AVIVA INVESTORS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV)

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

R.C.S. Luxembourg B 32.640 31 December 2020

avivainvestors.com Aviva Investors Société d’investissement à capital variable (SICAV)

Contents

Director’s Report 3 Manager’s Market Review 6 Management and Administration 7 Audit Report 8 Notes on the portfolio of investments disclosure 11 Aviva Investors - Asian Equity Income Fund 12 Aviva Investors - Climate Transition Global Equity Fund 14 Aviva Investors - Climate Transition European Equity Fund 16 Aviva Investors - Emerging Markets Bond Fund 18 Aviva Investors - Emerging Markets Corporate Bond Fund 23 Aviva Investors - Emerging Markets Equity Income Fund 28 Aviva Investors - Emerging Markets Equity Small Cap Fund 30 Aviva Investors - Emerging Markets Local Currency Bond Fund 32 Aviva Investors - European Corporate Bond Fund 36 Aviva Investors - European Equity Fund 39 Aviva Investors - European Equity Income Fund 41 Aviva Investors - European High Yield Bond Fund 42 Aviva Investors - European Real Estate Securities Fund 46 Aviva Investors - Global Sovereign Bond Fund 47 Aviva Investors - Global Convertibles Absolute Return Fund 57 Aviva Investors - Global Convertibles Fund 60 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund 64 Aviva Investors - Global Emerging Markets Index Fund 66 Aviva Investors - Global Equity Endurance Fund 86 Aviva Investors - Global Equity Unconstrained Fund 87 Aviva Investors - Global High Yield Bond Fund 89 Aviva Investors - Global Investment Grade Corporate Bond Fund 98 Aviva Investors - Multi-Strategy Fixed Income Fund 106 Aviva Investors - Multi-Strategy Target Income Fund 110 Aviva Investors - Multi-Strategy Target Return Fund 131 Aviva Investors - Short Duration Global High Yield Bond Fund 152 Aviva Investors - Sustainable Income & Growth Fund 157 Aviva Investors - UK Listed Equity High Alpha Fund 160 Aviva Investors - US Equity Income Fund 161 Aviva Investors - US Investment Grade Bond Fund 162 Combined Statement of Net Assets 167 Statistical Information 175 Combined Statement of Operations and Changes in Net Assets 182 Notes to the Financial Statements 190 Other Information - Unaudited 198 Information for Investors in Switzerland - Unaudited 209

This report does not constitute an ofer of shares. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (“KIID”) supplemented by the last available annual report and the latest semi-annual report if published afer such an annual report. Investors are hereby urged to read the entire prospectus, particularly the description of special risks. Past performance is not necessarily indicative of future returns. Copies of the prospectus, KIID, annual report, semi-annual report and details of changes in investments for the sub-funds are available free of charge from the registered ofice of the Fund, 2 rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg.

Annual Report and audited financial statements avivainvestors.com 2 Aviva Investors Société d’investissement à capital variable (SICAV)

DIRECTOR’S REPORT

Dear Shareholders, The Directors of Aviva Investors (the “Fund”) have the pleasure of presenting the annual report and audited financial statements to the shareholders for the year ended 31 December 2020. Activities during the year: At year end, the total net assets of the Sub-Funds (the “Sub-Funds”) of Aviva Investors SICAV (the “Company”) were EUR 28,152,258,752 compared to EUR 25,716,519,280 on 31 December 2019, representing an increase of 9.47%. During the year ended 31 December 2020, the following Sub-Funds have been created:

Sub-Fund Name Base Currency Date

Aviva Investors - Climate Transition Global Equity Fund USD 26 September 2020

Aviva Investors - US Investment Grade Bond Fund USD 05 September 2019 During the year ended 31 December 2020, the following Share Classes have been launched, including the ones launched within the new Sub-Funds listed above: Investment Class Base Management Distribution Sub-Fund Name Share Class Currency Currency Fees Fees Date Launched Aviva Investors - Climate Transition Global Equity Fund A Share Class Accumulation USD USD 1.50% 0.00% 29 September 2020 Aviva Investors - Climate Transition Global F Share Class Accumulation Equity Fund Hedged AUD AUD USD 0.00% 0.00% 27 November 2020 Aviva Investors - Climate Transition Global Equity Fund I Share Class Accumulation USD USD 0.75% 0.00% 29 September 2020 Aviva Investors - Climate Transition Global Z Share Class Accumulation Equity Fund EUR EUR USD 0.00% 0.00% 29 September 2020 Aviva Investors - Climate Transition Global Z Share Class Accumulation Equity Fund GBP GBP USD 0.00% 0.00% 29 September 2020 Aviva Investors - Climate Transition European AFER Climat Share Class Equity Fund Dividend EUR EUR 1.15% 0.00% 15 September 2020 Ry Share Class Accumulation Aviva Investors - Emerging Markets Bond Fund Hedged CHF CHF USD 0.60% 0.00% 27 October 2020 Aviva Investors - Global Sovereign Bond Fund I Share Class Accumulation EUR EUR 0.35% 0.00% 18 February 2020 Iy Share Class Accumulation Aviva Investors - Global Sovereign Bond Fund Hedged GBP GBP EUR 0.35% 0.00% 30 November 2020 Aviva Investors - Global Emerging Markets Equity Zy Share Class Accumulation Unconstrained Fund GBP GBP USD 0.00% 0.00% 18 March 2020 V Share Class Accumulation Aviva Investors - Global High Yield Bond Fund EUR EUR USD 0.00% 0.00% 26 October 2020 V Share Class Accumulation Aviva Investors - Global High Yield Bond Fund Hedged EUR EUR USD 0.00% 0.00% 30 November 2020 Aviva Investors - Global Investment Grade K Share Class Accumulation Corporate Bond Fund EUR EUR USD 0.45% 0.00% 16 June 2020 Aviva Investors - Sustainable Income & Growth A Share Class Accumulation Fund EUR EUR USD 1.50% 0.00% 28 February 2020 Aviva Investors - US Investment Grade Bond Fund I Share Class Accumulation USD USD 0.35% 0.00% 29 April 2020 Aviva Investors - US Investment Grade Bond K Share Class Accumulation Fund Hedged EUR EUR USD 0.35% 0.00% 24 June 2020 Aviva Investors - US Investment Grade Bond Zy Share Class Accumulation Fund Hedged GBP GBP USD 0.00% 0.00% 29 April 2020 No Sub-Funds were closed during the year. During the year ended 31 December 2020, the following Share Classes were closed: Sub-Fund Name Share Class Class Currency Base Currency Date Closed Aviva Investors - Asian Equity Income Fund Ba Share Class Dividend USD USD 5 June 2020 K Share Class Accumulation Hedged Aviva Investors - Emerging Markets Bond Fund EUR EUR USD 29 October 2020 Z Share Class Aviva Investors - European Equity Income Fund Accumulation EUR EUR 8 December 2020 A Share Class Accumulation Hedged Aviva Investors - Multi-Strategy Target Return Fund CHF CHF EUR 24 February 2020 M Share Class Accumulation Hedged Aviva Investors - Multi-Strategy Target Return Fund USD USD EUR 20 April 2020 Aviva Investors - UK Listed Equity High Alpha Fund Ra Share Class Dividend GBP GBP 1 October 2020 During the year ended 31 December 2020, 1 Sub-Fund was renamed: Aviva Investors - Global Aggregate Bond Fund to Aviva Investors - Global Sovereign Bond Fund on 17 February 2020.

avivainvestors.com Annual Report and audited financial statements 3 Aviva Investors Société d’investissement à capital variable (SICAV)

DIRECTOR’S REPORT (CONTINUED)

Changes in the Board of Directors: Changes to the composition of the Board of Directors are shown on page 7. Management Company role and responsibilities : Aviva Investors Luxembourg S.A. as the Management Company is responsible for the investment management, administration and distribution functions of the Company. Aviva Investors Luxembourg S.A may delegate part or all of such functions to third parties, subject to overall control and supervision. Please refer to the “Management and administration” section to get more details on delegations in place. Conducting oficers: The Management Company has appointed 5 Conducting oficers, in charge of the day to day management which are: -Alix Van Ormelingen -Mark Phillips -Victoria Kernan (since 18 February 2020) -Thibault Jean (since 18 February 2020) -Lee Provost (from 18 February 2020 until 30 April 2020) Corporate Governance: The Board adheres to the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds. The Directors are required to take decisions in the interests of the Company and its Shareholders and to refrain from taking part in any deliberation or decision which creates conflict between their personal interests and those of the Company and its Shareholders. The Board meets at least four times a year. The Board requests and receives reports from Aviva Investors Luxembourg S.A on the various activities including compliance controls and risk management undertaken by the Management Company. Senior Aviva Investors Luxembourg S.A representatives attend all of the quarterly Board meetings, thus enabling the Board to question the reports presented to it. The Board reviews the Annual Report, the external audit process, corporate governance issues, agreements with various key service providers and the relationship with the external Auditor, including the recommendation to Shareholders of its appointment and level of fees. A new director can be co-opted by existing directors of the Company following the resignation of one director. Such co-optation is required to be ratified by the shareholders at the Annual General Meeting. If there is no resignation, the existing directors cannot proceed by way of co-optation, and the approval of the shareholders at an AGM or EGM will be required to appoint a new director. CSSF approval is required in both circumstances. Directors who are afiliated with Aviva investors and its afiliates and subsidiaries have waived their fees for the year ended 31 December 2020. The Company is subject to corporate governance based on: Its obligations as defined by the UCITS Directive 2009/65/EC dated 13 July 2009, as implemented in Luxembourg law which is available for inspection at the registered ofice of the Company. Its Articles of Incorporation which are available for inspection at the registered ofice of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés. Its rules of conduct which have been adopted pursuant to applicable requirements under CSSF Regulation 10-4 and CSSF Regulation 18-698 for which the Company relies on: -the ALFI Code of Conduct for Luxembourg Investment Funds (the “ALFI Code”), which sets out principles of good governance. The Board of Directors considered that the fund has been in compliance with this code in all material aspects throughout the year ended 31 December 2020. Environmental, Social & Governance factors (ESG) Sub-Funds: Aviva Investors SICAV currently ofers three Environmental, Social & Governance factors (ESG) Sub-Funds: Aviva Investors - Sustainable Income and Growth, Aviva Investors - Climate Transition Global Equity and Aviva Investors - Climate Transition European Equity. Further information regarding how the Investment Manager integrates ESG into its investment approach, its proprietary ESG model and how it engages with companies for each Sub- Funds is available on the website http://www.avivainvestors.com. Annual General Meeting: The annual general meeting shall be held in the Grand Duchy of Luxembourg at the registered ofice of the Company, or at such other place in Luxembourg as may be specified in the notice of the meeting, at any date and time decided by the Board but no later than within 6 months from the end of the Company's previous financial year.

avivainvestors.com Annual Report and audited financial statements 4 Aviva Investors Société d’investissement à capital variable (SICAV)

DIRECTOR’S REPORT (CONTINUED)

Significant Events: On 29 March 2017, the United Kingdom (“UK”) gave notice to the European Union (“EU”) of its intention to leave the EU (Brexit). The UK formally lef the EU on 31 January 2020 with a transition period lasting until 31 December 2020 during which EU law continued to apply to the UK as if it were a member state of the EU. Whilst the medium to long-term consequences of the decision to leave the EU remain uncertain, there could be short-term volatility which could have a negative impact on general economic conditions in the UK and business and consumer confidence in the UK, which may in turn have a negative impact elsewhere in the EU and more widely. At the beginning of January 2020, global financial markets have experienced and continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The efects of COVID-19 have and continue to adversely afect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund's performance. By Circular Resolution as at 27 November 2020, the Board of Directors of the Company decided to liquidate the Sub-Fund Aviva Investors - European Real Estate Securities Fund following its NAV falling under the minimum level for the Sub-Fund to be managed eficiently and in accordance with Article 27 of the Fund’s Article of Incorporation. The final NAV will be dated 25 January 2021. By Circular Resolution as at 17 March 2021, the Board of Directors of the Company decided to liquidate the Sub-Fund Aviva Investors - Multi-Strategy Fixed Income Fund in accordance with Article 27 of the Fund's Article of Incorporation. The final NAV will be dated 31 March 2021.

The Board of Directors Luxembourg, 29 April 2021

The information stated in the report is historical and is not representative of future results. avivainvestors.com Annual Report and audited financial statements 5 Aviva Investors Société d’investissement à capital variable (SICAV)

MANAGER’S MARKET REVIEW

2020 MARKET REVIEW 2020 was a tumultuous year for the global economy but a surprisingly strong one for financial assets. The dominating factor was the coronavirus pandemic which, from its origin in China, spread rapidly across the world. Rising infection rates prompted an unprecedented policy response, with central banks cutting interest rates to new historic lows and governments propping up under-pressure businesses and households with copious levels of fiscal support. These measures undoubtedly prevented the global economy from sufering serious destabilisation. The major impact on the markets was seen in March, with risk assets plummeting across the board. Thereafer, however, markets stabilised in line with data suggesting that global growth was regaining strong momentum afer the shock sufered in the second quarter. Many of the market gains for the year were generated in November, when risk appetite surged on news that Covid-19 vaccine trials had been successful. The prospect of mass vaccination programmes returning some level of normality in 2021 saw economy-sensitive sectors recoup the losses sustained earlier in the year. The best-performing equity markets over the year in euro terms were Asia Pacific and the US. The Asia region was propelled by a particularly strong fourth quarter return, while the US remained resilient for much of the year on the robust performance of the economy. European markets were more muted, however, as the significant social restrictions put in place to curb the spread of the pandemic weighed heavily on manufacturing, retail and services. Fixed income markets also posted positive returns. High-quality corporate bonds were underpinned by government bonds, which were able to advance thanks to the continuation of ultra-loose monetary policies. Corporate bond spreads, as with other risk assets, sufered considerable volatility in the first half of the year, but by the end of 2020 they had returned to their pre-crisis levels. The greatest reversal of fortune was witnessed in high-yield bonds, which rebounded from a sharp March sell-of to produce a strong total return for the year.

avivainvestors.com Annual Report and audited financial statements 6 Aviva Investors Société d’investissement à capital variable (SICAV)

MANAGEMENT AND ADMINISTRATION

REGISTERED OFFICE REPRESENTATIVE AND PAYING AGENT REGISTRAR AND TRANSFER AGENT(*) IN SWITZERLAND 2, rue du Fort Bourbon RBC Investor Services Bank S.A. L-1249 Luxembourg BNP Paribas Securities Services, Paris 14, Porte de France Grand Duchy of Luxembourg Succursale de Zurich L-4360 Esch-sur-Alzette Selnaustrasse 16 Grand Duchy of Luxembourg BOARD OF DIRECTORS 8002 Zurich ADMINISTRATOR AND LISTING DIRECTORS Switzerland AGENT(*) Hanna Duer MANAGEMENT COMPANY AND J.P. Morgan Bank Luxembourg S.A. Independent Director DOMICILIARY AGENT 6, route de Trèves 370, route de Longwy Aviva Investors Luxembourg S.A. L-2633 Senningerberg L-1940 Luxembourg 2, rue du Fort Bourbon Grand Duchy of Luxembourg Grand Duchy of Luxembourg L-1249 Luxembourg DEPOSITARY Jacques Elvinger Grand Duchy of Luxembourg Partner J.P. Morgan Bank Luxembourg S.A. INVESTMENT MANAGER(*) Elvinger Hoss Prussen 6, route de Trèves Société anonyme Aviva Investors Global Services Limited L-2633 Senningerberg 2, Place Winston Churchill St Helen’s, 1 Undershaf Grand Duchy of Luxembourg L-1340 Luxembourg London, EC3P 3DQ AUDITOR Grand Duchy of Luxembourg United Kingdom PricewaterhouseCoopers Louise Kay (until 25 March 2020) SUB-INVESTMENT MANAGER(**) Société coopérative Global Head of Client Solutions for the Sub-Fund Aviva Investors – 2, rue Gerhard Mercator Aviva Investors Global Services Limited US Equity Income Fund L-2182 Luxembourg St Helen's, 1 Undershaf River Road Asset Management LLC Grand Duchy of Luxembourg London, EC3P 3DQ The Meidinger Tower United Kingdom LEGAL ADVISER 462, South Fourth Street, Suite 1600 Kunal Oak Louisville, KY40202 Elvinger Hoss Prussen Product Strategy Director United States of America Société anonyme Aviva Investors Global Services Limited 2, Place Winston Churchill St Helen's, 1 Undershaf for the Sub-Funds Aviva Investors – L-1340 Luxembourg London, EC3P 3DQ European Corporate Bond Fund, Grand Duchy of Luxembourg United Kingdom Aviva Investors – Climate Transition European Equity Fund and Martin Bell (from 25 March 2020) Aviva Investors – European Equity Head of Investment Oversight Income Fund Aviva Investors Global Services Limited Aviva Investors France S.A. St Helen's, 1 Undershaf, 14 Rue Roquépine, 75008 Paris London, EC3P 3DQ, France United Kingdom for the Sub-Funds Aviva Investors – Mark Phillips (from 16 September 2020) Global High Yield Bond Fund, Aviva Managing Director Investors – Short Duration Global High 2, rue Du Fort Bourbon Yield Bond Fund, Aviva Investors – L-1249 Luxembourg, US Investment Grade Bond Fund, Grand Duchy of Luxembourg Aviva Investors Americas LLC Michael Minehan (until 16 September 2020) 225 West Wacker Drive Manager - Traditional Fund Accounting Suite 2250 Oversight Chicago, IL 60606 Aviva Investors Luxembourg S.A. United States of America 2, rue du Fort Bourbon for the Sub-Funds Aviva Investors – L-1249 Luxembourg, Global Convertibles Absolute Return Grand Duchy of Luxembourg Fund and Aviva Investors – Global Convertibles Fund Westwood Management Corp.(***) 200, Crescent Court, Suite 1200 Dallas, TX 75201 United States of America

(*) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A. (**) Subject to the responsibility and oversight of Aviva Investors Global Services Limited. (***)Efective from 1st April 2021, Westwood Management Corp, will be replaced by Aviva Investors Americas LLC, as sub-investment manager of Global Convertibles Absolute Return Fund and Aviva Investors - Global Convertibles Fund. avivainvestors.com Annual Report and audited financial statements 7 Audit report

To the Shareholders of Aviva Investors

Our opinion

In our opinion, the accompanying financial statements give a true and fair view of the financial position of Aviva Investors (the “Fund”) and of each of its sub-funds as at 31 December 2020, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements.

What we have audited

The Fund’s financial statements comprise:

• the combined statement of net assets as at 31 December 2020; • the portfolio of investments and other net assets as at 31 December 2020; • the combined statement of operations and changes in net assets for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements” section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements.

Other information

The Board of Directors of the Fund is responsible for the other information. The other information comprises the information stated in the annual report but does not include the financial statements and our audit report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Board of Directors of the Fund for the financial statements

The Board of Directors of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the financial statements, and for such internal control as the Board of Directors of the Fund determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors of the Fund is responsible for assessing the Fund’s and each of its sub-funds' ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the Fund or close any of its sub-funds or to cease operations, or has no realistic alternative but to do so.

Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the financial statements

The objectives of our audit are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control;

• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors of the Fund;

9 • conclude on the appropriateness of the Board of Directors of the Fund’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s or any of its sub-funds' ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Fund or any of its sub-funds (except for Aviva Investors - European Real Estate Securities Fund and Aviva Investors - Multi-Strategy Fixed Income Fund where a decision to liquidate exists) to cease to continue as a going concern;

• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

PricewaterhouseCoopers, Société coopérative Luxembourg, 29 April 2021 Represented by @esig

@esig Marie-Elisa Roussel

10 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES ON THE PORTFOLIO OF INVESTMENTS DISCLOSURE:

Please note that the Portfolio of Investments and Other Net Assets has been prepared based on the country of incorporation of each position. To ensure consistency within this report, the same approach has been applied to all categories of investments. A disclosure based on country of risk could lead to a diferent geographical classification. Investments in China are shown with the sufix 'A' or 'H' which signifies: China A-Shares Companies incorporated in mainland China and which are traded in the mainland A-Share markets. China H-Shares Companies incorporated in mainland China and listed in Hong Kong and other foreign stock exchanges. Please also note that the geographical allocation of portfolio is excluding derivatives exposure.

avivainvestors.com Annual Report and audited financial statements 11 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - ASIAN EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Ping An Insurance Group exchange listing Co. of China Ltd. 'H' HKD 1,325,959 16,242,333 2.46 Equities SAIC Motor Corp. Ltd. 'A' CNY 1,305,112 4,856,448 0.73 Australia 112,755,672 17.05 APA Group AUD 660,023 4,933,683 0.75 Hong Kong Aristocrat Leisure Ltd. AUD 398,803 9,555,772 1.44 AIA Group Ltd. HKD 1,666,495 20,460,740 3.09 BHP Group Ltd. AUD 472,215 15,511,267 2.35 CNOOC Ltd. HKD 6,237,473 5,783,862 0.87 Commonwealth Bank of Hong Kong Exchanges & Australia AUD 165,604 10,510,173 1.59 Clearing Ltd. HKD 195,305 10,708,169 1.62 CSL Ltd. AUD 68,371 14,974,020 2.26 Sun Art Retail Group Ltd. HKD 3,566,483 3,617,785 0.55 Macquarie Group Ltd. AUD 98,178 10,510,319 1.59 40,570,556 6.13 Rio Tinto Ltd. AUD 147,919 13,017,885 1.97 India Sonic Healthcare Ltd. AUD 377,953 9,395,335 1.42 Embassy Ofice Parks REIT INR 994,000 4,692,102 0.71 88,408,454 13.37 HDFC Bank Ltd. INR 739,644 14,589,126 2.21 Bermuda Housing Development China Gas Holdings Ltd. HKD 1,659,147 6,585,430 1.00 Finance Corp. Ltd. INR 470,995 16,467,050 2.49 Yue Yuen Industrial Infosys Ltd., ADR USD 688,243 11,676,043 1.76 Holdings Ltd. HKD 1,298,000 2,711,877 0.41 ITC Ltd. INR 1,763,665 5,053,958 0.76 9,297,307 1.41 Tata Consultancy Services Cayman Islands Ltd. INR 313,531 12,306,801 1.86 Alibaba Group Holding 64,785,080 9.79 Ltd., ADR USD 143,086 33,751,126 5.10 Indonesia China Resources Land Ltd. HKD 1,055,298 4,345,387 0.66 Astra International Tbk. PT IDR 11,202,931 4,791,808 0.72 China Yongda Automobiles Bank Rakyat Indonesia Services Holdings Ltd. HKD 2,729,675 4,481,838 0.68 Persero Tbk. PT IDR 30,978,629 9,159,164 1.39 CK Asset Holdings Ltd. HKD 818,008 4,196,122 0.63 Telkom Indonesia Persero CK Hutchison Holdings Ltd. HKD 911,028 6,359,310 0.96 Tbk. PT IDR 21,377,580 5,018,979 0.76 Hengan International Group 18,969,951 2.87 Co. Ltd. HKD 644,730 4,575,502 0.69 Jersey Longfor Group Holdings Ltd. HKD 1,364,104 7,961,193 1.20 Amcor plc, CDI AUD 682,712 8,085,041 1.22 NetEase, Inc., ADR USD 66,080 6,324,847 0.96 8,085,041 1.22 Singapore SITC International Holdings Co. Ltd. HKD 2,384,457 5,166,640 0.78 Ascendas Real Estate Investment Trust SGD 2,085,996 4,697,536 0.71 Tencent Holdings Ltd. HKD 455,800 33,172,181 5.02 DBS Group Holdings Ltd. SGD 535,700 10,122,310 1.53 Tongcheng-Elong Holdings Ltd., Reg. S HKD 1,782,000 3,442,706 0.52 Sheng Siong Group Ltd. SGD 5,044,300 5,939,974 0.90 113,776,852 17.20 Venture Corp. Ltd. SGD 276,000 4,071,077 0.61 China 24,830,897 3.75 Anhui Conch Cement Co. South Korea Ltd. 'H' HKD 867,901 5,440,099 0.82 Coway Co. Ltd. KRW 64,135 4,274,344 0.65 China Construction Bank KB Financial Group, Inc. KRW 133,437 5,319,859 0.80 Corp. 'H' HKD 15,630,759 11,884,162 1.80 NCSof Corp. KRW 9,995 8,544,116 1.29 China Merchants Bank Co. Samsung Electronics Co. Ltd. 'H' HKD 1,532,099 9,677,784 1.46 Ltd. KRW 667,331 49,618,152 7.50 China Petroleum & Samsung Fire & Marine Chemical Corp. 'H' HKD 11,209,927 5,023,865 0.76 Insurance Co. Ltd. KRW 28,290 4,862,185 0.74 Fuyao Glass Industry Group Shinhan Financial Group Co. Ltd., Reg. S 'H' HKD 1,471,600 8,076,095 1.22 Co. Ltd. KRW 131,901 3,884,361 0.59 Inner Mongolia Yili SK Hynix, Inc. KRW 57,958 6,285,337 0.95 Industrial Group Co. Ltd. 'A' CNY 1,462,550 9,933,748 1.50 SK Telecom Co. Ltd. KRW 26,887 5,878,915 0.89 Jiangsu Expressway Co. 88,667,269 13.41 Ltd. 'H' HKD 2,816,000 3,136,089 0.47 Supranational Jiangsu Yanghe Brewery HKT Trust & HKT Ltd. HKD 3,580,183 4,649,594 0.70 Joint-Stock Co. Ltd. 'A' CNY 325,456 11,755,643 1.78 4,649,594 0.70 Jiangsu Zhongtian Taiwan Technology Co. Ltd. 'A' CNY 2,914,400 4,837,912 0.73 Catcher Technology Co. Ltd. TWD 744,660 5,447,137 0.82 Livzon Pharmaceutical Group, Inc. 'H' HKD 962,000 3,737,661 0.57 Hon Hai Precision Industry Co. Ltd. TWD 1,409,000 4,590,300 0.69 Midea Group Co. Ltd. 'A' CNY 846,846 12,761,397 1.93 President Chain Store Corp. TWD 658,086 6,224,892 0.94 PICC Property & Casualty Co. Ltd. 'H' HKD 7,134,715 5,392,436 0.82 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 2,987,314 55,936,890 8.46

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 12 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - ASIAN EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets

0 Tripod Technology Corp. TWD 841,000 3,550,817 0.54 75,750,036 11.45 Thailand Thai Beverage PCL SGD 8,154,800 4,553,859 0.69 4,553,859 0.69 Total Equities 655,100,568 99.04 Total Transferable securities and money market instruments admitted to an oficial exchange listing 655,100,568 99.04 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Ireland Aviva Investors US Dollar Liquidity Fund - Class 3 Income shares USD† USD 4,900,000 4,900,000 0.74 4,900,000 0.74 Total Collective Investment Schemes - UCITS 4,900,000 0.74 Total Units of authorised UCITS or other collective investment undertakings 4,900,000 0.74 Total Investments 660,000,568 99.78 Cash 404,470 0.06 Other assets/(liabilities) 1,040,239 0.16 Total net assets 661,445,277 100.00

†Related Party Fund Geographic Allocation of Portfolio % of Net Assets Cayman Islands 17.20 China 17.05 South Korea 13.41 Australia 13.37 Taiwan 11.45 India 9.79 Hong Kong 6.13 Singapore 3.75 Indonesia 2.87 Bermuda 1.41 Jersey 1.22 Ireland 0.74 Supranational 0.70 Thailand 0.69 Total investments 99.78 Cash and other assets/(liabilities) 0.22 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 13 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - CLIMATE TRANSITION GLOBAL EQUITY FUND* Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Alphabet, Inc. 'A' USD 1,230 2,148,810 1.84 exchange listing Becton Dickinson and Co. USD 5,509 1,365,681 1.17 Equities Comcast Corp. 'A' USD 63,150 3,286,642 2.82 Belgium Equinix, Inc., REIT USD 2,631 1,847,646 1.59 KBC Group NV EUR 32,208 2,274,219 1.96 Eversource Energy USD 33,092 2,836,315 2.44 Umicore SA EUR 25,404 1,225,105 1.05 3,499,324 3.01 Home Depot, Inc. (The) USD 8,964 2,371,157 2.04 Cayman Islands Hubbell, Inc. USD 21,005 3,282,976 2.82 China Conch Venture Itron, Inc. USD 18,603 1,761,332 1.51 Holdings Ltd. HKD 706,500 3,430,501 2.95 Marsh & McLennan Cos., Xinyi Solar Holdings Ltd. HKD 1,180,000 3,077,874 2.64 Inc. USD 23,841 2,753,755 2.36 6,508,375 5.59 Merck & Co., Inc. USD 32,313 2,607,336 2.24 Denmark Moody's Corp. USD 8,042 2,314,166 1.99 Vestas Wind Systems A/S DKK 11,476 2,729,691 2.35 Motorola Solutions, Inc. USD 17,050 2,847,691 2.45 2,729,691 2.35 Thermo Fisher Scientific, Finland Inc. USD 3,752 1,734,625 1.49 Neste OYJ EUR 33,191 2,416,932 2.08 Trimble, Inc. USD 27,962 1,855,978 1.59 2,416,932 2.08 Union Pacific Corp. USD 16,472 3,405,751 2.92 France UnitedHealth Group, Inc. USD 8,523 2,950,535 2.53 AXA SA EUR 116,608 2,794,320 2.40 Watts Water Technologies, Sanofi EUR 20,431 1,973,573 1.69 Inc. 'A' USD 19,445 2,355,567 2.02 Schneider Electric SE EUR 23,881 3,483,836 2.99 Xylem, Inc. USD 24,357 2,463,589 2.12 Suez SA EUR 140,322 2,793,404 2.40 44,189,552 37.94 11,045,133 9.48 Total Equities 111,922,390 96.10 Germany Total Transferable securities and money market Infineon Technologies AG EUR 66,512 2,576,105 2.21 instruments admitted to an oficial exchange listing 111,922,390 96.10 Volkswagen AG Preference EUR 15,668 2,922,770 2.51 Total Investments 111,922,390 96.10 5,498,875 4.72 Cash 4,491,268 3.86 Ireland Other assets/(liabilities) 49,331 0.04 Allegion plc USD 16,974 1,955,914 1.68 Total net assets 116,462,989 100.00 Medtronic plc USD 23,832 2,760,699 2.37 Trane Technologies plc USD 19,896 2,878,852 2.47 7,595,465 6.52 Italy Prysmian SpA EUR 86,056 3,066,204 2.63 3,066,204 2.63 Japan Daikin Industries Ltd. JPY 10,200 2,272,391 1.95 Murata Manufacturing Co. Ltd. JPY 26,700 2,415,990 2.08 4,688,381 4.03 Jersey Aptiv plc USD 14,360 1,867,374 1.60 1,867,374 1.60 Netherlands STMicroelectronics NV EUR 55,779 2,076,393 1.78 2,076,393 1.78 South Korea LG Chem Ltd. KRW 3,523 2,668,155 2.29 2,668,155 2.29 Spain Acciona SA EUR 25,437 3,646,850 3.13 EDP Renovaveis SA EUR 95,505 2,680,468 2.30 Siemens Gamesa Renewable Energy SA EUR 49,565 2,014,744 1.73 8,342,062 7.16 United Kingdom Prudential plc GBP 124,505 2,293,753 1.97 Unilever plc GBP 57,202 3,436,721 2.95 5,730,474 4.92 United States of America

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 14 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - CLIMATE TRANSITION GLOBAL EQUITY FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 37.94 France 9.48 Spain 7.16 Ireland 6.52 Cayman Islands 5.59 United Kingdom 4.92 Germany 4.72 Japan 4.03 Belgium 3.01 Italy 2.63 Denmark 2.35 South Korea 2.29 Finland 2.08 Netherlands 1.78 Jersey 1.60 Total investments 96.10 Cash and other assets/(liabilities) 3.90 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets AUD 214,277 USD 158,414 11/01/2021 J.P. Morgan 7,249 0.01 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 7,249 0.01 USD 6,990 AUD 9,338 11/01/2021 J.P. Morgan (229) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (229) – Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 7,020 0.01

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 15 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - CLIMATE TRANSITION EUROPEAN EQUITY FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Befesa SA, Reg. S EUR 84,820 4,385,194 1.68 exchange listing 7,190,481 2.75 Equities Netherlands Belgium Arcadis NV EUR 209,789 5,689,478 2.17 KBC Group NV EUR 100,470 5,782,048 2.21 ASML Holding NV EUR 13,434 5,343,373 2.04 Umicore SA EUR 101,651 3,995,393 1.52 Boskalis Westminster EUR 133,879 3,021,649 1.15 9,777,441 3.73 Corbion NV EUR 120,611 5,578,259 2.13 Denmark Koninklijke Philips NV EUR 114,245 5,013,642 1.92 Vestas Wind Systems A/S DKK 14,635 2,837,216 1.08 2,837,216 1.08 Signify NV, Reg. S EUR 140,822 4,881,595 1.86 Finland STMicroelectronics NV EUR 132,818 4,029,698 1.54 Neste OYJ EUR 87,774 5,209,387 1.99 33,557,694 12.81 Nokia OYJ EUR 651,944 2,059,002 0.78 Norway Mowi ASA NOK 271,938 4,961,961 1.89 Stora Enso OYJ 'R' EUR 313,586 4,920,948 1.88 12,189,337 4.65 TOMRA Systems ASA NOK 92,573 3,735,978 1.43 France 8,697,939 3.32 Air Liquide SA EUR 32,187 4,329,956 1.65 Spain Acciona SA EUR 27,190 3,177,151 1.21 Alstom SA EUR 68,091 3,179,850 1.21 EDP Renovaveis SA EUR 162,658 3,720,802 1.42 AXA SA EUR 304,092 5,939,221 2.27 Siemens Gamesa Bouygues SA EUR 81,892 2,764,264 1.06 Renewable Energy SA EUR 147,709 4,893,599 1.87 Carrefour SA EUR 145,242 2,039,198 0.78 11,791,552 4.50 Cie de Saint-Gobain EUR 136,027 5,117,336 1.95 Switzerland Cie Generale des Nestle SA CHF 58,596 5,656,568 2.16 Etablissements Michelin Novartis AG CHF 53,368 4,132,029 1.58 SCA EUR 35,273 3,705,429 1.41 9,788,597 3.74 Credit Agricole SA EUR 663,190 6,859,043 2.62 United Kingdom Danone SA EUR 82,992 4,471,609 1.71 Ceres Power Holdings plc GBP 242,558 3,548,265 1.36 L'Oreal SA EUR 14,373 4,472,878 1.71 GlaxoSmithKline plc GBP 196,663 2,938,412 1.12 Neoen SA, Reg. S EUR 72,930 4,569,065 1.74 Pennon Group plc GBP 318,975 3,373,891 1.29 Orange SA EUR 584,705 5,690,934 2.17 Prudential plc GBP 174,828 2,625,111 1.00 Sanofi EUR 60,355 4,751,749 1.81 Tesco plc GBP 948,648 2,445,429 0.93 Schneider Electric SE EUR 41,206 4,899,393 1.87 Trainline plc, Reg. S GBP 294,540 1,524,107 0.58 SPIE SA EUR 290,533 5,184,561 1.98 Unilever plc GBP 102,196 5,004,303 1.91 Suez SA EUR 293,290 4,758,630 1.82 21,459,518 8.19 Valeo SA EUR 128,212 4,148,940 1.58 Total Equities 255,250,879 97.43 Voltalia SA EUR 99,694 2,579,582 0.99 Total Transferable securities and money market 79,461,638 30.33 instruments admitted to an oficial exchange listing 255,250,879 97.43 Germany Total Investments 255,250,879 97.43 Covestro AG, Reg. S EUR 107,274 5,440,937 2.08 Cash 5,541,085 2.11 Other assets/(liabilities) 1,202,475 0.46 Evonik Industries AG EUR 157,909 4,242,225 1.62 Total net assets 261,994,439 100.00 Infineon Technologies AG EUR 121,067 3,821,783 1.46 LANXESS AG EUR 64,777 4,110,748 1.57 Merck KGaA EUR 22,207 3,098,987 1.18 SAP SE EUR 28,169 3,028,168 1.16 Siemens AG EUR 43,981 5,187,119 1.98 Siemens Energy AG EUR 195,260 5,908,568 2.25 Volkswagen AG EUR 28,153 4,832,462 1.84 39,670,997 15.14 Italy Intesa Sanpaolo SpA EUR 3,138,301 6,007,649 2.30 Prysmian SpA EUR 165,140 4,795,666 1.83 Snam SpA EUR 673,060 3,099,105 1.18 13,902,420 5.31 Jersey Ferguson plc GBP 49,812 4,926,049 1.88 4,926,049 1.88 Luxembourg ArcelorMittal SA EUR 148,318 2,805,287 1.07

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 16 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - CLIMATE TRANSITION EUROPEAN EQUITY FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets France 30.33 Germany 15.14 Netherlands 12.81 United Kingdom 8.19 Italy 5.31 Finland 4.65 Spain 4.50 Switzerland 3.74 Belgium 3.73 Norway 3.32 Luxembourg 2.75 Jersey 1.88 Denmark 1.08 Total investments 97.43 Cash and other assets/(liabilities) 2.57 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 17 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Dominican Republic exchange listing Dominican Republic Bonds Government Bond, Reg. S Angola 5.5% 27/01/2025 USD 22,000,000 24,805,220 0.60 Angola Government Bond, Dominican Republic Reg. S 8.25% 09/05/2028 USD 10,000,000 9,637,750 0.23 Government Bond, Reg. S Angola Government Bond, 6.875% 29/01/2026 USD 15,000,000 18,112,650 0.44 Reg. S 8% 26/11/2029 USD 20,000,000 18,838,000 0.46 Dominican Republic Angola Government Bond, Government Bond, Reg. S Reg. S 9.125% 26/11/2049 USD 30,000,000 27,810,000 0.68 5.95% 25/01/2027 USD 8,000,000 9,430,080 0.23 56,285,750 1.37 Dominican Republic Argentina Government Bond, Reg. S Argentina Government 5.875% 30/01/2060 USD 55,000,000 60,638,050 1.47 Bond 1% 09/07/2029 USD 1 –– 112,986,000 2.74 Argentina Government Ecuador Bond 0.125% 09/07/2030 USD 20,000,000 8,140,000 0.20 Ecuador Government Bond, Reg. S 0% 31/07/2030 USD 2,499,500 1,193,536 0.03 Argentina Government Bond 0.125% 09/07/2035 USD 55,000,000 20,185,000 0.49 Ecuador Government Bond, Reg. S 0.5% 31/07/2030 USD 8,127,000 5,221,679 0.12 Argentina Government Bond 0.125% 09/07/2041 USD 25,000,000 9,487,500 0.23 Ecuador Government Bond, Reg. S 0.5% 31/07/2035 USD 26,297,900 14,365,491 0.35 Argentina Government Bond 0.125% 09/07/2046 USD 100,000,000 36,850,000 0.89 Ecuador Government Bond, Reg. S 0.5% 31/07/2040 USD 12,761,000 6,540,140 0.16 74,662,500 1.81 Brazil 27,320,846 0.66 El Salvador Brazil Government Bond 2.875% 06/06/2025 USD 40,000,000 41,670,400 1.01 El Salvador Government Bond, Reg. S 7.65% Brazil Government Bond 15/06/2035 USD 15,000,000 14,212,650 0.35 3.875% 12/06/2030 USD 30,000,000 31,672,500 0.77 El Salvador Government Brazil Government Bond Bond, Reg. S 7.125% 4.75% 14/01/2050 USD 20,886,000 22,287,973 0.54 20/01/2050 USD 14,000,000 12,565,000 0.30 95,630,873 2.32 El Salvador Government Cayman Islands Bond, Reg. S 9.5% DP World Salaam, Reg. S, 15/07/2052 USD 25,000,000 25,344,000 0.62 FRN 6% Perpetual USD 32,500,000 35,440,145 0.86 52,121,650 1.27 KSA Sukuk Ltd., Reg. S Gabon 3.628% 20/04/2027 USD 40,000,000 44,983,962 1.09 Gabon Government Bond, QNB Finance Ltd., Reg. S Reg. S 6.375% 12/12/2024 USD 10,000,000 10,437,500 0.25 1.625% 22/09/2025 USD 40,209,000 40,817,861 0.99 10,437,500 0.25 Sharjah Sukuk Program Ghana Ltd., Reg. S 3.854% Ghana Government Bond, 03/04/2026 USD 29,000,000 31,631,135 0.77 Reg. S 7.625% 16/05/2029 USD 25,000,000 26,645,600 0.65 Sharjah Sukuk Program Ghana Government Bond, Ltd., Reg. S 3.234% Reg. S 8.125% 26/03/2032 USD 17,000,000 18,052,164 0.44 23/10/2029 USD 23,000,000 24,144,940 0.59 Ghana Government Bond, Tencent Holdings Ltd., Reg. Reg. S 7.875% 11/02/2035 USD 17,000,000 17,540,226 0.42 S 2.39% 03/06/2030 USD 35,000,000 35,885,938 0.87 62,237,990 1.51 212,903,981 5.17 Hong Kong Chile CNAC HK Finbridge Co. Ltd., Corp. Nacional del Cobre de Reg. S 3.375% 19/06/2024 USD 28,800,000 29,170,944 0.71 Chile, Reg. S 3% 30/09/2029 USD 20,000,000 21,686,310 0.53 CNAC HK Finbridge Co. Ltd., Corp. Nacional del Cobre Reg. S 3% 22/09/2030 USD 40,000,000 37,878,498 0.92 de Chile, Reg. S 3.75% 67,049,442 1.63 15/01/2031 USD 15,000,000 16,988,850 0.41 Indonesia 38,675,160 0.94 Indonesia Government Colombia Bond 4.1% 24/04/2028 USD 16,000,000 18,636,320 0.45 Colombia Government Bond 3.875% 25/04/2027 USD 15,000,000 16,748,400 0.41 Indonesia Government Bond 4.75% 11/02/2029 USD 15,000,000 18,218,925 0.44 Ecopetrol SA 6.875% 29/04/2030 USD 35,000,000 45,237,500 1.10 Indonesia Government Bond 4.35% 11/01/2048 USD 40,000,000 47,917,393 1.16 61,985,900 1.51 Croatia Indonesia Government Bond, Reg. S 3.375% Hrvatska Elektroprivreda, 15/04/2023 USD 20,000,000 21,243,700 0.52 Reg. S 5.875% 23/10/2022 USD 46,189,000 50,289,567 1.22 50,289,567 1.22

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 18 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Indonesia Government Kenya Government Bond, Bond, Reg. S 4.125% Reg. S 8% 22/05/2032 USD 27,500,000 32,122,255 0.78 15/01/2025 USD 15,000,000 16,807,879 0.41 76,710,735 1.86 Indonesia Government Lebanon Bond, Reg. S 4.75% Lebanon Government Bond, 08/01/2026 USD 45,000,000 52,728,714 1.28 Reg. S 6.65% 22/04/2024 USD 7,952,000 1,140,078 0.03 Indonesia Government Lebanon Government Bond, Bond, Reg. S 4.35% Reg. S 6.6% 27/11/2026 USD 10,000,000 1,414,700 0.03 08/01/2027 USD 35,000,000 40,810,175 0.99 Lebanon Government Bond, Indonesia Government Reg. S 7% 23/03/2032 USD 15,000,000 2,122,050 0.05 Bond, Reg. S 3.85% 4,676,828 0.11 18/07/2027 USD 25,000,000 28,609,680 0.70 Malaysia Pertamina Persero PT, Reg. Petronas Capital Ltd., Reg. S S 4.875% 03/05/2022 USD 17,000,000 17,900,937 0.43 3.5% 21/04/2030 USD 10,000,000 11,520,659 0.28 Pertamina Persero PT, Reg. 11,520,659 0.28 S 4.15% 25/02/2060 USD 25,000,000 26,695,363 0.65 Mexico Perusahaan Penerbit SBSN Mexico Government Bond Indonesia III, Reg. S 4.55% 2.659% 24/05/2031 USD 42,188,000 43,261,263 1.05 29/03/2026 USD 12,000,000 13,911,000 0.34 Mexico Government Bond Perusahaan Penerbit SBSN 4.75% 27/04/2032 USD 15,000,000 18,090,000 0.44 Indonesia III, Reg. S 4.15% 29/03/2027 USD 15,000,000 17,220,750 0.42 Mexico Government Bond 3.771% 24/05/2061 USD 57,000,000 59,422,500 1.44 Perusahaan Penerbit SBSN Indonesia III, Reg. S 4.4% Petroleos Mexicanos 5.95% 01/03/2028 USD 32,000,000 37,541,600 0.91 28/01/2031 USD 20,000,000 19,875,000 0.48 358,242,436 8.70 Petroleos Mexicanos 6.75% Iraq 21/09/2047 USD 33,000,000 30,866,715 0.75 Iraq Government Bond, Reg. Petroleos Mexicanos 6.35% S 6.752% 09/03/2023 USD 11,000,000 10,771,090 0.26 12/02/2048 USD 20,000,000 18,050,000 0.44 10,771,090 0.26 Petroleos Mexicanos 7.69% Ireland 23/01/2050 USD 25,000,000 25,250,000 0.62 Gtlk Europe Capital DAC, Petroleos Mexicanos 6.95% Reg. S 4.8% 26/02/2028 USD 30,000,000 31,503,900 0.77 28/01/2060 USD 50,000,000 46,912,500 1.14 31,503,900 0.77 261,727,978 6.36 Ivory Coast Mongolia Ivory Coast Government Mongolia Government Bond, Reg. S 6.375% Bond, Reg. S 5.125% 03/03/2028 USD 15,000,000 17,186,025 0.42 05/12/2022 USD 12,000,000 12,509,993 0.30 Ivory Coast Government 12,509,993 0.30 Bond, Reg. S 4.875% Morocco 30/01/2032 EUR 16,000,000 20,269,048 0.49 Morocco Government Bond, Ivory Coast Government Reg. S 2.375% 15/12/2027 USD 35,500,000 35,690,280 0.87 Bond, Reg. S 6.125% Morocco Government Bond, 15/06/2033 USD 15,000,000 16,952,160 0.41 Reg. S 4% 15/12/2050 USD 16,418,000 16,980,727 0.41 Ivory Coast Government 52,671,007 1.28 Bond, Reg. S 6.625% Netherlands 22/03/2048 EUR 15,000,000 20,470,144 0.50 Petrobras Global Finance BV 74,877,377 1.82 5.999% 27/01/2028 USD 30,000,000 35,153,250 0.85 Kazakhstan Petrobras Global Finance BV KazMunayGas National Co. 5.093% 15/01/2030 USD 15,715,000 17,581,156 0.43 JSC 3.5% 14/04/2033 USD 21,000,000 22,984,941 0.56 Petrobras Global Finance BV KazMunayGas National 5.6% 03/01/2031 USD 10,000,000 11,535,000 0.28 Co. JSC, Reg. S 4.75% 64,269,406 1.56 24/04/2025 USD 34,948,000 39,928,090 0.97 Nigeria KazMunayGas National Nigeria Government Bond, Co. JSC, Reg. S 4.75% Reg. S 7.625% 28/11/2047 USD 15,000,000 15,851,250 0.38 19/04/2027 USD 15,000,000 17,440,650 0.42 15,851,250 0.38 80,353,681 1.95 Oman Kenya Oman Government Bond, Kenya Government Bond, Reg. S 3.625% 15/06/2021 USD 35,000,000 35,105,000 0.85 Reg. S 7% 22/05/2027 USD 20,000,000 22,099,500 0.54 35,105,000 0.85 Kenya Government Bond, Panama Reg. S 7.25% 28/02/2028 USD 20,000,000 22,488,980 0.54 Panama Government Bond 3.75% 16/03/2025 USD 22,000,000 24,417,910 0.59

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 19 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Panama Government Bond Senegal 3.16% 23/01/2030 USD 30,000,000 33,281,550 0.81 Senegal Government Bond, Panama Government Bond Reg. S 8.75% 13/05/2021 USD 15,860,000 16,302,653 0.40 3.87% 23/07/2060 USD 45,000,000 53,212,950 1.29 16,302,653 0.40 110,912,410 2.69 Serbia Paraguay Serbia Government Bond, Paraguay Government Reg. S 7.25% 28/09/2021 USD 7,988,000 8,375,051 0.20 Bond, Reg. S 4.625% Serbia Government Bond, 25/01/2023 USD 28,000,000 30,135,280 0.73 Reg. S 3.125% 15/05/2027 EUR 33,405,000 46,133,762 1.12 Paraguay Government 54,508,813 1.32 Bond, Reg. S 4.95% South Africa 28/04/2031 USD 35,000,000 42,481,600 1.03 South Africa Government Paraguay Government Bond 5.75% 30/09/2049 USD 30,000,000 30,163,650 0.73 Bond, Reg. S 6.1% 30,163,650 0.73 11/08/2044 USD 20,000,000 26,550,000 0.65 Sri Lanka 99,166,880 2.41 Sri Lanka Government Peru Bond, Reg. S 6.2% Peru Government Bond 11/05/2027 USD 8,000,000 4,591,760 0.11 2.392% 23/01/2026 USD 40,000,000 42,720,400 1.04 Sri Lanka Government 42,720,400 1.04 Bond, Reg. S 7.55% Qatar 28/03/2030 USD 15,000,000 8,651,850 0.21 Qatar Government Bond, 13,243,610 0.32 Reg. S 3.875% 23/04/2023 USD 15,000,000 16,141,020 0.39 Turkey Qatar Government Bond, Turkey Government Bond Reg. S 3.4% 16/04/2025 USD 15,000,000 16,566,690 0.40 5.95% 15/01/2031 USD 33,191,000 34,682,106 0.84 Qatar Government Bond, Turkey Government Bond Reg. S 3.75% 16/04/2030 USD 40,000,000 47,143,600 1.15 4.875% 16/04/2043 USD 64,000,000 56,262,400 1.37 Qatar Government Bond, Turkey Government Bond Reg. S 4.4% 16/04/2050 USD 25,000,000 32,650,000 0.79 5.75% 11/05/2047 USD 25,000,000 23,874,625 0.58 112,501,310 2.73 114,819,131 2.79 Romania Ukraine Romania Government Ukraine Government Bond, Bond, Reg. S 1.375% Reg. S 0% 31/05/2040 USD 30,000,000 31,010,550 0.75 02/12/2029 EUR 9,643,000 12,071,772 0.30 Ukraine Government Bond, Romania Government Reg. S 7.75% 01/09/2022 USD 20,000,000 21,433,900 0.52 Bond, Reg. S 3.375% Ukraine Government Bond, 28/01/2050 EUR 35,000,000 49,533,346 1.20 Reg. S 4.375% 27/01/2030 EUR 15,000,000 17,640,513 0.43 61,605,118 1.50 Ukraine Government Bond, Russia Reg. S 7.253% 15/03/2033 USD 55,000,000 60,175,000 1.46 Russian Foreign Bond - 130,259,963 3.16 Eurobond, Reg. S 4.75% United Arab Emirates 27/05/2026 USD 12,000,000 13,888,560 0.34 Abu Dhabi Crude Oil Russian Foreign Bond - Pipeline LLC, Reg. S 4.6% Eurobond, Reg. S 4.375% 02/11/2047 USD 37,500,000 46,731,000 1.13 21/03/2029 USD 32,000,000 37,398,496 0.91 Abu Dhabi Government Russian Foreign Bond - Bond, Reg. S 2.5% Eurobond, Reg. S 5.1% 16/04/2025 USD 40,000,000 42,796,400 1.04 28/03/2035 USD 42,600,000 53,970,792 1.31 Abu Dhabi Government 105,257,848 2.56 Bond, Reg. S 2.5% Saudi Arabia 30/09/2029 USD 30,000,000 32,439,450 0.79 Saudi Arabian Oil Co., Reg. S Abu Dhabi Government 2.875% 16/04/2024 USD 40,000,000 42,486,455 1.03 Bond, Reg. S 2.7% Saudi Arabian Oil Co., Reg. S 02/09/2070 USD 40,000,000 37,449,200 0.91 2.25% 24/11/2030 USD 38,000,000 38,708,276 0.94 Emirate of Dubai United Saudi Arabian Oil Co., Reg. S Arab Emirates, Reg. S 3.9% 3.5% 24/11/2070 USD 12,121,000 12,469,605 0.30 09/09/2050 USD 25,000,000 24,637,000 0.60 Saudi Government Bond, 184,053,050 4.47 Reg. S 2.9% 22/10/2025 USD 64,232,000 69,291,876 1.68 United Kingdom Saudi Government Bond, Gazprom PJSC, Reg. S 3% Reg. S 3.75% 21/01/2055 USD 60,000,000 65,742,900 1.60 29/06/2027 USD 20,000,000 20,524,580 0.50 228,699,112 5.55 Ukraine Railways, Reg. S 8.25% 09/07/2024 USD 35,000,000 36,662,500 0.89 57,187,080 1.39

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 20 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Uruguay Units of authorised UCITS or other collective investment undertakings Uruguay Government Bond Collective Investment Schemes - UCITS 4.125% 20/11/2045 USD 10,000,000 12,500,100 0.30 Ireland Uruguay Government Bond Aviva Investors US Dollar 5.1% 18/06/2050 USD 15,000,000 21,008,325 0.51 Liquidity Fund - Class 3 † 33,508,425 0.81 Income shares USD USD 171,700,000 171,700,000 4.17 Uzbekistan 171,700,000 4.17 National Bank of Total Collective Investment Schemes - UCITS 171,700,000 4.17 Uzbekistan, Reg. S 4.85% Total Units of authorised UCITS or other collective 21/10/2025 USD 10,000,000 10,350,000 0.25 investment undertakings 171,700,000 4.17 Uzbekistan Government Total Investments 3,745,103,019 90.94 Bond, Reg. S 3.7% Cash 177,527,104 4.31 25/11/2030 USD 30,947,000 32,717,478 0.80 Other assets/(liabilities) 195,599,930 4.75 43,067,478 1.05 Total net assets 4,118,230,053 100.00 Venezuela, Bolivarian Republic of †Related Party Fund ^ Security is currently in default Petroleos de Venezuela SA, Reg. S 6% 16/05/2024^ USD 35,000,000 1,400,000 0.03 Petroleos de Venezuela SA, Reg. S 5.375% 12/04/2027^ USD 20,000,000 740,000 0.02 Petroleos de Venezuela SA, Reg. S 5.5% 12/04/2037^ USD 19,000,000 741,000 0.02 Venezuela Government Bond, Reg. S 9% 07/05/2023^ USD 17,000,000 1,649,000 0.04 Venezuela Government Bond, Reg. S 9.25% 07/05/2028^ USD 20,000,000 1,940,000 0.05 Venezuela Government Bond, Reg. S 7% 31/03/2038^ USD 20,510,000 1,989,470 0.05 8,459,470 0.21 Virgin Islands, British Sinopec Group Overseas Development 2018 Ltd., Reg. S 2.15% 13/05/2025 USD 30,000,000 30,936,600 0.75 30,936,600 0.75 Zambia Zambia Government Bond, Reg. S 5.375% 20/09/2022 USD 12,500,000 6,603,515 0.16 Zambia Government Bond, Reg. S 8.97% 30/07/2027 USD 3,000,000 1,584,844 0.04 8,188,359 0.20 Total Bonds 3,498,939,859 84.96 Total Transferable securities and money market instruments admitted to an oficial exchange listing 3,498,939,859 84.96 Transferable securities and money market instruments dealt in on another regulated market Bonds Kazakhstan KazTransGas JSC, Reg. S 4.375% 26/09/2027 USD 26,000,000 29,963,960 0.73 29,963,960 0.73 Mexico Petroleos Mexicanos 5.35% 12/02/2028 USD 30,000,000 29,640,300 0.72 Petroleos Mexicanos 5.625% 23/01/2046 USD 15,000,000 12,858,900 0.31 42,499,200 1.03 Venezuela, Bolivarian Republic of Petroleos de Venezuela SA, Reg. S 6% 15/11/2026^ USD 50,000,000 2,000,000 0.05 2,000,000 0.05 Total Bonds 74,463,160 1.81 Total Transferable securities and money market instruments dealt in on another regulated market 74,463,160 1.81

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 21 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets Indonesia 8.70 Mexico 7.39 Saudi Arabia 5.55 Cayman Islands 5.17 Ireland 4.94 United Arab Emirates 4.47 Ukraine 3.16 Turkey 2.79 Dominican Republic 2.74 Qatar 2.73 Panama 2.69 Kazakhstan 2.68 Russia 2.56 Paraguay 2.41 Brazil 2.32 Kenya 1.86 Ivory Coast 1.82 Argentina 1.81 Hong Kong 1.63 Netherlands 1.56 Ghana 1.51 Colombia 1.51 Romania 1.50 United Kingdom 1.39 Angola 1.37 Serbia 1.32 Morocco 1.28 El Salvador 1.27 Croatia 1.22 Uzbekistan 1.05 Peru 1.04 Chile 0.94 Oman 0.85 Uruguay 0.81 Virgin Islands, British 0.75 South Africa 0.73 Ecuador 0.66 Senegal 0.40 Nigeria 0.38 Sri Lanka 0.32 Mongolia 0.30 Malaysia 0.28 Iraq 0.26 Venezuela, Bolivarian Republic of 0.26 Gabon 0.25 Zambia 0.20 Lebanon 0.11 Total investments 90.94 Cash and other assets/(liabilities) 9.06 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets CHF 10,120,811 USD 11,143,129 11/01/2021 J.P. Morgan 353,430 0.01 EUR 849,265,328 USD 997,013,634 11/01/2021 J.P. Morgan 45,150,637 1.10 EUR 28,500,000 USD 34,617,374 17/03/2021 Barclays 406,602 0.01 GBP 1,690,220,402 USD 2,199,064,846 11/01/2021 J.P. Morgan 109,802,006 2.66 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 155,712,675 3.78 EUR 14,410 USD 17,718 11/01/2021 J.P. Morgan (35) – USD 621,191 CHF 551,537 11/01/2021 J.P. Morgan (5,318) – USD 40,031,876 EUR 33,815,194 11/01/2021 J.P. Morgan (1,463,974) (0.04) USD 198,986,242 EUR 163,976,247 17/03/2021 Barclays (2,526,045) (0.06) USD 50,062,340 GBP 37,654,607 11/01/2021 J.P. Morgan (1,374,427) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (5,369,799) (0.13) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 150,342,876 3.65

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 22 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Chile exchange listing AES Gener SA, Reg. S, FRN Bonds 7.125% 26/03/2079 USD 3,371,000 3,724,955 0.40 Argentina 3,724,955 0.40 YPF SA, Reg. S 6.95% China 21/07/2027 USD 6,000,000 4,312,500 0.47 China Construction Bank YPF SA, Reg. S 8.5% Corp., Reg. S, FRN 2.45% 27/06/2029 USD 5,000,000 3,638,750 0.39 24/06/2030 USD 8,815,000 9,040,664 0.98 7,951,250 0.86 9,040,664 0.98 Austria Colombia Klabin Austria GmbH, Reg. S Banco de Bogota SA, Reg. S 7% 03/04/2049 USD 6,000,000 7,699,688 0.83 5.375% 19/02/2023 USD 5,025,000 5,376,750 0.58 7,699,688 0.83 Ecopetrol SA 6.875% Bermuda 29/04/2030 USD 10,000,000 12,925,000 1.40 Inkia Energy Ltd., Reg. S Oleoducto Central SA, Reg. 5.875% 09/11/2027 USD 8,462,000 9,183,893 0.99 S 4% 14/07/2027 USD 7,065,000 7,676,193 0.83 9,183,893 0.99 25,977,943 2.81 Brazil Hong Kong Brazil Government Bond Bank of East Asia Ltd. (The), 4.75% 14/01/2050 USD 4,367,000 4,660,135 0.50 Reg. S, FRN 4% 03/11/2026 USD 7,850,000 7,966,925 0.86 4,660,135 0.50 Bank of East Asia Ltd. (The), Canada Reg. S, FRN 4% 29/05/2030 USD 8,700,000 9,147,528 0.99 MEGlobal Canada ULC, Reg. China CITIC Bank S 5% 18/05/2025 USD 8,320,000 9,378,554 1.01 International Ltd., Reg. S, 9,378,554 1.01 FRN 4.625% 28/02/2029 USD 7,758,000 8,233,261 0.89 Cayman Islands CNAC HK Finbridge Co. Ltd., Central China Real Reg. S 3.375% 19/06/2024 USD 6,850,000 6,938,228 0.75 Estate Ltd., Reg. S 7.65% Lenovo Group Ltd., Reg. S 27/08/2023 USD 3,000,000 3,099,428 0.34 3.421% 02/11/2030 USD 4,545,000 4,778,275 0.51 China Aoyuan Group Ltd., 37,064,217 4.00 Reg. S 8.5% 23/01/2022 USD 3,500,000 3,576,986 0.39 India China Evergrande Group, Adani Ports & Special Reg. S 8.25% 23/03/2022 USD 1,300,000 1,223,633 0.13 Economic Zone Ltd., Reg. S China Evergrande Group, 4.2% 04/08/2027 USD 3,000,000 3,235,633 0.35 Reg. S 8.75% 28/06/2025 USD 2,800,000 2,324,096 0.25 Power Finance Corp. Ltd., China SCE Group Holdings Reg. S 3.75% 18/06/2024 USD 7,000,000 7,393,960 0.80 Ltd., Reg. S 5.875% Reliance Industries Ltd., 10/03/2022 USD 3,180,000 3,235,638 0.35 Reg. S 4.125% 28/01/2025 USD 5,500,000 6,118,681 0.66 China SCE Group Holdings 16,748,274 1.81 Ltd., Reg. S 7.25% Ireland 19/04/2023 USD 2,500,000 2,626,616 0.28 Gtlk Europe Capital DAC, Kaisa Group Holdings Ltd., Reg. S 4.8% 26/02/2028 USD 6,250,000 6,563,312 0.71 Reg. S 9.95% 23/07/2025 USD 1,700,000 1,666,074 0.18 Uralkali OJSC, Reg. S 4% Lima Metro Line 2 Finance 22/10/2024 USD 6,000,000 6,269,760 0.68 Ltd., Reg. S 5.875% 12,833,072 1.39 05/07/2034 USD 2,630,106 3,181,928 0.34 Israel QNB Finance Ltd., Reg. S Delek royalty on Leviathan 1.625% 22/09/2025 USD 8,125,000 8,248,032 0.89 Ltd., Reg. S, 144A 7.494% Rakfunding Cayman Ltd., 30/12/2023 USD 8,000,000 8,120,000 0.88 Reg. S 4.125% 09/04/2024 USD 6,903,000 7,426,696 0.80 Leviathan Bond Ltd., Reg. S, Ronshine China Holdings 144A 5.75% 30/06/2023 USD 5,616,000 6,009,120 0.65 Ltd., Reg. S 10.5% Leviathan Bond Ltd., Reg. S, 01/03/2022 USD 3,350,000 3,542,612 0.38 144A 6.75% 30/06/2030 USD 3,500,000 3,998,750 0.43 Sands China Ltd. 5.125% 18,127,870 1.96 08/08/2025 USD 4,000,000 4,496,540 0.49 Luxembourg Saudi Electricity Global Aegea Finance Sarl, Reg. S Sukuk Co. 3, Reg. S 5.5% 5.75% 10/10/2024 USD 7,500,000 7,851,637 0.85 08/04/2044 USD 6,000,000 8,009,538 0.87 Gazprom PJSC, Reg. S 5.15% Termocandelaria Power 11/02/2026 USD 6,500,000 7,423,865 0.80 Ltd., Reg. S 7.875% MHP Lux SA, Reg. S 6.25% 30/01/2029 USD 7,142,000 7,869,663 0.85 19/09/2029 USD 5,000,000 5,150,000 0.56 60,527,480 6.54 Sberbank of Russia, Reg. S 5.125% 29/10/2022 USD 5,300,000 5,590,307 0.60 26,015,809 2.81

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 23 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Mauritius Banco Internacional del HTA Group Ltd., Reg. S 7% Peru SAA Interbank, Reg. S, 18/12/2025 USD 3,234,000 3,497,183 0.38 FRN 6.625% 19/03/2029 USD 7,230,000 8,069,114 0.87 3,497,183 0.38 12,412,326 1.34 Mexico Philippines Banco Mercantil del Norte International Container SA, Reg. S, FRN 6.75% Terminal Services, Inc., Reg. Perpetual USD 4,100,000 4,453,625 0.48 S 4.75% 17/06/2030 USD 6,500,000 7,080,803 0.76 BBVA Bancomer SA, Reg. S, San Miguel Corp., Reg. S FRN 5.35% 12/11/2029 USD 6,813,000 7,272,877 0.79 4.875% 26/04/2023 USD 4,124,000 4,167,302 0.45 11,726,502 1.27 11,248,105 1.21 Morocco Saudi Arabia OCP SA, Reg. S 4.5% Saudi Arabian Oil Co., Reg. S 22/10/2025 USD 14,000,000 15,277,094 1.65 2.25% 24/11/2030 USD 8,000,000 8,149,111 0.88 15,277,094 1.65 Saudi Arabian Oil Co., Reg. S Netherlands 3.25% 24/11/2050 USD 8,000,000 8,110,801 0.88 Dtek Renewables Finance Saudi Arabian Oil Co., Reg. S BV, Reg. S 8.5% 12/11/2024 EUR 4,368,000 4,865,845 0.53 3.5% 24/11/2070 USD 5,000,000 5,143,802 0.55 Equate Petrochemical BV, 21,403,714 2.31 Reg. S 4.25% 03/11/2026 USD 7,500,000 8,381,213 0.90 Singapore IHS Netherlands Holdco BV, DBS Group Holdings Reg. S 8% 18/09/2027 USD 8,000,000 8,660,000 0.94 Ltd., Reg. S, FRN 4.52% Metinvest BV, Reg. S 7.75% 11/12/2028 USD 4,100,000 4,490,634 0.49 17/10/2029 USD 3,000,000 3,295,680 0.36 United Overseas Bank Minejesa Capital BV, Reg. S Ltd., Reg. S, FRN 3.75% 5.625% 10/08/2037 USD 4,500,000 4,958,077 0.54 15/04/2029 USD 4,250,000 4,561,097 0.49 9,051,731 0.98 Petrobras Global Finance BV 5.6% 03/01/2031 USD 5,500,000 6,344,250 0.68 South Korea Kookmin Bank, Reg. S 2.5% Petrobras Global Finance BV 04/11/2030 USD 2,727,000 2,780,967 0.30 5.999% 27/01/2028 USD 9,000,000 10,545,975 1.14 Kookmin Bank, Reg. S 4.5% Prosus NV, Reg. S 2.031% 01/02/2029 USD 6,100,000 7,171,506 0.77 03/08/2032 EUR 1,250,000 1,599,470 0.17 Shinhan Bank Co. Ltd., Reg. Prosus NV, Reg. S 2.031% S, FRN 3.875% 07/12/2026 USD 3,600,000 3,690,631 0.40 03/08/2032 EUR 3,788,000 4,847,033 0.52 Shinhan Bank Co. Ltd., Reg. Teva Pharmaceutical S 4.5% 26/03/2028 USD 3,794,000 4,402,181 0.48 Finance Netherlands III BV 2.2% 21/07/2021 USD 538,000 537,664 0.06 18,045,285 1.95 Spain Teva Pharmaceutical Finance Netherlands III BV AI Candelaria Spain SLU, 2.8% 21/07/2023 USD 5,845,000 5,797,889 0.63 Reg. S 7.5% 15/12/2028 USD 7,953,000 9,225,560 1.00 Teva Pharmaceutical 9,225,560 1.00 Finance Netherlands III BV Turkey 6% 15/04/2024 USD 3,000,000 3,198,225 0.35 Akbank T.A.S., Reg. S 5% Teva Pharmaceutical 24/10/2022 USD 4,800,000 4,868,947 0.53 Finance Netherlands III BV Turkey Government Bond 3.15% 01/10/2026 USD 5,000,000 4,815,675 0.52 5.95% 15/01/2031 USD 8,600,000 8,986,042 0.97 VEON Holdings BV, Reg. S Turkiye Vakiflar Bankasi 7.25% 26/04/2023 USD 6,626,000 7,349,692 0.79 TAO, Reg. S 5.25% Vivo Energy Investments BV, 05/02/2025 USD 5,000,000 4,938,450 0.53 Reg. S 5.125% 24/09/2027 USD 8,000,000 8,532,821 0.92 Ulker Biskuvi Sanayi A/S, 83,729,509 9.05 Reg. S 6.95% 30/10/2025 USD 3,800,000 4,122,316 0.45 Oman 22,915,755 2.48 National Bank of Oman United Arab Emirates SAOG, Reg. S 5.625% Abu Dhabi Crude Oil 25/09/2023 USD 5,275,000 5,389,905 0.58 Pipeline LLC, Reg. S 4.6% 5,389,905 0.58 02/11/2047 USD 8,000,000 9,969,280 1.08 Panama Emirates NBD Bank PJSC, Global Bank Corp., Reg. S Reg. S 2.625% 18/02/2025 USD 8,805,000 9,288,524 1.00 4.5% 20/10/2021 USD 4,790,000 4,898,972 0.53 Tabreed Sukuk Spc Ltd., 4,898,972 0.53 Reg. S 5.5% 31/10/2025 USD 9,626,000 11,276,039 1.22 Peru 30,533,843 3.30 Banco de Credito del Peru, United Kingdom Reg. S 4.65% 17/09/2024 PEN 14,611,000 4,343,212 0.47 Evraz plc, Reg. S 5.375% 20/03/2023 USD 6,280,000 6,764,816 0.73

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 24 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Gazprom PJSC, Reg. S Celulosa Arauco y 4.599% 31/12/2164 USD 7,500,000 7,822,500 0.85 Constitucion SA 4.5% MARB BondCo plc, Reg. S 01/08/2024 USD 6,377,000 7,038,008 0.76 6.875% 19/01/2025 USD 3,500,000 3,622,535 0.39 Celulosa Arauco y NAK Nafogaz Ukraine, Reg. Constitucion SA 3.875% S 7.125% 19/07/2024 EUR 6,700,000 8,582,405 0.93 02/11/2027 USD 3,500,000 3,871,210 0.42 Ukraine Railways, Reg. S Inversiones CMPC SA, Reg. S 8.25% 09/07/2024 USD 8,426,000 8,826,235 0.95 4.75% 15/09/2024 USD 8,500,000 9,427,053 1.02 Vedanta Resources Ltd., 24,190,646 2.61 Reg. S 7.125% 31/05/2023 USD 1,500,000 1,234,500 0.13 Colombia Vedanta Resources Ltd., Colombia Reg. S 6.125% 09/08/2024 USD 1,500,000 1,083,750 0.12 Telecomunicaciones SA ESP, Reg. S 4.95% 17/07/2030 USD 5,000,000 5,556,250 0.60 37,936,741 4.10 United States of America Transportadora de Gas Internacional SA ESP, Reg. S Stillwater Mining Co., Reg. S 5.55% 01/11/2028 USD 6,500,000 7,686,315 0.83 6.125% 27/06/2022 USD 6,250,000 6,356,875 0.69 13,242,565 1.43 6,356,875 0.69 India Uzbekistan Adani Ports & Special Ipoteka-Bank ATIB, Reg. S Economic Zone Ltd., Reg. S 5.5% 19/11/2025 USD 6,000,000 6,097,500 0.66 4.375% 03/07/2029 USD 5,000,000 5,436,488 0.59 National Bank of 5,436,488 0.59 Uzbekistan, Reg. S 4.85% Kazakhstan 21/10/2025 USD 8,000,000 8,280,000 0.89 KazTransGas JSC, Reg. S 14,377,500 1.55 4.375% 26/09/2027 USD 5,400,000 6,223,284 0.67 Virgin Islands, British 6,223,284 0.67 GTL Trade Finance, Inc., Luxembourg Reg. S 5.893% 29/04/2024 USD 790,000 891,910 0.10 FEL Energy VI SARL, Reg. S NWD MTN Ltd., Reg. S 5.75% 01/12/2040 USD 7,041,000 7,506,058 0.81 4.125% 18/07/2029 USD 9,550,000 9,936,536 1.07 FS Luxembourg SARL, Reg. 10,828,446 1.17 S 10% 15/12/2025 USD 3,000,000 3,216,750 0.35 Total Bonds 577,788,850 62.43 Millicom International Total Transferable securities and money market Cellular SA, Reg. S 4.5% instruments admitted to an oficial exchange listing 577,788,850 62.43 27/04/2031 USD 1,878,000 2,030,001 0.22 Transferable securities and money market instruments dealt in on another regulated market Rumo Luxembourg Sarl, Bonds Reg. S 5.25% 10/01/2028 USD 6,656,000 7,218,432 0.78 Argentina 19,971,241 2.16 MSU Energy SA, Reg. S Mexico 6.875% 01/02/2025 USD 5,100,000 3,644,109 0.39 Alpek SAB de CV, Reg. S 3,644,109 0.39 4.25% 18/09/2029 USD 10,000,000 10,977,750 1.18 Bermuda Cometa Energia SA de CV, Cosan Ltd., Reg. S 5.5% Reg. S 6.375% 24/04/2035 USD 7,528,795 8,768,223 0.95 20/09/2029 USD 6,235,000 6,850,769 0.74 Industrias Penoles SAB de Credicorp Ltd., Reg. S 2.75% CV, Reg. S 5.65% 12/09/2049 USD 5,912,000 7,688,556 0.83 17/06/2025 USD 8,355,000 8,718,442 0.94 Mexico Generadora de Tengizchevroil Finance Co. Energia S de rl, Reg. S 5.5% International Ltd., Reg. S 4% 06/12/2032 USD 5,053,230 5,912,582 0.64 15/08/2026 USD 7,000,000 7,796,558 0.84 33,347,111 3.60 23,365,769 2.52 Panama Brazil Intercorp Financial Banco Votorantim SA, Reg. Services, Inc., Reg. S 4.125% S 4.5% 24/09/2024 USD 3,228,000 3,417,645 0.37 19/10/2027 USD 7,000,000 7,535,500 0.81 3,417,645 0.37 7,535,500 0.81 Cayman Islands Peru Lima Metro Line 2 Auna SAA, Reg. S 6.5% Finance Ltd., Reg. S 4.35% 20/11/2025 USD 6,700,000 7,121,430 0.77 05/04/2036 USD 7,794,000 8,658,550 0.94 Hunt Oil Co. of Peru LLC Sands China Ltd., Reg. S Sucursal Del Peru, Reg. S 3.8% 08/01/2026 USD 6,500,000 6,957,990 0.75 6.375% 01/06/2028 USD 7,660,000 8,506,430 0.92 15,616,540 1.69 Inretail Pharma SA, Reg. S Chile 5.375% 02/05/2023 USD 6,050,000 6,298,927 0.68 AES Gener SA, Reg. S, FRN Transportadora de Gas 6.35% 07/10/2079 USD 3,500,000 3,854,375 0.41 del Peru SA, Reg. S 4.25% 30/04/2028 USD 10,000,000 11,235,700 1.21 33,162,487 3.58

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 25 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Philippines United States of America Petron Corp., Reg. S, FRN Stillwater Mining Co., Reg. S 4.6% Perpetual USD 7,400,000 7,171,205 0.78 7.125% 27/06/2025 USD 4,500,000 4,764,645 0.52 7,171,205 0.78 4,764,645 0.52 Singapore Total Bonds 216,138,608 23.35 Oversea-Chinese Banking Total Transferable securities and money market Corp. Ltd., Reg. S 1.832% instruments dealt in on another regulated market 216,138,608 23.35 10/09/2030 USD 4,342,000 4,413,246 0.48 Units of authorised UCITS or other collective investment undertakings 4,413,246 0.48 Collective Investment Schemes - UCITS Thailand Ireland Bangkok Bank PCL, Reg. S, Aviva Investors US Dollar FRN 3.733% 25/09/2034 USD 10,200,000 10,636,127 1.15 Liquidity Fund - Class 3 † 10,636,127 1.15 Income shares USD USD 87,400,000 87,400,000 9.44 87,400,000 9.44 Total Collective Investment Schemes - UCITS 87,400,000 9.44 Total Units of authorised UCITS or other collective investment undertakings 87,400,000 9.44 Total Investments 881,327,458 95.22 Cash 1,099,468 0.12 Other assets/(liabilities) 43,126,475 4.66 Total net assets 925,553,401 100.00 †Related Party Fund Geographic Allocation of Portfolio % of Net Assets Ireland 10.83 Netherlands 9.05 Cayman Islands 8.23 Luxembourg 4.97 Peru 4.92 Mexico 4.87 Colombia 4.24 United Kingdom 4.10 Hong Kong 4.00 Bermuda 3.51 United Arab Emirates 3.30 Chile 3.01 Turkey 2.48 India 2.40 Saudi Arabia 2.31 Philippines 1.99 Israel 1.96 South Korea 1.95 Morocco 1.65 Uzbekistan 1.55 Singapore 1.46 Panama 1.34 Argentina 1.25 United States of America 1.21 Virgin Islands, British 1.17 Thailand 1.15 Canada 1.01 Spain 1.00 China 0.98 Brazil 0.87 Austria 0.83 Kazakhstan 0.67 Oman 0.58 Mauritius 0.38 Total investments 95.22 Cash and other assets/(liabilities) 4.78 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 26 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets EUR 535,857,846 USD 631,244,770 11/01/2021 J.P. Morgan 26,325,819 2.85 EUR 2,250,000 USD 2,732,951 17/03/2021 Barclays 32,100 – GBP 188,677,183 USD 245,388,109 11/01/2021 J.P. Morgan 12,347,800 1.34 USD 4,464,087 PEN 16,078,748 17/03/2021 Citibank 29,547 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 38,735,266 4.19 EUR 17 USD 21 11/01/2021 J.P. Morgan – – USD 11,299,239 EUR 9,475,697 11/01/2021 J.P. Morgan (328,732) (0.04) USD 22,487,739 EUR 18,531,206 17/03/2021 Barclays (285,472) (0.03) USD 6,639,665 GBP 5,042,617 11/01/2021 J.P. Morgan (248,628) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (862,832) (0.10) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 37,872,434 4.09

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 27 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Haier Smart Home Co. exchange listing Ltd. 'A' CNY 1,944,803 8,696,860 0.69 Equities Jiangsu Zhongtian Bermuda Technology Co. Ltd. 'A' CNY 5,638,701 9,360,259 0.74 China Oriental Group Co. Livzon Pharmaceutical Ltd. HKD 16,316,000 4,324,201 0.34 Group, Inc. 'H' HKD 1,924,200 7,476,098 0.59 Credicorp Ltd. USD 78,746 12,758,033 1.02 Lomon Billions Group Co. 17,082,234 1.36 Ltd. 'A' CNY 1,530,383 7,207,404 0.57 Brazil Ping An Insurance Group Banco do Brasil SA BRL 1,924,964 14,385,707 1.14 Co. of China Ltd. 'H' HKD 2,426,435 29,722,613 2.36 Lojas Americanas SA 130,895,203 10.40 Preference BRL 2,974,435 15,049,156 1.20 Czech Republic Minerva SA BRL 3,454,664 6,778,677 0.54 Komercni banka A/S CZK 325,271 9,970,872 0.79 Petrobras Distribuidora SA BRL 1,378,786 5,874,151 0.47 9,970,872 0.79 Petroleo Brasileiro SA Hong Kong Preference BRL 2,846,666 15,537,385 1.23 CNOOC Ltd. HKD 13,226,572 12,264,690 0.98 Telefonica Brasil SA USD 796,241 7,026,827 0.56 Hong Kong Exchanges & 64,651,903 5.14 Clearing Ltd. HKD 176,638 9,684,696 0.77 Cayman Islands Sun Art Retail Group Ltd. HKD 10,949,742 11,107,247 0.88 Alibaba Group Holding 33,056,633 2.63 Ltd., ADR USD 313,548 73,959,702 5.88 India Alibaba Group Holding Ltd. HKD 206,688 6,192,633 0.49 Ashok Leyland Ltd. INR 7,766,630 10,186,425 0.81 Autohome, Inc., ADR USD 125,874 12,402,995 0.99 Embassy Ofice Parks REIT INR 2,010,124 9,488,639 0.75 Chailease Holding Co. Ltd. TWD 1,693,000 10,097,317 0.80 Housing Development China Aoyuan Group Ltd. HKD 7,508,000 7,291,611 0.58 Finance Corp. Ltd. INR 854,357 29,870,252 2.38 China Conch Venture Infosys Ltd. INR 666,616 11,458,566 0.91 Holdings Ltd. HKD 3,828,000 18,587,955 1.48 ITC Ltd. INR 3,290,049 9,427,964 0.75 China Hongqiao Group Ltd. HKD 9,516,500 8,695,602 0.69 70,431,846 5.60 China Medical System Indonesia Holdings Ltd. HKD 6,271,328 7,016,677 0.56 Bank Rakyat Indonesia Persero Tbk. PT IDR 38,486,508 11,378,949 0.91 China State Construction International Holdings Ltd. HKD 8,868,000 5,061,019 0.40 Surya Citra Media Tbk. PT IDR 63,206,300 10,226,536 0.81 China Yongda Automobiles Telkom Indonesia Persero Services Holdings Ltd. HKD 7,244,925 11,895,402 0.95 Tbk. PT IDR 37,423,855 8,786,286 0.70 Hengan International Group 30,391,771 2.42 Co. Ltd. HKD 1,338,621 9,499,887 0.75 Malaysia KWG Group Holdings Ltd. HKD 5,500,275 7,527,097 0.60 Malayan Banking Bhd. MYR 3,008,825 6,339,467 0.50 KWG Living Group Holdings Sunway Bhd. MYR 4,016,096 1,218,058 0.10 Ltd., Reg. S HKD 6,962,784 5,652,740 0.45 Sunway Bhd. MYR 19,620,182 7,804,190 0.62 NetEase, Inc., ADR USD 213,120 20,398,781 1.62 Tenaga Nasional Bhd. MYR 2,523,600 6,545,352 0.52 Sands China Ltd. HKD 3,850,110 16,931,985 1.35 21,907,067 1.74 Tencent Holdings Ltd. HKD 1,033,921 75,246,631 5.98 Mauritius Tongcheng-Elong Holdings MakeMyTrip Ltd. USD 601,429 17,065,548 1.36 Ltd., Reg. S HKD 7,778,400 15,027,352 1.19 17,065,548 1.36 Xinyi Solar Holdings Ltd. HKD 4,562,000 11,899,376 0.95 Mexico 323,384,762 25.71 Grupo Mexico SAB de CV 'B' MXN 3,687,868 16,045,631 1.28 Chile Kimberly-Clark de Mexico Banco de Chile CLP 63,609,456 6,493,363 0.52 SAB de CV 'A' MXN 3,400,846 5,814,290 0.46 6,493,363 0.52 Macquarie Mexico Real China Estate Management SA de CV, REIT, Reg. S MXN 6,775,762 9,576,789 0.76 China Construction Bank Corp. 'H' HKD 31,217,379 23,734,765 1.89 31,436,710 2.50 Russia China Longyuan Power Group Corp. Ltd. 'H' HKD 11,615,000 11,646,622 0.93 Detsky Mir PJSC, Reg. S RUB 4,628,345 8,508,230 0.68 China Merchants Bank Co. LUKOIL PJSC, ADR USD 195,870 13,360,293 1.06 Ltd. 'H' HKD 2,423,653 15,309,449 1.22 Sberbank of Russia PJSC RUB 3,123,577 11,453,287 0.91 China Petroleum & 33,321,810 2.65 Chemical Corp. 'H' HKD 15,637,417 7,008,099 0.56 South Africa China Telecom Corp. Ltd. 'H' HKD 15,548,365 4,321,535 0.34 Absa Group Ltd. ZAR 1,731,784 14,204,600 1.13 ENN Natural Gas Co. Ltd. 'A' CNY 3,083,116 6,411,499 0.51 Pick n Pay Stores Ltd. ZAR 2,154,755 7,386,933 0.59 21,591,533 1.72

