 Hexagon 105 0.02 599 Holmen 18 1,204 Industivarden ‘A’ 34 0.01 926 Industivarden ‘C’ 26 1,986 Indutrade 42 0.01 3,428 Investor A 79 0.01 11,382 Investor B 262 0.05 603 Latour Investment ‘B’ 13 1,696 Lifco 46 0.01 428 Lundbergs ‘B’ 17 9,478 Nibe Industrier 28 0.01 1,644 Saab 50 0.01 1,987 Sagax ‘B’ 32 0.01 6,429 Sandvik 104 0.02 3,815 Securitas ‘B’ 42 0.01 8,586 Skandinaviska Enskilda Banken ‘A’ 109 0.02 1,638 Skanska ‘B’ 28 0.01 1,980 SKF ‘B’ 31 0.01 2,288 SSAB ‘B’ 11 2,360 Svenska Cellulosa ‘B’ 24 7,882 Svenska Handelsbanken 69 0.01 13 Svenska Handelsbanken ‘B’ + – 2,044 Sweco ‘B’ 28 0.01 5,918 Swedbank ‘A’ 104 0.02 2,961 Tele2 ‘B’ 31 0.01 21,260 Telia 59 0.01 1,661 Trelleborg ‘B’ 48 0.01 679 Volvo ‘AB-A’ 15 9,642 Volvo ‘AB-B’ 218 0.04 1,164 Volvo Car ‘AB’ 2 Total Sweden 2,896 0.55 SWITZERLAND – 1.84% (1.90%) 10,541 ABB (registered) 417 0.08 1,084 Adecco Group 25 0.01 3,027 Alcon 221 0.04 350 Baloise Holding 57
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"text": "The object of the Scheme is to invest the Scheme Property"
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"text": "through its Sub-funds, and the objective of each Sub-fund is for"
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"id": "0f623b0d-7f10-4b19-af93-9e560014b2a1",
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"text": "the ACS Manager on behalf of the Unitholders, as co-owners"
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"text": "of the relevant Sub-fund\u2019s property, to invest that property in"
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"text": "transferable securities, money market instruments, derivatives"
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"text": "and forward transactions, deposits, cash, near cash, units in"
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"text": "collective investment schemes and immovable property, in"
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"text": "accordance with the regulations applicable to the Scheme and"
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"text": "each Sub-fund, with the aim of spreading investment risk and"
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"text": "giving the Unitholders the results of the management of that"
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"text": "property."
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"text": "Each Sub-fund has a different investment objective, and in the"
},
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"id": "0824f2c6-7ca5-405a-9ced-2c4449641917",
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"text": "financial statements you will find an investment review for each"
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"text": "Sub-fund which includes details of the investment objectives. As"
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"id": "1d9f584f-3bc9-4eb4-94c3-e3952cd31745",
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"text": "at 31 March 2025 there were 23 active Sub-funds in the Aviva"
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"text": "Investors Passive Funds ACS."
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"text": "AUTHORISED STATUS"
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"text": "The Financial Conduct Authority authorised the Aviva Investors"
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"id": "ea3086b6-85fb-421b-8d3d-2b2e52494268",
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"text": "Passive Funds ACS (\u201cthe Scheme\u201d) as a Non-UCITS Retail Scheme"
},
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"text": "(NURS) on 14 February 2017."
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"text": "THE FINANCIAL STATEMENTS"
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"id": "e4535be7-1279-47aa-b2fa-0edd894b5e87",
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"text": "We are pleased to present the interim financial statements of the"
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"id": "bdc16210-110c-4da4-9e4b-2dddc4d6b841",
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"text": "Scheme for the six months ended 31 March 2025. As required by"
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"id": "232abd0c-229e-4dd1-a5bc-0c7006621fd7",
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"text": "the Regulations, information for each of the Sub-funds has also"
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"text":...