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 28 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 South Korea Taiwan Semiconductor Hyundai Motor Co. Manufacturing Co. Ltd. TWD 4,593,357 86,009,741 6.84 Preference KRW 60,537 4,980,062 0.39 Tripod Technology Corp. TWD 2,963,000 12,510,192 0.99 Hyundai Motor Co. KRW 114,399 20,159,383 1.60 Win Semiconductors Corp. TWD 1,229,000 15,128,097 1.20 KB Financial Group, Inc. KRW 239,922 9,565,197 0.76 191,315,735 15.21 LG Chem Ltd. KRW 22,898 17,307,725 1.38 Thailand Macquarie Korea Indorama Ventures PCL THB 8,001,500 9,846,336 0.78 Infrastructure Fund Rights KRW 55,361 6,357 – Krung Thai Bank PCL THB 10,598,583 3,943,610 0.31 Macquarie Korea Quality Houses PCL THB 63,740,733 4,956,147 0.39 Infrastructure Fund KRW 826,398 8,101,305 0.64 Thai Beverage PCL SGD 17,452,800 9,746,111 0.78 POSCO KRW 28,678 7,163,499 0.57 28,492,204 2.26 Samsung Electronics Co. Turkey Ltd. KRW 1,224,923 91,076,865 7.24 Ford Otomotiv Sanayi A/S TRY 374,490 6,308,087 0.50 SK Hynix, Inc. KRW 273,373 29,646,321 2.36 6,308,087 0.50 SK Telecom Co. Ltd. KRW 46,470 10,160,790 0.81 Total Equities 1,235,964,785 98.26 198,167,504 15.75 Total Transferable securities and money market Taiwan instruments admitted to an oficial exchange listing 1,235,964,785 98.26 Chicony Electronics Co. Ltd. TWD 2,382,595 7,298,123 0.58 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Hon Hai Precision Industry Co. Ltd. TWD 4,337,786 14,131,822 1.12 Ireland Aviva Investors US Dollar Huaku Development Co. Liquidity Fund - Class 3 Ltd. TWD 2,771,115 8,637,774 0.69 Income shares USD† USD 15,600,000 15,600,000 1.24 Lite-On Technology Corp. TWD 3,617,187 6,408,335 0.51 15,600,000 1.24 MediaTek, Inc. TWD 785,000 20,859,565 1.66 Total Collective Investment Schemes - UCITS 15,600,000 1.24 Mega Financial Holding Total Units of authorised UCITS or other collective Co. Ltd. TWD 5,519,780 5,853,893 0.47 investment undertakings 15,600,000 1.24 Sinbon Electronics Co. Ltd. TWD 1,878,685 14,478,193 1.15 Total Investments 1,251,564,785 99.50 Cash 3,541,765 0.28 Other assets/(liabilities) 2,778,619 0.22 Total net assets 1,257,885,169 100.00 †Related Party Fund Geographic Allocation of Portfolio % of Net Assets Cayman Islands 25.71 South Korea 15.75 Taiwan 15.21 China 10.40 India 5.60 Brazil 5.14 Russia 2.65 Hong Kong 2.63 Mexico 2.50 Indonesia 2.42 Thailand 2.26 Malaysia 1.74 South Africa 1.72 Bermuda 1.36 Mauritius 1.36 Ireland 1.24 Czech Republic 0.79 Chile 0.52 Turkey 0.50 Total investments 99.50 Cash and other assets/(liabilities) 0.50 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 29 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS EQUITY SMALL CAP FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Kajaria Ceramics Ltd. INR 198,504 1,916,288 0.93 exchange listing Polycab India Ltd. INR 159,027 2,248,932 1.09 Equities Torrent Pharmaceuticals Australia Ltd. INR 100,365 3,848,933 1.86 IDP Education Ltd. AUD 156,259 2,395,370 1.16 V-Mart Retail Ltd. INR 71,571 2,485,566 1.20 2,395,370 1.16 26,062,267 12.60 Brazil Indonesia Cyrela Brazil Realty SA Bank BTPN Syariah Tbk. PT IDR 9,210,802 2,450,072 1.19 Empreendimentos e Participacoes BRL 402,253 2,281,902 1.10 Surya Citra Media Tbk. PT IDR 13,839,700 2,239,210 1.08 Minerva SA BRL 926,509 1,817,979 0.88 4,689,282 2.27 Jersey TOTVS SA BRL 558,832 3,086,209 1.49 Wizz Air Holdings plc, Reg. S GBP 32,661 2,036,567 0.99 YDUQS Participacoes SA BRL 306,156 1,941,330 0.94 2,036,567 0.99 9,127,420 4.41 Malaysia Cayman Islands Carlsberg Brewery Malaysia China Yongda Automobiles Bhd. MYR 433,800 2,509,751 1.21 Services Holdings Ltd. HKD 1,304,154 2,141,283 1.03 2,509,751 1.21 EHang Holdings Ltd. USD 108,205 2,389,708 1.16 Mauritius Ever Sunshine Lifestyle MakeMyTrip Ltd. USD 72,891 2,068,282 1.00 Services Group Ltd., Reg. S HKD 1,635,568 3,588,308 1.73 2,068,282 1.00 KWG Group Holdings Ltd. HKD 1,345,337 1,841,087 0.89 Mexico KWG Living Group Holdings Bolsa Mexicana de Valores Ltd., Reg. S HKD 3,211,047 2,606,890 1.26 SAB de CV MXN 1,469,759 3,601,958 1.74 SITC International Holdings Controladora Vuela Cia de Co. Ltd. HKD 2,010,758 4,356,910 2.11 Aviacion SAB de CV 'A' MXN 2,817,907 3,382,720 1.64 SSY Group Ltd. HKD 3,684,435 2,086,145 1.01 Gentera SAB de CV MXN 7,208,377 3,590,834 1.74 Tongcheng-Elong Holdings Qualitas Controladora SAB Ltd., Reg. S HKD 1,005,600 1,942,752 0.94 de CV MXN 892,902 4,767,799 2.30 20,953,083 10.13 15,343,311 7.42 China Philippines Beijing Thunisof Corp. Puregold Price Club, Inc. PHP 1,850,080 1,581,019 0.76 Ltd. 'A' CNY 478,016 1,747,058 0.85 1,581,019 0.76 China National Accord Poland Medicines Corp. Ltd. 'A' CNY 254,754 1,785,256 0.86 CCC SA PLN 125,420 2,953,460 1.43 Flat Glass Group Co. Ltd. 'H' HKD 703,000 2,962,976 1.43 2,953,460 1.43 Livzon Pharmaceutical Romania Group, Inc. 'H' HKD 705,103 2,739,538 1.32 Banca Transilvania SA RON 1 1 – Lomon Billions Group Co. 1– Ltd. 'A' CNY 584,637 2,753,373 1.33 Russia Yantai Jereh Oilfield Detsky Mir PJSC, Reg. S RUB 1,622,069 2,981,830 1.44 Services Group Co. Ltd. 'A' CNY 527,440 2,824,371 1.37 2,981,830 1.44 14,812,572 7.16 Singapore Cyprus Riverstone Holdings Ltd. SGD 2,178,600 1,827,046 0.89 Globaltrans Investment plc, Reg. S, GDR USD 336,202 2,013,850 0.97 Sheng Siong Group Ltd. SGD 3,640,300 4,286,678 2.07 2,013,850 0.97 6,113,724 2.96 Czech Republic South Korea Moneta Money Bank A/S, AfreecaTV Co. Ltd. KRW 63,260 3,515,584 1.70 Reg. S CZK 649,889 2,072,711 1.00 Cosmax, Inc. KRW 27,208 2,485,343 1.20 2,072,711 1.00 Douzone Bizon Co. Ltd. KRW 43,446 4,157,594 2.01 Hong Kong Ecopro BM Co. Ltd. KRW 38,963 6,072,167 2.94 China Overseas Grand F&F Co. Ltd. KRW 19,563 1,513,466 0.73 Oceans Group Ltd. HKD 3,161,000 1,697,930 0.82 LEENO Industrial, Inc. KRW 26,127 3,236,555 1.56 1,697,930 0.82 India NHN KCP Corp. KRW 82,696 5,189,233 2.51 Aavas Financiers Ltd. INR 108,318 2,511,825 1.21 WONIK IPS Co. Ltd. KRW 102,176 4,147,228 2.01 30,317,170 14.66 Balrampur Chini Mills Ltd. INR 1,144,964 2,696,012 1.30 Spain CreditAccess Grameen Ltd. INR 348,813 3,601,540 1.74 Prosegur Cash SA, Reg. S EUR 1,539,192 1,519,295 0.74 Escorts Ltd. INR 176,464 3,071,308 1.49 1,519,295 0.74 Indian Railway Catering & Taiwan Tourism Corp. Ltd. INR 48,422 954,936 0.46 Elite Material Co. Ltd. TWD 892,869 4,991,425 2.41 Just Dial Ltd. INR 314,697 2,726,927 1.32 Fusheng Precision Co. Ltd. TWD 323,000 1,995,456 0.96

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 30 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS EQUITY SMALL CAP FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Getac Technology Corp. TWD 2,638,231 4,582,322 2.22 Ford Otomotiv Sanayi A/S TRY 126,041 2,123,094 1.03 Merida Industry Co. Ltd. TWD 599,207 5,025,520 2.43 2,123,094 1.03 momo.com, Inc. TWD 187,000 4,238,653 2.05 United Kingdom Pacific Hospital Supply Bank of Georgia Group plc GBP 101,288 1,689,282 0.82 Co. Ltd. TWD 944,034 2,349,585 1.14 1,689,282 0.82 Powertech Technology, Inc. TWD 819,521 2,763,603 1.34 Total Equities 202,501,306 97.93 Total Transferable securities and money market Sinbon Electronics Co. Ltd. TWD 768,929 5,925,795 2.87 instruments admitted to an oficial exchange listing 202,501,306 97.93 Taiwan Secom Co. Ltd. TWD 475,000 1,497,602 0.72 Units of authorised UCITS or other collective investment undertakings Test Research, Inc. TWD 742,081 1,526,399 0.74 Collective Investment Schemes - UCITS Tripod Technology Corp. TWD 1,070,000 4,517,686 2.18 Ireland Win Semiconductors Corp. TWD 205,000 2,523,401 1.22 Aviva Investors US Dollar Liquidity Fund - Class 3 Yageo Corp. TWD 232,000 4,252,156 2.06 Income shares USD† USD 3,800,000 3,800,000 1.84 46,189,603 22.34 3,800,000 1.84 Thailand Total Collective Investment Schemes - UCITS 3,800,000 1.84 Quality Houses PCL THB 16,081,733 1,250,432 0.61 Total Units of authorised UCITS or other collective 1,250,432 0.61 investment undertakings 3,800,000 1.84 Turkey Total Investments 206,301,306 99.77 Cash 136,438 0.07 Other assets/(liabilities) 329,922 0.16 Total net assets 206,767,666 100.00 †Related Party Fund Geographic Allocation of Portfolio % of Net Assets Taiwan 22.34 South Korea 14.66 India 12.60 Cayman Islands 10.13 Mexico 7.42 China 7.16 Brazil 4.41 Singapore 2.96 Indonesia 2.27 Ireland 1.84 Russia 1.44 Poland 1.43 Malaysia 1.21 Australia 1.16 Turkey 1.03 Czech Republic 1.00 Mauritius 1.00 Jersey 0.99 Cyprus 0.97 Hong Kong 0.82 United Kingdom 0.82 Philippines 0.76 Spain 0.74 Thailand 0.61 Romania – Total investments 99.77 Cash and other assets/(liabilities) 0.23 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 31 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS LOCAL CURRENCY BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Hungary Government Bond exchange listing 3% 25/04/2041 HUF 2,500,000,000 7,430,257 0.52 Bonds 29,268,869 2.05 Brazil India Brazil Letras do Tesouro India Government Bond Nacional 0% 01/01/2022 BRL 6,200,000 9,462,668 0.66 5.22% 15/06/2025 INR 4,500,000,000 50,681,164 3.54 Brazil Letras do Tesouro 50,681,164 3.54 Nacional 0% 01/07/2023 BRL 9,800,000 13,454,704 0.94 Indonesia Brazil Notas do Tesouro Indonesia Treasury 6.5% Nacional 10% 01/01/2029 BRL 4,100,000 7,760,150 0.55 15/02/2031 IDR 177,000,000,000 10,712,007 0.75 Brazil Notas do Tesouro Indonesia Treasury 7.5% Nacional 10% 01/01/2023 BRL 26,899,900 46,650,898 3.26 15/06/2035 IDR 130,000,000,000 8,356,866 0.58 Brazil Notas do Tesouro Indonesia Treasury 6.5% Nacional 10% 01/01/2025 BRL 23,307,200 42,349,731 2.96 15/06/2025 IDR 230,000,000,000 14,023,038 0.98 119,678,151 8.37 Indonesia Treasury 9% Chile 15/03/2029 IDR 205,373,000,000 14,187,080 0.99 Bonos de la Tesoreria de la Indonesia Treasury 8.25% Republica en pesos 4.5% 15/05/2029 IDR 338,000,000,000 22,540,213 1.58 01/03/2026 CLP 4,505,000,000 5,925,076 0.41 Indonesia Treasury 8.75% Bonos de la Tesoreria de 15/05/2031 IDR 387,600,000,000 26,660,958 1.86 la Republica en pesos 6% Indonesia Treasury 8.375% 01/01/2043 CLP 13,765,000,000 22,033,175 1.54 15/03/2034 IDR 364,018,000,000 24,573,285 1.72 27,958,251 1.95 Indonesia Treasury 8.25% China 15/05/2036 IDR 177,860,000,000 11,980,690 0.84 China Development Bank 133,034,137 9.30 2.89% 22/06/2025 CNY 230,000,000 28,341,874 1.98 Kazakhstan China Development Bank National Bank of 3.45% 20/09/2029 CNY 335,280,000 41,319,655 2.89 Kazakhstan 0% 05/02/2021 KZT 4,500,000,000 8,639,031 0.60 China Development Bank 8,639,031 0.60 3.65% 21/05/2029 CNY 250,000,000 31,262,532 2.19 Mexico China Government Bond Mexican Bonos 10% 3.39% 16/03/2050 CNY 118,020,000 13,752,570 0.96 05/12/2024 MXN 477,417,900 23,451,838 1.64 114,676,631 8.02 Mexican Bonos 5.75% Colombia 05/03/2026 MXN 246,288,800 10,571,803 0.74 Colombia Government Mexican Bonos 8.5% Bond 7.5% 26/08/2026 COP 97,783,900,000 26,972,952 1.89 31/05/2029 MXN 472,800,700 23,667,733 1.66 Colombia Government Mexican Bonos 7.75% Bond 6.25% 26/11/2025 COP 69,000,000,000 18,054,052 1.26 29/05/2031 MXN 524,590,700 25,313,391 1.77 Colombia Government Mexican Bonos 7.75% Bond 6% 28/04/2028 COP 65,741,000,000 16,811,778 1.17 13/11/2042 MXN 151,389,000 7,161,076 0.50 Colombia Government Mexican Bonos 8% Bond 7.75% 18/09/2030 COP 62,532,300,000 17,549,809 1.23 07/11/2047 MXN 532,547,800 25,812,288 1.80 79,388,591 5.55 115,978,129 8.11 Czech Republic Peru Czech Republic Government Banco de Credito del Peru, Bond 2.75% 23/07/2029 CZK 220,000,000 9,487,790 0.66 Reg. S 4.65% 17/09/2024 PEN 15,544,000 3,765,915 0.26 Czech Republic Government Peru Government Bond Bond 2% 13/10/2033 CZK 200,000,000 8,203,414 0.57 8.2% 12/08/2026 PEN 10,000,000 3,052,952 0.21 Czech Republic Government Peru Government Bond Bond, Reg. S 0.95% 6.15% 12/08/2032 PEN 50,000,000 13,672,294 0.96 15/05/2030 CZK 700,000,000 26,003,902 1.82 Peru Government Bond, 43,695,106 3.05 Reg. S 6.95% 12/08/2031 PEN 56,095,000 16,476,608 1.15 Dominican Republic 36,967,769 2.58 Dominican Republic Philippines Government Bond, Reg. S 8.9% 15/02/2023 DOP 125,000,000 1,808,857 0.13 Philippine Government Bond 3.9% 26/11/2022 PHP 381,000,000 6,606,611 0.46 Dominican Republic Government Bond, Reg. S Philippine Government 9.75% 05/06/2026 DOP 125,000,000 1,890,344 0.13 Bond 4.125% 20/08/2024 PHP 96,150,444 1,749,160 0.12 3,699,201 0.26 8,355,771 0.58 Hungary Poland Hungary Government Bond Poland Government Bond 6.75% 22/10/2028 HUF 5,800,000,000 21,838,612 1.53 2.75% 25/04/2028 PLN 77,000,000 19,161,319 1.34

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 32 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Poland Government Bond Transferable securities and money market instruments dealt in on another 2.75% 25/10/2029 PLN 171,106,000 42,895,687 3.00 regulated market 62,057,006 4.34 Bonds Romania Egypt Romania Government Bond Egypt Treasury Bills 0% 3.65% 24/09/2031 RON 89,000,000 19,016,822 1.33 08/06/2021 EGP 290,000,000 14,201,340 0.99 Romania Government 14,201,340 0.99 Bond, Reg. S 3.375% Malaysia 28/01/2050 EUR 13,000,000 14,995,110 1.05 Malaysia Government Bond 34,011,932 2.38 3.955% 15/09/2025 MYR 35,951,000 7,878,368 0.55 Russia Malaysia Government Bond Russian Federal Bond - OFZ 4.07% 30/09/2026 MYR 80,348,000 17,746,015 1.24 7% 16/08/2023 RUB 1,805,051,000 20,942,941 1.46 Malaysia Government Bond Russian Federal Bond - OFZ 3.885% 15/08/2029 MYR 70,287,000 15,674,256 1.10 7.4% 17/07/2024 RUB 1,725,000,000 20,516,045 1.44 Malaysia Government Bond Russian Federal Bond - OFZ 4.498% 15/04/2030 MYR 19,118,000 4,452,174 0.31 8.15% 03/02/2027 RUB 600,000,000 7,507,045 0.53 Malaysia Government Bond Russian Federal Bond - OFZ 4.127% 15/04/2032 MYR 58,000,000 13,032,777 0.91 6.9% 23/05/2029 RUB 836,014,000 9,890,082 0.69 Malaysia Government Bond Russian Federal Bond - OFZ 4.762% 07/04/2037 MYR 32,000,000 7,545,310 0.53 7.65% 10/04/2030 RUB 3,400,000,000 42,253,362 2.95 66,328,900 4.64 Russian Federal Bond - OFZ Peru 8.5% 17/09/2031 RUB 723,498,000 9,559,611 0.67 Peru Government Bond, Russian Federal Bond - OFZ Reg. S 6.9% 12/08/2037 PEN 10,563,000 2,951,754 0.20 7.25% 10/05/2034 RUB 481,364,000 5,764,730 0.40 2,951,754 0.20 116,433,816 8.14 Total Bonds 83,481,994 5.83 South Africa Commercial Papers South Africa Government United Kingdom Bond 10.5% 21/12/2026 ZAR 660,286,039 43,497,031 3.04 Bill & Pay 0% 05/01/2021 EGP 25,000 1,286 – South Africa Government 1,286 – Bond 8% 31/01/2030 ZAR 379,909,308 20,180,171 1.41 Total Commercial Papers 1,286 – South Africa Government Total Transferable securities and money market Bond 8.25% 31/03/2032 ZAR 417,855,670 20,955,114 1.47 instruments dealt in on another regulated market 83,483,280 5.83 Units of authorised UCITS or other collective investment undertakings South Africa Government Bond 6.25% 31/03/2036 ZAR 414,275,630 15,891,660 1.11 Collective Investment Schemes - UCITS Ireland South Africa Government Bond 8.5% 31/01/2037 ZAR 618,051,159 28,502,376 1.99 Aviva Investors Euro Liquidity Fund - Class 3 129,026,352 9.02 Income shares EUR† EUR 84,114 8,196,031 0.57 Thailand Aviva Investors US Dollar Thailand Government Bond Liquidity Fund - Class 3 2.875% 17/12/2028 THB 600,000,000 18,603,933 1.30 Income shares USD† USD 48,900,000 39,855,251 2.79 Thailand Government Bond 48,051,282 3.36 4.875% 22/06/2029 THB 1,224,500,000 43,221,800 3.02 Total Collective Investment Schemes - UCITS 48,051,282 3.36 Thailand Government Bond Total Units of authorised UCITS or other collective 1.6% 17/12/2029 THB 830,000,000 23,472,305 1.64 investment undertakings 48,051,282 3.36 Thailand Government Bond Total Investments 1,394,461,492 97.48 3.775% 25/06/2032 THB 363,000,000 12,492,040 0.87 Cash 13,183,246 0.92 Thailand Government Bond Other assets/(liabilities) 22,843,904 1.60 1.6% 17/06/2035 THB 250,000,000 6,925,024 0.49 Total net assets 1,430,488,642 100.00 Thailand Government Bond †Related Party Fund 3.4% 17/06/2036 THB 420,000,000 14,281,830 1.00 118,996,932 8.32 Turkey Turkey Government Bond 10.6% 11/02/2026 TRY 267,625,860 27,530,753 1.93 27,530,753 1.93 Uruguay Uruguay Government Bond, Reg. S 9.875% 20/06/2022 UYU 141,590,000 2,849,338 0.20 2,849,338 0.20 Total Bonds 1,262,926,930 88.29 Total Transferable securities and money market instruments admitted to an oficial exchange listing 1,262,926,930 88.29

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 33 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets Indonesia 9.30 South Africa 9.02 Brazil 8.37 Thailand 8.32 Russia 8.14 Mexico 8.11 China 8.02 Colombia 5.55 Malaysia 4.64 Poland 4.34 India 3.54 Ireland 3.36 Czech Republic 3.05 Peru 2.78 Romania 2.38 Hungary 2.05 Chile 1.95 Turkey 1.93 Egypt 0.99 Kazakhstan 0.60 Philippines 0.58 Dominican Republic 0.26 Uruguay 0.20 United Kingdom – Total investments 97.48 Cash and other assets/(liabilities) 2.52 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets BRL 86,365,631 USD 16,561,003 17/03/2021 Barclays 34,911 – CLP 9,020,855,032 USD 12,228,352 17/03/2021 Merrill Lynch 375,286 0.03 CNH 77,498,265 USD 11,794,976 17/03/2021 BNP Paribas 55,662 – Canadian Imperial Bank of COP 54,295,177,990 USD 15,548,893 17/03/2021 Commerce 268,753 0.02 CZK 339,023,644 USD 15,637,067 17/03/2021 Standard Chartered 181,286 0.01 INR 1,252,746,255 USD 16,750,184 17/03/2021 BNP Paribas 217,581 0.02 INR 1,209,390,175 USD 16,151,044 17/03/2021 Goldman Sachs 225,867 0.02 MXN 454,616,070 USD 22,663,085 17/03/2021 Goldman Sachs 30,056 – MYR 146,120,673 USD 35,878,965 17/03/2021 HSBC 287,156 0.02 RON 112,789,770 USD 27,893,956 17/03/2021 Merrill Lynch 345,930 0.02 TRY 132,227,767 USD 16,174,650 17/03/2021 J.P. Morgan 935,093 0.07 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 2,957,581 0.21 BRL 90,566,097 USD 17,762,238 17/03/2021 Morgan Stanley (285,445) (0.02) HUF 24,093,301,749 USD 81,921,584 17/03/2021 Merrill Lynch (524,313) (0.04) PLN 42,557,219 USD 11,626,655 17/03/2021 Goldman Sachs (141,279) (0.01) RUB 1,411,963,066 USD 19,049,434 17/03/2021 Merrill Lynch (105,578) (0.01) USD 34,092,039 EUR 28,093,825 17/03/2021 Barclays (352,165) (0.02) Canadian Imperial Bank of USD 45,597,616 INR 3,390,866,677 17/03/2021 Commerce (378,092) (0.03) USD 6,682,609 PHP 323,144,258 17/03/2021 Barclays (14,891) – USD 16,577,905 TWD 464,181,329 17/03/2021 BNP Paribas (111,472) (0.01) USD 33,778,566 TWD 938,383,086 17/03/2021 HSBC (9,807) – USD 27,149,972 ZAR 412,034,572 17/03/2021 J.P. Morgan (584,645) (0.04) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (2,507,687) (0.18) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 449,894 0.03

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency EUR % of Net Assets Euro-Bund, 08/03/2021 (160) EUR (22,400) – Total Unrealised Loss on Financial Futures Contracts - Liabilities (22,400) – Net Unrealised Loss on Financial Futures Contracts - Liabilities (22,400) –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 34 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Interest Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 10,000,000,000 INR Barclays Pay fixed 3.847% Receive floating MIBOR 1 day 04/12/2022 241,276 0.02 1,400,000,000 MXN Barclays Pay floating TIIE 4 week Receive fixed 4.565% 07/07/2023 305,921 0.02 Total Market Value on Interest Rate Swap Contracts - Assets 547,197 0.04 Net Market Value on Interest Rate Swap Contracts - Assets 547,197 0.04

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 35 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Credit Mutuel Arkea SA, Reg. exchange listing S, FRN 1.875% 25/10/2029 EUR 200,000 208,378 0.49 Bonds Engie SA, Reg. S 0.375% Australia 21/06/2027 EUR 300,000 306,853 0.73 Aurizon Network Pty. Ltd., EssilorLuxottica SA, Reg. S Reg. S 3.125% 01/06/2026 EUR 500,000 573,823 1.36 0.75% 27/11/2031 EUR 400,000 419,592 1.00 Scentre Group Trust 1, REIT, LVMH Moet Hennessy Louis Reg. S 1.45% 28/03/2029 EUR 204,000 216,964 0.51 Vuitton SE, Reg. S 0.125% 790,787 1.87 28/02/2023 EUR 200,000 201,732 0.48 Austria Orange SA, Reg. S, FRN UNIQA Insurance Group AG, 5.25% Perpetual EUR 300,000 342,000 0.81 Reg. S 1.375% 09/07/2030 EUR 200,000 218,329 0.52 Sanofi, Reg. S 0.875% 218,329 0.52 21/03/2029 EUR 500,000 541,155 1.28 Belgium Schneider Electric SE, Reg. Ageas SA/NV, Reg. S, FRN S 1.5% 15/01/2028 EUR 400,000 444,508 1.05 3.875% Perpetual EUR 600,000 639,750 1.52 Societe Generale SA, Reg. S Anheuser-Busch InBev 0.875% 22/09/2028 EUR 200,000 206,572 0.49 SA/NV, Reg. S 1.125% Veolia Environnement SA, 01/07/2027 EUR 600,000 642,185 1.52 Reg. S 2.25% Perpetual EUR 700,000 714,437 1.69 KBC Group NV, Reg. S, FRN 6,887,116 16.32 0.5% 03/12/2029 EUR 200,000 199,020 0.47 Germany KBC Group NV, Reg. S Allianz SE, Reg. S, FRN 1.125% 25/01/2024 EUR 300,000 311,370 0.74 4.75% Perpetual EUR 400,000 448,100 1.06 1,792,325 4.25 alstria ofice REIT-AG, Reg. S Cayman Islands 0.5% 26/09/2025 EUR 400,000 401,815 0.95 UPCB Finance VII Ltd., Reg. Bayer AG, Reg. S, FRN S 3.625% 15/06/2029 EUR 300,000 312,075 0.74 2.375% 12/11/2079 EUR 200,000 203,700 0.48 312,075 0.74 Daimler AG, Reg. S 0.75% Denmark 10/09/2030 EUR 130,000 135,339 0.32 Danske Bank A/S, Reg. S, Infineon Technologies AG, FRN 0.5% 27/08/2025 EUR 367,000 369,986 0.88 Reg. S 2% 24/06/2032 EUR 200,000 227,713 0.54 Danske Bank A/S, Reg. S Merck Financial Services 1.375% 24/05/2022 EUR 28,000 28,594 0.07 GmbH, Reg. S 0.875% Danske Bank A/S, Reg. S 05/07/2031 EUR 400,000 431,248 1.02 1.625% 15/03/2024 EUR 154,000 161,668 0.38 Merck KGaA, Reg. S 1.625% 560,248 1.33 09/09/2080 EUR 200,000 205,000 0.49 France Merck KGaA, Reg. S, FRN AXA SA, Reg. S, FRN 3.875% 2.625% 12/12/2074 EUR 500,000 505,333 1.20 Perpetual EUR 200,000 227,500 0.54 O2 Telefonica Deutschland Banque Federative du Finanzierungs GmbH, Reg. S Credit Mutuel SA, Reg. S 1.75% 05/07/2025 EUR 600,000 639,132 1.52 1.75% 15/03/2029 EUR 300,000 337,977 0.80 Volkswagen Financial Banque Federative du Services AG, Reg. S 1.5% Credit Mutuel SA, Reg. S 01/10/2024 EUR 450,000 472,190 1.12 1.875% 18/06/2029 EUR 300,000 330,889 0.79 3,669,570 8.70 BNP Paribas SA, Reg. S Italy 2.125% 23/01/2027 EUR 200,000 219,457 0.52 AMCO - Asset Management BNP Paribas SA, Reg. S 0.5% Co. SpA, Reg. S 1.5% 19/02/2028 EUR 200,000 202,477 0.48 17/07/2023 EUR 231,000 239,518 0.57 BNP Paribas SA, Reg. S, FRN Enel SpA, Reg. S 2.25% 0.5% 15/07/2025 EUR 200,000 203,210 0.48 Perpetual EUR 219,000 228,696 0.54 BPCE SA, Reg. S 0.625% Eni SpA, Reg. S 3.75% 26/09/2024 EUR 400,000 409,161 0.97 12/09/2025 EUR 200,000 235,975 0.56 Caisse Nationale de FCA Bank SpA, Reg. S 0.5% Reassurance Mutuelle 13/09/2024 EUR 250,000 252,772 0.60 Agricole Groupama, Reg. S Infrastrutture Wireless 3.375% 24/09/2028 EUR 300,000 339,110 0.80 Italiane SpA, Reg. S 1.875% Credit Agricole SA, Reg. S 08/07/2026 EUR 318,000 333,243 0.79 1% 22/04/2026 EUR 200,000 208,161 0.49 Intesa Sanpaolo SpA, Reg. S Credit Agricole SA, Reg. S, 6.625% 13/09/2023 EUR 420,000 479,778 1.14 FRN 6.5% Perpetual EUR 600,000 614,775 1.46 Intesa Sanpaolo SpA, Reg. S Credit Logement SA, Reg. S, 1.75% 04/07/2029 EUR 200,000 218,767 0.52 FRN 1.35% 28/11/2029 EUR 400,000 409,172 0.97

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 36 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 UniCredit SpA, Reg. S 2.2% Spain 22/07/2027 EUR 300,000 318,961 0.75 Banco Bilbao Vizcaya 2,307,710 5.47 Argentaria SA, Reg. S 1% Luxembourg 21/06/2026 EUR 200,000 210,539 0.50 Bevco Lux Sarl, Reg. S 1.5% Banco de Sabadell SA, Reg. 16/09/2027 EUR 165,000 174,063 0.41 S 1.625% 07/03/2024 EUR 500,000 522,393 1.24 Bevco Lux Sarl, Reg. S Banco de Sabadell SA, Reg. 1.75% 09/02/2023 EUR 170,000 176,084 0.42 S 5.625% 06/05/2026 EUR 200,000 234,557 0.55 CK Hutchison Group Banco Santander SA, Reg. S Telecom Finance SA, Reg. S 2.5% 18/03/2025 EUR 300,000 325,454 0.77 1.125% 17/10/2028 EUR 575,000 605,336 1.43 Banco Santander SA, Reg. S Fiat Chrysler Finance 1.375% 05/01/2026 EUR 600,000 636,622 1.51 Europe SENC, Reg. S 4.75% Bankinter SA, Reg. S 0.875% 15/07/2022 EUR 400,000 427,440 1.01 08/07/2026 EUR 400,000 413,214 0.98 John Deere Cash CaixaBank SA, Reg. S Management SA, Reg. S 0.375% 18/11/2026 EUR 200,000 200,910 0.48 1.65% 13/06/2039 EUR 300,000 361,864 0.86 CaixaBank SA, Reg. S, FRN Medtronic Global Holdings 2.75% 14/07/2028 EUR 500,000 523,363 1.24 SCA 1.375% 15/10/2040 EUR 319,000 348,528 0.83 Criteria Caixa SA, Reg. S Medtronic Global Holdings 1.5% 10/05/2023 EUR 300,000 310,625 0.74 SCA 1% 02/07/2031 EUR 600,000 648,219 1.54 Criteria Caixa SA, Reg. S Prologis International 1.375% 10/04/2024 EUR 200,000 208,623 0.49 Funding II SA, REIT, Reg. S Inmobiliaria Colonial 1.876% 17/04/2025 EUR 425,000 460,802 1.09 Socimi SA, REIT, Reg. S 2% 3,202,336 7.59 17/04/2026 EUR 500,000 538,562 1.28 Netherlands 4,124,862 9.78 ABN AMRO Bank NV, Reg. S, Sweden FRN 4.375% Perpetual EUR 200,000 213,040 0.50 Essity AB, Reg. S 1.125% Airbus SE, Reg. S 1.375% 27/03/2024 EUR 300,000 311,664 0.74 09/06/2026 EUR 282,000 300,049 0.71 Heimstaden Bostad AB, Reg. Bayer Capital Corp. BV, Reg. S 1.125% 21/01/2026 EUR 171,000 177,352 0.42 S 1.5% 26/06/2026 EUR 200,000 214,215 0.51 Molnlycke Holding AB, Reg. Cooperatieve Rabobank UA, S 0.875% 05/09/2029 EUR 290,000 300,266 0.71 Reg. S 0.625% 27/02/2024 EUR 300,000 307,350 0.73 Vattenfall AB, Reg. S 0.05% CRH Funding BV, Reg. S 15/10/2025 EUR 139,000 139,948 0.33 1.875% 09/01/2024 EUR 400,000 422,648 1.00 929,230 2.20 Enel Finance International Switzerland NV, Reg. S 0.375% Credit Suisse Group 17/06/2027 EUR 352,000 359,370 0.85 AG, Reg. S, FRN 3.25% EXOR NV, Reg. S 1.75% 02/04/2026 EUR 600,000 678,862 1.61 18/01/2028 EUR 300,000 324,182 0.77 678,862 1.61 Iberdrola International BV, United Kingdom Reg. S 1.874% 31/12/2164 EUR 200,000 206,375 0.49 Centrica plc, Reg. S, FRN 3% Iberdrola International 10/04/2076 EUR 300,000 302,105 0.72 BV, Reg. S, FRN 1.875% Diageo Finance plc, Reg. S Perpetual EUR 500,000 514,063 1.22 1.5% 22/10/2027 EUR 500,000 550,795 1.31 ING Groep NV, Reg. S, FRN DS Smith plc, Reg. S 1.375% 1.625% 26/09/2029 EUR 500,000 519,439 1.23 26/07/2024 EUR 300,000 311,033 0.74 LeasePlan Corp. NV, Reg. S GlaxoSmithKline Capital 0.75% 03/10/2022 EUR 300,000 304,142 0.72 plc, Reg. S 1.25% Naturgy Finance BV, Reg. S, 21/05/2026 EUR 400,000 427,803 1.01 FRN 4.125% Perpetual EUR 200,000 211,375 0.50 Lloyds Banking Group Telefonica Europe BV, Reg. plc, Reg. S, FRN 0.625% S, FRN 2.625% Perpetual EUR 100,000 101,594 0.24 15/01/2024 EUR 200,000 202,314 0.48 Telefonica Europe BV, Reg. Nationwide Building S, FRN 5.875% Perpetual EUR 300,000 338,033 0.80 Society, Reg. S, FRN 2% Volkswagen International 25/07/2029 EUR 300,000 313,915 0.74 Finance NV, Reg. S, FRN Natwest Group plc, Reg. S, 3.375% Perpetual EUR 300,000 314,856 0.75 FRN 0.75% 15/11/2025 EUR 500,000 510,743 1.21 Vonovia Finance BV, Reg. S, Sky Ltd., Reg. S 2.5% FRN 4% Perpetual EUR 300,000 310,618 0.74 15/09/2026 EUR 200,000 229,179 0.54 Wolters Kluwer NV, Reg. S SSE plc, Reg. S 1.25% 0.75% 03/07/2030 EUR 289,000 302,145 0.72 16/04/2025 EUR 348,000 366,760 0.87 5,263,494 12.48

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 37 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Standard Chartered Honeywell International, plc, Reg. S, FRN 0.9% Inc. 0.75% 10/03/2032 EUR 117,000 121,993 0.29 02/07/2027 EUR 229,000 239,918 0.57 International Business Standard Chartered Machines Corp. 0.65% plc, Reg. S, FRN 2.5% 11/02/2032 EUR 610,000 631,642 1.50 09/09/2030 EUR 196,000 210,255 0.50 Johnson & Johnson 1.65% 3,664,820 8.69 20/05/2035 EUR 390,000 479,765 1.14 United States of America JPMorgan Chase & Co., Reg. AbbVie, Inc. 1.375% S 1.75% 30/01/2030 EUR 500,000 569,172 1.35 17/05/2024 EUR 200,000 208,961 0.50 Liberty Mutual Group, AbbVie, Inc. 0.75% Inc., Reg. S, FRN 3.625% 18/11/2027 EUR 374,000 389,278 0.92 23/05/2059 EUR 250,000 258,325 0.61 AT&T, Inc. 1.8% 05/09/2026 EUR 500,000 545,398 1.29 Procter & Gamble Co. (The) Bank of America Corp., Reg. 4.875% 11/05/2027 EUR 300,000 396,934 0.94 S, FRN 1.776% 04/05/2027 EUR 180,000 196,155 0.47 Verizon Communications, Bank of America Corp., Reg. Inc. 2.875% 15/01/2038 EUR 400,000 527,081 1.25 S, FRN 1.662% 25/04/2028 EUR 315,000 344,497 0.82 6,975,130 16.53 Citigroup, Inc., Reg. S 4.25% Total Bonds 41,376,894 98.08 25/02/2030 EUR 400,000 460,766 1.09 Total Transferable securities and money market General Electric Co. 1.875% instruments admitted to an oficial exchange listing 41,376,894 98.08 28/05/2027 EUR 500,000 540,477 1.28 Other transferable securities and money market instruments Bonds General Electric Co. 2.125% 17/05/2037 EUR 350,000 375,961 0.89 United States of America Lehman Brothers Holdings, General Mills, Inc. 0.45% Inc., FRN 0% 14/03/2019^§ EUR 2,500,000 –– 15/01/2026 EUR 240,000 245,598 0.58 –– General Motors Financial Total Bonds – – Co., Inc., Reg. S 2.2% 01/04/2024 EUR 400,000 423,950 1.00 Total Other transferable securities and money market instruments – – Goldman Sachs Group, Total Investments 41,376,894 98.08 Inc. (The), Reg. S 0.125% Cash 353,764 0.84 19/08/2024 EUR 258,000 259,177 0.61 Other assets/(liabilities) 457,898 1.08 Total net assets 42,188,556 100.00 §Security is valued at its fair value under the direction of Board of Directors. ^Security is currently in default. Geographic Allocation of Portfolio % of Net Assets United States of America 16.53 France 16.32 Netherlands 12.48 Spain 9.78 Germany 8.70 United Kingdom 8.69 Luxembourg 7.59 Italy 5.47 Belgium 4.25 Sweden 2.20 Australia 1.87 Switzerland 1.61 Denmark 1.33 Cayman Islands 0.74 Austria 0.52 Total investments 98.08 Cash and other assets/(liabilities) 1.92 Total 100.00

Credit Default Swap Contracts Interest (Paid)/ Nominal Received Market % of Net Amount Currency Counterparty Reference Entity Buy/Sell Rate Maturity Date Value EUR Assets 5,000,000 EUR J.P. Morgan ITRAXX.EUROPE.SEN.FINANCIALS.34-V1 Sell 1.00% 20/12/2025 104,857 0.25 2,500,000 EUR J.P. Morgan ITRAXX.EUROPE.SUB.FINANCIALS.34-V1 Buy (1.00)% 20/12/2025 12,262 0.03 Total Market Value on Credit Default Swap Contracts - Assets 117,119 0.28 Net Market Value on Credit Default Swap Contracts - Assets 117,119 0.28

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 38 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN EQUITY FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Global Fashion Group SA EUR 74,305 721,093 0.76 exchange listing Shurgard Self Storage SA EUR 9,988 353,575 0.37 Equities 1,074,668 1.13 Austria Netherlands BAWAG Group AG, Reg. S EUR 38,839 1,475,494 1.55 Airbus SE EUR 10,062 905,177 0.95 1,475,494 1.55 ASML Holding NV EUR 8,992 3,576,568 3.76 Belgium Prosus NV EUR 11,940 1,057,048 1.11 Anheuser-Busch InBev SA/NV EUR 31,935 1,821,093 1.91 QIAGEN NV EUR 36,148 1,551,653 1.63 KBC Group NV EUR 29,396 1,691,740 1.78 Signify NV, Reg. S EUR 24,765 858,479 0.90 Umicore SA EUR 32,591 1,280,989 1.34 STMicroelectronics NV EUR 25,521 774,307 0.81 4,793,822 5.03 Wolters Kluwer NV EUR 22,241 1,541,969 1.62 Bermuda 10,265,201 10.78 Conduit Holdings Ltd. GBP 169,706 951,171 1.00 Portugal 951,171 1.00 EDP - Energias de Portugal Finland SA EUR 370,027 1,915,630 2.01 Neste OYJ EUR 21,320 1,265,342 1.33 1,915,630 2.01 1,265,342 1.33 Spain France Amadeus IT Group SA 'A' EUR 25,538 1,526,662 1.60 Air Liquide SA EUR 10,228 1,375,922 1.44 1,526,662 1.60 AXA SA EUR 75,252 1,469,747 1.54 Sweden Evolution Gaming Group Capgemini SE EUR 7,705 977,957 1.03 AB, Reg. S SEK 6,011 502,629 0.53 Danone SA EUR 20,774 1,119,303 1.17 502,629 0.53 EssilorLuxottica SA EUR 15,065 1,925,684 2.02 Switzerland LVMH Moet Hennessy Louis Alcon, Inc. CHF 29,945 1,631,222 1.71 Vuitton SE EUR 3,033 1,550,318 1.63 Lonza Group AG CHF 4,170 2,195,909 2.30 Pernod Ricard SA EUR 10,493 1,646,352 1.73 Medacta Group SA, Reg. S CHF 7,283 589,876 0.62 Peugeot SA EUR 52,706 1,179,297 1.24 Nestle SA CHF 33,807 3,263,561 3.43 Sanofi EUR 22,915 1,804,098 1.89 Novartis AG CHF 39,712 3,074,710 3.23 Schneider Electric SE EUR 24,096 2,865,014 3.01 Roche Holding AG CHF 2,363 675,982 0.71 Teleperformance EUR 4,501 1,224,497 1.29 11,431,260 12.00 Thales SA EUR 19,794 1,485,935 1.56 United Kingdom TOTAL SE EUR 14,715 519,587 0.55 Anglo American plc GBP 62,166 1,679,339 1.76 Vivendi SA EUR 47,012 1,240,411 1.30 Ashtead Group plc GBP 22,388 857,017 0.90 20,384,122 21.40 AstraZeneca plc GBP 18,710 1,525,969 1.60 Germany BT Group plc GBP 267,849 394,731 0.41 BioNTech SE, ADR EUR 9,559 696,851 0.73 Burberry Group plc GBP 50,164 1,001,750 1.05 Covestro AG, Reg. S EUR 18,884 957,797 1.01 DS Smith plc GBP 381,842 1,597,730 1.68 E.ON SE EUR 154,057 1,401,148 1.47 Euromoney Institutional Evonik Industries AG EUR 48,102 1,292,260 1.36 Investor plc GBP 51,532 612,708 0.64 Fresenius SE & Co. KGaA EUR 49,015 1,870,903 1.96 London Stock Exchange Gerresheimer AG EUR 9,973 880,616 0.93 Group plc GBP 23,047 2,312,281 2.43 Muenchener Phoenix Group Holdings plc GBP 165,235 1,290,247 1.36 Rueckversicherungs- Prudential plc GBP 161,500 2,424,985 2.55 Gesellschaf AG EUR 7,502 1,831,238 1.92 St James's Place plc GBP 144,749 1,824,983 1.92 Puma SE EUR 10,032 927,458 0.97 St Modwen Properties plc GBP 204,689 912,076 0.96 RWE AG EUR 41,465 1,433,030 1.51 Tesco plc GBP 448,184 1,155,331 1.21 SAP SE EUR 24,718 2,657,185 2.79 THG Holdings plc GBP 114,587 994,900 1.04 Siemens AG EUR 16,356 1,929,027 2.03 18,584,047 19.51 Siemens Energy AG EUR 15,527 469,847 0.49 Total Equities 94,574,926 99.31 16,347,360 17.17 Total Transferable securities and money market Ireland instruments admitted to an oficial exchange listing 94,574,926 99.31 Kerry Group plc 'A' EUR 14,223 1,691,826 1.78 Total Investments 94,574,926 99.31 Malin Corp. plc EUR 16,352 64,917 0.07 Cash 634,975 0.67 1,756,743 1.85 Other assets/(liabilities) 25,974 0.02 Italy Total net assets 95,235,875 100.00 Prysmian SpA EUR 52,523 1,525,268 1.60 Telecom Italia SpA EUR 2,058,687 775,507 0.82 2,300,775 2.42 Luxembourg

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 39 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN EQUITY FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets France 21.40 United Kingdom 19.51 Germany 17.17 Switzerland 12.00 Netherlands 10.78 Belgium 5.03 Italy 2.42 Portugal 2.01 Ireland 1.85 Spain 1.60 Austria 1.55 Finland 1.33 Luxembourg 1.13 Bermuda 1.00 Sweden 0.53 Total investments 99.31 Cash and other assets/(liabilities) 0.69 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 40 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Evonik Industries AG EUR 89,067 2,392,785 1.59 exchange listing Infineon Technologies AG EUR 91,085 2,875,326 1.91 Equities SAP SE EUR 14,552 1,564,340 1.04 Belgium Volkswagen AG Preference EUR 19,536 2,970,253 1.98 KBC Group NV EUR 51,604 2,969,810 1.98 Vonovia SE EUR 47,705 2,838,447 1.89 Umicore SA EUR 47,891 1,882,356 1.25 28,071,289 18.67 4,852,166 3.23 Italy Finland Intesa Sanpaolo SpA EUR 1,101,626 2,108,843 1.40 Neste OYJ EUR 80,671 4,787,824 3.19 Prysmian SpA EUR 99,698 2,895,230 1.93 Nordea Bank Abp SEK 382,076 2,562,666 1.70 7,350,490 4.89 Snam SpA EUR 451,388 2,078,416 1.38 France Telecom Italia SpA EUR 7,087,237 2,669,762 1.78 Air Liquide SA EUR 19,123 2,572,522 1.71 Terna Rete Elettrica Alstom SA EUR 99,268 4,635,816 3.08 Nazionale SpA EUR 405,833 2,542,949 1.69 12,295,200 8.18 AXA SA EUR 154,611 3,019,708 2.01 Netherlands Capgemini SE EUR 25,976 3,297,004 2.19 Airbus SE EUR 30,237 2,720,120 1.81 Carrefour SA EUR 154,610 2,170,724 1.44 ASML Holding NV EUR 4,809 1,912,780 1.27 Cie de Saint-Gobain EUR 64,694 2,433,788 1.62 Koninklijke Philips NV EUR 78,025 3,424,127 2.28 Cie Generale des 8,057,027 5.36 Etablissements Michelin Norway SCA EUR 15,787 1,658,424 1.10 Mowi ASA NOK 163,812 2,989,023 1.99 Credit Agricole SA EUR 254,918 2,636,489 1.75 2,989,023 1.99 EssilorLuxottica SA EUR 16,622 2,124,707 1.41 Sweden L'Oreal SA EUR 13,991 4,353,999 2.90 Telefonaktiebolaget LM LVMH Moet Hennessy Louis Ericsson 'B' SEK 336,495 3,294,245 2.19 Vuitton SE EUR 12,795 6,540,164 4.35 3,294,245 2.19 Orange SA EUR 177,506 1,727,666 1.15 Switzerland Pernod Ricard SA EUR 16,615 2,606,894 1.74 ABB Ltd. CHF 123,914 2,835,380 1.89 Sanofi EUR 46,585 3,667,637 2.44 Alcon, Inc. CHF 44,131 2,403,990 1.60 SPIE SA EUR 173,370 3,093,788 2.06 Nestle SA CHF 35,413 3,418,596 2.27 Teleperformance EUR 7,048 1,917,408 1.28 Roche Holding AG CHF 18,765 5,368,089 3.57 TOTAL SE EUR 116,114 4,099,985 2.73 Temenos AG CHF 9,898 1,132,651 0.75 Worldline SA, Reg. S EUR 26,799 2,118,997 1.41 Zurich Insurance Group AG CHF 10,988 3,799,354 2.53 54,675,720 36.37 18,958,060 12.61 Germany United Kingdom adidas AG EUR 16,484 4,927,068 3.28 Unilever plc EUR 14,402 713,907 0.48 Allianz SE EUR 23,996 4,847,192 3.22 713,907 0.48 Deutsche Telekom AG EUR 192,323 2,890,134 1.92 Total Equities 141,257,127 93.97 Total Transferable securities and money market E.ON SE EUR 304,095 2,765,744 1.84 instruments admitted to an oficial exchange listing 141,257,127 93.97 Total Investments 141,257,127 93.97 Cash 1,788,356 1.19 Other assets/(liabilities) 7,273,303 4.84 Total net assets 150,318,786 100.00

Geographic Allocation of Portfolio % of Net Assets France 36.37 Germany 18.67 Switzerland 12.61 Italy 8.18 Netherlands 5.36 Finland 4.89 Belgium 3.23 Sweden 2.19 Norway 1.99 United Kingdom 0.48 Total investments 93.97 Cash and other assets/(liabilities) 6.03 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 41 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial ZF Finance GmbH, Reg. S exchange listing 3% 21/09/2025 EUR 600,000 622,500 1.21 Bonds 7,283,407 14.19 Austria Guernsey ams AG, Reg. S 6% Summit Properties Ltd., 31/07/2025 EUR 590,000 627,214 1.22 Reg. S 2% 31/01/2025 EUR 763,000 752,631 1.47 627,214 1.22 752,631 1.47 Belgium Ireland Solvay SA 2.5% Perpetual EUR 500,000 515,000 1.00 eircom Finance DAC, Reg. S 515,000 1.00 1.75% 01/11/2024 EUR 153,000 150,846 0.29 Denmark 150,846 0.29 TDC A/S 5% 02/03/2022 EUR 235,000 247,759 0.48 Isle of Man 247,759 0.48 Playtech plc, Reg. S 3.75% France 12/10/2023 EUR 174,000 176,980 0.35 Accor SA, Reg. S 3.625% 176,980 0.35 17/09/2023 EUR 600,000 635,250 1.24 Italy Faurecia SE, Reg. S 2.625% Banca Monte dei Paschi di 15/06/2025 EUR 400,000 407,034 0.79 Siena SpA, Reg. S 1.875% Fnac Darty SA, Reg. S 09/01/2026 EUR 240,000 238,850 0.47 1.875% 30/05/2024 EUR 144,000 146,063 0.29 Banca Monte dei Paschi di Getlink SE, Reg. S 3.5% Siena SpA, Reg. S, FRN 8% 30/10/2025 EUR 144,000 149,118 0.29 22/01/2030 EUR 317,000 313,602 0.61 Loxam SAS, Reg. S 3.5% Banco BPM SpA, Reg. S 5% 03/05/2023 EUR 310,000 313,202 0.61 14/09/2030 EUR 740,000 796,299 1.55 Mobilux Finance SAS, Reg. S Banco BPM SpA, Reg. S 5.5% 15/11/2024 EUR 250,000 253,195 0.49 1.625% 18/02/2025 EUR 251,000 249,269 0.49 Parts Europe SA, Reg. S Bormioli Pharma Spa, Reg. 6.5% 16/07/2025 EUR 500,000 522,925 1.02 S, FRN 3.5% 15/11/2024 EUR 510,000 499,081 0.97 Picard Groupe SAS, Reg. S, Centurion Bidco SpA, Reg. S FRN 3% 30/11/2023 EUR 402,000 402,225 0.78 5.875% 30/09/2026 EUR 150,000 155,216 0.30 Renault SA, Reg. S 2.375% Fabric BC SpA, Reg. S, FRN 25/05/2026 EUR 100,000 101,375 0.20 4.125% 30/11/2024 EUR 254,000 255,265 0.50 Rubis Terminal Infra SAS, Gamma Bidco SpA, Reg. S Reg. S 5.625% 15/05/2025 EUR 286,000 306,092 0.60 6.25% 15/07/2025 EUR 394,000 410,816 0.80 SPCM SA, Reg. S 2% Infrastrutture Wireless 01/02/2026 EUR 752,000 764,746 1.49 Italiane SpA, Reg. S 1.625% 21/10/2028 EUR 297,000 305,342 0.59 4,001,225 7.80 Germany Intesa Sanpaolo SpA, Reg. S 5.5% Perpetual EUR 580,000 618,570 1.21 ADLER Real Estate AG, Reg. S 1.5% 06/12/2021 EUR 1,169,000 1,172,595 2.29 Intesa Sanpaolo SpA, Reg. S, FRN 3.75% Perpetual EUR 252,000 241,605 0.47 Cheplapharm Arzneimittel GmbH, Reg. S 4.375% Nexi SpA, Reg. S 1.75% 15/01/2028 EUR 750,000 771,095 1.50 31/10/2024 EUR 613,000 622,741 1.21 Consus Real Estate AG, Reg. Rekeep SpA, Reg. S 9% S 9.625% 15/05/2024 EUR 1,325,000 1,428,178 2.78 15/06/2022 EUR 672,000 694,512 1.35 DEMIRE Deutsche Sisal Pay SpA, Reg. S, FRN Mittelstand Real Estate AG, 3.875% 17/12/2026 EUR 150,000 150,206 0.29 Reg. S 1.875% 15/10/2024 EUR 400,000 391,678 0.76 Unione di Banche Italiane Deutsche Pfandbriefbank SpA, Reg. S 1.75% AG, Reg. S, FRN 2.875% 12/04/2023 EUR 1,060,000 1,095,592 2.14 28/06/2027 EUR 700,000 702,115 1.37 Unipol Gruppo SpA, Reg. S IHO Verwaltungs GmbH, 3.25% 23/09/2030 EUR 114,000 120,901 0.24 Reg. S 3.625% 15/05/2025 EUR 169,000 172,788 0.34 Unipol Gruppo SpA, Reg. S Rebecca Bidco GmbH, Reg. 3.25% 23/09/2030 EUR 739,000 786,239 1.53 S 5.75% 15/07/2025 EUR 163,000 171,965 0.33 UnipolSai Assicurazioni Tele Columbus AG, Reg. S SpA, Reg. S 6.375% 3.875% 02/05/2025 EUR 880,000 886,655 1.73 Perpetual EUR 300,000 327,750 0.64 thyssenkrupp AG, Reg. S Webuild SpA, Reg. S 5.875% 1.375% 03/03/2022 EUR 688,000 688,168 1.34 15/12/2025 EUR 507,000 524,491 1.02 WEPA Hygieneprodukte 8,406,347 16.38 GmbH, Reg. S 2.875% Jersey 15/12/2027 EUR 171,000 173,672 0.34 Galaxy Bidco Ltd., Reg. S ZF Finance GmbH, Reg. S 6.5% 31/07/2026 GBP 131,000 152,728 0.30 2.75% 25/05/2027 EUR 100,000 101,998 0.20 152,728 0.30

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 42 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Luxembourg Panama ADLER Group SA, Reg. S Carnival Corp., Reg. S 3.25% 05/08/2025 EUR 200,000 208,840 0.41 7.625% 01/03/2026 EUR 230,000 244,614 0.48 ADLER Group SA, Reg. S 244,614 0.48 2.75% 13/11/2026 EUR 100,000 102,687 0.20 Spain ArcelorMittal SA, Reg. S Banco de Sabadell SA, Reg. 1.75% 19/11/2025 EUR 880,000 909,177 1.77 S 5.625% 06/05/2026 EUR 1,100,000 1,290,064 2.51 B&M European Value Bankia SA, Reg. S, FRN Retail SA, Reg. S 3.625% 3.75% 15/02/2029 EUR 600,000 646,752 1.26 15/07/2025 GBP 200,000 228,106 0.44 CaixaBank SA, Reg. S Fiat Chrysler Finance 5.875% Perpetual EUR 200,000 221,100 0.43 Europe SENC, Reg. S 4.75% Cellnex Telecom SA, Reg. S 15/07/2022 EUR 818,000 874,115 1.70 1.75% 23/10/2030 EUR 100,000 101,164 0.20 Lincoln Financing SARL, Cellnex Telecom SA, Reg. S Reg. S, FRN 3.875% 1% 20/04/2027 EUR 600,000 594,365 1.16 01/04/2024 EUR 680,000 680,816 1.33 Gestamp Automocion SA, Matterhorn Telecom SA, Reg. S 3.25% 30/04/2026 EUR 174,000 177,202 0.35 Reg. S 2.625% 15/09/2024 EUR 160,000 162,072 0.32 Lorca Telecom Bondco SA, Motion Finco Sarl, Reg. S 7% Reg. S 4% 18/09/2027 EUR 593,000 624,506 1.22 15/05/2025 EUR 240,000 253,956 0.50 NH Hotel Group SA, Reg. S Rossini Sarl, Reg. S 6.75% 3.75% 01/10/2023 EUR 116,897 115,226 0.22 30/10/2025 EUR 110,000 117,659 0.23 3,770,379 7.35 Stena International SA, Reg. Supranational S 3.75% 01/02/2025 EUR 185,000 181,410 0.35 Ardagh Packaging Finance 3,718,838 7.25 plc, Reg. S 2.125% Netherlands 15/08/2026 EUR 140,000 140,613 0.28 Abertis Infraestructuras Ardagh Packaging Finance Finance BV, Reg. S 3.248% plc, Reg. S 2.125% 31/12/2164 EUR 400,000 415,700 0.81 15/08/2026 EUR 287,000 288,171 0.56 ASR Nederland NV, Reg. S, 428,784 0.84 FRN 4.625% Perpetual EUR 145,000 157,379 0.31 Sweden Athora Netherlands NV, Reg. Intrum AB, Reg. S 4.875% S, FRN 7% Perpetual EUR 226,000 253,685 0.49 15/08/2025 EUR 1,101,000 1,143,526 2.23 Dufry One BV, Reg. S 2% Intrum AB, Reg. S 3.125% 15/02/2027 EUR 150,000 141,187 0.28 15/07/2024 EUR 176,000 176,936 0.34 Energizer Gamma Samhallsbyggnadsbolaget Acquisition BV, Reg. S i Norden AB, Reg. S 2.625% 4.625% 15/07/2026 EUR 137,000 142,477 0.28 31/12/2164 EUR 800,000 797,172 1.55 Fiat Chrysler Automobiles Verisure Midholding AB, NV, Reg. S 3.375% Reg. S 5.75% 01/12/2023 EUR 120,000 121,835 0.24 07/07/2023 EUR 273,000 291,369 0.57 2,239,469 4.36 IPD 3 BV, Reg. S 5.5% United Kingdom 01/12/2025 EUR 250,000 258,750 0.50 Algeco Global Finance plc, Koninklijke Reg. S 6.5% 15/02/2023 EUR 1,020,000 1,041,828 2.03 FrieslandCampina NV, Reg. Barclays plc, Reg. S, FRN S 2.85% Perpetual EUR 106,000 108,932 0.21 5.875% Perpetual GBP 145,000 166,874 0.33 OI European Group BV, Reg. Drax Finco plc, Reg. S S 3.125% 15/11/2024 EUR 168,000 174,353 0.34 2.625% 01/11/2025 EUR 171,000 176,540 0.34 Phoenix PIB Dutch eG Global Finance plc, Reg. Finance BV, Reg. S 2.375% S 3.625% 07/02/2024 EUR 505,000 498,233 0.97 05/08/2025 EUR 400,000 410,757 0.80 International Game Q-Park Holding I BV, Reg. S Technology plc, Reg. S 1.5% 01/03/2025 EUR 182,000 176,241 0.34 4.75% 15/02/2023 EUR 140,000 146,930 0.29 Schoeller Packaging BV, Iron Mountain UK plc, REIT, Reg. S 6.375% 01/11/2024 EUR 122,000 125,340 0.24 Reg. S 3.875% 15/11/2025 GBP 142,000 160,819 0.31 Telefonica Europe BV, Reg. Lloyds Banking Group S, FRN 5.875% Perpetual EUR 700,000 788,743 1.54 plc, Reg. S, FRN 4.947% Trivium Packaging Finance Perpetual EUR 240,000 258,657 0.50 BV, Reg. S 3.75% 15/08/2026 EUR 143,000 147,558 0.29 Miller Homes Group UPC Holding BV, Reg. S Holdings plc, Reg. S 5.5% 3.875% 15/06/2029 EUR 885,000 911,550 1.78 15/10/2024 GBP 167,000 191,542 0.37 VZ Vendor Financing II BV, National Express Group plc, Reg. S 2.875% 15/01/2029 EUR 1,020,000 1,018,470 1.98 Reg. S 4.25% Perpetual GBP 920,000 1,051,105 2.05 5,522,491 10.76

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 43 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Natwest Group plc 5.125% Belden, Inc., Reg. S 2.875% 31/12/2164 GBP 210,000 245,040 0.48 15/09/2025 EUR 181,000 183,322 0.36 Pinnacle Bidco plc, Reg. S Cogent Communications 5.5% 15/02/2025 EUR 970,000 961,440 1.87 Group, Inc., Reg. S 4.375% Pinnacle Bidco plc, Reg. S 30/06/2024 EUR 340,000 347,801 0.68 6.375% 15/02/2025 GBP 131,000 144,972 0.28 Ford Motor Credit Co. LLC Rolls-Royce plc, Reg. S 2.748% 14/06/2024 GBP 244,000 271,980 0.53 4.625% 16/02/2026 EUR 113,000 122,605 0.24 Ford Motor Credit Co. LLC Synlab Bondco plc, Reg. S, 3.25% 15/09/2025 EUR 709,000 744,603 1.45 FRN 4.829% 01/07/2025 EUR 148,000 151,330 0.30 Kraton Polymers LLC, Reg. S Travis Perkins plc, Reg. S 5.25% 15/05/2026 EUR 139,000 144,018 0.28 3.75% 17/02/2026 GBP 103,000 119,414 0.23 Primo Water Corp., Reg. S Victoria plc, Reg. S 5.25% 3.875% 31/10/2028 EUR 980,000 1,008,410 1.96 15/07/2024 EUR 173,000 179,704 0.35 Refinitiv US Holdings, Inc., Virgin Media Finance plc, Reg. S 4.5% 15/05/2026 EUR 424,000 447,216 0.87 Reg. S 3.75% 15/07/2030 EUR 197,000 201,186 0.39 Scientific Games Vmed O2 UK Financing I plc, International, Inc., Reg. S Reg. S 4% 31/01/2029 GBP 651,000 743,083 1.45 3.375% 15/02/2026 EUR 265,000 264,503 0.52 Vodafone Group plc, Reg. S Silgan Holdings, Inc. 2.25% 2.625% 27/08/2080 EUR 900,000 927,441 1.81 01/06/2028 EUR 146,000 148,551 0.29 Wagamama Finance plc, Superior Industries Reg. S 4.125% 01/07/2022 GBP 120,000 131,032 0.26 International, Inc., Reg. S 6% 15/06/2025 EUR 135,000 131,186 0.26 7,619,775 14.85 United States of America 3,867,650 7.54 Total Bonds 49,726,137 96.91 Avantor Funding, Inc., Reg. S 3.875% 15/07/2028 EUR 167,000 176,060 0.34 Total Transferable securities and money market instruments admitted to an oficial exchange listing 49,726,137 96.91 Total Investments 49,726,137 96.91 Cash 1,006,617 1.96 Other assets/(liabilities) 579,141 1.13 Total net assets 51,311,895 100.00

Geographic Allocation of Portfolio % of Net Assets Italy 16.38 United Kingdom 14.85 Germany 14.19 Netherlands 10.76 France 7.80 United States of America 7.54 Spain 7.35 Luxembourg 7.25 Sweden 4.36 Guernsey 1.47 Austria 1.22 Belgium 1.00 Supranational 0.84 Denmark 0.48 Panama 0.48 Isle of Man 0.35 Jersey 0.30 Ireland 0.29 Total investments 96.91 Cash and other assets/(liabilities) 3.09 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 44 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets EUR 56,064 GBP 50,000 12/01/2021 Citibank 407 – EUR 4,034,590 GBP 3,590,000 12/01/2021 Morgan Stanley 38,362 0.08 GBP 120,000 EUR 131,760 12/01/2021 Citibank 1,819 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 40,588 0.08 EUR 131,922 GBP 120,000 12/01/2021 J.P. Morgan (1,657) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,657) – Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 38,931 0.08

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 45 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - EUROPEAN REAL ESTATE SECURITIES FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Lar Espana Real Estate exchange listing Socimi SA, REIT EUR 46,552 218,096 1.19 Equities Merlin Properties Socimi Belgium SA, REIT EUR 94,376 732,830 3.99 Warehouses De Pauw CVA, 1,346,052 7.33 REIT, CVA EUR 28,967 818,318 4.46 Supranational 818,318 4.46 Unibail-Rodamco-Westfield, France REIT EUR 9,328 602,402 3.28 Covivio, REIT EUR 6,966 525,410 2.86 602,402 3.28 ICADE, REIT EUR 2,890 181,131 0.99 Sweden Klepierre SA, REIT EUR 34,457 634,698 3.46 Castellum AB SEK 43,661 909,772 4.96 Mercialys SA, REIT EUR 6,377 46,233 0.25 Fabege AB SEK 26,757 345,792 1.88 1,387,472 7.56 Kungsleden AB SEK 3,558 32,063 0.17 Germany 1,287,627 7.01 alstria ofice REIT-AG EUR 16,105 237,066 1.29 United Kingdom Deutsche Wohnen SE EUR 39,771 1,733,618 9.44 Assura plc, REIT GBP 585,865 499,937 2.72 Hamborner REIT AG EUR 9,745 88,080 0.48 Big Yellow Group plc, REIT GBP 51,188 624,574 3.40 LEG Immobilien AG EUR 7,158 912,144 4.97 Derwent London plc, REIT GBP 25,985 893,027 4.86 Vonovia SE EUR 29,550 1,758,225 9.58 Hammerson plc GBP 13,014 3,607 0.02 4,729,133 25.76 Land Securities Group plc, Ireland REIT GBP 74,223 556,438 3.03 Irish Residential Properties LondonMetric Property REIT plc EUR 318,384 473,755 2.58 plc, REIT GBP 169,996 434,148 2.37 473,755 2.58 NewRiver REIT plc GBP 303,398 284,400 1.55 Netherlands Safestore Holdings plc, REIT GBP 76,184 661,763 3.61 Wereldhave NV, REIT EUR 4,265 45,806 0.25 Segro plc, REIT GBP 102,708 1,082,713 5.90 45,806 0.25 St Modwen Properties plc GBP 76,259 339,803 1.85 Norway Tritax Big Box REIT plc GBP 296,507 552,746 3.01 Entra ASA, Reg. S NOK 53,559 993,772 5.41 UNITE Group plc (The), REIT GBP 47,220 546,982 2.98 993,772 5.41 Spain Workspace Group plc, REIT GBP 18,315 156,542 0.85 Inmobiliaria Colonial 6,636,680 36.15 Socimi SA, REIT EUR 49,499 395,126 2.15 Total Equities 18,321,017 99.79 Total Transferable securities and money market instruments admitted to an oficial exchange listing 18,321,017 99.79 Total Investments 18,321,017 99.79 Cash 2,428 0.01 Other assets/(liabilities) 36,280 0.20 Total net assets 18,359,725 100.00

Geographic Allocation of Portfolio % of Net Assets United Kingdom 36.15 Germany 25.76 France 7.56 Spain 7.33 Sweden 7.01 Norway 5.41 Belgium 4.46 Supranational 3.28 Ireland 2.58 Netherlands 0.25 Total investments 99.79 Cash and other assets/(liabilities) 0.21 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 46 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Czech Republic Government exchange listing Bond, Reg. S 0.95% Bonds 15/05/2030 CZK 71,850,000 2,666,540 0.13 Australia 2,834,571 0.14 Australia Government Bond, Denmark Reg. S 3.25% 21/04/2025 AUD 13,149,000 9,357,578 0.47 Denmark Government Bond Australia Government Bond, 1.75% 15/11/2025 DKK 75,735,115 11,354,637 0.57 Reg. S 4.5% 21/04/2033 AUD 4,448,000 3,895,343 0.19 11,354,637 0.57 Australia Government Bond, Finland Reg. S 1.75% 21/06/2051 AUD 35,901,000 21,569,941 1.07 Finland Government Australia Government Bond, Bond, Reg. S, 144A 0.875% Reg. S 1% 21/12/2030 AUD 23,396,000 14,796,945 0.74 15/09/2025 EUR 10,714,000 11,535,106 0.57 49,619,807 2.47 11,535,106 0.57 Austria France Austria Government France Government Bond Bond, Reg. S, 144A 0.5% OAT, Reg. S 0% 25/03/2024 EUR 56,825,000 58,149,023 2.90 20/04/2027 EUR 1,992,000 2,137,585 0.11 France Government Bond Austria Government Bond, OAT, Reg. S 0% 25/11/2030 EUR 804,053 832,114 0.04 Reg. S, 144A 0% 20/02/2030 EUR 2,570,000 2,676,192 0.14 France Government Bond Austria Government OAT, Reg. S, 144A 1.75% Bond, Reg. S, 144A 2.4% 25/06/2039 EUR 1,814,000 2,398,598 0.12 23/05/2034 EUR 166,000 226,431 0.01 France Government Bond Austria Government OAT, Reg. S, 144A 0.5% Bond, Reg. S, 144A 4.15% 25/05/2040 EUR 6,003,675 6,481,075 0.32 15/03/2037 EUR 505,000 865,643 0.04 France Government Bond Austria Government OAT, Reg. S, 144A 2% Bond, Reg. S, 144A 2.1% 25/05/2048 EUR 370,807 540,785 0.03 20/09/2117 EUR 1,353,000 3,064,418 0.15 France Government Bond 8,970,269 0.45 OAT, Reg. S, 144A 1.5% Belgium 25/05/2050 EUR 8,693,309 11,589,754 0.58 Belgium Government France Government Bond Bond, Reg. S, 144A 0.2% OAT, Reg. S 0% 25/05/2021 EUR 78,088 78,298 – 22/10/2023 EUR 331,000 339,558 0.02 France Government Bond Belgium Government OAT, Reg. S 0% 25/05/2022 EUR 67,570 68,245 – Bond, Reg. S, 144A 0.8% France Government Bond 22/06/2027 EUR 6,152,071 6,720,076 0.34 OAT, Reg. S 1.5% 25/05/2031 EUR 70,113 83,717 – Belgium Government Bond, France Government Reg. S, 144A 1% 22/06/2031 EUR 7,125,241 8,133,566 0.41 Bond OAT, Reg. S 1.25% Belgium Government 25/05/2034 EUR 12,221,007 14,562,674 0.73 Bond, Reg. S, 144A 0.4% France Government Bond 22/06/2040 EUR 1,222,022 1,293,020 0.06 OAT, Reg. S 4.5% 25/04/2041 EUR 654,480 1,240,580 0.06 Belgium Government France Government Bond, Reg. S, 144A 1.6% Bond OAT, Reg. S 3.25% 22/06/2047 EUR 2,258,221 3,014,410 0.15 25/05/2045 EUR 2,030,274 3,510,344 0.18 Belgium Government 99,535,207 4.96 Bond, Reg. S, 144A 2.15% Germany 22/06/2066 EUR 982,107 1,662,146 0.08 Bundesobligation, Reg. S Belgium Government Bond, 0% 11/04/2025 EUR 774,000 799,366 0.04 Reg. S 1.25% 22/04/2033 EUR 2,564,807 3,044,542 0.15 Bundesrepublik 24,207,318 1.21 Deutschland, Reg. S 2.25% Canada 04/09/2021 EUR 46,303,079 47,227,057 2.35 Canada Government Bond Bundesrepublik 1.25% 01/06/2030 CAD 3,061,000 2,066,437 0.10 Deutschland, Reg. S 0.25% Canada Government Bond 15/02/2029 EUR 1,809,239 1,946,144 0.10 0.75% 01/03/2021 CAD 349,000 224,136 0.01 Bundesrepublik Canada Government Bond Deutschland, Reg. S 4.75% 1.5% 01/06/2026 CAD 25,576,000 17,364,234 0.86 04/07/2034 EUR 2,413,336 4,190,051 0.21 Canada Government Bond Bundesrepublik 2.25% 01/06/2029 CAD 232,000 169,130 0.01 Deutschland, Reg. S 4% Canada Government Bond 04/01/2037 EUR 1,781,982 3,089,149 0.15 2% 01/12/2051 CAD 4,042,000 3,120,044 0.16 Bundesrepublik 22,943,981 1.14 Deutschland, Reg. S 4.25% Czech Republic 04/07/2039 EUR 924,966 1,747,099 0.09 Czech Republic Government Bond 2.75% 23/07/2029 CZK 3,900,000 168,031 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 47 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Bundesrepublik Italy Buoni Poliennali Deutschland, Reg. S 3.25% Del Tesoro, Reg. S 0.95% 04/07/2042 EUR 2,459,917 4,430,802 0.22 01/08/2030 EUR 1,167,000 1,219,903 0.06 Bundesrepublik 116,699,972 5.81 Deutschland, Reg. S 1.25% Japan 15/08/2048 EUR 5,996,163 8,452,162 0.42 Japan Government Five 71,881,830 3.58 Year Bond 0.1% 20/06/2021 JPY 1,316,800,000 10,433,177 0.52 Hungary Japan Government Five Hungary Government Bond Year Bond 0.1% 20/12/2021 JPY 1,872,100,000 14,849,713 0.74 3% 21/08/2030 HUF 495,140,000 1,482,321 0.07 Japan Government Five 1,482,321 0.07 Year Bond 0.1% 20/12/2023 JPY 19,408,600,000 154,719,572 7.71 Indonesia Japan Government Ten Year Indonesia Treasury 9% Bond 0.4% 20/09/2025 JPY 4,405,700,000 35,737,545 1.78 15/03/2029 IDR 6,745,000,000 469,062 0.02 Japan Government Ten Year 469,062 0.02 Bond 0.1% 20/09/2027 JPY 2,910,350,000 23,341,669 1.16 Ireland Japan Government Ten Year Ireland Government Bond, Bond 0.1% 20/12/2028 JPY 949,300,000 7,614,300 0.38 Reg. S 1.1% 15/05/2029 EUR 1,857,896 2,099,144 0.10 Japan Government Thirty Ireland Government Bond Year Bond 1.7% 20/03/2044 JPY 104,000,000 1,044,667 0.05 5.4% 13/03/2025 EUR 4,634,714 5,824,260 0.29 Japan Government Thirty Ireland Government Bond, Year Bond 0.6% 20/06/2050 JPY 259,300,000 2,033,450 0.10 Reg. S 2.4% 15/05/2030 EUR 1,314,141 1,661,810 0.08 Japan Government Thirty Ireland Government Bond, Year Bond 2.3% 20/03/2040 JPY 2,499,800,000 26,797,214 1.34 Reg. S 2% 18/02/2045 EUR 1,186,504 1,710,048 0.09 Japan Government Thirty 11,295,262 0.56 Year Bond 1.5% 20/03/2045 JPY 6,294,950,000 61,194,010 3.05 Israel Japan Government Thirty Israel Government Bond 1% Year Bond 0.3% 20/06/2046 JPY 394,300,000 2,950,580 0.15 31/03/2030 ILS 16,870,000 4,381,515 0.22 Japan Government Thirty 4,381,515 0.22 Year Bond 0.8% 20/03/2047 JPY 147,850,000 1,241,406 0.06 Italy Japan Government Twenty Italy Buoni Poliennali Year Bond 1.4% 20/09/2034 JPY 313,100,000 2,885,254 0.14 Del Tesoro, Reg. S 0.35% 01/02/2025 EUR 28,030,000 28,653,668 1.43 Japan Government Twenty Year Bond 2% 20/12/2030 JPY 450,950,000 4,269,912 0.21 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 EUR 50,539,000 50,619,862 2.52 Japan Government Twenty Year Bond 1.2% 20/03/2035 JPY 5,029,350,000 45,347,406 2.26 Italy Buoni Poliennali Del Tesoro 0.95% 01/03/2023 EUR 645,000 663,950 0.03 Japan Government Twenty Year Bond 1% 20/12/2035 JPY 3,603,100,000 31,724,487 1.58 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 EUR 671,000 759,250 0.04 Japan Government Twenty Year Bond 0.5% 20/12/2038 JPY 433,050,000 3,517,286 0.18 Italy Buoni Poliennali Del Tesoro, Reg. S, 144A 4.5% Japan Government Twenty 01/03/2026 EUR 1,498,000 1,847,558 0.09 Year Bond 0.3% 20/06/2039 JPY 1,234,600,000 9,655,065 0.48 439,356,713 21.89 Italy Buoni Poliennali Del Tesoro, Reg. S, 144A 1.65% Mexico 01/03/2032 EUR 8,568,000 9,511,851 0.48 Mexican Bonos 6.75% 09/03/2023 MXN 224,179,000 9,654,103 0.48 Italy Buoni Poliennali Del Tesoro, Reg. S, 144A 5% Mexican Bonos 6.5% 01/08/2034 EUR 144,000 221,688 0.01 10/06/2021 MXN 6,500,000 268,882 0.01 Italy Buoni Poliennali Del Mexican Bonos 8.5% Tesoro, Reg. S, 144A 2.25% 31/05/2029 MXN 94,782,700 4,742,664 0.24 01/09/2036 EUR 5,429,000 6,463,767 0.32 14,665,649 0.73 Italy Buoni Poliennali Del Netherlands Tesoro, Reg. S, 144A 2.95% Netherlands Government 01/09/2038 EUR 905,000 1,181,122 0.06 Bond, Reg. S, 144A 0.25% Italy Buoni Poliennali Del 15/07/2025 EUR 9,250,144 9,661,397 0.48 Tesoro, Reg. S, 144A 3.1% Netherlands Government 01/03/2040 EUR 3,896,000 5,205,640 0.26 Bond, Reg. S, 144A 0.75% Italy Buoni Poliennali Del 15/07/2028 EUR 4,401,909 4,860,204 0.24 Tesoro, Reg. S, 144A 5% Netherlands Government 01/09/2040 EUR 42,000 70,460 – Bond, Reg. S, 144A 0% Italy Buoni Poliennali Del 15/07/2030 EUR 2,273,218 2,382,605 0.12 Tesoro, Reg. S, 144A 3.45% Netherlands Government 01/03/2048 EUR 6,978,000 10,281,253 0.51 Bond, Reg. S, 144A 4% 15/01/2037 EUR 226,361 388,703 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 48 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Netherlands Government South Africa Bond, Reg. S, 144A 3.75% South Africa Government 15/01/2042 EUR 1,159,369 2,167,997 0.11 Bond 10.5% 21/12/2026 ZAR 692,939,205 45,660,041 2.28 Netherlands Government 45,660,041 2.28 Bond, Reg. S, 144A 2.75% Spain 15/01/2047 EUR 1,524,315 2,727,548 0.14 Spain Government Bond 22,188,454 1.11 0.75% 30/07/2021 EUR 120,000 120,933 0.01 New Zealand Spain Government Bond New Zealand Government 0.4% 30/04/2022 EUR 41,000 41,567 – Bond 3% 20/04/2029 NZD 4,213,000 2,914,300 0.15 Spain Government Bond New Zealand Government 0.35% 30/07/2023 EUR 27,117,000 27,757,665 1.38 Bond, Reg. S 4.5% Spain Government 15/04/2027 NZD 112,000 81,870 – Bond, Reg. S, 144A 1.5% 2,996,170 0.15 30/04/2027 EUR 4,322,000 4,826,068 0.24 Norway Spain Government Norway Government Bond, Reg. S, 144A 1.45% Bond, Reg. S, 144A 1.75% 31/10/2027 EUR 25,000 27,917 – 13/03/2025 NOK 30,595,000 3,063,596 0.15 Spain Government 3,063,596 0.15 Bond, Reg. S, 144A 1.4% Poland 30/04/2028 EUR 49,000 54,814 – Poland Government Bond Spain Government 0.75% 25/04/2025 PLN 17,788,000 3,963,604 0.20 Bond, Reg. S, 144A 1.4% Poland Government Bond 30/07/2028 EUR 26,000 29,144 – 1.25% 25/10/2030 PLN 1,411,000 311,132 0.01 Spain Government Poland Government Bond Bond, Reg. S, 144A 1.95% 2.5% 25/07/2027 PLN 499,000 121,898 0.01 30/07/2030 EUR 1,679,000 1,992,200 0.10 4,396,634 0.22 Spain Government Portugal Bond, Reg. S, 144A 1.25% Portugal Obrigacoes do 31/10/2030 EUR 15,073,000 16,859,301 0.84 Tesouro OT, Reg. S, 144A Spain Government 2.875% 21/07/2026 EUR 6,656,945 7,865,780 0.39 Bond, Reg. S, 144A 2.35% Portugal Obrigacoes do 30/07/2033 EUR 5,295,000 6,685,914 0.33 Tesouro OT, Reg. S, 144A Spain Government 2.2% 17/10/2022 EUR 130,371 137,255 0.01 Bond, Reg. S, 144A 4.9% Portugal Obrigacoes do 30/07/2040 EUR 2,153,000 3,896,443 0.19 Tesouro OT, Reg. S, 144A Spain Government 1.95% 15/06/2029 EUR 50,006 58,678 0.01 Bond, Reg. S, 144A 1.2% Portugal Obrigacoes do 31/10/2040 EUR 811,000 898,879 0.05 Tesouro OT, Reg. S, 144A Spain Government 0.475% 18/10/2030 EUR 3,098,735 3,234,181 0.16 Bond, Reg. S, 144A 5.15% Portugal Obrigacoes do 31/10/2044 EUR 246,000 486,466 0.03 Tesouro OT, Reg. S, 144A Spain Government 4.1% 15/02/2045 EUR 32,495 56,625 – Bond, Reg. S, 144A 2.7% 11,352,519 0.57 31/10/2048 EUR 2,376,000 3,492,367 0.17 Russia Spain Government Russian Federal Bond - OFZ Bond, Reg. S, 144A 3.45% 7.65% 10/04/2030 RUB 440,994,000 5,504,194 0.27 30/07/2066 EUR 1,967,000 3,573,015 0.18 5,504,194 0.27 70,742,693 3.52 Singapore Sweden Singapore Government Sweden Government Bond 2.25% 01/06/2021 SGD 325,000 202,504 0.01 Bond, Reg. S, 144A 0.75% 12/11/2029 SEK 26,950,000 2,882,481 0.14 Singapore Government Bond 2.875% 01/07/2029 SGD 1,052,000 761,380 0.04 Sweden Government Bond, 963,884 0.05 Reg. S 1% 12/11/2026 SEK 895,000 95,521 0.01 Slovakia 2,978,002 0.15 Slovakia Government Bond, Switzerland Reg. S 1.625% 21/01/2031 EUR 1,954,000 2,390,206 0.12 Switzerland Government 2,390,206 0.12 Bond, Reg. S 0.5% 27/05/2030 CHF 3,053,000 3,115,714 0.15 Slovenia Slovenia Government Bond, Switzerland Government Reg. S 0.275% 14/01/2030 EUR 1,999,000 2,089,888 0.10 Bond, Reg. S 1.25% 28/05/2026 CHF 703,000 721,815 0.04 Slovenia Government Bond, Reg. S 2.125% 28/07/2025 EUR 616,000 691,242 0.04 2,781,130 0.14

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 49 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Switzerland Government Transferable securities and money market instruments dealt in on another Bond, Reg. S 0.5% regulated market 24/05/2055 CHF 923,000 1,146,736 0.06 Bonds 4,984,265 0.25 Malaysia United Kingdom Malaysia Government Bond UK Treasury, Reg. S 4.25% 3.795% 30/09/2022 MYR 51,000 10,719 – 07/09/2039 GBP 420,930 774,194 0.04 10,719 – UK Treasury, Reg. S 0.625% United States of America 22/10/2050 GBP 1,310,000 1,418,748 0.07 US Treasury Inflation UK Treasury, Reg. S 1.5% Indexed 0.125% 15/10/2024 USD 200 178 – 22/01/2021 GBP 96,483,065 107,880,341 5.37 178 – UK Treasury, Reg. S 2.25% Total Bonds 10,897 – 07/09/2023 GBP 511,934 608,222 0.03 Total Transferable securities and money market instruments dealt in on another regulated market 10,897 – UK Treasury, Reg. S 1.5% 22/07/2026 GBP 13,858,019 16,828,818 0.84 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS UK Treasury, Reg. S 4.25% Ireland 07/12/2027 GBP 2,237,946 3,235,127 0.16 Aviva Investors Euro UK Treasury, Reg. S 4.75% Liquidity Fund - Class 3 07/12/2030 GBP 5,192,983 8,402,051 0.42 Income shares EUR† EUR 1,272,021 123,937,554 6.18 UK Treasury, Reg. S 4.25% Aviva Investors Sterling 07/06/2032 GBP 5,228,201 8,438,414 0.42 Liquidity Funds plc - Class 3 UK Treasury, Reg. S 4.25% Income shares GBP† GBP 400,000 446,880 0.02 07/03/2036 GBP 653,727 1,132,690 0.06 Aviva Investors US Dollar UK Treasury, Reg. S 4.75% Liquidity Fund - Class 3 07/12/2038 GBP 4,361,250 8,365,891 0.42 Income shares USD† USD 7,900,000 6,456,622 0.32 UK Treasury, Reg. S 4.25% 130,841,056 6.52 07/12/2040 GBP 5,058,006 9,475,833 0.47 Total Collective Investment Schemes - UCITS 130,841,056 6.52 UK Treasury, Reg. S 3.5% Total Units of authorised UCITS or other collective 22/01/2045 GBP 1,951,000 3,517,313 0.17 investment undertakings 130,841,056 6.52 UK Treasury, Reg. S 1.5% Total Investments 1,925,846,734 95.95 22/07/2047 GBP 32,015,989 42,363,928 2.11 Cash 35,230,534 1.76 212,441,570 10.58 Other assets/(liabilities) 46,021,117 2.29 United States of America Total net assets 2,007,098,385 100.00 † US Treasury 0.25% Related Party Fund 30/09/2025 USD 94,072,100 76,599,244 3.82 US Treasury 4.375% 15/05/2040 USD 14,009,000 17,379,939 0.87 US Treasury 1.25% 15/05/2050 USD 33,152,000 24,586,531 1.22 US Treasury 1.625% 30/04/2023 USD 24,163,100 20,431,062 1.02 US Treasury 1.5% 30/09/2024 USD 1,610,300 1,378,397 0.07 US Treasury 0.5% 31/03/2025 USD 191,133,200 157,670,388 7.86 US Treasury 2.25% 15/08/2027 USD 39,697,500 35,983,640 1.79 US Treasury 2.375% 15/05/2029 USD 17,243,000 15,929,041 0.79 US Treasury 4.375% 15/02/2038 USD 14,127,500 17,168,837 0.86 US Treasury 3% 15/11/2044 USD 4,788,100 5,065,870 0.25 US Treasury 2.5% 15/02/2046 USD 37,715,700 36,835,652 1.84 US Treasury 3% 15/02/2047 USD 602,200 643,710 0.03 US Treasury 2.75% 15/08/2047 USD 609,300 624,475 0.03 US Treasury Inflation Indexed 0.125% 15/04/2025 USD 113,949,300 101,021,417 5.03 511,318,203 25.48 Total Bonds 1,794,994,781 89.43 Total Transferable securities and money market instruments admitted to an oficial exchange listing 1,794,994,781 89.43

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 50 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 25.48 Japan 21.89 United Kingdom 10.58 Ireland 7.08 Italy 5.81 France 4.96 Germany 3.58 Spain 3.52 Australia 2.47 South Africa 2.28 Belgium 1.21 Canada 1.14 Netherlands 1.11 Mexico 0.73 Finland 0.57 Denmark 0.57 Portugal 0.57 Austria 0.45 Russia 0.27 Switzerland 0.25 Poland 0.22 Israel 0.22 Norway 0.15 New Zealand 0.15 Sweden 0.15 Czech Republic 0.14 Slovenia 0.14 Slovakia 0.12 Hungary 0.07 Singapore 0.05 Indonesia 0.02 Malaysia – Total investments 95.95 Cash and other assets/(liabilities) 4.05 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 51 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets AUD 2,783,024 EUR 1,718,259 13/01/2021 Goldman Sachs 36,701 – AUD 2,994,079 EUR 1,838,817 13/01/2021 Morgan Stanley 49,234 – AUD 514,917 EUR 311,474 13/01/2021 RBC 13,230 – AUD 20,817,818 EUR 12,706,689 13/01/2021 Standard Chartered 420,918 0.02 CAD 92,960,650 USD 70,835,746 21/01/2021 Standard Chartered 1,745,905 0.09 CNH 13,407,981 EUR 1,679,037 13/01/2021 HSBC 6,395 – CNH 399,562,506 USD 58,867,170 21/01/2021 HSBC 2,098,305 0.11 EUR 24,318,648 CAD 37,868,604 13/01/2021 Standard Chartered 29,285 – EUR 5,495,705 CHF 5,915,797 13/01/2021 Citibank 25,718 – EUR 976,825 CNH 7,760,344 13/01/2021 Societe Generale 1,322 – EUR 11,581,757 DKK 86,193,892 13/01/2021 UBS 2,244 – EUR 1,513,186 GBP 1,350,000 11/01/2021 J.P. Morgan 5,115 – EUR 1,538,674 HUF 549,942,776 13/01/2021 Barclays 22,614 – EUR 446,587,662 JPY 55,625,226,388 13/01/2021 Goldman Sachs 6,300,916 0.31 EUR 25,008 PLN 113,000 13/01/2021 J.P. Morgan 225 – EUR 4,455,918 PLN 19,955,859 13/01/2021 RBC 79,185 0.01 EUR 982,442 SGD 1,574,982 13/01/2021 Goldman Sachs 8,693 – EUR 543,666,893 USD 641,440,547 13/01/2021 J.P. Morgan 19,532,689 0.97 EUR 3,717,957 USD 4,422,768 13/01/2021 Societe Generale 104,022 0.01 EUR 4,780,153 USD 5,785,270 21/01/2021 Barclays 53,810 – EUR 6,034,165 USD 7,140,963 21/01/2021 BNP Paribas 200,273 0.01 EUR 1,766,435 USD 2,120,323 21/01/2021 J.P. Morgan 34,213 – EUR 6,423,985 USD 7,583,000 21/01/2021 RBC 228,966 0.01 GBP 1,820,221,082 EUR 2,016,204,520 11/01/2021 J.P. Morgan 17,146,253 0.86 GBP 1,353,955 EUR 1,503,270 13/01/2021 Citibank 9,169 – GBP 32,998,000 EUR 36,328,151 13/01/2021 Standard Chartered 532,353 0.03 IDR 13,436,320,148 USD 942,364 21/01/2021 Barclays 17,886 – IDR 20,210,296,733 USD 1,420,326 21/01/2021 Goldman Sachs 24,563 – IDR 684,734,590,000 USD 45,863,000 21/01/2021 J.P. Morgan 2,677,162 0.13 INR 34,546,881 USD 465,555 13/01/2021 UBS 5,857 – JPY 1,283,389,351 USD 12,171,000 21/01/2021 Standard Chartered 214,111 0.01 KRW 1,291,504,969 USD 1,162,246 13/01/2021 BNP Paribas 20,802 – KRW 516,747,489 USD 455,541 13/01/2021 HSBC 16,076 – MXN 9,532,068 USD 465,531 21/01/2021 Barclays 9,746 – MXN 1,415,323,332 USD 65,772,000 21/01/2021 Goldman Sachs 4,184,090 0.21 MYR 549,601 USD 132,000 13/01/2021 RBC 3,748 – PHP 101,664,833 USD 2,090,154 21/01/2021 Barclays 20,527 – PHP 3,371,405,166 USD 68,833,296 21/01/2021 HSBC 1,073,104 0.05 RUB 1,116,109,211 USD 14,547,826 21/01/2021 Goldman Sachs 420,115 0.02 RUB 1,108,253,385 USD 14,547,826 21/01/2021 J.P. Morgan 333,504 0.02 SEK 5,952,673 USD 691,064 21/01/2021 Goldman Sachs 27,718 – SEK 303,819,417 USD 34,834,933 21/01/2021 UBS 1,771,215 0.09 THB 1,990,158 EUR 53,831 13/01/2021 Societe Generale 447 – TWD 1,980,203,196 USD 69,991,630 21/01/2021 HSBC 501,067 0.03 USD 18,025,943 BRL 92,500,127 21/01/2021 Merrill Lynch 178,478 0.01 USD 964,212 MXN 19,247,749 21/01/2021 HSBC 76 – USD 7,210,379 RUB 531,628,490 21/01/2021 BNP Paribas 29,386 – ZAR 943,288,114 EUR 48,660,453 13/01/2021 HSBC 3,740,746 0.19 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 63,958,177 3.19

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 52 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets BRL 92,604,186 USD 17,877,256 21/01/2021 Citibank (40,641) – BRL 92,586,309 USD 17,877,256 21/01/2021 Goldman Sachs (43,452) – CNH 9,301,064 EUR 1,177,350 13/01/2021 Morgan Stanley (8,172) – CNH 428 EUR 54 13/01/2021 UBS – – EUR 61,698,368 AUD 101,474,864 13/01/2021 Merrill Lynch (2,291,149) (0.11) EUR 1,699,405 AUD 2,756,489 13/01/2021 Standard Chartered (38,822) – EUR 2,321,932 AUD 3,829,876 13/01/2021 UBS (93,168) (0.01) EUR 2,699,614 CZK 73,350,345 13/01/2021 HSBC (92,932) (0.01) EUR 1,726,625 CZK 47,272,619 13/01/2021 J.P. Morgan (73,107) – EUR 25,705,557 GBP 23,175,000 11/01/2021 J.P. Morgan (183,003) (0.01) EUR 247,126,162 GBP 224,277,371 13/01/2021 J.P. Morgan (3,403,475) (0.17) EUR 182,512 GBP 163,530 13/01/2021 RBC (160) – EUR 4,689,227 ILS 18,710,233 13/01/2021 Barclays (73,086) – EUR 130,478 ILS 521,180 13/01/2021 J.P. Morgan (2,177) – EUR 14,457,285 MXN 366,706,147 13/01/2021 J.P. Morgan (566,130) (0.03) EUR 3,026,458 NOK 32,995,783 13/01/2021 J.P. Morgan (122,532) (0.01) EUR 3,492,678 NZD 6,242,872 13/01/2021 UBS (180,396) (0.01) EUR 5,655,112 RUB 520,360,000 13/01/2021 UBS (88,037) (0.01) EUR 1,700,908 SEK 17,775,649 13/01/2021 Standard Chartered (67,944) – EUR 587,865 ZAR 11,484,461 13/01/2021 Barclays (50,116) – EUR 91,565,765 ZAR 1,803,971,012 13/01/2021 J.P. Morgan (8,647,779) (0.43) EUR 398,559 ZAR 7,516,414 13/01/2021 UBS (18,990) – RUB 71,161,738 USD 964,212 21/01/2021 HSBC (3,164) – TWD 44,682,920 USD 1,594,395 21/01/2021 HSBC (986) – USD 460,707 CAD 603,755 21/01/2021 Goldman Sachs (10,810) – USD 34,834,941 CAD 45,869,327 21/01/2021 RBC (957,350) (0.05) USD 30,654,671 CNH 206,542,801 21/01/2021 Goldman Sachs (900,915) (0.05) USD 30,026,673 CNH 197,619,993 21/01/2021 HSBC (293,139) (0.02) Canadian Imperial Bank of USD 929,620 EUR 784,677 13/01/2021 Commerce (25,065) – USD 7,516,424 EUR 6,450,668 21/01/2021 Societe Generale (310,040) (0.02) USD 228,057 EUR 192,622 21/01/2021 Standard Chartered (6,309) – USD 1,382,128 IDR 19,712,047,749 21/01/2021 Barclays (26,557) – USD 13,839,489 IDR 197,024,239,334 21/01/2021 BNP Paribas (245,051) (0.01) USD 12,017,296 JPY 1,252,971,229 21/01/2021 BNP Paribas (98,938) (0.01) USD 1,862,222 JPY 194,322,120 21/01/2021 Goldman Sachs (16,593) – USD 697,216 KRW 786,685,044 13/01/2021 BNP Paribas (21,443) – USD 1,496,000 KRW 1,718,081,200 13/01/2021 Goldman Sachs (68,634) – USD 1,154,410 KRW 1,285,401,688 13/01/2021 UBS (22,619) – USD 723,159 KRW 787,803,846 21/01/2021 UBS (1,102) – USD 32,896,967 MXN 662,694,535 21/01/2021 Goldman Sachs (242,959) (0.01) USD 19,720,028 MXN 395,324,878 21/01/2021 HSBC (66,819) – USD 2,049,939 PHP 99,489,689 21/01/2021 Goldman Sachs (16,408) – USD 68,873,511 PHP 3,335,681,885 21/01/2021 HSBC (433,024) (0.02) USD 723,159 SEK 6,119,567 21/01/2021 Barclays (18,104) – USD 71,268,000 SEK 625,825,389 21/01/2021 Goldman Sachs (4,046,378) (0.20) USD 54,484 THB 1,706,000 13/01/2021 Goldman Sachs (2,008) – USD 1,396,665 TWD 39,279,364 21/01/2021 BNP Paribas (3,151) – USD 70,189,360 TWD 1,971,843,608 21/01/2021 UBS (96,022) (0.01) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (24,018,856) (1.20) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 39,939,321 1.99

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 53 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency EUR % of Net Assets Euro-Bobl, 08/03/2021 212 EUR 27,560 – Euro-BTP, 08/03/2021 992 EUR 1,301,105 0.06 Euro-OAT, 08/03/2021 147 EUR 119,070 0.01 Long Gilt, 29/03/2021 153 GBP 132,366 0.01 US Ultra Bond, 22/03/2021 (234) USD 635,689 0.03 Total Unrealised Gain on Financial Futures Contracts - Assets 2,215,790 0.11 Euro-Bund, 08/03/2021 (495) EUR (371,250) (0.02) Japan 10 Year Bond, 15/03/2021 66 JPY (41,796) – Korea 10 Year Bond, 16/03/2021 849 KRW (517,394) (0.03) Total Unrealised Loss on Financial Futures Contracts - Liabilities (930,440) (0.05) Net Unrealised Gain on Financial Futures Contracts - Assets 1,285,350 0.06

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 54 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Interest Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets Pay floating EURIBOR 6 month Receive fixed 338 EUR Barclays 1.533% 27/03/2039 45 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 6,900,000 CNY Merrill Lynch 2.865% 24/06/2024 8,023 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 11,323,000 CNY Barclays 2.786% 06/08/2024 10,296 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 24,000,000 CNY HSBC 2.783% 21/02/2024 22,082 – Pay floating EURIBOR 6 month Receive fixed 4,308,000 EUR Barclays (0.321)% 24/06/2026 23,818 – Pay floating EURIBOR 6 month Receive fixed 741,000 EUR Barclays 0.679% 20/02/2040 31,835 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 23,216,000 CNY J.P. Morgan 2.985% 03/06/2024 39,941 – Pay floating EURIBOR 6 month Receive fixed 4,752,000 EUR Barclays (0.262)% 19/06/2026 43,388 – Pay fixed (0.028)% Receive floating EURIBOR 6 14,900,000 EUR Barclays month 03/08/2040 52,387 – Pay floating EURIBOR 6 month Receive fixed 7,131,000 EUR Barclays (0.246)% 25/05/2026 73,503 – Pay floating EURIBOR 6 month Receive fixed 12,770,000 EUR Barclays (0.319)% 10/07/2026 91,395 0.01 Pay floating EURIBOR 6 month Receive fixed 18,344,440 EUR Barclays (0.361)% 02/07/2025 91,585 0.01 Pay floating EURIBOR 6 month Receive fixed 43,000,000 EUR Barclays (0.385)% 03/08/2026 145,161 0.01 Pay floating EURIBOR 6 month Receive fixed 23,602,757 EUR Barclays (0.314)% 16/07/2026 176,973 0.01 Pay floating EURIBOR 6 month Receive fixed 31,800,000 EUR Barclays (0.352)% 19/08/2025 185,731 0.01 13,158,000 USD Barclays Pay fixed 0.585% Receive floating LIBOR 3 month 16/07/2030 274,383 0.01 20,750,000 USD Barclays Pay fixed 0.633% Receive floating LIBOR 3 month 10/07/2030 350,090 0.02 3,155,490,000 MXN Barclays Pay floating TIIE 4 week Receive fixed 4.53% 18/09/2023 495,568 0.03 23,000,000 USD Barclays Pay fixed 0.542% Receive floating LIBOR 3 month 02/08/2030 570,093 0.03 Total Market Value on Interest Rate Swap Contracts - Assets 2,686,297 0.14 407,209,000 AUD Barclays Pay floating BBR 6 month Receive fixed 0.74% 23/09/2026 (1,003,966) (0.05) Pay floating CNREPOFIX=CFXS 1 week Receive 627,000,000 CNY Barclays fixed 2.56% 31/07/2025 (259,131) (0.01) Pay fixed 0.052% Receive floating EURIBOR 6 8,273,523 EUR Barclays month 16/07/2040 (107,072) (0.01) Pay fixed 0.076% Receive floating EURIBOR 6 5,314,000 EUR Barclays month 10/07/2040 (95,451) (0.01) Pay floating CNREPOFIX=CFXS 1 week Receive 164,000,000 CNY Barclays fixed 2.55% 08/07/2025 (72,065) (0.01) Pay floating CNREPOFIX=CFXS 1 week Receive 34,800,000 CNY Barclays fixed 2.26% 17/06/2025 (69,949) (0.01) Pay fixed 0.064% Receive floating EURIBOR 6 3,681,766 EUR Barclays month 02/07/2040 (57,685) – Pay fixed 0.097% Receive floating EURIBOR 6 2,522,000 EUR Barclays month 25/05/2040 (54,077) – Pay floating CNREPOFIX=CFXS 1 week Receive 39,500,000 CNY Barclays fixed 2.383% 23/06/2025 (53,941) – Pay floating CNREPOFIX=CFXS 1 week Receive 248,000,000 CNY Barclays fixed 2.595% 06/08/2025 (51,138) – Pay fixed 0.144% Receive floating EURIBOR 6 1,438,000 EUR Barclays month 19/06/2040 (44,300) – Pay fixed 0.079% Receive floating EURIBOR 6 2,030,000 EUR Barclays month 24/06/2040 (35,045) – Pay fixed 0.056% Receive floating EURIBOR 6 1,270,000 EUR Barclays month 19/08/2050 (34,347) – Pay floating CNREPOFIX=CFXS 1 week Receive 188,829,000 CNY Barclays fixed 2.63% 15/07/2025 (3,440) – 328 USD Barclays Pay fixed 1.649% Receive floating LIBOR 3 month 10/12/2024 (14) – Total Market Value on Interest Rate Swap Contracts - Liabilities (1,941,621) (0.10) Net Market Value on Interest Rate Swap Contracts - Assets 744,676 0.04

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 55 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL SOVEREIGN BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Inflation Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 2,132,000 GBP Barclays Pay floating UKRPI 1 month Receive fixed 3.5% 15/01/2029 130,810 0.01 Total Market Value on Inflation Rate Swap Contracts - Assets 130,810 0.01 17,949,589 USD Barclays Pay floating USCPI 1 month Receive fixed 1.703% 10/07/2030 (924,318) (0.04) 9,999,000 USD Barclays Pay floating USCPI 1 month Receive fixed 1.695% 16/07/2030 (525,920) (0.03) 2,800,000 USD Barclays Pay floating USCPI 1 month Receive fixed 1.756% 03/08/2030 (134,778) (0.01) 2,132,000 GBP Barclays Pay fixed 3.5 Receive floating UKRPI 1 month 15/01/2029 (130,810) (0.01) Total Market Value on Inflation Rate Swap Contracts - Liabilities (1,715,826) (0.09) Net Market Value on Inflation Rate Swap Contracts - Liabilities (1,585,016) (0.08)

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 56 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial NCL Corp. Ltd., 144A 5.375% exchange listing 01/08/2025 USD 27,500,000 46,672,131 4.64 Convertible Bonds 46,672,131 4.64 Austria Canada ams AG, Reg. S 0.875% Canadian Solar, Inc., 144A 28/09/2022 USD 12,000,000 11,271,360 1.12 2.5% 01/10/2025 USD 8,200,000 12,887,371 1.28 11,271,360 1.12 Canopy Growth Corp., 144A Belgium 4.25% 15/07/2023 CAD 21,500,000 17,614,305 1.76 Bekaert SA, Reg. S 0% 30,501,676 3.04 09/06/2021 EUR 6,000,000 7,302,696 0.73 Cayman Islands 7,302,696 0.73 Avadel Finance Cayman Bermuda Ltd., 144A 4.5% 01/02/2023 USD 6,000,000 6,037,713 0.60 Luye Pharma Group Ltd., JOYY, Inc. 1.375% Reg. S 1.5% 09/07/2024 USD 10,000,000 9,585,000 0.95 15/06/2026 USD 20,000,000 19,842,300 1.98 9,585,000 0.95 Trip.com Group Ltd., Reg. S Cayman Islands 1.5% 01/07/2027 USD 7,600,000 9,682,400 0.96 China Overseas Finance Weibo Corp. 1.25% Investment Cayman V Ltd., 15/11/2022 USD 23,000,000 22,424,788 2.23 Reg. S 0% 05/01/2023 USD 20,000,000 22,575,000 2.25 57,987,201 5.77 Poseidon Finance 1 Ltd., France Reg. S 0% 01/02/2025 USD 12,000,000 11,730,000 1.17 Talend SA, 144A 1.75% Sino Biopharmaceutical 01/09/2024 EUR 1,000,000 1,159,416 0.12 Ltd., Reg. S 0% 17/02/2025 EUR 16,000,000 19,013,967 1.89 1,159,416 0.12 53,318,967 5.31 Japan China Maruwa Unyu Kikan Co. Angang Steel Co. Ltd., Reg. S Ltd., Reg. S 0% 17/12/2025 JPY 700,000,000 7,385,103 0.73 0% 25/05/2023 HKD 130,000,000 16,740,716 1.67 7,385,103 0.73 CRRC Corp. Ltd., Reg. S 0% Panama 05/02/2021 USD 17,750,000 17,694,531 1.76 Copa Holdings SA, 144A 34,435,247 3.43 4.5% 15/04/2025 USD 12,727,000 21,523,791 2.14 Japan 21,523,791 2.14 Shizuoka Bank Ltd. (The), United Kingdom Reg. S, FRN 0% 25/01/2023 USD 15,000,000 14,489,494 1.44 GSK Finance No. 3 plc, 144A 14,489,494 1.44 0% 22/06/2023 USD 7,330,000 7,597,428 0.76 Malaysia 7,597,428 0.76 Cerah Capital Ltd., Reg. S United States of America 0% 08/08/2024 USD 14,600,000 14,581,677 1.45 Accelerate Diagnostics, Inc. Cindai Capital Ltd., Reg. S 2.5% 15/03/2023 USD 4,155,000 2,403,989 0.24 0% 08/02/2023 USD 7,000,000 7,113,750 0.71 Arbor Realty Trust, Inc., 21,695,427 2.16 REIT 4.75% 01/11/2022 USD 7,500,000 7,544,324 0.75 Singapore Atlas Air Worldwide CapitaLand Ltd., Reg. S Holdings, Inc. 2.25% 1.95% 17/10/2023 SGD 9,500,000 7,204,086 0.72 01/06/2022 USD 13,555,000 14,202,174 1.41 CapitaLand Ltd., Reg. S, Avaya Holdings Corp. 2.25% Reg. S 2.8% 08/06/2025 SGD 2,500,000 1,938,504 0.19 15/06/2023 USD 27,500,000 28,783,230 2.86 OUE Ltd., Reg. S 1.5% Blackstone Mortgage Trust, 13/04/2023 SGD 11,250,000 8,701,907 0.86 Inc. 4.375% 05/05/2022 USD 5,500,000 5,517,050 0.55 17,844,497 1.77 Bloom Energy Corp., 144A Virgin Islands, British 2.5% 15/08/2025 USD 12,800,000 24,566,963 2.45 Link 2019 CB Ltd., REIT, Reg. Bridgebio Pharma, Inc., S 1.6% 03/04/2024 HKD 86,000,000 11,157,812 1.11 144A 2.5% 15/03/2027 USD 15,000,000 27,725,073 2.76 PB Issuer NO 5 Ltd., Reg. S CONMED Corp. 2.625% 3% 10/12/2025 USD 2,000,000 1,925,000 0.19 01/02/2024 USD 7,500,000 10,521,520 1.05 Shanghai Port Group BVI Cree, Inc., 144A 1.75% Holding Co. Ltd., Reg. S 0% 01/05/2026 USD 3,490,000 8,098,151 0.81 09/08/2022 USD 8,000,000 8,151,200 0.81 CSG Systems International, 21,234,012 2.11 Inc. 4.25% 15/03/2036 USD 16,080,000 17,004,600 1.69 Total Convertible Bonds 191,176,700 19.02 DexCom, Inc., 144A 0.25% Total Transferable securities and money market 15/11/2025 USD 8,100,000 8,185,860 0.81 instruments admitted to an oficial exchange listing 191,176,700 19.02 Transferable securities and money market instruments dealt in on another Encore Capital Group, Inc. regulated market 2.875% 15/03/2021 USD 15,000,000 15,083,119 1.50 Convertible Bonds FireEye, Inc. 0.875% Bermuda 01/06/2024 USD 23,810,000 29,043,950 2.89

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 57 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 FireEye, Inc. 1.625% Supernus Pharmaceuticals, 01/06/2035 USD 19,500,000 19,232,400 1.91 Inc. 0.625% 01/04/2023 USD 7,300,000 6,959,385 0.69 Fortive Corp. 0.875% Teva Pharmaceutical 15/02/2022 USD 25,000,000 25,842,097 2.57 Finance Co. LLC 0.25% J2 Global, Inc., 144A 1.75% 01/02/2026 USD 34,305,000 34,476,525 3.43 01/11/2026 USD 25,000,000 26,033,478 2.59 Workiva, Inc. 1.125% Liberty Media Corp., 144A 15/08/2026 USD 11,000,000 14,814,400 1.47 0.5% 01/12/2050 USD 10,000,000 10,631,258 1.06 Zillow Group, Inc. 2.75% Ligand Pharmaceuticals, 15/05/2025 USD 10,345,000 21,556,609 2.15 Inc. 0.75% 15/05/2023 USD 21,500,000 20,392,445 2.03 534,666,921 53.21 Lumentum Holdings, Inc. Total Convertible Bonds 707,493,667 70.41 0.5% 15/12/2026 USD 20,500,000 25,100,200 2.50 Total Transferable securities and money market instruments dealt in on another regulated market 707,493,667 70.41 Lyf, Inc., 144A 1.5% 15/05/2025 USD 7,630,000 11,341,730 1.13 Other transferable securities and money market instruments Equities MicroStrategy, Inc., 144A United States of America 0.75% 15/12/2025 USD 8,200,000 10,618,808 1.06 Brammo 'A'§ USD 3,010,155 –– OSI Systems, Inc. 1.25% § 01/09/2022 USD 25,185,000 26,994,731 2.69 Brammo 'B' USD 1,000,000 –– § PROS Holdings, Inc. 1% Brammo Preference 'R' USD 7,207,714 –– 15/05/2024 USD 10,000,000 10,741,590 1.07 –– Slack Technologies, Inc., Total Equities –– 144A 0.5% 15/04/2025 USD 29,840,000 43,917,647 4.37 Total Other transferable securities and money market instruments –– SolarEdge Technologies, Inc., 144A 0% 15/09/2025 USD 9,860,000 13,577,949 1.35 Total Investments 898,670,367 89.43 Cash 76,721,251 7.63 SunPower Corp. 4% Other assets/(liabilities) 29,474,704 2.94 15/01/2023 USD 10,559,000 13,755,666 1.37 Total net assets 1,004,866,322 100.00 §Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio % of Net Assets United States of America 53.21 Cayman Islands 11.08 Bermuda 5.59 China 3.43 Canada 3.04 Japan 2.17 Malaysia 2.16 Panama 2.14 Virgin Islands, British 2.11 Singapore 1.77 Austria 1.12 United Kingdom 0.76 Belgium 0.73 France 0.12 Total investments 89.43 Cash and other assets/(liabilities) 10.57 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 58 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets CAD 3,300,000 USD 2,581,049 11/01/2021 Goldman Sachs 9,314 – CHF 480,234 USD 533,131 11/01/2021 J.P. Morgan 10,259 – EUR 78,098,827 USD 92,607,403 11/01/2021 J.P. Morgan 2,965,813 0.30 GBP 647,240,619 USD 849,909,327 11/01/2021 J.P. Morgan 34,891,692 3.47 JPY 109,100,000 USD 1,040,465 12/01/2021 Goldman Sachs 16,346 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 37,893,424 3.77 CHF 34,196 USD 38,710 11/01/2021 J.P. Morgan (16) – EUR 271,702 USD 332,967 11/01/2021 J.P. Morgan (472) – HKD 179,455,000 USD 23,149,177 11/01/2021 Goldman Sachs (4,551) – USD 15,656,620 CAD 20,425,000 11/01/2021 Goldman Sachs (376,156) (0.04) USD 96,863 CHF 86,139 11/01/2021 J.P. Morgan (604) – USD 25,934,588 EUR 21,810,000 11/01/2021 Goldman Sachs (755,337) (0.07) USD 16,722,630 EUR 13,977,799 11/01/2021 J.P. Morgan (382,661) (0.04) USD 12,991,984 GBP 9,795,029 11/01/2021 J.P. Morgan (398,170) (0.04) USD 53,680,064 HKD 416,305,000 11/01/2021 Goldman Sachs (11,522) – USD 7,427,526 JPY 772,450,000 12/01/2021 Goldman Sachs (54,906) (0.01) USD 17,420,257 SGD 23,445,000 11/01/2021 Goldman Sachs (318,990) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (2,303,385) (0.23) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 35,590,039 3.54

Option Purchased Contracts Market Value Quantity Security Description Currency Counterparty USD % of Net Assets 50 NASDAQ 100 Emini Index, Put, 10,800.000, 19/02/2021 USD J.P. Morgan 337,750 0.03 Total Market Value on Option Purchased Contracts - Assets 337,750 0.03

Total Return Swap on Contracts for Diference Market Value Contract Description Currency Maturity Date Counterparty USD % of Net Assets Receive performance of the underlying global basket of 4 American convertible arbitrage positions. Long the convertible bonds and short the underlying equities, mainly in the information technology sector. Pay weighted average financing (LIBOR) on that same basket USD 15/01/2021 Nomura 83,280 0.01 Receive performance of the underlying global basket of 37 American convertible arbitrage positions. Long the convertible bonds and short the underlying equities, mainly in the financials, industrials and healthcare sectors. Pay weighted average financing (LIBOR) on that same basket USD 15/01/2021 BNP Paribas 508,004 0.05 Total Market Value on Total Return Swap on Contracts for Diference - Assets 591,284 0.06 Receive performance of the underlying global basket of 64 American convertible arbitrage positions. Long the convertible bonds and short the underlying equities, mainly in the information technology and healthcare sectors. Pay weighted average financing (LIBOR) on that same basket USD 02/12/2022 Citibank (8,223,115) (0.82) Total Market Value on Total Return Swap on Contracts for Diference - Liabilities (8,223,115) (0.82) Net Market Value on Total Return Swap on Contracts for Diference - Liabilities (7,631,831) (0.76)

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 59 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Smart Insight International exchange listing Ltd., Reg. S 4.5% 05/12/2023 HKD 46,000,000 7,209,478 1.84 Convertible Bonds 19,451,758 4.96 Cayman Islands Total Convertible Bonds 135,564,729 34.60 China Education Group Total Transferable securities and money market Holdings Ltd., Reg. S 2% instruments admitted to an oficial exchange listing 135,564,729 34.60 28/03/2024 HKD 30,000,000 4,604,141 1.18 Transferable securities and money market instruments dealt in on another Harvest International Co., regulated market Reg. S 0% 21/11/2022 HKD 20,000,000 3,859,353 0.98 Convertible Bonds Kingsof Corp. Ltd., Reg. S Canada 0.625% 29/04/2025 HKD 15,000,000 2,978,898 0.76 Canadian Solar, Inc., 144A Sino Biopharmaceutical 2.5% 01/10/2025 USD 3,000,000 4,652,332 1.19 Ltd., Reg. S 0% 17/02/2025 EUR 4,000,000 4,766,662 1.22 Ssr Mining, Inc. 2.5% 16,209,054 4.14 01/04/2039 USD 2,250,000 3,101,895 0.79 France SSR Mining, Inc. 2.5% Ubisof Entertainment SA, 01/04/2039 USD 4,750,000 6,636,218 1.69 Reg. S 0% 24/09/2024 EUR 5,500,000 8,536,772 2.18 14,390,445 3.67 Worldline SA, Reg. S 0% Cayman Islands 30/07/2026 EUR 7,000,000 10,062,810 2.57 Avadel Finance Cayman 18,599,582 4.75 Ltd., 144A 4.5% 01/02/2023 USD 2,000,000 2,000,460 0.51 Germany JOYY, Inc. 0.75% 15/06/2025 USD 3,500,000 3,570,255 0.91 adidas AG, Reg. S 0.05% 5,570,715 1.42 12/09/2023 EUR 6,000,000 9,305,039 2.38 Israel Delivery Hero SE, Reg. S Nova Measuring 0.875% 15/07/2025 EUR 8,000,000 11,086,041 2.83 Instruments Ltd., 144A 0% RAG-Stifung, Reg. S 0% 15/10/2025 USD 2,500,000 2,835,937 0.73 16/03/2023 EUR 7,000,000 8,746,781 2.23 2,835,937 0.73 29,137,861 7.44 Japan Italy CyberAgent, Inc., Reg. S 0% Nexi SpA, Reg. S 1.75% 17/02/2023 JPY 700,000,000 8,457,183 2.16 24/04/2027 EUR 5,000,000 7,585,648 1.93 Relo Group, Inc., Reg. S 0% 7,585,648 1.93 17/12/2027 JPY 450,000,000 4,639,281 1.19 Japan Ship Healthcare Holdings, SBI Holdings, Inc., Reg. S Inc., Reg. S 0% 13/12/2023 JPY 400,000,000 4,599,776 1.17 0% 25/07/2025 JPY 750,000,000 7,931,338 2.02 17,696,240 4.52 7,931,338 2.02 Jersey Netherlands Novocure Ltd., 144A 0% Just Eat Takeaway.com NV, 01/11/2025 USD 4,200,000 5,448,074 1.39 Reg. S 1.25% 30/04/2026 EUR 4,000,000 5,486,434 1.40 5,448,074 1.39 STMicroelectronics NV, Reg. Singapore S 0% 04/08/2025 USD 6,000,000 7,323,600 1.87 Maxeon Solar Technologies Swiss Re Ltd., Reg. S 3.25% Ltd., 144A 6.5% 15/07/2025 USD 1,250,000 2,118,125 0.54 13/06/2024 USD 9,000,000 10,034,235 2.56 2,118,125 0.54 22,844,269 5.83 Spain Singapore Audax Renovables SA, Reg. Singapore Airlines Ltd., Reg. S 2.75% 30/11/2025 EUR 3,200,000 4,148,353 1.06 S 1.625% 03/12/2025 SGD 5,000,000 4,138,469 1.06 4,148,353 1.06 4,138,469 1.06 United States of America South Korea Accelerate Diagnostics, Inc. Kakao Corp., Reg. S 0% 2.5% 15/03/2023 USD 3,630,000 2,090,779 0.53 28/04/2023 USD 5,000,000 5,681,250 1.45 Akamai Technologies, Inc. 5,681,250 1.45 0.375% 01/09/2027 USD 6,500,000 7,251,212 1.85 United States of America Atlas Air Worldwide JPMorgan Chase Bank NA Holdings, Inc. 1.875% 0% 07/08/2022 USD 3,000,000 3,985,500 1.02 01/06/2024 USD 5,000,000 5,653,104 1.44 3,985,500 1.02 Bloom Energy Corp., 144A Virgin Islands, British 2.5% 15/08/2025 USD 1,050,000 1,983,388 0.51 China Yangtze Power Bridgebio Pharma, Inc., International BVI 1 Ltd., Reg. 144A 2.5% 15/03/2027 USD 3,500,000 6,321,310 1.61 S 0% 09/11/2021 USD 8,000,000 8,170,000 2.08 Coupa Sofware, Inc., 144A Mail.Ru Group Ltd., Reg. S 0.375% 15/06/2026 USD 5,500,000 7,429,148 1.90 1.625% 01/10/2025 USD 4,000,000 4,072,280 1.04 Cree, Inc. 0.875% 01/09/2023 USD 2,300,000 4,165,173 1.06

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 60 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 DexCom, Inc., 144A 0.25% Revance Therapeutics, Inc., 15/11/2025 USD 4,500,000 4,532,022 1.16 144A 1.75% 15/02/2027 USD 3,500,000 3,912,231 1.00 Exact Sciences Corp. 0.375% Sabre GLBL, Inc., 144A 4% 15/03/2027 USD 5,000,000 6,956,019 1.78 15/04/2025 USD 1,600,000 2,879,200 0.73 Fortive Corp. 0.875% SolarEdge Technologies, 15/02/2022 USD 7,500,000 7,715,726 1.97 Inc., 144A 0% 15/09/2025 USD 7,000,000 9,583,719 2.45 GoPro, Inc., 144A 1.25% Southwest Airlines Co. 15/11/2025 USD 4,500,000 5,242,460 1.34 1.25% 01/05/2025 USD 7,000,000 10,176,250 2.60 Gossamer Bio, Inc. 5% Synaptics, Inc. 0.5% 01/06/2027 USD 4,000,000 3,598,926 0.92 15/06/2022 USD 6,700,000 9,104,475 2.32 Insmed, Inc. 1.75% Teladoc Health, Inc., 144A 15/01/2025 USD 4,500,000 5,073,790 1.29 1.25% 01/06/2027 USD 7,000,000 8,296,139 2.12 InterDigital, Inc. 2% Vishay Intertechnology, Inc. 01/06/2024 USD 5,000,000 5,274,384 1.35 2.25% 15/06/2025 USD 8,000,000 8,286,689 2.11 J2 Global, Inc., 144A 1.75% Winnebago Industries, Inc. 01/11/2026 USD 7,500,000 7,799,304 1.99 1.5% 01/04/2025 USD 5,000,000 5,997,338 1.53 JPMorgan Chase Bank NA 182,912,327 46.68 0.125% 01/01/2023 USD 7,000,000 8,207,500 2.09 Total Convertible Bonds 235,120,216 60.01 K12, Inc., 144A 1.125% Total Transferable securities and money market 01/09/2027 USD 3,000,000 2,435,983 0.62 instruments dealt in on another regulated market 235,120,216 60.01 Medallia, Inc., 144A 0.125% Other transferable securities and money market instruments 15/09/2025 USD 3,500,000 3,867,935 0.99 Equities United States of America Middleby Corp. (The), 144A § 1% 01/09/2025 USD 6,000,000 7,338,750 1.87 Brammo 'A' USD 14,367,366 –– § MongoDB, Inc., 144A 0.25% Brammo 'B' USD 4,000,000 –– 15/01/2026 USD 2,100,000 3,805,895 0.97 Brammo Preference 'R'§ USD 28,830,856 –– NextEra Energy Partners LP, –– 144A 0% 15/11/2025 USD 8,000,000 7,873,612 2.01 Total Equities –– NuVasive, Inc., 144A 0.375% Total Other transferable securities and money market 15/03/2025 USD 6,300,000 6,116,725 1.56 instruments –– Pebblebrook Hotel Trust Total Investments 370,684,945 94.61 1.75% 15/12/2026 USD 3,700,000 3,943,141 1.01 Cash 12,686,428 3.24 Other assets/(liabilities) 8,449,199 2.15 Total net assets 391,820,572 100.00 §Security is valued at its fair value under the direction of the Board of Directors.

Geographic Allocation of Portfolio % of Net Assets United States of America 47.70 Germany 7.44 Japan 6.54 Netherlands 5.83 Cayman Islands 5.56 Virgin Islands, British 4.96 France 4.75 Canada 3.67 Italy 1.93 Singapore 1.60 South Korea 1.45 Jersey 1.39 Spain 1.06 Israel 0.73 Total investments 94.61 Cash and other assets/(liabilities) 5.39 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 61 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets AUD 117,567 EUR 72,640 11/01/2021 J.P. Morgan 1,755 – AUD 21,417 GBP 11,831 11/01/2021 J.P. Morgan 397 – AUD 25,684 USD 18,881 11/01/2021 J.P. Morgan 976 – CHF 16,607 EUR 15,322 11/01/2021 J.P. Morgan 62 – CHF 88,402 GBP 72,923 11/01/2021 J.P. Morgan 805 – CHF 30,685 HKD 263,406 11/01/2021 J.P. Morgan 884 – CHF 44,871 JPY 5,143,616 08/01/2021 J.P. Morgan 1,048 – CHF 2,052 SGD 3,068 11/01/2021 J.P. Morgan 8 – CHF 1,938 TWD 60,309 11/01/2021 J.P. Morgan 54 – CHF 620,933 USD 686,536 11/01/2021 J.P. Morgan 18,802 0.01 EUR 3,776,842 CHF 4,048,087 11/01/2021 J.P. Morgan 36,345 0.01 EUR 1,172,836 GBP 1,044,064 11/01/2021 J.P. Morgan 13,022 0.01 EUR 10,665,396 HKD 98,141,566 11/01/2021 J.P. Morgan 430,419 0.11 EUR 15,378,760 JPY 1,890,797,948 08/01/2021 J.P. Morgan 520,905 0.13 EUR 735,152 SGD 1,176,737 11/01/2021 J.P. Morgan 11,166 – EUR 2,244,301 TWD 75,272,545 11/01/2021 J.P. Morgan 74,997 0.02 EUR 15,498,409 USD 18,900,000 11/01/2021 Goldman Sachs 118,660 0.03 EUR 170,601,866 USD 202,445,454 11/01/2021 J.P. Morgan 6,906,280 1.76 GBP 118,866 AUD 208,685 11/01/2021 J.P. Morgan 1,032 – GBP 504,566 CHF 597,910 11/01/2021 J.P. Morgan 10,059 – GBP 8,914,298 EUR 9,848,719 11/01/2021 J.P. Morgan 91,346 0.02 GBP 1,447,286 HKD 14,729,863 11/01/2021 J.P. Morgan 77,281 0.02 GBP 2,153,212 JPY 293,361,412 08/01/2021 J.P. Morgan 94,277 0.03 GBP 227,042 SGD 402,087 11/01/2021 J.P. Morgan 5,703 – GBP 266,142 TWD 9,871,080 11/01/2021 J.P. Morgan 12,228 – GBP 23,013,119 USD 30,222,258 11/01/2021 J.P. Morgan 1,214,014 0.31 HKD 7,398 EUR 776 11/01/2021 J.P. Morgan 1 – JPY 29,587 CHF 253 08/01/2021 J.P. Morgan – – JPY 33,479,293 EUR 264,261 08/01/2021 J.P. Morgan 645 – JPY 70,431,265 USD 674,554 08/01/2021 J.P. Morgan 8,952 – SGD 57,543 EUR 35,418 11/01/2021 J.P. Morgan 106 – SGD 371 GBP 205 11/01/2021 J.P. Morgan – – SGD 38,621 USD 28,796 11/01/2021 J.P. Morgan 445 – TWD 1,798,724 USD 63,455 11/01/2021 J.P. Morgan 565 – USD 142,354 EUR 115,826 11/01/2021 J.P. Morgan 220 – USD 93,334 HKD 723,561 11/01/2021 J.P. Morgan 15 – USD 20,465 TWD 573,887 11/01/2021 J.P. Morgan 39 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 9,653,513 2.46

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 62 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets AUD 5,987 GBP 3,396 11/01/2021 J.P. Morgan (10) – CHF 4,199 AUD 6,310 11/01/2021 J.P. Morgan (108) – CHF 685,233 EUR 637,134 11/01/2021 J.P. Morgan (3,472) – CHF 24,916 GBP 20,990 11/01/2021 J.P. Morgan (370) – CHF 1,027 JPY 120,401 08/01/2021 J.P. Morgan (2) – CHF 3,115 SGD 4,690 11/01/2021 J.P. Morgan (13) – EUR 1,421,120 AUD 2,297,491 11/01/2021 J.P. Morgan (32,341) (0.01) EUR 170,092 CHF 184,447 11/01/2021 J.P. Morgan (794) – EUR 2,878,028 GBP 2,615,392 11/01/2021 J.P. Morgan (40,934) (0.01) EUR 6,153 HKD 58,599 11/01/2021 J.P. Morgan (7) – EUR 569,628 JPY 72,152,900 08/01/2021 J.P. Morgan (1,259) – EUR 1,009,944 SGD 1,638,660 11/01/2021 J.P. Morgan (1,372) – EUR 1,903,087 USD 2,338,553 11/01/2021 J.P. Morgan (3,206) – GBP 67,659 AUD 122,070 11/01/2021 J.P. Morgan (1,952) – GBP 25,116 CHF 30,264 11/01/2021 J.P. Morgan (69) – GBP 1,661,161 EUR 1,854,526 11/01/2021 J.P. Morgan (6,585) – GBP 2,704 SGD 4,886 11/01/2021 J.P. Morgan (6) – HKD 14,710 CHF 1,683 11/01/2021 J.P. Morgan (14) – HKD 14,072,519 EUR 1,513,220 11/01/2021 J.P. Morgan (41,971) (0.01) HKD 2,863,733 GBP 276,654 11/01/2021 J.P. Morgan (8,573) – HKD 3,270,458 USD 421,954 11/01/2021 J.P. Morgan (158) – JPY 578,826 CHF 5,003 08/01/2021 J.P. Morgan (65) – JPY 339,012,291 EUR 2,722,995 08/01/2021 J.P. Morgan (51,243) (0.02) JPY 70,467,074 GBP 506,520 08/01/2021 J.P. Morgan (8,039) – SGD 111,102 EUR 69,548 11/01/2021 J.P. Morgan (1,223) – SGD 37,945 GBP 21,215 11/01/2021 J.P. Morgan (250) – TWD 11,723,501 EUR 346,365 11/01/2021 J.P. Morgan (7,780) – TWD 956,449 GBP 25,312 11/01/2021 J.P. Morgan (535) – USD 120,150 AUD 161,833 11/01/2021 J.P. Morgan (4,968) – USD 456,795 CHF 412,220 11/01/2021 J.P. Morgan (11,459) – USD 43,115,419 EUR 36,075,793 11/01/2021 J.P. Morgan (1,154,494) (0.30) USD 6,990,175 GBP 5,256,084 11/01/2021 J.P. Morgan (189,717) (0.05) USD 1,023,589 HKD 7,938,452 11/01/2021 J.P. Morgan (246) – USD 1,648,442 JPY 170,940,340 08/01/2021 J.P. Morgan (10,464) – USD 151,931 SGD 204,176 11/01/2021 J.P. Morgan (2,661) – USD 183,086 TWD 5,153,481 11/01/2021 J.P. Morgan (335) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (1,586,695) (0.40) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 8,066,818 2.06

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 63 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Tenaga Nasional Bhd. MYR 33,100 85,850 0.96 exchange listing 85,850 0.96 Equities Mauritius Bermuda MakeMyTrip Ltd. USD 4,446 126,155 1.41 China Oriental Group Co. 126,155 1.41 Ltd. HKD 408,000 108,132 1.20 Mexico Credicorp Ltd. USD 897 145,327 1.62 Grupo Televisa SAB MXN 69,068 114,484 1.28 253,459 2.82 114,484 1.28 Brazil Russia Banco do Brasil SA BRL 19,461 145,436 1.62 Detsky Mir PJSC, Reg. S RUB 43,825 80,563 0.90 Lojas Americanas SA LUKOIL PJSC USD 1,834 128,006 1.43 Preference BRL 28,161 142,481 1.59 United Co. RUSAL Minerva SA BRL 35,778 70,203 0.78 International PJSC HKD 238,000 110,960 1.23 358,120 3.99 319,529 3.56 Cayman Islands South Africa Alibaba Group Holding Absa Group Ltd. ZAR 16,012 131,335 1.46 Ltd., ADR USD 1,383 326,222 3.64 131,335 1.46 Autohome, Inc., ADR USD 1,043 102,772 1.15 South Korea China Conch Venture AfreecaTV Co. Ltd. KRW 2,131 118,427 1.32 Holdings Ltd. HKD 31,000 150,529 1.68 Douzone Bizon Co. Ltd. KRW 817 78,183 0.87 China Yongda Automobiles Services Holdings Ltd. HKD 60,655 99,589 1.11 Ecopro BM Co. Ltd. KRW 682 106,286 1.19 Dada Nexus Ltd., ADR USD 777 28,019 0.31 Hyundai Motor Co. KRW 823 145,029 1.62 Hengan International Group LG Chem Ltd. KRW 198 149,661 1.67 Co. Ltd. HKD 14,915 105,848 1.18 NHN KCP Corp. KRW 1,875 117,658 1.31 JD.com, Inc., ADR USD 2,004 176,091 1.96 Samsung Electronics Co. KWG Group Holdings Ltd. HKD 51,805 70,895 0.79 Ltd. KRW 7,372 548,131 6.11 KWG Living Group Holdings SK Hynix, Inc. KRW 1,160 125,798 1.40 Ltd., Reg. S HKD 84,053 68,239 0.76 WONIK IPS Co. Ltd. KRW 2,916 118,358 1.32 NetEase, Inc., ADR USD 1,368 130,938 1.46 1,507,531 16.81 Sands China Ltd. HKD 27,745 122,017 1.36 Taiwan Hon Hai Precision Industry SITC International Holdings Co. Ltd. TWD 45,000 146,603 1.63 Co. Ltd. HKD 52,638 114,056 1.27 MediaTek, Inc. TWD 4,000 106,291 1.18 Tencent Holdings Ltd. HKD 5,400 393,001 4.38 Sinbon Electronics Co. Ltd. TWD 15,372 118,465 1.32 Tongcheng-Elong Holdings Ltd., Reg. S HKD 64,400 124,417 1.39 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 20,000 374,496 4.18 Xinyi Solar Holdings Ltd. HKD 46,000 119,985 1.34 2,132,618 23.78 Tripod Technology Corp. TWD 27,000 113,998 1.27 China Win Semiconductors Corp. TWD 11,000 135,402 1.51 China Longyuan Power 995,255 11.09 Group Corp. Ltd. 'H' HKD 173,000 173,471 1.93 Thailand Livzon Pharmaceutical Indorama Ventures PCL THB 115,700 142,376 1.59 Group, Inc. 'H' HKD 22,100 85,865 0.96 Thai Beverage PCL SGD 233,000 130,113 1.45 PetroChina Co. Ltd. 'H' HKD 385,452 119,058 1.33 272,489 3.04 PICC Property & Casualty United Kingdom Co. Ltd. 'H' HKD 156,000 117,905 1.32 Standard Chartered plc GBP 20,181 128,415 1.43 Ping An Insurance Group 128,415 1.43 Co. of China Ltd. 'H' HKD 15,911 194,902 2.17 Total Equities 7,660,167 85.40 691,201 7.71 Warrants Hong Kong China Sun Art Retail Group Ltd. HKD 103,281 104,767 1.17 Jiangsu Zhongtian Co. Ltd 104,767 1.17 29/11/2021 USD 77,248 128,256 1.43 India 128,256 1.43 HDFC Bank Ltd., ADR USD 1,640 117,990 1.32 Switzerland Reliance Industries Ltd., UBS AG 03/08/2021 USD 12,511 87,714 0.98 GDR USD 3,170 173,557 1.93 UBS AG 14/12/2022 USD 23,800 127,546 1.42 291,547 3.25 UBS AG 31/05/2021 USD 23,142 103,507 1.15 Indonesia UBS AG 31/05/2021 USD 67,613 140,621 1.57 Surya Citra Media Tbk. PT IDR 911,100 147,412 1.64 459,388 5.12 147,412 1.64 Total Warrants 587,644 6.55 Malaysia Total Transferable securities and money market instruments admitted to an oficial exchange listing 8,247,811 91.95

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 64 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS EQUITY UNCONSTRAINED FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets 0 Total Investments 8,247,811 91.95 Cash 249,088 2.78 Other assets/(liabilities) 472,607 5.27 Total net assets 8,969,506 100.00

Geographic Allocation of Portfolio % of Net Assets Cayman Islands 23.78 South Korea 16.81 Taiwan 11.09 China 9.14 Switzerland 5.12 Brazil 3.99 Russia 3.56 India 3.25 Thailand 3.04 Bermuda 2.82 Indonesia 1.64 South Africa 1.46 United Kingdom 1.43 Mauritius 1.41 Mexico 1.28 Hong Kong 1.17 Malaysia 0.96 Total investments 91.95 Cash and other assets/(liabilities) 8.05 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets GBP 6,951,916 USD 9,075,869 11/01/2021 J.P. Morgan 420,554 4.69 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 420,554 4.69 USD 525,226 GBP 393,931 11/01/2021 J.P. Morgan (12,890) (0.14) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (12,890) (0.14) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 407,664 4.55

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 65 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Cia Siderurgica Nacional SA BRL 214,940 1,319,266 0.05 exchange listing Cosan SA BRL 49,500 723,122 0.03 Equities CPFL Energia SA BRL 72,300 452,606 0.02 Argentina Energisa SA BRL 57,600 580,581 0.02 Telecom Argentina SA, ADR USD 28,100 188,270 0.01 Engie Brasil Energia SA BRL 64,000 541,878 0.02 YPF SA, ADR USD 56,800 273,492 0.01 461,762 0.02 Equatorial Energia SA BRL 285,300 1,272,621 0.05 Bermuda Gerdau SA Preference BRL 341,600 1,609,925 0.07 Alibaba Health Information Hapvida Participacoes e Technology Ltd. HKD 1,257,600 3,698,347 0.15 Investimentos SA, Reg. S BRL 349,600 1,026,948 0.04 Alibaba Pictures Group Ltd. HKD 3,760,000 467,946 0.02 Hypera SA BRL 117,150 772,736 0.03 Beijing Enterprises Water Itau Unibanco Holding SA Group Ltd. HKD 1,562,000 626,501 0.03 Preference BRL 1,509,223 9,199,425 0.37 Brilliance China Automotive Itausa SA Preference BRL 1,373,588 3,103,877 0.13 Holdings Ltd. HKD 944,000 858,955 0.03 JBS SA BRL 334,550 1,525,162 0.06 China Gas Holdings Ltd. HKD 813,270 3,228,004 0.13 Klabin SA BRL 221,400 1,128,700 0.05 China Resources Gas Group Localiza Rent a Car SA BRL 188,529 2,503,277 0.10 Ltd. HKD 288,000 1,531,206 0.06 Lojas Americanas SA China Youzan Ltd. HKD 4,328,000 1,286,768 0.05 Preference BRL 285,648 1,445,236 0.06 COSCO SHIPPING Ports Ltd. HKD 556,000 384,717 0.02 Lojas Renner SA BRL 247,264 2,076,880 0.08 Credicorp Ltd. USD 21,120 3,421,757 0.14 Magazine Luiza SA BRL 910,096 4,371,552 0.18 GOME Retail Holdings Ltd. HKD 3,128,000 377,208 0.02 Multiplan Hopson Development Empreendimentos Holdings Ltd. HKD 208,000 528,882 0.02 Imobiliarios SA BRL 88,677 401,703 0.02 Kunlun Energy Co. Ltd. HKD 1,214,000 1,049,829 0.04 Natura & Co. Holding SA BRL 277,564 2,807,602 0.11 Luye Pharma Group Ltd., Notre Dame Intermedica Reg. S HKD 599,000 279,282 0.01 Participacoes SA BRL 161,070 2,430,689 0.10 Nine Dragons Paper Petrobras Distribuidora SA BRL 234,465 998,910 0.04 Holdings Ltd. HKD 512,000 727,723 0.03 Petroleo Brasileiro SA BRL 1,158,620 6,440,992 0.26 Shenzhen International Petroleo Brasileiro SA Holdings Ltd. HKD 342,000 550,013 0.02 Preference BRL 1,482,950 8,094,088 0.33 19,017,138 0.77 Raia Drogasil SA BRL 336,850 1,626,456 0.07 Brazil Rumo SA BRL 407,000 1,507,480 0.06 Alpargatas SA BRL 58,300 471,445 0.02 Sul America SA BRL 93,472 798,612 0.03 Ambev SA BRL 1,469,052 4,429,900 0.18 Suzano SA BRL 232,664 2,622,465 0.11 Atacadao SA BRL 122,000 455,397 0.02 Telefonica Brasil SA BRL 138,805 1,242,996 0.05 B2W Cia Digital BRL 69,100 1,007,254 0.04 TIM SA BRL 265,839 750,699 0.03 B3 SA - Brasil Bolsa Balcao BRL 641,217 7,654,056 0.31 TOTVS SA BRL 154,900 855,452 0.03 Banco Bradesco SA BRL 413,216 1,929,938 0.08 Ultrapar Participacoes SA BRL 227,400 1,041,936 0.04 Banco Bradesco SA Preference BRL 1,381,039 7,224,048 0.29 Vale SA BRL 1,152,554 19,404,906 0.78 Banco BTG Pactual SA BRL 73,300 1,327,550 0.05 Via Varejo S/A BRL 400,800 1,246,808 0.05 Banco do Brasil SA BRL 266,990 1,995,279 0.08 WEG SA BRL 261,119 3,808,027 0.15 125,422,228 5.07 Banco Santander Brasil SA BRL 129,340 1,117,392 0.05 Cayman Islands BB Seguridade 3SBio, Inc., Reg. S HKD 409,500 374,174 0.02 Participacoes SA BRL 219,630 1,253,319 0.05 51job, Inc., ADR USD 8,400 575,526 0.02 Bradespar SA Preference BRL 70,900 871,096 0.04 AAC Technologies Holdings, BRF SA BRL 178,400 757,303 0.03 Inc. HKD 227,000 1,269,997 0.05 CCR SA BRL 375,180 973,494 0.04 Agile Group Holdings Ltd. HKD 366,000 485,742 0.02 Centrais Eletricas Brasileiras Airtac International Group TWD 38,000 1,214,091 0.05 SA BRL 101,100 713,202 0.03 AK Medical Holdings Ltd., Centrais Eletricas Brasileiras Reg. S HKD 130,000 224,494 0.01 SA Preference 'B' BRL 79,080 562,965 0.02 Alibaba Group Holding Cia Brasileira de Ltd., ADR USD 590,300 139,239,964 5.62 Distribuicao BRL 49,660 717,714 0.03 ANTA Sports Products Ltd. HKD 337,000 5,344,183 0.22 Cia de Saneamento Basico do Estado de Sao Paulo BRL 107,190 917,159 0.04 Autohome, Inc., ADR USD 18,700 1,842,605 0.07 Cia Energetica de Minas Baidu, Inc., ADR USD 85,000 18,442,875 0.75 Gerais Preference BRL 301,328 845,693 0.03 Baozun, Inc., ADR USD 17,900 600,455 0.02 Cia Paranaense de Energia BeiGene Ltd., ADR USD 14,100 3,568,005 0.14 Preference 'B' BRL 32,200 464,411 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 66 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Bilibili, Inc., ADR USD 37,000 3,315,570 0.13 Hutchison China MediTech Bosideng International Ltd., ADR USD 22,700 706,311 0.03 Holdings Ltd. HKD 1,048,000 532,560 0.02 HUYA, Inc., ADR USD 20,900 408,282 0.02 Chailease Holding Co. Ltd. TWD 385,784 2,300,876 0.09 Innovent Biologics, Inc., China Aoyuan Group Ltd. HKD 399,000 387,500 0.02 Reg. S HKD 306,000 3,249,171 0.13 China Conch Venture iQIYI, Inc., ADR USD 70,900 1,219,835 0.05 Holdings Ltd. HKD 509,500 2,474,024 0.10 JD Health International, China East Education Inc., Reg. S HKD 65,000 1,256,176 0.05 Holdings Ltd., Reg. S HKD 178,000 427,455 0.02 JD.com, Inc., ADR USD 269,388 23,671,124 0.96 China Education Group Jinxin Fertility Group Ltd., Holdings Ltd., Reg. S HKD 244,000 467,614 0.02 Reg. S HKD 420,000 851,495 0.03 China Evergrande Group HKD 574,000 1,101,527 0.04 JOYY, Inc., ADR USD 18,200 1,453,361 0.06 China Feihe Ltd., Reg. S HKD 362,000 847,441 0.03 Kaisa Group Holdings Ltd. HKD 801,000 395,166 0.02 China Hongqiao Group Ltd. HKD 562,000 513,522 0.02 KE Holdings, Inc., ADR USD 28,700 1,810,539 0.07 China Lesso Group Holdings Kingboard Holdings Ltd. HKD 207,500 877,778 0.04 Ltd. HKD 338,000 528,357 0.02 Kingboard Laminates China Literature Ltd., Reg. S HKD 95,000 745,908 0.03 Holdings Ltd. HKD 336,000 549,048 0.02 China Medical System Kingdee International Holdings Ltd. HKD 440,000 492,294 0.02 Sofware Group Co. Ltd. HKD 756,000 3,079,078 0.12 China Meidong Auto Kingsof Cloud Holdings Holdings Ltd. HKD 176,000 711,647 0.03 Ltd., ADR USD 17,100 719,995 0.03 China Mengniu Dairy Co. Kingsof Corp. Ltd. HKD 257,000 1,656,601 0.07 Ltd. HKD 861,000 5,197,074 0.21 Koolearn Technology China Overseas Property Holding Ltd., Reg. S HKD 78,000 280,430 0.01 Holdings Ltd. HKD 430,000 223,776 0.01 KWG Group Holdings Ltd. HKD 399,000 546,029 0.02 China Resources Cement Lee & Man Paper Holdings Ltd. HKD 762,000 852,029 0.03 Manufacturing Ltd. HKD 428,000 348,863 0.01 China Resources Land Ltd. HKD 1,000,400 4,119,335 0.17 Li Ning Co. Ltd. HKD 658,000 4,521,484 0.18 China State Construction Logan Group Co. Ltd. HKD 430,000 704,846 0.03 International Holdings Ltd. HKD 630,000 359,545 0.01 Longfor Group Holdings Ltd. HKD 561,000 3,274,112 0.13 China Yuhua Education Lufax Holding Ltd. USD 53,900 794,755 0.03 Corp. Ltd., Reg. S HKD 364,000 317,129 0.01 Meituan, Reg. S 'B' HKD 1,122,100 42,654,345 1.72 CIFI Holdings Group Co. Ltd. HKD 1,038,000 878,226 0.04 Microport Scientific Corp. HKD 227,000 1,228,942 0.05 Country Garden Holdings Co. Ltd. HKD 2,403,644 3,316,915 0.13 Minth Group Ltd. HKD 234,000 1,233,677 0.05 Country Garden Services Momo, Inc., ADR USD 47,300 653,449 0.03 Holdings Co. Ltd. HKD 433,000 2,929,150 0.12 NetEase, Inc., ADR USD 129,245 12,370,685 0.50 Dali Foods Group Co. Ltd., New Oriental Education & Reg. S HKD 662,000 377,795 0.02 Technology Group, Inc., ADR USD 47,400 8,497,398 0.34 DouYu International NIO, Inc., ADR USD 399,520 19,991,981 0.81 Holdings Ltd., ADR USD 30,200 338,995 0.01 Noah Holdings Ltd., ADR USD 10,800 490,320 0.02 ENN Energy Holdings Ltd. HKD 245,700 3,606,930 0.15 Pinduoduo, Inc., ADR USD 118,500 21,029,602 0.85 GDS Holdings Ltd., ADR USD 27,300 2,547,909 0.10 Ping An Healthcare and Geely Automobile Holdings Technology Co. Ltd., Reg. S HKD 160,900 1,950,219 0.08 Ltd. HKD 1,835,000 6,266,279 0.25 Seazen Group Ltd. HKD 682,000 566,906 0.02 Genscript Biotech Corp. HKD 342,000 498,022 0.02 Semiconductor Greentown China Holdings Manufacturing International Ltd. HKD 274,000 400,045 0.02 Corp. HKD 1,270,800 3,618,435 0.15 Greentown Service Group Shenzhou International Co. Ltd., Reg. S HKD 452,000 554,984 0.02 Group Holdings Ltd. HKD 257,700 5,037,177 0.20 GSX Techedu, Inc., ADR USD 24,200 1,235,652 0.05 Shimao Group Holdings Ltd. HKD 388,000 1,231,078 0.05 Haidilao International Silergy Corp. TWD 23,000 1,966,043 0.08 Holding Ltd., Reg. S HKD 249,000 1,912,437 0.08 SINA Corp. USD 17,300 724,870 0.03 Haitian International Sino Biopharmaceutical Holdings Ltd. HKD 199,000 685,243 0.03 Ltd. HKD 3,256,000 3,155,686 0.13 Hansoh Pharmaceutical Smoore International Group Co. Ltd., Reg. S HKD 372,000 1,793,224 0.07 Holdings Ltd., Reg. S HKD 146,000 1,126,161 0.05 Hengan International Group SSY Group Ltd. HKD 480,000 271,778 0.01 Co. Ltd. HKD 205,500 1,458,387 0.06 Sunac China Holdings Ltd. HKD 804,000 2,968,123 0.12 Huazhu Group Ltd., ADR USD 49,800 2,239,755 0.09 Sunny Optical Technology Group Co. Ltd. HKD 222,200 4,865,107 0.20

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 67 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 TAL Education Group, ADR USD 118,300 8,496,306 0.34 Accelink Technologies Co. Tencent Holdings Ltd. HKD 1,791,900 130,410,774 5.27 Ltd. 'A' CNY 13,900 61,795 – Tencent Music Addsino Co. Ltd. 'A' CNY 31,400 132,148 0.01 Entertainment Group, ADR USD 115,700 2,177,474 0.09 AECC Aero-Engine Control Tingyi Cayman Islands Co. Ltd. 'A' CNY 22,400 78,606 – Holding Corp. HKD 618,400 1,053,325 0.04 AECC Aviation Power Co. Tongcheng-Elong Holdings Ltd. 'A' CNY 44,300 402,429 0.02 Ltd., Reg. S HKD 268,400 518,531 0.02 Agricultural Bank of China Topsports International Ltd. 'A' CNY 1,393,000 670,671 0.03 Holdings Ltd., Reg. S HKD 387,000 578,504 0.02 Agricultural Bank of China Trip.com Group Ltd., ADR USD 147,920 4,924,257 0.20 Ltd. 'H' HKD 8,623,000 3,163,887 0.13 Uni-President China Aier Eye Hospital Group Co. Holdings Ltd. HKD 418,000 425,068 0.02 Ltd. 'A' CNY 77,100 883,699 0.04 Vinda International Air China Ltd. 'A' CNY 129,700 148,527 0.01 Holdings Ltd. HKD 118,000 321,509 0.01 Air China Ltd. 'H' HKD 588,000 462,202 0.02 Vipshop Holdings Ltd., ADR USD 138,700 3,844,764 0.16 A-Living Services Co. Ltd., Want Want China Holdings Reg. S 'H' HKD 147,250 651,916 0.03 Ltd. HKD 1,558,000 1,126,221 0.05 Aluminum Corp. of China Weibo Corp., ADR USD 17,490 694,965 0.03 Ltd. 'A' CNY 262,700 146,176 0.01 Wuxi Biologics Cayman, Aluminum Corp. of China Inc., Reg. S HKD 952,000 12,604,504 0.51 Ltd. 'H' HKD 1,294,000 456,428 0.02 Xiaomi Corp., Reg. S 'B' HKD 4,458,100 19,106,137 0.77 Angel Yeast Co. Ltd. 'A' CNY 16,600 129,767 0.01 Xinyi Solar Holdings Ltd. HKD 1,272,000 3,317,844 0.13 Anhui Conch Cement Co. Ltd. 'A' CNY 77,900 615,589 0.03 Xpeng, Inc., ADR USD 52,772 2,330,939 0.09 Anhui Conch Cement Co. Yadea Group Holdings Ltd., Ltd. 'H' HKD 385,000 2,413,222 0.10 Reg. S HKD 326,000 673,650 0.03 Anhui Gujing Distillery Co. Yihai International Holding Ltd. 'A' CNY 7,200 299,768 0.01 Ltd. HKD 147,000 2,182,341 0.09 Anhui Gujing Distillery Co. Zai Lab Ltd., ADR USD 21,400 2,861,608 0.12 Ltd. 'B' HKD 33,700 468,987 0.02 Zhen Ding Technology Anhui Kouzi Distillery Co. Holding Ltd. TWD 184,250 748,367 0.03 Ltd. 'A' CNY 11,900 125,493 0.01 Zhenro Properties Group Apeloa Pharmaceutical Co. Ltd., Reg. S HKD 502,000 301,696 0.01 Ltd. 'A' CNY 23,000 81,922 – Zhongsheng Group Asymchem Laboratories Holdings Ltd. HKD 178,000 1,268,989 0.05 Tianjin Co. Ltd. 'A' CNY 4,300 196,875 0.01 ZTO Express Cayman, Inc., Autobio Diagnostics Co. ADR USD 126,200 3,652,859 0.15 Ltd. 'A' CNY 5,600 124,477 0.01 621,764,335 25.11 AVIC Aircraf Co. Ltd. 'A' CNY 51,800 290,810 0.01 Chile Avic Capital Co. Ltd. 'A' CNY 187,000 125,232 0.01 Banco de Chile CLP 14,260,988 1,455,786 0.06 AVIC Electromechanical Banco de Credito e Systems Co. Ltd. 'A' CNY 71,800 125,842 0.01 Inversiones SA CLP 16,332 636,212 0.03 AVIC Jonhon Optronic Banco Santander Chile CLP 20,691,768 997,990 0.04 Technology Co. Ltd. 'A' CNY 21,700 260,044 0.01 Cencosud SA CLP 447,841 798,108 0.03 AVIC Shenyang Aircraf Co. Cencosud Shopping SA CLP 155,470 250,388 0.01 Ltd. 'A' CNY 23,800 284,823 0.01 Cia Cervecerias Unidas SA CLP 45,174 334,603 0.01 AviChina Industry & Colbun SA CLP 2,475,656 437,623 0.02 Technology Co. Ltd. 'H' HKD 780,000 540,724 0.02 Embotelladora Andina SA AVICOPTER plc 'A' CNY 12,600 120,963 0.01 Preference 'B' CLP 107,840 276,824 0.01 Bank of Beijing Co. Ltd. 'A' CNY 409,000 302,686 0.01 Empresas CMPC SA CLP 352,936 930,804 0.04 Bank of Chengdu Co. Ltd. 'A' CNY 74,000 120,912 0.01 Empresas COPEC SA CLP 122,340 1,247,749 0.05 Bank of China Ltd. 'A' CNY 679,600 331,361 0.01 Enel Americas SA CLP 10,628,507 1,741,493 0.07 Bank of China Ltd. 'H' HKD 24,760,000 8,478,448 0.34 Enel Chile SA CLP 8,532,389 663,257 0.03 Bank of Communications Falabella SA CLP 236,118 872,004 0.03 Co. Ltd. 'A' CNY 738,800 507,224 0.02 Sociedad Quimica y Minera Bank of Communications de Chile SA Preference 'B' CLP 35,497 1,732,036 0.07 Co. Ltd. 'H' HKD 2,728,400 1,440,928 0.06 12,374,877 0.50 Bank of Hangzhou Co. China Ltd. 'A' CNY 114,500 261,524 0.01 360 Security Technology, Bank of Jiangsu Co. Ltd. 'A' CNY 281,190 234,773 0.01 Inc. 'A' CNY 87,000 209,286 0.01 Bank of Nanjing Co. Ltd. 'A' CNY 193,100 238,682 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 68 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Bank of Ningbo Co. Ltd. 'A' CNY 112,400 607,876 0.02 Changzhou Xingyu Bank of Shanghai Co. Ltd. 'A' CNY 274,850 330,079 0.01 Automotive Lighting Systems Co. Ltd. 'A' CNY 5,600 171,739 0.01 Baoshan Iron & Steel Co. Ltd. 'A' CNY 365,400 332,531 0.01 Chaozhou Three-Circle Group Co. Ltd. 'A' CNY 36,400 207,491 0.01 BBMG Corp. 'A' CNY 152,800 69,588 – Chengdu Kanghong Beijing Capital International Pharmaceutical Group Co. Airport Co. Ltd. 'H' HKD 586,000 486,703 0.02 Ltd. 'A' CNY 14,500 106,883 – Beijing Dabeinong China Aerospace Times Technology Group Co. Electronics Co. Ltd. 'A' CNY 54,100 61,901 – Ltd. 'A' CNY 90,800 134,193 0.01 China Avionics Systems Co. Beijing E-Hualu Information Ltd. 'A' CNY 28,600 86,048 – Technology Co. Ltd. 'A' CNY 12,720 59,669 – China Bohai Bank Co. Ltd., Beijing Enlight Media Co. Reg. S 'H' HKD 806,000 525,985 0.02 Ltd. 'A' CNY 58,600 108,230 – China Cinda Asset Beijing Kunlun Tech Co. Management Co. Ltd. 'H' HKD 2,767,000 522,812 0.02 Ltd. 'A' CNY 22,400 68,382 – China CITIC Bank Corp. Beijing New Building Ltd. 'H' HKD 2,782,600 1,173,559 0.05 Materials plc 'A' CNY 34,900 213,970 0.01 China Communications Beijing Oriental Yuhong Construction Co. Ltd. 'A' CNY 100,300 111,547 – Waterproof Technology Co. Ltd. 'A' CNY 46,200 274,422 0.01 China Communications Construction Co. Ltd. 'H' HKD 1,380,000 597,121 0.02 Beijing Originwater Technology Co. Ltd. 'A' CNY 63,514 74,322 – China Communications Services Corp. Ltd. 'H' HKD 784,400 347,508 0.01 Beijing Shiji Information Technology Co. Ltd. 'A' CNY 18,600 88,474 – China Construction Bank Corp. 'A' CNY 179,200 172,388 0.01 Beijing Shunxin Agriculture Co. Ltd. 'A' CNY 14,000 154,849 0.01 China Construction Bank Corp. 'H' HKD 29,973,000 22,788,656 0.92 Beijing Sinnet Technology Co. Ltd. 'A' CNY 33,200 87,228 – China Eastern Airlines Corp. Ltd. 'A' CNY 193,900 138,698 0.01 Beijing Thunisof Corp. Ltd. 'A' CNY 15,706 57,402 – China Everbright Bank Co. Ltd. 'A' CNY 770,200 469,836 0.02 Beijing Tiantan Biological Products Corp. Ltd. 'A' CNY 24,960 159,303 0.01 China Everbright Bank Co. Ltd. 'H' HKD 1,022,000 387,530 0.02 Beijing Yanjing Brewery Co. Ltd. 'A' CNY 55,000 71,696 – China Film Co. Ltd. 'A' CNY 30,400 57,937 – Beijing-Shanghai High China Fortune Land Speed Railway Co. Ltd. 'A' CNY 221,100 191,709 0.01 Development Co. Ltd. 'A' CNY 80,470 159,337 0.01 Betta Pharmaceuticals Co. China Galaxy Securities Co. Ltd. 'A' CNY 8,000 131,490 0.01 Ltd. 'A' CNY 85,000 162,700 0.01 BGI Genomics Co. Ltd. 'A' CNY 8,000 156,923 0.01 China Galaxy Securities Co. Ltd. 'H' HKD 1,092,500 684,094 0.03 BOE Technology Group Co. Ltd. 'A' CNY 633,300 581,097 0.02 China Gezhouba Group Co. Ltd. 'A' CNY 104,000 104,691 – BYD Co. Ltd. 'A' CNY 33,900 1,007,971 0.04 China Great Wall Securities BYD Co. Ltd. 'H' HKD 199,500 5,226,416 0.21 Co. Ltd. 'A' CNY 40,400 79,620 – By-health Co. Ltd. 'A' CNY 31,800 117,532 0.01 China Greatwall Technology C&S Paper Co. Ltd. 'A' CNY 25,900 82,710 – Group Co. Ltd. 'A' CNY 54,900 159,610 0.01 Caitong Securities Co. China Huarong Asset Ltd. 'A' CNY 75,100 145,357 0.01 Management Co. Ltd., Reg. CanSino Biologics, Inc., S 'H' HKD 3,230,000 356,183 0.01 Reg. S 'H' HKD 18,600 423,028 0.02 China International Capital Centre Testing International Corp. Ltd., Reg. S 'H' HKD 415,200 1,123,243 0.05 Group Co. Ltd. 'A' CNY 14,600 61,156 – China Jushi Co. Ltd. 'A' CNY 72,200 220,622 0.01 CGN Power Co. Ltd., Reg. China Life Insurance Co. S 'H' HKD 2,958,000 635,202 0.03 Ltd. 'A' CNY 49,700 292,078 0.01 Chacha Food Co. Ltd. 'A' CNY 10,000 82,443 – China Life Insurance Co. Changchun High & New Ltd. 'H' HKD 2,313,000 5,104,313 0.21 Technology Industry Group, China Longyuan Power Inc. 'A' CNY 7,600 522,098 0.02 Group Corp. Ltd. 'H' HKD 989,000 991,693 0.04 Changjiang Securities Co. China Merchants Bank Co. Ltd. 'A' CNY 115,600 148,726 0.01 Ltd. 'A' CNY 385,800 2,594,300 0.11 China Merchants Bank Co. Ltd. 'H' HKD 1,216,531 7,684,441 0.31

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 69 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 China Merchants Energy China Southern Airlines Co. Shipping Co. Ltd. 'A' CNY 142,100 122,769 0.01 Ltd. 'H' HKD 560,000 333,304 0.01 China Merchants Property China Spacesat Co. Ltd. 'A' CNY 21,200 104,442 – Operation & Service Co. China State Construction Ltd. 'A' CNY 21,000 69,199 – Engineering Corp. Ltd. 'A' CNY 784,800 596,491 0.02 China Merchants Securities China Telecom Corp. Ltd. 'H' HKD 4,136,000 1,149,566 0.05 Co. Ltd. 'A' CNY 143,780 513,574 0.02 China Tourism Group Duty China Merchants Shekou Free Corp. Ltd. 'A' CNY 36,700 1,586,570 0.06 Industrial Zone Holdings China Tower Corp. Ltd., Co. Ltd. 'A' CNY 127,600 259,503 0.01 Reg. S 'H' HKD 13,908,000 2,053,881 0.08 China Minsheng Banking China TransInfo Technology Corp. Ltd. 'A' CNY 667,500 531,882 0.02 Co. Ltd. 'A' CNY 29,900 87,528 – China Minsheng Banking China United Network Corp. Ltd. 'H' HKD 1,815,160 1,032,401 0.04 Communications Ltd. 'A' CNY 483,300 329,591 0.01 China Molybdenum Co. China Vanke Co. Ltd. 'A' CNY 183,000 804,110 0.03 Ltd. 'A' CNY 354,200 339,117 0.01 China Vanke Co. Ltd. 'H' HKD 534,600 1,839,136 0.07 China Molybdenum Co. Ltd. 'H' HKD 1,049,000 687,308 0.03 China Yangtze Power Co. Ltd. 'A' CNY 411,400 1,206,978 0.05 China National Accord Medicines Corp. Ltd. 'A' CNY 7,300 51,157 – Chongqing Brewery Co. Ltd. 'A' CNY 9,679 176,225 0.01 China National Building Material Co. Ltd. 'H' HKD 1,226,000 1,474,536 0.06 Chongqing Changan Automobile Co. Ltd. 'A' CNY 86,400 289,388 0.01 China National Chemical Engineering Co. Ltd. 'A' CNY 101,000 90,830 – Chongqing Fuling Zhacai Group Co. Ltd. 'A' CNY 16,200 104,901 – China National Medicines Corp. Ltd. 'A' CNY 15,400 116,211 0.01 Chongqing Rural Commercial Bank Co. China National Nuclear Ltd. 'H' HKD 770,000 312,333 0.01 Power Co. Ltd. 'A' CNY 248,300 187,192 0.01 Chongqing Zhifei Biological China National Sofware & Products Co. Ltd. 'A' CNY 29,900 676,924 0.03 Service Co. Ltd. 'A' CNY 9,000 108,487 – CITIC Securities Co. Ltd. 'A' CNY 200,400 901,676 0.04 China Northern Rare Earth Group High-Tech Co. Ltd. 'A' CNY 74,400 149,131 0.01 CITIC Securities Co. Ltd. 'H' HKD 679,500 1,530,240 0.06 China Oilfield Services Contemporary Amperex Ltd. 'H' HKD 536,000 455,544 0.02 Technology Co. Ltd. 'A' CNY 43,800 2,353,423 0.10 China Pacific Insurance COSCO SHIPPING Energy Group Co. Ltd. 'A' CNY 118,300 694,924 0.03 Transportation Co. Ltd. 'A' CNY 76,500 78,147 – China Pacific Insurance COSCO SHIPPING Holdings Group Co. Ltd. 'H' HKD 861,600 3,375,502 0.14 Co. Ltd. 'A' CNY 186,800 348,702 0.01 China Petroleum & COSCO SHIPPING Holdings Chemical Corp. 'A' CNY 501,600 309,010 0.01 Co. Ltd. 'H' HKD 810,000 969,423 0.04 China Petroleum & CRRC Corp. Ltd. 'A' CNY 478,900 388,909 0.02 Chemical Corp. 'H' HKD 7,553,600 3,385,238 0.14 CRRC Corp. Ltd. 'H' HKD 1,361,900 468,103 0.02 China Railway Construction CSC Financial Co. Ltd. 'A' CNY 53,500 343,887 0.01 Corp. Ltd. 'A' CNY 226,500 273,743 0.01 Da An Gene Co. Ltd. of Sun China Railway Construction Yat-Sen University 'A' CNY 17,100 89,377 – Corp. Ltd. 'H' HKD 647,500 354,485 0.01 Daqin Railway Co. Ltd. 'A' CNY 287,600 284,160 0.01 China Railway Group Ltd. 'A' CNY 380,800 307,495 0.01 Dawning Information China Railway Group Ltd. Industry Co. Ltd. 'A' CNY 23,800 124,714 0.01 'H' HKD 1,180,000 519,720 0.02 DHC Sofware Co. Ltd. 'A' CNY 65,300 82,910 – China Resources Sanjiu Dong-E-E-Jiao Co. Ltd. 'A' CNY 14,700 87,096 – Medical & Pharmaceutical Co. Ltd. 'A' CNY 18,000 68,707 – Dongfang Electric Corp. Ltd. 'A' CNY 62,100 94,713 – China Shenhua Energy Co. Ltd. 'A' CNY 106,100 292,426 0.01 Dongfeng Motor Group Co. Ltd. 'H' HKD 846,000 984,236 0.04 China Shenhua Energy Co. Ltd. 'H' HKD 1,059,500 1,997,693 0.08 Dongxing Securities Co. Ltd. 'A' CNY 57,900 118,011 0.01 China Shipbuilding Industry Co. Ltd. 'A' CNY 441,100 282,589 0.01 East Money Information Co. Ltd. 'A' CNY 163,280 774,622 0.03 China South Publishing & Media Group Co. Ltd. 'A' CNY 35,100 51,179 – Eve Energy Co. Ltd. 'A' CNY 36,317 453,003 0.02 China Southern Airlines Co. Everbright Securities Co. Ltd. 'A' CNY 178,100 162,248 0.01 Ltd. 'A' CNY 76,900 217,920 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 70 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Fangda Carbon New Guangzhou Haige Material Co. Ltd. 'A' CNY 78,022 84,380 – Communications Group, Fiberhome Inc. Co. 'A' CNY 48,800 80,939 – Telecommunication Guangzhou Kingmed Technologies Co. Ltd. 'A' CNY 23,300 85,903 – Diagnostics Group Co. Financial Street Holdings Ltd. 'A' CNY 9,100 177,982 0.01 Co. Ltd. 'A' CNY 58,400 57,706 – Guangzhou R&F Properties First Capital Securities Co. Co. Ltd. 'H' HKD 526,000 676,711 0.03 Ltd. 'A' CNY 82,700 125,891 0.01 Guangzhou Shiyuan Focus Media Information Electronic Technology Co. Technology Co. Ltd. 'A' CNY 274,500 414,490 0.02 Ltd. 'A' CNY 13,000 228,891 0.01 Foshan Haitian Flavouring & Guangzhou Wondfo Biotech Food Co. Ltd. 'A' CNY 50,500 1,550,090 0.06 Co. Ltd. 'A' CNY 6,700 91,487 – Founder Securities Co. Guosen Securities Co. Ltd. 'A' CNY 162,100 257,314 0.01 Ltd. 'A' CNY 82,000 171,145 0.01 Foxconn Industrial Internet Guotai Junan Securities Co. Co. Ltd. 'A' CNY 119,000 249,449 0.01 Ltd. 'A' CNY 145,400 390,054 0.02 Fujian Sunner Development Guoyuan Securities Co. Co. Ltd. 'A' CNY 25,100 101,988 – Ltd. 'A' CNY 87,100 119,538 0.01 Fuyao Glass Industry Group Haier Smart Home Co. Co. Ltd. 'A' CNY 37,500 275,761 0.01 Ltd. 'A' CNY 118,000 527,678 0.02 Fuyao Glass Industry Group Haier Smart Home Co. Co. Ltd., Reg. S 'H' HKD 157,600 864,904 0.04 Ltd. 'H' HKD 636,800 2,311,862 0.09 Ganfeng Lithium Co. Ltd. 'A' CNY 20,400 316,107 0.01 Haitong Securities Co. Ltd. 'A' CNY 186,300 366,582 0.02 G-bits Network Technology Xiamen Co. Ltd. 'A' CNY 1,500 97,892 – Haitong Securities Co. Ltd. 'H' HKD 850,400 759,542 0.03 GCL System Integration Technology Co. Ltd. 'A' CNY 101,100 65,734 – Hangzhou Hikvision Digital Technology Co. Ltd. 'A' CNY 175,900 1,307,334 0.05 GEM Co. Ltd. 'A' CNY 107,500 115,101 0.01 Hangzhou Robam Gemdale Corp. 'A' CNY 93,500 193,281 0.01 Appliances Co. Ltd. 'A' CNY 19,900 124,199 0.01 GF Securities Co. Ltd. 'A' CNY 111,900 278,653 0.01 Hangzhou Silan GF Securities Co. Ltd. 'H' HKD 397,800 561,292 0.02 Microelectronics Co. Ltd. 'A' CNY 26,900 102,965 – Giant Network Group Co. Hangzhou Tigermed Ltd. 'A' CNY 33,200 88,559 – Consulting Co. Ltd. 'A' CNY 7,400 183,152 0.01 Gigadevice Semiconductor Hangzhou Tigermed Beijing, Inc. 'A' CNY 8,380 253,332 0.01 Consulting Co. Ltd., Reg. Glodon Co. Ltd. 'A' CNY 11,100 133,772 0.01 S 'H' HKD 38,600 892,395 0.04 GoerTek, Inc. 'A' CNY 62,400 356,427 0.01 Hebei Construction Group Corp. Ltd. 'H' HKD 145,000 78,635 – Gotion High-tech Co. Ltd. 'A' CNY 23,300 139,497 0.01 Hefei Meiya Optoelectronic Great Wall Motor Co. Ltd. 'H' HKD 966,000 3,308,181 0.13 Technology, Inc. 'A' CNY 13,500 91,490 – Greenland Holdings Corp. Heilongjiang Agriculture Ltd. 'A' CNY 168,100 150,143 0.01 Co. Ltd. 'A' CNY 36,400 107,221 – GRG Banking Equipment Henan Shuanghui Co. Ltd. 'A' CNY 49,300 80,554 – Investment & Development Guangdong Haid Group Co. Co. Ltd. 'A' CNY 56,300 404,582 0.02 Ltd. 'A' CNY 29,500 295,751 0.01 Hengli Petrochemical Co. Guangdong HEC Ltd. 'A' CNY 115,460 494,385 0.02 Technology Holding Co. Hengtong Optic-electric Co. Ltd. 'A' CNY 60,000 46,152 – Ltd. 'A' CNY 37,900 81,194 – Guangdong Hongda Hengyi Petrochemical Co. Blasting Co. Ltd. 'A' CNY 13,950 76,755 – Ltd. 'A' CNY 75,660 148,175 0.01 Guanghui Energy Co. Ltd. 'A' CNY 132,600 57,529 – Hesteel Co. Ltd. 'A' CNY 211,200 72,577 – Guangzhou Automobile Hithink RoyalFlush Group Co. Ltd. 'H' HKD 918,400 1,018,703 0.04 Information Network Co. Guangzhou Baiyun Ltd. 'A' CNY 10,600 201,149 0.01 International Airport Co. Hongfa Technology Co. Ltd. 'A' CNY 47,800 103,299 – Ltd. 'A' CNY 15,800 131,218 0.01 Guangzhou Baiyunshan Huaan Securities Co. Ltd. 'A' CNY 76,900 94,110 – Pharmaceutical Holdings Co. Ltd. 'A' CNY 29,000 129,822 0.01 Huadian Power International Corp. Ltd. 'A' CNY 139,000 72,240 –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 71 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Huadong Medicine Co. Jiangsu Yangnong Chemical Ltd. 'A' CNY 36,440 148,170 0.01 Co. Ltd. 'A' CNY 6,200 125,280 0.01 Huagong Tech Co. Ltd. 'A' CNY 19,500 69,234 – Jiangsu Yuyue Medical Hualan Biological Equipment & Supply Co. Engineering, Inc. 'A' CNY 35,900 232,072 0.01 Ltd. 'A' CNY 21,400 92,391 – Huaneng Power Jiangsu Zhongnan International, Inc. 'A' CNY 136,400 93,442 – Construction Group Co. Ltd. 'A' CNY 74,100 100,098 – Huaneng Power International, Inc. 'H' HKD 1,137,600 414,466 0.02 Jiangsu Zhongtian Technology Co. Ltd. 'A' CNY 61,000 101,260 – Huatai Securities Co. Ltd. 'A' CNY 142,300 392,189 0.02 Jiangxi Copper Co. Ltd. 'A' CNY 42,500 129,802 0.01 Huatai Securities Co. Ltd., Reg. S 'H' HKD 455,400 714,799 0.03 Jiangxi Copper Co. Ltd. 'H' HKD 368,000 577,625 0.02 Huaxi Securities Co. Ltd. 'A' CNY 55,500 106,066 – Jiangxi Zhengbang Technology Co. Ltd. 'A' CNY 48,600 126,804 0.01 Huaxia Bank Co. Ltd. 'A' CNY 248,500 237,923 0.01 Jilin Aodong Huaxin Cement Co. Ltd. 'A' CNY 27,100 85,558 – Pharmaceutical Group Co. Huayu Automotive Systems Ltd. 'A' CNY 23,800 59,968 – Co. Ltd. 'A' CNY 59,000 260,231 0.01 Jinke Properties Group Co. Hubei Biocause Ltd. 'A' CNY 111,400 120,987 0.01 Pharmaceutical Co. Ltd. 'A' CNY 75,100 55,929 – Jinyu Bio-Technology Co. Hubei Jumpcan Ltd. 'A' CNY 22,600 72,250 – Pharmaceutical Co. Ltd. 'A' CNY 16,700 51,730 – Joincare Pharmaceutical Hunan Valin Steel Co. Group Industry Co. Ltd. 'A' CNY 39,700 84,496 – Ltd. 'A' CNY 118,300 86,630 – Jointown Pharmaceutical Hundsun Technologies, Group Co. Ltd. 'A' CNY 39,600 110,113 – Inc. 'A' CNY 19,505 313,201 0.01 Jonjee Hi-Tech Industrial Iflytek Co. Ltd. 'A' CNY 41,100 257,150 0.01 And Commercial Holding Industrial & Commercial Co. Ltd. 'A' CNY 15,900 162,191 0.01 Bank of China Ltd. 'A' CNY 1,008,400 769,504 0.03 Joyoung Co. Ltd. 'A' CNY 15,000 73,548 – Industrial & Commercial Juewei Food Co. Ltd. 'A' CNY 11,700 138,849 0.01 Bank of China Ltd. 'H' HKD 18,936,000 12,272,484 0.50 Kweichow Moutai Co. Industrial Bank Co. Ltd. 'A' CNY 388,500 1,240,849 0.05 Ltd. 'A' CNY 23,500 7,187,049 0.29 Industrial Securities Co. Laobaixing Pharmacy Chain Ltd. 'A' CNY 139,400 185,101 0.01 JSC 'A' CNY 8,260 79,222 – Inner Mongolia BaoTou Lens Technology Co. Ltd. 'A' CNY 83,000 388,751 0.02 Steel Union Co. Ltd. 'A' CNY 940,400 167,715 0.01 Leo Group Co. Ltd. 'A' CNY 133,600 61,863 – Inner Mongolia First Lepu Medical Technology Machinery Group Co. Ltd. 'A' CNY 33,600 62,516 – Beijing Co. Ltd. 'A' CNY 36,900 153,458 0.01 Inner Mongolia Junzheng Leyard Optoelectronic Co. Energy & Chemical Industry Ltd. 'A' CNY 49,100 47,832 – Group Co. Ltd. 'A' CNY 166,100 125,547 0.01 Liaoning Cheng Da Co. Inner Mongolia Yili Ltd. 'A' CNY 32,500 121,012 0.01 Industrial Group Co. Ltd. 'A' CNY 113,800 772,938 0.03 Lingyi iTech Guangdong Inspur Electronic Co. 'A' CNY 117,200 214,988 0.01 Information Industry Co. Ltd. 'A' CNY 30,132 123,951 0.01 Livzon Pharmaceutical Group, Inc. 'A' CNY 12,400 76,884 – Jafron Biomedical Co. Ltd. 'A' CNY 16,720 173,604 0.01 Lomon Billions Group Co. Ltd. 'A' CNY 33,300 156,828 0.01 Jiangsu Changshu Rural Commercial Bank Co. LONGi Green Energy Ltd. 'A' CNY 53,500 60,393 – Technology Co. Ltd. 'A' CNY 70,500 994,800 0.04 Jiangsu Expressway Co. Luenmei Quantum Co. Ltd. 'H' HKD 394,000 438,785 0.02 Ltd. 'A' CNY 29,800 51,751 – Jiangsu Hengli Hydraulic Luxshare Precision Industry Co. Ltd. 'A' CNY 24,436 422,658 0.02 Co. Ltd. 'A' CNY 131,468 1,128,995 0.05 Jiangsu Hengrui Medicine Luzhou Laojiao Co. Ltd. 'A' CNY 27,600 955,249 0.04 Co. Ltd. 'A' CNY 99,928 1,704,920 0.07 Mango Excellent Media Co. Jiangsu King's Luck Ltd. 'A' CNY 34,360 381,300 0.02 Brewery JSC Ltd. 'A' CNY 25,000 219,605 0.01 Maxscend Microelectronics Jiangsu Shagang Co. Ltd. 'A' CNY 43,700 73,348 – Co. Ltd. 'A' CNY 2,900 253,252 0.01 Jiangsu Yanghe Brewery Meinian Onehealth Joint-Stock Co. Ltd. 'A' CNY 28,200 1,018,599 0.04 Healthcare Holdings Co. Ltd. 'A' CNY 81,120 140,800 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 72 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Metallurgical Corp. of China Poly Developments and Ltd. 'A' CNY 368,300 153,634 0.01 Holdings Group Co. Ltd. 'A' CNY 224,600 543,748 0.02 Muyuan Foodstuf Co. Poly Property Development Ltd. 'A' CNY 70,070 827,018 0.03 Co. Ltd., Reg. S 'H' HKD 38,000 298,471 0.01 NanJi E-Commerce Co. Postal Savings Bank of Ltd. 'A' CNY 51,100 106,968 – China Co. Ltd. 'A' CNY 215,900 158,131 0.01 Nanjing King- Postal Savings Bank of Friend Biochemical China Co. Ltd., Reg. S 'H' HKD 3,094,000 1,749,837 0.07 Pharmaceutical Co. Ltd. 'A' CNY 15,470 83,274 – Power Construction Corp. of Nanjing Securities Co. China Ltd. 'A' CNY 301,200 178,662 0.01 Ltd. 'A' CNY 59,500 111,675 – Proya Cosmetics Co. Ltd. 'A' CNY 3,909 106,493 – Nanyang Topsec Qingdao Rural Commercial Technologies Group, Inc. 'A' CNY 22,900 73,666 – Bank Corp. 'A' CNY 108,500 84,608 – NARI Technology Co. Ltd. 'A' CNY 89,400 363,665 0.02 RiseSun Real Estate NAURA Technology Group Development Co. Ltd. 'A' CNY 90,700 90,594 – Co. Ltd. 'A' CNY 9,800 271,078 0.01 Rongsheng Petro Chemical NavInfo Co. Ltd. 'A' CNY 39,200 85,590 – Co. Ltd. 'A' CNY 105,200 444,420 0.02 New China Life Insurance SAIC Motor Corp. Ltd. 'A' CNY 150,700 560,769 0.02 Co. Ltd. 'A' CNY 37,500 332,716 0.01 Sanan Optoelectronics Co. New China Life Insurance Ltd. 'A' CNY 86,500 357,567 0.01 Co. Ltd. 'H' HKD 254,500 991,311 0.04 Sangfor Technologies, New Hope Liuhe Co. Ltd. 'A' CNY 80,000 274,236 0.01 Inc. 'A' CNY 8,000 303,960 0.01 Ninestar Corp. 'A' CNY 22,300 91,227 – Sany Heavy Industry Co. Ningbo Joyson Electronic Ltd. 'A' CNY 158,400 847,824 0.03 Corp. 'A' CNY 26,600 103,232 – SDIC Capital Co. Ltd. 'A' CNY 73,400 155,324 0.01 Ningbo Tuopu Group Co. SDIC Power Holdings Co. Ltd. 'A' CNY 23,000 135,252 0.01 Ltd. 'A' CNY 140,400 185,811 0.01 Northeast Securities Co. Sealand Securities Co. Ltd. 'A' CNY 47,900 71,965 – Ltd. 'A' CNY 110,110 98,852 – Oceanwide Holdings Co. Seazen Holdings Co. Ltd. 'A' CNY 42,200 224,904 0.01 Ltd. 'A' CNY 75,000 37,601 – SF Holding Co. Ltd. 'A' CNY 72,400 977,828 0.04 Ofcn Education Technology SG Micro Corp. 'A' CNY 3,100 124,596 0.01 Co. Ltd. 'A' CNY 32,500 174,787 0.01 Shaanxi Coal Industry Co. Ofshore Oil Engineering Ltd. 'A' CNY 155,800 222,844 0.01 Co. Ltd. 'A' CNY 86,300 59,230 – Shandong Buchang OFILM Group Co. Ltd. 'A' CNY 56,600 114,224 0.01 Pharmaceuticals Co. Ltd. 'A' CNY 20,480 72,307 – Oppein Home Group, Inc. 'A' CNY 8,260 170,055 0.01 Shandong Gold Mining Co. Orient Securities Co. Ltd. 'A' CNY 109,800 195,549 0.01 Ltd. 'A' CNY 71,656 258,440 0.01 Oriental Pearl Group Co. Shandong Gold Mining Co. Ltd. 'A' CNY 72,000 98,479 – Ltd., Reg. S 'H' HKD 176,000 405,880 0.02 Ovctek China, Inc. 'A' CNY 12,900 161,785 0.01 Shandong Hualu Pacific Securities Co. Ltd. 'A' CNY 136,900 85,397 – Hengsheng Chemical Co. Ltd. 'A' CNY 32,400 184,920 0.01 Pangang Group Vanadium Titanium & Resources Co. Shandong Linglong Tyre Ltd. 'A' CNY 170,900 56,641 – Co. Ltd. 'A' CNY 25,400 136,736 0.01 People's Insurance Co. Shandong Nanshan Group of China Ltd. (The) 'A' CNY 97,400 98,034 – Aluminum Co. Ltd. 'A' CNY 237,700 115,158 0.01 People's Insurance Co. Shandong Sinocera Group of China Ltd. (The) 'H' HKD 2,601,000 823,516 0.03 Functional Material Co. Ltd. 'A' CNY 19,200 132,543 0.01 Perfect World Co. Ltd. 'A' CNY 40,200 181,559 0.01 Shandong Sun Paper PetroChina Co. Ltd. 'A' CNY 421,500 268,074 0.01 Industry JSC Ltd. 'A' CNY 51,600 113,934 0.01 PetroChina Co. Ltd. 'H' HKD 6,576,600 2,031,362 0.08 Shandong Weigao Group Pharmaron Beijing Co. Ltd., Medical Polymer Co. Ltd. 'H' HKD 776,000 1,752,497 0.07 Reg. S 'H' HKD 39,900 673,637 0.03 Shanghai Baosight Sofware PICC Property & Casualty Co. Ltd. 'A' CNY 16,800 177,327 0.01 Co. Ltd. 'H' HKD 2,133,216 1,612,290 0.07 Shanghai Construction Ping An Bank Co. Ltd. 'A' CNY 362,900 1,073,894 0.04 Group Co. Ltd. 'A' CNY 182,400 84,186 – Ping An Insurance Group Shanghai Electric Group Co. Co. of China Ltd. 'A' CNY 201,600 2,683,030 0.11 Ltd. 'A' CNY 171,300 141,462 0.01 Ping An Insurance Group Shanghai Electric Power Co. Co. of China Ltd. 'H' HKD 1,856,000 22,735,070 0.92 Ltd. 'A' CNY 53,600 58,461 –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 73 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Shanghai Fosun Shenzhen Inovance Pharmaceutical Group Co. Technology Co. Ltd. 'A' CNY 32,200 459,440 0.02 Ltd. 'A' CNY 39,600 327,020 0.01 Shenzhen Kaifa Technology Shanghai Fosun Co. Ltd. 'A' CNY 29,100 84,650 – Pharmaceutical Group Co. Shenzhen Kangtai Ltd. 'H' HKD 163,000 778,329 0.03 Biological Products Co. Shanghai International Ltd. 'A' CNY 13,400 357,816 0.01 Airport Co. Ltd. 'A' CNY 18,000 208,366 0.01 Shenzhen Mindray Bio- Shanghai International Port Medical Electronics Co. Group Co. Ltd. 'A' CNY 176,500 123,560 0.01 Ltd. 'A' CNY 18,900 1,227,883 0.05 Shanghai Jahwa United Co. Shenzhen Overseas Chinese Ltd. 'A' CNY 13,776 73,206 – Town Co. Ltd. 'A' CNY 169,800 184,143 0.01 Shanghai Jinjiang Shenzhen Salubris International Hotels Co. Pharmaceuticals Co. Ltd. 'A' CNY 19,400 84,118 – Ltd. 'A' CNY 13,700 108,108 – Shenzhen Sunway Shanghai Lujiazui Finance Communication Co. Ltd. 'A' CNY 17,600 96,660 – & Trade Zone Development Shijiazhuang Yiling Co. Ltd. 'B' USD 361,114 282,180 0.01 Pharmaceutical Co. Ltd. 'A' CNY 24,700 96,433 – Shanghai M&G Stationery, Siasun Robot & Automation Inc. 'A' CNY 17,800 241,324 0.01 Co. Ltd. 'A' CNY 31,000 58,389 – Shanghai Pharmaceuticals Sichuan Chuantou Energy Holding Co. Ltd. 'A' CNY 40,200 118,098 0.01 Co. Ltd. 'A' CNY 91,600 140,998 0.01 Shanghai Pharmaceuticals Sichuan Kelun Holding Co. Ltd. 'H' HKD 251,900 442,493 0.02 Pharmaceutical Co. Ltd. 'A' CNY 29,500 87,762 – Shanghai Pudong Sichuan Swellfun Co. Ltd. 'A' CNY 9,800 124,551 0.01 Development Bank Co. Sinolink Securities Co. Ltd. 'A' CNY 548,900 812,958 0.03 Ltd. 'A' CNY 63,900 159,162 0.01 Shanghai Putailai New Sinopec Shanghai Energy Technology Co. Petrochemical Co. Ltd. 'A' CNY 121,500 63,876 – Ltd. 'A' CNY 8,600 147,914 0.01 Sinopharm Group Co. Shanghai RAAS Blood Ltd. 'H' HKD 418,400 1,017,197 0.04 Products Co. Ltd. 'A' CNY 105,300 119,187 0.01 Sinotrans Ltd. 'A' CNY 110,800 74,521 – Shanghai Yuyuan Tourist Mart Group Co. Ltd. CNY 67,300 91,584 – Songcheng Performance Development Co. Ltd. 'A' CNY 54,540 147,814 0.01 Shanghai Zhangjiang High- Tech Park Development Co. SooChow Securities Co. Ltd. 'A' CNY 31,700 82,451 – Ltd. 'A' CNY 82,290 124,129 0.01 Shanxi Lu'an Environmental Southwest Securities Co. Energy Development Co. Ltd. 'A' CNY 119,300 98,157 – Ltd. 'A' CNY 58,400 58,151 – Spring Airlines Co. Ltd. 'A' CNY 19,100 161,966 0.01 Shanxi Meijin Energy Co. STO Express Co. Ltd. 'A' CNY 29,900 46,161 – Ltd. 'A' CNY 81,900 83,570 – Suning.com Co. Ltd. 'A' CNY 174,100 205,340 0.01 Shanxi Securities Co. Ltd. 'A' CNY 72,400 99,188 – Sunwoda Electronic Co. Shanxi Taigang Stainless Ltd. 'A' CNY 34,000 159,776 0.01 Steel Co. Ltd. 'A' CNY 113,300 62,697 – Suofeiya Home Collection Shanxi Xinghuacun Fen Co. Ltd. 'A' CNY 12,000 47,583 – Wine Factory Co. Ltd. 'A' CNY 16,300 936,395 0.04 Suzhou Dongshan Precision Shanxi Xishan Coal & Manufacturing Co. Ltd. 'A' CNY 33,600 133,736 0.01 Electricity Power Co. Ltd. 'A' CNY 80,000 69,126 – Suzhou Gold Mantis Shenergy Co. Ltd. 'A' CNY 103,200 82,547 – Construction Decoration Shengyi Technology Co. Co. Ltd. 'A' CNY 60,200 86,483 – Ltd. 'A' CNY 43,300 186,590 0.01 Tangshan Jidong Cement Shennan Circuits Co. Ltd. 'A' CNY 9,100 150,509 0.01 Co. Ltd. 'A' CNY 26,800 58,068 – Shenwan Hongyuan Group TBEA Co. Ltd. 'A' CNY 76,100 118,287 0.01 Co. Ltd. 'A' CNY 436,000 352,721 0.01 TCL Technology Group Shenzhen Airport Co. Ltd. 'A' CNY 40,000 50,031 – Corp. 'A' CNY 255,900 277,496 0.01 Shenzhen Energy Group Co. Thunder Sofware Ltd. 'A' CNY 77,440 72,251 – Technology Co. Ltd. 'A' CNY 8,000 143,271 0.01 Shenzhen Goodix Tianfeng Securities Co. Technology Co. Ltd. 'A' CNY 9,100 216,656 0.01 Ltd. 'A' CNY 131,900 123,263 0.01 Shenzhen Hepalink Tianjin 712 Communication Pharmaceutical Group Co. & Broadcasting Co. Ltd. 'A' CNY 15,300 97,531 – Ltd. 'A' CNY 20,900 55,075 –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 74 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Tianjin Chase Sun Wuhu Token Science Co. Pharmaceutical Co. Ltd. 'A' CNY 76,000 53,336 – Ltd. 'A' CNY 48,300 65,683 – Tianjin Zhonghuan Wuliangye Yibin Co. Ltd. 'A' CNY 72,600 3,243,211 0.13 Semiconductor Co. Ltd. 'A' CNY 59,700 233,042 0.01 WUS Printed Circuit Tianma Microelectronics Kunshan Co. Ltd. 'A' CNY 36,700 105,515 – Co. Ltd. 'A' CNY 42,900 96,757 – WuXi AppTec Co. Ltd. 'A' CNY 40,800 841,317 0.03 Tianshui Huatian WuXi AppTec Co. Ltd., Reg. Technology Co. Ltd. 'A' CNY 54,200 112,947 – S 'H' HKD 86,612 1,693,536 0.07 Toly Bread Co. Ltd. 'A' CNY 11,000 99,509 – Wuxi Lead Intelligent TongFu Microelectronics Equipment Co. Ltd. 'A' CNY 16,500 212,098 0.01 Co. Ltd. 'A' CNY 22,500 86,938 – Wuxi Taiji Industry Co. Tonghua Dongbao Ltd. 'A' CNY 41,100 59,482 – Pharmaceutical Co. Ltd. 'A' CNY 36,400 74,585 – XCMG Construction Tongkun Group Co. Ltd. 'A' CNY 36,800 115,942 0.01 Machinery Co. Ltd. 'A' CNY 160,400 131,732 0.01 Tongling Nonferrous Metals Xiamen C & D, Inc. 'A' CNY 58,111 72,987 – Group Co. Ltd. 'A' CNY 211,400 83,001 – Xiamen Intretech, Inc. 'A' CNY 10,000 98,474 – Tongwei Co. Ltd. 'A' CNY 80,200 471,822 0.02 Xiamen Tungsten Co. Ltd. 'A' CNY 28,000 72,196 – Topchoice Medical Corp. 'A' CNY 6,400 270,844 0.01 Xinhu Zhongbao Co. Ltd. 'A' CNY 180,000 85,548 – Transfar Zhilian Co. Ltd. 'A' CNY 63,600 45,903 – Xinjiang Goldwind Science TravelSky Technology & Technology Co. Ltd. 'A' CNY 73,000 159,163 0.01 Ltd. 'H' HKD 291,000 700,301 0.03 Xinjiang Goldwind Science Tsingtao Brewery Co. Ltd. 'A' CNY 13,300 202,350 0.01 & Technology Co. Ltd. 'H' HKD 236,950 475,533 0.02 Tsingtao Brewery Co. Ltd. Yango Group Co. Ltd. 'A' CNY 84,900 84,782 – 'H' HKD 144,000 1,508,503 0.06 Yantai Jereh Oilfield Unigroup Guoxin Services Group Co. Ltd. 'A' CNY 19,100 102,278 – Microelectronics Co. Ltd. 'A' CNY 12,100 247,812 0.01 Yanzhou Coal Mining Co. Unisplendour Corp. Ltd. 'A' CNY 57,148 178,840 0.01 Ltd. 'A' CNY 52,200 80,504 – Universal Scientific Yanzhou Coal Mining Co. Industrial Shanghai Co. Ltd. 'H' HKD 496,000 396,601 0.02 Ltd. 'A' CNY 30,300 89,660 – Yealink Network Technology Venustech Group, Inc. 'A' CNY 10,400 46,490 – Corp. Ltd. 'A' CNY 13,800 154,461 0.01 Visionox Technology, Inc. 'A' CNY 27,500 48,007 – Yifan Pharmaceutical Co. Walvax Biotechnology Co. Ltd. 'A' CNY 25,200 73,032 – Ltd. 'A' CNY 28,900 170,547 0.01 Yifeng Pharmacy Chain Co. Wangsu Science & Ltd. 'A' CNY 10,640 146,845 0.01 Technology Co. Ltd. 'A' CNY 51,600 54,457 – Yintai Gold Co. Ltd. 'A' CNY 55,300 72,622 – Wanhua Chemical Group Yonghui Superstores Co. Co. Ltd. 'A' CNY 58,700 817,968 0.03 Ltd. 'A' CNY 177,300 194,721 0.01 Weichai Power Co. Ltd. 'A' CNY 117,900 284,763 0.01 Yonyou Network Weichai Power Co. Ltd. 'H' HKD 609,200 1,224,167 0.05 Technology Co. Ltd. 'A' CNY 61,114 410,355 0.02 Weifu High-Technology Youngor Group Co. Ltd. 'A' CNY 99,200 109,105 – Group Co. Ltd. 'A' CNY 16,300 57,849 – Yuan Longping High-tech Weihai Guangwei Agriculture Co. Ltd. 'A' CNY 25,700 77,811 – Composites Co. Ltd. 'A' CNY 10,300 140,420 0.01 Yunda Holding Co. Ltd. 'A' CNY 57,370 137,919 0.01 Wens Foodstufs Group Co. Yunnan Baiyao Group Co. Ltd. 'A' CNY 119,220 332,598 0.01 Ltd. 'A' CNY 24,700 429,542 0.02 Western Securities Co. Yunnan Energy New Ltd. 'A' CNY 73,500 114,026 0.01 Material Co. Ltd. CNY 17,800 386,153 0.02 Will Semiconductor Ltd. 'A' CNY 16,300 576,549 0.02 Zhangzhou Pientzehuang Wingtech Technology Co. Pharmaceutical Co. Ltd. 'A' CNY 11,700 479,039 0.02 Ltd. 'A' CNY 23,600 357,590 0.01 Zhaojin Mining Industry Co. Winning Health Technology Ltd. 'H' HKD 344,000 411,163 0.02 Group Co. Ltd. 'A' CNY 45,110 120,724 0.01 Zhejiang Century Huatong Wuchan Zhongda Group Group Co. Ltd. 'A' CNY 144,220 157,067 0.01 Co. Ltd. 'A' CNY 105,300 70,358 – Zhejiang Chint Electrics Co. Wuhan Guide Infrared Co. Ltd. 'A' CNY 40,200 240,936 0.01 Ltd. 'A' CNY 32,640 208,621 0.01 Zhejiang Dahua Technology Wuhu Sanqi Interactive Co. Ltd. 'A' CNY 56,100 170,839 0.01 Entertainment Network Zhejiang Dingli Machinery Technology Group Co. Co. Ltd. 'A' CNY 9,660 149,611 0.01 Ltd. 'A' CNY 41,600 198,893 0.01 Zhejiang Expressway Co. Ltd. 'H' HKD 462,000 389,684 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 75 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Zhejiang Huahai Commercial International Pharmaceutical Co. Ltd. 'A' CNY 28,930 149,681 0.01 Bank Egypt SAE EGP 434,994 1,639,407 0.07 Zhejiang Huayou Cobalt Co. Eastern Co. SAE EGP 315,580 264,057 0.01 Ltd. 'A' CNY 22,280 270,312 0.01 1,903,464 0.08 Zhejiang Jingsheng Greece Mechanical & Electrical Co. Hellenic Ltd. 'A' CNY 25,400 117,084 0.01 Telecommunications Zhejiang Juhua Co. Ltd. 'A' CNY 54,600 67,826 – Organization SA EUR 73,750 1,192,164 0.05 Zhejiang Longsheng Group JUMBO SA EUR 34,152 594,596 0.02 Co. Ltd. 'A' CNY 65,400 136,297 0.01 OPAP SA EUR 64,270 861,495 0.04 Zhejiang NHU Co. Ltd. 'A' CNY 40,200 207,184 0.01 2,648,255 0.11 Zhejiang Sanhua Intelligent Hong Kong Controls Co. Ltd. 'A' CNY 67,130 253,324 0.01 Beijing Enterprises Holdings Zhejiang Semir Garment Ltd. HKD 158,500 516,680 0.02 Co. Ltd. 'A' CNY 56,100 86,002 – BYD Electronic International Zhejiang Supor Co. Ltd. 'A' CNY 10,900 130,145 0.01 Co. Ltd. HKD 212,000 1,108,871 0.04 Zhejiang Weixing New China Everbright Building Materials Co. International Ltd. HKD 1,148,444 648,026 0.03 Ltd. 'A' CNY 31,300 89,557 – China Everbright Ltd. HKD 300,000 400,855 0.02 Zhejiang Wolwo Bio- China Jinmao Holdings Pharmaceutical Co. Ltd. 'A' CNY 10,400 121,892 0.01 Group Ltd. HKD 1,748,000 805,931 0.03 Zhengzhou Yutong Bus Co. China Merchants Port Ltd. 'A' CNY 45,300 117,289 0.01 Holdings Co. Ltd. HKD 460,200 563,559 0.02 Zheshang Securities Co. China Mobile Ltd. HKD 1,914,500 10,932,380 0.44 Ltd. 'A' CNY 69,300 162,240 0.01 China Overseas Land & ZhongAn Online P&C Investment Ltd. HKD 1,203,400 2,615,112 0.10 Insurance Co. Ltd., Reg. S 'H' HKD 114,300 533,327 0.02 China Power International Zhongji Innolight Co. Ltd. 'A' CNY 14,300 111,290 – Development Ltd. HKD 1,375,000 295,261 0.01 Zhongjin Gold Corp. Ltd. 'A' CNY 93,600 125,986 0.01 China Resources Beer Zhongtian Financial Group Holdings Co. Ltd. HKD 454,266 4,190,332 0.17 Co. Ltd. 'A' CNY 136,800 65,858 – China Resources Zhuzhou CRRC Times Pharmaceutical Group Ltd., Electric Co. Ltd. 'H' HKD 171,700 751,846 0.03 Reg. S HKD 507,000 260,575 0.01 Zijin Mining Group Co. China Resources Power Ltd. 'A' CNY 369,700 525,924 0.02 Holdings Co. Ltd. HKD 600,000 646,156 0.03 Zijin Mining Group Co. China Taiping Insurance Ltd. 'H' HKD 1,789,000 2,024,717 0.08 Holdings Co. Ltd. HKD 507,480 914,383 0.04 Zoomlion Heavy Industry China Traditional Chinese Science and Technology Co. Medicine Holdings Co. Ltd. HKD 908,000 450,274 0.02 Ltd. 'A' CNY 131,400 199,216 0.01 China Unicom Hong Kong Zoomlion Heavy Industry Ltd. HKD 1,919,700 1,105,521 0.04 Science and Technology Co. CITIC Ltd. HKD 1,825,000 1,289,804 0.05 Ltd. 'H' HKD 410,900 492,327 0.02 CNOOC Ltd. HKD 5,566,000 5,161,221 0.21 ZTE Corp. 'A' CNY 75,900 390,851 0.02 CSPC Pharmaceutical ZTE Corp. 'H' HKD 237,024 595,845 0.02 Group Ltd. HKD 2,816,560 2,884,374 0.12 277,911,916 11.22 Far East Horizon Ltd. HKD 618,000 636,313 0.03 Colombia Fosun International Ltd. HKD 801,000 1,259,263 0.05 Bancolombia SA COP 79,950 816,127 0.04 Guangdong Investment Ltd. HKD 918,000 1,655,220 0.07 Bancolombia SA Preference COP 141,839 1,456,197 0.06 Hua Hong Semiconductor Ecopetrol SA COP 1,547,893 1,024,674 0.04 Ltd., Reg. S HKD 146,000 827,681 0.03 Grupo de Inversiones Lenovo Group Ltd. HKD 2,262,000 2,137,000 0.09 Suramericana SA COP 73,578 544,076 0.02 Shenzhen Investment Ltd. HKD 1,014,000 346,567 0.01 Interconexion Electrica Sinotruk Hong Kong Ltd. HKD 215,500 549,600 0.02 SA ESP COP 139,001 1,042,508 0.04 4,883,582 0.20 Wharf Holdings Ltd. (The) HKD 478,000 1,274,541 0.05 Czech Republic Yuexiu Property Co. Ltd. HKD 2,172,000 435,605 0.02 CEZ A/S CZK 50,630 1,220,539 0.05 43,911,105 1.77 Komercni banka A/S CZK 23,690 726,194 0.03 Hungary MOL Hungarian Oil & Gas Moneta Money Bank A/S, plc HUF 128,540 955,377 0.04 Reg. S CZK 160,310 511,282 0.02 2,458,015 0.10 OTP Bank Nyrt. HUF 69,814 3,153,878 0.13 Egypt

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 76 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Richter Gedeon Nyrt. HUF 43,850 1,103,277 0.04 Indian Oil Corp. Ltd. INR 634,952 791,737 0.03 5,212,532 0.21 Indraprastha Gas Ltd. INR 68,330 470,945 0.02 India Info Edge India Ltd. INR 20,100 1,316,704 0.05 ACC Ltd. INR 23,570 522,949 0.02 Infosys Ltd. INR 1,062,061 18,255,932 0.74 Adani Green Energy Ltd. INR 122,670 1,764,211 0.07 InterGlobe Aviation Ltd., Adani Ports & Special Reg. S INR 29,957 707,730 0.03 Economic Zone Ltd. INR 166,655 1,097,878 0.04 Ipca Laboratories Ltd. INR 21,800 655,691 0.03 Ambuja Cements Ltd. INR 228,015 777,259 0.03 ITC Ltd. INR 920,435 2,637,598 0.11 Apollo Hospitals Enterprise JSW Steel Ltd. INR 275,118 1,457,809 0.06 Ltd. INR 28,370 935,844 0.04 Jubilant Foodworks Ltd. INR 23,770 911,315 0.04 Asian Paints Ltd. INR 120,364 4,554,997 0.18 Kotak Mahindra Bank Ltd. INR 169,530 4,634,772 0.19 Aurobindo Pharma Ltd. INR 94,203 1,186,827 0.05 Larsen & Toubro Infotech Avenue Supermarts Ltd., Ltd., Reg. S INR 16,430 820,711 0.03 Reg. S INR 50,570 1,910,833 0.08 Larsen & Toubro Ltd. INR 215,832 3,810,185 0.15 Axis Bank Ltd. INR 710,407 6,032,083 0.24 Lupin Ltd. INR 72,833 976,313 0.04 Bajaj Auto Ltd. INR 22,752 1,072,330 0.04 Mahindra & Mahindra Ltd. INR 244,724 2,419,219 0.10 Bajaj Finance Ltd. INR 85,074 6,164,809 0.25 Marico Ltd. INR 148,253 819,580 0.03 Bajaj Finserv Ltd. INR 12,527 1,526,475 0.06 Maruti Suzuki India Ltd. INR 42,647 4,471,848 0.18 Balkrishna Industries Ltd. INR 27,290 616,603 0.02 Motherson Sumi Systems Bandhan Bank Ltd., Reg. S INR 243,600 1,341,079 0.05 Ltd. INR 398,382 901,379 0.04 Berger Paints India Ltd. INR 75,690 785,996 0.03 MRF Ltd. INR 600 621,681 0.02 Bharat Forge Ltd. INR 70,776 509,859 0.02 Muthoot Finance Ltd. INR 37,760 624,428 0.03 Bharat Petroleum Corp. Ltd. INR 213,516 1,116,108 0.04 Nestle India Ltd. INR 10,583 2,666,541 0.11 Bharti Airtel Ltd. INR 391,087 2,730,632 0.11 NTPC Ltd. INR 1,396,856 1,902,204 0.08 Bharti Infratel Ltd. INR 104,715 329,749 0.01 Oil & Natural Gas Corp. Ltd. INR 825,496 1,053,231 0.04 Biocon Ltd. INR 94,490 602,252 0.02 Page Industries Ltd. INR 1,764 667,051 0.03 Britannia Industries Ltd. INR 33,984 1,665,230 0.07 Petronet LNG Ltd. INR 202,471 686,288 0.03 Cipla Ltd. INR 133,088 1,494,063 0.06 PI Industries Ltd. INR 26,180 787,412 0.03 Coal India Ltd. INR 415,815 771,939 0.03 Pidilite Industries Ltd. INR 40,008 967,357 0.04 Colgate-Palmolive India Ltd. INR 34,350 737,308 0.03 Piramal Enterprises Ltd. INR 30,264 589,843 0.02 Container Corp. of India Ltd. INR 70,435 384,296 0.02 Power Grid Corp. of India Dabur India Ltd. INR 172,399 1,258,971 0.05 Ltd. INR 595,608 1,539,710 0.06 Divi's Laboratories Ltd. INR 41,638 2,192,082 0.09 REC Ltd. INR 218,097 401,142 0.02 DLF Ltd. INR 197,420 628,267 0.03 Reliance Industries Ltd. INR 889,145 24,148,388 0.98 Dr Reddy's Laboratories Ltd. INR 37,480 2,676,546 0.11 Shree Cement Ltd. INR 2,846 935,949 0.04 Eicher Motors Ltd. INR 43,510 1,506,972 0.06 Shriram Transport Finance GAIL India Ltd. INR 532,798 901,637 0.04 Co. Ltd. INR 59,542 853,684 0.03 Godrej Consumer Products Siemens Ltd. INR 23,370 502,788 0.02 Ltd. INR 132,989 1,348,572 0.05 Sun Pharmaceutical Grasim Industries Ltd. INR 96,238 1,219,824 0.05 Industries Ltd. INR 261,735 2,118,680 0.09 Havells India Ltd. INR 68,293 855,957 0.03 Tata Consultancy Services Ltd. INR 292,386 11,476,812 0.46 HCL Technologies Ltd. INR 338,316 4,383,913 0.18 Tata Consumer Products HDFC Asset Management Ltd. INR 177,180 1,433,106 0.06 Co. Ltd., Reg. S INR 16,760 671,513 0.03 Tata Motors Ltd. INR 550,871 1,386,899 0.06 HDFC Life Insurance Co. Ltd., Reg. S INR 231,540 2,146,041 0.09 Tata Steel Ltd. INR 212,046 1,866,472 0.08 Hero MotoCorp Ltd. INR 37,594 1,601,547 0.06 Tech Mahindra Ltd. INR 197,043 2,627,981 0.11 Hindalco Industries Ltd. INR 467,754 1,532,323 0.06 Titan Co. Ltd. INR 112,007 2,397,626 0.10 Hindustan Petroleum Corp. Torrent Pharmaceuticals Ltd. INR 196,537 591,078 0.02 Ltd. INR 16,660 638,900 0.03 Hindustan Unilever Ltd. INR 256,314 8,401,314 0.34 Trent Ltd. INR 56,880 534,429 0.02 Housing Development UltraTech Cement Ltd. INR 35,986 2,601,886 0.10 Finance Corp. Ltd. INR 530,840 18,559,367 0.75 United Spirits Ltd. INR 93,716 742,547 0.03 ICICI Bank Ltd. INR 1,590,447 11,645,674 0.47 UPL Ltd. INR 162,936 1,041,946 0.04 ICICI Lombard General Vedanta Ltd. INR 609,793 1,344,032 0.05 Insurance Co. Ltd., Reg. S INR 66,501 1,389,365 0.06 Wipro Ltd. INR 374,903 1,983,268 0.08 ICICI Prudential Life Yes Bank Ltd. INR 3,065,490 749,407 0.03 Insurance Co. Ltd., Reg. S INR 116,270 794,548 0.03

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 77 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Zee Entertainment Globant SA USD 11,800 2,568,152 0.10 Enterprises Ltd. INR 283,622 870,157 0.04 Reinet Investments SCA ZAR 46,100 868,386 0.04 223,758,433 9.04 5,246,646 0.21 Indonesia Malaysia Ace Hardware Indonesia AMMB Holdings Bhd. MYR 520,100 472,601 0.02 Tbk. PT IDR 2,086,300 254,254 0.01 Axiata Group Bhd. MYR 863,000 798,153 0.03 Adaro Energy Tbk. PT IDR 4,515,600 457,993 0.02 CIMB Group Holdings Bhd. MYR 2,004,300 2,140,263 0.09 Astra International Tbk. PT IDR 6,292,400 2,691,436 0.11 Dialog Group Bhd. MYR 1,238,920 1,065,865 0.04 Bank Central Asia Tbk. PT IDR 3,071,000 7,367,488 0.30 DiGi.Com Bhd. MYR 975,700 1,007,890 0.04 Bank Mandiri Persero Tbk. PT IDR 5,804,098 2,594,571 0.10 Fraser & Neave Holdings Bhd. MYR 44,900 361,179 0.01 Bank Negara Indonesia Persero Tbk. PT IDR 2,340,200 1,025,234 0.04 Gamuda Bhd. MYR 552,000 529,784 0.02 Bank Rakyat Indonesia Genting Bhd. MYR 658,900 733,117 0.03 Persero Tbk. PT IDR 17,278,100 5,108,456 0.21 Genting Malaysia Bhd. MYR 915,700 613,568 0.02 Barito Pacific Tbk. PT IDR 8,652,700 671,216 0.03 Genting Plantations Bhd. MYR 81,100 199,732 0.01 Charoen Pokphand HAP Seng Consolidated Indonesia Tbk. PT IDR 2,315,000 1,067,794 0.04 Bhd. MYR 195,300 418,291 0.02 Gudang Garam Tbk. PT IDR 152,800 443,690 0.02 Hartalega Holdings Bhd. MYR 531,900 1,609,611 0.07 Indah Kiat Pulp & Paper Hong Leong Bank Bhd. MYR 203,988 924,902 0.04 Corp. Tbk. PT IDR 843,900 622,427 0.02 Hong Leong Financial Indocement Tunggal Group Bhd. MYR 70,104 314,240 0.01 Prakarsa Tbk. PT IDR 452,500 463,619 0.02 IHH Healthcare Bhd. MYR 688,400 940,611 0.04 Indofood CBP Sukses IOI Corp. Bhd. MYR 788,700 857,814 0.03 Makmur Tbk. PT IDR 740,800 499,318 0.02 Kossan Rubber Industries MYR 392,900 443,581 0.02 Indofood Sukses Makmur Kuala Lumpur Kepong Bhd. MYR 135,600 800,299 0.03 Tbk. PT IDR 1,355,000 656,592 0.03 Malayan Banking Bhd. MYR 1,223,300 2,577,441 0.10 Kalbe Farma Tbk. PT IDR 6,606,300 691,601 0.03 Malaysia Airports Holdings Merdeka Copper Gold Bhd. MYR 338,380 496,799 0.02 Tbk PT IDR 3,091,400 533,129 0.02 Maxis Bhd. MYR 736,300 928,969 0.04 Perusahaan Gas Negara Tbk. PT IDR 3,345,300 391,502 0.01 MISC Bhd. MYR 420,100 717,141 0.03 Sarana Menara Nusantara Nestle Malaysia Bhd. MYR 22,100 764,241 0.03 Tbk PT IDR 7,240,500 493,797 0.02 Petronas Chemicals Group Semen Indonesia Persero Bhd. MYR 744,600 1,373,889 0.06 Tbk. PT IDR 916,500 805,574 0.03 Petronas Dagangan Bhd. MYR 93,500 493,596 0.02 Telkom Indonesia Persero Petronas Gas Bhd. MYR 248,300 1,064,195 0.04 Tbk. PT IDR 15,409,700 3,617,854 0.15 PPB Group Bhd. MYR 200,860 929,309 0.04 Unilever Indonesia Tbk. PT IDR 2,393,700 1,248,833 0.05 Press Metal Aluminium United Tractors Tbk. PT IDR 526,577 991,398 0.04 Holdings Bhd. MYR 443,400 922,650 0.04 32,697,776 1.32 Public Bank Bhd. MYR 906,210 4,650,251 0.19 Isle of Man QL Resources Bhd. MYR 336,800 486,054 0.02 NEPI Rockcastle plc ZAR 127,800 814,712 0.03 RHB Bank Bhd. MYR 503,250 685,615 0.03 814,712 0.03 Sime Darby Bhd. MYR 853,500 492,280 0.02 Jersey Sime Darby Plantation Bhd. MYR 647,900 803,976 0.03 Polymetal International plc RUB 73,530 1,722,371 0.07 1,722,371 0.07 Supermax Corp. Bhd. MYR 462,331 690,438 0.03 Kuwait Telekom Malaysia Bhd. MYR 355,100 477,243 0.02 Agility Public Warehousing Tenaga Nasional Bhd. MYR 708,700 1,838,125 0.07 Co. KSC KWD 349,810 778,531 0.03 Top Glove Corp. Bhd. MYR 1,515,400 2,307,613 0.09 Boubyan Bank KSCP KWD 324,200 605,897 0.02 Westports Holdings Bhd. MYR 259,500 280,320 0.01 Gulf Bank KSCP KWD 466,180 334,858 0.01 37,211,646 1.50 Kuwait Finance House KSCP KWD 1,315,540 2,930,005 0.12 Mexico Mabanee Co. KPSC KWD 173,350 374,122 0.02 Alfa SAB de CV 'A' MXN 924,110 667,369 0.03 Mobile Telecommunications America Movil SAB de CV MXN 10,590,330 7,800,023 0.32 Co. KSCP KWD 678,740 1,355,516 0.05 Arca Continental SAB de CV MXN 136,130 663,188 0.03 National Bank of Kuwait Becle SAB de CV MXN 171,900 434,172 0.02 SAKP KWD 2,028,324 5,607,747 0.23 Cemex SAB de CV MXN 4,705,377 2,435,172 0.10 11,986,676 0.48 Coca-Cola Femsa SAB de CV MXN 164,750 762,266 0.03 Luxembourg Fibra Uno Administracion Allegro.eu SA, Reg. S PLN 79,440 1,810,108 0.07 SA de CV, REIT MXN 985,920 1,121,244 0.05

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 78 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Fomento Economico Megaworld Corp. PHP 3,516,700 297,979 0.01 Mexicano SAB de CV MXN 605,360 4,570,615 0.18 Metro Pacific Investments Gruma SAB de CV 'B' MXN 69,200 834,029 0.03 Corp. PHP 4,426,700 394,895 0.02 Grupo Aeroportuario del Metropolitan Bank & Trust Pacifico SAB de CV 'B' MXN 118,330 1,319,921 0.05 Co. PHP 564,365 577,148 0.02 Grupo Aeroportuario del PLDT, Inc. PHP 27,085 756,270 0.03 Sureste SAB de CV 'B' MXN 65,150 1,055,101 0.04 Puregold Price Club, Inc. PHP 307,000 262,352 0.01 Grupo Bimbo SAB de CV MXN 497,950 1,086,342 0.04 SM Investments Corp. PHP 74,795 1,631,735 0.07 Grupo Carso SAB de CV 'A1' MXN 142,700 470,121 0.02 SM Prime Holdings, Inc. PHP 3,141,975 2,520,289 0.10 Grupo Financiero Banorte Universal Robina Corp. PHP 276,600 875,771 0.04 SAB de CV 'O' MXN 807,670 4,513,959 0.18 18,156,241 0.73 Grupo Financiero Inbursa Poland SAB de CV 'O' MXN 723,380 766,039 0.03 Bank Polska Kasa Opieki SA PLN 57,641 948,277 0.04 Grupo Mexico SAB de CV 'B' MXN 968,872 4,215,488 0.17 CD Projekt SA PLN 20,890 1,544,691 0.06 Grupo Televisa SAB MXN 745,020 1,234,911 0.05 Cyfrowy Polsat SA PLN 90,290 736,020 0.03 Industrias Penoles SAB Dino Polska SA, Reg. S PLN 15,380 1,197,050 0.05 de CV MXN 42,910 752,539 0.03 KGHM Polska Miedz SA PLN 43,493 2,147,152 0.09 Infraestructura Energetica Nova SAB de CV MXN 167,900 660,321 0.03 LPP SA PLN 402 894,415 0.04 Kimberly-Clark de Mexico Orange Polska SA PLN 200,715 356,125 0.01 SAB de CV 'A' MXN 478,210 817,576 0.03 PGE Polska Grupa Megacable Holdings SAB Energetyczna SA PLN 258,585 452,124 0.02 de CV MXN 94,200 350,957 0.01 Polski Koncern Nafowy Orbia Advance Corp. SAB ORLEN SA PLN 93,929 1,459,854 0.06 de CV MXN 324,224 767,648 0.03 Polskie Gornictwo Nafowe i Promotora y Operadora de Gazownictwo SA PLN 543,831 810,553 0.03 Infraestructura SAB de CV MXN 71,500 642,196 0.03 Powszechna Kasa Telesites SAB de CV MXN 416,300 463,589 0.02 Oszczednosci Bank Polski SA PLN 271,869 2,101,737 0.08 Wal-Mart de Mexico SAB de CV MXN 1,630,300 4,716,425 0.19 Powszechny Zaklad 43,121,211 1.74 Ubezpieczen SA PLN 189,630 1,650,653 0.07 Netherlands Santander Bank Polska SA PLN 11,210 560,802 0.02 X5 Retail Group NV, Reg. 14,859,453 0.60 S, GDR USD 38,090 1,379,239 0.06 Qatar Yandex NV 'A' RUB 93,990 6,556,226 0.26 Barwa Real Estate Co. QAR 598,170 559,557 0.02 7,935,465 0.32 Commercial Bank PSQC Pakistan (The) QAR 622,160 751,531 0.03 Habib Bank Ltd. PKR 178,210 147,493 0.01 Industries Qatar QSC QAR 563,490 1,688,690 0.07 MCB Bank Ltd. PKR 127,010 146,895 0.01 Masraf Al Rayan QSC QAR 1,139,960 1,416,143 0.06 Oil & Gas Development Mesaieed Petrochemical Co. Ltd. PKR 222,550 144,245 – Holding Co. QAR 1,358,700 766,030 0.03 438,633 0.02 Ooredoo QPSC QAR 246,230 508,896 0.02 Peru Qatar Electricity & Water Cia de Minas Buenaventura Co. QSC QAR 169,100 836,326 0.03 SAA, ADR USD 67,190 802,585 0.03 Qatar Fuel QSC QAR 152,840 785,506 0.03 802,585 0.03 Qatar Gas Transport Co. Ltd. QAR 782,140 686,320 0.03 Philippines Qatar International Islamic Aboitiz Equity Ventures, Inc. PHP 618,170 606,108 0.02 Bank QSC QAR 232,690 582,987 0.02 Aboitiz Power Corp. PHP 461,700 256,896 0.01 Qatar Islamic Bank SAQ QAR 359,450 1,696,786 0.07 Ayala Corp. PHP 87,612 1,510,262 0.06 Qatar National Bank QPSC QAR 1,409,300 6,915,848 0.28 Ayala Land, Inc. PHP 2,514,860 2,143,566 0.09 17,194,620 0.69 Bank of the Philippine Russia Islands PHP 558,753 949,302 0.04 Alrosa PJSC RUB 14,570 19,464 – BDO Unibank, Inc. PHP 612,044 1,360,609 0.05 Alrosa PJSC USD 794,120 1,060,884 0.04 Globe Telecom, Inc. PHP 10,500 444,366 0.02 Gazprom PJSC, ADR USD 1,844,652 10,320,828 0.42 GT Capital Holdings, Inc. PHP 30,389 371,288 0.01 Inter RAO UES PJSC RUB 206,000 14,744 – International Container Inter RAO UES PJSC USD 11,257,000 805,718 0.03 Terminal Services, Inc. PHP 314,100 806,236 0.03 LUKOIL PJSC, ADR USD 129,569 8,837,902 0.36 JG Summit Holdings, Inc. PHP 943,791 1,405,883 0.06 Magnit PJSC, Reg. S, GDR USD 111,176 1,961,701 0.08 Jollibee Foods Corp. PHP 136,550 555,929 0.02 MMC Norilsk Nickel PJSC, Manila Electric Co. PHP 70,720 429,357 0.02 ADR USD 197,339 6,165,857 0.25

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 79 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Mobile TeleSystems PJSC, Saudi Basic Industries Corp. SAR 280,260 7,582,671 0.31 ADR USD 141,010 1,262,745 0.05 Saudi British Bank (The) SAR 255,180 1,683,515 0.07 Moscow Exchange MICEX- Saudi Cement Co. SAR 22,940 375,760 0.02 RTS PJSC RUB 590 1,269 – Saudi Electricity Co. SAR 258,540 1,474,812 0.06 Moscow Exchange MICEX- Saudi Industrial Investment RTS PJSC USD 427,900 920,582 0.04 Group SAR 67,820 495,792 0.02 Novatek PJSC, Reg. S, GDR USD 28,393 4,637,997 0.19 Saudi Kayan Petrochemical Novolipetsk Steel PJSC RUB 6,780 19,111 – Co. SAR 230,580 881,385 0.04 Novolipetsk Steel PJSC USD 369,260 1,040,840 0.04 Saudi Telecom Co. SAR 186,770 5,292,190 0.21 PhosAgro PJSC, Reg. S, GDR USD 42,380 579,758 0.02 Savola Group (The) SAR 82,090 929,434 0.04 Polyus PJSC RUB 120 24,697 – Yanbu National Polyus PJSC USD 10,340 2,128,025 0.09 Petrochemical Co. SAR 79,410 1,350,489 0.05 Rosnef Oil Co. PJSC, Reg. 60,088,246 2.43 S, GDR USD 363,355 2,056,589 0.08 Singapore Sberbank of Russia PJSC, BOC Aviation Ltd., Reg. S HKD 65,300 562,983 0.02 ADR USD 841,029 12,226,459 0.49 562,983 0.02 Severstal PAO, Reg. S, GDR USD 65,699 1,152,360 0.05 South Africa Surgutnefegas PJSC, ADR USD 457,351 2,112,504 0.09 Absa Group Ltd. ZAR 223,741 1,835,189 0.07 Tatnef PJSC, ADR USD 73,565 3,002,188 0.12 African Rainbow Minerals Ltd. ZAR 35,060 631,712 0.03 VTB Bank PJSC, Reg. S, GDR USD 504,889 483,936 0.02 60,836,158 2.46 Anglo American Platinum Ltd. ZAR 16,922 1,666,913 0.07 Saudi Arabia Abdullah Al Othaim Markets AngloGold Ashanti Ltd. ZAR 129,604 3,036,300 0.12 Co. SAR 13,840 453,402 0.02 Aspen Pharmacare Advanced Petrochemical Holdings Ltd. ZAR 121,715 1,039,960 0.04 Co. SAR 33,276 594,737 0.02 Bid Corp. Ltd. ZAR 104,183 1,879,660 0.08 Al Rajhi Bank SAR 381,470 7,499,244 0.30 Bidvest Group Ltd. (The) ZAR 90,743 972,490 0.04 Alinma Bank SAR 307,446 1,326,816 0.05 Capitec Bank Holdings Ltd. ZAR 21,558 2,109,637 0.09 Almarai Co. JSC SAR 78,430 1,148,801 0.05 Clicks Group Ltd. ZAR 78,010 1,348,803 0.05 Arab National Bank SAR 188,230 1,015,032 0.04 Discovery Ltd. ZAR 123,913 1,304,672 0.05 Bank AlBilad SAR 115,290 870,476 0.04 Exxaro Resources Ltd. ZAR 78,778 746,837 0.03 Bank Al-Jazira SAR 126,050 459,646 0.02 FirstRand Ltd. ZAR 1,484,124 5,178,025 0.21 Banque Saudi Fransi SAR 183,260 1,548,538 0.06 Gold Fields Ltd. ZAR 274,567 2,593,414 0.11 Bupa Arabia for Cooperative Growthpoint Properties Insurance Co. SAR 18,820 613,537 0.02 Ltd., REIT ZAR 1,046,029 901,318 0.04 Co. for Cooperative Harmony Gold Mining Co. Insurance (The) SAR 19,220 409,094 0.02 Ltd. ZAR 167,590 819,992 0.03 Dar Al Arkan Real Estate Impala Platinum Holdings Development Co. SAR 166,020 383,021 0.02 Ltd. ZAR 248,510 3,432,871 0.14 Dr Sulaiman Al Habib Kumba Iron Ore Ltd. ZAR 19,910 850,517 0.03 Medical Services Group Co. SAR 16,470 478,098 0.02 Mr Price Group Ltd. ZAR 80,640 941,433 0.04 Emaar Economic City SAR 120,000 294,762 0.01 MTN Group Ltd. ZAR 527,045 2,180,733 0.09 Etihad Etisalat Co. SAR 118,370 905,563 0.04 MultiChoice Group ZAR 138,827 1,269,786 0.05 Jarir Marketing Co. SAR 18,450 854,262 0.03 Naspers Ltd. 'N' ZAR 135,712 27,968,046 1.13 Mobile Telecommunications Nedbank Group Ltd. ZAR 118,132 1,044,015 0.04 Co. Saudi Arabia SAR 138,700 502,448 0.02 Northam Platinum Ltd. ZAR 111,950 1,600,781 0.06 National Commercial Bank SAR 457,580 5,308,855 0.21 Old Mutual Ltd. ZAR 1,477,170 1,199,218 0.05 National Industrialization Rand Merchant Investment Co. SAR 100,360 365,699 0.01 Holdings Ltd. ZAR 240,280 526,986 0.02 Rabigh Refining & Remgro Ltd. ZAR 166,024 1,086,204 0.04 Petrochemical Co. SAR 66,510 244,836 0.01 Sanlam Ltd. ZAR 553,565 2,217,547 0.09 Riyad Bank SAR 419,550 2,270,256 0.09 Sasol Ltd. ZAR 174,865 1,601,795 0.07 Sahara International Petrochemical Co. SAR 112,730 525,262 0.02 Shoprite Holdings Ltd. ZAR 157,687 1,507,992 0.06 Samba Financial Group SAR 304,610 2,486,654 0.10 Sibanye Stillwater Ltd. ZAR 707,130 2,895,459 0.12 Saudi Airlines Catering Co. SAR 12,200 250,569 0.01 SPAR Group Ltd. (The) ZAR 59,497 769,315 0.03 Saudi Arabian Fertilizer Co. SAR 64,050 1,375,244 0.06 Standard Bank Group Ltd. ZAR 403,124 3,509,039 0.14 Saudi Arabian Mining Co. SAR 133,660 1,442,060 0.06 Tiger Brands Ltd. ZAR 50,620 719,241 0.03 Saudi Arabian Oil Co., Reg. S SAR 684,994 6,395,286 0.26 Vodacom Group Ltd. ZAR 199,458 1,687,879 0.07

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 80 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Woolworths Holdings Ltd. ZAR 307,687 829,382 0.03 Korea Aerospace Industries 83,903,161 3.39 Ltd. KRW 22,490 531,181 0.02 South Korea Korea Electric Power Corp. KRW 79,730 2,006,369 0.08 Alteogen, Inc. KRW 5,710 940,883 0.04 Korea Gas Corp. KRW 8,390 237,706 0.01 Amorepacific Corp. KRW 10,090 1,905,874 0.08 Korea Investment Holdings AMOREPACIFIC Group KRW 8,870 447,556 0.02 Co. Ltd. KRW 13,112 950,865 0.04 BGF retail Co. Ltd. KRW 2,364 293,195 0.01 Korea Shipbuilding & Ofshore Engineering Co. Celltrion Healthcare Co. Ltd. KRW 21,660 3,228,753 0.13 Ltd. KRW 12,214 1,211,011 0.05 Celltrion Pharm, Inc. KRW 5,089 1,109,324 0.04 Korea Zinc Co. Ltd. KRW 2,662 980,824 0.04 Celltrion, Inc. KRW 30,018 9,852,984 0.40 Korean Air Lines Co. Ltd. KRW 27,476 685,225 0.03 Cheil Worldwide, Inc. KRW 21,650 408,823 0.02 KT&G Corp. KRW 36,289 2,763,993 0.11 CJ CheilJedang Corp. KRW 2,601 910,165 0.04 Kumho Petrochemical CJ Corp. KRW 5,032 425,664 0.02 Co. Ltd. KRW 5,732 760,853 0.03 CJ ENM Co. Ltd. KRW 3,298 422,082 0.02 LG Chem Ltd. Preference KRW 2,409 842,002 0.03 CJ Logistics Corp. KRW 2,803 426,550 0.02 LG Chem Ltd. KRW 14,291 10,802,022 0.44 Coway Co. Ltd. KRW 15,048 1,002,890 0.04 LG Corp. KRW 29,775 2,392,088 0.10 Daelim Industrial Co. Ltd. KRW 8,732 666,371 0.03 LG Display Co. Ltd. KRW 72,970 1,242,879 0.05 Daewoo Shipbuilding & LG Electronics, Inc. KRW 33,076 4,107,736 0.17 Marine Engineering Co. Ltd. KRW 11,770 295,474 0.01 LG Household & Health Care DB Insurance Co. Ltd. KRW 15,550 624,373 0.03 Ltd. Preference KRW 660 434,196 0.02 Doosan Bobcat, Inc. KRW 15,730 427,880 0.02 LG Household & Health Doosan Heavy Industries & Care Ltd. KRW 2,912 4,333,837 0.17 Construction Co. Ltd. KRW 60,450 746,256 0.03 LG Innotek Co. Ltd. KRW 4,454 744,359 0.03 Douzone Bizon Co. Ltd. KRW 6,050 578,959 0.02 LG Uplus Corp. KRW 67,120 725,429 0.03 E-MART, Inc. KRW 6,123 852,262 0.03 Lotte Chemical Corp. KRW 5,317 1,342,511 0.05 Fila Holdings Corp. KRW 14,980 600,792 0.02 Lotte Corp. KRW 8,233 266,101 0.01 GS Engineering & Lotte Shopping Co. Ltd. KRW 3,648 343,467 0.01 Construction Corp. KRW 18,534 642,377 0.03 Meritz Securities Co. Ltd. KRW 84,830 285,426 0.01 GS Holdings Corp. KRW 16,037 553,279 0.02 Mirae Asset Daewoo Co. Ltd. KRW 91,106 789,037 0.03 GS Retail Co. Ltd. KRW 8,460 267,389 0.01 NAVER Corp. KRW 38,370 10,282,971 0.42 Hana Financial Group, Inc. KRW 93,375 2,955,409 0.12 NCSof Corp. KRW 5,119 4,375,921 0.18 Hankook Tire & Technology Netmarble Corp., Reg. S KRW 6,730 810,283 0.03 Co. Ltd. KRW 23,313 841,332 0.03 NH Investment & Securities Hanmi Pharm Co. Ltd. KRW 2,086 700,777 0.03 Co. Ltd. KRW 35,314 365,251 0.01 Hanon Systems KRW 58,610 873,333 0.04 Orion Corp. KRW 7,337 835,163 0.03 Hanwha Solutions Corp. KRW 32,231 1,412,587 0.06 Ottogi Corp. KRW 420 222,153 0.01 HLB, Inc. KRW 13,871 1,177,711 0.05 Pan Ocean Co. Ltd. KRW 86,180 396,095 0.02 Hotel Shilla Co. Ltd. KRW 9,850 743,700 0.03 Pearl Abyss Corp. KRW 1,810 432,885 0.02 Hyundai Engineering & POSCO KRW 23,077 5,764,421 0.23 Construction Co. Ltd. KRW 24,456 841,548 0.03 POSCO Chemical Co. Ltd. Hyundai Glovis Co. Ltd. KRW 5,887 994,638 0.04 Rights KRW 1,694 47,420 – Hyundai Heavy Industries POSCO Chemical Co. Ltd. KRW 6,470 618,312 0.02 Holdings Co. Ltd. KRW 2,971 772,062 0.03 S-1 Corp. KRW 5,365 419,031 0.02 Hyundai Marine & Fire Insurance Co. Ltd. KRW 19,630 409,986 0.02 Samsung Biologics Co. Ltd., Reg. S KRW 5,150 3,899,171 0.16 Hyundai Mobis Co. Ltd. KRW 20,709 4,856,915 0.20 Samsung C&T Corp. KRW 26,152 3,316,927 0.13 Hyundai Motor Co. Preference KRW 7,127 578,152 0.02 Samsung Card Co. Ltd. KRW 8,820 263,392 0.01 Hyundai Motor Co. Samsung Electro-Mechanics Preference KRW 11,451 942,014 0.04 Co. Ltd. KRW 17,421 2,847,676 0.11 Hyundai Motor Co. KRW 46,580 8,208,324 0.33 Samsung Electronics Co. Ltd. Preference KRW 256,370 17,325,466 0.70 Hyundai Steel Co. KRW 27,208 987,150 0.04 Samsung Electronics Co. Industrial Bank of Korea KRW 81,107 658,757 0.03 Ltd. KRW 1,488,440 110,670,179 4.47 Kakao Corp. KRW 17,810 6,365,204 0.26 Samsung Engineering Co. Kangwon Land, Inc. KRW 33,040 713,587 0.03 Ltd. KRW 49,190 596,522 0.02 KB Financial Group, Inc. KRW 122,967 4,902,441 0.20 Samsung Fire & Marine Kia Motors Corp. KRW 82,005 4,697,284 0.19 Insurance Co. Ltd. KRW 9,657 1,659,743 0.07 KMW Co. Ltd. KRW 8,120 600,549 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 81 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Samsung Heavy Industries Far EasTone Co. Ltd. KRW 148,228 956,270 0.04 Telecommunications Co. Samsung Life Insurance Ltd. TWD 501,000 1,091,911 0.04 Co. Ltd. KRW 21,958 1,593,934 0.06 Feng TAY Enterprise Co. Ltd. TWD 124,568 882,461 0.04 Samsung SDI Co. Ltd. KRW 17,137 9,859,229 0.40 First Financial Holding Samsung SDS Co. Ltd. KRW 10,927 1,792,287 0.07 Co. Ltd. TWD 3,191,173 2,419,523 0.10 Samsung Securities Co. Ltd. KRW 19,610 727,876 0.03 Formosa Chemicals & Fibre Corp. TWD 1,093,880 3,296,320 0.13 Seegene, Inc. KRW 5,690 1,009,190 0.04 Formosa Petrochemical Shin Poong Pharmaceutical Corp. TWD 359,000 1,274,132 0.05 Co. Ltd. KRW 9,040 1,025,690 0.04 Formosa Plastics Corp. TWD 1,188,400 4,059,633 0.16 Shinhan Financial Group Co. Ltd. KRW 136,629 4,023,597 0.16 Foxconn Technology Co. Ltd. TWD 288,163 545,977 0.02 Shinsegae, Inc. KRW 2,274 499,467 0.02 Fubon Financial Holding SK Biopharmaceuticals Co. Ltd. TWD 2,069,719 3,441,339 0.14 Co. Ltd. KRW 4,910 760,769 0.03 Giant Manufacturing Co. SK Chemicals Co. Ltd. KRW 2,390 858,627 0.03 Ltd. TWD 94,000 917,845 0.04 SK Holdings Co. Ltd. KRW 10,940 2,416,355 0.10 Globalwafers Co. Ltd. TWD 68,000 1,712,697 0.07 SK Hynix, Inc. KRW 170,117 18,448,579 0.75 Highwealth Construction SK Innovation Co. Ltd. KRW 17,253 3,008,624 0.12 Corp. TWD 241,190 392,996 0.02 SK Telecom Co. Ltd. KRW 12,307 2,690,959 0.11 Hiwin Technologies Corp. TWD 81,219 1,109,203 0.05 S-Oil Corp. KRW 14,126 897,955 0.04 Hon Hai Precision Industry Woori Financial Group, Inc. KRW 169,945 1,519,131 0.06 Co. Ltd. TWD 3,886,414 12,661,323 0.51 Yuhan Corp. KRW 15,419 1,061,882 0.04 Hotai Motor Co. Ltd. TWD 94,000 2,150,487 0.09 329,942,135 13.33 Hua Nan Financial Holdings Taiwan Co. Ltd. TWD 2,593,982 1,685,656 0.07 Accton Technology Corp. TWD 156,000 1,751,093 0.07 Innolux Corp. TWD 2,589,492 1,300,310 0.05 Acer, Inc. TWD 916,000 770,973 0.03 Inventec Corp. TWD 787,615 671,447 0.03 Advantech Co. Ltd. TWD 120,845 1,502,720 0.06 Largan Precision Co. Ltd. TWD 31,000 3,514,003 0.14 ASE Technology Holding Lite-On Technology Corp. TWD 663,925 1,176,233 0.05 Co. Ltd. TWD 1,020,878 2,940,224 0.12 MediaTek, Inc. TWD 469,932 12,487,360 0.50 Asia Cement Corp. TWD 685,064 1,052,871 0.04 Mega Financial Holding ASMedia Technology, Inc. TWD 9,000 503,045 0.02 Co. Ltd. TWD 3,385,072 3,589,971 0.15 Asustek Computer, Inc. TWD 219,281 1,954,931 0.08 Micro-Star International AU Optronics Corp. TWD 2,687,000 1,334,902 0.05 Co. Ltd. TWD 212,000 1,000,565 0.04 Catcher Technology Co. Ltd. TWD 213,000 1,558,081 0.06 Nan Ya Plastics Corp. TWD 1,603,494 4,086,937 0.17 Cathay Financial Holding Nanya Technology Corp. TWD 381,000 1,168,483 0.05 Co. Ltd. TWD 2,457,901 3,685,097 0.15 Nien Made Enterprise Co. Chang Hwa Commercial Ltd. TWD 51,000 591,576 0.02 Bank Ltd. TWD 1,629,254 1,038,416 0.04 Novatek Microelectronics Cheng Shin Rubber Industry Corp. TWD 180,000 2,349,212 0.10 Co. Ltd. TWD 559,607 872,558 0.04 Oneness Biotech Co. Ltd. TWD 60,000 513,681 0.02 Chicony Electronics Co. Ltd. TWD 185,718 568,872 0.02 Pegatron Corp. TWD 614,000 1,470,353 0.06 China Development Phison Electronics Corp. TWD 48,000 566,991 0.02 Financial Holding Corp. TWD 3,992,666 1,316,793 0.05 Pou Chen Corp. TWD 740,000 825,039 0.03 China Life Insurance Co. Ltd. TWD 890,147 702,714 0.03 Powertech Technology, Inc. TWD 232,200 783,029 0.03 China Steel Corp. TWD 3,670,712 3,225,407 0.13 President Chain Store Corp. TWD 179,000 1,693,176 0.07 Chunghwa Telecom Co. Ltd. TWD 1,182,602 4,594,036 0.19 Quanta Computer, Inc. TWD 901,000 2,589,942 0.10 Compal Electronics, Inc. TWD 1,313,000 967,576 0.04 Realtek Semiconductor CTBC Financial Holding Corp. TWD 150,253 2,075,533 0.08 Co. Ltd. TWD 5,459,491 3,818,689 0.15 Ruentex Development Delta Electronics, Inc. TWD 606,246 5,651,737 0.23 Co. Ltd. TWD 259,299 377,325 0.02 E.Sun Financial Holding Shanghai Commercial & Co. Ltd. TWD 3,518,109 3,199,424 0.13 Savings Bank Ltd. (The) TWD 1,042,948 1,525,153 0.06 Eclat Textile Co. Ltd. TWD 59,624 894,612 0.04 Shin Kong Financial Holding Evergreen Marine Corp. Co. Ltd. TWD 3,472,399 1,088,059 0.04 Taiwan Ltd. TWD 754,612 1,091,252 0.04 SinoPac Financial Holdings Far Eastern New Century Co. Ltd. TWD 3,182,697 1,295,398 0.05 Corp. TWD 923,606 947,669 0.04 Standard Foods Corp. TWD 132,993 289,639 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 82 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Synnex Technology Indorama Ventures PCL THB 560,401 689,608 0.03 International Corp. TWD 419,000 699,835 0.03 Intouch Holdings PCL 'F' THB 704,200 1,324,811 0.05 Taishin Financial Holding Kasikornbank PCL THB 553,100 2,082,695 0.08 Co. Ltd. TWD 3,079,665 1,448,250 0.06 Krung Thai Bank PCL THB 1,096,175 407,874 0.02 Taiwan Business Bank TWD 1,761,554 609,168 0.03 Krungthai Card pcl THB 241,100 477,718 0.02 Taiwan Cement Corp. TWD 1,516,126 2,330,210 0.09 Land & Houses PCL THB 2,607,200 693,867 0.03 Taiwan Cooperative Minor International PCL THB 975,491 834,177 0.03 Financial Holding Co. Ltd. TWD 2,899,883 2,091,100 0.08 Muangthai Capital PCL THB 231,300 456,371 0.02 Taiwan High Speed Rail Corp. TWD 618,000 695,643 0.03 Osotspa PCL THB 259,200 308,149 0.01 Taiwan Mobile Co. Ltd. TWD 512,100 1,799,441 0.07 PTT Exploration & Production PCL THB 433,102 1,418,212 0.06 Taiwan Semiconductor Manufacturing Co. Ltd. TWD 7,678,000 143,769,098 5.81 PTT Global Chemical PCL THB 717,764 1,404,222 0.06 Unimicron Technology PTT PCL THB 3,561,000 5,050,474 0.20 Corp. TWD 373,000 1,158,033 0.05 Ratch Group PCL THB 248,600 440,729 0.02 Uni-President Enterprises Siam Cement PCL (The) THB 246,000 3,107,221 0.13 Corp. TWD 1,502,493 3,600,110 0.15 Siam Commercial Bank United Microelectronics PCL (The) THB 266,300 776,479 0.03 Corp. TWD 3,615,000 6,006,928 0.24 Srisawad Corp. PCL THB 242,900 531,947 0.02 Vanguard International Thai Oil PCL THB 349,700 608,293 0.03 Semiconductor Corp. TWD 283,000 1,169,572 0.05 Thai Union Group PCL 'F' THB 1,000,100 455,562 0.02 Walsin Technology Corp. TWD 99,000 805,784 0.03 Total Access Win Semiconductors Corp. TWD 105,000 1,292,474 0.05 Communication PCL THB 223,800 247,393 0.01 Winbond Electronics Corp. TWD 936,000 960,172 0.04 True Corp. PCL THB 3,640,121 419,089 0.02 Wistron Corp. TWD 890,695 980,900 0.04 44,608,137 1.80 Wiwynn Corp. TWD 24,000 600,677 0.02 Turkey WPG Holdings Ltd. TWD 499,961 761,171 0.03 Akbank T.A.S. TRY 978,808 923,590 0.04 Yageo Corp. TWD 115,519 2,117,262 0.09 Aselsan Elektronik Sanayi Yuanta Financial Holding ve Ticaret A/S TRY 214,580 529,961 0.02 Co. Ltd. TWD 3,017,456 2,201,739 0.09 BIM Birlesik Magazalar A/S TRY 142,866 1,470,747 0.06 305,712,177 12.35 Eregli Demir ve Celik Thailand Fabrikalari TAS TRY 442,183 891,954 0.04 Advanced Info Service PCL THB 370,700 2,180,334 0.09 Ford Otomotiv Sanayi A/S TRY 21,870 368,389 0.01 Airports of Thailand PCL THB 1,335,800 2,769,358 0.11 Haci Omer Sabanci Holding Asset World Corp. pcl THB 2,493,400 380,259 0.02 A/S TRY 288,053 450,871 0.02 B Grimm Power PCL THB 243,800 396,624 0.02 KOC Holding A/S TRY 238,669 683,170 0.03 Bangkok Bank PCL THB 179,600 715,627 0.03 Tupras Turkiye Petrol Rafinerileri A/S TRY 39,276 574,819 0.02 Bangkok Commercial Asset Management PCL THB 554,000 403,954 0.02 Turk Hava Yollari AO TRY 172,047 301,855 0.01 Bangkok Dusit Medical Turkcell Iletisim Hizmetleri Services PCL 'F' THB 3,007,400 2,082,478 0.08 A/S TRY 381,634 829,963 0.03 Bangkok Expressway & Turkiye Garanti Bankasi A/S TRY 724,693 1,021,567 0.04 Metro PCL THB 2,382,000 667,717 0.03 Turkiye Is Bankasi A/S 'C' TRY 494,102 466,228 0.02 Berli Jucker PCL THB 377,200 435,846 0.02 Turkiye Sise ve Cam BTS Group Holdings PCL THB 2,477,300 766,768 0.03 Fabrikalari A/S TRY 432,591 427,417 0.02 Bumrungrad Hospital PCL THB 143,400 575,447 0.02 Yapi ve Kredi Bankasi A/S TRY 950,970 395,181 0.02 Central Pattana PCL THB 699,400 1,117,392 0.05 9,335,712 0.38 United Arab Emirates Central Retail Corp. PCL THB 563,925 581,031 0.02 Abu Dhabi Commercial Charoen Pokphand Foods Bank PJSC AED 863,480 1,441,014 0.06 PCL THB 1,215,700 1,090,300 0.04 Abu Dhabi Islamic Bank CP ALL PCL THB 1,819,900 3,545,240 0.14 PJSC AED 447,760 574,145 0.02 Delta Electronics Thailand Aldar Properties PJSC AED 1,208,670 1,041,446 0.04 pcl THB 97,800 1,578,161 0.06 Dubai Islamic Bank PJSC AED 567,892 713,498 0.03 Electricity Generating PCL THB 90,200 580,193 0.02 Emaar Malls PJSC AED 816,570 411,264 0.02 Energy Absolute PCL THB 468,100 771,289 0.03 Emaar Properties PJSC AED 1,100,620 1,063,705 0.04 Global Power Synergy PCL 'F' THB 221,100 545,076 0.02 Emirates NBD Bank PJSC AED 785,260 2,217,977 0.09 Gulf Energy Development Emirates PCL THB 736,140 844,451 0.03 Telecommunications Group Co. PJSC AED 540,710 2,495,109 0.10 Home Product Center PCL THB 1,856,578 845,701 0.03

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 83 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets 0 First Abu Dhabi Bank PJSC AED 849,078 2,993,455 0.12 12,951,613 0.52 United States of America Southern Copper Corp. USD 26,669 1,730,152 0.07

Yum China Holdings, Inc. USD 124,140 7,100,187 0.29

8,830,339 0.36 Virgin Islands, British Mail.Ru Group Ltd., Reg. S RUB 32,720 874,715 0.03 874,715 0.03 Total Equities 2,451,561,053 99.01 Total Transferable securities and money market instruments admitted to an oficial exchange listing 2,451,561,053 99.01 Other transferable securities and money market instruments Equities Greece FF Group§ EUR 6,570 –– –– Hong Kong China Common Rich Renewable Energy Investments Ltd.§ HKD 842,000 –– China Huishan Dairy Holdings Co. Ltd.§ HKD 385,000 20,854 – 20,854 – Total Equities 20,854 – Total Other transferable securities and money market instruments 20,854 – Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Ireland Aviva Investors US Dollar Liquidity Fund - Class 3 Income shares USD† USD 6,000,000 6,000,000 0.24 6,000,000 0.24 Total Collective Investment Schemes - UCITS 6,000,000 0.24 Total Units of authorised UCITS or other collective investment undertakings 6,000,000 0.24 Total Investments 2,457,581,907 99.25 Cash 1,604,738 0.06 Other assets/(liabilities) 16,850,217 0.69 Total net assets 2,476,036,862 100.00 §Security is valued at its fair value under the direction of the Board of Directors. †Related Party Fund

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 84 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets Cayman Islands 25.11 South Korea 13.33 Taiwan 12.35 China 11.22 India 9.04 Brazil 5.07 South Africa 3.39 Russia 2.46 Saudi Arabia 2.43 Thailand 1.80 Hong Kong 1.77 Mexico 1.74 Malaysia 1.50 Indonesia 1.32 Bermuda 0.77 Philippines 0.73 Qatar 0.69 Poland 0.60 United Arab Emirates 0.52 Chile 0.50 Kuwait 0.48 Turkey 0.38 United States of America 0.36 Netherlands 0.32 Ireland 0.24 Luxembourg 0.21 Hungary 0.21 Colombia 0.20 Greece 0.11 Czech Republic 0.10 Egypt 0.08 Jersey 0.07 Virgin Islands, British 0.03 Isle of Man 0.03 Peru 0.03 Singapore 0.02 Argentina 0.02 Pakistan 0.02 Total investments 99.25 Cash and other assets/(liabilities) 0.75 Total 100.00

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency USD % of Net Assets MSCI Emerging Markets Index, 19/03/2021 289 USD 255,573 0.01 Total Unrealised Gain on Financial Futures Contracts - Assets 255,573 0.01 Net Unrealised Gain on Financial Futures Contracts - Assets 255,573 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 85 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EQUITY ENDURANCE FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Equifax, Inc. USD 160,400 30,712,590 4.10 exchange listing First Republic Bank USD 179,000 25,790,320 3.44 Equities Hubbell, Inc. USD 75,300 11,769,014 1.57 China Humana, Inc. USD 37,750 15,357,078 2.05 TravelSky Technology Ltd. 'H' HKD 3,690,000 8,880,110 1.19 Jack Henry & Associates, 8,880,110 1.19 Inc. USD 114,200 18,173,217 2.43 Germany Marsh & McLennan Cos., Bayer AG EUR 183,000 10,882,970 1.45 Inc. USD 204,000 23,563,020 3.15 10,882,970 1.45 Mastercard, Inc. 'A' USD 92,200 33,033,416 4.41 Ireland Moody's Corp. USD 133,300 38,358,408 5.12 Allegion plc USD 188,400 21,709,332 2.90 NVR, Inc. USD 3,690 15,096,583 2.02 Trane Technologies plc USD 165,300 23,918,083 3.20 O'Reilly Automotive, Inc. USD 39,400 17,679,765 2.36 Willis Towers Watson plc USD 137,500 28,545,000 3.81 Union Pacific Corp. USD 147,200 30,435,072 4.06 74,172,415 9.91 UnitedHealth Group, Inc. USD 63,700 22,051,985 2.94 Netherlands Valvoline, Inc. USD 564,000 13,079,160 1.75 Heineken NV EUR 321,000 35,930,729 4.80 Visa, Inc. 'A' USD 134,500 29,468,950 3.94 Wolters Kluwer NV EUR 464,000 39,469,579 5.27 511,506,601 68.31 75,400,308 10.07 Total Equities 742,288,796 99.14 United Kingdom Total Transferable securities and money market RELX plc EUR 562,300 13,815,415 1.85 instruments admitted to an oficial exchange listing 742,288,796 99.14 RELX plc GBP 1,243,898 30,460,213 4.07 Units of authorised UCITS or other collective investment undertakings St James's Place plc GBP 1,110,000 17,170,764 2.29 Collective Investment Schemes - UCITS Ireland 61,446,392 8.21 United States of America Aviva Investors Euro Liquidity Fund - Class 3 Alphabet, Inc. 'C' USD 25,180 44,034,406 5.88 Income shares EUR† EUR 3,078 368,029 0.05 Avantor, Inc. USD 965,000 26,619,525 3.55 Aviva Investors US Dollar Berkshire Hathaway, Inc. 'A' USD 114 39,252,708 5.24 Liquidity Fund - Class 3 Booz Allen Hamilton Income shares USD† USD 4,900,000 4,900,000 0.65 Holding Corp. USD 192,000 16,627,200 2.22 5,268,029 0.70 Charter Communications, Total Collective Investment Schemes - UCITS 5,268,029 0.70 Inc. 'A' USD 32,000 21,161,600 2.83 Total Units of authorised UCITS or other collective Comcast Corp. 'A' USD 518,700 26,995,741 3.61 investment undertakings 5,268,029 0.70 Total Investments 747,556,825 99.84 Darden Restaurants, Inc. USD 103,800 12,246,843 1.64 Cash 176,860 0.02 Other assets/(liabilities) 1,017,745 0.14 Total net assets 748,751,430 100.00 †Related Party Fund Geographic Allocation of Portfolio % of Net Assets United States of America 68.31 Ireland 10.61 Netherlands 10.07 United Kingdom 8.21 Germany 1.45 China 1.19 Total investments 99.84 Cash and other assets/(liabilities) 0.16 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 86 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EQUITY UNCONSTRAINED FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial RELX plc GBP 4,878 119,451 1.37 exchange listing Standard Chartered plc GBP 29,373 186,906 2.15 Equities 446,169 5.12 Belgium United States of America KBC Group NV EUR 2,328 164,381 1.89 Alphabet, Inc. 'A' USD 105 183,435 2.10 164,381 1.89 Booz Allen Hamilton Bermuda Holding Corp. USD 1,818 157,439 1.81 Arch Capital Group Ltd. USD 6,189 219,771 2.52 Ciena Corp. USD 2,874 150,195 1.72 Conduit Holdings Ltd. GBP 23,762 163,406 1.88 Comcast Corp. 'A' USD 4,031 209,793 2.41 383,177 4.40 EOG Resources, Inc. USD 2,140 106,187 1.22 Brazil Lojas Americanas SA Equifax, Inc. USD 931 178,263 2.05 Preference BRL 29,686 150,196 1.72 Fidelity National 150,196 1.72 Information Services, Inc. USD 1,116 157,334 1.80 Cayman Islands Hubbell, Inc. USD 1,021 159,577 1.83 Autohome, Inc., ADR USD 1,455 143,368 1.64 IQVIA Holdings, Inc. USD 882 155,483 1.78 China Conch Venture Lumentum Holdings, Inc. USD 1,768 167,863 1.93 Holdings Ltd. HKD 31,000 150,524 1.73 Marsh & McLennan Cos., Sands China Ltd. HKD 30,306 133,280 1.53 Inc. USD 1,280 147,846 1.70 427,172 4.90 Motorola Solutions, Inc. USD 1,139 190,236 2.18 China NextEra Energy, Inc. USD 2,086 158,985 1.82 Ping An Insurance Group NVR, Inc. USD 36 147,284 1.69 Co. of China Ltd. 'H' HKD 11,727 143,641 1.65 Skyworks Solutions, Inc. USD 1,312 200,441 2.30 143,641 1.65 Germany Thermo Fisher Scientific, Inc. USD 301 139,158 1.60 Bayer AG EUR 1,884 112,041 1.29 Union Pacific Corp. USD 919 190,012 2.18 Infineon Technologies AG EUR 6,671 258,378 2.96 UnitedHealth Group, Inc. USD 560 193,864 2.22 Volkswagen AG Preference EUR 1,144 213,406 2.45 583,825 6.70 Visa, Inc. 'A' USD 838 183,606 2.11 Ireland 3,177,001 36.45 Allegion plc USD 1,200 138,276 1.59 Total Equities 7,722,158 88.59 Warrants Medtronic plc USD 1,622 187,893 2.15 China 326,169 3.74 Jiangsu Zhongtian Co. Ltd Italy 29/11/2021 USD 94,000 156,069 1.79 Prysmian SpA EUR 5,179 184,530 2.12 156,069 1.79 Telecom Italia SpA EUR 368,433 170,285 1.95 Total Warrants 156,069 1.79 354,815 4.07 Total Transferable securities and money market Japan instruments admitted to an oficial exchange listing 7,878,227 90.38 Murata Manufacturing Co. Total Investments 7,878,227 90.38 Ltd. JPY 1,700 153,827 1.76 Cash 396,765 4.55 153,827 1.76 Other assets/(liabilities) 441,327 5.07 Mauritius Total net assets 8,716,319 100.00 MakeMyTrip Ltd. USD 7,219 204,839 2.35 204,839 2.35 Netherlands Heineken NV EUR 1,689 189,056 2.17 QIAGEN NV EUR 2,524 132,930 1.52 321,986 3.69 South Korea SK Hynix, Inc. KRW 2,199 238,855 2.74 WONIK IPS Co. Ltd. KRW 4,118 167,476 1.92 406,331 4.66 Switzerland Lonza Group AG CHF 294 189,954 2.18 Novartis AG CHF 1,613 153,229 1.76 343,183 3.94 Taiwan Win Semiconductors Corp. TWD 11,000 135,446 1.55 135,446 1.55 United Kingdom Prudential plc GBP 7,589 139,812 1.60

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 87 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL EQUITY UNCONSTRAINED FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 36.45 Germany 6.70 United Kingdom 5.12 Cayman Islands 4.90 South Korea 4.66 Bermuda 4.40 Italy 4.07 Switzerland 3.94 Ireland 3.74 Netherlands 3.69 China 3.44 Mauritius 2.35 Belgium 1.89 Japan 1.76 Brazil 1.72 Taiwan 1.55 Total investments 90.38 Cash and other assets/(liabilities) 9.62 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets GBP 6,674,845 USD 8,708,817 11/01/2021 J.P. Morgan 409,123 4.69 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 409,123 4.69 USD 373,365 GBP 280,645 11/01/2021 J.P. Morgan (10,000) (0.11) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (10,000) (0.11) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 399,123 4.58

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 88 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Infrastrutture Wireless exchange listing Italiane SpA, Reg. S 1.625% Bonds 21/10/2028 EUR 13,000,000 16,398,245 0.27 Belgium Intesa Sanpaolo SpA, Reg. S Sarens Finance Co. NV, Reg. 3.75% Perpetual EUR 13,228,000 15,560,476 0.25 S 5.75% 21/02/2027 EUR 16,451,000 18,823,407 0.30 LKQ Italia Bondco SpA, Reg. Solvay SA 2.5% Perpetual EUR 13,000,000 16,428,726 0.27 S 3.875% 01/04/2024 EUR 12,000,000 15,951,496 0.26 35,252,133 0.57 Nexi SpA, Reg. S 1.75% Bermuda 31/10/2024 EUR 11,000,000 13,710,796 0.22 Fly Leasing Ltd. 5.25% Rekeep SpA, Reg. S 9% 15/10/2024 USD 9,210,000 8,789,794 0.14 15/06/2022 EUR 12,000,000 15,216,509 0.25 8,789,794 0.14 Sisal Pay SpA, Reg. S, FRN Denmark 3.875% 17/12/2026 EUR 7,969,000 9,790,929 0.16 Norican A/S, Reg. S 4.5% UniCredit SpA, Reg. S, FRN 15/05/2023 EUR 12,297,000 13,170,791 0.21 2.731% 15/01/2032 EUR 11,605,000 14,432,412 0.23 13,170,791 0.21 Unipol Gruppo SpA, Reg. S France 3.25% 23/09/2030 EUR 11,386,000 14,815,609 0.24 Altice France SA, 144A 5.5% Unipol Gruppo SpA, Reg. S 15/01/2028 USD 23,570,000 24,672,133 0.40 3.25% 23/09/2030 EUR 12,034,000 15,718,013 0.25 Elis SA, Reg. S 1% UnipolSai Assicurazioni 03/04/2025 EUR 1,700,000 2,070,624 0.03 SpA, Reg. S 6.375% Mobilux Finance SAS, Reg. S Perpetual EUR 4,700,000 6,300,030 0.10 5.5% 15/11/2024 EUR 7,700,000 9,568,176 0.16 Webuild SpA, Reg. S 5.875% Orano SA, Reg. S 2.75% 15/12/2025 EUR 14,355,000 18,220,362 0.30 08/03/2028 EUR 12,000,000 15,499,933 0.25 213,806,070 3.46 Renault SA, Reg. S 2.375% Jersey 25/05/2026 EUR 4,800,000 5,970,290 0.10 Avis Budget Finance plc, Renault SA, Reg. S 1.125% Reg. S 4.75% 30/01/2026 EUR 14,000,000 16,850,793 0.27 04/10/2027 EUR 13,600,000 15,706,392 0.25 16,850,793 0.27 Veolia Environnement SA, Luxembourg Reg. S 2.25% 31/12/2164 EUR 21,400,000 26,798,056 0.43 ADLER Group SA, Reg. S 100,285,604 1.62 3.25% 05/08/2025 EUR 16,300,000 20,883,083 0.34 Germany ArcelorMittal SA 4.55% ADLER Real Estate AG, Reg. 11/03/2026 USD 27,355,000 30,883,010 0.50 S 1.875% 27/04/2023 EUR 3,000,000 3,708,426 0.06 ARD Finance SA, 144A 6.5% Consus Real Estate AG, Reg. 30/06/2027 USD 13,750,000 14,557,812 0.24 S 9.625% 15/05/2024 EUR 38,500,000 50,915,549 0.82 Consolidated Energy DEMIRE Deutsche Finance SA, 144A 6.875% Mittelstand Real Estate AG, 15/06/2025 USD 37,325,000 38,018,281 0.61 Reg. S 1.875% 15/10/2024 EUR 16,600,000 19,943,444 0.32 Groupe Ecore Holding Deutsche Pfandbriefbank SAS, Reg. S, FRN 6.25% AG, Reg. S, FRN 2.875% 15/11/2023 EUR 20,400,000 22,507,345 0.36 28/06/2027 EUR 13,000,000 15,998,421 0.26 Lincoln Financing SARL, IHO Verwaltungs GmbH, Reg. S, FRN 3.875% 144A 6% 15/05/2027 USD 12,765,000 13,568,365 0.22 01/04/2024 EUR 23,797,000 29,232,527 0.47 Peach Property Finance Stena International SA, GmbH, Reg. S 4.375% 144A 6.125% 01/02/2025 USD 4,545,000 4,488,188 0.07 15/11/2025 EUR 13,259,000 17,058,784 0.28 160,570,246 2.59 Tele Columbus AG, Reg. S Netherlands 3.875% 02/05/2025 EUR 15,405,000 19,043,959 0.31 Abertis Infraestructuras 140,236,948 2.27 Finance BV, Reg. S 3.248% Guernsey 31/12/2164 EUR 13,000,000 16,576,266 0.27 Summit Properties Ltd., ASR Nederland NV, Reg. S, Reg. S 2% 31/01/2025 EUR 24,000,000 29,046,380 0.47 FRN 4.625% Perpetual EUR 14,000,000 18,643,659 0.30 29,046,380 0.47 Athora Netherlands NV, Reg. Isle of Man S 7% 31/12/2164 EUR 15,000,000 20,658,602 0.33 Playtech plc, Reg. S 4.25% Energizer Gamma 07/03/2026 EUR 13,445,000 17,102,856 0.28 Acquisition BV, Reg. S 17,102,856 0.28 4.625% 15/07/2026 EUR 21,508,000 27,443,926 0.44 Italy Fiat Chrysler Automobiles Fabric BC SpA, Reg. S, FRN NV, Reg. S 3.375% 4.125% 30/11/2024 EUR 22,300,000 27,497,018 0.44 07/07/2023 EUR 6,957,000 9,110,146 0.15 Gamma Bidco SpA, Reg. S Fiat Chrysler Automobiles 6.25% 15/07/2025 EUR 23,602,000 30,194,175 0.49 NV 5.25% 15/04/2023 USD 15,510,000 16,653,862 0.27

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 89 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Firmenich International SA, Miller Homes Group Reg. S, FRN 3.75% Perpetual EUR 3,466,000 4,607,345 0.07 Holdings plc, Reg. S 5.5% IPD 3 BV, Reg. S 5.5% 15/10/2024 GBP 8,532,000 12,006,652 0.19 01/12/2025 EUR 7,339,000 9,319,670 0.15 National Express Group plc, Koninklijke Reg. S 4.25% 31/12/2164 GBP 11,000,000 15,419,642 0.25 FrieslandCampina NV, Reg. Pinnacle Bidco plc, Reg. S S 2.85% Perpetual EUR 3,009,000 3,793,998 0.06 6.375% 15/02/2025 GBP 13,000,000 17,651,435 0.28 LeasePlan Corp. NV, Reg. S, Rolls-Royce plc, Reg. S FRN 7.375% Perpetual EUR 16,191,000 21,817,477 0.35 4.625% 16/02/2026 EUR 3,512,000 4,675,279 0.08 OCI NV, 144A 4.625% Stonegate Pub Co. 15/10/2025 USD 27,895,000 28,993,366 0.47 Financing 2019 plc, Reg. S Phoenix PIB Dutch 8.25% 31/07/2025 GBP 23,700,000 32,890,501 0.53 Finance BV, Reg. S 2.375% Synlab Bondco plc, Reg. S, 05/08/2025 EUR 13,000,000 16,379,153 0.26 FRN 4.829% 01/07/2025 EUR 14,420,000 18,090,555 0.29 Telefonica Europe BV, Reg. Synthomer plc, Reg. S S, FRN 3.875% Perpetual EUR 25,000,000 33,165,721 0.54 3.875% 01/07/2025 EUR 4,829,000 6,228,544 0.10 Telefonica Europe BV, Reg. Travis Perkins plc, Reg. S S, FRN 4.375% Perpetual EUR 8,300,000 11,081,714 0.18 3.75% 17/02/2026 GBP 3,028,000 4,307,232 0.07 Trivium Packaging Finance Virgin Media Secured BV, 144A 5.5% 15/08/2026 USD 300,000 317,812 0.01 Finance plc, 144A 5.5% Ziggo Bond Co. BV, 144A 15/05/2029 USD 300,000 325,602 0.01 5.125% 28/02/2030 USD 2,200,000 2,310,000 0.04 Virgin Media Secured Ziggo Bond Co. BV, Reg. S Finance plc, Reg. S 5% 3.375% 28/02/2030 EUR 11,000,000 13,612,746 0.22 15/04/2027 GBP 25,000,000 35,877,687 0.58 254,485,463 4.11 Vmed O2 UK Financing I plc, Panama Reg. S 4% 31/01/2029 GBP 19,540,000 27,365,536 0.44 Carnival Corp., Reg. S Vodafone Group plc, Reg. S 7.625% 01/03/2026 EUR 6,653,000 8,681,482 0.14 2.625% 27/08/2080 EUR 14,000,000 17,700,891 0.29 8,681,482 0.14 298,000,026 4.82 Spain United States of America Banco de Sabadell SA, Reg. Ally Financial, Inc. 5.75% S 5.625% 06/05/2026 EUR 13,000,000 18,706,178 0.30 20/11/2025 USD 13,105,000 15,267,255 0.25 Bankia SA, Reg. S, FRN American Axle & 3.75% 15/02/2029 EUR 13,000,000 17,193,061 0.28 Manufacturing, Inc. 6.875% 01/07/2028 USD 28,600,000 30,654,338 0.50 CaixaBank SA, Reg. S 5.875% Perpetual EUR 13,000,000 17,632,968 0.28 American Axle & Manufacturing, Inc. 6.25% Cellnex Telecom SA, Reg. S 01/04/2025 USD 11,350,000 11,761,437 0.19 1.75% 23/10/2030 EUR 12,400,000 15,391,086 0.25 American Axle & Lorca Telecom Bondco SA, Manufacturing, Inc. 6.25% Reg. S 4% 18/09/2027 EUR 22,703,000 29,398,397 0.48 15/03/2026 USD 7,140,000 7,363,125 0.12 98,321,690 1.59 Avantor Funding, Inc., Reg. Sweden S 2.625% 01/11/2025 EUR 16,614,000 20,932,211 0.34 Akelius Residential Property AB, Reg. S, FRN 2.249% Ball Corp. 2.875% 17/05/2081 EUR 13,000,000 16,153,585 0.26 15/08/2030 USD 17,110,000 17,088,612 0.28 Intrum AB, Reg. S 4.875% Boyd Gaming Corp. 6.375% 15/08/2025 EUR 24,758,000 31,549,875 0.51 01/04/2026 USD 9,605,000 9,991,121 0.16 Volvo Car AB, Reg. S 2.5% Cedar Fair LP 5.375% 07/10/2027 EUR 8,000,000 10,413,285 0.17 01/06/2024 USD 2,165,000 2,175,587 0.03 58,116,745 0.94 CIT Group, Inc. 5.25% United Kingdom 07/03/2025 USD 325,000 369,484 0.01 Direct Line Insurance Group Comstock Resources, Inc. plc, Reg. S, FRN 4.75% 9.75% 15/08/2026 USD 16,760,000 18,079,850 0.29 Perpetual GBP 12,000,000 16,571,872 0.27 Delta Air Lines, Inc. 7.375% Drax Finco plc, 144A 6.625% 15/01/2026 USD 4,020,000 4,615,488 0.07 01/11/2025 USD 33,008,000 34,637,770 0.56 Encompass Health Corp. Investec plc, Reg. S, FRN 4.625% 01/04/2031 USD 3,000,000 3,191,250 0.05 6.75% Perpetual GBP 12,000,000 16,428,204 0.27 Encompass Health Corp. Iron Mountain UK plc, REIT, 4.5% 01/02/2028 USD 5,090,000 5,327,652 0.09 Reg. S 3.875% 15/11/2025 GBP 15,800,000 21,954,830 0.35 Encompass Health Corp. Lloyds Banking Group 4.75% 01/02/2030 USD 17,480,000 18,785,406 0.30 plc, Reg. S, FRN 4.947% Ford Motor Co. 8.5% Perpetual EUR 12,000,000 15,867,794 0.26 21/04/2023 USD 11,405,000 12,854,632 0.21

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 90 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Ford Motor Credit Co. LLC OneMain Finance Corp. 4% 5.584% 18/03/2024 USD 53,537,000 57,819,960 0.93 15/09/2030 USD 31,963,000 33,281,474 0.54 Ford Motor Credit Co. LLC OneMain Finance Corp. 2.748% 14/06/2024 GBP 11,987,000 16,393,869 0.26 6.125% 15/03/2024 USD 30,615,000 33,485,156 0.54 Ford Motor Credit Co. LLC OneMain Finance Corp. 4.125% 17/08/2027 USD 20,410,000 21,404,987 0.35 8.875% 01/06/2025 USD 4,305,000 4,877,996 0.08 Ford Motor Credit Co. LLC OneMain Finance Corp. 4% 13/11/2030 USD 14,720,000 15,474,400 0.25 6.625% 15/01/2028 USD 11,790,000 14,020,550 0.23 Genesis Energy LP 8% PBF Holding Co. LLC 7.25% 15/01/2027 USD 11,210,000 11,274,233 0.18 15/06/2025 USD 23,850,000 15,505,124 0.25 Genesis Energy LP 6.5% Penske Automotive Group, 01/10/2025 USD 13,660,000 13,309,963 0.21 Inc. 3.5% 01/09/2025 USD 7,625,000 7,748,906 0.12 Genesis Energy LP 6.25% Penske Automotive Group, 15/05/2026 USD 21,345,000 20,102,081 0.32 Inc. 5.5% 15/05/2026 USD 5,000,000 5,203,125 0.08 HCA, Inc. 5.375% PG&E Corp. 5.25% 01/02/2025 USD 13,670,000 15,392,625 0.25 01/07/2030 USD 11,765,000 12,956,206 0.21 HCA, Inc. 7.69% 15/06/2025 USD 550,000 662,005 0.01 PG&E Corp. 5% 01/07/2028 USD 4,435,000 4,729,151 0.08 HCA, Inc. 3.5% 01/09/2030 USD 49,765,000 52,872,258 0.85 Service Corp. International Hecla Mining Co. 7.25% 5.125% 01/06/2029 USD 350,000 388,217 0.01 15/02/2028 USD 8,295,000 9,072,656 0.15 Superior Industries Hilton Grand Vacations International, Inc., Reg. S Borrower LLC 6.125% 6% 15/06/2025 EUR 12,916,000 15,399,474 0.25 01/12/2024 USD 10,081,000 10,596,593 0.17 Targa Resources Partners LP MGIC Investment Corp. 5.875% 15/04/2026 USD 25,400,000 26,977,213 0.44 5.25% 15/08/2028 USD 15,905,000 17,063,282 0.28 Teleflex, Inc. 4.625% MGM Growth Properties 15/11/2027 USD 13,937,000 15,046,873 0.24 Operating Partnership LP, Tempur Sealy International, REIT 5.625% 01/05/2024 USD 115,000 125,123 – Inc. 5.625% 15/10/2023 USD 13,082,000 13,342,266 0.22 MGM Resorts International Tenet Healthcare Corp. 5.75% 15/06/2025 USD 10,120,000 11,208,153 0.18 5.125% 01/05/2025 USD 10,265,000 10,477,896 0.17 MGM Resorts International TransDigm, Inc. 5.5% 5.5% 15/04/2027 USD 4,110,000 4,586,370 0.07 15/11/2027 USD 6,795,000 7,161,930 0.12 MPT Operating Partnership United Rentals North LP, REIT 2.55% 05/12/2023 GBP 11,538,000 16,053,821 0.26 America, Inc. 3.875% MPT Operating Partnership 15/02/2031 USD 8,865,000 9,324,872 0.15 LP, REIT 4.625% 01/08/2029 USD 250,000 267,618 – WESCO Distribution, Inc. Murphy Oil USA, Inc. 5.625% 5.375% 15/06/2024 USD 7,250,000 7,449,375 0.12 01/05/2027 USD 5,775,000 6,127,622 0.10 WESCO Distribution, Inc. Murphy Oil USA, Inc. 4.75% 5.375% 15/12/2021 USD 125,000 125,138 – 15/09/2029 USD 7,915,000 8,437,904 0.14 WPX Energy, Inc. 5.75% Netflix, Inc., Reg. S 3.875% 01/06/2026 USD 7,000,000 7,369,250 0.12 15/11/2029 EUR 10,000,000 14,215,940 0.23 WPX Energy, Inc. 5.25% Nordstrom, Inc. 4.375% 15/10/2027 USD 31,620,000 33,542,812 0.54 01/04/2030 USD 2,840,000 2,801,802 0.05 900,396,866 14.55 Occidental Petroleum Corp. Total Bonds 2,353,113,887 38.03 2.7% 15/02/2023 USD 5,063,000 5,067,683 0.08 Total Transferable securities and money market instruments admitted to an oficial exchange listing 2,353,113,887 38.03 Occidental Petroleum Corp. 3.4% 15/04/2026 USD 21,335,000 20,380,899 0.33 Transferable securities and money market instruments dealt in on another regulated market Occidental Petroleum Corp. Bonds 6.375% 01/09/2028 USD 23,330,000 24,656,894 0.40 Australia Occidental Petroleum Corp. FMG Resources August 2.9% 15/08/2024 USD 9,010,000 8,685,640 0.14 2006 Pty. Ltd., 144A 4.5% Occidental Petroleum Corp. 15/09/2027 USD 22,600,000 25,011,194 0.40 3.2% 15/08/2026 USD 10,050,000 9,415,594 0.15 FMG Resources August Occidental Petroleum Corp. 2006 Pty. Ltd., 144A 4.75% 3.5% 15/08/2029 USD 10,525,000 9,594,590 0.15 15/05/2022 USD 500,000 515,312 0.01 Occidental Petroleum Corp. FMG Resources August 4.1% 15/02/2047 USD 13,370,000 10,954,375 0.18 2006 Pty. Ltd., 144A 5.125% Oceaneering International, 15/03/2023 USD 7,945,000 8,411,769 0.14 Inc. 4.65% 15/11/2024 USD 2,000,000 1,825,000 0.03 FMG Resources August Oceaneering International, 2006 Pty. Ltd., 144A 5.125% Inc. 6% 01/02/2028 USD 30,887,000 27,682,474 0.45 15/05/2024 USD 16,145,000 17,547,597 0.28 51,485,872 0.83

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 91 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Bermuda Delta Air Lines, Inc., 144A NCL Corp. Ltd., 144A 3.625% 4.5% 20/10/2025 USD 4,660,000 5,000,489 0.08 15/12/2024 USD 145,000 133,491 – Delta Air Lines, Inc., 144A NCL Corp. Ltd., 144A 10.25% 4.75% 20/10/2028 USD 13,545,000 14,794,629 0.24 01/02/2026 USD 18,280,000 21,524,700 0.35 68,839,432 1.11 NCL Corp. Ltd., 144A 5.875% United Kingdom 15/03/2026 USD 5,610,000 5,868,733 0.10 Virgin Media Finance plc, NCL Corp. Ltd., 144A 12.25% 144A 5% 15/07/2030 USD 3,880,000 4,030,350 0.06 15/05/2024 USD 20,090,000 24,233,562 0.39 4,030,350 0.06 51,760,486 0.84 United States of America Canada Acadia Healthcare Co., Inc., Bausch Health Cos., Inc., 144A 5% 15/04/2029 USD 9,950,000 10,596,750 0.17 144A 5% 15/02/2029 USD 3,695,000 3,798,922 0.06 Acadia Healthcare Co., Inc. Bausch Health Cos., Inc., 5.625% 15/02/2023 USD 9,922,000 9,971,610 0.16 144A 5.25% 30/01/2030 USD 24,965,000 26,241,211 0.43 Acadia Healthcare Co., Inc. Bausch Health Cos., Inc., 6.5% 01/03/2024 USD 14,980,000 15,352,927 0.25 144A 5.25% 15/02/2031 USD 3,695,000 3,880,157 0.06 Afinity Gaming, 144A Bausch Health Cos., Inc., 6.875% 15/12/2027 USD 3,590,000 3,796,425 0.06 144A 5% 30/01/2028 USD 9,795,000 10,106,383 0.16 Albertsons Cos., Inc., 144A Bausch Health Cos., Inc., 3.5% 15/03/2029 USD 24,195,000 24,564,700 0.40 144A 6.25% 15/02/2029 USD 18,215,000 19,812,273 0.32 Albertsons Cos., Inc., 144A Bombardier, Inc., 144A 3.5% 15/02/2023 USD 5,445,000 5,586,570 0.09 5.75% 15/03/2022 USD 225,000 229,786 – Albertsons Cos., Inc., 144A Garda World Security Corp., 5.875% 15/02/2028 USD 12,750,000 13,895,970 0.22 144A 4.625% 15/02/2027 USD 15,615,000 15,810,188 0.26 Albertsons Cos., Inc. 5.75% Garda World Security Corp., 15/03/2025 USD 17,884,000 18,485,707 0.30 144A 9.5% 01/11/2027 USD 15,843,000 17,572,897 0.28 Alliance Data Systems goeasy Ltd., 144A 5.375% Corp., 144A 7% 15/01/2026 USD 23,205,000 24,589,758 0.40 01/12/2024 USD 22,440,000 23,382,031 0.38 Alliant Holdings New Gold, Inc., 144A 7.5% Intermediate LLC, 144A 15/07/2027 USD 10,600,000 11,746,125 0.19 6.75% 15/10/2027 USD 13,415,000 14,276,109 0.23 Norbord, Inc., 144A 5.75% Allied Universal Holdco LLC, 15/07/2027 USD 20,560,000 22,178,074 0.36 144A 6.625% 15/07/2026 USD 10,130,000 10,800,910 0.17 Open Text Corp., 144A Allied Universal Holdco LLC, 3.875% 15/02/2028 USD 14,200,000 14,792,424 0.24 144A 9.75% 15/07/2027 USD 25,840,000 28,081,362 0.45 169,550,471 2.74 Allison Transmission, Inc., Liberia 144A 3.75% 30/01/2031 USD 9,075,000 9,301,875 0.15 Royal Caribbean Cruises American Airlines, Inc., 144A Ltd., 144A 10.875% 11.75% 15/07/2025 USD 5,725,000 6,603,787 0.11 01/06/2023 USD 4,900,000 5,584,800 0.09 Antero Midstream Partners Royal Caribbean Cruises LP, 144A 5.75% 01/03/2027 USD 23,065,000 22,704,609 0.37 Ltd., 144A 11.5% 01/06/2025 USD 4,035,000 4,713,041 0.08 Antero Midstream Partners 10,297,841 0.17 LP, 144A 5.75% 15/01/2028 USD 14,700,000 14,220,192 0.23 Luxembourg Aramark Services, Inc., 144A Altice France Holding SA, 6.375% 01/05/2025 USD 22,575,000 24,269,705 0.39 Reg. S 8% 15/05/2027 EUR 28,505,000 38,081,357 0.62 Aramark Services, Inc., 144A 38,081,357 0.62 5% 01/02/2028 USD 9,900,000 10,444,500 0.17 Netherlands Archrock Partners LP, 144A Alcoa Nederland Holding 6.25% 01/04/2028 USD 14,770,000 15,453,112 0.25 BV, 144A 5.5% 15/12/2027 USD 21,070,000 22,887,287 0.37 Archrock Partners LP, 144A 22,887,287 0.37 6.875% 01/04/2027 USD 16,425,000 17,717,319 0.29 Norway Arconic Corp., 144A 6% Aker BP ASA, 144A 4.75% 15/05/2025 USD 17,300,000 18,500,188 0.30 15/06/2024 USD 16,040,000 16,597,986 0.27 Asbury Automotive Group, 16,597,986 0.27 Inc. 4.5% 01/03/2028 USD 6,228,000 6,523,830 0.11 Panama Asbury Automotive Group, Carnival Corp., 144A 7.625% Inc. 4.75% 01/03/2030 USD 8,311,000 8,923,936 0.14 01/03/2026 USD 5,865,000 6,374,522 0.10 ASGN, Inc., 144A 4.625% 6,374,522 0.10 15/05/2028 USD 13,800,000 14,375,322 0.23 Supranational AssuredPartners, Inc., 144A Ardagh Packaging Finance 5.625% 15/01/2029 USD 1,345,000 1,407,206 0.02 plc, 144A 5.25% 30/04/2025 USD 7,510,000 7,933,151 0.13 Avantor Funding, Inc., 144A Connect Finco SARL, 144A 4.625% 15/07/2028 USD 9,870,000 10,449,862 0.17 6.75% 01/10/2026 USD 38,110,000 41,111,163 0.66

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 92 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Avis Budget Car Rental LLC, CommScope, Inc., 144A 144A 10.5% 15/05/2025 USD 5,195,000 6,139,841 0.10 8.25% 01/03/2027 USD 11,785,000 12,595,278 0.20 Bausch Health Americas, Consolidated Inc., 144A 8.5% 31/01/2027 USD 15,065,000 16,776,158 0.27 Communications, Inc., 144A Berry Global, Inc., 144A 6.5% 01/10/2028 USD 12,160,000 13,029,440 0.21 4.875% 15/07/2026 USD 13,925,000 14,972,647 0.24 Continental Resources, Inc., Booz Allen Hamilton, Inc., 144A 5.75% 15/01/2031 USD 9,300,000 10,340,252 0.17 144A 3.875% 01/09/2028 USD 9,315,000 9,611,916 0.16 CSC Holdings LLC, 144A Boyd Gaming Corp. 4.75% 4.125% 01/12/2030 USD 1,300,000 1,360,580 0.02 01/12/2027 USD 14,195,000 14,774,298 0.24 CSC Holdings LLC, 144A Boyd Gaming Corp., 144A 5.5% 15/04/2027 USD 11,700,000 12,413,700 0.20 8.625% 01/06/2025 USD 4,070,000 4,531,701 0.07 CSC Holdings LLC, 144A Brink's Co. (The), 144A 5.5% 5.375% 01/02/2028 USD 11,240,000 12,026,800 0.19 15/07/2025 USD 2,970,000 3,168,619 0.05 CSC Holdings LLC, 144A Brink's Co. (The), 144A 5.75% 15/01/2030 USD 10,710,000 11,714,116 0.19 4.625% 15/10/2027 USD 27,128,000 28,399,625 0.46 CSC Holdings LLC, 144A C&S Group Enterprises LLC, 4.125% 01/12/2030 USD 8,115,000 8,493,159 0.14 144A 5% 15/12/2028 USD 6,320,000 6,312,100 0.10 CVR Partners LP, 144A 9.25% Caesars Entertainment, Inc., 15/06/2023 USD 30,725,000 30,795,360 0.50 144A 6.25% 01/07/2025 USD 7,445,000 7,938,268 0.13 Dave & Buster's, Inc., 144A Caesars Resort Collection 7.625% 01/11/2025 USD 10,595,000 11,177,725 0.18 LLC, 144A 5.75% 01/07/2025 USD 4,275,000 4,547,531 0.07 DaVita, Inc., 144A 3.75% Caesars Resort Collection 15/02/2031 USD 23,085,000 23,482,870 0.38 LLC, 144A 5.25% 15/10/2025 USD 25,055,000 25,353,280 0.41 DaVita, Inc., 144A 4.625% Calpine Corp., 144A 4.625% 01/06/2030 USD 26,705,000 28,357,372 0.46 01/02/2029 USD 15,075,000 15,523,933 0.25 DCP Midstream Operating Calpine Corp., 144A 4.5% LP 5.625% 15/07/2027 USD 25,790,000 28,638,505 0.46 15/02/2028 USD 17,855,000 18,595,982 0.30 DCP Midstream Operating Carvana Co., 144A 5.875% LP 5.375% 15/07/2025 USD 15,765,000 17,331,647 0.28 01/10/2028 USD 85,000 88,091 – Dell International LLC, 144A Catalent Pharma Solutions, 7.125% 15/06/2024 USD 13,575,000 14,092,547 0.23 Inc., 144A 5% 15/07/2027 USD 12,665,000 13,397,417 0.22 DISH DBS Corp. 7.375% CCO Holdings LLC, 144A 01/07/2028 USD 15,340,000 16,356,275 0.26 4.25% 01/02/2031 USD 15,000,000 15,876,750 0.26 DISH DBS Corp. 6.75% CCO Holdings LLC, 144A 01/06/2021 USD 11,785,000 12,003,023 0.19 5.75% 15/02/2026 USD 24,075,000 24,871,882 0.40 Endeavor Energy Resources CCO Holdings LLC, 144A LP, 144A 5.75% 30/01/2028 USD 125,000 133,625 – 4.75% 01/03/2030 USD 28,940,000 31,252,017 0.51 Endeavor Energy Resources CCO Holdings LLC, 144A LP, 144A 6.625% 15/07/2025 USD 26,479,000 28,373,837 0.46 4.5% 15/08/2030 USD 10,540,000 11,198,803 0.18 Energizer Holdings, Inc., Centene Corp., 144A 5.375% 144A 4.375% 31/03/2029 USD 6,385,000 6,651,063 0.11 01/06/2026 USD 7,385,000 7,800,406 0.13 Energizer Holdings, Inc., Centene Corp., 144A 5.375% 144A 4.75% 15/06/2028 USD 55,000 57,959 – 15/08/2026 USD 10,100,000 10,693,375 0.17 Entercom Media Corp., 144A Centene Corp. 4.25% 7.25% 01/11/2024 USD 4,527,000 4,524,171 0.07 15/12/2027 USD 13,445,000 14,282,825 0.23 Enterprise Development Centene Corp. 4.625% Authority (The), 144A 12% 15/12/2029 USD 18,230,000 20,262,736 0.33 15/07/2024 USD 16,945,000 19,126,669 0.31 Centene Corp. 3.375% Flex Acquisition Co., Inc., 15/02/2030 USD 11,585,000 12,206,593 0.20 144A 7.875% 15/07/2026 USD 23,935,000 25,191,588 0.41 Central Garden & Pet Co. Frontier Communications 4.125% 15/10/2030 USD 12,380,000 12,929,362 0.21 Corp., 144A 5.875% 15/10/2027 USD 12,400,000 13,430,750 0.22 Century Communities, Inc. 6.75% 01/06/2027 USD 25,090,000 26,861,479 0.43 Frontier Communications Corp., 144A 6.75% Charles River Laboratories 01/05/2029 USD 6,305,000 6,758,172 0.11 International, Inc., 144A 4.25% 01/05/2028 USD 14,030,000 14,720,136 0.24 Gartner, Inc., 144A 3.75% 01/10/2030 USD 7,785,000 8,213,253 0.13 Cheniere Energy Partners LP 4.5% 01/10/2029 USD 16,455,000 17,430,288 0.28 Gartner, Inc., 144A 4.5% 01/07/2028 USD 12,820,000 13,541,125 0.22 Cheniere Energy Partners LP 5.625% 01/10/2026 USD 10,870,000 11,323,279 0.18 Graham Holdings Co., 144A 5.75% 01/06/2026 USD 15,643,000 16,480,839 0.27 CommScope, Inc., 144A 6% 01/03/2026 USD 27,460,000 28,937,760 0.47

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 93 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Greif, Inc., 144A 6.5% Moss Creek Resources 01/03/2027 USD 35,725,000 37,846,172 0.61 Holdings, Inc., 144A 10.5% Horizon Therapeutics USA, 15/05/2027 USD 6,800,000 5,457,000 0.09 Inc., 144A 5.5% 01/08/2027 USD 13,810,000 14,852,793 0.24 Nationstar Mortgage HUB International Ltd., Holdings, Inc., 144A 5.5% 144A 7% 01/05/2026 USD 13,956,000 14,575,367 0.24 15/08/2028 USD 16,985,000 17,866,097 0.29 Icahn Enterprises LP 6.375% Nationstar Mortgage 15/12/2025 USD 29,935,000 31,042,595 0.50 Holdings, Inc., 144A 5.125% 15/12/2030 USD 4,035,000 4,248,048 0.07 Icahn Enterprises LP 6.25% 15/05/2026 USD 19,175,000 20,349,277 0.33 NCR Corp., 144A 5% 01/10/2028 USD 11,760,000 12,428,850 0.20 iHeartCommunications, Inc. 8.375% 01/05/2027 USD 8,505,000 9,094,184 0.15 NCR Corp., 144A 6.125% 01/09/2029 USD 12,315,000 13,659,675 0.22 IQVIA, Inc., 144A 5% 15/05/2027 USD 15,890,000 16,922,691 0.27 Netflix, Inc., 144A 5.375% 15/11/2029 USD 11,505,000 13,575,900 0.22 IRB Holding Corp., 144A 7% 15/06/2025 USD 30,595,000 33,479,344 0.54 Newell Brands, Inc. 4.875% 01/06/2025 USD 30,000 33,047 – Iron Mountain, Inc., 144A 5% 15/07/2028 USD 10,935,000 11,555,999 0.19 Newell Brands, Inc. 4.7% 01/04/2026 USD 45,115,000 49,758,687 0.80 Iron Mountain, Inc., 144A 4.5% 15/02/2031 USD 8,340,000 8,746,575 0.14 Nexstar Broadcasting, Inc., 144A 4.75% 01/11/2028 USD 13,485,000 14,133,966 0.23 Iron Mountain, Inc., REIT, 144A 4.875% 15/09/2027 USD 19,715,000 20,659,447 0.33 Nexstar Broadcasting, Inc., 144A 5.625% 15/07/2027 USD 15,580,000 16,733,933 0.27 J2 Global, Inc., 144A 4.625% 15/10/2030 USD 12,470,000 13,179,231 0.21 NFP Corp., 144A 6.875% 15/08/2028 USD 26,580,000 28,473,825 0.46 KBR, Inc., 144A 4.75% 30/09/2028 USD 19,020,000 19,852,125 0.32 Nielsen Finance LLC, 144A 5.625% 01/10/2028 USD 18,430,000 20,059,673 0.32 Kraf Heinz Foods Co., 144A 3.875% 15/05/2027 USD 9,510,000 10,253,217 0.17 Nine Energy Service, Inc., 144A 8.75% 01/11/2023 USD 13,375,000 6,006,244 0.10 Kraf Heinz Foods Co. 5% 15/07/2035 USD 38,475,000 46,632,971 0.75 NRG Energy, Inc., 144A 3.375% 15/02/2029 USD 6,310,000 6,503,906 0.11 LBM Acquisition LLC, 144A 6.25% 15/01/2029 USD 75,000 77,953 – NRG Energy, Inc., 144A 3.625% 15/02/2031 USD 31,400,000 32,422,384 0.52 LD Holdings Group LLC, 144A 6.5% 01/11/2025 USD 5,855,000 6,177,025 0.10 Open Text Holdings, Inc., 144A 4.125% 15/02/2030 USD 5,950,000 6,340,558 0.10 Level 3 Financing, Inc., 144A 4.625% 15/09/2027 USD 30,690,000 32,108,799 0.52 Owens-Brockway Glass Container, Inc., 144A 5.375% Level 3 Financing, Inc., 144A 15/01/2025 USD 10,605,000 11,465,543 0.19 4.25% 01/07/2028 USD 12,195,000 12,542,558 0.20 Owens-Brockway Glass Live Nation Entertainment, Container, Inc., 144A 6.625% Inc., 144A 4.75% 15/10/2027 USD 9,940,000 10,203,261 0.17 13/05/2027 USD 2,965,000 3,215,172 0.05 LTF Merger Sub, Inc., 144A Owens-Brockway Glass 8.5% 15/06/2023 USD 22,075,000 21,192,000 0.34 Container, Inc., 144A 5.875% M/I Homes, Inc. 4.95% 15/08/2023 USD 20,450,000 21,945,406 0.35 01/02/2028 USD 27,765,000 29,477,406 0.48 PBF Holding Co. LLC, 144A MasTec, Inc., 144A 4.5% 9.25% 15/05/2025 USD 22,635,000 22,506,207 0.36 15/08/2028 USD 27,660,000 29,077,575 0.47 PDC Energy, Inc. 6.125% Match Group Holdings 15/09/2024 USD 11,360,000 11,665,300 0.19 II LLC, 144A 4.125% PDC Energy, Inc. 5.75% 01/08/2030 USD 35,195,000 36,663,335 0.59 15/05/2026 USD 11,700,000 12,102,188 0.20 Mattel, Inc., 144A 6.75% Plastipak Holdings, Inc., 31/12/2025 USD 16,615,000 17,553,249 0.28 144A 6.25% 15/10/2025 USD 26,671,000 27,521,138 0.45 Meredith Corp. 6.875% Post Holdings, Inc., 144A 01/02/2026 USD 33,650,000 32,871,844 0.53 4.625% 15/04/2030 USD 12,305,000 12,874,106 0.21 MGM Growth Properties Post Holdings, Inc., 144A Operating Partnership LP, 5.625% 15/01/2028 USD 6,650,000 7,094,719 0.11 144A 3.875% 15/02/2029 USD 6,255,000 6,407,466 0.10 Presidio Holdings, Inc., MGM Growth Properties 144A 4.875% 01/02/2027 USD 1,960,000 2,082,500 0.03 Operating Partnership LP, REIT, 144A 4.625% Presidio Holdings, Inc., 15/06/2025 USD 13,460,000 14,429,120 0.23 144A 8.25% 01/02/2028 USD 1,815,000 2,006,709 0.03 Moss Creek Resources Quicken Loans LLC, 144A Holdings, Inc., 144A 7.5% 3.875% 01/03/2031 USD 28,625,000 29,770,000 0.48 15/01/2026 USD 24,120,000 18,391,500 0.30 Radiology Partners, Inc., 144A 9.25% 01/02/2028 USD 14,665,000 16,498,125 0.27

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 94 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Rattler Midstream LP, 144A Tenet Healthcare Corp., 5.625% 15/07/2025 USD 13,700,000 14,530,289 0.24 144A 6.125% 01/10/2028 USD 9,590,000 10,010,569 0.16 RP Escrow Issuer LLC, 144A Tenet Healthcare Corp., 5.25% 15/12/2025 USD 8,050,000 8,422,795 0.14 144A 7.5% 01/04/2025 USD 2,785,000 3,046,553 0.05 Scientific Games Tenet Healthcare Corp., International, Inc., 144A 144A 6.25% 01/02/2027 USD 7,500,000 7,960,463 0.13 8.625% 01/07/2025 USD 8,500,000 9,318,125 0.15 Tenet Healthcare Corp., Scientific Games 144A 5.125% 01/11/2027 USD 19,730,000 20,938,463 0.34 International, Inc., 144A 5% Tenet Healthcare Corp., 15/10/2025 USD 20,160,000 20,828,102 0.34 144A 4.625% 15/06/2028 USD 1,730,000 1,815,419 0.03 Scientific Games T-Mobile USA, Inc. 6.5% International, Inc., 144A 7% 15/01/2026 USD 21,820,000 22,610,975 0.37 15/05/2028 USD 25,975,000 27,972,477 0.45 Twitter, Inc., 144A 3.875% Scotts Miracle-Gro Co. (The) 15/12/2027 USD 24,020,000 25,491,225 0.41 4.5% 15/10/2029 USD 11,230,000 12,135,756 0.20 US Foods, Inc., 144A 6.25% Scripps Escrow II, Inc., 144A 15/04/2025 USD 12,995,000 13,905,755 0.22 3.875% 15/01/2029 USD 5,460,000 5,684,624 0.09 USA Compression Partners Scripps Escrow II, Inc., 144A LP 6.875% 01/04/2026 USD 11,115,000 11,636,016 0.19 5.375% 15/01/2031 USD 5,170,000 5,420,357 0.09 USA Compression Partners Select Medical Corp., 144A LP 6.875% 01/09/2027 USD 18,293,000 19,560,156 0.32 6.25% 15/08/2026 USD 25,975,000 27,924,164 0.45 Verscend Escrow Corp., Service Properties Trust 144A 9.75% 15/08/2026 USD 17,240,000 18,716,175 0.30 4.75% 01/10/2026 USD 200,000 199,500 – ViaSat, Inc., 144A 5.625% Service Properties Trust 15/09/2025 USD 12,480,000 12,780,144 0.21 5.5% 15/12/2027 USD 6,305,000 6,894,956 0.11 ViaSat, Inc., 144A 5.625% Service Properties Trust, 15/04/2027 USD 18,555,000 19,517,541 0.32 REIT 7.5% 15/09/2025 USD 20,645,000 23,802,023 0.38 ViaSat, Inc., 144A 6.5% Shea Homes LP, 144A 4.75% 15/07/2028 USD 11,895,000 12,831,791 0.21 15/02/2028 USD 10,790,000 11,187,881 0.18 VICI Properties LP, REIT, Sirius XM Radio, Inc., 144A 144A 4.125% 15/08/2030 USD 4,735,000 5,004,327 0.08 4.625% 15/07/2024 USD 8,300,000 8,611,250 0.14 Vistra Operations Co. LLC, Sizzling Platter LLC, 144A 144A 5.625% 15/02/2027 USD 13,120,000 13,991,955 0.23 8.5% 28/11/2025 USD 12,350,000 12,877,345 0.21 Vistra Operations Co. LLC, Sprint Corp. 7.875% 144A 5% 31/07/2027 USD 18,940,000 20,095,340 0.32 15/09/2023 USD 26,560,000 30,776,400 0.50 WESCO Distribution, Inc., Sprint Corp. 7.125% 144A 7.25% 15/06/2028 USD 11,645,000 13,241,355 0.21 15/06/2024 USD 28,005,000 32,745,966 0.53 Western Digital Corp. 4.75% Standard Industries, Inc., 15/02/2026 USD 8,395,000 9,318,450 0.15 144A 4.375% 15/07/2030 USD 15,610,000 16,722,447 0.27 Windstream Escrow LLC, Standard Industries, Inc., 144A 7.75% 15/08/2028 USD 17,420,000 17,574,602 0.28 144A 3.375% 15/01/2031 USD 17,395,000 17,503,719 0.28 Wyndham Hotels & Station Casinos LLC, 144A Resorts, Inc., 144A 4.375% 5% 01/10/2025 USD 7,300,000 7,398,003 0.12 15/08/2028 USD 18,040,000 18,778,287 0.30 Station Casinos LLC, 144A Zayo Group Holdings, Inc., 4.5% 15/02/2028 USD 150,000 151,406 – 144A 4% 01/03/2027 USD 19,010,000 19,082,333 0.31 Stericycle, Inc., 144A 3.875% Zayo Group Holdings, Inc., 15/01/2029 USD 12,075,000 12,422,156 0.20 144A 6.125% 01/03/2028 USD 9,300,000 9,850,746 0.16 Stericycle, Inc., 144A 5.375% 2,978,849,654 48.14 15/07/2024 USD 34,645,000 36,204,025 0.59 Total Bonds 3,418,755,258 55.25 StoneX Group, Inc., 144A Total Transferable securities and money market 8.625% 15/06/2025 USD 10,007,000 10,901,376 0.18 instruments dealt in on another regulated market 3,418,755,258 55.25 Summit Materials LLC, 144A Other transferable securities and money market instruments 5.25% 15/01/2029 USD 10,645,000 11,190,556 0.18 Bonds Summit Materials LLC, 144A United Kingdom 5.125% 01/06/2025 USD 8,380,000 8,525,770 0.14 House of Fraser Funding ^§ Summit Materials LLC, 144A plc, Reg. S 0% 15/09/2020 GBP 5,152,000 –– 6.5% 15/03/2027 USD 8,953,000 9,544,435 0.15 –– Targa Resources Partners United States of America LP, 144A 4.875% 01/02/2031 USD 23,130,000 25,236,912 0.41 Westmoreland Coal Co. § Targa Resources Partners LP 8.75% 01/01/2022 USD 15,720,535 – – 6.875% 15/01/2029 USD 6,790,000 7,566,606 0.12 Teleflex, Inc., 144A 4.25% 01/06/2028 USD 5,065,000 5,362,569 0.09

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 95 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets 0 Westmoreland Mining Holdings 8.75% 01/01/2022§ USD 231,334 –– –– Total Bonds –– Total Other transferable securities and money market instruments –– Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Ireland Aviva Investors US Dollar Liquidity Fund - Class 3 Income shares USD† USD 33,300,000 33,300,000 0.54 33,300,000 0.54 Luxembourg Aviva Investors European High Yield Bond Fund - Class Z Accumulation shares EUR† EUR 12,200 15,267,475 0.24 15,267,475 0.24 Total Collective Investment Schemes - UCITS 48,567,475 0.78 Total Units of authorised UCITS or other collective investment undertakings 48,567,475 0.78 Total Investments 5,820,436,620 94.06 Cash 99,446,940 1.61 Other assets/(liabilities) 268,209,401 4.33 Total net assets 6,188,092,961 100.00 §Security is valued at its fair value under the direction of the Board of Directors. †Related Party Fund ^Security is currently in default

Geographic Allocation of Portfolio % of Net Assets United States of America 62.69 United Kingdom 4.88 Netherlands 4.48 Italy 3.46 Luxembourg 3.45 Canada 2.74 Germany 2.27 France 1.62 Spain 1.59 Supranational 1.11 Bermuda 0.98 Sweden 0.94 Australia 0.83 Belgium 0.57 Ireland 0.54 Guernsey 0.47 Isle of Man 0.28 Jersey 0.27 Norway 0.27 Panama 0.24 Denmark 0.21 Liberia 0.17 Total investments 94.06 Cash and other assets/(liabilities) 5.94 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 96 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets CAD 130,164 USD 99,859 11/01/2021 J.P. Morgan 2,442 – CHF 41,261,864 USD 45,643,654 11/01/2021 J.P. Morgan 1,227,046 0.02 EUR 1,514,889,153 USD 1,795,994,405 11/01/2021 J.P. Morgan 62,980,993 1.02 EUR 100,000,000 USD 121,194,400 12/01/2021 Merrill Lynch 1,522,497 0.02 GBP 3,021,663,873 USD 3,960,412,888 11/01/2021 J.P. Morgan 167,226,053 2.70 GBP 3,000,000 USD 3,990,777 12/01/2021 Morgan Stanley 107,312 – SGD 21,086,323 USD 15,608,532 11/01/2021 J.P. Morgan 356,965 0.01 USD 2 GBP 1 11/01/2021 J.P. Morgan – – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 233,423,308 3.77 USD 1,230,372 CHF 1,116,851 11/01/2021 J.P. Morgan (38,295) – USD 126,840,312 EUR 106,860,074 11/01/2021 J.P. Morgan (4,291,559) (0.07) USD 303,126,366 EUR 254,700,000 12/01/2021 Citibank (9,433,570) (0.15) USD 303,021,378 EUR 254,700,000 12/01/2021 Goldman Sachs (9,538,557) (0.15) USD 314,650,074 EUR 264,470,000 12/01/2021 Merrill Lynch (9,899,303) (0.16) USD 12,193,216 EUR 10,060,000 12/01/2021 Morgan Stanley (152,103) – USD 302,892,806 EUR 254,700,000 12/01/2021 RBC (9,667,130) (0.16) USD 266,875,890 GBP 200,302,713 11/01/2021 J.P. Morgan (6,740,672) (0.11) USD 4,477,988 GBP 3,350,000 12/01/2021 Citibank (98,210) – USD 223,992,687 GBP 167,540,000 12/01/2021 Goldman Sachs (4,871,890) (0.08) USD 4,006,314 GBP 3,000,000 12/01/2021 Merrill Lynch (91,774) – USD 13,314,422 GBP 10,000,000 12/01/2021 Morgan Stanley (345,873) (0.01) USD 442,708 SGD 592,723 11/01/2021 J.P. Morgan (6,072) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (55,175,008) (0.89) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 178,248,300 2.88

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 97 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial France exchange listing BNP Paribas SA, Reg. S 0.5% Bonds 19/02/2028 EUR 20,000,000 24,842,712 0.32 Australia BNP Paribas SA, Reg. S Westfield America 2.375% 20/11/2030 EUR 10,000,000 13,266,951 0.17 Management Ltd., Reg. S Credit Agricole Assurances 2.625% 30/03/2029 GBP 12,000,000 16,702,575 0.21 SA, Reg. S 2% 17/07/2030 EUR 18,100,000 23,846,491 0.30 16,702,575 0.21 Veolia Environnement SA, Austria Reg. S 2.25% Perpetual EUR 7,500,000 9,391,842 0.12 Erste Group Bank AG, Reg. S 71,347,996 0.91 4.25% 31/12/2164 EUR 15,200,000 19,347,668 0.25 Germany 19,347,668 0.25 Bayer AG, Reg. S, FRN Belgium 2.375% 02/04/2075 EUR 11,740,000 14,700,643 0.19 Ageas SA/NV, Reg. S 1.875% Merck KGaA, Reg. S 2.875% 24/11/2051 EUR 8,100,000 10,118,314 0.13 25/06/2079 EUR 3,000,000 4,062,705 0.05 10,118,314 0.13 Merck KGaA, Reg. S 1.625% Canada 09/09/2080 EUR 18,000,000 22,637,043 0.29 Canadian Pacific Railway Volkswagen Bank GmbH, Co. 6.125% 15/09/2115 USD 11,000,000 18,398,663 0.23 Reg. S 0.375% 05/07/2022 EUR 10,000,000 12,354,181 0.16 Royal Bank of Canada, Reg. Volkswagen Bank GmbH, S 4.93% 16/07/2025 CAD 5,000,000 4,655,904 0.06 Reg. S 1.25% 10/06/2024 EUR 10,900,000 13,868,524 0.17 Toronto-Dominion Bank Volkswagen Leasing GmbH, (The) 2.496% 02/12/2024 CAD 10,000,000 8,344,156 0.11 Reg. S 2.375% 06/09/2022 EUR 7,300,000 9,321,019 0.12 31,398,723 0.40 76,944,115 0.98 Cayman Islands Hong Kong QNB Finance Ltd., Reg. S Bank of East Asia Ltd. (The), 2.625% 12/05/2025 USD 47,000,000 49,602,938 0.63 Reg. S, FRN 4% 03/11/2026 USD 24,000,000 24,357,478 0.31 QNB Finance Ltd., Reg. S Bank of East Asia Ltd. (The), 2.75% 12/02/2027 USD 13,619,000 14,443,263 0.18 Reg. S, FRN 4% 29/05/2030 USD 54,526,000 57,330,818 0.73 Tencent Holdings Ltd., Reg. 81,688,296 1.04 S 2.39% 03/06/2030 USD 50,000,000 51,291,614 0.65 Ireland Vale Overseas Ltd. 3.75% Abbott Ireland Financing 08/07/2030 USD 24,435,000 27,367,200 0.35 DAC, Reg. S 0.875% 142,705,015 1.81 27/09/2023 EUR 3,868,000 4,891,785 0.06 China Abbott Ireland Financing China Construction Bank DAC, Reg. S 1.5% Corp., Reg. S, FRN 4.25% 27/09/2026 EUR 3,600,000 4,804,150 0.06 27/02/2029 USD 9,400,000 10,138,562 0.13 9,695,935 0.12 China Construction Bank Israel Corp., Reg. S, FRN 2.45% Israel Electric Corp. Ltd., 24/06/2030 USD 35,790,000 36,706,224 0.47 Reg. S 6.875% 21/06/2023 USD 16,000,000 18,198,560 0.23 46,844,786 0.60 18,198,560 0.23 Colombia Italy Ecopetrol SA 4.125% Intesa Sanpaolo SpA, Reg. S 16/01/2025 USD 20,000,000 21,775,200 0.28 5.5% Perpetual EUR 8,790,000 11,501,992 0.15 Ecopetrol SA 6.875% UniCredit SpA, Reg. S, FRN 29/04/2030 USD 16,000,000 20,680,000 0.26 1.25% 16/06/2026 EUR 23,036,000 29,375,941 0.37 42,455,200 0.54 40,877,933 0.52 Denmark Jersey Danske Bank A/S, Reg. S Heathrow Funding Ltd., Reg. 2.25% 14/01/2028 GBP 28,400,000 40,680,665 0.52 S 2.75% 13/10/2031 GBP 4,128,000 6,064,908 0.08 Danske Bank A/S, Reg. S Heathrow Funding Ltd., Reg. 1.375% 12/02/2030 EUR 10,000,000 12,475,710 0.16 S 6.45% 10/12/2033 GBP 20,035,000 39,781,238 0.50 Danske Bank A/S, Reg. S 45,846,146 0.58 1.5% 02/09/2030 EUR 13,788,000 17,303,501 0.22 Luxembourg Danske Bank A/S, Reg. S, Aroundtown SA, Reg. S 2% FRN 0.5% 27/08/2025 EUR 20,000,000 24,738,447 0.31 02/11/2026 EUR 5,800,000 7,761,938 0.10 Danske Bank A/S, Reg. S CK Hutchison Group 2.5% 21/06/2029 EUR 10,000,000 13,000,656 0.16 Telecom Finance SA, Reg. S Nykredit Realkredit 1.5% 17/10/2031 EUR 19,500,000 25,766,886 0.33 A/S, Reg. S, FRN 2.75% DH Europe Finance II Sarl 17/11/2027 EUR 17,050,000 21,837,999 0.28 0.75% 18/09/2031 EUR 5,000,000 6,331,501 0.08 130,036,978 1.65 DH Europe Finance II Sarl 1.35% 18/09/2039 EUR 5,000,000 6,617,335 0.08

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 98 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Fiat Chrysler Finance Norway Europe SENC, Reg. S 4.75% Equinor ASA 2.375% 15/07/2022 EUR 10,000,000 13,111,081 0.17 22/05/2030 USD 11,735,000 12,564,024 0.16 Logicor Financing Sarl, Reg. 12,564,024 0.16 S 0.75% 15/07/2024 EUR 10,000,000 12,525,879 0.16 Saudi Arabia Logicor Financing Sarl, Reg. Saudi Arabian Oil Co., 144A S 2.25% 13/05/2025 EUR 7,850,000 10,431,450 0.13 1.625% 24/11/2025 USD 12,700,000 13,019,166 0.16 Logicor Financing Sarl, Reg. 13,019,166 0.16 S 1.5% 13/07/2026 EUR 22,903,000 29,686,604 0.38 Singapore Logicor Financing Sarl, Reg. DBS Group Holdings S 1.625% 15/07/2027 EUR 10,000,000 13,053,169 0.17 Ltd., Reg. S, FRN 1.5% Medtronic Global Holdings 11/04/2028 EUR 11,169,000 13,995,526 0.18 SCA 0.75% 15/10/2032 EUR 5,329,000 6,864,817 0.09 Temasek Financial I Ltd., Medtronic Global Holdings Reg. S 0.5% 20/11/2031 EUR 22,577,000 28,095,136 0.36 SCA 1.375% 15/10/2040 EUR 9,110,000 12,212,039 0.15 United Overseas Bank Medtronic Global Holdings Ltd., Reg. S, FRN 3.75% SCA 1.5% 02/07/2039 EUR 9,456,000 12,961,182 0.16 15/04/2029 USD 16,200,000 17,385,827 0.22 157,323,881 2.00 59,476,489 0.76 Mexico Spain Petroleos Mexicanos, Reg. S Banco Bilbao Vizcaya 2.5% 21/08/2021 EUR 15,540,000 19,142,723 0.24 Argentaria SA, Reg. S 3.104% 15/07/2031 GBP 16,000,000 22,872,443 0.29 19,142,723 0.24 Netherlands Banco Santander SA, Reg. S 4.375% Perpetual EUR 7,000,000 8,633,756 0.11 Abertis Infraestructuras Finance BV, Reg. S 3.248% Banco Santander SA, Reg. S 31/12/2164 EUR 4,000,000 5,100,390 0.06 1.75% 17/02/2027 GBP 31,900,000 45,326,376 0.58 ABN AMRO Bank NV, Reg. S, Banco Santander SA, Reg. S, FRN 4.375% Perpetual EUR 10,200,000 13,330,739 0.17 FRN 4.75% Perpetual EUR 10,000,000 12,320,011 0.16 Airbus Finance BV, Reg. S Criteria Caixa SA, Reg. S 1.375% 13/05/2031 EUR 6,000,000 7,954,384 0.10 1.375% 10/04/2024 EUR 13,200,000 16,893,881 0.21 Airbus SE, Reg. S 1.625% 106,046,467 1.35 09/06/2030 EUR 5,000,000 6,752,022 0.09 Supranational Airbus SE, Reg. S 2.375% European Investment Bank, 07/04/2032 EUR 6,000,000 8,740,917 0.11 Reg. S 0.125% 20/06/2029 EUR 16,000,000 20,627,079 0.26 Enel Finance International European Investment Bank NV, Reg. S 0.375% 0.05% 16/01/2030 EUR 20,000,000 25,634,482 0.33 17/06/2027 EUR 11,492,000 14,395,207 0.18 46,261,561 0.59 Iberdrola International BV, Switzerland Reg. S 1.874% 31/12/2164 EUR 8,500,000 10,761,414 0.14 Credit Suisse Group AG, Reg. S, FRN 1% 24/06/2027 EUR 13,658,000 17,466,977 0.22 Iberdrola International BV, Reg. S 2.25% 31/12/2164 EUR 15,000,000 19,370,775 0.25 17,466,977 0.22 United Arab Emirates ING Groep NV, Reg. S 2.5% 15/02/2029 EUR 10,000,000 13,048,899 0.17 Abu Dhabi Government Bond, 144A 0.75% ING Groep NV, Reg. S, FRN 02/09/2023 USD 21,795,000 21,881,090 0.28 1.625% 26/09/2029 EUR 10,000,000 12,746,397 0.16 21,881,090 0.28 ING Groep NV, Reg. S, FRN United Kingdom 2.125% 26/05/2031 EUR 36,000,000 47,260,314 0.60 Anglo American Capital plc, Naturgy Finance BV, Reg. S, 144A 2.625% 10/09/2030 USD 10,495,000 10,986,751 0.14 FRN 4.125% Perpetual EUR 7,500,000 9,725,416 0.12 Barclays plc, Reg. S 3.125% Prosus NV, Reg. S 2.031% 17/01/2024 GBP 7,000,000 10,182,326 0.13 03/08/2032 EUR 10,297,000 13,175,791 0.17 Barclays plc, Reg. S, FRN Upjohn Finance BV, Reg. S 2.375% 06/10/2023 GBP 10,000,000 14,049,209 0.18 0.816% 23/06/2022 EUR 14,700,000 18,285,402 0.23 Barclays plc, Reg. S, FRN Upjohn Finance BV, Reg. S 3.375% 02/04/2025 EUR 26,955,000 36,516,468 0.46 1.023% 23/06/2024 EUR 19,937,000 25,235,342 0.32 Barclays plc, Reg. S, FRN Upjohn Finance BV, Reg. S 0.75% 09/06/2025 EUR 20,000,000 25,040,741 0.32 1.908% 23/06/2032 EUR 33,346,000 45,320,583 0.58 Barclays plc, Reg. S, FRN Volkswagen Financial 3.75% 22/11/2030 GBP 6,280,000 9,384,170 0.12 Services NV, Reg. S 2.125% 27/06/2024 GBP 12,400,000 17,711,691 0.22 DS Smith plc, Reg. S 1.375% 26/07/2024 EUR 11,000,000 13,992,681 0.18 288,915,683 3.67 DS Smith plc, Reg. S 0.875% 12/09/2026 EUR 12,100,000 15,168,042 0.19

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 99 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 HSBC Holdings plc, Reg. S Anheuser-Busch Cos. LLC 4.75% Perpetual EUR 4,000,000 5,489,943 0.07 4.7% 01/02/2036 USD 9,000,000 11,427,623 0.15 HSBC Holdings plc, Reg. S AT&T, Inc. 1.45% 01/06/2022 EUR 9,000,000 11,262,271 0.14 5.75% 20/12/2027 GBP 12,000,000 20,747,329 0.26 AT&T, Inc. 2.75% 01/06/2031 USD 35,000,000 37,412,713 0.48 HSBC Holdings plc, FRN 3% BAT Capital Corp. 2.259% 22/07/2028 GBP 8,500,000 12,993,830 0.17 25/03/2028 USD 25,500,000 26,484,584 0.34 HSBC Holdings plc, Reg. S, Berkshire Hathaway FRN 2.256% 13/11/2026 GBP 20,000,000 29,128,145 0.37 Finance Corp. 2.85% Imperial Brands Finance 15/10/2050 USD 20,005,000 21,557,521 0.27 plc, Reg. S 2.125% Boeing Co. (The) 2.7% 12/02/2027 EUR 10,367,000 13,787,810 0.18 01/02/2027 USD 35,890,000 37,332,368 0.47 Investec Bank plc, Reg. S Boeing Co. (The) 2.3% 9.625% 17/02/2022 GBP 9,035,000 13,429,839 0.17 01/08/2021 USD 31,300,000 31,590,260 0.40 Legal & General Group Boeing Co. (The) 2.7% plc, Reg. S, FRN 4.5% 01/05/2022 USD 8,420,000 8,658,225 0.11 01/11/2050 GBP 10,334,000 16,351,932 0.21 Capital One Financial Corp. M&G plc, Reg. S 3.875% 0.8% 12/06/2024 EUR 42,000,000 52,752,002 0.67 20/07/2049 GBP 10,000,000 14,482,600 0.18 Caterpillar, Inc. 3.25% Natwest Group plc, Reg. S, 19/09/2049 USD 2,810,000 3,298,253 0.04 FRN 2% 08/03/2023 EUR 10,200,000 12,826,268 0.16 Caterpillar, Inc. 3.25% Natwest Group plc, Reg. S, 09/04/2050 USD 8,423,000 9,944,574 0.13 FRN 3.622% 14/08/2030 GBP 23,024,000 33,883,567 0.43 Chevron Corp. 1.995% Phoenix Group Holdings 11/05/2027 USD 13,520,000 14,339,089 0.18 plc, Reg. S 5.625% Choice Hotels International, 28/04/2031 GBP 2,000,000 3,376,278 0.04 Inc. 3.7% 15/01/2031 USD 31,105,000 34,507,731 0.44 SSE plc, Reg. S 3.125% Chubb INA Holdings, Inc. 31/12/2164 EUR 10,000,000 13,086,382 0.17 1.55% 15/03/2028 EUR 10,000,000 13,510,535 0.17 SSE plc, Reg. S 3.74% Perpetual GBP 8,927,000 12,930,357 0.16 Cigna Corp. 4.8% 15/08/2038 USD 37,800,000 49,253,919 0.63 SSE plc, Reg. S 1.75% 16/04/2030 EUR 12,214,000 16,808,948 0.21 Cigna Corp. 4.125% 15/11/2025 USD 30,980,000 35,651,108 0.45 Standard Chartered plc, Reg. S, FRN 2.5% Cimarex Energy Co. 4.375% 09/09/2030 EUR 31,403,000 41,331,776 0.53 01/06/2024 USD 14,290,000 15,598,923 0.20 Standard Chartered plc, Cimarex Energy Co. 3.9% Reg. S 3.125% 19/11/2024 EUR 16,100,000 21,773,691 0.28 15/05/2027 USD 15,155,000 16,671,509 0.21 Tesco Corporate Treasury Cimarex Energy Co. 4.375% Services plc, Reg. S 0.875% 15/03/2029 USD 4,855,000 5,507,139 0.07 29/05/2026 EUR 8,550,000 10,834,472 0.14 Citigroup, Inc. 3.7% Tesco Property Finance 12/01/2026 USD 38,502,000 43,799,891 0.56 4 plc, Reg. S 5.801% Concho Resources, Inc. 13/10/2040 GBP 9,709,071 18,339,172 0.23 3.75% 01/10/2027 USD 11,640,000 13,302,215 0.17 UK Treasury, Reg. S 0.625% Consumers Energy Co. 2.5% 22/10/2050 GBP 18,000,000 23,797,203 0.30 01/05/2060 USD 4,285,000 4,309,307 0.06 UK Treasury, Reg. S 1.75% Continental Resources, Inc. 22/01/2049 GBP 15,000,000 25,797,309 0.33 3.8% 01/06/2024 USD 15,000,000 15,514,125 0.20 Vodafone Group plc, Reg. S CVS Health Corp. 3% 2.625% 27/08/2080 EUR 16,000,000 20,229,590 0.26 15/08/2026 USD 14,580,000 16,151,912 0.21 Vodafone Group plc, Reg. S CVS Health Corp. 4.3% 2.5% 24/05/2039 EUR 8,000,000 11,973,707 0.15 25/03/2028 USD 16,753,000 19,934,868 0.25 528,720,536 6.72 CVS Health Corp. 4.78% United States of America 25/03/2038 USD 30,000,000 37,991,298 0.48 Air Lease Corp. 2.5% CVS Health Corp. 4.125% 01/03/2021 USD 15,140,000 15,186,709 0.19 01/04/2040 USD 6,631,000 7,961,352 0.10 Ally Financial, Inc. 1.45% CVS Health Corp. 4.125% 02/10/2023 USD 25,900,000 26,475,509 0.34 01/04/2040 USD 10,610,000 12,738,644 0.16 Altria Group, Inc. 1% Deere & Co. 3.75% 15/02/2023 EUR 15,010,000 18,795,765 0.24 15/04/2050 USD 5,910,000 7,669,731 0.10 Altria Group, Inc. 4.4% Duke Energy Carolinas LLC 14/02/2026 USD 44,100,000 51,210,573 0.65 3.2% 15/08/2049 USD 10,000,000 11,379,559 0.14 Altria Group, Inc. 2.2% Duke Energy Indiana LLC 15/06/2027 EUR 27,000,000 36,187,190 0.46 3.25% 01/10/2049 USD 5,952,000 6,681,613 0.09 Altria Group, Inc. 4.8% 14/02/2029 USD 39,901,000 47,799,984 0.61

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 100 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Enterprise Products Jeferies Group LLC 4.85% Operating LLC 4.45% 15/01/2027 USD 15,495,000 18,138,199 0.23 15/02/2043 USD 6,000 7,268 – John Deere Capital Corp. Exxon Mobil Corp. 2.61% 2.05% 09/01/2025 USD 14,742,000 15,637,591 0.20 15/10/2030 USD 32,919,000 35,994,644 0.46 Johnson & Johnson 2.1% Fidelity National 01/09/2040 USD 51,800,000 52,902,429 0.67 Information Services, Inc. Marathon Oil Corp. 2.8% 0.75% 21/05/2023 EUR 29,720,000 37,212,947 0.47 01/11/2022 USD 7,411,000 7,619,651 0.10 Fidelity National Marathon Petroleum Corp. Information Services, Inc. 4.75% 15/09/2044 USD 7,760,000 8,912,552 0.11 1.5% 21/05/2027 EUR 18,633,000 24,677,010 0.31 Marathon Petroleum Corp. Ford Motor Credit Co. LLC 4.5% 01/05/2023 USD 34,870,000 37,860,328 0.48 3.339% 28/03/2022 USD 5,480,000 5,548,500 0.07 Mastercard, Inc. 3.85% Ford Motor Credit Co. LLC 26/03/2050 USD 9,169,000 11,843,203 0.15 2.979% 03/08/2022 USD 12,540,000 12,775,125 0.16 Morgan Stanley 0.637% Ford Motor Credit Co. LLC 26/07/2024 EUR 20,000,000 24,988,865 0.32 2.748% 14/06/2024 GBP 10,607,000 14,506,530 0.18 Morgan Stanley 0.495% Ford Motor Credit Co. LLC 26/10/2029 EUR 9,467,000 11,819,292 0.15 5.584% 18/03/2024 USD 14,955,000 16,151,400 0.21 Morgan Stanley 4% Ford Motor Credit Co. LLC 23/07/2025 USD 15,000,000 17,168,162 0.22 5.125% 16/06/2025 USD 8,085,000 8,800,927 0.11 MPLX LP 1.75% 01/03/2026 USD 16,170,000 16,741,385 0.21 General Electric Co. 0.875% MPLX LP 4.875% 01/06/2025 USD 10,764,000 12,438,981 0.16 17/05/2025 EUR 31,450,000 39,766,103 0.51 MPLX LP 4.125% 01/03/2027 USD 14,691,000 16,946,663 0.22 General Electric Co. 3.45% 01/05/2027 USD 37,468,000 42,164,099 0.54 MPLX LP 4.8% 15/02/2029 USD 1,830,000 2,211,458 0.03 General Electric Co. 1.875% Omnicom Group, Inc. 4.2% 28/05/2027 EUR 10,000,000 13,262,669 0.17 01/06/2030 USD 23,451,000 28,175,547 0.36 General Electric Co. 2.125% Oracle Corp. 2.8% 17/05/2037 EUR 11,992,000 15,804,806 0.20 01/04/2027 USD 20,000,000 22,067,999 0.28 General Motors Financial Pacific Gas and Electric Co. Co., Inc. 4.35% 17/01/2027 USD 25,000,000 28,479,361 0.36 1.75% 16/06/2022 USD 42,615,000 42,726,960 0.54 General Motors Financial Pacific Gas and Electric Co. Co., Inc., Reg. S 2.35% 2.1% 01/08/2027 USD 16,375,000 16,635,124 0.21 03/09/2025 GBP 18,435,000 26,288,451 0.33 Pfizer, Inc. 2.7% 28/05/2050 USD 9,280,000 9,970,143 0.13 General Motors Financial Philip Morris International, Co., Inc. 5.25% 01/03/2026 USD 61,989,000 72,938,855 0.93 Inc. 2.875% 03/03/2026 EUR 11,011,000 15,444,809 0.20 General Motors Financial Republic Services, Inc. Co., Inc., Reg. S 0.2% 1.45% 15/02/2031 USD 52,505,000 51,378,932 0.65 02/09/2022 EUR 15,618,000 19,220,947 0.24 Republic Services, Inc. Goldman Sachs Group, Inc. 1.75% 15/02/2032 USD 10,859,000 10,883,262 0.14 (The) 3.5% 01/04/2025 USD 30,000,000 33,361,461 0.42 Roper Technologies, Inc. HCA, Inc. 5.25% 15/04/2025 USD 10,000,000 11,680,721 0.15 1.4% 15/09/2027 USD 9,445,000 9,563,905 0.12 HCA, Inc. 4.75% 01/05/2023 USD 20,000,000 21,818,707 0.28 Roper Technologies, Inc. 2% HCA, Inc. 5% 15/03/2024 USD 4,000,000 4,501,048 0.06 30/06/2030 USD 16,815,000 17,184,511 0.22 Healthcare Realty Trust, Inc. Simon Property Group LP 2.05% 15/03/2031 USD 10,005,000 10,062,104 0.13 3.5% 01/09/2025 USD 35,445,000 39,376,014 0.50 Healthcare Trust of America Travelers Cos., Inc. (The) Holdings LP 2% 15/03/2031 USD 16,830,000 16,850,739 0.21 4.1% 04/03/2049 USD 13,000,000 17,121,378 0.22 Hess Corp. 5.8% 01/04/2047 USD 1,430,000 1,818,620 0.02 Travelers Cos., Inc. (The) 2.55% 27/04/2050 USD 8,584,000 9,022,084 0.12 Hess Corp. 4.3% 01/04/2027 USD 45,635,000 50,320,289 0.64 United Rentals North Hess Corp. 5.6% 15/02/2041 USD 2,600,000 3,171,332 0.04 America, Inc. 3.875% Hewlett Packard Enterprise 15/11/2027 USD 2,150,000 2,254,812 0.03 Co. 1.45% 01/04/2024 USD 40,500,000 41,616,201 0.53 UnitedHealth Group, Inc. Hewlett Packard Enterprise 2.9% 15/05/2050 USD 10,830,000 11,951,705 0.15 Co. 2.25% 01/04/2023 USD 41,241,000 42,757,218 0.54 Valero Energy Corp. 1.2% Hewlett Packard Enterprise 15/03/2024 USD 28,575,000 28,858,568 0.37 Co. 4.45% 02/10/2023 USD 30,075,000 33,106,015 0.42 Verizon Communications, Home Depot, Inc. (The) Inc. 1.125% 03/11/2028 GBP 12,000,000 16,679,051 0.21 4.5% 06/12/2048 USD 13,640,000 19,151,375 0.24 Verizon Communications, HP, Inc. 3% 17/06/2027 USD 27,695,000 30,382,017 0.39 Inc. 2.65% 20/11/2040 USD 25,000,000 25,249,641 0.32 International Business Verizon Communications, Machines Corp. 1.95% Inc. 2.875% 20/11/2050 USD 37,505,000 37,760,861 0.48 15/05/2030 USD 22,930,000 23,631,145 0.30

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 101 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Verizon Communications, FortisBC Energy, Inc. 3.69% Inc. 0.875% 08/04/2027 EUR 8,000,000 10,326,418 0.13 30/10/2047 CAD 5,000,000 4,806,946 0.06 Verizon Communications, Husky Energy, Inc. 3.5% Inc. 0.875% 19/03/2032 EUR 12,775,000 16,438,446 0.21 07/02/2028 CAD 1,000,000 818,943 0.01 Visa, Inc. 2% 15/08/2050 USD 23,330,000 22,272,417 0.28 Hydro One, Inc. 4.17% Visa, Inc. 1.9% 15/04/2027 USD 14,165,000 15,081,767 0.19 06/06/2044 CAD 5,000,000 5,017,545 0.07 Walmart, Inc. 4% Hydro One, Inc. 3.63% 11/04/2043 USD 8,689,000 11,157,688 0.14 25/06/2049 CAD 4,000,000 3,826,400 0.05 Walt Disney Co. (The) 2% Nova Scotia Power, Inc. 01/09/2029 USD 25,000,000 26,125,637 0.33 3.571% 05/04/2049 CAD 2,000,000 1,829,452 0.02 Waste Management, Inc. Nova Scotia Power, Inc. 1.5% 15/03/2031 USD 36,000,000 35,655,862 0.45 3.307% 25/04/2050 CAD 1,000,000 878,991 0.01 Williams Cos., Inc. (The) 4% Province of British 15/11/2021 USD 40,676,000 41,559,767 0.53 Columbia Canada 2.8% 18/06/2048 CAD 10,000,000 9,185,325 0.12 WPX Energy, Inc. 5.25% 15/09/2024 USD 18,000,000 19,651,860 0.25 Province of Quebec Canada 3.5% 01/12/2048 CAD 7,000,000 7,202,726 0.09 WPX Energy, Inc. 4.5% 15/01/2030 USD 25,000,000 26,537,500 0.34 Royal Bank of Canada 2.609% 01/11/2024 CAD 10,000,000 8,367,193 0.11 2,480,020,653 31.53 Virgin Islands, British TELUS Corp. 3.15% 19/02/2030 CAD 15,000,000 13,019,094 0.17 GTL Trade Finance, Inc., Reg. S 5.893% 29/04/2024 USD 3,440,000 3,883,760 0.05 Toronto Hydro Corp. 1.5% 3,883,760 0.05 15/10/2030 CAD 10,000,000 7,861,558 0.10 Total Bonds 4,538,931,250 57.70 Toronto-Dominion Bank Total Transferable securities and money market (The) 1.943% 13/03/2025 CAD 10,000,000 8,178,378 0.11 instruments admitted to an oficial exchange listing 4,538,931,250 57.70 TransCanada PipeLines Ltd. Transferable securities and money market instruments dealt in on another 3.8% 05/04/2027 CAD 10,000,000 8,839,034 0.11 regulated market 192,060,638 2.44 Bonds Italy Australia Intesa Sanpaolo SpA, 144A Australia & New Zealand 3.125% 14/07/2022 USD 10,000,000 10,359,053 0.13 Banking Group Ltd., 144A 10,359,053 0.13 2.57% 25/11/2035 USD 22,090,000 22,542,149 0.29 Japan Newcrest Finance Pty. Ltd., Suntory Holdings Ltd., 144A 144A 3.25% 13/05/2030 USD 31,970,000 35,507,134 0.45 2.55% 28/06/2022 USD 20,901,000 21,487,726 0.27 58,049,283 0.74 21,487,726 0.27 Bermuda Mexico Arch Capital Group Ltd. Industrias Penoles SAB de 3.635% 30/06/2050 USD 25,570,000 29,803,280 0.38 CV, Reg. S 4.75% 06/08/2050 USD 13,378,000 15,532,594 0.20 29,803,280 0.38 15,532,594 0.20 Canada Netherlands Algonquin Power Co. 4.09% Alcoa Nederland Holding 17/02/2027 CAD 7,657,000 6,846,083 0.09 BV, 144A 5.5% 15/12/2027 USD 5,805,000 6,305,681 0.08 AltaGas Ltd. 2.075% 6,305,681 0.08 30/05/2028 CAD 15,000,000 11,941,537 0.15 Norway Bell Canada 3.35% Aker BP ASA, 144A 2.875% 12/03/2025 CAD 15,000,000 12,866,210 0.16 15/01/2026 USD 15,620,000 15,954,200 0.20 Bell Canada 3.6% Aker BP ASA, 144A 3.75% 29/09/2027 CAD 2,000,000 1,777,631 0.02 15/01/2030 USD 12,715,000 13,323,114 0.17 Bell Canada 3.8% 29,277,314 0.37 21/08/2028 CAD 2,000,000 1,807,839 0.02 Singapore Bell Canada 2.5% Oversea-Chinese Banking 14/05/2030 CAD 24,000,000 19,737,152 0.25 Corp. Ltd., Reg. S 1.832% Canadian Natural Resources 10/09/2030 USD 8,404,000 8,541,898 0.11 Ltd. 2.5% 17/01/2028 CAD 10,000,000 8,108,383 0.10 8,541,898 0.11 Capital Power Corp. 4.284% Switzerland 18/09/2024 CAD 30,000,000 25,927,669 0.33 UBS Group AG, 144A 1.008% EPCOR Utilities, Inc. 3.554% 30/07/2024 USD 35,000,000 35,360,824 0.45 27/11/2047 CAD 19,399,000 18,097,326 0.23 35,360,824 0.45 EPCOR Utilities, Inc. 3.106% United Kingdom 08/07/2049 CAD 3,000,000 2,604,924 0.03 BAE Systems plc, 144A 1.9% 15/02/2031 USD 41,920,000 42,429,930 0.54 EPCOR Utilities, Inc. 2.899% 19/05/2050 CAD 3,000,000 2,514,299 0.03 42,429,930 0.54

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 102 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 United States of America Discover Bank 4.2% AbbVie, Inc. 4.25% 08/08/2023 USD 33,587,000 36,736,841 0.47 21/11/2049 USD 33,000,000 41,659,020 0.53 Discovery Communications Alphabet, Inc. 1.9% LLC 3.625% 15/05/2030 USD 10,640,000 12,191,407 0.15 15/08/2040 USD 17,445,000 17,110,687 0.22 Energy Transfer Operating Alphabet, Inc. 2.05% LP 5.875% 15/01/2024 USD 42,961,000 48,317,030 0.61 15/08/2050 USD 38,240,000 36,511,601 0.46 Energy Transfer Operating Altria Group, Inc. 4.45% LP 5.5% 01/06/2027 USD 48,565,000 57,489,436 0.73 06/05/2050 USD 17,655,000 20,901,701 0.27 Fiserv, Inc. 3.85% Amazon.com, Inc. 4.05% 01/06/2025 USD 18,635,000 21,020,659 0.27 22/08/2047 USD 39,107,000 51,609,727 0.66 Fiserv, Inc. 3.2% 01/07/2026 USD 43,249,000 48,467,185 0.62 Apple, Inc. 2.65% Fiserv, Inc. 2.25% 11/05/2050 USD 12,000,000 12,725,974 0.16 01/06/2027 USD 29,355,000 31,309,496 0.40 Apple, Inc. 2.65% GE Capital Funding LLC, 11/05/2050 USD 28,785,000 30,526,429 0.39 144A 3.45% 15/05/2025 USD 20,000,000 22,067,904 0.28 Arch Capital Finance LLC GE Capital Funding LLC, 4.011% 15/12/2026 USD 18,074,000 21,036,419 0.27 144A 4.05% 15/05/2027 USD 45,200,000 51,681,688 0.66 Arch Capital Finance LLC Georgia-Pacific LLC, 144A 5.031% 15/12/2046 USD 6,230,000 8,503,445 0.11 1.75% 30/09/2025 USD 13,185,000 13,790,239 0.18 AT&T, Inc., 144A 2.55% Glencore Funding LLC, 144A 01/12/2033 USD 88,022,000 90,386,883 1.15 4.625% 29/04/2024 USD 29,165,000 32,589,761 0.41 AT&T, Inc., 144A 3.8% Goldman Sachs Group, 01/12/2057 USD 32,841,000 34,225,312 0.43 Inc. (The), FRN 3.272% AT&T, Inc. 3.1% 01/02/2043 USD 44,605,000 45,370,254 0.58 29/09/2025 USD 80,803,000 88,568,559 1.13 Bank of America Corp. JPMorgan Chase & Co., FRN 3.97% 05/03/2029 USD 30,000,000 34,981,429 0.44 3.559% 23/04/2024 USD 21,000,000 22,516,348 0.29 Bank of America Corp. JPMorgan Chase & Co., FRN 1.898% 23/07/2031 USD 45,005,000 45,463,879 0.58 3.22% 01/03/2025 USD 59,899,000 64,587,962 0.82 Bank of America Corp., FRN JPMorgan Chase & Co., FRN 3.458% 15/03/2025 USD 77,282,000 84,165,995 1.07 3.702% 06/05/2030 USD 70,855,000 82,184,327 1.04 Bank of America Corp., FRN Massachusetts Institute 3.559% 23/04/2027 USD 59,160,000 66,809,732 0.85 of Technology 2.294% Bank of America Corp., FRN 01/07/2051 USD 8,750,000 8,829,090 0.11 2.676% 19/06/2041 USD 14,380,000 15,007,247 0.19 Microsof Corp. 3.7% Baxter International, Inc., 08/08/2046 USD 29,383,000 37,231,758 0.47 144A 3.95% 01/04/2030 USD 19,627,000 23,462,525 0.30 Mondelez International, Inc. Bayer US Finance LLC, 144A 1.875% 15/10/2032 USD 45,000 45,763 – 3.375% 08/10/2024 USD 42,275,000 46,179,545 0.59 Mondelez International, Inc. Berkshire Hathaway Energy 2.75% 13/04/2030 USD 32,833,000 35,996,171 0.46 Co., 144A 2.85% 15/05/2051 USD 28,815,000 29,660,172 0.38 Morgan Stanley 0.985% Berry Global, Inc., 144A 10/12/2026 USD 41,430,000 41,853,502 0.53 4.875% 15/07/2026 USD 33,760,000 36,299,934 0.46 Morgan Stanley, FRN Bristol-Myers Squibb Co. 3.737% 24/04/2024 USD 29,983,000 32,266,535 0.41 4.35% 15/11/2047 USD 7,000,000 9,430,733 0.12 Morgan Stanley, FRN Bristol-Myers Squibb Co. 2.699% 22/01/2031 USD 23,985,000 25,996,266 0.33 4.55% 20/02/2048 USD 3,000,000 4,182,192 0.05 Newmont Corp. 2.25% Bristol-Myers Squibb Co. 01/10/2030 USD 16,068,000 16,922,506 0.21 4.25% 26/10/2049 USD 5,690,000 7,689,128 0.10 NRG Energy, Inc., 144A 2% Charter Communications 02/12/2025 USD 8,375,000 8,682,546 0.11 Operating LLC 4.908% Pacific Gas and Electric Co. 23/07/2025 USD 19,955,000 23,184,521 0.29 3.15% 01/01/2026 USD 21,400,000 22,841,598 0.29 Citigroup, Inc., FRN 3.352% Pacific Gas and Electric Co. 24/04/2025 USD 28,501,000 30,993,971 0.39 4.5% 01/07/2040 USD 2,740,063 3,082,552 0.04 Citigroup, Inc., FRN 3.887% Pacific Gas and Electric Co. 10/01/2028 USD 71,680,000 81,950,787 1.04 4.95% 01/07/2050 USD 4,685,000 5,585,632 0.07 Comcast Corp. 3.75% President and Fellows of 01/04/2040 USD 40,879,000 49,420,822 0.63 Harvard College 2.517% Comcast Corp. 4.7% 15/10/2050 USD 3,460,000 3,689,895 0.05 15/10/2048 USD 37,890,000 52,901,564 0.67 Targa Resources Partners LP Comcast Corp. 3.45% 4.25% 15/11/2023 USD 5,760,000 5,803,805 0.07 01/02/2050 USD 23,030,000 27,160,195 0.35 T-Mobile USA, Inc., 144A Concho Resources, Inc. 2.25% 15/11/2031 USD 17,335,000 17,824,107 0.23 4.3% 15/08/2028 USD 5,971,000 7,058,381 0.09

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 103 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 T-Mobile USA, Inc., 144A Units of authorised UCITS or other collective investment undertakings 3.875% 15/04/2030 USD 116,820,000 135,446,949 1.72 Collective Investment Schemes - UCITS Universal Health Services, Ireland Inc., 144A 2.65% 15/10/2030 USD 14,850,000 15,443,829 0.20 Aviva Investors Euro Verizon Communications, Liquidity Fund - Class 3 † Inc. 4.329% 21/09/2028 USD 24,925,000 30,012,111 0.38 Income shares EUR EUR 658,444 78,718,128 1.00 Viatris, Inc., 144A 4% Aviva Investors Sterling 22/06/2050 USD 60,340,000 69,090,879 0.88 Liquidity Funds plc - Class 3 Income shares GBP† GBP 23,700,000 32,372,540 0.41 Wells Fargo & Co., FRN 1.654% 02/06/2024 USD 18,465,000 18,963,963 0.24 Aviva Investors US Dollar Liquidity Fund - Class 3 Wells Fargo & Co., FRN Income shares USD† USD 26,600,000 26,600,000 0.34 2.164% 11/02/2026 USD 29,229,000 30,747,803 0.39 137,690,668 1.75 Wells Fargo & Co., FRN Luxembourg 3.068% 30/04/2041 USD 21,342,000 23,202,377 0.29 Aviva Investors European WRKCo, Inc. 4% 15/03/2028 USD 14,685,000 17,036,694 0.22 High Yield Bond Fund 2,326,685,377 29.58 - Class Z Accumulation Virgin Islands, British shares EUR† EUR 12,200 15,267,475 0.19 Gerdau Trade, Inc., Reg. S 15,267,475 0.19 4.75% 15/04/2023 USD 10,000,000 10,762,600 0.14 Total Collective Investment Schemes - UCITS 152,958,143 1.94 10,762,600 0.14 Total Units of authorised UCITS or other collective Total Bonds 2,786,656,198 35.43 investment undertakings 152,958,143 1.94 Total Transferable securities and money market Total Investments 7,478,545,591 95.07 instruments dealt in on another regulated market 2,786,656,198 35.43 Cash 21,475,361 0.27 Other assets/(liabilities) 366,074,836 4.66 Total net assets 7,866,095,788 100.00 †Related Party Fund

Geographic Allocation of Portfolio % of Net Assets United States of America 61.11 United Kingdom 7.26 Netherlands 3.75 Canada 2.84 Luxembourg 2.19 Ireland 1.87 Cayman Islands 1.81 Denmark 1.65 Spain 1.35 Hong Kong 1.04 Germany 0.98 Australia 0.95 France 0.91 Singapore 0.87 Switzerland 0.67 Italy 0.65 China 0.60 Supranational 0.59 Jersey 0.58 Colombia 0.54 Norway 0.53 Mexico 0.44 Bermuda 0.38 United Arab Emirates 0.28 Japan 0.27 Austria 0.25 Israel 0.23 Virgin Islands, British 0.19 Saudi Arabia 0.16 Belgium 0.13 Total investments 95.07 Cash and other assets/(liabilities) 4.93 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 104 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - GLOBAL INVESTMENT GRADE CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets EUR 269,495,096 USD 316,478,434 11/01/2021 J.P. Morgan 14,228,768 0.18 EUR 15,000,000 USD 18,256,593 14/01/2021 BNP Paribas 151,831 – EUR 40,000,000 USD 48,670,160 14/01/2021 NatWest Markets 418,971 0.01 EUR 5,000,000 USD 6,105,193 14/01/2021 Standard Chartered 30,949 – GBP 5,093,572,913 USD 6,621,766,547 11/01/2021 J.P. Morgan 336,131,748 4.27 GBP 7,500,000 USD 10,073,415 14/01/2021 NatWest Markets 171,953 – GBP 2,000,000 USD 2,639,560 14/01/2021 Standard Chartered 92,538 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 351,226,758 4.46 EUR 155,181 USD 190,804 11/01/2021 J.P. Morgan (376) – USD 204,168,439 CAD 261,169,000 14/01/2021 Standard Chartered (1,097,082) (0.01) USD 10,260,680 EUR 8,640,095 11/01/2021 J.P. Morgan (341,894) (0.01) USD 415,794,440 EUR 343,320,000 14/01/2021 Citibank (5,537,570) (0.07) USD 408,825,566 EUR 337,320,000 14/01/2021 HSBC (5,143,074) (0.07) USD 409,217,127 EUR 337,320,000 14/01/2021 Morgan Stanley (4,751,513) (0.06) USD 23,281,080 EUR 19,000,000 14/01/2021 NatWest Markets (36,257) – USD 426,557,416 EUR 352,320,000 14/01/2021 Standard Chartered (5,819,648) (0.07) USD 170,949,998 GBP 128,046,800 11/01/2021 J.P. Morgan (3,963,884) (0.05) USD 534,959,295 GBP 401,475,000 14/01/2021 Barclays (13,475,276) (0.17) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (40,166,574) (0.51) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 311,060,184 3.95

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency USD % of Net Assets Australia 10 Year Bond, 15/03/2021 104 AUD 3,101 – Euro-Bund, 08/03/2021 353 EUR 251,204 – Swiss Fed Bond, 08/03/2021 68 CHF 52,242 – Total Unrealised Gain on Financial Futures Contracts - Assets 306,547 – Euro-Bobl, 08/03/2021 590 EUR (44,906) – Japan 10 Year Bond, 15/03/2021 21 JPY (28,530) – Long Gilt, 29/03/2021 (73) GBP (152,062) – US Ultra Bond, 22/03/2021 (100) USD (35,500) – Total Unrealised Loss on Financial Futures Contracts - Liabilities (260,998) – Net Unrealised Gain on Financial Futures Contracts - Assets 45,549 –

Credit Default Swap Contracts Interest (Paid)/ Nominal Received Market % of Net Amount Currency Counterparty Reference Entity Buy/Sell Rate Maturity Date Value USD Assets 10,000,000 EUR J.P. Morgan Barclays plc 4.375% 11/09/2024 Buy (1.00)% 20/12/2025 39,980 – 10,000,000 EUR BNP Paribas Natwest Group plc 5.125% 28/05/2024 Buy (1.00)% 20/12/2025 7,773 – Total Market Value on Credit Default Swap Contracts - Assets 47,753 – Net Market Value on Credit Default Swap Contracts - Assets 47,753 –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 105 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY FIXED INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Spain exchange listing Banco Bilbao Vizcaya Bonds Argentaria SA, Reg. S 6% Austria 31/12/2164 EUR 1,800,000 1,992,510 0.48 Erste Group Bank AG, Reg. S Banco de Sabadell SA, Reg. 5.125% Perpetual EUR 1,800,000 1,935,036 0.47 S, FRN 6.125% Perpetual EUR 1,800,000 1,783,800 0.43 Raifeisen Bank Banco Santander SA, Reg. S, International AG, Reg. S FRN 4.75% Perpetual EUR 1,800,000 1,807,425 0.43 4.5% Perpetual EUR 2,000,000 1,992,764 0.48 Bankia SA, Reg. S, FRN 3,927,800 0.95 6.375% Perpetual EUR 1,800,000 1,936,125 0.47 Belgium Bankinter SA, Reg. S 6.25% Belfius Bank SA, Reg. S, FRN 31/12/2164 EUR 1,800,000 1,984,284 0.48 3.625% Perpetual EUR 2,000,000 1,958,750 0.47 CaixaBank SA, Reg. S 5.25% KBC Group NV, Reg. S, FRN Perpetual EUR 1,800,000 1,850,850 0.45 4.25% Perpetual EUR 1,800,000 1,890,918 0.46 11,354,994 2.74 3,849,668 0.93 United Kingdom Denmark HSBC Holdings plc, Reg. S Nykredit Realkredit A/S, 6% Perpetual EUR 1,663,000 1,827,228 0.44 Reg. S 4.125% 31/12/2164 EUR 1,800,000 1,901,925 0.46 1,827,228 0.44 1,901,925 0.46 Total Bonds 94,332,286 22.76 Finland Total Transferable securities and money market Nordea Bank Abp, Reg. S, instruments admitted to an oficial exchange listing 94,332,286 22.76 FRN 3.5% Perpetual EUR 1,750,000 1,817,812 0.44 Transferable securities and money market instruments dealt in on another 1,817,812 0.44 regulated market France Certificates of Deposit Credit Agricole SA, Reg. S Canada 4% Perpetual EUR 1,800,000 1,952,887 0.47 Royal Bank of Canada La Banque Postale SA, Reg. 0.53% 26/02/2021 EUR 15,000,000 15,040,744 3.63 S 3.875% 31/12/2164 EUR 1,800,000 1,845,000 0.44 15,040,744 3.63 3,797,887 0.91 China Italy Bank of China Ltd. 0.31% Banco BPM SpA, Reg. S 17/06/2021 EUR 7,500,000 7,511,773 1.81 6.125% Perpetual EUR 1,821,000 1,824,393 0.44 7,511,773 1.81 Intesa Sanpaolo SpA, Reg. France S, FRN 7.75% Perpetual EUR 1,513,000 1,817,491 0.44 Credit Agricole Corporate & Italy Buoni Poliennali Del Investment Bank SA 0.53% Tesoro, Reg. S, 144A 1.25% 14/04/2021 EUR 5,000,000 5,015,655 1.21 15/09/2032 EUR 45,096,000 54,971,187 13.26 Natixis SA 0.55% 31/05/2021 EUR 15,000,000 15,038,138 3.63 UniCredit SpA, Reg. S, FRN 20,053,793 4.84 5.375% Perpetual EUR 1,823,000 1,864,929 0.45 Japan Unione di Banche Italiane Mizuho Bank Ltd. 0.55% SpA, Reg. S 5.875% 24/02/2021 EUR 10,000,000 10,014,075 2.41 Perpetual EUR 1,691,000 1,816,134 0.44 Mizuho Bank Ltd. 0.56% 62,294,134 15.03 26/02/2021 EUR 10,000,000 10,014,332 2.42 Netherlands MUFG Bank Ltd. 0.55% ABN AMRO Bank NV, Reg. S, 26/05/2021 EUR 15,000,000 15,041,594 3.63 FRN 4.375% Perpetual EUR 1,700,000 1,810,838 0.44 35,070,001 8.46 Cooperatieve Rabobank Switzerland UA, Reg. S, FRN 4.625% Credit Suisse AG 0.47% Perpetual EUR 1,600,000 1,750,000 0.42 27/08/2021 EUR 10,000,000 10,047,881 2.42 3,560,838 0.86 Credit Suisse AG 0.47% 26/11/2021 EUR 5,000,000 5,023,874 1.21 15,071,755 3.63 United Arab Emirates First Abu Dhabi Bank PJSC 0.48% 25/01/2021 EUR 15,000,000 15,030,662 3.63 15,030,662 3.63 Total Certificates of Deposit 107,778,728 26.00 Commercial Papers France Banque Federative du Credit Mutuel SA 0.55% 06/01/2021 EUR 15,000,000 15,024,101 3.63 15,024,101 3.63

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 106 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY FIXED INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Switzerland Units of authorised UCITS or other collective investment undertakings UBS AG 0.59% 15/06/2021 EUR 16,000,000 16,047,340 3.87 Collective Investment Schemes - UCITS 16,047,340 3.87 Ireland United Kingdom Aviva Investors Euro Chesham Finance Ltd. Liquidity Fund - Class 3 † 0.45% 07/01/2021 EUR 17,500,000 17,505,033 4.22 Income shares EUR EUR 380,561 37,079,438 8.95 17,505,033 4.22 37,079,438 8.95 Total Commercial Papers 48,576,474 11.72 Total Collective Investment Schemes - UCITS 37,079,438 8.95 Total Transferable securities and money market Total Units of authorised UCITS or other collective instruments dealt in on another regulated market 156,355,202 37.72 investment undertakings 37,079,438 8.95 Total Investments 287,766,926 69.43 Cash 110,350,922 26.62 Other assets/(liabilities) 16,375,036 3.95 Total net assets 414,492,884 100.00 †Related Party Fund Geographic Allocation of Portfolio % of Net Assets Italy 15.03 France 9.38 Ireland 8.95 Japan 8.46 Switzerland 7.50 United Kingdom 4.66 Canada 3.63 United Arab Emirates 3.63 Spain 2.74 China 1.81 Austria 0.95 Belgium 0.93 Netherlands 0.86 Denmark 0.46 Finland 0.44 Total investments 69.43 Cash and other assets/(liabilities) 30.57 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 107 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY FIXED INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets AUD 254,631,407 EUR 155,564,762 11/01/2021 J.P. Morgan 5,008,931 1.21 AUD 86,235,000 EUR 52,766,437 13/01/2021 J.P. Morgan 1,612,902 0.39 AUD 45,275,000 EUR 28,149,792 13/01/2021 Standard Chartered 400,385 0.10 CHF 21 EUR 19 11/01/2021 J.P. Morgan – – CLP 7,070,707,000 USD 9,590,000 10/03/2021 HSBC 295,230 0.07 EUR 13,847,000 USD 16,357,562 13/01/2021 Morgan Stanley 480,901 0.12 EUR 1,198,848 USD 1,427,000 27/01/2021 Morgan Stanley 33,214 0.01 GBP 146,310,152 EUR 162,078,485 11/01/2021 J.P. Morgan 1,363,122 0.33 JPY 6,502,277,898 USD 61,823,000 13/01/2021 Morgan Stanley 950,219 0.23 MXN 474,953,590 USD 22,150,000 14/01/2021 Morgan Stanley 1,356,589 0.33 RUB 698,588,987 USD 9,071,200 24/02/2021 BNP Paribas 261,865 0.06 RUB 348,641,516 USD 4,528,800 24/02/2021 Citibank 129,317 0.03 Canadian Imperial Bank of SEK 153,287,877 CAD 23,691,000 19/01/2021 Commerce 58,753 0.01 SEK 10,002 EUR 969 11/01/2021 J.P. Morgan 27 – USD 6 EUR 5 11/01/2021 J.P. Morgan – – USD 80,780,000 JPY 8,127,275,800 06/05/2022 Goldman Sachs 1,206,662 0.29 USD 3,853,000 MXN 76,348,725 14/01/2021 HSBC 20,841 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 13,178,958 3.18 BRL 39,940,720 USD 7,760,000 10/03/2021 Citibank (65,713) (0.02) BRL 48,745,970 USD 9,590,000 10/03/2021 Goldman Sachs (177,518) (0.04) CAD 1,895,000 SEK 12,284,195 19/01/2021 Barclays (6,986) – CAD 21,796,000 SEK 143,797,323 19/01/2021 Merrill Lynch (329,741) (0.08) CHF 3,996 EUR 3,740 11/01/2021 J.P. Morgan (46) – EUR 45,837 AUD 74,079 11/01/2021 J.P. Morgan (879) – EUR 81,249,649 AUD 131,510,000 13/01/2021 Standard Chartered (1,679,866) (0.40) GBP 730,849 EUR 818,556 11/01/2021 J.P. Morgan (2,132) – JPY 8,127,275,800 USD 80,780,000 06/05/2022 Goldman Sachs (1,206,661) (0.29) USD 1,101 EUR 939 11/01/2021 J.P. Morgan (39) – USD 16,530,413 EUR 13,847,000 13/01/2021 Barclays (339,661) (0.08) USD 8,714,000 MXN 184,633,652 14/01/2021 Goldman Sachs (442,873) (0.11) USD 6,150,000 RUB 467,277,000 24/02/2021 Goldman Sachs (107,896) (0.03) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (4,360,011) (1.05) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 8,818,947 2.13

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency EUR % of Net Assets Euro-BTP, 08/03/2021 (488) EUR (342,820) (0.08) Total Unrealised Loss on Financial Futures Contracts - Liabilities (342,820) (0.08) Net Unrealised Loss on Financial Futures Contracts - Liabilities (342,820) (0.08)

Credit Default Swap Contracts Interest (Paid)/ Nominal Received Market % of Net Amount Currency Counterparty Reference Entity Buy/Sell Rate Maturity Date Value EUR Assets 11,225,000 USD J.P. Morgan CDX.NA.HY.35-V1 Sell 5.00% 20/12/2025 867,192 0.21 26,942,000 EUR J.P. Morgan ITRAXX.EUROPE.CROSSOVER.34-V1 Sell 5.00% 20/12/2025 3,225,032 0.78 59,150,000 EUR J.P. Morgan ITRAXX.EUROPE.SUB.FINANCIALS.34-V1 Buy (1.00)% 20/12/2025 295,587 0.07 Total Market Value on Credit Default Swap Contracts - Assets 4,387,811 1.06 Net Market Value on Credit Default Swap Contracts - Assets 4,387,811 1.06

Option Purchased Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets 35,500,000 Foreign Exchange RUB/USD, Put, 74.000, 25/02/2021 USD UBS 600,198 0.15 Total Market Value on Option Purchased Contracts - Assets 600,198 0.15 Option Written Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (35,500,000) Foreign Exchange RUB/USD, Put, 72.000, 25/02/2021 USD UBS (273,584) (0.07) (9,100,000) Foreign Exchange USD/RUB, Call, 76.515, 25/02/2021 USD UBS (117,462) (0.03) Total Market Value on Option Written Contracts - Liabilities (391,046) (0.10)

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 108 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY FIXED INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Interest Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets Pay floating CNREPOFIX=CFXS 1 week Receive fixed 172,798,000 CNY J.P. Morgan 2.66% 16/09/2025 15,893 – 4,200,000 CAD J.P. Morgan Pay floating BA 3 month Receive fixed 1.721% 17/03/2051 41,011 0.01 24,860,000 CAD J.P. Morgan Pay floating BA 3 month Receive fixed 1.676% 16/12/2050 110,039 0.03 1,145,300,000 CZK J.P. Morgan Pay fixed 1.019% Receive floating PRIBOR 6 month 17/03/2026 293,362 0.07 3,666,000 USD J.P. Morgan Pay fixed 0.973% Receive floating LIBOR 3 month 16/09/2050 316,727 0.08 1,673,750,000 MXN J.P. Morgan Pay floating TIIE 4 week Receive fixed 4.62% 27/11/2023 397,515 0.10 7,723,000 USD J.P. Morgan Pay fixed 1.129% Receive floating LIBOR 3 month 17/06/2050 425,933 0.10 2,052,165,000 CZK J.P. Morgan Pay fixed 0.94% Receive floating PRIBOR 6 month 16/12/2025 623,910 0.15 6,982,000 USD J.P. Morgan Pay fixed 0.85% Receive floating LIBOR 3 month 16/09/2050 785,161 0.19 Total Market Value on Interest Rate Swap Contracts - Assets 3,009,551 0.73 162,840,000 AUD J.P. Morgan Pay floating BBR 6 month Receive fixed 0.707% 18/12/2026 (614,707) (0.15) 10,448,000 CAD J.P. Morgan Pay floating BA 3 month Receive fixed 1.337% 16/09/2050 (506,622) (0.12) Pay floating CNREPOFIX=CFXS 1 week Receive 184,761,000 CNY J.P. Morgan fixed 2.215% 17/06/2025 (415,694) (0.10) 11,022,000 CAD J.P. Morgan Pay floating BA 3 month Receive fixed 1.575% 17/06/2050 (131,053) (0.03) 2,982,000 CAD J.P. Morgan Pay floating BA 3 month Receive fixed 1.397% 16/09/2050 (115,435) (0.03) Pay floating CNREPOFIX=CFXS 1 week Receive 154,015,000 CNY J.P. Morgan fixed 2.535% 16/09/2025 (93,908) (0.02) 18,935,000 USD J.P. Morgan Pay fixed 1.399% Receive floating LIBOR 3 month 16/12/2050 (14,760) (0.01) 3,580,000 USD J.P. Morgan Pay fixed 1.419% Receive floating LIBOR 3 month 17/03/2051 (8,904) – Total Market Value on Interest Rate Swap Contracts - Liabilities (1,901,083) (0.46) Net Market Value on Interest Rate Swap Contracts - Assets 1,108,468 0.27

Inflation Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 9,798,000 USD J.P. Morgan Pay fixed 1.754 Receive floating USCPI 1 month 02/07/2050 1,264,309 0.31 66,000,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive fixed 3.18% 15/04/2025 885,372 0.21 7,782,000 USD J.P. Morgan Pay fixed 2.121 Receive floating USCPI 1 month 13/11/2050 204,278 0.05 8,000,000 GBP J.P. Morgan Pay floating UKRPI 1 month Receive fixed 3.463% 15/12/2025 75,415 0.02 Total Market Value on Inflation Rate Swap Contracts - Assets 2,429,374 0.59 66,000,000 GBP J.P. Morgan Pay fixed 2.858 Receive floating UKRPI 1 month 15/04/2023 (524,735) (0.13) 8,000,000 GBP J.P. Morgan Pay fixed 3.38 Receive floating UKRPI 1 month 15/12/2023 (56,128) (0.01) Total Market Value on Inflation Rate Swap Contracts - Liabilities (580,863) (0.14) Net Market Value on Inflation Rate Swap Contracts - Assets 1,848,511 0.45

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 109 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial United Kingdom exchange listing Drax Finco plc, 144A 6.625% Bonds 01/11/2025 USD 200,000 171,530 0.05 Colombia Virgin Media Secured Colombia Government Finance plc, 144A 5.5% Bond 7% 30/06/2032 COP 13,673,000,000 3,609,051 1.05 15/05/2029 USD 200,000 177,408 0.05 3,609,051 1.05 348,938 0.10 France United States of America Altice France SA, 144A 5.5% Ally Financial, Inc. 5.75% 15/01/2028 USD 400,000 342,204 0.10 20/11/2025 USD 290,000 276,178 0.08 342,204 0.10 American Axle & Germany Manufacturing, Inc. 6.25% IHO Verwaltungs GmbH, 15/03/2026 USD 195,000 164,353 0.05 144A 6% 15/05/2027 USD 425,000 369,210 0.11 American Axle & 369,210 0.11 Manufacturing, Inc. 6.875% Indonesia 01/07/2028 USD 200,000 176,441 0.05 Indonesia Treasury 8.25% Ball Corp. 2.875% 15/05/2029 IDR 82,639,000,000 5,547,858 1.61 15/08/2030 USD 190,000 155,092 0.05 5,547,858 1.61 Cedar Fair LP 5.375% Italy 01/06/2024 USD 115,000 94,459 0.03 Telecom Italia SpA, 144A CIT Group, Inc. 5.25% 5.303% 30/05/2024 USD 200,000 178,011 0.05 07/03/2025 USD 120,000 111,499 0.03 178,011 0.05 Comstock Resources, Inc. Luxembourg 9.75% 15/08/2026 USD 205,000 180,739 0.05 ArcelorMittal SA 4.55% Delta Air Lines, Inc. 7.375% 11/03/2026 USD 95,000 87,276 0.03 15/01/2026 USD 30,000 28,031 0.01 ARD Finance SA, 144A 6.5% Encompass Health Corp. 30/06/2027 USD 400,000 349,393 0.10 4.5% 01/02/2028 USD 25,000 21,386 0.01 Consolidated Energy Encompass Health Corp. Finance SA, 144A 6.875% 4.75% 01/02/2030 USD 200,000 175,381 0.05 15/06/2025 USD 300,000 249,786 0.07 Ford Motor Co. 8.5% 686,455 0.20 21/04/2023 USD 120,000 110,541 0.03 Mexico Ford Motor Credit Co. LLC Mexican Bonos 5.75% 4.125% 17/08/2027 USD 405,000 347,141 0.10 05/03/2026 MXN 42,650,900 1,829,959 0.53 Ford Motor Credit Co. LLC Mexican Bonos 8.5% 4% 13/11/2030 USD 200,000 171,836 0.05 31/05/2029 MXN 37,164,100 1,859,589 0.54 Ford Motor Credit Co. LLC Mexican Bonos 8% 5.584% 18/03/2024 USD 200,000 176,536 0.05 07/11/2047 MXN 38,098,500 1,845,820 0.54 Genesis Energy LP 8% 5,535,368 1.61 15/01/2027 USD 85,000 68,963 0.02 Netherlands Genesis Energy LP 6.5% Fiat Chrysler Automobiles 01/10/2025 USD 320,000 254,832 0.07 NV 5.25% 15/04/2023 USD 200,000 175,514 0.05 HCA, Inc. 5.375% OCI NV, 144A 4.625% 01/02/2025 USD 120,000 110,434 0.03 15/10/2025 USD 210,000 178,712 0.05 HCA, Inc. 3.5% 01/09/2030 USD 475,000 412,832 0.12 Trivium Packaging Finance BV, 144A 5.5% 15/08/2026 USD 250,000 216,455 0.07 Hecla Mining Co. 7.25% 15/02/2028 USD 60,000 53,635 0.02 570,681 0.17 Peru Hilton Grand Vacations Borrower LLC 6.125% Peru Government Bond, 01/12/2024 USD 85,000 73,023 0.02 Reg. S 5.4% 12/08/2034 PEN 22,062,000 5,504,094 1.60 MGIC Investment Corp. 5,504,094 1.60 5.25% 15/08/2028 USD 125,000 109,505 0.03 Russia MGM Growth Properties Russian Federal Bond - OFZ Operating Partnership LP, 7.15% 12/11/2025 RUB 299,451,000 3,579,767 1.04 REIT 5.625% 01/05/2024 USD 90,000 80,031 0.02 Russian Federal Bond - OFZ MGM Resorts International 7.65% 10/04/2030 RUB 146,979,000 1,834,494 0.53 5.75% 15/06/2025 USD 36,000 32,586 0.01 5,414,261 1.57 MGM Resorts International Ukraine 5.5% 15/04/2027 USD 147,000 134,067 0.04 Ukraine Government Bond, Reg. S 7.75% 01/09/2023 USD 1,270,000 1,143,447 0.33 MPT Operating Partnership LP, REIT 4.625% 01/08/2029 USD 120,000 104,987 0.03 Ukraine Government Bond, Reg. S 7.75% 01/09/2022 USD 500,000 437,978 0.13 Murphy Oil USA, Inc. 4.75% 15/09/2029 USD 160,000 139,406 0.04 1,581,425 0.46

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 110 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Nordstrom, Inc. 4.375% Bermuda 01/04/2030 USD 25,000 20,175 0.01 Arch Capital Group Ltd. USD 42,733 1,260,109 0.37 Occidental Petroleum Corp. China Oriental Group Co. 6.375% 01/09/2028 USD 210,000 181,393 0.05 Ltd. HKD 56,000 12,130 – Occidental Petroleum Corp. Credicorp Ltd. USD 2,653 355,772 0.10 2.9% 15/08/2024 USD 85,000 66,969 0.02 Everest Re Group Ltd. USD 4,070 778,657 0.23 Occidental Petroleum Corp. IHS Markit Ltd. USD 1,111 81,522 0.02 3.2% 15/08/2026 USD 180,000 137,826 0.04 RenaissanceRe Holdings Occidental Petroleum Corp. Ltd. USD 5,728 776,724 0.23 3.5% 15/08/2029 USD 240,000 179,825 0.05 3,264,914 0.95 Occidental Petroleum Corp. Brazil 4.1% 15/02/2047 USD 85,000 56,919 0.02 Banco do Brasil SA BRL 6,423 39,223 0.01 Oceaneering International, Inc. 6% 01/02/2028 USD 435,000 318,637 0.09 Lojas Americanas SA Preference BRL 9,915 40,992 0.01 OneMain Finance Corp. 4% 15/09/2030 USD 348,000 295,471 0.09 Minerva SA BRL 11,645 18,671 0.01 OneMain Finance Corp. Petrobras Distribuidora SA BRL 4,640 16,153 – 6.125% 15/03/2024 USD 270,000 241,357 0.07 Petroleo Brasileiro SA OneMain Finance Corp. Preference BRL 9,609 42,856 0.01 8.875% 01/06/2025 USD 35,000 32,413 0.01 Telefonica Brasil SA USD 2,707 19,591 0.01 OneMain Finance Corp. 177,486 0.05 6.625% 15/01/2028 USD 60,000 58,315 0.02 Canada PBF Holding Co. LLC 7.25% Novagold Resources, Inc. USD 7,708 60,950 0.02 15/06/2025 USD 250,000 132,833 0.04 Restaurant Brands Penske Automotive Group, International, Inc. CAD 1,554 77,660 0.02 Inc. 3.5% 01/09/2025 USD 60,000 49,896 0.02 138,610 0.04 Penske Automotive Group, Cayman Islands Inc. 5.5% 15/05/2026 USD 292,000 248,345 0.07 Alibaba Group Holding PG&E Corp. 5% 01/07/2028 USD 40,000 34,860 0.01 Ltd., ADR USD 1,070 203,497 0.06 PG&E Corp. 5.25% Alibaba Group Holding Ltd. HKD 694 17,008 – 01/07/2030 USD 75,000 67,503 0.02 Ambarella, Inc. USD 1,728 129,732 0.04 Service Corp. International Autohome, Inc., ADR USD 417 33,945 0.01 5.125% 01/06/2029 USD 260,000 235,699 0.07 Chailease Holding Co. Ltd. TWD 6,000 29,276 0.01 Spectrum Brands, Inc. China Aoyuan Group Ltd. HKD 25,000 19,843 0.01 5.75% 15/07/2025 USD 135,000 114,070 0.03 China Conch Venture Targa Resources Partners LP Holdings Ltd. HKD 13,000 51,590 0.01 5.875% 15/04/2026 USD 210,000 182,289 0.05 China Hongqiao Group Ltd. HKD 32,500 24,271 0.01 Teleflex, Inc. 4.625% 15/11/2027 USD 35,000 30,809 0.01 China Medical System Holdings Ltd. HKD 21,129 19,320 0.01 Tenet Healthcare Corp. 5.125% 01/05/2025 USD 340,000 283,643 0.08 China State Construction International Holdings Ltd. HKD 30,000 13,993 – TransDigm, Inc. 5.5% 15/11/2027 USD 50,000 43,022 0.01 China Yongda Automobiles Services Holdings Ltd. HKD 24,374 32,705 0.01 United Rentals North America, Inc. 3.875% Hengan International Group 15/02/2031 USD 155,000 133,132 0.04 Co. Ltd. HKD 4,586 26,598 0.01 WESCO Distribution, Inc. KWG Group Holdings Ltd. HKD 18,627 20,831 0.01 5.375% 15/06/2024 USD 95,000 79,778 0.02 KWG Living Group Holdings WPX Energy, Inc. 5.25% Ltd., Reg. S HKD 23,984 15,914 – 15/10/2027 USD 310,000 268,895 0.08 Melco Resorts & 7,257,988 2.11 Entertainment Ltd., ADR USD 1,268 19,229 – Total Bonds 36,945,544 10.74 NetEase, Inc., ADR USD 5,098 398,740 0.12 Equities Sands China Ltd. HKD 29,282 105,249 0.03 Australia Tencent Holdings Ltd. HKD 3,533 210,124 0.06 Aristocrat Leisure Ltd. AUD 3,023 59,149 0.02 Tongcheng-Elong Holdings Crown Resorts Ltd. AUD 2,399 14,577 – Ltd., Reg. S HKD 26,400 41,685 0.01 Tabcorp Holdings Ltd. AUD 11,014 27,125 0.01 Wynn Macau Ltd. HKD 9,938 13,628 – 100,851 0.03 Xinyi Solar Holdings Ltd. HKD 16,000 34,109 0.01 Belgium 1,461,287 0.42 UCB SA EUR 4,228 358,408 0.10 Chile Umicore SA EUR 19,807 778,514 0.23 Banco de Chile CLP 211,890 17,744 0.01 1,136,922 0.33 17,744 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 111 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 China Sanofi EUR 24,203 1,905,502 0.55 Air China Ltd. 'H' HKD 107,422 69,012 0.02 Sartorius Stedim Biotech EUR 1,412 413,151 0.12 China Construction Bank Schneider Electric SE EUR 9,484 1,127,648 0.33 Corp. 'H' HKD 106,366 66,092 0.02 SCOR SE EUR 12,486 330,255 0.10 China Longyuan Power Societe Generale SA EUR 18,268 311,250 0.09 Group Corp. Ltd. 'H' HKD 39,000 31,961 0.01 Sodexo SA EUR 443 30,704 0.01 China Merchants Bank Co. Ltd. 'H' HKD 8,062 41,618 0.01 Teleperformance EUR 1,606 436,912 0.13 China Petroleum & TOTAL SE EUR 45,174 1,595,094 0.46 Chemical Corp. 'H' HKD 53,018 19,420 0.01 15,378,843 4.47 China Southern Airlines Co. Germany Ltd. 'H' HKD 142,000 69,075 0.02 Allianz SE EUR 3,354 677,508 0.20 China Telecom Corp. Ltd. 'H' HKD 52,974 12,033 – Beiersdorf AG EUR 4,302 407,787 0.12 ENN Natural Gas Co. Ltd. 'A' CNY 10,372 17,609 – Carl Zeiss Meditec AG EUR 4,035 440,420 0.13 Haier Smart Home Co. Delivery Hero SE, Reg. S EUR 4,320 547,560 0.16 Ltd. 'A' CNY 6,600 24,097 0.01 Deutsche Lufhansa AG EUR 22,608 244,392 0.07 Jiangsu Zhongtian Deutsche Telekom AG EUR 103,559 1,556,233 0.45 Technology Co. Ltd. 'A' CNY 19,000 25,751 0.01 Deutsche Wohnen SE EUR 18,031 785,971 0.23 Livzon Pharmaceutical FUCHS PETROLUB SE EUR 10,013 466,205 0.14 Group, Inc. 'H' HKD 6,400 20,322 0.01 Henkel AG & Co. KGaA Lomon Billions Group Co. Preference EUR 4,611 424,535 0.12 Ltd. 'A' CNY 6,100 23,453 0.01 Infineon Technologies AG EUR 33,620 1,061,316 0.31 Ping An Insurance Group Co. of China Ltd. 'H' HKD 8,122 81,308 0.02 Knorr-Bremse AG EUR 4,088 456,343 0.13 501,751 0.15 LEG Immobilien AG EUR 10,197 1,299,404 0.38 Czech Republic Muenchener Komercni banka A/S CZK 1,080 26,957 0.01 Rueckversicherungs- 26,957 0.01 Gesellschaf AG EUR 6,298 1,537,342 0.45 Finland Nemetschek SE EUR 6,419 394,127 0.11 Elisa OYJ EUR 7,936 357,596 0.10 SAP SE EUR 3,055 328,413 0.09 Kone OYJ 'B' EUR 5,516 367,200 0.11 Sartorius AG Preference EUR 1,188 410,098 0.12 Orion OYJ 'B' EUR 10,357 388,025 0.11 Scout24 AG, Reg. S EUR 5,444 367,198 0.11 UPM-Kymmene OYJ EUR 15,507 474,127 0.14 Siemens AG EUR 5,397 636,522 0.18 1,586,948 0.46 Symrise AG EUR 3,449 377,665 0.11 France TAG Immobilien AG EUR 3,939 101,705 0.03 Accor SA EUR 886 26,217 0.01 Volkswagen AG Preference EUR 5,165 785,287 0.23 Air Liquide SA EUR 2,977 400,481 0.12 Vonovia SE EUR 35,241 2,096,839 0.61 AXA SA EUR 69,521 1,357,815 0.40 15,402,870 4.48 BioMerieux EUR 3,152 364,371 0.11 Guernsey Bouygues SA EUR 9,227 311,457 0.09 Amdocs Ltd. USD 1,507 87,386 0.03 Capgemini SE EUR 2,008 254,865 0.07 87,386 0.03 Carrefour SA EUR 23,236 326,234 0.09 Hong Kong Cie Generale des CNOOC Ltd. HKD 44,701 33,877 0.01 Etablissements Michelin Galaxy Entertainment SCA EUR 7,208 757,200 0.22 Group Ltd. HKD 12,973 82,524 0.02 Danone SA EUR 7,364 396,772 0.12 Henderson Land Dassault Systemes SE EUR 2,564 425,945 0.12 Development Co. Ltd. HKD 93,228 297,994 0.09 EssilorLuxottica SA EUR 3,813 487,397 0.14 Hong Kong Exchanges & Clearing Ltd. HKD 593 26,571 0.01 ICADE, REIT EUR 10,129 634,835 0.18 Link REIT HKD 77,342 576,566 0.17 Kering SA EUR 712 423,248 0.12 SJM Holdings Ltd. HKD 13,957 12,770 – Klepierre SA, REIT EUR 22,041 405,995 0.12 Sun Art Retail Group Ltd. HKD 36,932 30,617 0.01 La Francaise des Jeux SAEM, Reg. S EUR 467 17,473 0.01 Sun Hung Kai Properties Ltd. HKD 34,977 368,859 0.11 Legrand SA EUR 6,151 448,900 0.13 1,429,778 0.42 L'Oreal SA EUR 1,478 459,954 0.13 India LVMH Moet Hennessy Louis Ashok Leyland Ltd. INR 26,549 28,412 0.01 Vuitton SE EUR 1,035 529,040 0.15 Embassy Ofice Parks REIT INR 6,676 25,724 0.01 Pernod Ricard SA EUR 2,993 469,602 0.14 Housing Development Peugeot SA EUR 14,386 321,887 0.09 Finance Corp. Ltd. INR 2,909 82,972 0.02 Remy Cointreau SA EUR 2,684 408,639 0.12 Infosys Ltd. INR 2,254 31,623 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 112 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 ITC Ltd. INR 11,219 26,237 0.01 Spotify Technology SA USD 363 93,385 0.03 Reliance Industries Ltd. INR 14,445 320,227 0.09 323,131 0.09 515,195 0.15 Malaysia Indonesia Malayan Banking Bhd. MYR 10,000 17,220 – Bank Rakyat Indonesia Sunway Bhd. MYR 8,478 2,102 – Persero Tbk. PT IDR 128,147 31,122 0.01 Sunway Bhd. MYR 66,891 21,745 0.01 Surya Citra Media Tbk. PT IDR 212,700 28,272 0.01 Tenaga Nasional Bhd. MYR 8,600 18,242 0.01 Telkom Indonesia Persero 59,309 0.02 Tbk. PT IDR 126,263 24,347 – Mauritius 83,741 0.02 MakeMyTrip Ltd. USD 2,043 49,357 0.01 Ireland 49,357 0.01 Allegion plc USD 889 84,592 0.03 Mexico Flutter Entertainment plc EUR 3,996 670,928 0.20 Grupo Mexico SAB de CV 'B' MXN 12,562 43,357 0.01 Irish Residential Properties Kimberly-Clark de Mexico REIT plc EUR 170,634 253,903 0.07 SAB de CV 'A' MXN 11,404 15,899 – Kerry Group plc 'A' EUR 3,617 430,242 0.13 Macquarie Mexico Real Kingspan Group plc EUR 5,571 322,143 0.09 Estate Management SA de Medtronic plc USD 13,633 1,304,859 0.38 CV, REIT, Reg. S MXN 23,001 26,624 0.01 85,880 0.02 Ryanair Holdings plc EUR 21,493 352,002 0.10 Netherlands STERIS plc USD 515 79,749 0.02 Adyen NV, Reg. S EUR 257 491,320 0.14 3,498,418 1.02 Akzo Nobel NV EUR 4,815 424,827 0.12 Isle of Man Entain plc GBP 3,107 39,354 0.01 Argenx SE EUR 1,959 473,294 0.14 39,354 0.01 ASML Holding NV EUR 1,320 525,030 0.15 Italy Ferrari NV EUR 2,594 490,461 0.14 DiaSorin SpA EUR 2,395 407,030 0.12 Heineken NV EUR 5,348 487,898 0.14 Enel SpA EUR 172,226 1,426,462 0.41 Just Eat Takeaway.com NV, Infrastrutture Wireless Reg. S EUR 4,271 394,427 0.12 Italiane SpA, Reg. S EUR 44,428 441,059 0.13 Koninklijke DSM NV EUR 2,993 421,714 0.12 UniCredit SpA EUR 40,405 309,220 0.09 Koninklijke Philips NV EUR 10,532 462,197 0.14 2,583,771 0.75 Koninklijke Vopak NV EUR 8,131 349,470 0.10 Japan Prosus NV EUR 5,222 462,304 0.14 ANA Holdings, Inc. JPY 17,200 309,892 0.09 QIAGEN NV USD 1,736 75,034 0.02 Japan Airlines Co. Ltd. JPY 28,500 450,426 0.13 QIAGEN NV EUR 9,470 406,500 0.12 Japan Hotel REIT Wolters Kluwer NV EUR 20,441 1,417,174 0.41 Investment Corp. JPY 709 297,181 0.09 6,881,650 2.00 McDonald's Holdings Co. Panama Japan Ltd. JPY 400 15,864 – Carnival Corp. USD 2,078 36,777 0.01 MCUBS MidCity Investment 36,777 0.01 Corp., REIT JPY 183 135,737 0.04 Russia Murata Manufacturing Co. Detsky Mir PJSC, Reg. S RUB 15,722 23,658 0.01 Ltd. JPY 4,900 361,685 0.10 LUKOIL PJSC, ADR USD 664 37,017 0.01 Nintendo Co. Ltd. JPY 700 365,002 0.11 Sberbank of Russia PJSC RUB 10,472 31,431 0.01 Oriental Land Co. Ltd. JPY 1,200 162,058 0.05 92,106 0.03 Sekisui House Reit, Inc. JPY 336 199,352 0.06 Singapore Toyota Motor Corp. JPY 13,000 820,029 0.24 Ascendas Real Estate 3,117,226 0.91 Investment Trust SGD 329,131 607,540 0.18 Jersey Genting Singapore Ltd. SGD 36,400 19,246 0.01 Aptiv plc USD 7,440 792,220 0.23 Mapletree Industrial Trust, Glencore plc GBP 298,017 775,844 0.23 REIT SGD 49,300 87,954 0.02 Novocure Ltd. USD 839 118,826 0.03 Singapore Airlines Ltd. SGD 28,000 74,194 0.02 1,686,890 0.49 788,934 0.23 Liberia South Africa Royal Caribbean Cruises Absa Group Ltd. ZAR 5,767 38,563 0.01 Ltd. USD 848 51,741 0.01 Pick n Pay Stores Ltd. ZAR 7,284 20,358 0.01 51,741 0.01 58,921 0.02 Luxembourg South Korea ADLER Group SA, Reg. S EUR 2,526 73,002 0.02 Hyundai Motor Co. Grand City Properties SA EUR 7,464 156,744 0.04 Preference KRW 205 13,835 – Hyundai Motor Co. KRW 387 55,977 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 113 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 KB Financial Group, Inc. KRW 802 26,203 0.01 easyJet plc GBP 20,250 187,751 0.05 LG Chem Ltd. KRW 1,313 814,487 0.24 InterContinental Hotels Macquarie Korea Group plc GBP 822 43,052 0.01 Infrastructure Fund Rights KRW 117 11 – Johnson Matthey plc GBP 11,074 299,956 0.09 Macquarie Korea Legal & General Group plc GBP 471,695 1,402,551 0.41 Infrastructure Fund KRW 2,744 22,038 0.01 National Grid plc GBP 121,652 1,175,754 0.34 POSCO KRW 98 20,073 0.01 NewRiver REIT plc GBP 535,984 504,191 0.15 Samsung Electronics Co. Prudential plc GBP 91,094 1,372,626 0.40 Ltd. KRW 26,218 1,598,752 0.46 RELX plc GBP 63,718 1,276,182 0.37 SK Hynix, Inc. KRW 15,672 1,394,293 0.40 Rio Tinto plc GBP 3,252 198,878 0.06 SK Telecom Co. Ltd. KRW 158 28,322 0.01 Severn Trent plc GBP 42,474 1,085,938 0.31 3,973,991 1.16 Standard Chartered plc GBP 38,949 202,709 0.06 Spain Banco Santander SA EUR 117,655 298,726 0.09 Tritax Big Box REIT plc GBP 215,138 402,470 0.12 Merlin Properties Socimi Unilever plc EUR 8,005 396,808 0.11 SA, REIT EUR 54,995 427,036 0.12 Unilever plc GBP 28,348 1,393,022 0.40 725,762 0.21 Vodafone Group plc GBP 224,590 303,478 0.09 Sweden 14,652,189 4.26 Evolution Gaming Group United States of America AB, Reg. S SEK 644 53,700 0.02 10X Genomics, Inc. 'A' USD 713 82,477 0.02 53,700 0.02 A O Smith Corp. USD 1,660 74,368 0.02 Switzerland AAON, Inc. USD 1,534 83,605 0.02 Garmin Ltd. USD 919 89,835 0.03 ABIOMED, Inc. USD 325 86,106 0.03 Nestle SA CHF 18,577 1,791,302 0.52 Acacia Communications, Novartis AG CHF 18,337 1,418,139 0.41 Inc. USD 1,291 76,993 0.02 3,299,276 0.96 ACADIA Pharmaceuticals, Taiwan Inc. USD 2,133 93,248 0.03 Chicony Electronics Co. Ltd. TWD 8,053 20,180 0.01 Acceleron Pharma, Inc. USD 799 83,452 0.02 Hon Hai Precision Industry AeroVironment, Inc. USD 1,385 98,423 0.03 Co. Ltd. TWD 14,745 39,437 0.01 Agilent Technologies, Inc. USD 886 85,776 0.03 Huaku Development Co. Ltd. TWD 9,821 25,067 0.01 Agios Pharmaceuticals, Inc. USD 2,388 84,694 0.02 Lite-On Technology Corp. TWD 12,303 17,830 0.01 Akamai Technologies, Inc. USD 775 66,488 0.02 MediaTek, Inc. TWD 3,000 65,228 0.02 Alarm.com Holdings, Inc. USD 1,573 133,041 0.04 Mega Financial Holding Albemarle Corp. USD 6,586 794,029 0.23 Co. Ltd. TWD 18,646 16,176 – Alexandria Real Estate Sinbon Electronics Co. Ltd. TWD 6,046 38,118 0.01 Equities, Inc., REIT USD 2,755 401,029 0.12 Taiwan Semiconductor Alexion Pharmaceuticals, Manufacturing Co. Ltd. TWD 15,530 239,189 0.07 Inc. USD 763 97,396 0.03 Tripod Technology Corp. TWD 10,000 34,541 0.01 Allakos, Inc. USD 1,104 126,294 0.04 Win Semiconductors Corp. TWD 4,000 40,286 0.01 Allogene Therapeutics, Inc. USD 2,429 50,067 0.01 536,052 0.16 Alnylam Pharmaceuticals, Thailand Inc. USD 654 69,516 0.02 Indorama Ventures PCL THB 27,300 27,462 0.01 Alphabet, Inc. 'A' USD 250 357,932 0.10 Krung Thai Bank PCL THB 34,900 10,615 – Altice USA, Inc. 'A' USD 27,911 863,757 0.25 Quality Houses PCL THB 216,500 13,761 – Amedisys, Inc. USD 374 89,714 0.03 Thai Beverage PCL SGD 58,800 26,817 0.01 American Tower Corp., REIT USD 2,481 454,825 0.13 78,655 0.02 AMETEK, Inc. USD 899 88,820 0.03 Turkey Amphenol Corp. 'A' USD 835 89,239 0.03 Ford Otomotiv Sanayi A/S TRY 1,279 17,700 0.01 ANSYS, Inc. USD 277 82,320 0.02 17,700 0.01 Anterix, Inc. USD 2,405 74,005 0.02 United Kingdom Appfolio, Inc. 'A' USD 613 90,208 0.03 Anglo American plc GBP 8,668 234,979 0.07 AptarGroup, Inc. USD 765 85,613 0.02 Assura plc, REIT GBP 305,806 261,872 0.08 Aramark USD 1,062 33,408 0.01 AstraZeneca plc GBP 12,867 1,053,113 0.31 Arena Pharmaceuticals, Inc. USD 1,184 74,400 0.02 BAE Systems plc GBP 260,374 1,423,324 0.41 Arista Networks, Inc. USD 437 103,761 0.03 Big Yellow Group plc, REIT GBP 56,239 688,619 0.20 Aspen Technology, Inc. USD 670 71,375 0.02 BP plc GBP 104,399 297,214 0.09 AtriCure, Inc. USD 2,239 102,055 0.03 Carnival plc GBP 20,452 312,402 0.09 Atrion Corp. USD 137 71,832 0.02 Compass Group plc GBP 8,869 135,300 0.04

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 114 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Avalara, Inc. USD 701 94,507 0.03 Crowdstrike Holdings, Axonics Modulation Inc. 'A' USD 613 106,167 0.03 Technologies, Inc. USD 1,988 81,142 0.02 Crown Castle International Badger Meter, Inc. USD 1,364 104,874 0.03 Corp., REIT USD 4,307 560,169 0.16 Balchem Corp. USD 915 86,243 0.03 CryoPort, Inc. USD 1,912 68,539 0.02 Bandwidth, Inc. 'A' USD 517 64,970 0.02 CSW Industrials, Inc. USD 1,171 106,903 0.03 BellRing Brands, Inc. 'A' USD 4,567 90,720 0.03 CubeSmart USD 6,425 176,542 0.05 Bio-Rad Laboratories, Darden Restaurants, Inc. USD 575 56,003 0.02 Inc. 'A' USD 170 81,044 0.02 Datadog, Inc. 'A' USD 936 75,305 0.02 Bio-Techne Corp. USD 359 93,181 0.03 Deciphera Pharmaceuticals, Black Knight, Inc. USD 1,016 73,359 0.02 Inc. USD 1,681 78,448 0.02 Blackline, Inc. USD 1,004 109,525 0.03 Deckers Outdoor Corp. USD 409 95,865 0.03 Booz Allen Hamilton Delta Air Lines, Inc. USD 29,580 971,736 0.28 Holding Corp. USD 2,288 163,071 0.05 Digital Realty Trust, Inc., Boston Beer Co., Inc. (The) REIT USD 6,036 688,204 0.20 'A' USD 96 78,080 0.02 DocuSign, Inc. USD 412 74,883 0.02 Brady Corp. 'A' USD 2,225 96,061 0.03 Dolby Laboratories, Inc. 'A' USD 1,326 105,290 0.03 Broadcom, Inc. USD 3,906 1,398,217 0.41 Domino's Pizza, Inc. USD 262 82,095 0.02 Broadridge Financial Donaldson Co., Inc. USD 1,873 85,548 0.02 Solutions, Inc. USD 662 82,886 0.02 Dorman Products, Inc. USD 1,048 74,411 0.02 Brown-Forman Corp. 'A' USD 1,276 76,745 0.02 Douglas Emmett, Inc., REIT USD 5,138 122,597 0.04 Brown-Forman Corp. 'B' USD 1,148 74,521 0.02 DSP Group, Inc. USD 6,750 91,578 0.03 Burlington Stores, Inc. USD 2,024 432,715 0.13 Eagle Pharmaceuticals, Inc. USD 2,196 83,708 0.02 Cable One, Inc. USD 50 91,238 0.03 Eidos Therapeutics, Inc. USD 1,935 207,702 0.06 Cadence Design Systems, Enanta Pharmaceuticals, Inc. USD 850 94,736 0.03 Inc. USD 1,962 67,565 0.02 Calavo Growers, Inc. USD 1,301 73,883 0.02 Encore Wire Corp. USD 1,905 94,429 0.03 Cal-Maine Foods, Inc. USD 2,260 69,229 0.02 EPAM Systems, Inc. USD 272 79,674 0.02 Cardiovascular Systems, Equifax, Inc. USD 560 88,258 0.03 Inc. USD 2,484 88,972 0.03 Equinix, Inc., REIT USD 329 192,007 0.06 Cargurus, Inc. USD 3,699 95,971 0.03 Equity LifeStyle Properties, Cerner Corp. USD 1,274 81,690 0.02 Inc. USD 4,292 222,221 0.06 CH Robinson Worldwide, Equity Residential, REIT USD 11,047 535,038 0.16 Inc. USD 852 65,344 0.02 Exelixis, Inc. USD 3,413 55,998 0.02 Charter Communications, Exponent, Inc. USD 1,186 87,296 0.03 Inc. 'A' USD 5,556 3,004,704 0.87 Extra Space Storage, Inc., Chegg, Inc. USD 1,276 94,207 0.03 REIT USD 5,245 496,594 0.14 Chemed Corp. USD 181 78,958 0.02 F5 Networks, Inc. USD 726 104,457 0.03 ChemoCentryx, Inc. USD 1,655 83,538 0.02 Fair Isaac Corp. USD 204 85,262 0.02 Chipotle Mexican Grill, Inc. USD 221 250,580 0.07 Fastenal Co. USD 1,951 77,830 0.02 Church & Dwight Co., Inc. USD 954 67,986 0.02 Fastly, Inc. 'A' USD 927 66,190 0.02 Cintas Corp. USD 270 77,934 0.02 Fitbit, Inc. 'A' USD 13,615 75,722 0.02 Cisco Systems, Inc. USD 22,176 810,791 0.24 Five9, Inc. USD 690 98,240 0.03 Citrix Systems, Inc. USD 637 67,774 0.02 Flowers Foods, Inc. USD 3,713 68,688 0.02 Clorox Co. (The) USD 412 67,990 0.02 Freshpet, Inc. USD 817 94,884 0.03 Cloudflare, Inc. 'A' USD 2,192 136,128 0.04 Gentex Corp. USD 3,451 95,713 0.03 Codexis, Inc. USD 7,302 130,338 0.04 Global Blood Therapeutics, Cognex Corp. USD 1,406 92,257 0.03 Inc. USD 1,632 57,821 0.02 Columbia Sportswear Co. USD 979 69,947 0.02 Globus Medical, Inc. 'A' USD 1,739 92,688 0.03 Comcast Corp. 'A' USD 91,353 3,913,049 1.14 Graco, Inc. USD 1,449 85,699 0.03 Constellation Brands, Grand Canyon Education, Inc. 'A' USD 2,222 397,764 0.12 Inc. USD 1,042 79,401 0.02 Cooper Cos., Inc. (The) USD 258 76,618 0.02 Guardant Health, Inc. USD 812 85,504 0.02 Copart, Inc. USD 4,920 511,824 0.15 Guidewire Sofware, Inc. USD 820 86,309 0.03 Corcept Therapeutics, Inc. USD 4,905 104,911 0.03 Haemonetics Corp. USD 1,034 100,375 0.03 CoreSite Realty Corp., REIT USD 12,829 1,313,936 0.38 Halozyme Therapeutics, CoStar Group, Inc. USD 104 78,623 0.02 Inc. USD 3,285 114,655 0.03

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 115 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Healthcare Trust of America, Maxim Integrated Products, Inc., REIT 'A' USD 19,347 435,389 0.13 Inc. USD 1,328 96,147 0.03 Heartland Express, Inc. USD 4,732 70,020 0.02 MAXIMUS, Inc. USD 1,274 76,223 0.02 HEICO Corp. USD 813 88,061 0.03 McCormick & Co., Inc. HEICO Corp. 'A' USD 977 93,484 0.03 (Non-Voting) USD 908 70,941 0.02 Hershey Co. (The) USD 636 79,178 0.02 McDonald's Corp. USD 4,553 798,463 0.23 Hilton Worldwide Holdings, Merck & Co., Inc. USD 19,933 1,332,206 0.39 Inc. USD 1,380 125,548 0.04 Mercury Systems, Inc. USD 1,138 82,024 0.02 HMS Holdings Corp. USD 3,621 108,729 0.03 Mesa Laboratories, Inc. USD 372 87,370 0.03 Home Depot, Inc. (The) USD 5,806 1,259,639 0.37 Mettler-Toledo Honeywell International, International, Inc. USD 89 82,941 0.02 Inc. USD 1,463 254,248 0.07 MGM Resorts International USD 2,421 62,318 0.02 Hormel Foods Corp. USD 1,794 68,333 0.02 Micron Technology, Inc. USD 20,865 1,282,118 0.37 Hubbell, Inc. USD 10,634 1,362,809 0.40 Microsof Corp. USD 9,279 1,685,660 0.49 ICU Medical, Inc. USD 462 81,123 0.02 Mirati Therapeutics, Inc. USD 534 95,878 0.03 IDEX Corp. USD 485 78,958 0.02 Mitek Systems, Inc. USD 6,976 101,400 0.03 IDEXX Laboratories, Inc. USD 237 96,747 0.03 Monolithic Power Systems, Immunovant, Inc. USD 2,444 92,443 0.03 Inc. USD 337 100,907 0.03 Incyte Corp. USD 1,005 71,398 0.02 Motorola Solutions, Inc. USD 6,324 878,682 0.26 Inspire Medical Systems, MSC Industrial Direct Co., Inc. USD 683 105,072 0.03 Inc. 'A' USD 1,402 96,692 0.03 Insulet Corp. USD 379 79,184 0.02 National Beverage Corp. USD 1,204 83,588 0.02 Ionis Pharmaceuticals, Inc. USD 1,722 79,601 0.02 National Instruments Corp. USD 2,509 90,113 0.03 iRhythm Technologies, Inc. USD 393 76,303 0.02 National Presto Industries, Inc. USD 1,048 75,618 0.02 J & J Snack Foods Corp. USD 696 88,411 0.03 Neogen Corp. USD 1,113 72,153 0.02 Jack Henry & Associates, Inc. USD 536 70,926 0.02 Neurocrine Biosciences, Inc. USD 875 68,531 0.02 JetBlue Airways Corp. USD 12,274 145,908 0.04 Nevro Corp. USD 605 85,646 0.03 John B Sanfilippo & Son, New York Times Co. (The) 'A' USD 2,047 86,645 0.03 Inc. USD 1,179 76,090 0.02 NewMarket Corp. USD 249 81,315 0.02 Karuna Therapeutics, Inc. USD 1,097 91,136 0.03 NextEra Energy, Inc. USD 24,376 1,535,416 0.45 KKR Real Estate Finance NIC, Inc. USD 4,310 91,093 0.03 Trust, Inc. USD 33,502 491,489 0.14 Nordson Corp. USD 470 77,200 0.02 Kodiak Sciences, Inc. USD 1,673 200,588 0.06 Okta, Inc. USD 413 85,847 0.03 Krystal Biotech, Inc. USD 2,019 98,858 0.03 Old Dominion Freight Line, Kura Oncology, Inc. USD 2,998 80,037 0.02 Inc. USD 484 77,225 0.02 Lancaster Colony Corp. USD 494 74,238 0.02 OrthoPediatrics Corp. USD 2,045 68,944 0.02 Landstar System, Inc. USD 688 75,758 0.02 Pegasystems, Inc. USD 724 78,782 0.02 Las Vegas Sands Corp. USD 1,794 87,394 0.03 Penumbra, Inc. USD 428 61,242 0.02 LeMaitre Vascular, Inc. USD 2,689 88,908 0.03 PerkinElmer, Inc. USD 729 85,492 0.02 Lennox International, Inc. USD 323 72,397 0.02 Pool Corp. USD 284 86,511 0.03 LHC Group, Inc. USD 429 74,813 0.02 Power Integrations, Inc. USD 1,660 111,121 0.03 Liberty Broadband Corp. 'A' USD 609 78,326 0.02 Prologis, Inc., REIT USD 8,638 703,543 0.20 Liberty Broadband Corp. 'C' USD 606 78,442 0.02 Proto Labs, Inc. USD 653 81,871 0.02 Lincoln Electric Holdings, PTC, Inc. USD 1,018 99,479 0.03 Inc. USD 984 93,518 0.03 Qualys, Inc. USD 899 89,599 0.03 LiveRamp Holdings, Inc. USD 1,674 100,142 0.03 Raven Industries, Inc. USD 3,997 108,129 0.03 Lululemon Athletica, Inc. USD 279 79,338 0.02 Raytheon Technologies Luminex Corp. USD 3,543 66,905 0.02 Corp. USD 26,119 1,527,371 0.44 Madrigal Pharmaceuticals, Realty Income Corp., REIT USD 3,839 195,001 0.06 Inc. USD 704 63,939 0.02 Relmada Therapeutics, Inc. USD 2,329 61,444 0.02 Manhattan Associates, Inc. USD 906 77,949 0.02 Repligen Corp. USD 607 95,070 0.03 Marriott International, Republic Services, Inc. USD 919 72,327 0.02 Inc. 'A' USD 1,328 143,203 0.04 ResMed, Inc. USD 507 88,117 0.03 Marsh & McLennan Cos., Rexford Industrial Realty, Inc. USD 8,991 859,713 0.25 Inc., REIT USD 13,962 560,226 0.16 Masimo Corp. USD 397 87,095 0.03 Rhythm Pharmaceuticals, Inc. USD 3,346 81,343 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 116 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 RingCentral, Inc. 'A' USD 325 100,664 0.03 Veracyte, Inc. USD 2,769 110,869 0.03 Robert Half International, VeriSign, Inc. USD 426 75,279 0.02 Inc. USD 1,661 84,811 0.02 Verisk Analytics, Inc. USD 485 82,248 0.02 Rollins, Inc. USD 2,478 79,076 0.02 Verizon Communications, Royal Gold, Inc. USD 709 61,687 0.02 Inc. USD 25,629 1,229,660 0.36 Sanderson Farms, Inc. USD 749 80,951 0.02 Vicor Corp. USD 1,126 84,946 0.02 Sarepta Therapeutics, Inc. USD 597 83,135 0.02 Viking Therapeutics, Inc. USD 13,105 60,354 0.02 Schneider National, Inc. 'B' USD 3,489 59,013 0.02 VirnetX Holding Corp. USD 17,072 70,392 0.02 Seagen, Inc. USD 480 68,741 0.02 Visa, Inc. 'A' USD 2,016 360,072 0.10 Shockwave Medical, Inc. USD 1,244 105,509 0.03 Waters Corp. USD 450 90,995 0.03 Silk Road Medical, Inc. USD 1,261 64,933 0.02 Watsco, Inc. USD 377 69,806 0.02 Simon Property Group, WD-40 Co. USD 448 97,097 0.03 Inc., REIT USD 3,607 251,271 0.07 WEC Energy Group, Inc. USD 19,100 1,435,915 0.42 Simpson Manufacturing Welltower, Inc., REIT USD 7,881 416,062 0.12 Co., Inc. USD 921 70,384 0.02 West Pharmaceutical Simulations Plus, Inc. USD 1,355 79,536 0.02 Services, Inc. USD 316 73,156 0.02 Skyworks Solutions, Inc. USD 626 78,192 0.02 Wingstop, Inc. USD 612 66,227 0.02 Smartsheet, Inc. 'A' USD 1,810 102,545 0.03 Winmark Corp. USD 563 85,976 0.03 Southwest Airlines Co. USD 17,210 655,529 0.19 Wynn Resorts Ltd. USD 417 38,449 0.01 SPS Commerce, Inc. USD 1,181 104,819 0.03 Xilinx, Inc. USD 874 101,211 0.03 STAAR Surgical Co. USD 1,579 102,292 0.03 Y-mAbs Therapeutics, Inc. USD 2,287 92,570 0.03 Starbucks Corp. USD 6,442 563,408 0.16 Yum China Holdings, Inc. USD 1,707 79,696 0.02 Stoke Therapeutics, Inc. USD 2,551 128,712 0.04 Yum! Brands, Inc. USD 1,617 143,449 0.04 STORE Capital Corp., REIT USD 7,453 206,891 0.06 Zoetis, Inc. USD 2,700 365,097 0.11 Synopsys, Inc. USD 427 90,415 0.03 Zscaler, Inc. USD 633 103,353 0.03 Tactile Systems Technology, Zynga, Inc. 'A' USD 10,047 81,005 0.02 Inc. USD 2,675 98,338 0.03 64,957,247 18.89 Take-Two Interactive Total Equities 148,959,320 43.33 Sofware, Inc. USD 526 89,335 0.03 Total Transferable securities and money market Tandem Diabetes Care, Inc. USD 807 63,116 0.02 instruments admitted to an oficial exchange listing 185,904,864 54.07 TechTarget, Inc. USD 2,119 102,439 0.03 Transferable securities and money market instruments dealt in on another Teladoc Health, Inc. USD 786 128,440 0.04 regulated market Bonds Teledyne Technologies, Inc. USD 276 88,455 0.03 Australia Teleflex, Inc. USD 264 88,824 0.03 FMG Resources August Teradyne, Inc. USD 1,142 111,909 0.03 2006 Pty. Ltd., 144A 4.75% Terreno Realty Corp., REIT USD 6,790 324,725 0.09 15/05/2022 USD 420,000 353,776 0.10 Texas Instruments, Inc. USD 4,890 655,897 0.19 FMG Resources August 2006 Pty. Ltd., 144A 5.125% Thermo Fisher Scientific, 15/03/2023 USD 105,000 90,858 0.03 Inc. USD 951 361,859 0.11 FMG Resources August Tifany & Co. USD 752 80,787 0.02 2006 Pty. Ltd., 144A 4.5% Tootsie Roll Industries, Inc. USD 2,948 71,523 0.02 15/09/2027 USD 150,000 136,408 0.04 Toro Co. (The) USD 1,050 81,392 0.02 581,042 0.17 Tractor Supply Co. USD 617 70,923 0.02 Bermuda Trex Co., Inc. USD 1,281 87,677 0.03 NCL Corp. Ltd., 144A 12.25% Turning Point Therapeutics, 15/05/2024 USD 170,000 166,902 0.05 Inc. USD 1,030 102,503 0.03 NCL Corp. Ltd., 144A 10.25% Twilio, Inc. 'A' USD 369 102,084 0.03 01/02/2026 USD 120,000 115,606 0.03 Tyler Technologies, Inc. USD 254 90,596 0.03 NCL Corp. Ltd., 144A 5.875% 15/03/2026 USD 45,000 38,617 0.01 UniFirst Corp. USD 477 82,558 0.02 NCL Corp. Ltd., 144A 3.625% Union Pacific Corp. USD 7,787 1,323,736 0.39 15/12/2024 USD 115,000 89,466 0.03 United Therapeutics Corp. USD 855 106,149 0.03 410,591 0.12 UnitedHealth Group, Inc. USD 5,862 1,679,118 0.49 Canada Universal Display Corp. USD 507 95,240 0.03 Bausch Health Cos., Inc., Vail Resorts, Inc. USD 208 47,443 0.01 144A 5% 15/02/2029 USD 310,000 260,981 0.08 Varian Medical Systems, Inc. USD 507 72,516 0.02 Bausch Health Cos., Inc., 144A 5.25% 15/02/2031 USD 25,000 21,397 0.01 Varonis Systems, Inc. USD 755 101,015 0.03 Bausch Health Cos., Inc., Veeva Systems, Inc. 'A' USD 320 71,234 0.02 144A 5% 30/01/2028 USD 200,000 168,655 0.05

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 117 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Bausch Health Cos., Inc., Allied Universal Holdco LLC, 144A 6.25% 15/02/2029 USD 95,000 84,451 0.02 144A 6.625% 15/07/2026 USD 90,000 78,525 0.02 Bombardier, Inc., 144A Allied Universal Holdco LLC, 5.75% 15/03/2022 USD 175,000 146,069 0.04 144A 9.75% 15/07/2027 USD 240,000 214,145 0.06 Garda World Security Corp., Allison Transmission, Inc., 144A 4.625% 15/02/2027 USD 105,000 86,889 0.03 144A 3.75% 30/01/2031 USD 125,000 104,716 0.03 Garda World Security Corp., American Airlines, Inc., 144A 144A 9.5% 01/11/2027 USD 201,000 182,213 0.05 11.75% 15/07/2025 USD 95,000 89,658 0.03 goeasy Ltd., 144A 5.375% Antero Midstream Partners 01/12/2024 USD 230,000 195,869 0.06 LP, 144A 5.75% 01/03/2027 USD 185,000 148,837 0.04 New Gold, Inc., 144A 7.5% Antero Midstream Partners 15/07/2027 USD 75,000 67,925 0.02 LP, 144A 5.75% 15/01/2028 USD 145,000 114,075 0.03 Norbord, Inc., 144A 5.75% Aramark Services, Inc., 144A 15/07/2027 USD 350,000 308,531 0.09 5% 01/02/2028 USD 75,000 64,668 0.02 Open Text Corp., 144A Aramark Services, Inc., 144A 3.875% 15/02/2028 USD 120,000 102,167 0.03 6.375% 01/05/2025 USD 170,000 148,666 0.04 Videotron Ltd., 144A 5.375% Archrock Partners LP, 144A 15/06/2024 USD 235,000 212,349 0.06 6.25% 01/04/2028 USD 145,000 123,658 0.04 1,837,496 0.54 Archrock Partners LP, 144A Liberia 6.875% 01/04/2027 USD 120,000 105,799 0.03 Royal Caribbean Cruises Arconic Corp., 144A 6% Ltd., 144A 10.875% 15/05/2025 USD 200,000 174,799 0.05 01/06/2023 USD 95,000 88,494 0.02 Asbury Automotive Group, Royal Caribbean Cruises Inc. 4.5% 01/03/2028 USD 62,000 53,079 0.02 Ltd., 144A 11.5% 01/06/2025 USD 30,000 28,694 0.01 Asbury Automotive Group, 117,188 0.03 Inc. 4.75% 01/03/2030 USD 23,000 20,184 0.01 Netherlands ASGN, Inc., 144A 4.625% Alcoa Nederland Holding 15/05/2028 USD 225,000 191,558 0.06 BV, 144A 5.5% 15/12/2027 USD 200,000 179,072 0.05 AssuredPartners, Inc., 144A 179,072 0.05 5.625% 15/01/2029 USD 10,000 8,541 – Norway Avantor Funding, Inc., 144A Aker BP ASA, 144A 4.75% 4.625% 15/07/2028 USD 80,000 69,225 0.02 15/06/2024 USD 150,000 126,862 0.04 Avis Budget Car Rental LLC, 126,862 0.04 144A 10.5% 15/05/2025 USD 40,000 38,638 0.01 Panama Bausch Health Americas, Carnival Corp., 144A 7.625% Inc., 144A 8.5% 31/01/2027 USD 100,000 91,013 0.03 01/03/2026 USD 40,000 35,699 0.01 Berry Global, Inc., 144A 35,699 0.01 4.875% 15/07/2026 USD 175,000 153,787 0.04 Supranational Booz Allen Hamilton, Inc., Connect Finco SARL, 144A 144A 3.875% 01/09/2028 USD 80,000 67,468 0.02 6.75% 01/10/2026 USD 475,000 418,786 0.12 Boyd Gaming Corp. 4.75% Delta Air Lines, Inc., 144A 01/12/2027 USD 100,000 85,065 0.02 4.5% 20/10/2025 USD 100,000 87,399 0.02 Boyd Gaming Corp., 144A Delta Air Lines, Inc., 144A 8.625% 01/06/2025 USD 35,000 31,850 0.01 4.75% 20/10/2028 USD 100,000 89,308 0.03 Brink's Co. (The), 144A 5.5% 595,493 0.17 15/07/2025 USD 10,000 8,740 – United States of America Brink's Co. (The), 144A Acadia Healthcare Co., Inc., 4.625% 15/10/2027 USD 141,000 120,640 0.04 144A 5% 15/04/2029 USD 65,000 56,843 0.02 C&S Group Enterprises LLC, Acadia Healthcare Co., Inc. 144A 5% 15/12/2028 USD 45,000 36,717 0.01 5.625% 15/02/2023 USD 180,000 147,848 0.04 Caesars Entertainment, Inc., Afinity Gaming, 144A 144A 6.25% 01/07/2025 USD 60,000 52,287 0.02 6.875% 15/12/2027 USD 25,000 21,460 0.01 Caesars Resort Collection Albertsons Cos., Inc., 144A LLC, 144A 5.75% 01/07/2025 USD 35,000 30,345 0.01 3.5% 15/03/2029 USD 285,000 236,043 0.07 Caesars Resort Collection Albertsons Cos., Inc., 144A LLC, 144A 5.25% 15/10/2025 USD 105,000 86,838 0.03 5.875% 15/02/2028 USD 115,000 102,437 0.03 Calpine Corp., 144A 4.625% Albertsons Cos., Inc. 5.75% 01/02/2029 USD 75,000 63,122 0.02 15/03/2025 USD 96,000 81,100 0.02 Calpine Corp., 144A 4.5% Alliance Data Systems 15/02/2028 USD 120,000 102,145 0.03 Corp., 144A 7% 15/01/2026 USD 170,000 147,231 0.04 Carvana Co., 144A 5.875% Alliant Holdings 01/10/2028 USD 70,000 59,499 0.02 Intermediate LLC, 144A 6.75% 15/10/2027 USD 80,000 70,071 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 118 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Catalent Pharma Solutions, Endeavor Energy Resources Inc., 144A 5% 15/07/2027 USD 90,000 77,810 0.02 LP, 144A 6.625% 15/07/2025 USD 197,000 172,529 0.05 CCO Holdings LLC, 144A Energizer Holdings, Inc., 5.5% 01/05/2026 USD 435,000 368,910 0.11 144A 4.375% 31/03/2029 USD 225,000 190,699 0.06 CCO Holdings LLC, 144A Energizer Holdings, Inc., 4.75% 01/03/2030 USD 105,000 92,703 0.03 144A 7.75% 15/01/2027 USD 20,000 18,179 0.01 CCO Holdings LLC, 144A Entercom Media Corp., 144A 4.5% 15/08/2030 USD 40,000 34,735 0.01 7.25% 01/11/2024 USD 40,000 32,671 0.01 Centene Corp., 144A 5.375% Enterprise Development 01/06/2026 USD 110,000 94,933 0.03 Authority (The), 144A 12% Centene Corp., 144A 5.375% 15/07/2024 USD 115,000 106,090 0.03 15/08/2026 USD 90,000 77,878 0.02 Flex Acquisition Co., Inc., Centene Corp. 4.25% 144A 6.875% 15/01/2025 USD 160,000 133,055 0.04 15/12/2027 USD 125,000 108,528 0.03 Flex Acquisition Co., Inc., Centene Corp. 4.625% 144A 7.875% 15/07/2026 USD 130,000 111,826 0.03 15/12/2029 USD 140,000 127,180 0.04 Frontier Communications Centene Corp. 3.375% Corp., 144A 6.75% 15/02/2030 USD 135,000 116,255 0.03 01/05/2029 USD 45,000 39,422 0.01 Central Garden & Pet Co. Frontier Communications 4.125% 15/10/2030 USD 50,000 42,678 0.01 Corp. 'A1', 144A 5.875% 15/10/2027 USD 30,000 26,557 0.01 Century Communities, Inc. 5.875% 15/07/2025 USD 235,000 200,447 0.06 Gartner, Inc., 144A 3.75% 01/10/2030 USD 45,000 38,801 0.01 Charles River Laboratories International, Inc., 144A Gartner, Inc., 144A 4.5% 4.25% 01/05/2028 USD 140,000 120,050 0.04 01/07/2028 USD 65,000 56,112 0.02 Cheniere Energy Partners Graham Holdings Co., 144A LP 4.5% 01/10/2029 USD 210,000 181,804 0.05 5.75% 01/06/2026 USD 180,000 154,992 0.05 Cheniere Energy Partners Greif, Inc., 144A 6.5% LP 5.625% 01/10/2026 USD 80,000 68,110 0.02 01/03/2027 USD 295,000 255,417 0.07 CommScope, Inc., 144A 6% HUB International Ltd., 01/03/2026 USD 290,000 250,031 0.07 144A 7% 01/05/2026 USD 100,000 85,554 0.02 CommScope, Inc., 144A Icahn Enterprises LP 6.25% 8.25% 01/03/2027 USD 55,000 48,042 0.01 15/05/2026 USD 375,000 325,254 0.09 Consolidated iHeartCommunications, Inc. Communications, Inc., 144A 8.375% 01/05/2027 USD 150,000 131,087 0.04 6.5% 01/10/2028 USD 50,000 43,787 0.01 IQVIA, Inc., 144A 5% Continental Resources, Inc., 15/10/2026 USD 200,000 171,121 0.05 144A 5.75% 15/01/2031 USD 210,000 190,830 0.06 IRB Holding Corp., 144A 7% CSC Holdings LLC, 144A 15/06/2025 USD 225,000 201,227 0.06 5.375% 01/02/2028 USD 400,000 349,802 0.10 Iron Mountain, Inc., 144A CSC Holdings LLC, 144A 4.5% 15/02/2031 USD 40,000 34,285 0.01 5.75% 15/01/2030 USD 200,000 179,397 0.05 Iron Mountain, Inc., REIT, CVR Partners LP, 144A 9.25% 144A 4.875% 15/09/2027 USD 500,000 428,223 0.12 15/06/2023 USD 300,000 245,750 0.07 J2 Global, Inc., 144A 4.625% Dave & Buster's, Inc., 144A 15/10/2030 USD 135,000 116,610 0.03 7.625% 01/11/2025 USD 145,000 125,026 0.04 KBR, Inc., 144A 4.75% DaVita, Inc., 144A 3.75% 30/09/2028 USD 150,000 127,958 0.04 15/02/2031 USD 165,000 137,178 0.04 Kraf Heinz Foods Co., 144A DaVita, Inc., 144A 4.625% 3.875% 15/05/2027 USD 70,000 61,721 0.02 01/06/2030 USD 195,000 169,233 0.05 Kraf Heinz Foods Co. 5% DCP Midstream Operating 15/07/2035 USD 240,000 238,031 0.07 LP 5.375% 15/07/2025 USD 175,000 157,428 0.05 Lamar Media Corp. 3.75% DCP Midstream Operating 15/02/2028 USD 160,000 134,634 0.04 LP 5.625% 15/07/2027 USD 110,000 99,881 0.03 LBM Acquisition LLC, 144A Dell International LLC, 144A 6.25% 15/01/2029 USD 60,000 50,723 0.01 7.125% 15/06/2024 USD 120,000 101,814 0.03 LD Holdings Group LLC, DISH DBS Corp. 7.375% 144A 6.5% 01/11/2025 USD 40,000 34,490 0.01 01/07/2028 USD 105,000 91,501 0.03 Level 3 Financing, Inc., 144A DISH DBS Corp. 6.75% 4.625% 15/09/2027 USD 210,000 179,566 0.05 01/06/2021 USD 175,000 146,060 0.04 Level 3 Financing, Inc., 144A Endeavor Energy Resources 4.25% 01/07/2028 USD 100,000 84,059 0.02 LP, 144A 5.75% 30/01/2028 USD 105,000 92,698 0.03 Live Nation Entertainment, Inc., 144A 4.75% 15/10/2027 USD 70,000 58,726 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 119 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 M/I Homes, Inc. 4.95% PDC Energy, Inc. 6.125% 01/02/2028 USD 250,000 216,925 0.06 15/09/2024 USD 145,000 122,002 0.04 MasTec, Inc., 144A 4.5% Plastipak Holdings, Inc., 15/08/2028 USD 135,000 115,989 0.03 144A 6.25% 15/10/2025 USD 245,000 206,620 0.06 Match Group Holdings Post Holdings, Inc., 144A II LLC, 144A 4.125% 4.625% 15/04/2030 USD 95,000 81,774 0.02 01/08/2030 USD 280,000 238,390 0.07 Post Holdings, Inc., 144A Mattel, Inc., 144A 6.75% 5.625% 15/01/2028 USD 50,000 43,598 0.01 31/12/2025 USD 120,000 103,614 0.03 PRA Group, Inc., 144A Mattel, Inc., 144A 5.875% 7.375% 01/09/2025 USD 295,000 260,842 0.08 15/12/2027 USD 20,000 18,195 0.01 Presidio Holdings, Inc., Meredith Corp. 6.875% 144A 4.875% 01/02/2027 USD 200,000 173,675 0.05 01/02/2026 USD 376,000 300,196 0.09 Presidio Holdings, Inc., MGM Growth Properties 144A 8.25% 01/02/2028 USD 105,000 94,880 0.03 Operating Partnership LP, Primo Water Holdings, Inc., 144A 3.875% 15/02/2029 USD 110,000 92,094 0.03 144A 5.5% 01/04/2025 USD 195,000 164,751 0.05 Moss Creek Resources PTC, Inc., 144A 4% Holdings, Inc., 144A 7.5% 15/02/2028 USD 160,000 137,305 0.04 15/01/2026 USD 160,000 99,710 0.03 Quicken Loans LLC, 144A Moss Creek Resources 3.875% 01/03/2031 USD 300,000 254,996 0.07 Holdings, Inc., 144A 10.5% Radiology Partners, Inc., 15/05/2027 USD 40,000 26,235 0.01 144A 9.25% 01/02/2028 USD 130,000 119,529 0.03 Nationstar Mortgage Rattler Midstream LP, 144A Holdings, Inc., 144A 5.5% 5.625% 15/07/2025 USD 165,000 142,692 0.04 15/08/2028 USD 225,000 193,430 0.06 RP Escrow Issuer LLC, 144A Nationstar Mortgage 5.25% 15/12/2025 USD 60,000 51,309 0.02 Holdings, Inc., 144A 5.125% 15/12/2030 USD 30,000 25,658 0.01 Scientific Games International, Inc., 144A 7% NCR Corp., 144A 5% 15/05/2028 USD 450,000 396,065 0.12 01/10/2028 USD 75,000 64,783 0.02 Scotts Miracle-Gro Co. (The) NCR Corp., 144A 6.125% 4.5% 15/10/2029 USD 80,000 70,657 0.02 01/09/2029 USD 120,000 108,784 0.03 Scripps Escrow II, Inc., 144A Netflix, Inc., 144A 5.375% 3.875% 15/01/2029 USD 45,000 38,291 0.01 15/11/2029 USD 150,000 144,661 0.04 Scripps Escrow II, Inc., 144A Netflix, Inc. 5.75% 5.375% 15/01/2031 USD 40,000 34,142 0.01 01/03/2024 USD 75,000 68,768 0.02 Select Medical Corp., 144A Newell Brands, Inc. 4.875% 6.25% 15/08/2026 USD 270,000 237,983 0.07 01/06/2025 USD 25,000 22,507 0.01 Service Properties Trust Newell Brands, Inc. 4.7% 4.75% 01/10/2026 USD 175,000 141,596 0.04 01/04/2026 USD 295,000 265,918 0.08 Service Properties Trust Nexstar Broadcasting, Inc., 5.5% 15/12/2027 USD 45,000 40,246 0.01 144A 4.75% 01/11/2028 USD 100,000 85,663 0.02 Shea Homes LP, 144A 4.75% Nexstar Broadcasting, Inc., 15/02/2028 USD 105,000 88,980 0.03 144A 5.625% 15/07/2027 USD 120,000 105,217 0.03 Sirius XM Radio, Inc., 144A NFP Corp., 144A 6.875% 4.625% 15/07/2024 USD 60,000 50,877 0.01 15/08/2028 USD 265,000 231,512 0.07 Sizzling Platter LLC, 144A Nielsen Finance LLC, 144A 8.5% 28/11/2025 USD 95,000 80,958 0.02 5.625% 01/10/2028 USD 175,000 155,674 0.05 Sprint Corp. 7.875% Nine Energy Service, Inc., 15/09/2023 USD 515,000 487,852 0.14 144A 8.75% 01/11/2023 USD 45,000 16,516 – Standard Industries, Inc., NRG Energy, Inc., 144A 144A 3.375% 15/01/2031 USD 165,000 135,696 0.04 3.375% 15/02/2029 USD 55,000 46,105 0.01 Station Casinos LLC, 144A NRG Energy, Inc., 144A 5% 01/10/2025 USD 50,000 41,413 0.01 3.625% 15/02/2031 USD 225,000 189,532 0.06 Station Casinos LLC, 144A Open Text Holdings, Inc., 4.5% 15/02/2028 USD 125,000 103,120 0.03 144A 4.125% 15/02/2030 USD 50,000 43,547 0.01 Stericycle, Inc., 144A 3.875% Owens-Brockway Glass 15/01/2029 USD 95,000 79,875 0.02 Container, Inc., 144A 6.625% 13/05/2027 USD 70,000 62,038 0.02 Stericycle, Inc., 144A 5.375% 15/07/2024 USD 285,000 243,341 0.07 Owens-Brockway Glass Container, Inc., 144A 5.875% StoneX Group, Inc., 144A 15/08/2023 USD 280,000 245,576 0.07 8.625% 15/06/2025 USD 235,000 209,230 0.06 PBF Holding Co. LLC, 144A Summit Materials LLC, 144A 9.25% 15/05/2025 USD 150,000 121,040 0.04 5.25% 15/01/2029 USD 60,000 51,551 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 120 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Summit Materials LLC, 144A Commercial Papers 5.125% 01/06/2025 USD 120,000 100,149 0.03 United Kingdom Summit Materials LLC, 144A Chesham Finance Ltd. 6.5% 15/03/2027 USD 65,000 56,633 0.02 0.45% 07/01/2021 EUR 7,500,000 7,502,157 2.18 Targa Resources Partners 7,502,157 2.18 LP, 144A 4.875% 01/02/2031 USD 80,000 71,339 0.02 Total Commercial Papers 7,502,157 2.18 Targa Resources Partners LP Total Transferable securities and money market 6.875% 15/01/2029 USD 200,000 184,402 0.05 instruments dealt in on another regulated market 63,376,668 18.43 Units of authorised UCITS or other collective investment undertakings Tenet Healthcare Corp., 144A 6.125% 01/10/2028 USD 65,000 55,553 0.02 Collective Investment Schemes - UCITS Ireland Tenet Healthcare Corp., 144A 5.125% 01/11/2027 USD 135,000 117,093 0.03 Aviva Investors Euro Liquidity Fund - Class 3 T-Mobile USA, Inc. 6.5% Income shares EUR† EUR 176,433 17,190,461 5.00 15/01/2026 USD 385,000 326,065 0.09 17,190,461 5.00 Twitter, Inc., 144A 3.875% Total Collective Investment Schemes - UCITS 17,190,461 5.00 15/12/2027 USD 170,000 148,145 0.04 Exchange Traded Funds USA Compression Partners Ireland LP 6.875% 01/09/2027 USD 315,000 275,281 0.08 iShares Physical Gold ETC USD 463,502 14,008,667 4.08 ViaSat, Inc., 144A 5.625% 14,008,667 4.08 15/04/2027 USD 135,000 116,058 0.03 Total Exchange Traded Funds 14,008,667 4.08 ViaSat, Inc., 144A 6.5% Total Units of authorised UCITS or other collective 15/07/2028 USD 90,000 79,717 0.02 investment undertakings 31,199,128 9.08 VICI Properties LP, REIT, Total Investments 280,480,660 81.58 144A 4.125% 15/08/2030 USD 200,000 172,756 0.05 Cash 47,826,529 13.91 Vistra Operations Co. LLC, Other assets/(liabilities) 15,494,278 4.51 144A 5.625% 15/02/2027 USD 70,000 60,935 0.02 Total net assets 343,801,467 100.00 Vistra Operations Co. LLC, †Related Party Fund 144A 5% 31/07/2027 USD 290,000 251,473 0.07 WESCO Distribution, Inc., 144A 7.25% 15/06/2028 USD 75,000 69,799 0.02 Western Digital Corp. 4.75% 15/02/2026 USD 165,000 149,182 0.04 Windstream Escrow LLC, 144A 7.75% 15/08/2028 USD 125,000 103,068 0.03 Wyndham Hotels & Resorts, Inc., 144A 4.375% 15/08/2028 USD 100,000 85,074 0.02 Zayo Group Holdings, Inc., 144A 4% 01/03/2027 USD 135,000 110,755 0.03 Zayo Group Holdings, Inc., 144A 6.125% 01/03/2028 USD 65,000 56,270 0.02 21,925,288 6.38 Total Bonds 25,808,731 7.51 Certificates of Deposit France Natixis SA 0% 25/01/2021 EUR 5,000,000 5,010,717 1.45 5,010,717 1.45 Japan Mizuho Bank Ltd. 0.56% 26/02/2021 EUR 10,000,000 10,014,332 2.91 MUFG Bank Ltd. 0.55% 26/05/2021 EUR 5,000,000 5,013,865 1.46 Sumitomo Mitsui Banking Corp. 0.53% 21/04/2021 EUR 10,000,000 10,026,866 2.92 25,055,063 7.29 Total Certificates of Deposit 30,065,780 8.74

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 121 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 27.38 Ireland 10.10 Japan 8.20 United Kingdom 6.54 France 6.02 Germany 4.59 Netherlands 2.22 Indonesia 1.63 Mexico 1.63 Russia 1.60 Peru 1.60 South Korea 1.16 Bermuda 1.07 Colombia 1.05 Switzerland 0.96 Italy 0.80 Canada 0.58 Jersey 0.49 Finland 0.46 Ukraine 0.46 Cayman Islands 0.42 Hong Kong 0.42 Belgium 0.33 Luxembourg 0.29 Singapore 0.23 Spain 0.21 Australia 0.20 Supranational 0.17 Taiwan 0.16 India 0.15 China 0.15 Brazil 0.05 Liberia 0.04 Norway 0.04 Guernsey 0.03 Thailand 0.02 Panama 0.02 Malaysia 0.02 South Africa 0.02 Sweden 0.02 Mauritius 0.01 Isle of Man 0.01 Czech Republic 0.01 Chile 0.01 Turkey 0.01 Total investments 81.58 Cash and other assets/(liabilities) 18.42 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 122 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets AUD 1,833,912 EUR 1,119,356 11/01/2021 J.P. Morgan 37,132 0.01 CHF 353,498 EUR 326,176 26/03/2021 Standard Chartered 861 – EUR 3,687,000 CAD 5,705,905 14/01/2021 Goldman Sachs 27,243 0.01 EUR 9,519,000 CAD 14,760,361 14/01/2021 Merrill Lynch 51,733 0.02 EUR 3,436,438 CHF 3,710,301 26/03/2021 Morgan Stanley 3,870 – EUR 1,011,404 GBP 900,000 14/01/2021 Morgan Stanley 6,074 – EUR 671,730 GBP 599,000 14/01/2021 NatWest Markets 2,626 – EUR 1,239,901 HKD 11,335,285 13/01/2021 NatWest Markets 45,317 0.01 EUR 442,081 HKD 4,082,000 14/01/2021 HSBC 11,903 – EUR 345,315 JPY 43,095,481 13/01/2021 Morgan Stanley 4,204 – EUR 223,008 JPY 27,619,356 13/01/2021 Standard Chartered 4,394 – EUR 10,956 JPY 1,361,840 14/01/2021 Merrill Lynch 177 – EUR 687,813 JPY 85,862,000 14/01/2021 Morgan Stanley 8,203 – EUR 2,133,545 JPY 260,390,897 14/01/2021 UBS 72,515 0.02 EUR 801,647 SGD 1,284,095 13/01/2021 Goldman Sachs 7,742 – EUR 119,694 USD 145,060 11/01/2021 J.P. Morgan 1,157 – Canadian Imperial Bank of EUR 36,888,916 USD 43,802,000 12/01/2021 Commerce 1,096,534 0.32 EUR 137,751 USD 167,000 12/01/2021 Goldman Sachs 1,289 – EUR 493,166 USD 600,000 12/01/2021 Standard Chartered 2,882 – EUR 541,317 USD 641,000 13/01/2021 Goldman Sachs 17,543 0.01 EUR 6,983,387 USD 8,232,802 13/01/2021 J.P. Morgan 256,195 0.08 EUR 527,858 USD 622,015 13/01/2021 Merrill Lynch 19,597 0.01 EUR 3,916,331 USD 4,695,103 14/01/2021 Barclays 79,959 0.02 EUR 14,354,824 USD 16,747,426 14/01/2021 BNP Paribas 670,492 0.20 Canadian Imperial Bank of EUR 1,000,000 USD 1,184,125 14/01/2021 Commerce 32,450 0.01 EUR 901,906 USD 1,068,000 14/01/2021 Goldman Sachs 29,242 0.01 EUR 576,000 USD 682,387 14/01/2021 J.P. Morgan 18,421 0.01 EUR 27,759,000 USD 32,365,495 14/01/2021 Merrill Lynch 1,313,135 0.38 EUR 3,873,000 USD 4,701,345 14/01/2021 Morgan Stanley 31,528 0.01 EUR 2,083,777 USD 2,454,000 14/01/2021 NatWest Markets 78,612 0.02 EUR 41,689,274 USD 48,572,687 14/01/2021 Standard Chartered 2,000,502 0.58 EUR 1,425,950 USD 1,740,233 20/01/2021 Barclays 4,212 – EUR 24,811,510 USD 29,301,326 20/01/2021 J.P. Morgan 872,873 0.25 EUR 1,574,000 USD 1,874,134 20/01/2021 Morgan Stanley 42,868 0.01 EUR 348,178 USD 409,536 20/01/2021 Standard Chartered 13,594 – EUR 1,403,909 USD 1,718,502 10/03/2021 Standard Chartered 1,415 – EUR 1,431,069 USD 1,748,119 26/03/2021 Morgan Stanley 4,913 – GBP 6,333,058 EUR 7,016,301 11/01/2021 J.P. Morgan 58,295 0.02 GBP 1,848,000 EUR 2,035,391 14/01/2021 Standard Chartered 28,887 0.01 GBP 2,737,551 EUR 3,057,193 14/01/2021 UBS 744 – IDR 7,749,280,000 USD 544,000 14/01/2021 Goldman Sachs 10,086 – IDR 179,215,532,000 USD 12,235,000 14/01/2021 Standard Chartered 515,934 0.15 JPY 290,232,751 USD 2,758,000 14/01/2021 Citibank 43,669 0.01 JPY 1,907,268,821 USD 18,219,500 14/01/2021 HSBC 209,135 0.06 JPY 353,721,005 USD 3,401,000 14/01/2021 Merrill Lynch 20,792 0.01 JPY 1,906,991,338 USD 18,219,500 14/01/2021 Standard Chartered 206,939 0.06 KRW 1,459,462,500 USD 1,318,513 14/01/2021 Citibank 19,328 0.01 KRW 1,459,462,500 USD 1,317,086 14/01/2021 HSBC 20,495 0.01 MXN 169,175,637 USD 7,820,000 14/01/2021 Citibank 540,159 0.16 MXN 240,623,831 USD 11,139,000 14/01/2021 Goldman Sachs 754,911 0.22 MXN 12,453,865 USD 581,000 14/01/2021 HSBC 35,408 0.01 MYR 2,252,432 USD 544,000 14/01/2021 Barclays 12,871 – MYR 4,448,664 USD 1,096,000 14/01/2021 Goldman Sachs 7,793 – MYR 46,466,339 USD 11,139,000 14/01/2021 Morgan Stanley 333,659 0.10 PHP 52,819,528 USD 1,096,000 14/01/2021 Barclays 2,746 – PHP 26,428,581 USD 544,000 14/01/2021 BNP Paribas 4,961 – PHP 540,018,720 USD 11,139,000 14/01/2021 HSBC 82,274 0.02 RUB 42,222,150 USD 544,000 14/01/2021 Goldman Sachs 21,435 0.01 RUB 905,822,366 USD 11,139,000 14/01/2021 HSBC 894,423 0.26 RUB 206,802,887 USD 2,685,342 24/02/2021 BNP Paribas 77,520 0.02 RUB 103,208,143 USD 1,340,658 24/02/2021 Citibank 38,282 0.01 SAR 24,876,923 USD 6,043,956 18/01/2022 BNP Paribas 473,797 0.14 SAR 18,657,692 USD 4,532,967 24/01/2022 BNP Paribas 354,969 0.10

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 123 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets SAR 6,180,701 USD 1,510,989 24/01/2022 J.P. Morgan 110,007 0.03 SAR 15,175,600 USD 4,000,000 24/01/2022 Standard Chartered 35,161 0.01 SAR 11,265,427 USD 2,754,821 07/02/2022 Standard Chartered 199,351 0.06 SAR 11,303,306 USD 2,754,821 09/02/2022 Standard Chartered 207,446 0.06 SAR 5,631,679 USD 1,377,410 14/02/2022 Societe Generale 99,321 0.03 SAR 9,008,198 USD 2,207,567 15/02/2022 BNP Paribas 155,342 0.05 SAR 6,298,322 USD 1,545,297 15/02/2022 Societe Generale 107,140 0.03 SAR 5,384,255 USD 1,324,540 16/02/2022 J.P. Morgan 88,732 0.03 SAR 6,298,012 USD 1,545,297 16/02/2022 Societe Generale 107,052 0.03 SAR 7,950,554 USD 1,954,894 22/02/2022 J.P. Morgan 131,644 0.04 SAR 3,973,713 USD 977,447 22/02/2022 Standard Chartered 65,485 0.02 SAR 7,937,452 USD 1,954,893 02/03/2022 BNP Paribas 128,610 0.04 SAR 2,543,301 USD 625,566 07/03/2022 J.P. Morgan 41,828 0.01 SAR 3,973,322 USD 977,447 07/03/2022 Societe Generale 65,230 0.02 SAR 3,991,900 USD 1,000,000 30/03/2022 Standard Chartered 50,687 0.02 SAR 8,442,840 USD 2,100,000 15/08/2022 Standard Chartered 115,577 0.03 USD 32,605 EUR 26,578 11/01/2021 J.P. Morgan 66 – USD 3,199,000 EUR 2,611,419 14/01/2021 Citibank 2,486 – USD 1,096,000 KRW 1,188,875,040 14/01/2021 Morgan Stanley 2,184 – USD 1,096,000 TWD 30,639,776 14/01/2021 Barclays 4,210 – USD 918,953 TWD 25,700,000 14/01/2021 BNP Paribas 3,246 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 13,363,724 3.89

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 124 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets BRL 21,660,853 USD 4,261,431 10/03/2021 Goldman Sachs (78,882) (0.02) EUR 5,946 AUD 9,572 11/01/2021 J.P. Morgan (90) – EUR 214,125 AUD 353,193 13/01/2021 J.P. Morgan (8,596) – EUR 3,687,000 AUD 5,935,122 14/01/2021 Goldman Sachs (55,605) (0.02) EUR 9,519,000 AUD 15,313,729 14/01/2021 Morgan Stanley (137,623) (0.04) EUR 4,221 GBP 3,813 11/01/2021 J.P. Morgan (38) – EUR 1,973,595 GBP 1,805,814 13/01/2021 RBC (43,594) (0.01) EUR 12,111,061 GBP 10,930,378 14/01/2021 NatWest Markets (98,539) (0.03) EUR 551,097 GBP 497,000 14/01/2021 Standard Chartered (4,069) – EUR 492,392 GBP 446,143 26/03/2021 RBC (5,391) – EUR 11,267,528 GBP 10,159,558 26/03/2021 Societe Generale (67,974) (0.02) EUR 742,580 JPY 94,000,000 14/01/2021 Morgan Stanley (1,443) – EUR 42,452 USD 52,000 12/01/2021 J.P. Morgan (39) – EUR 4,408,147 USD 5,400,000 14/01/2021 Citibank (4,196) – EUR 914,723 USD 1,123,442 10/03/2021 Morgan Stanley (2,134) – EUR 24,653,730 USD 30,231,760 26/03/2021 Standard Chartered (10,026) – GBP 59,300 EUR 66,414 11/01/2021 J.P. Morgan (170) – GBP 295,001 EUR 330,081 14/01/2021 Merrill Lynch (555) – GBP 1,228,183 EUR 1,377,260 14/01/2021 Societe Generale (5,338) – JPY 94,000,000 EUR 745,215 14/01/2021 Standard Chartered (1,192) – MXN 26,792,458 USD 1,355,000 14/01/2021 Goldman Sachs (9,681) – RUB 80,625,848 USD 1,096,000 14/01/2021 Goldman Sachs (5,804) – TWD 25,700,000 USD 915,633 14/01/2021 Barclays (534) – USD 544,000 AUD 748,868 14/01/2021 Barclays (27,723) (0.01) USD 1,096,000 AUD 1,465,197 14/01/2021 J.P. Morgan (28,391) (0.01) USD 11,139,000 AUD 15,788,355 14/01/2021 UBS (854,232) (0.25) USD 11,683,000 CAD 15,489,098 14/01/2021 NatWest Markets (388,492) (0.11) USD 1,096,000 CAD 1,400,160 14/01/2021 RBC (2,517) – USD 11,250,000 CLP 8,622,337,500 14/01/2021 Citibank (722,218) (0.21) USD 1,529,000 CLP 1,139,248,844 14/01/2021 HSBC (60,646) (0.02) USD 55,076,247 EUR 46,928,290 11/01/2021 J.P. Morgan (1,922,058) (0.56) Canadian Imperial Bank of USD 77,000 EUR 62,988 12/01/2021 Commerce (68) – USD 15,970,753 EUR 13,226,713 14/01/2021 BNP Paribas (177,001) (0.05) USD 9,239,650 EUR 7,655,178 14/01/2021 Citibank (105,455) (0.03) USD 28,448,755 EUR 23,591,216 14/01/2021 Goldman Sachs (345,721) (0.10) USD 7,925,394 EUR 6,662,671 14/01/2021 Merrill Lynch (186,828) (0.06) USD 900,000 EUR 772,453 14/01/2021 Standard Chartered (37,063) (0.01) USD 5,927,565 EUR 5,018,160 20/01/2021 Citibank (175,450) (0.05) USD 1,579,878 EUR 1,351,103 20/01/2021 J.P. Morgan (60,372) (0.02) USD 184,659 EUR 156,088 20/01/2021 Morgan Stanley (5,225) – USD 330,000 INR 24,698,850 14/01/2021 Goldman Sachs (6,483) – USD 17,132,406 KRW 19,445,109,938 14/01/2021 Standard Chartered (612,775) (0.18) USD 544,000 KRW 606,109,296 14/01/2021 UBS (10,947) – USD 3,857,000 MXN 78,820,871 14/01/2021 Goldman Sachs (77,156) (0.02) USD 6,043,956 SAR 24,876,923 18/01/2022 BNP Paribas (473,797) (0.14) USD 4,532,967 SAR 18,657,692 24/01/2022 BNP Paribas (354,969) (0.10) USD 1,510,989 SAR 6,180,701 24/01/2022 J.P. Morgan (110,007) (0.03) USD 4,000,000 SAR 15,175,600 24/01/2022 Standard Chartered (35,161) (0.01) USD 2,754,821 SAR 11,265,427 07/02/2022 Standard Chartered (199,351) (0.06) USD 2,754,821 SAR 11,303,306 09/02/2022 Standard Chartered (207,446) (0.06) USD 1,377,410 SAR 5,631,679 14/02/2022 Societe Generale (99,321) (0.03) USD 2,207,567 SAR 9,008,198 15/02/2022 BNP Paribas (155,342) (0.05) USD 1,545,297 SAR 6,298,322 15/02/2022 Societe Generale (107,140) (0.03) USD 1,324,540 SAR 5,384,255 16/02/2022 J.P. Morgan (88,732) (0.03) USD 1,545,297 SAR 6,298,012 16/02/2022 Societe Generale (107,052) (0.03) USD 1,954,894 SAR 7,950,554 22/02/2022 J.P. Morgan (131,644) (0.04) USD 977,447 SAR 3,973,713 22/02/2022 Standard Chartered (65,485) (0.02) USD 1,954,893 SAR 7,937,452 02/03/2022 BNP Paribas (128,610) (0.04) USD 625,566 SAR 2,543,301 07/03/2022 J.P. Morgan (41,828) (0.01) USD 977,447 SAR 3,973,322 07/03/2022 Societe Generale (65,230) (0.02) USD 1,000,000 SAR 3,991,900 30/03/2022 Standard Chartered (50,687) (0.02) USD 2,100,000 SAR 8,442,840 15/08/2022 Standard Chartered (115,577) (0.04) USD 11,139,000 TWD 313,663,101 14/01/2021 HSBC (22,996) (0.01) USD 544,000 TWD 15,393,365 14/01/2021 UBS (3,301) –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 125 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (8,912,010) (2.60) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 4,451,714 1.29

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency EUR % of Net Assets Australia 10 Year Bond, 15/03/2021 482 AUD 11,778 – E-mini Industrial Select Sector Index, 19/03/2021 141 USD 23,048 0.01 FTSE 100 Index, 19/03/2021 (84) GBP 42,425 0.01 S&P 500 Annual Dividend Index, 17/12/2021 302 USD 294,267 0.09 S&P 500 Annual Dividend Index, 16/12/2022 308 USD 273,793 0.08 US 10 Year Note, 22/03/2021 1,332 USD 135,556 0.04 Total Unrealised Gain on Financial Futures Contracts - Assets 780,867 0.23 EURO STOXX 50 Index, 19/03/2021 (445) EUR (199,982) (0.06) EURO STOXX Bank Index, 19/03/2021 1,917 EUR (62,950) (0.02) MSCI ACWI Index, 19/03/2021 (256) USD (218,279) (0.06) MSCI World Index, 19/03/2021 (237) USD (423,530) (0.12) Russell 2000 Emini Index, 19/03/2021 (267) USD (651,348) (0.19) S&P 500 Emini Index, 19/03/2021 (123) USD (468,319) (0.14) STOXX Europe 600 Index, 19/03/2021 (175) EUR (90,648) (0.03) STOXX Europe 600 Oil Index, 19/03/2021 293 EUR (7,125) – Total Unrealised Loss on Financial Futures Contracts - Liabilities (2,122,181) (0.62) Net Unrealised Loss on Financial Futures Contracts - Liabilities (1,341,314) (0.39)

Credit Default Swap Contracts Interest (Paid)/ Nominal Received Market % of Net Amount Currency Counterparty Reference Entity Buy/Sell Rate Maturity Date Value EUR Assets 40,859,856 USD J.P. Morgan CDX.NA.HY.35-V1 Sell 5.00% 20/12/2025 3,156,646 0.92 61,197,573 EUR J.P. Morgan ITRAXX.EUROPE.CROSSOVER.34-V1 Sell 5.00% 20/12/2025 7,325,519 2.13 Total Market Value on Credit Default Swap Contracts - Assets 10,482,165 3.05 Net Market Value on Credit Default Swap Contracts - Assets 10,482,165 3.05

Swaption Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets 30,600,000 IRS Pay 0 null 5% , Put, 275%, 17/02/2021 EUR Goldman Sachs 201,243 0.06 30,600,000 IRS Pay 0 null 5% , Put, 287.5%, 17/02/2021 EUR Merrill Lynch 165,396 0.05 Total Market Value on Swaption Contracts - Assets 366,639 0.11 (61,200,000) IRS null 0 Receive 5% Call, 550%, 17/02/2021 EUR Goldman Sachs (222,803) (0.06) (61,200,000) IRS null 0 Receive 5% Call, 575%, 17/02/2021 EUR Merrill Lynch (289,978) (0.09) Total Market Value on Swaption Contracts - Liabilities (512,781) (0.15) Net Market Value on Swaption Contracts - Liabilities (146,142) (0.04)

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 126 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Option Purchased Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets 752 EURO STOXX 50 Index, Put, 3,000.000, 15/01/2021 EUR J.P. Morgan 27,072 0.01 696 FTSE 100 Index, Call, 6,500.000, 19/03/2021 GBP J.P. Morgan 1,551,255 0.45 87 S&P 500 Index, Put, 3,150.000, 15/01/2021 USD J.P. Morgan 17,598 – Total Market Value on Option Purchased Contracts - Assets 1,595,925 0.46 Option Written Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (12) Allianz SE, Call, 210.000, 08/01/2021 EUR J.P. Morgan (384) – (12) Allianz SE, Call, 210.000, 04/01/2021 EUR J.P. Morgan (12) – (11) Allianz SE, Put, 186.000, 15/01/2021 EUR J.P. Morgan (891) – (12) Allianz SE, Put, 200.000, 22/01/2021 EUR J.P. Morgan (5,640) – (257) AXA SA, Call, 21.400, 08/01/2021 EUR J.P. Morgan (514) – (191) AXA SA, Put, 18.600, 15/01/2021 EUR J.P. Morgan (3,247) – (191) AXA SA, Put, 19.400, 22/01/2021 EUR J.P. Morgan (8,595) – (191) AXA SA, Put, 19.400, 04/01/2021 EUR J.P. Morgan (1,910) – (234) BAE Systems plc, Call, 520.000, 15/01/2021 GBP J.P. Morgan (3,268) – (112) Booz Allen Hamilton Holding Corp., Put, 85.000, 15/01/2021 USD J.P. Morgan (8,009) – (11) Broadcom, Inc., Call, 445.000, 08/01/2021 USD J.P. Morgan (3,012) – (11) Broadcom, Inc., Call, 460.000, 22/01/2021 USD J.P. Morgan (3,191) – (11) Broadcom, Inc., Put, 420.000, 15/01/2021 USD J.P. Morgan (3,281) – (64) Cisco Systems, Inc., Call, 47.000, 08/01/2021 USD J.P. Morgan (157) – (64) Cisco Systems, Inc., Call, 47.500, 22/01/2021 USD J.P. Morgan (628) – (64) Cisco Systems, Inc., Call, 47.500, 15/01/2021 USD J.P. Morgan (366) – (55) Comcast Corp., Call, 53.000, 15/01/2021 USD J.P. Morgan (3,102) – (55) Comcast Corp., Call, 54.500, 22/01/2021 USD J.P. Morgan (2,113) – (55) Comcast Corp., Call, 55.000, 08/01/2021 USD J.P. Morgan (337) – (45) CoreSite Realty Corp., Call, 130.000, 15/01/2021 USD J.P. Morgan (1,471) – (233) Deutsche Telekom AG, Call, 15.400, 15/01/2021 EUR J.P. Morgan (2,796) – (233) Deutsche Telekom AG, Call, 15.600, 08/01/2021 EUR J.P. Morgan (466) – (233) Deutsche Telekom AG, Call, 15.800, 22/01/2021 EUR J.P. Morgan (1,631) – (233) Deutsche Telekom AG, Call, 15.800, 04/01/2021 EUR J.P. Morgan (233) – (696) FTSE 100 Index, Call, 6,600.000, 19/03/2021 GBP J.P. Morgan (1,189,684) (0.35) (58) FTSE 100 Index, Put, 6,250.000, 19/03/2021 GBP J.P. Morgan (115,988) (0.04) (13) Home Depot, Inc. (The), Call, 280.000, 22/01/2021 USD J.P. Morgan (1,084) – (13) Home Depot, Inc. (The), Call, 282.500, 08/01/2021 USD J.P. Morgan (106) – (13) Home Depot, Inc. (The), Call, 285.000, 15/01/2021 USD J.P. Morgan (292) – (8) Honeywell International, Inc., Put, 202.500, 15/01/2021 USD J.P. Morgan (788) – (8) Honeywell International, Inc., Put, 205.000, 22/01/2021 USD J.P. Morgan (2,030) – (95) Hubbell, Inc., Call, 165.000, 15/01/2021 USD J.P. Morgan (5,047) – (424) Legal & General Group plc, Call, 270.000, 15/01/2021 GBP J.P. Morgan (24,869) (0.01) (80) Marsh & McLennan Cos., Inc., Call, 120.000, 15/01/2021 USD J.P. Morgan (5,394) – (39) Medtronic plc, Call, 123.000, 08/01/2021 USD J.P. Morgan (430) – (39) Medtronic plc, Call, 124.000, 22/01/2021 USD J.P. Morgan (1,211) – (39) Medtronic plc, Put, 111.000, 15/01/2021 USD J.P. Morgan (1,849) – (44) Merck & Co., Inc., Call, 82.500, 15/01/2021 USD J.P. Morgan (4,729) – (44) Merck & Co., Inc., Call, 85.000, 08/01/2021 USD J.P. Morgan (503) – (44) Merck & Co., Inc., Call, 85.500, 22/01/2021 USD J.P. Morgan (2,194) – (20) Microsof Corp., Call, 227.500, 08/01/2021 USD J.P. Morgan (1,602) – (20) Microsof Corp., Call, 237.500, 22/01/2021 USD J.P. Morgan (1,365) – (20) Microsof Corp., Call, 240.000, 15/01/2021 USD J.P. Morgan (490) – (56) Motorola Solutions, Inc., Call, 175.000, 15/01/2021 USD J.P. Morgan (6,179) – Muenchener Rueckversicherungs-Gesellschaf AG, Call, 265.000, (12) 08/01/2021 EUR J.P. Morgan (180) – Muenchener Rueckversicherungs-Gesellschaf AG, Call, 265.000, (12) 04/01/2021 EUR J.P. Morgan (12) – Muenchener Rueckversicherungs-Gesellschaf AG, Put, 230.000, (12) 15/01/2021 EUR J.P. Morgan (2,436) – Muenchener Rueckversicherungs-Gesellschaf AG, Put, 240.000, (12) 22/01/2021 EUR J.P. Morgan (6,972) – (167) Nestle SA, Call, 106.000, 15/01/2021 CHF J.P. Morgan (9,419) (0.01) (219) NextEra Energy, Inc., Call, 80.000, 15/01/2021 USD J.P. Morgan (9,397) (0.01) (165) Novartis AG, Call, 82.000, 15/01/2021 CHF J.P. Morgan (35,546) (0.01) (81) Prudential plc, Call, 1,450.000, 15/01/2021 GBP J.P. Morgan (2,262) – (57) RELX plc, Call, 1,900.000, 15/01/2021 GBP J.P. Morgan (1,274) – (24) Rio Tinto plc, Put, 54.000, 15/01/2021 GBP J.P. Morgan (25,649) (0.01) (43) Sanofi, Call, 87.000, 04/01/2021 EUR J.P. Morgan (43) –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 127 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Option Written Contracts (continued) Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (12) Schneider Electric SE, Call, 120.000, 04/01/2021 EUR J.P. Morgan (1,716) – (12) Schneider Electric SE, Call, 122.000, 15/01/2021 EUR J.P. Morgan (1,836) – (12) Schneider Electric SE, Call, 122.000, 08/01/2021 EUR J.P. Morgan (1,308) – (12) Schneider Electric SE, Call, 128.000, 22/01/2021 EUR J.P. Morgan (372) – (12) Siemens AG, Call, 120.000, 08/01/2021 EUR J.P. Morgan (1,044) – (12) Siemens AG, Call, 120.000, 04/01/2021 EUR J.P. Morgan (192) – (12) Siemens AG, Call, 122.000, 15/01/2021 EUR J.P. Morgan (1,116) – (12) Siemens AG, Call, 126.000, 22/01/2021 EUR J.P. Morgan (660) – (20) Texas Instruments, Inc., Call, 172.500, 15/01/2021 USD J.P. Morgan (1,030) – (20) Texas Instruments, Inc., Call, 172.500, 08/01/2021 USD J.P. Morgan (360) – (20) Texas Instruments, Inc., Put, 160.000, 22/01/2021 USD J.P. Morgan (4,699) – (105) TOTAL SE, Put, 36.500, 04/01/2021 EUR J.P. Morgan (15,960) (0.01) (25) Unilever plc, Call, 4,600.000, 15/01/2021 GBP J.P. Morgan (3,072) – (12) Union Pacific Corp., Call, 210.000, 08/01/2021 USD J.P. Morgan (2,015) – (12) Union Pacific Corp., Call, 215.000, 15/01/2021 USD J.P. Morgan (1,594) – (12) Union Pacific Corp., Call, 220.000, 22/01/2021 USD J.P. Morgan (1,741) – (13) UnitedHealth Group, Inc., Call, 357.500, 15/01/2021 USD J.P. Morgan (5,791) – (13) UnitedHealth Group, Inc., Call, 362.500, 08/01/2021 USD J.P. Morgan (2,571) – (13) UnitedHealth Group, Inc., Call, 370.000, 22/01/2021 USD J.P. Morgan (3,883) – (57) Verizon Communications, Inc., Call, 61.000, 22/01/2021 USD J.P. Morgan (629) – (57) Verizon Communications, Inc., Call, 62.000, 15/01/2021 USD J.P. Morgan (279) – (57) Verizon Communications, Inc., Call, 63.000, 08/01/2021 USD J.P. Morgan (93) – (133) Wolters Kluwer NV, Call, 72.000, 15/01/2021 EUR J.P. Morgan (5,187) – Total Market Value on Option Written Contracts - Liabilities (1,571,426) (0.45)

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 128 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Total Return Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 758,844 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 6,169 – Pay ABB Ltd. 757,248 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 1,025 – Pay Cie Financiere Richemont SA 242,238 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 1,557 – Pay EMS-Chemie Holding AG 662,733 EUR Societe Generale Receive Spread of (0.568)% on Notional 29/11/2021 11,347 0.01 Pay Bayerische Motoren Werke AG 216,681 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 149 – Pay BEWDPPBR Equity 708,522 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 7,471 – Pay Continental AG 212,601 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 4,165 – Pay MTU Aero Engines AG 411,497 EUR Merrill Lynch Receive Schneider Electric SE 09/03/2021 14,129 0.01 Pay Spread of (0.550)% on Notional 197,115 GBP Merrill Lynch Receive Spread of 0.041% on Notional 29/11/2021 5,698 – Pay Direxion Daily S&P 500 Bull 3X Shares 693,187 GBP Merrill Lynch Receive Spread of 0.041% on Notional 29/11/2021 22,276 0.01 Pay Rio Tinto plc 99,727,866 JPY BNP Paribas Receive EUMSDEEMUN Index 14/04/2021 46,810 0.01 Pay Spread of (0.099)% on Notional 26,745,078 JPY BNP Paribas Receive Spread of (0.112)% on Notional 29/11/2021 25,684 0.01 Pay Lixil Corp. 6,399,405 SEK Societe Generale Receive Spread of (0.121)% on Notional 29/11/2021 1,838 – Pay Hennes & Mauritz AB 2,489,398 SEK Merrill Lynch Receive Spread of (0.131)% on Notional 29/11/2021 3,171 – Pay SENIBEbST Equity 202,838 USD J.P. Morgan Receive Acuity Brands, Inc. 09/03/2021 3,622 – Pay Spread of 0.146% on Notional 485,196 USD Merrill Lynch Receive Allegion plc 09/03/2021 15,796 0.01 Pay Spread of 0.146% on Notional 936,079 USD J.P. Morgan Receive Broadcom, Inc. 13/04/2021 44,660 0.01 Pay Spread of 0.148% on Notional 767,771 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 2,564 – Pay CenturyLink, Inc. 865,637 USD J.P. Morgan Receive Lumentum Holdings, Inc. 13/04/2021 62,162 0.02 Pay Spread of 0.148% on Notional 314,717 USD J.P. Morgan Receive Otis Worldwide Corp. 09/03/2021 10,663 – Pay Spread of 0.146% on Notional 209,919 USD Merrill Lynch Receive Otis Worldwide Corp. 09/03/2021 7,096 – Pay Spread of 0.146% on Notional 969,657 USD J.P. Morgan Receive Qorvo, Inc. 13/04/2021 28,973 0.01 Pay Spread of 0.148% on Notional 913,763 USD J.P. Morgan Receive Skyworks Solutions, Inc. 13/04/2021 23,891 0.01 Pay Spread of 0.148% on Notional 484,606 USD J.P. Morgan Receive Trane Technologies plc 09/03/2021 11,267 – Pay Spread of 0.146% on Notional 1,622,980 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 1,353 – Pay Verizon Communications, Inc. Total Market Value on Total Return Swap Contracts - Assets 363,536 0.11 223,200 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 (6,664) – Pay Belimo Holding AG 969,887 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 (8,187) – Pay Geberit AG 786,817 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 (24) – Pay Sika AG 414,170 EUR Merrill Lynch Receive Cie de Saint-Gobain 09/03/2021 (21,068) (0.01) Pay Spread of (0.550)% on Notional 15,442,634 EUR Merrill Lynch Receive Spread of (0.549)% on Notional 09/07/2021 (171,227) (0.05) Pay EUMSDEEMUN Index 223,338 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 (1,915) – Pay Ferrari NV 275,592 EUR BNP Paribas Receive Signify NV 09/03/2021 (11,966) – Pay Spread of (0.550)% on Notional 52,650,290 JPY BNP Paribas Receive Daikin Industries Ltd. 11/03/2021 (13,581) (0.01) Pay Spread of (0.110)% on Notional 25,950,660 JPY BNP Paribas Receive Spread of (0.119)% on Notional 03/12/2021 (13,003) (0.01) Pay itto Boseki Co. Ltd.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 129 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Total Return Swap Contracts (continued) Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 1,689,910 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (10,647) – Pay AT&T, Inc. 266,779 USD J.P. Morgan Receive Spread of 0.155% on Notional 29/11/2021 (2,786) – Pay CAE, Inc. 885,623 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (9,752) – Pay Discovery, Inc. 1,003,261 USD Merrill Lynch Receive Spread of 0.145% on Notional 29/11/2021 (29,383) (0.01) Pay Fortive Corp. 818,098 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (2,207) – Pay Fox Corp. 485,274 USD J.P. Morgan Receive Hubbell, Inc. 09/03/2021 (2,364) – Pay Spread of 0.153% on Notional 238,287 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (4,480) – Pay Illinois Tool Works, Inc. 291,966 USD Merrill Lynch Receive Spread of 0.155% on Notional 29/11/2021 (9,851) – Pay Monolithic Power Systems, Inc. 850,985 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (12,918) – Pay Netflix, Inc. 240,049 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (4,630) – Pay Parker-Hannifin Corp. 931,439 USD J.P. Morgan Receive QUALCOMM, Inc. 13/04/2021 (17,614) (0.01) Pay Spread of 0.148% on Notional 823,952 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (12,325) – Pay Texas Instruments, Inc. 839,052 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (14,567) (0.01) Pay ViacomCBS, Inc. 278,347 USD J.P. Morgan Receive Spread of 0.155% on Notional 29/11/2021 (5,404) – Pay Vicor Corp. 965,753 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (17,273) (0.01) Pay Walt Disney Co/The 936,323 USD BNP Paribas Receive Win Semiconductors Corp. 14/04/2021 (5,589) – Pay Spread of 0.154% on Notional Total Market Value on Total Return Swap Contracts - Liabilities (409,425) (0.12) Net Market Value on Total Return Swap Contracts - Liabilities (45,889) (0.01)

Interest Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets Pay floating CNREPOFIX=CFXS 1 week Receive fixed 1,139,000 CNY J.P. Morgan 2.825% 16/12/2025 1,173 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 24,000,000 CNY J.P. Morgan 2.745% 16/12/2025 13,413 – Pay floating CNREPOFIX=CFXS 1 week Receive fixed 270,821,000 CNY J.P. Morgan 2.875% 16/12/2025 358,788 0.10 Pay floating CNREPOFIX=CFXS 1 week Receive fixed 267,490,000 CNY J.P. Morgan 2.88% 16/12/2025 362,256 0.11 Total Market Value on Interest Rate Swap Contracts - Assets 735,630 0.21 Net Market Value on Interest Rate Swap Contracts - Assets 735,630 0.21

Inflation Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 9,750,000 USD J.P. Morgan Pay fixed 2.09 Receive floating USCPI 1 month 26/10/2050 353,651 0.10 Total Market Value on Inflation Rate Swap Contracts - Assets 353,651 0.10 891,195 USD J.P. Morgan Pay fixed 2.225 Receive floating USCPI 1 month 11/12/2050 (6,178) – Total Market Value on Inflation Rate Swap Contracts - Liabilities (6,178) – Net Market Value on Inflation Rate Swap Contracts - Assets 347,473 0.10

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 130 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Transferable securities and money market instruments admitted to an oficial Delta Air Lines, Inc. 7.375% exchange listing 15/01/2026 USD 60,000 56,063 0.01 Bonds Encompass Health Corp. Bermuda 4.75% 01/02/2030 USD 430,000 377,070 0.03 Fly Leasing Ltd. 5.25% Ford Motor Co. 8.5% 15/10/2024 USD 555,000 432,903 0.03 21/04/2023 USD 250,000 230,294 0.02 432,903 0.03 Ford Motor Credit Co. LLC France 4.125% 17/08/2027 USD 700,000 599,996 0.05 Altice France SA, 144A 5.5% Ford Motor Credit Co. LLC 15/01/2028 USD 555,000 474,808 0.04 4% 13/11/2030 USD 420,000 360,856 0.03 474,808 0.04 Ford Motor Credit Co. LLC Germany 5.584% 18/03/2024 USD 410,000 361,898 0.03 IHO Verwaltungs GmbH, Genesis Energy LP 8% 144A 6% 15/05/2027 USD 760,000 660,235 0.05 15/01/2027 USD 180,000 146,039 0.01 660,235 0.05 Genesis Energy LP 6.5% Italy 01/10/2025 USD 535,000 426,048 0.04 Telecom Italia SpA, 144A HCA, Inc. 5.375% 5.303% 30/05/2024 USD 490,000 436,126 0.04 01/02/2025 USD 185,000 170,253 0.01 436,126 0.04 HCA, Inc. 3.5% 01/09/2030 USD 1,040,000 903,884 0.07 Luxembourg ArcelorMittal SA 4.55% Hecla Mining Co. 7.25% 11/03/2026 USD 195,000 179,146 0.01 15/02/2028 USD 120,000 107,270 0.01 ARD Finance SA, 144A 6.5% Hilton Grand Vacations 30/06/2027 USD 505,000 441,109 0.04 Borrower LLC 6.125% 01/12/2024 USD 170,000 146,046 0.01 Consolidated Energy Finance SA, 144A 6.875% MGIC Investment Corp. 15/06/2025 USD 360,000 299,742 0.02 5.25% 15/08/2028 USD 250,000 219,009 0.02 Stena International SA, MGM Growth Properties 144A 6.125% 01/02/2025 USD 420,000 339,831 0.03 Operating Partnership LP, REIT 5.625% 01/05/2024 USD 190,000 168,955 0.01 1,259,828 0.10 Netherlands MGM Resorts International 5.5% 15/04/2027 USD 172,000 156,868 0.01 Fiat Chrysler Automobiles NV 5.25% 15/04/2023 USD 495,000 434,397 0.04 MPT Operating Partnership LP, REIT 4.625% 01/08/2029 USD 290,000 253,718 0.02 OCI NV, 144A 4.625% 15/10/2025 USD 430,000 365,933 0.03 Murphy Oil USA, Inc. 4.75% 15/09/2029 USD 430,000 374,654 0.03 Trivium Packaging Finance BV, 144A 5.5% 15/08/2026 USD 775,000 671,011 0.05 Nordstrom, Inc. 4.375% 01/04/2030 USD 45,000 36,315 – Ziggo BV, 144A 4.875% 15/01/2030 USD 500,000 430,356 0.03 Occidental Petroleum Corp. 6.375% 01/09/2028 USD 535,000 462,121 0.04 1,901,697 0.15 United Kingdom Occidental Petroleum Corp. 2.9% 15/08/2024 USD 160,000 126,059 0.01 Drax Finco plc, 144A 6.625% 01/11/2025 USD 250,000 214,412 0.02 Occidental Petroleum Corp. 3.2% 15/08/2026 USD 250,000 191,426 0.02 Virgin Media Secured Finance plc, 144A 5.5% Occidental Petroleum Corp. 15/05/2029 USD 525,000 465,697 0.04 3.5% 15/08/2029 USD 495,000 370,889 0.03 680,109 0.06 Occidental Petroleum Corp. United States of America 4.1% 15/02/2047 USD 185,000 123,881 0.01 Ally Financial, Inc. 5.75% Oceaneering International, 20/11/2025 USD 580,000 552,356 0.05 Inc. 6% 01/02/2028 USD 505,000 369,912 0.03 American Axle & OneMain Finance Corp. 4% Manufacturing, Inc. 6.25% 15/09/2030 USD 335,000 284,433 0.02 15/03/2026 USD 380,000 320,277 0.03 OneMain Finance Corp. American Axle & 6.125% 15/03/2024 USD 605,000 540,819 0.04 Manufacturing, Inc. 6.875% OneMain Finance Corp. 01/07/2028 USD 420,000 370,525 0.03 8.875% 01/06/2025 USD 125,000 115,759 0.01 Ball Corp. 2.875% OneMain Finance Corp. 15/08/2030 USD 375,000 306,102 0.03 6.625% 15/01/2028 USD 295,000 286,716 0.02 Cedar Fair LP 5.375% PBF Holding Co. LLC 7.25% 01/06/2024 USD 235,000 193,024 0.02 15/06/2025 USD 525,000 278,949 0.02 CIT Group, Inc. 5.25% Penske Automotive Group, 07/03/2025 USD 525,000 487,809 0.04 Inc. 3.5% 01/09/2025 USD 120,000 99,792 0.01 Comstock Resources, Inc. Penske Automotive Group, 9.75% 15/08/2026 USD 430,000 379,112 0.03 Inc. 5.5% 15/05/2026 USD 430,000 365,713 0.03

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 131 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 PG&E Corp. 5% 01/07/2028 USD 75,000 65,363 0.01 Cayman Islands PG&E Corp. 5.25% Alibaba Group Holding 01/07/2030 USD 160,000 144,007 0.01 Ltd., ADR USD 11,971 2,276,696 0.19 Service Corp. International Ambarella, Inc. USD 4,171 313,145 0.03 5.125% 01/06/2029 USD 400,000 362,614 0.03 Autohome, Inc., ADR USD 3,458 281,490 0.02 Spectrum Brands, Inc. Chailease Holding Co. Ltd. TWD 48,000 234,211 0.02 5.75% 15/07/2025 USD 500,000 422,480 0.03 China Aoyuan Group Ltd. HKD 256,000 203,187 0.02 Teleflex, Inc. 4.625% China Conch Venture 15/11/2027 USD 405,000 356,500 0.03 Holdings Ltd. HKD 106,500 422,645 0.03 Tenet Healthcare Corp. China Hongqiao Group Ltd. HKD 287,500 214,703 0.02 5.125% 01/05/2025 USD 650,000 542,259 0.04 China Mengniu Dairy Co. TransDigm, Inc. 5.5% Ltd. HKD 74,976 369,853 0.03 15/11/2027 USD 100,000 86,045 0.01 China Yongda Automobiles United Rentals North Services Holdings Ltd. HKD 224,537 301,285 0.03 America, Inc. 3.875% 15/02/2031 USD 320,000 274,853 0.02 Hengan International Group Co. Ltd. HKD 39,767 230,645 0.02 WESCO Distribution, Inc. 5.375% 15/06/2024 USD 205,000 172,153 0.01 JD.com, Inc., ADR USD 9,293 667,344 0.05 WPX Energy, Inc. 5.25% KWG Group Holdings Ltd. HKD 221,363 247,560 0.02 15/10/2027 USD 650,000 563,811 0.05 KWG Living Group Holdings 14,310,995 1.17 Ltd., Reg. S HKD 328,681 218,088 0.02 Total Bonds 20,156,701 1.64 Meituan, Reg. S 'B' HKD 15,300 475,261 0.04 Equities Melco Resorts & Australia Entertainment Ltd., ADR USD 4,402 66,756 0.01 Aristocrat Leisure Ltd. AUD 10,498 205,408 0.02 NetEase, Inc., ADR USD 28,760 2,249,464 0.18 Crown Resorts Ltd. AUD 8,334 50,641 – Sands China Ltd. HKD 153,257 550,853 0.05 Tabcorp Holdings Ltd. AUD 38,170 94,003 0.01 SITC International Holdings 350,052 0.03 Co. Ltd. HKD 158,038 279,854 0.02 Belgium Tencent Holdings Ltd. HKD 37,300 2,218,407 0.18 UCB SA EUR 9,706 822,777 0.07 Texhong Textile Group Ltd. HKD 386,000 269,547 0.02 Umicore SA EUR 70,029 2,752,490 0.22 Tongcheng-Elong Holdings 3,575,267 0.29 Ltd., Reg. S HKD 187,600 296,214 0.02 Bermuda Wynn Macau Ltd. HKD 34,496 47,305 – Arch Capital Group Ltd. USD 176,241 5,196,989 0.43 Xinyi Solar Holdings Ltd. HKD 172,000 366,672 0.03 China Oriental Group Co. 12,801,185 1.05 Ltd. HKD 1,264,000 273,792 0.02 China Credicorp Ltd. USD 17,328 2,323,712 0.19 Air China Ltd. 'H' HKD 373,412 239,896 0.02 Everest Re Group Ltd. USD 14,264 2,728,935 0.22 China Construction Bank IHS Markit Ltd. USD 2,682 196,796 0.02 Corp. 'H' HKD 1,056,506 656,473 0.05 RenaissanceRe Holdings China Longyuan Power Ltd. USD 20,076 2,722,332 0.22 Group Corp. Ltd. 'H' HKD 464,000 380,259 0.03 13,442,556 1.10 China Merchants Bank Co. Brazil Ltd. 'H' HKD 45,850 236,687 0.02 Banco do Brasil SA BRL 56,915 347,560 0.03 China National Accord Lojas Americanas SA Medicines Corp. Ltd. 'A' CNY 52,563 300,824 0.02 Preference BRL 93,497 386,545 0.03 China Southern Airlines Co. Minerva SA BRL 137,380 220,271 0.02 Ltd. 'H' HKD 498,000 242,249 0.02 Petroleo Brasileiro SA, ADR ENN Natural Gas Co. Ltd. 'A' CNY 128,726 218,544 0.02 Preference USD 38,972 352,119 0.03 Haier Smart Home Co. Telefonica Brasil SA BRL 19,837 145,156 0.01 Ltd. 'A' CNY 76,800 280,402 0.02 TIM SA BRL 83,918 193,641 0.02 Industrial & Commercial Bank of China Ltd. 'H' HKD 765,136 405,262 0.03 Vale SA BRL 26,369 362,776 0.03 Jiangsu Yanghe Brewery YDUQS Participacoes SA BRL 27,281 141,355 0.01 Joint-Stock Co. Ltd. 'A' CNY 13,096 386,222 0.03 2,149,423 0.18 Jiangsu Zhongtian Canada Technology Co. Ltd. 'A' CNY 231,900 314,300 0.03 Novagold Resources, Inc. USD 18,600 147,076 0.01 Livzon Pharmaceutical Restaurant Brands Group, Inc. 'H' HKD 103,520 328,709 0.03 International, Inc. CAD 5,394 269,561 0.02 Lomon Billions Group Co. 416,637 0.03 Ltd. 'A' CNY 52,800 203,004 0.02 PetroChina Co. Ltd. 'H' HKD 579,422 146,272 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 132 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 PICC Property & Casualty Muenchener Co. Ltd. 'H' HKD 260,000 160,595 0.01 Rueckversicherungs- Ping An Insurance Group Gesellschaf AG EUR 10,970 2,677,777 0.22 Co. of China Ltd. 'H' HKD 71,073 711,500 0.06 Nemetschek SE EUR 14,735 904,729 0.07 Yantai Jereh Oilfield SAP SE EUR 7,012 753,790 0.06 Services Group Co. Ltd. 'A' CNY 42,600 186,360 0.02 Sartorius AG Preference EUR 2,728 941,706 0.08 5,397,558 0.44 Scout24 AG, Reg. S EUR 12,495 842,788 0.07 Finland Symrise AG EUR 7,917 866,912 0.07 Elisa OYJ EUR 18,216 820,813 0.07 Volkswagen AG Preference EUR 17,983 2,734,135 0.22 Kone OYJ 'B' EUR 54,477 3,626,534 0.29 21,037,207 1.72 Orion OYJ 'B' EUR 23,772 890,618 0.07 Guernsey UPM-Kymmene OYJ EUR 35,595 1,088,317 0.09 Amdocs Ltd. USD 3,637 210,899 0.02 6,426,282 0.52 210,899 0.02 France Hong Kong Accor SA EUR 3,068 90,782 0.01 AIA Group Ltd. HKD 22,915 229,942 0.02 Air Liquide SA EUR 6,834 919,344 0.08 China Mobile Ltd. HKD 32,564 151,970 0.01 AXA SA EUR 62,829 1,227,113 0.10 China Overseas Grand BioMerieux EUR 7,235 836,366 0.07 Oceans Group Ltd. HKD 307,000 134,777 0.01 Bouygues SA EUR 32,340 1,091,637 0.09 CNOOC Ltd. HKD 212,529 161,067 0.01 Capgemini SE EUR 10,572 1,341,851 0.11 Galaxy Entertainment Carrefour SA EUR 81,440 1,143,418 0.09 Group Ltd. HKD 45,055 286,603 0.02 Cie de Saint-Gobain EUR 37,585 1,413,948 0.12 Hong Kong Exchanges & Clearing Ltd. HKD 4,409 197,557 0.02 Cie Generale des Etablissements Michelin SJM Holdings Ltd. HKD 48,487 44,361 0.01 SCA EUR 24,784 2,603,559 0.21 Sun Art Retail Group Ltd. HKD 327,277 271,316 0.02 Danone SA EUR 16,904 910,788 0.07 1,477,593 0.12 Dassault Systemes SE EUR 5,885 977,646 0.08 Hungary EssilorLuxottica SA EUR 8,752 1,118,724 0.09 OTP Bank Nyrt. HUF 2,434 89,861 0.01 89,861 0.01 Kering SA EUR 1,635 971,926 0.08 India La Francaise des Jeux Aavas Financiers Ltd. INR 13,357 252,841 0.02 SAEM, Reg. S EUR 1,622 60,687 – HDFC Bank Ltd. INR 25,251 406,501 0.03 Legrand SA EUR 14,119 1,030,405 0.08 Hero MotoCorp Ltd. INR 4,401 153,004 0.01 L'Oreal SA EUR 3,392 1,055,590 0.09 Housing Development LVMH Moet Hennessy Louis Finance Corp. Ltd. INR 16,452 469,255 0.04 Vuitton SE EUR 2,376 1,214,492 0.10 ICICI Bank Ltd. INR 29,299 174,971 0.01 Pernod Ricard SA EUR 6,869 1,077,746 0.09 Indian Railway Catering & Peugeot SA EUR 50,422 1,128,192 0.09 Tourism Corp. Ltd. INR 6,507 104,692 0.01 Remy Cointreau SA EUR 6,161 938,012 0.08 Infosys Ltd. INR 33,271 466,781 0.04 Safran SA Preference EUR 14,458 1,679,658 0.14 Reliance Industries Ltd. INR 2,408 30,019 – Sanofi EUR 10,961 862,960 0.07 Reliance Industries Ltd. INR 96,601 2,141,524 0.18 Sartorius Stedim Biotech EUR 3,242 948,609 0.08 V-Mart Retail Ltd. INR 4,556 129,159 0.01 Schneider Electric SE EUR 22,036 2,620,080 0.21 4,328,747 0.35 SCOR SE EUR 43,763 1,157,531 0.09 Indonesia Societe Generale SA EUR 64,028 1,090,909 0.09 Bank BTPN Syariah Tbk. PT IDR 832,000 181,732 0.02 Sodexo SA EUR 1,535 106,391 0.01 Bank Rakyat Indonesia Teleperformance EUR 3,687 1,003,048 0.08 Persero Tbk. PT IDR 654,500 158,952 0.01 TOTAL SE EUR 30,279 1,069,152 0.09 Surya Citra Media Tbk. PT IDR 2,887,500 383,802 0.03 31,690,564 2.59 Telkom Indonesia Persero Germany Tbk. PT IDR 1,379,700 266,053 0.02 Beiersdorf AG EUR 9,875 936,051 0.08 990,539 0.08 Carl Zeiss Meditec AG EUR 9,262 1,010,947 0.08 Ireland Delivery Hero SE, Reg. S EUR 9,915 1,256,726 0.10 Accenture plc 'A' USD 2,117 451,516 0.04 Deutsche Lufhansa AG EUR 79,119 855,276 0.07 Allegion plc USD 49,818 4,740,354 0.39 FUCHS PETROLUB SE EUR 22,984 1,070,135 0.09 Aon plc 'A' USD 16,714 2,885,182 0.24 Henkel AG & Co. KGaA Flutter Entertainment plc EUR 10,160 1,705,864 0.14 Preference EUR 10,584 974,469 0.08 Johnson Controls Infineon Technologies AG EUR 131,913 4,164,230 0.34 International plc USD 32,729 1,246,112 0.10 Knorr-Bremse AG EUR 9,384 1,047,536 0.09 Kerry Group plc 'A' EUR 8,302 987,523 0.08 Kingspan Group plc EUR 12,788 739,466 0.06

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 133 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Medtronic plc USD 6,900 660,422 0.05 Heineken NV EUR 12,276 1,119,939 0.09 Ryanair Holdings plc EUR 75,044 1,229,033 0.10 Just Eat Takeaway.com NV, STERIS plc USD 1,244 192,637 0.01 Reg. S EUR 9,804 905,399 0.07 Trane Technologies plc USD 26,932 3,194,289 0.26 Koninklijke DSM NV EUR 6,869 967,842 0.08 Willis Towers Watson plc USD 16,363 2,816,166 0.23 Koninklijke Philips NV EUR 24,174 1,060,876 0.09 20,848,564 1.70 Koninklijke Vopak NV EUR 18,663 802,136 0.07 Isle of Man Prosus NV EUR 11,987 1,061,209 0.09 Entain plc GBP 10,813 136,960 0.01 QIAGEN NV USD 4,189 181,059 0.01 136,960 0.01 QIAGEN NV EUR 21,737 933,061 0.08 Italy Signify NV, Reg. S EUR 27,372 948,850 0.08 DiaSorin SpA EUR 5,497 934,215 0.08 Wolters Kluwer NV EUR 12,946 897,546 0.07 Infrastrutture Wireless 14,398,190 1.18 Italiane SpA, Reg. S EUR 101,979 1,012,396 0.08 Panama UniCredit SpA EUR 141,615 1,083,780 0.09 Carnival Corp. USD 7,172 126,934 0.01 3,030,391 0.25 126,934 0.01 Japan Philippines ANA Holdings, Inc. JPY 60,200 1,084,621 0.09 Puregold Price Club, Inc. PHP 388,210 271,209 0.02 Daikin Industries Ltd. JPY 15,900 2,889,555 0.24 271,209 0.02 Japan Airlines Co. Ltd. JPY 99,900 1,578,862 0.13 Poland McDonald's Holdings Co. Powszechny Zaklad Japan Ltd. JPY 1,600 63,455 – Ubezpieczen SA PLN 31,885 226,289 0.02 Murata Manufacturing Co. 226,289 0.02 Ltd. JPY 59,300 4,377,130 0.36 Russia Nintendo Co. Ltd. JPY 3,300 1,720,723 0.14 Detsky Mir PJSC, Reg. S RUB 138,931 209,059 0.02 Oriental Land Co. Ltd. JPY 4,200 567,202 0.05 LUKOIL PJSC, ADR USD 7,357 410,135 0.03 Toyota Motor Corp. JPY 45,200 2,851,177 0.23 Sberbank of Russia PJSC, 15,132,725 1.24 ADR USD 21,988 261,248 0.02 Jersey United Co. RUSAL Aptiv plc USD 26,305 2,800,986 0.23 International PJSC HKD 676,000 257,582 0.02 Experian plc GBP 128,814 4,000,726 0.33 1,138,024 0.09 Singapore Glencore plc GBP 1,026,954 2,673,526 0.22 Genting Singapore Ltd. SGD 126,400 66,831 0.01 Novocure Ltd. USD 2,025 286,798 0.02 Riverstone Holdings Ltd. SGD 178,400 121,904 0.01 9,762,036 0.80 Liberia Singapore Airlines Ltd. SGD 98,000 259,680 0.02 Royal Caribbean Cruises 448,415 0.04 Ltd. USD 2,933 178,957 0.01 South Africa 178,957 0.01 Absa Group Ltd. ZAR 31,573 211,126 0.02 Luxembourg Naspers Ltd. 'N' ZAR 3,343 561,656 0.04 Spotify Technology SA USD 875 225,102 0.02 Pick n Pay Stores Ltd. ZAR 55,858 156,114 0.01 225,102 0.02 Sanlam Ltd. ZAR 28,162 91,973 0.01 Malaysia 1,020,869 0.08 Sunway Bhd. MYR 99,400 24,639 – South Korea Sunway Bhd. MYR 728,300 236,762 0.02 AfreecaTV Co. Ltd. KRW 4,494 204,727 0.02 Tenaga Nasional Bhd. MYR 87,400 185,394 0.02 Cosmax, Inc. KRW 2,407 180,279 0.01 446,795 0.04 Douzone Bizon Co. Ltd. KRW 2,425 190,203 0.02 Mauritius Ecopro BM Co. Ltd. KRW 2,173 278,013 0.02 MakeMyTrip Ltd. USD 13,045 315,157 0.03 Hyundai Motor Co. KRW 3,232 467,483 0.04 315,157 0.03 KB Financial Group, Inc. KRW 9,593 313,417 0.03 Mexico LG Chem Ltd. KRW 5,229 3,243,679 0.26 Grupo Televisa SAB, ADR USD 30,438 205,109 0.02 NHN KCP Corp. KRW 3,799 195,646 0.02 Macquarie Mexico Real Estate Management SA de Samsung Electronics Co. CV, REIT, Reg. S MXN 160,706 186,020 0.01 Ltd. KRW 120,978 7,377,140 0.60 391,129 0.03 SK Hynix, Inc. KRW 55,160 4,907,429 0.40 Netherlands SK Telecom Co. Ltd. KRW 1,255 224,960 0.02 Adyen NV, Reg. S EUR 590 1,127,933 0.09 WONIK IPS Co. Ltd. KRW 12,656 421,584 0.03 Akzo Nobel NV EUR 11,052 975,118 0.08 18,004,560 1.47 Argenx SE EUR 4,497 1,086,475 0.09 Spain ASML Holding NV EUR 3,030 1,205,183 0.10 Banco Santander SA EUR 412,370 1,047,007 0.08 Ferrari NV EUR 5,953 1,125,564 0.09 1,047,007 0.08

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 134 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Sweden Alexandria Real Estate Assa Abloy AB 'B' SEK 232,463 4,708,962 0.38 Equities, Inc., REIT USD 14,597 2,124,800 0.17 Evolution Gaming Group Alexion Pharmaceuticals, AB, Reg. S SEK 2,243 187,035 0.02 Inc. USD 1,842 235,130 0.02 4,895,997 0.40 Allakos, Inc. USD 2,664 304,753 0.02 Switzerland Allogene Therapeutics, Inc. USD 5,862 120,828 0.01 Garmin Ltd. USD 2,217 216,717 0.02 Alnylam Pharmaceuticals, Schindler Holding AG CHF 13,431 2,963,606 0.24 Inc. USD 1,578 167,731 0.01 3,180,323 0.26 Alphabet, Inc. 'A' USD 2,152 3,081,077 0.25 Taiwan Alphabet, Inc. 'C' USD 691 989,620 0.08 Hon Hai Precision Industry Altice USA, Inc. 'A' USD 98,909 3,060,921 0.25 Co. Ltd. TWD 190,000 508,169 0.04 Amazon.com, Inc. USD 700 1,863,145 0.15 MediaTek, Inc. TWD 18,000 391,369 0.03 Amedisys, Inc. USD 903 216,608 0.02 Mega Financial Holding Co. Ltd. TWD 187,000 162,228 0.01 AMETEK, Inc. USD 2,169 214,294 0.02 Sinbon Electronics Co. Ltd. TWD 45,628 287,669 0.02 Amgen, Inc. USD 3,802 714,302 0.06 Taiwan Semiconductor Amphenol Corp. 'A' USD 2,016 215,457 0.02 Manufacturing Co. Ltd. TWD 178,000 2,741,504 0.23 ANSYS, Inc. USD 669 198,816 0.02 Tripod Technology Corp. TWD 93,000 321,232 0.03 Anterix, Inc. USD 5,803 178,565 0.01 Win Semiconductors Corp. TWD 302,000 3,041,583 0.25 Appfolio, Inc. 'A' USD 1,480 217,794 0.02 7,453,754 0.61 Apple, Inc. USD 33,800 3,662,875 0.30 Thailand AptarGroup, Inc. USD 1,845 206,478 0.02 Bangkok Bank PCL THB 54,200 176,687 0.01 Aramark USD 3,679 115,733 0.01 Indorama Ventures PCL THB 371,300 373,502 0.03 Arena Pharmaceuticals, Inc. USD 2,857 179,527 0.01 Thai Beverage PCL SGD 708,400 323,074 0.03 Arista Networks, Inc. USD 1,055 250,499 0.02 873,263 0.07 Arthur J Gallagher & Co. USD 28,853 2,917,135 0.24 United Kingdom Aspen Technology, Inc. USD 1,617 172,259 0.01 Anglo American plc GBP 37,720 1,022,546 0.08 AT&T, Inc. USD 45,347 1,065,713 0.09 BP plc GBP 365,911 1,041,714 0.09 AtriCure, Inc. USD 5,404 246,317 0.02 Carnival plc GBP 71,683 1,094,952 0.09 Atrion Corp. USD 331 173,551 0.01 Compass Group plc GBP 30,696 468,278 0.04 Avalara, Inc. USD 1,691 227,975 0.02 easyJet plc GBP 71,753 665,268 0.05 Axonics Modulation InterContinental Hotels Technologies, Inc. USD 4,797 195,793 0.02 Group plc GBP 2,850 149,267 0.01 Badger Meter, Inc. USD 3,291 253,035 0.02 Johnson Matthey plc GBP 38,812 1,051,282 0.09 Balchem Corp. USD 2,207 208,020 0.02 Standard Chartered plc GBP 201,323 1,047,781 0.09 Bandwidth, Inc. 'A' USD 1,247 156,707 0.01 Unilever plc EUR 18,375 910,849 0.07 Bank of America Corp. USD 13,061 323,496 0.03 Vodafone Group plc GBP 787,167 1,063,662 0.09 BellRing Brands, Inc. 'A' USD 11,020 218,905 0.02 8,515,599 0.70 United States of America Berkshire Hathaway, Inc. 'B' USD 200 37,897 – 10X Genomics, Inc. 'A' USD 1,720 198,962 0.02 Bio-Rad Laboratories, Inc. 'A' USD 409 194,983 0.02 A O Smith Corp. USD 4,005 179,424 0.01 Bio-Techne Corp. USD 867 225,035 0.02 AAON, Inc. USD 3,701 201,709 0.02 Black Knight, Inc. USD 2,452 177,044 0.01 Abbott Laboratories USD 900 80,515 0.01 Blackline, Inc. USD 2,422 264,212 0.02 AbbVie, Inc. USD 190 16,619 – Booz Allen Hamilton ABIOMED, Inc. USD 784 207,715 0.02 Holding Corp. USD 2,414 172,051 0.01 Acacia Communications, Boston Beer Co., Inc. (The) Inc. USD 3,116 185,832 0.01 'A' USD 231 187,881 0.01 ACADIA Pharmaceuticals, Brady Corp. 'A' USD 5,368 231,756 0.02 Inc. USD 5,148 225,055 0.02 Bristol-Myers Squibb Co. USD 14,623 740,920 0.06 Acceleron Pharma, Inc. USD 1,928 201,372 0.02 Broadcom, Inc. USD 8,286 2,966,111 0.24 Acuity Brands, Inc. USD 5,335 528,202 0.04 Broadridge Financial Adobe, Inc. USD 1,600 653,678 0.05 Solutions, Inc. USD 1,597 199,953 0.02 AeroVironment, Inc. USD 3,342 237,495 0.02 Brown & Brown, Inc. USD 25,292 980,115 0.08 Agilent Technologies, Inc. USD 2,139 207,082 0.02 Brown-Forman Corp. 'A' USD 3,078 185,125 0.01 Agios Pharmaceuticals, Inc. USD 5,763 204,393 0.02 Brown-Forman Corp. 'B' USD 2,770 179,811 0.01 Akamai Technologies, Inc. USD 1,871 160,516 0.01 Burlington Stores, Inc. USD 10,529 2,251,014 0.18 Alarm.com Holdings, Inc. USD 3,795 320,972 0.03 Cable One, Inc. USD 120 218,970 0.02 Albemarle Corp. USD 23,286 2,807,433 0.23

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 135 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Cadence Design Systems, Encore Wire Corp. USD 4,597 227,868 0.02 Inc. USD 2,051 228,593 0.02 EPAM Systems, Inc. USD 656 192,154 0.02 Calavo Growers, Inc. USD 3,140 178,320 0.01 Equifax, Inc. USD 27,938 4,403,109 0.36 Cal-Maine Foods, Inc. USD 5,454 167,068 0.01 Exelixis, Inc. USD 8,236 135,129 0.01 Cardiovascular Systems, Exponent, Inc. USD 2,861 210,585 0.02 Inc. USD 5,994 214,693 0.02 Exxon Mobil Corp. USD 20,526 691,246 0.06 Cargurus, Inc. USD 8,926 231,585 0.02 F5 Networks, Inc. USD 1,753 252,223 0.02 Carrier Global Corp. USD 39,714 1,224,154 0.10 Facebook, Inc. 'A' USD 11,700 2,611,331 0.21 Cerner Corp. USD 3,073 197,043 0.02 Fair Isaac Corp. USD 492 205,632 0.02 CH Robinson Worldwide, Fastenal Co. USD 4,709 187,852 0.01 Inc. USD 2,057 157,761 0.01 Fastly, Inc. 'A' USD 2,237 159,728 0.01 Charter Communications, Inc. 'A' USD 19,690 10,648,419 0.87 Fitbit, Inc. 'A' USD 32,854 182,724 0.01 Chegg, Inc. USD 3,080 227,397 0.02 Five9, Inc. USD 1,666 237,200 0.02 Chemed Corp. USD 437 190,635 0.02 Flowers Foods, Inc. USD 8,960 165,755 0.01 ChemoCentryx, Inc. USD 3,993 201,551 0.02 Freshpet, Inc. USD 1,971 228,907 0.02 Chevron Corp. USD 666 45,949 – Gentex Corp. USD 8,327 230,948 0.02 Chipotle Mexican Grill, Inc. USD 699 792,557 0.06 Global Blood Therapeutics, Inc. USD 3,937 139,487 0.01 Church & Dwight Co., Inc. USD 2,303 164,121 0.01 Globus Medical, Inc. 'A' USD 4,196 223,646 0.02 Cintas Corp. USD 651 187,907 0.01 Graco, Inc. USD 3,496 206,766 0.02 Cisco Systems, Inc. USD 20,608 753,462 0.06 Grand Canyon Education, Citigroup, Inc. USD 254 12,799 – Inc. USD 2,514 191,568 0.02 Citrix Systems, Inc. USD 1,537 163,530 0.01 Guardant Health, Inc. USD 1,959 206,283 0.02 Clorox Co. (The) USD 993 163,869 0.01 Guidewire Sofware, Inc. USD 1,978 208,195 0.02 Cloudflare, Inc. 'A' USD 5,290 328,520 0.03 Haemonetics Corp. USD 2,496 242,297 0.02 Coca-Cola Co. (The) USD 24,981 1,119,148 0.09 Halozyme Therapeutics, Codexis, Inc. USD 17,621 314,530 0.03 Inc. USD 7,927 276,672 0.02 Cognex Corp. USD 3,393 222,637 0.02 Heartland Express, Inc. USD 11,420 168,983 0.01 Columbia Sportswear Co. USD 2,362 168,760 0.01 HEICO Corp. USD 1,962 212,516 0.02 Comcast Corp. 'A' USD 263,118 11,270,495 0.92 HEICO Corp. 'A' USD 2,357 225,529 0.02 Constellation Brands, Hershey Co. (The) USD 1,535 191,099 0.02 Inc. 'A' USD 12,257 2,194,149 0.18 Hilton Worldwide Holdings, Cooper Cos., Inc. (The) USD 622 184,714 0.01 Inc. USD 4,784 435,234 0.04 Copart, Inc. USD 23,021 2,394,858 0.20 HMS Holdings Corp. USD 8,738 262,379 0.02 Corcept Therapeutics, Inc. USD 11,836 253,155 0.02 Home Depot, Inc. (The) USD 7,000 1,518,683 0.12 CoStar Group, Inc. USD 252 190,509 0.02 Hormel Foods Corp. USD 4,330 164,930 0.01 Costco Wholesale Corp. USD 54 16,622 – Hubbell, Inc. USD 11,035 1,414,199 0.12 Crowdstrike Holdings, ICU Medical, Inc. USD 1,114 195,609 0.02 Inc. 'A' USD 1,478 255,979 0.02 IDEX Corp. USD 1,170 190,477 0.02 CryoPort, Inc. USD 4,614 165,396 0.01 IDEXX Laboratories, Inc. USD 573 233,906 0.02 CSW Industrials, Inc. USD 2,825 257,899 0.02 Immunovant, Inc. USD 5,898 223,088 0.02 Darden Restaurants, Inc. USD 1,989 193,722 0.02 Incyte Corp. USD 2,426 172,351 0.01 Datadog, Inc. 'A' USD 2,258 181,666 0.01 Inspire Medical Systems, Deciphera Pharmaceuticals, Inc. USD 1,648 253,527 0.02 Inc. USD 4,055 189,237 0.02 Insulet Corp. USD 915 191,170 0.02 Deckers Outdoor Corp. USD 987 231,341 0.02 Intel Corp. USD 27,363 1,114,491 0.09 Delta Air Lines, Inc. USD 104,399 3,429,625 0.28 International Business DocuSign, Inc. USD 994 180,663 0.01 Machines Corp. USD 5,739 590,246 0.05 Dolby Laboratories, Inc. 'A' USD 3,201 254,173 0.02 Ionis Pharmaceuticals, Inc. USD 4,155 192,070 0.02 Domino's Pizza, Inc. USD 910 285,138 0.02 iRhythm Technologies, Inc. USD 949 184,254 0.01 Donaldson Co., Inc. USD 4,520 206,449 0.02 J & J Snack Foods Corp. USD 1,679 213,280 0.02 Dorman Products, Inc. USD 2,530 179,636 0.01 Jack Henry & Associates, DSP Group, Inc. USD 16,288 220,981 0.02 Inc. USD 1,293 171,095 0.01 Eagle Pharmaceuticals, Inc. USD 5,300 202,029 0.02 JetBlue Airways Corp. USD 43,196 513,494 0.04 Eidos Therapeutics, Inc. USD 4,669 501,167 0.04 John B Sanfilippo & Son, Eli Lilly and Co. USD 1,543 212,713 0.02 Inc. USD 2,844 183,545 0.01 Enanta Pharmaceuticals, Johnson & Johnson USD 12,827 1,648,834 0.13 Inc. USD 4,736 163,092 0.01 JPMorgan Chase & Co. USD 9,892 1,026,470 0.08

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 136 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Karuna Therapeutics, Inc. USD 2,648 219,990 0.02 NIC, Inc. USD 10,401 219,827 0.02 Kodiak Sciences, Inc. USD 4,036 483,904 0.04 NIKE, Inc. 'B' USD 2,014 232,856 0.02 Krystal Biotech, Inc. USD 4,872 238,553 0.02 Nordson Corp. USD 1,134 186,266 0.01 Kura Oncology, Inc. USD 7,233 193,099 0.02 NVIDIA Corp. USD 1,200 512,066 0.04 Lancaster Colony Corp. USD 1,193 179,284 0.01 Okta, Inc. USD 996 207,031 0.02 Landstar System, Inc. USD 1,661 182,899 0.01 Old Dominion Freight Line, Las Vegas Sands Corp. USD 6,321 307,926 0.02 Inc. USD 1,167 186,202 0.01 LeMaitre Vascular, Inc. USD 6,490 214,583 0.02 Oracle Corp. USD 7,052 372,758 0.03 Lennox International, Inc. USD 5,987 1,341,919 0.11 OrthoPediatrics Corp. USD 4,935 166,376 0.01 LHC Group, Inc. USD 1,036 180,668 0.01 Otis Worldwide Corp. USD 80,268 4,431,124 0.36 Liberty Broadband Corp. 'A' USD 1,472 189,319 0.02 PayPal Holdings, Inc. USD 3,800 727,173 0.06 Liberty Broadband Corp. 'C' USD 1,463 189,375 0.02 Pegasystems, Inc. USD 1,747 190,099 0.02 Lincoln Electric Holdings, Penumbra, Inc. USD 1,032 147,667 0.01 Inc. USD 2,375 225,718 0.02 PepsiCo, Inc. USD 6,767 819,943 0.07 LiveRamp Holdings, Inc. USD 4,042 241,800 0.02 PerkinElmer, Inc. USD 1,758 206,167 0.02 Lululemon Athletica, Inc. USD 673 191,378 0.02 Pfizer, Inc. USD 35,899 1,079,420 0.09 Lumentum Holdings, Inc. USD 34,198 2,650,621 0.22 Philip Morris International, Luminex Corp. USD 8,550 161,455 0.01 Inc. USD 2,564 173,354 0.01 Madrigal Pharmaceuticals, Pool Corp. USD 685 208,663 0.02 Inc. USD 1,698 154,215 0.01 Power Integrations, Inc. USD 4,005 268,097 0.02 Manhattan Associates, Inc. USD 2,187 188,162 0.02 Procter & Gamble Co. (The) USD 4,000 454,399 0.04 Marriott International, Proto Labs, Inc. USD 1,575 197,469 0.02 Inc. 'A' USD 4,677 504,338 0.04 PTC, Inc. USD 2,457 240,097 0.02 Marsh & McLennan Cos., Qorvo, Inc. USD 20,005 2,717,283 0.22 Inc. USD 29,708 2,840,658 0.23 QUALCOMM, Inc. USD 21,242 2,643,553 0.22 Masimo Corp. USD 958 210,168 0.02 Qualys, Inc. USD 2,170 216,273 0.02 Mastercard, Inc. 'A' USD 5,800 1,690,061 0.14 Raven Industries, Inc. USD 9,644 260,894 0.02 Maxim Integrated Products, Inc. USD 3,204 231,970 0.02 Relmada Therapeutics, Inc. USD 5,620 148,268 0.01 MAXIMUS, Inc. USD 3,074 183,917 0.01 Repligen Corp. USD 1,465 229,451 0.02 McCormick & Co., Inc. Republic Services, Inc. USD 2,218 174,560 0.01 (Non-Voting) USD 2,192 171,259 0.01 ResMed, Inc. USD 1,224 212,733 0.02 McDonald's Corp. USD 16,355 2,868,190 0.23 Rexford Industrial Realty, Merck & Co., Inc. USD 16,313 1,090,267 0.09 Inc., REIT USD 52,375 2,101,549 0.17 Mercury Systems, Inc. USD 2,747 197,996 0.02 Rhythm Pharmaceuticals, Inc. USD 8,075 196,307 0.02 Mesa Laboratories, Inc. USD 897 210,675 0.02 RingCentral, Inc. 'A' USD 785 243,141 0.02 Mettler-Toledo International, Inc. USD 214 199,431 0.02 Robert Half International, Inc. USD 4,009 204,701 0.02 MGM Resorts International USD 8,393 216,041 0.02 Rollins, Inc. USD 5,980 190,829 0.02 Micron Technology, Inc. USD 66,790 4,104,128 0.34 Royal Gold, Inc. USD 1,712 148,953 0.01 Microsof Corp. USD 36,900 6,703,402 0.55 salesforce.com, Inc. USD 500 90,824 0.01 Mirati Therapeutics, Inc. USD 1,288 231,257 0.02 Sanderson Farms, Inc. USD 1,806 195,191 0.02 Mitek Systems, Inc. USD 16,834 244,692 0.02 Sarepta Therapeutics, Inc. USD 1,442 200,805 0.02 Monolithic Power Systems, Inc. USD 813 243,435 0.02 Schneider National, Inc. 'B' USD 8,420 142,415 0.01 MSC Industrial Direct Co., Seagen, Inc. USD 1,159 165,981 0.01 Inc. 'A' USD 3,384 233,386 0.02 Shockwave Medical, Inc. USD 3,002 254,614 0.02 National Beverage Corp. USD 2,905 201,680 0.02 Silk Road Medical, Inc. USD 3,044 156,747 0.01 National Instruments Corp. USD 6,054 217,435 0.02 Simpson Manufacturing National Presto Industries, Co., Inc. USD 2,221 169,731 0.01 Inc. USD 2,530 182,552 0.01 Simulations Plus, Inc. USD 3,270 191,943 0.02 Neogen Corp. USD 2,686 174,127 0.01 Skyworks Solutions, Inc. USD 23,069 2,881,480 0.24 Netflix, Inc. USD 1,443 637,990 0.05 Smartsheet, Inc. 'A' USD 4,368 247,468 0.02 Neurocrine Biosciences, Inc. USD 2,111 165,336 0.01 Southwest Airlines Co. USD 60,185 2,292,446 0.19 Nevro Corp. USD 1,460 206,683 0.02 SPS Commerce, Inc. USD 2,849 252,860 0.02 New York Times Co. (The) 'A' USD 4,941 209,141 0.02 STAAR Surgical Co. USD 3,811 246,887 0.02 NewMarket Corp. USD 601 196,266 0.02 Starbucks Corp. USD 22,703 1,985,573 0.16 NextEra Energy, Inc. USD 12,656 797,187 0.06 Stoke Therapeutics, Inc. USD 6,155 310,554 0.03

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 137 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Synopsys, Inc. USD 1,030 218,097 0.02 Zscaler, Inc. USD 1,529 249,647 0.02 Tactile Systems Technology, Zynga, Inc. 'A' USD 24,244 195,470 0.02 Inc. USD 6,456 237,335 0.02 198,489,008 16.22 Take-Two Interactive Total Equities 414,941,627 33.91 Sofware, Inc. USD 1,269 215,524 0.02 Total Transferable securities and money market Tandem Diabetes Care, Inc. USD 1,947 152,277 0.01 instruments admitted to an oficial exchange listing 435,098,328 35.55 TechTarget, Inc. USD 5,113 247,177 0.02 Transferable securities and money market instruments dealt in on another regulated market Teladoc Health, Inc. USD 1,896 309,825 0.02 Bonds Teledyne Technologies, Inc. USD 666 213,446 0.02 Australia Teleflex, Inc. USD 636 213,986 0.02 FMG Resources August Teradyne, Inc. USD 2,755 269,972 0.02 2006 Pty. Ltd., 144A 5.125% 15/03/2023 USD 215,000 186,042 0.02 Thermo Fisher Scientific, Inc. USD 7,799 2,967,546 0.24 FMG Resources August 2006 Pty. Ltd., 144A 4.5% Tifany & Co. USD 1,814 194,877 0.02 15/09/2027 USD 435,000 395,583 0.03 Tootsie Roll Industries, Inc. USD 7,114 172,595 0.01 581,625 0.05 Toro Co. (The) USD 2,533 196,349 0.02 Bermuda Tractor Supply Co. USD 1,489 171,158 0.01 NCL Corp. Ltd., 144A 12.25% TransUnion USD 50,423 4,088,691 0.33 15/05/2024 USD 360,000 353,439 0.03 Trex Co., Inc. USD 3,091 211,561 0.02 NCL Corp. Ltd., 144A 10.25% Turning Point Therapeutics, 01/02/2026 USD 250,000 240,846 0.02 Inc. USD 2,486 247,401 0.02 NCL Corp. Ltd., 144A 5.875% Twilio, Inc. 'A' USD 890 246,218 0.02 15/03/2026 USD 90,000 77,234 0.01 Tyler Technologies, Inc. USD 613 218,642 0.02 NCL Corp. Ltd., 144A 3.625% 15/12/2024 USD 250,000 194,491 0.01 UniFirst Corp. USD 1,152 199,386 0.02 866,010 0.07 Union Pacific Corp. USD 14,601 2,482,069 0.20 Canada United Therapeutics Corp. USD 2,062 255,999 0.02 Bausch Health Cos., Inc., UnitedHealth Group, Inc. USD 3,130 896,561 0.07 144A 5% 15/02/2029 USD 600,000 505,125 0.04 Universal Display Corp. USD 1,224 229,930 0.02 Bausch Health Cos., Inc., Vail Resorts, Inc. USD 719 163,997 0.01 144A 5.25% 15/02/2031 USD 50,000 42,794 – Varian Medical Systems, Inc. USD 1,223 174,926 0.01 Bausch Health Cos., Inc., 144A 5% 30/01/2028 USD 365,000 307,796 0.03 Varonis Systems, Inc. USD 1,821 243,641 0.02 Bausch Health Cos., Inc., Veeva Systems, Inc. 'A' USD 771 171,629 0.01 144A 6.25% 15/02/2029 USD 205,000 182,237 0.02 Veracyte, Inc. USD 6,681 267,502 0.02 Bombardier, Inc., 144A VeriSign, Inc. USD 1,027 181,482 0.01 5.75% 15/03/2022 USD 350,000 292,137 0.02 Verisk Analytics, Inc. USD 1,169 198,244 0.02 Garda World Security Corp., Verizon Communications, 144A 4.625% 15/02/2027 USD 260,000 215,153 0.02 Inc. USD 26,743 1,283,109 0.10 Garda World Security Corp., Viatris, Inc. USD 4,454 68,200 0.01 144A 9.5% 01/11/2027 USD 405,000 367,146 0.03 Vicor Corp. USD 2,717 204,971 0.02 goeasy Ltd., 144A 5.375% 01/12/2024 USD 335,000 285,287 0.02 Viking Therapeutics, Inc. USD 31,623 145,638 0.01 New Gold, Inc., 144A 7.5% VirnetX Holding Corp. USD 41,196 169,861 0.01 15/07/2027 USD 160,000 144,906 0.01 Visa, Inc. 'A' USD 19,729 3,523,744 0.29 Norbord, Inc., 144A 5.75% Walmart, Inc. USD 600 70,656 0.01 15/07/2027 USD 605,000 533,318 0.04 Walt Disney Co. (The) USD 3,000 444,122 0.04 Open Text Corp., 144A Waters Corp. USD 1,086 219,601 0.02 3.875% 15/02/2028 USD 345,000 293,730 0.03 Watsco, Inc. USD 7,550 1,397,973 0.11 Videotron Ltd., 144A 5.375% WD-40 Co. USD 1,082 234,506 0.02 15/06/2024 USD 405,000 365,963 0.03 3,535,592 0.29 West Pharmaceutical Services, Inc. USD 761 176,177 0.01 Liberia Royal Caribbean Cruises Wingstop, Inc. USD 1,476 159,724 0.01 Ltd., 144A 10.875% Winmark Corp. USD 1,359 207,535 0.02 01/06/2023 USD 185,000 172,330 0.01 Wynn Resorts Ltd. USD 1,440 132,772 0.01 Royal Caribbean Cruises Xilinx, Inc. USD 2,109 244,227 0.02 Ltd., 144A 11.5% 01/06/2025 USD 60,000 57,389 0.01 Y-mAbs Therapeutics, Inc. USD 5,519 223,390 0.02 229,719 0.02 Yum China Holdings, Inc. USD 4,120 192,354 0.02 Netherlands Yum! Brands, Inc. USD 5,702 505,842 0.04 Alcoa Nederland Holding BV, 144A 5.5% 15/12/2027 USD 200,000 179,072 0.01 Zoetis, Inc. USD 15,123 2,044,951 0.17

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 138 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 UPC Holding BV, 144A 5.5% Arconic Corp., 144A 6% 15/01/2028 USD 530,000 457,802 0.04 15/05/2025 USD 425,000 371,447 0.03 636,874 0.05 Asbury Automotive Group, Norway Inc. 4.5% 01/03/2028 USD 93,000 79,619 0.01 Aker BP ASA, 144A 4.75% Asbury Automotive Group, 15/06/2024 USD 350,000 296,012 0.03 Inc. 4.75% 01/03/2030 USD 30,000 26,327 – 296,012 0.03 ASGN, Inc., 144A 4.625% Panama 15/05/2028 USD 490,000 417,170 0.03 Carnival Corp., 144A 7.625% AssuredPartners, Inc., 144A 01/03/2026 USD 90,000 80,323 0.01 5.625% 15/01/2029 USD 20,000 17,081 – 80,323 0.01 Avantor Funding, Inc., 144A Supranational 4.625% 15/07/2028 USD 170,000 147,103 0.01 Ardagh Packaging Finance Avis Budget Car Rental LLC, plc, 144A 5.25% 30/04/2025 USD 225,000 194,253 0.02 144A 10.5% 15/05/2025 USD 70,000 67,616 0.01 Connect Finco SARL, 144A Bausch Health Americas, 6.75% 01/10/2026 USD 775,000 683,283 0.06 Inc., 144A 8.5% 31/01/2027 USD 200,000 182,025 0.02 Delta Air Lines, Inc., 144A Berry Global, Inc., 144A 4.5% 20/10/2025 USD 205,000 179,168 0.01 4.875% 15/07/2026 USD 430,000 377,877 0.03 Delta Air Lines, Inc., 144A Booz Allen Hamilton, Inc., 4.75% 20/10/2028 USD 215,000 192,012 0.01 144A 3.875% 01/09/2028 USD 170,000 143,369 0.01 1,248,716 0.10 Boyd Gaming Corp. 4.75% United Kingdom 01/12/2027 USD 255,000 216,915 0.02 Virgin Media Finance plc, Boyd Gaming Corp., 144A 144A 5% 15/07/2030 USD 425,000 360,810 0.03 8.625% 01/06/2025 USD 70,000 63,701 0.01 360,810 0.03 Brink's Co. (The), 144A United States of America 4.625% 15/10/2027 USD 425,000 363,632 0.03 Acadia Healthcare Co., Inc., C&S Group Enterprises LLC, 144A 5% 15/04/2029 USD 140,000 122,431 0.01 144A 5% 15/12/2028 USD 90,000 73,434 0.01 Acadia Healthcare Co., Inc. Caesars Entertainment, Inc., 5.625% 15/02/2023 USD 320,000 262,842 0.02 144A 6.25% 01/07/2025 USD 125,000 108,930 0.01 Afinity Gaming, 144A Caesars Resort Collection 6.875% 15/12/2027 USD 55,000 47,212 – LLC, 144A 5.75% 01/07/2025 USD 65,000 56,356 – Albertsons Cos., Inc., 144A Caesars Resort Collection 3.5% 15/03/2029 USD 350,000 289,877 0.02 LLC, 144A 5.25% 15/10/2025 USD 225,000 186,080 0.02 Albertsons Cos., Inc., 144A Calpine Corp., 144A 4.625% 5.875% 15/02/2028 USD 250,000 222,688 0.02 01/02/2029 USD 150,000 126,245 0.01 Albertsons Cos., Inc. 5.75% Calpine Corp., 144A 4.5% 15/03/2025 USD 344,000 290,608 0.02 15/02/2028 USD 350,000 297,924 0.02 Alliance Data Systems Carvana Co., 144A 5.875% Corp., 144A 7% 15/01/2026 USD 350,000 303,123 0.02 01/10/2028 USD 145,000 123,248 0.01 Alliant Holdings Catalent Pharma Solutions, Intermediate LLC, 144A Inc., 144A 5% 15/07/2027 USD 190,000 164,266 0.01 6.75% 15/10/2027 USD 165,000 144,521 0.01 CCO Holdings LLC, 144A Allied Universal Holdco LLC, 5.5% 01/05/2026 USD 505,000 428,275 0.04 144A 6.625% 15/07/2026 USD 205,000 178,863 0.01 CCO Holdings LLC, 144A Allied Universal Holdco LLC, 4.5% 15/08/2030 USD 860,000 746,806 0.06 144A 9.75% 15/07/2027 USD 405,000 361,370 0.03 Centene Corp., 144A 5.375% Allison Transmission, Inc., 15/08/2026 USD 575,000 497,553 0.04 144A 3.75% 30/01/2031 USD 250,000 209,432 0.02 Centene Corp. 4.625% Allison Transmission, Inc., 15/12/2029 USD 695,000 631,356 0.05 144A 5.875% 01/06/2029 USD 200,000 180,845 0.01 Central Garden & Pet Co. American Airlines, Inc., 144A 4.125% 15/10/2030 USD 100,000 85,356 0.01 11.75% 15/07/2025 USD 195,000 184,035 0.02 Century Communities, Inc. Antero Midstream Partners 5.875% 15/07/2025 USD 430,000 366,775 0.03 LP, 144A 5.75% 01/03/2027 USD 835,000 671,777 0.06 Charles River Laboratories Aramark Services, Inc., 144A International, Inc., 144A 5% 01/02/2028 USD 145,000 125,026 0.01 4.25% 01/05/2028 USD 425,000 364,436 0.03 Aramark Services, Inc., 144A Cheniere Energy Partners 6.375% 01/05/2025 USD 365,000 319,194 0.03 LP 4.5% 01/10/2029 USD 440,000 380,923 0.03 Archrock Partners LP, 144A CommScope, Inc., 144A 6% 6.25% 01/04/2028 USD 300,000 255,844 0.02 01/03/2026 USD 405,000 349,181 0.03 Archrock Partners LP, 144A CommScope, Inc., 144A 6.875% 01/04/2027 USD 290,000 255,680 0.02 8.25% 01/03/2027 USD 115,000 100,451 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 139 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Consolidated IRB Holding Corp., 144A 7% Communications, Inc., 144A 15/06/2025 USD 475,000 424,814 0.03 6.5% 01/10/2028 USD 100,000 87,573 0.01 Iron Mountain, Inc., 144A Continental Resources, Inc., 4.5% 15/02/2031 USD 90,000 77,142 0.01 144A 5.75% 15/01/2031 USD 450,000 408,921 0.03 Iron Mountain, Inc., REIT, CSC Holdings LLC, 144A 144A 4.875% 15/09/2027 USD 770,000 659,464 0.05 5.375% 01/02/2028 USD 530,000 463,487 0.04 J2 Global, Inc., 144A 4.625% CSC Holdings LLC, 144A 15/10/2030 USD 275,000 237,539 0.02 5.75% 15/01/2030 USD 490,000 439,522 0.04 KBR, Inc., 144A 4.75% CVR Partners LP, 144A 9.25% 30/09/2028 USD 300,000 255,915 0.02 15/06/2023 USD 430,000 352,241 0.03 Kraf Heinz Foods Co., 144A Dave & Buster's, Inc., 144A 3.875% 15/05/2027 USD 160,000 141,076 0.01 7.625% 01/11/2025 USD 250,000 215,561 0.02 Kraf Heinz Foods Co. 5% DaVita, Inc., 144A 3.75% 15/07/2035 USD 580,000 575,242 0.05 15/02/2031 USD 555,000 461,416 0.04 Lamar Media Corp. 3.75% DaVita, Inc., 144A 4.625% 15/02/2028 USD 255,000 214,574 0.02 01/06/2030 USD 135,000 117,162 0.01 LBM Acquisition LLC, 144A DCP Midstream Operating 6.25% 15/01/2029 USD 130,000 109,900 0.01 LP 5.375% 15/07/2025 USD 405,000 364,335 0.03 LD Holdings Group LLC, Dell International LLC, 144A 144A 6.5% 01/11/2025 USD 90,000 77,602 0.01 7.125% 15/06/2024 USD 430,000 364,835 0.03 Level 3 Financing, Inc., 144A DISH DBS Corp. 7.375% 4.625% 15/09/2027 USD 500,000 427,539 0.04 01/07/2028 USD 225,000 196,074 0.02 Level 3 Financing, Inc., 144A DISH DBS Corp. 6.75% 4.25% 01/07/2028 USD 210,000 176,523 0.01 01/06/2021 USD 330,000 275,427 0.02 Live Nation Entertainment, Endeavor Energy Resources Inc., 144A 4.75% 15/10/2027 USD 145,000 121,646 0.01 LP, 144A 5.75% 30/01/2028 USD 215,000 189,811 0.02 M/I Homes, Inc. 4.95% Endeavor Energy Resources 01/02/2028 USD 425,000 368,773 0.03 LP, 144A 6.625% 15/07/2025 USD 321,000 281,125 0.02 MasTec, Inc., 144A 4.5% Energizer Holdings, Inc., 15/08/2028 USD 285,000 244,866 0.02 144A 7.75% 15/01/2027 USD 600,000 545,360 0.04 Match Group Holdings Entercom Media Corp., 144A II LLC, 144A 4.125% 7.25% 01/11/2024 USD 68,000 55,541 – 01/08/2030 USD 540,000 459,751 0.04 Enterprise Development Mattel, Inc., 144A 6.75% Authority (The), 144A 12% 31/12/2025 USD 245,000 211,544 0.02 15/07/2024 USD 225,000 207,567 0.02 Mattel, Inc., 144A 5.875% Expedia Group, Inc., 144A 15/12/2027 USD 245,000 222,889 0.02 6.25% 01/05/2025 USD 135,000 127,959 0.01 Meredith Corp. 6.875% Expedia Group, Inc., 144A 01/02/2026 USD 765,000 610,771 0.05 7% 01/05/2025 USD 70,000 63,098 0.01 MGM Growth Properties Flex Acquisition Co., Inc., Operating Partnership LP, 144A 6.875% 15/01/2025 USD 605,000 503,116 0.04 144A 3.875% 15/02/2029 USD 230,000 192,560 0.02 Frontier Communications MGM Growth Properties Corp., 144A 6.75% Operating Partnership 01/05/2029 USD 90,000 78,843 0.01 LP, REIT, 144A 4.625% Frontier Communications 15/06/2025 USD 55,000 48,188 – Corp. 'A1', 144A 5.875% Moss Creek Resources 15/10/2027 USD 65,000 57,540 – Holdings, Inc., 144A 7.5% Gartner, Inc., 144A 3.75% 15/01/2026 USD 460,000 286,666 0.02 01/10/2030 USD 95,000 81,914 0.01 Nationstar Mortgage Graham Holdings Co., 144A Holdings, Inc., 144A 5.5% 5.75% 01/06/2026 USD 405,000 348,733 0.03 15/08/2028 USD 450,000 386,861 0.03 Greif, Inc., 144A 6.5% Nationstar Mortgage 01/03/2027 USD 605,000 523,822 0.04 Holdings, Inc., 144A 5.125% 15/12/2030 USD 60,000 51,316 – HUB International Ltd., 144A 7% 01/05/2026 USD 200,000 171,108 0.01 NCR Corp., 144A 5% 01/10/2028 USD 105,000 90,697 0.01 Icahn Enterprises LP 6.25% 15/05/2026 USD 620,000 537,754 0.04 NCR Corp., 144A 6.125% 01/09/2029 USD 405,000 367,146 0.03 iHeartCommunications, Inc. 8.375% 01/05/2027 USD 300,000 262,174 0.02 Netflix, Inc., 144A 5.375% 15/11/2029 USD 190,000 183,237 0.02 IQVIA, Inc., 144A 5% 15/10/2026 USD 500,000 427,802 0.04 Netflix, Inc. 5.75% 01/03/2024 USD 235,000 215,472 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 140 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets Nominal Value EUR Assets

0 0 Newell Brands, Inc. 4.875% Select Medical Corp., 144A 01/06/2025 USD 45,000 40,513 – 6.25% 15/08/2026 USD 575,000 506,816 0.04 Newell Brands, Inc. 4.7% Service Properties Trust 01/04/2026 USD 590,000 531,837 0.04 4.75% 01/10/2026 USD 350,000 283,192 0.02 Nexstar Broadcasting, Inc., Service Properties Trust 144A 4.75% 01/11/2028 USD 200,000 171,325 0.01 5.5% 15/12/2027 USD 95,000 84,963 0.01 Nexstar Broadcasting, Inc., Shea Homes LP, 144A 4.75% 144A 5.625% 15/07/2027 USD 620,000 543,619 0.04 15/02/2028 USD 220,000 186,435 0.02 NFP Corp., 144A 6.875% Sizzling Platter LLC, 144A 15/08/2028 USD 550,000 480,497 0.04 8.5% 28/11/2025 USD 190,000 161,917 0.01 Nielsen Finance LLC, 144A Sprint Corp. 7.875% 5.625% 01/10/2028 USD 345,000 306,899 0.03 15/09/2023 USD 1,080,000 1,023,067 0.08 Nine Energy Service, Inc., Standard Industries, Inc., 144A 8.75% 01/11/2023 USD 120,000 44,042 – 144A 3.375% 15/01/2031 USD 340,000 279,617 0.02 NRG Energy, Inc., 144A Station Casinos LLC, 144A 3.375% 15/02/2029 USD 95,000 79,636 0.01 5% 01/10/2025 USD 110,000 91,109 0.01 NRG Energy, Inc., 144A Station Casinos LLC, 144A 3.625% 15/02/2031 USD 475,000 400,123 0.03 4.5% 15/02/2028 USD 275,000 226,863 0.02 Open Text Holdings, Inc., Stericycle, Inc., 144A 3.875% 144A 4.125% 15/02/2030 USD 125,000 108,868 0.01 15/01/2029 USD 185,000 155,546 0.01 Owens-Brockway Glass Stericycle, Inc., 144A 5.375% Container, Inc., 144A 6.625% 15/07/2024 USD 630,000 537,911 0.04 13/05/2027 USD 105,000 93,057 0.01 StoneX Group, Inc., 144A Owens-Brockway Glass 8.625% 15/06/2025 USD 500,000 445,170 0.04 Container, Inc., 144A 5.875% Summit Materials LLC, 144A 15/08/2023 USD 650,000 570,088 0.05 5.25% 15/01/2029 USD 125,000 107,398 0.01 PBF Holding Co. LLC, 144A Summit Materials LLC, 144A 9.25% 15/05/2025 USD 305,000 246,115 0.02 6.5% 15/03/2027 USD 405,000 352,870 0.03 PDC Energy, Inc. 6.125% Targa Resources Partners 15/09/2024 USD 305,000 256,625 0.02 LP, 144A 4.875% 01/02/2031 USD 180,000 160,513 0.01 Plastipak Holdings, Inc., Targa Resources Partners LP 144A 6.25% 15/10/2025 USD 475,000 400,589 0.03 6.875% 15/01/2029 USD 800,000 737,608 0.06 Post Holdings, Inc., 144A Teleflex, Inc., 144A 4.25% 4.625% 15/04/2030 USD 135,000 116,206 0.01 01/06/2028 USD 30,000 26,021 – Post Holdings, Inc., 144A Tenet Healthcare Corp., 5.625% 15/01/2028 USD 225,000 196,189 0.02 144A 6.125% 01/10/2028 USD 135,000 115,380 0.01 PRA Group, Inc., 144A Tenet Healthcare Corp., 7.375% 01/09/2025 USD 614,000 542,905 0.04 144A 6.25% 01/02/2027 USD 80,000 69,398 0.01 Presidio Holdings, Inc., Tenet Healthcare Corp., 144A 4.875% 01/02/2027 USD 435,000 377,743 0.03 144A 5.125% 01/11/2027 USD 245,000 212,502 0.02 Presidio Holdings, Inc., T-Mobile USA, Inc. 6.5% 144A 8.25% 01/02/2028 USD 285,000 257,532 0.02 15/01/2026 USD 780,000 660,598 0.05 Primo Water Holdings, Inc., Twitter, Inc., 144A 3.875% 144A 5.5% 01/04/2025 USD 430,000 363,297 0.03 15/12/2027 USD 525,000 457,506 0.04 PTC, Inc., 144A 4% US Foods, Inc., 144A 6.25% 15/02/2028 USD 435,000 373,299 0.03 15/04/2025 USD 205,000 179,288 0.01 Quicken Loans LLC, 144A USA Compression Partners 3.875% 01/03/2031 USD 615,000 522,741 0.04 LP 6.875% 01/09/2027 USD 650,000 568,040 0.05 Radiology Partners, Inc., Verscend Escrow Corp., 144A 9.25% 01/02/2028 USD 285,000 262,045 0.02 144A 9.75% 15/08/2026 USD 315,000 279,492 0.02 Rattler Midstream LP, 144A ViaSat, Inc., 144A 5.625% 5.625% 15/07/2025 USD 345,000 298,356 0.02 15/04/2027 USD 430,000 369,667 0.03 RP Escrow Issuer LLC, 144A VICI Properties LP, REIT, 5.25% 15/12/2025 USD 125,000 106,893 0.01 144A 4.125% 15/08/2030 USD 425,000 367,107 0.03 Scientific Games Vistra Operations Co. LLC, International, Inc., 144A 7% 144A 5.625% 15/02/2027 USD 650,000 565,825 0.05 15/05/2028 USD 970,000 853,740 0.07 WESCO Distribution, Inc., Scotts Miracle-Gro Co. (The) 144A 7.25% 15/06/2028 USD 160,000 148,904 0.01 4.5% 15/10/2029 USD 165,000 145,730 0.01 Western Digital Corp. 4.75% Scripps Escrow II, Inc., 144A 15/02/2026 USD 330,000 298,363 0.02 3.875% 15/01/2029 USD 95,000 80,837 0.01 Windstream Escrow LLC, Scripps Escrow II, Inc., 144A 144A 7.75% 15/08/2028 USD 275,000 226,751 0.02 5.375% 15/01/2031 USD 85,000 72,553 0.01

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 141 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Nominal Value EUR Assets

0 Wyndham Hotels & Resorts, Inc., 144A 4.375% 15/08/2028 USD 205,000 174,402 0.01 Zayo Group Holdings, Inc., 144A 4% 01/03/2027 USD 350,000 287,141 0.02 Zayo Group Holdings, Inc., 144A 6.125% 01/03/2028 USD 105,000 90,898 0.01 46,918,556 3.83 Total Bonds 54,754,237 4.48 Certificates of Deposit China Bank of China Ltd. 0.31% 17/06/2021 EUR 22,500,000 22,535,318 1.84 22,535,318 1.84 France Credit Agricole Corporate & Investment Bank SA 0.53% 14/04/2021 EUR 25,000,000 25,078,272 2.05 Natixis SA 0% 25/01/2021 EUR 25,000,000 25,053,587 2.05 Natixis SA 0.55% 31/05/2021 EUR 20,000,000 20,050,851 1.64 70,182,710 5.74 Japan Mizuho Bank Ltd. 0.55% 24/02/2021 EUR 40,000,000 40,056,302 3.27 Sumitomo Mitsui Banking Corp. 0.53% 21/04/2021 EUR 30,000,000 30,080,599 2.46 70,136,901 5.73 Switzerland Credit Suisse AG 0.47% 27/08/2021 EUR 25,000,000 25,119,702 2.05 Credit Suisse AG 0.47% 26/11/2021 EUR 20,000,000 20,095,498 1.64 45,215,200 3.69 Total Certificates of Deposit 208,070,129 17.00 Commercial Papers Switzerland UBS AG 0.59% 15/06/2021 EUR 17,000,000 17,050,298 1.39 17,050,298 1.39 United Kingdom Chesham Finance Ltd. 0.45% 07/01/2021 EUR 55,000,000 55,015,817 4.50 55,015,817 4.50 Total Commercial Papers 72,066,115 5.89 Total Transferable securities and money market instruments dealt in on another regulated market 334,890,481 27.37 Units of authorised UCITS or other collective investment undertakings Collective Investment Schemes - UCITS Ireland Aviva Investors Euro Liquidity Fund - Class 3 Income shares EUR† EUR 623,669 60,766,310 4.97 60,766,310 4.97 Total Collective Investment Schemes - UCITS 60,766,310 4.97 Exchange Traded Funds Ireland iShares Physical Gold ETC USD 1,666,302 50,361,529 4.11 50,361,529 4.11 Total Exchange Traded Funds 50,361,529 4.11 Total Units of authorised UCITS or other collective investment undertakings 111,127,839 9.08 Total Investments 881,116,648 72.00 Cash 304,212,838 24.86 Other assets/(liabilities) 38,389,012 3.14 Total net assets 1,223,718,498 100.00 †Related Party Fund The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 142 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 21.22 Ireland 10.78 France 8.37 Japan 6.97 Switzerland 5.34 United Kingdom 5.29 China 2.28 Germany 1.77 South Korea 1.47 Netherlands 1.38 Bermuda 1.20 Cayman Islands 1.05 Jersey 0.80 Taiwan 0.61 Finland 0.52 Sweden 0.40 India 0.35 Canada 0.32 Belgium 0.29 Italy 0.29 Brazil 0.18 Luxembourg 0.12 Hong Kong 0.12 Supranational 0.10 Russia 0.09 Spain 0.08 South Africa 0.08 Indonesia 0.08 Australia 0.08 Thailand 0.07 Singapore 0.04 Malaysia 0.04 Liberia 0.03 Mexico 0.03 Mauritius 0.03 Norway 0.03 Philippines 0.02 Poland 0.02 Guernsey 0.02 Panama 0.02 Isle of Man 0.01 Hungary 0.01 Total investments 72.00 Cash and other assets/(liabilities) 28.00 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 143 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets AUD 229,726,700 EUR 140,220,743 11/01/2021 J.P. Morgan 4,647,736 0.38 CAD 162,787 EUR 104,143 11/01/2021 J.P. Morgan 275 – CHF 72,334 EUR 66,730 11/01/2021 J.P. Morgan 151 – EUR 23,343 CAD 35,953 11/01/2021 J.P. Morgan 281 – EUR 3,049,091 CHF 3,260,000 14/01/2021 NatWest Markets 34,739 – EUR 5,931,982 GBP 5,277,634 11/01/2021 J.P. Morgan 36,390 – EUR 4,433,321 GBP 3,945,000 14/01/2021 Morgan Stanley 26,623 – EUR 551,738 GBP 492,000 14/01/2021 NatWest Markets 2,157 – EUR 1,583,238 HKD 14,619,000 14/01/2021 HSBC 42,627 – EUR 1,365,121 JPY 169,652,000 14/01/2021 Morgan Stanley 22,301 – EUR 833,708 JPY 103,405,000 14/01/2021 Standard Chartered 15,243 – EUR 15,844,623 JPY 1,933,774,427 14/01/2021 UBS 538,528 0.04 EUR 65,974 SGD 105,279 11/01/2021 J.P. Morgan 881 – EUR 147,232 USD 175,559 11/01/2021 J.P. Morgan 3,772 – Canadian Imperial Bank of EUR 77,145,786 USD 91,603,000 12/01/2021 Commerce 2,293,278 0.19 EUR 296,123 USD 359,000 12/01/2021 Goldman Sachs 2,770 – EUR 207,946 USD 253,000 12/01/2021 Merrill Lynch 1,210 – EUR 1,644,336 USD 1,996,000 14/01/2021 Barclays 13,404 – EUR 114,372,307 USD 133,480,343 14/01/2021 BNP Paribas 5,305,439 0.43 EUR 5,604,821 USD 6,637,000 14/01/2021 Goldman Sachs 181,724 0.02 EUR 88,017,000 USD 102,782,062 14/01/2021 Merrill Lynch 4,033,715 0.33 EUR 8,055,744 USD 9,487,000 14/01/2021 NatWest Markets 303,911 0.03 EUR 2,183,810 USD 2,606,460 14/01/2021 Societe Generale 54,070 – EUR 194,066,092 USD 226,109,242 14/01/2021 Standard Chartered 9,312,095 0.76 EUR 3,214,353 USD 3,922,805 20/01/2021 Barclays 9,495 – EUR 90,023,625 USD 106,314,030 20/01/2021 J.P. Morgan 3,167,045 0.26 EUR 5,666,999 USD 6,747,595 20/01/2021 Morgan Stanley 154,339 0.01 EUR 627,417 USD 737,985 20/01/2021 Standard Chartered 24,497 – EUR 3,202,985 USD 3,920,723 10/03/2021 Standard Chartered 3,229 – GBP 57,247,875 EUR 63,420,355 11/01/2021 J.P. Morgan 530,674 0.04 GBP 170,000 EUR 188,811 14/01/2021 Morgan Stanley 1,085 – GBP 4,790,000 EUR 5,275,716 14/01/2021 Standard Chartered 74,876 0.01 GBP 11,037,491 EUR 12,326,250 14/01/2021 UBS 2,999 – JPY 214,477,000 EUR 1,694,323 14/01/2021 Morgan Stanley 3,293 – JPY 7,498,378,771 USD 71,629,500 14/01/2021 HSBC 822,208 0.07 JPY 367,137,650 USD 3,530,000 14/01/2021 Merrill Lynch 21,581 – JPY 7,497,287,854 USD 71,629,500 14/01/2021 Standard Chartered 813,574 0.07 KRW 4,014,321,000 USD 3,626,634 14/01/2021 Citibank 53,164 – KRW 4,014,321,000 USD 3,622,706 14/01/2021 HSBC 56,373 – MXN 1,224,979,803 USD 56,435,000 14/01/2021 Citibank 4,065,371 0.33 NOK 21,937,372 EUR 2,001,179 11/01/2021 J.P. Morgan 92,549 0.01 NZD 34,881,377 EUR 19,851,436 11/01/2021 J.P. Morgan 672,237 0.06 RUB 1,492,874,391 USD 19,385,021 24/02/2021 BNP Paribas 559,601 0.05 RUB 745,041,793 USD 9,677,979 24/02/2021 Citibank 276,348 0.02 SAR 152,578,461 USD 37,069,597 18/01/2022 BNP Paribas 2,905,956 0.24 SAR 114,433,847 USD 27,802,198 24/01/2022 BNP Paribas 2,177,141 0.18 SAR 37,908,296 USD 9,267,399 24/01/2022 J.P. Morgan 674,710 0.06 SAR 77,168,173 USD 18,870,523 07/02/2022 Standard Chartered 1,365,557 0.11 SAR 77,427,647 USD 18,870,524 09/02/2022 Standard Chartered 1,421,007 0.12 SAR 38,577,012 USD 9,435,262 14/02/2022 Societe Generale 680,348 0.06 SAR 61,706,156 USD 15,121,834 15/02/2022 BNP Paribas 1,064,095 0.09 SAR 43,143,496 USD 10,585,283 15/02/2022 Societe Generale 733,909 0.06 SAR 36,882,152 USD 9,073,100 16/02/2022 J.P. Morgan 607,811 0.05 SAR 43,141,379 USD 10,585,283 16/02/2022 Societe Generale 733,309 0.06 SAR 54,461,282 USD 13,391,021 22/02/2022 J.P. Morgan 901,762 0.07 SAR 27,219,930 USD 6,695,511 22/02/2022 Standard Chartered 448,571 0.04 SAR 54,371,563 USD 13,391,021 02/03/2022 BNP Paribas 880,980 0.07 SAR 17,421,612 USD 4,285,127 07/03/2022 J.P. Morgan 286,520 0.02 SAR 27,217,252 USD 6,695,511 07/03/2022 Societe Generale 446,822 0.04 SAR 57,882,550 USD 14,500,000 30/03/2022 Standard Chartered 734,964 0.06 SAR 56,932,400 USD 14,000,000 08/06/2022 Standard Chartered 921,675 0.08 SAR 100,510,000 USD 25,000,000 15/08/2022 Standard Chartered 1,375,917 0.11 SEK 18,315,795 EUR 1,774,480 11/01/2021 J.P. Morgan 48,161 – SGD 1,712,826 EUR 1,055,051 11/01/2021 J.P. Morgan 3,975 –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 144 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts (continued) Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty EUR % of Net Assets USD 183,491 EUR 149,803 11/01/2021 J.P. Morgan 139 – USD 170,000 EUR 138,786 12/01/2021 J.P. Morgan 128 – USD 22,314,000 EUR 18,215,445 14/01/2021 Citibank 17,338 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 56,708,653 4.63 BRL 150,936,334 USD 29,694,341 10/03/2021 Goldman Sachs (549,665) (0.04) CAD 26,513,348 EUR 17,158,155 11/01/2021 J.P. Morgan (151,475) (0.01) CHF 12,739,742 EUR 11,923,895 11/01/2021 J.P. Morgan (144,375) (0.01) EUR 4,850,171 AUD 7,880,062 11/01/2021 J.P. Morgan (119,093) (0.01) EUR 1,145,515 GBP 1,038,462 11/01/2021 J.P. Morgan (14,541) – EUR 50,546,310 GBP 45,618,651 14/01/2021 NatWest Markets (411,259) (0.03) EUR 115,320 GBP 104,000 14/01/2021 Standard Chartered (851) – EUR 9,336,909 NZD 15,975,171 11/01/2021 J.P. Morgan (62,639) – EUR 105,299 SEK 1,081,477 11/01/2021 J.P. Morgan (2,321) – EUR 2,989,433 SEK 31,018,000 14/01/2021 Goldman Sachs (97,124) (0.01) EUR 1,618,981 SEK 16,561,000 14/01/2021 Societe Generale (28,980) – EUR 32,871 SGD 53,277 11/01/2021 J.P. Morgan (70) – EUR 104,962 USD 129,132 11/01/2021 J.P. Morgan (560) – EUR 898,149 USD 1,100,000 12/01/2021 Merrill Lynch (705) – EUR 5,013,434 USD 6,150,000 14/01/2021 Morgan Stanley (11,735) – GBP 440,702 EUR 493,559 11/01/2021 J.P. Morgan (1,256) – GBP 1,207,031 EUR 1,350,563 14/01/2021 Merrill Lynch (2,269) – GBP 4,672,416 EUR 5,239,548 14/01/2021 Societe Generale (20,303) – SEK 6,059 EUR 603 11/01/2021 J.P. Morgan – – SGD 132,186,437 EUR 82,958,371 11/01/2021 J.P. Morgan (1,228,623) (0.10) USD 29,953,878 EUR 25,523,703 11/01/2021 J.P. Morgan (1,046,523) (0.09) Canadian Imperial Bank of USD 123,000 EUR 100,617 12/01/2021 Commerce (109) – USD 14,250,423 EUR 11,994,000 14/01/2021 BNP Paribas (349,971) (0.03) USD 14,249,879 EUR 11,999,997 14/01/2021 Citibank (356,412) (0.03) USD 28,506,056 EUR 23,993,997 14/01/2021 Goldman Sachs (701,682) (0.06) USD 29,340,084 EUR 24,665,519 14/01/2021 Merrill Lynch (691,718) (0.06) USD 710,000 EUR 600,054 14/01/2021 Morgan Stanley (19,912) – USD 5,900,000 EUR 4,982,288 14/01/2021 Standard Chartered (161,394) (0.01) USD 48,174,523 EUR 40,783,608 20/01/2021 Citibank (1,425,921) (0.12) USD 5,753,768 EUR 4,920,590 20/01/2021 J.P. Morgan (219,869) (0.02) USD 314,310 EUR 264,907 20/01/2021 Merrill Lynch (8,121) – USD 1,517,487 EUR 1,282,699 20/01/2021 Morgan Stanley (42,941) – USD 1,973,000 INR 147,669,185 14/01/2021 Goldman Sachs (38,759) – USD 2,322,941 KRW 2,578,464,000 14/01/2021 Merrill Lynch (39,464) – USD 17,539,660 KRW 19,907,338,433 14/01/2021 Standard Chartered (627,341) (0.05) USD 41,823,000 MXN 854,686,358 14/01/2021 Goldman Sachs (836,637) (0.07) USD 37,069,597 SAR 152,578,461 18/01/2022 BNP Paribas (2,905,956) (0.24) USD 27,802,198 SAR 114,433,847 24/01/2022 BNP Paribas (2,177,141) (0.18) USD 9,267,399 SAR 37,908,296 24/01/2022 J.P. Morgan (674,710) (0.06) USD 18,870,523 SAR 77,168,173 07/02/2022 Standard Chartered (1,365,557) (0.11) USD 18,870,524 SAR 77,427,647 09/02/2022 Standard Chartered (1,421,007) (0.12) USD 9,435,262 SAR 38,577,012 14/02/2022 Societe Generale (680,348) (0.06) USD 15,121,834 SAR 61,706,156 15/02/2022 BNP Paribas (1,064,095) (0.09) USD 10,585,283 SAR 43,143,496 15/02/2022 Societe Generale (733,909) (0.06) USD 9,073,100 SAR 36,882,152 16/02/2022 J.P. Morgan (607,811) (0.05) USD 10,585,283 SAR 43,141,379 16/02/2022 Societe Generale (733,309) (0.06) USD 13,391,021 SAR 54,461,282 22/02/2022 J.P. Morgan (901,762) (0.07) USD 6,695,511 SAR 27,219,930 22/02/2022 Standard Chartered (448,571) (0.04) USD 13,391,021 SAR 54,371,563 02/03/2022 BNP Paribas (880,980) (0.07) USD 4,285,127 SAR 17,421,612 07/03/2022 J.P. Morgan (286,520) (0.02) USD 6,695,511 SAR 27,217,252 07/03/2022 Societe Generale (446,822) (0.04) USD 14,500,000 SAR 57,882,550 30/03/2022 Standard Chartered (734,964) (0.06) USD 14,000,000 SAR 56,932,400 08/06/2022 Standard Chartered (921,675) (0.08) USD 25,000,000 SAR 100,510,000 15/08/2022 Standard Chartered (1,375,917) (0.11) USD 1,144,994 TWD 32,323,000 14/01/2021 BNP Paribas (4,724) – USD 4,125,928 TWD 116,182,000 14/01/2021 HSBC (8,518) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (27,788,914) (2.27) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 28,919,739 2.36

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 145 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Financial Futures Contracts Number of Unrealised Gain/(Loss) Security Description Contracts Currency EUR % of Net Assets Australia 10 Year Bond, 15/03/2021 1,646 AUD 40,207 – E-mini Industrial Select Sector Index, 19/03/2021 513 USD 83,854 0.01 S&P 500 Annual Dividend Index, 17/12/2021 1,067 USD 1,167,371 0.09 S&P 500 Annual Dividend Index, 16/12/2022 1,083 USD 1,099,843 0.09 US 10 Year Note, 22/03/2021 4,795 USD 488,065 0.04 Total Unrealised Gain on Financial Futures Contracts - Assets 2,879,340 0.23 EURO STOXX 50 Index, 19/03/2021 (1,222) EUR (478,925) (0.04) EURO STOXX Bank Index, 19/03/2021 6,901 EUR (226,535) (0.02) MSCI ACWI Index, 19/03/2021 (1,420) USD (1,210,747) (0.10) MSCI World Index, 19/03/2021 (1,219) USD (2,318,377) (0.19) Russell 2000 Emini Index, 19/03/2021 (621) USD (1,516,068) (0.12) S&P 500 Emini Index, 19/03/2021 (245) USD (934,146) (0.08) STOXX Europe 600 Index, 19/03/2021 (619) EUR (309,995) (0.02) STOXX Europe 600 Oil Index, 19/03/2021 1,027 EUR (24,985) – Total Unrealised Loss on Financial Futures Contracts - Liabilities (7,019,778) (0.57) Net Unrealised Loss on Financial Futures Contracts - Liabilities (4,140,438) (0.34)

Credit Default Swap Contracts Interest (Paid)/ Nominal Received Market % of Net Amount Currency Counterparty Reference Entity Buy/Sell Rate Maturity Date Value EUR Assets 21,814,000 EUR J.P. Morgan ITRAXX.EUROPE.CROSSOVER.34-V1 Sell 5.00% 20/12/2025 2,611,196 0.21 Total Market Value on Credit Default Swap Contracts - Assets 2,611,196 0.21 47,858,000 USD J.P. Morgan CDX.NA.HY.35-V1 Buy (5.00)% 20/12/2025 (3,697,290) (0.30) Total Market Value on Credit Default Swap Contracts - Liabilities (3,697,290) (0.30) Net Market Value on Credit Default Swap Contracts - Liabilities (1,086,094) (0.09) ok

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 146 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Option Purchased Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets 1,775 EURO STOXX 50 Index, Call, 3,450.000, 19/02/2021 EUR J.P. Morgan 3,040,575 0.25 1,956 EURO STOXX 50 Index, Call, 3,625.000, 15/01/2021 EUR J.P. Morgan 492,912 0.04 2,152 EURO STOXX 50 Index, Call, 3,700.000, 15/01/2021 EUR J.P. Morgan 159,248 0.01 2,562 EURO STOXX 50 Index, Put, 3,000.000, 15/01/2021 EUR J.P. Morgan 92,232 0.01 2,580 FTSE 100 Index, Call, 6,500.000, 19/03/2021 GBP J.P. Morgan 5,750,340 0.47 238 MSCI Emerging Markets Index, Put, 1,175.000, 19/03/2021 USD J.P. Morgan 368,608 0.03 130 MSCI Emerging Markets Index, Put, 1,200.000, 19/02/2021 USD J.P. Morgan 232,152 0.02 810 Nikkei 225 Index, Call, 26,250.000, 12/03/2021 JPY J.P. Morgan 10,772,179 0.88 381 Russell 2000 Emini Index, Call, 2,050.000, 15/01/2021 USD J.P. Morgan 395,464 0.03 296 S&P 500 Index, Put, 3,150.000, 15/01/2021 USD J.P. Morgan 59,875 – 122 S&P 500 Index, Put, 3,460.000, 15/01/2021 USD J.P. Morgan 77,275 0.01 Total Market Value on Option Purchased Contracts - Assets 21,440,860 1.75 Option Written Contracts Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (22) Abbott Laboratories, Put, 100.000, 22/01/2021 USD J.P. Morgan (1,573) – (28) Abbott Laboratories, Put, 100.000, 15/01/2021 USD J.P. Morgan (641) – (28) Abbott Laboratories, Put, 102.000, 08/01/2021 USD J.P. Morgan (572) – (28) AbbVie, Inc., Put, 90.000, 08/01/2021 USD J.P. Morgan (69) – (28) AbbVie, Inc., Put, 92.500, 15/01/2021 USD J.P. Morgan (275) – (28) AbbVie, Inc., Put, 100.000, 22/01/2021 USD J.P. Morgan (1,979) – (10) Accenture plc, Call, 265.000, 08/01/2021 USD J.P. Morgan (1,246) – (10) Accenture plc, Put, 215.000, 15/01/2021 USD J.P. Morgan (327) – (10) Accenture plc, Put, 247.500, 22/01/2021 USD J.P. Morgan (1,696) – (8) Adobe, Inc., Call, 530.000, 08/01/2021 USD J.P. Morgan (317) – (8) Adobe, Inc., Put, 435.000, 15/01/2021 USD J.P. Morgan (396) – (8) Adobe, Inc., Put, 445.000, 22/01/2021 USD J.P. Morgan (1,448) – (4) Alphabet, Inc., Call, 1,855.000, 15/01/2021 USD J.P. Morgan (1,831) – (4) Alphabet, Inc., Call, 1,860.000, 15/01/2021 USD J.P. Morgan (1,602) – (4) Alphabet, Inc., Put, 1,610.000, 22/01/2021 USD J.P. Morgan (2,942) – (4) Alphabet, Inc., Put, 1,620.000, 22/01/2021 USD J.P. Morgan (2,844) – (8) Alphabet, Inc., Put, 3,400.000, 08/01/2021 USD J.P. Morgan (5,787) – (7) Amazon.com, Inc., Call, 3,470.000, 08/01/2021 USD J.P. Morgan (2,946) – (7) Amazon.com, Inc., Put, 2,790.000, 22/01/2021 USD J.P. Morgan (2,846) – (7) Amazon.com, Inc., Put, 2,840.000, 15/01/2021 USD J.P. Morgan (2,303) – (9) Amgen, Inc., Call, 237.500, 15/01/2021 USD J.P. Morgan (1,236) – (9) Amgen, Inc., Call, 245.000, 22/01/2021 USD J.P. Morgan (644) – (9) Amgen, Inc., Call, 245.000, 08/01/2021 USD J.P. Morgan (195) – (263) Apple, Inc., Call, 137.000, 08/01/2021 USD J.P. Morgan (20,098) – (249) Apple, Inc., Put, 100.000, 15/01/2021 USD J.P. Morgan (2,747) – (190) Apple, Inc., Put, 110.000, 22/01/2021 USD J.P. Morgan (4,814) – (115) AT&T, Inc., Call, 30.500, 22/01/2021 USD J.P. Morgan (1,034) – (115) AT&T, Inc., Call, 30.500, 15/01/2021 USD J.P. Morgan (705) – (7) AT&T, Inc., Put, 31.000, 08/01/2021 USD J.P. Morgan (1,596) – (124) Bank of America Corp., Put, 26.500, 15/01/2021 USD J.P. Morgan (405) – (118) Bank of America Corp., Put, 26.500, 08/01/2021 USD J.P. Morgan (241) – (124) Bank of America Corp., Put, 27.500, 22/01/2021 USD J.P. Morgan (1,824) – (31) Berkshire Hathaway, Inc., Put, 217.500, 08/01/2021 USD J.P. Morgan (481) – (31) Berkshire Hathaway, Inc., Put, 222.500, 22/01/2021 USD J.P. Morgan (2,660) – (31) Berkshire Hathaway, Inc., Put, 222.500, 15/01/2021 USD J.P. Morgan (2,116) – (36) Bristol-Myers Squibb Co., Call, 66.000, 22/01/2021 USD J.P. Morgan (853) – (36) Bristol-Myers Squibb Co., Call, 66.000, 15/01/2021 USD J.P. Morgan (588) – (36) Bristol-Myers Squibb Co., Call, 66.000, 08/01/2021 USD J.P. Morgan (235) – (6) Broadcom, Inc., Call, 445.000, 08/01/2021 USD J.P. Morgan (1,643) – (6) Broadcom, Inc., Put, 350.000, 15/01/2021 USD J.P. Morgan (159) – (6) Broadcom, Inc., Put, 390.000, 22/01/2021 USD J.P. Morgan (797) – (30) Chevron Corp., Put, 77.500, 15/01/2021 USD J.P. Morgan (1,165) – (30) Chevron Corp., Put, 80.000, 22/01/2021 USD J.P. Morgan (3,016) – (30) Chevron Corp., Put, 80.000, 08/01/2021 USD J.P. Morgan (772) – (68) Cisco Systems, Inc., Call, 47.500, 08/01/2021 USD J.P. Morgan (111) – (68) Cisco Systems, Inc., Call, 48.000, 15/01/2021 USD J.P. Morgan (278) – (68) Cisco Systems, Inc., Put, 41.000, 22/01/2021 USD J.P. Morgan (973) – (33) Citigroup, Inc., Put, 47.500, 15/01/2021 USD J.P. Morgan (243) – (33) Citigroup, Inc., Put, 49.000, 08/01/2021 USD J.P. Morgan (54) – (33) Citigroup, Inc., Put, 50.000, 22/01/2021 USD J.P. Morgan (485) – (62) Coca-Cola Co. (The), Call, 55.500, 15/01/2021 USD J.P. Morgan (3,142) –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 147 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Option Written Contracts (continued) Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (62) Coca-Cola Co. (The), Call, 57.000, 08/01/2021 USD J.P. Morgan (380) – (62) Coca-Cola Co. (The), Call, 57.500, 22/01/2021 USD J.P. Morgan (1,343) – (73) Comcast Corp., Call, 53.500, 15/01/2021 USD J.P. Morgan (3,132) – (73) Comcast Corp., Put, 45.000, 08/01/2021 USD J.P. Morgan (119) – (73) Comcast Corp., Put, 46.000, 22/01/2021 USD J.P. Morgan (447) – (7) Costco Wholesale Corp., Put, 325.000, 15/01/2021 USD J.P. Morgan (120) – (7) Costco Wholesale Corp., Put, 325.000, 08/01/2021 USD J.P. Morgan (46) – (7) Costco Wholesale Corp., Put, 345.000, 22/01/2021 USD J.P. Morgan (403) – (13) Eli Lilly and Co., Put, 160.000, 08/01/2021 USD J.P. Morgan (345) – (13) Eli Lilly and Co., Put, 162.500, 15/01/2021 USD J.P. Morgan (1,546) – (13) Eli Lilly and Co., Put, 165.000, 22/01/2021 USD J.P. Morgan (2,906) – (1,775) EURO STOXX 50 Index, Call, 3,650.000, 19/02/2021 EUR J.P. Morgan (928,325) (0.08) (710) EURO STOXX 50 Index, Put, 3,200.000, 19/02/2021 EUR J.P. Morgan (201,640) (0.02) (68) Exxon Mobil Corp., Call, 47.000, 15/01/2021 USD J.P. Morgan (472) – (68) Exxon Mobil Corp., Call, 48.000, 08/01/2021 USD J.P. Morgan (111) – (68) Exxon Mobil Corp., Put, 38.500, 22/01/2021 USD J.P. Morgan (2,668) – (39) Facebook, Inc., Call, 295.000, 15/01/2021 USD J.P. Morgan (3,905) – (39) Facebook, Inc., Call, 300.000, 08/01/2021 USD J.P. Morgan (574) – (39) Facebook, Inc., Call, 302.500, 22/01/2021 USD J.P. Morgan (3,713) – (2,580) FTSE 100 Index, Call, 6,600.000, 19/03/2021 GBP J.P. Morgan (4,410,035) (0.36) (215) FTSE 100 Index, Put, 6,250.000, 19/03/2021 GBP J.P. Morgan (429,954) (0.04) (17) Home Depot, Inc. (The), Call, 280.000, 22/01/2021 USD J.P. Morgan (1,417) – (17) Home Depot, Inc. (The), Call, 282.500, 08/01/2021 USD J.P. Morgan (139) – (17) Home Depot, Inc. (The), Call, 285.000, 15/01/2021 USD J.P. Morgan (382) – (68) Intel Corp., Call, 50.500, 15/01/2021 USD J.P. Morgan (6,169) – (68) Intel Corp., Call, 55.000, 22/01/2021 USD J.P. Morgan (3,724) – (68) Intel Corp., Call, 55.000, 08/01/2021 USD J.P. Morgan (306) – (14) International Business Machines Corp., Call, 132.000, 15/01/2021 USD J.P. Morgan (515) – (14) International Business Machines Corp., Call, 134.000, 22/01/2021 USD J.P. Morgan (1,253) – (14) International Business Machines Corp., Call, 134.000, 08/01/2021 USD J.P. Morgan (97) – (42) Johnson & Johnson, Call, 157.500, 08/01/2021 USD J.P. Morgan (5,630) – (42) Johnson & Johnson, Call, 165.000, 22/01/2021 USD J.P. Morgan (4,171) – (42) Johnson & Johnson, Put, 150.000, 15/01/2021 USD J.P. Morgan (1,545) – (49) JPMorgan Chase & Co., Call, 135.000, 15/01/2021 USD J.P. Morgan (2,423) – (49) JPMorgan Chase & Co., Put, 109.000, 08/01/2021 USD J.P. Morgan (280) – (49) JPMorgan Chase & Co., Put, 113.000, 22/01/2021 USD J.P. Morgan (2,123) – (14) Mastercard, Inc., Call, 362.500, 08/01/2021 USD J.P. Morgan (3,232) – (14) Mastercard, Inc., Call, 365.000, 15/01/2021 USD J.P. Morgan (4,748) – (14) Mastercard, Inc., Call, 385.000, 22/01/2021 USD J.P. Morgan (1,877) – (10) McDonald's Corp., Put, 200.000, 22/01/2021 USD J.P. Morgan (637) – (12) McDonald's Corp., Put, 200.000, 08/01/2021 USD J.P. Morgan (162) – (12) McDonald's Corp., Put, 210.000, 15/01/2021 USD J.P. Morgan (1,829) – (21) Medtronic plc, Call, 124.000, 15/01/2021 USD J.P. Morgan (472) – (18) Medtronic plc, Put, 104.000, 22/01/2021 USD J.P. Morgan (449) – (40) Merck & Co., Inc., Call, 83.000, 15/01/2021 USD J.P. Morgan (3,547) – (40) Merck & Co., Inc., Call, 86.000, 22/01/2021 USD J.P. Morgan (1,308) – (40) Merck & Co., Inc., Call, 86.000, 08/01/2021 USD J.P. Morgan (245) – (122) Microsof Corp., Call, 230.000, 08/01/2021 USD J.P. Morgan (5,733) – (122) Microsof Corp., Call, 237.500, 22/01/2021 USD J.P. Morgan (8,326) – (122) Microsof Corp., Put, 202.500, 15/01/2021 USD J.P. Morgan (3,889) – (238) MSCI Emerging Markets Index, Call, 1,275.000, 19/03/2021 USD J.P. Morgan (1,100,960) (0.09) (130) MSCI Emerging Markets Index, Call, 1,300.000, 19/02/2021 USD J.P. Morgan (337,869) (0.03) (238) MSCI Emerging Markets Index, Put, 1,075.000, 19/03/2021 USD J.P. Morgan (194,516) (0.02) (7) Netflix, Inc., Call, 575.000, 08/01/2021 USD J.P. Morgan (1,093) – (7) Netflix, Inc., Put, 465.000, 15/01/2021 USD J.P. Morgan (455) – (7) Netflix, Inc., Put, 470.000, 22/01/2021 USD J.P. Morgan (2,331) – (20) NIKE, Inc., Call, 152.500, 22/01/2021 USD J.P. Morgan (597) – (20) NIKE, Inc., Put, 115.000, 08/01/2021 USD J.P. Morgan (139) – (20) NIKE, Inc., Put, 120.000, 15/01/2021 USD J.P. Morgan (360) – (810) Nikkei 225 Index, Call, 26,750.000, 12/03/2021 JPY J.P. Morgan (8,399,734) (0.69) (90) Nikkei 225 Index, Put, 25,250.000, 12/03/2021 JPY J.P. Morgan (213,734) (0.02) (9) NVIDIA Corp., Put, 445.000, 22/01/2021 USD J.P. Morgan (1,004) – (9) NVIDIA Corp., Put, 465.000, 08/01/2021 USD J.P. Morgan (202) – (9) NVIDIA Corp., Put, 500.000, 15/01/2021 USD J.P. Morgan (4,910) – (33) Oracle Corp., Call, 65.000, 08/01/2021 USD J.P. Morgan (1,483) – (25) Oracle Corp., Put, 61.500, 15/01/2021 USD J.P. Morgan (593) –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 148 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Option Written Contracts (continued) Market Value Quantity Security Description Currency Counterparty EUR % of Net Assets (31) Oracle Corp., Put, 64.000, 22/01/2021 USD J.P. Morgan (2,850) – (19) PayPal Holdings, Inc., Call, 250.000, 08/01/2021 USD J.P. Morgan (971) – (19) PayPal Holdings, Inc., Put, 185.000, 15/01/2021 USD J.P. Morgan (326) – (19) PayPal Holdings, Inc., Put, 205.000, 22/01/2021 USD J.P. Morgan (1,856) – (22) PepsiCo, Inc., Call, 150.000, 15/01/2021 USD J.P. Morgan (2,310) – (22) PepsiCo, Inc., Call, 155.000, 22/01/2021 USD J.P. Morgan (953) – (22) PepsiCo, Inc., Put, 140.000, 08/01/2021 USD J.P. Morgan (369) – (89) Pfizer, Inc., Call, 40.500, 22/01/2021 USD J.P. Morgan (836) – (89) Pfizer, Inc., Call, 42.500, 08/01/2021 USD J.P. Morgan (109) – (25) Philip Morris International, Inc., Call, 91.000, 08/01/2021 USD J.P. Morgan (347) – (25) Philip Morris International, Inc., Put, 82.000, 22/01/2021 USD J.P. Morgan (2,820) – (25) Philip Morris International, Inc., Put, 83.000, 15/01/2021 USD J.P. Morgan (3,024) – (40) Procter & Gamble Co. (The), Put, 130.000, 15/01/2021 USD J.P. Morgan (1,030) – (40) Procter & Gamble Co. (The), Put, 131.000, 22/01/2021 USD J.P. Morgan (3,318) – (122) S&P 500 Index, Put, 3,260.000, 15/01/2021 USD J.P. Morgan (33,403) – (12) salesforce.com, Inc., Put, 210.000, 08/01/2021 USD J.P. Morgan (549) – (14) salesforce.com, Inc., Put, 215.000, 22/01/2021 USD J.P. Morgan (3,667) – (14) salesforce.com, Inc., Put, 220.000, 15/01/2021 USD J.P. Morgan (4,949) – (10) Union Pacific Corp., Call, 222.500, 22/01/2021 USD J.P. Morgan (1,238) – (10) Union Pacific Corp., Put, 187.500, 15/01/2021 USD J.P. Morgan (413) – (10) Union Pacific Corp., Put, 190.000, 08/01/2021 USD J.P. Morgan (200) – (15) UnitedHealth Group, Inc., Call, 375.000, 22/01/2021 USD J.P. Morgan (2,801) – (15) UnitedHealth Group, Inc., Put, 322.500, 08/01/2021 USD J.P. Morgan (1,496) – (15) UnitedHealth Group, Inc., Put, 330.000, 15/01/2021 USD J.P. Morgan (3,304) – (66) Verizon Communications, Inc., Call, 61.000, 22/01/2021 USD J.P. Morgan (728) – (66) Verizon Communications, Inc., Call, 62.000, 15/01/2021 USD J.P. Morgan (324) – (66) Verizon Communications, Inc., Call, 63.000, 08/01/2021 USD J.P. Morgan (108) – (27) Visa, Inc., Call, 222.500, 15/01/2021 USD J.P. Morgan (5,837) – (27) Visa, Inc., Call, 222.500, 08/01/2021 USD J.P. Morgan (3,255) – (27) Visa, Inc., Put, 205.000, 22/01/2021 USD J.P. Morgan (2,681) – (23) Walmart, Inc., Put, 135.000, 08/01/2021 USD J.P. Morgan (160) – (23) Walmart, Inc., Put, 137.000, 15/01/2021 USD J.P. Morgan (761) – (17) Walmart, Inc., Put, 140.000, 22/01/2021 USD J.P. Morgan (1,737) – (29) Walt Disney Co. (The), Put, 135.000, 08/01/2021 USD J.P. Morgan (24) – (29) Walt Disney Co. (The), Put, 140.000, 15/01/2021 USD J.P. Morgan (332) – (29) Walt Disney Co. (The), Put, 145.000, 22/01/2021 USD J.P. Morgan (616) – Total Market Value on Option Written Contracts - Liabilities (16,497,444) (1.35)

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 149 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Total Return Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 2,722,132 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 22,129 – Pay ABB Ltd. 2,716,294 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 3,677 – Pay Cie Financiere Richemont SA 870,167 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 5,592 – Pay EMS-Chemie Holding AG 2,377,255 EUR Societe Generale Receive Spread of (0.568)% on Notional 29/11/2021 40,701 – Pay Bayerische Motoren Werke AG 777,248 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 534 – Pay BEWDPPBR Equity 2,541,598 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 26,801 – Pay Continental AG 762,838 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 14,945 – Pay MTU Aero Engines AG 718,890 GBP Merrill Lynch Receive Spread of 0.041% on Notional 29/11/2021 20,780 – Pay Direxion Daily S&P 500 Bull 3X Shares 2,486,641 GBP Merrill Lynch Receive Spread of 0.041% on Notional 29/11/2021 79,909 0.01 Pay Rio Tinto plc 95,968,381 JPY BNP Paribas Receive Spread of (0.112)% on Notional 29/11/2021 92,160 0.01 Pay Lixil Corp. 22,956,473 SEK Societe Generale Receive Spread of (0.121)% on Notional 29/11/2021 6,595 – Pay Hennes & Mauritz AB 8,933,913 SEK Merrill Lynch Receive Spread of (0.131)% on Notional 29/11/2021 11,379 – Pay SENIBEbST Equity 892,107 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 37,367 – Pay Discovery, Inc. 1,918,968 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 275,018 0.02 Pay CenturyLink, Inc. 1,451,700 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 4,848 – Pay CenturyLink, Inc. 3,495,152 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 587,815 0.05 Pay EUMSDEEMUN Index 1,916,110 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 297,185 0.03 Pay Fox Corp. 3,077,233 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 2,566 – Pay Verizon Communications, Inc. 942,234 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 46,856 0.01 Pay ViacomCBS, Inc. Total Market Value on Total Return Swap Contracts - Assets 1,576,857 0.13 796,080 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 (23,768) – Pay Belimo Holding AG 3,479,182 CHF Merrill Lynch Receive Spread of (0.868)% on Notional 29/11/2021 (29,369) – Pay Geberit AG 2,822,531 CHF Societe Generale Receive Spread of (0.868)% on Notional 29/11/2021 (84) – Pay Sika AG 37,579,873 EUR Merrill Lynch Receive Spread of (0.549)% on Notional 09/07/2021 (416,581) (0.04) Pay EUMSDEEMUN Index 800,948 EUR Merrill Lynch Receive Spread of (0.568)% on Notional 29/11/2021 (6,868) – Pay Ferrari NV 93,121,102 JPY BNP Paribas Receive Spread of (0.119)% on Notional 03/12/2021 (46,661) (0.01) Pay itto Boseki Co. Ltd. 3,499,175 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (22,045) – Pay AT&T, Inc. 957,856 USD J.P. Morgan Receive Spread of 0.155% on Notional 29/11/2021 (10,004) – Pay CAE, Inc. 2,300,619 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (25,332) – Pay Discovery, Inc. 1,208,654 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 (255,307) (0.02) Pay EUMSDEEMUN Index 3,599,886 USD Merrill Lynch Receive Spread of 0.145% on Notional 29/11/2021 (105,431) (0.01) Pay Fortive Corp. 1,284,444 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (3,465) – Pay Fox Corp. 855,550 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (16,084) – Pay Illinois Tool Works, Inc. 1,047,765 USD Merrill Lynch Receive Spread of 0.155% on Notional 29/11/2021 (35,353) – Pay Monolithic Power Systems, Inc. 928,618 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 (458,483) (0.04) Pay Netflix, Inc.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 150 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - MULTI-STRATEGY TARGET RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Total Return Swap Contracts (continued) Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 1,441,312 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (21,879) – Pay Netflix, Inc. 861,995 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (16,625) – Pay Parker-Hannifin Corp. 2,955,719 USD Merrill Lynch Receive Spread of 0.146% on Notional 29/11/2021 (44,213) (0.01) Pay Texas Instruments, Inc. 29,694,196 USD Societe Generale Receive Spread of 0.149% on Notional 08/09/2021 (230,739) (0.02) Pay USM1WO0IN Index 2,813,696 USD Societe Generale Receive Spread of 0.153% on Notional 13/01/2021 (60,196) (0.01) Pay Verizon Communications, Inc. 2,098,291 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (36,428) – Pay ViacomCBS, Inc. 999,438 USD J.P. Morgan Receive Spread of 0.155% on Notional 29/11/2021 (19,405) – Pay Vicor Corp. 2,024,234 USD Merrill Lynch Receive Spread of 0.155% on Notional 13/01/2021 (36,205) – Pay Walt Disney Co/The Total Market Value on Total Return Swap Contracts - Liabilities (1,920,525) (0.16) Net Market Value on Total Return Swap Contracts - Liabilities (343,668) (0.03)

Interest Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets Pay floating CNREPOFIX=CFXS 1 week Receive fixed 372,044,000 CNY J.P. Morgan 2.825% 16/12/2025 383,286 0.03 Pay floating CNREPOFIX=CFXS 1 week Receive fixed 299,014,000 CNY J.P. Morgan 2.88% 16/12/2025 404,948 0.04 Pay floating CNREPOFIX=CFXS 1 week Receive fixed 672,862,000 CNY J.P. Morgan 2.875% 16/12/2025 891,420 0.07 Pay floating CNREPOFIX=CFXS 1 week Receive fixed 733,841,000 CNY J.P. Morgan 2.883% 16/12/2025 1,006,796 0.08 Total Market Value on Interest Rate Swap Contracts - Assets 2,686,450 0.22 Net Market Value on Interest Rate Swap Contracts - Assets 2,686,450 0.22

Inflation Rate Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 18,000,000 USD J.P. Morgan Pay fixed 2.072 Receive floating USCPI 1 month 26/10/2050 754,035 0.06 5,750,333 USD J.P. Morgan Pay fixed 1.807 Receive floating USCPI 1 month 28/07/2050 673,938 0.06 5,750,334 USD J.P. Morgan Pay fixed 1.81 Receive floating USCPI 1 month 29/07/2050 669,866 0.05 5,750,333 USD J.P. Morgan Pay fixed 1.828 Receive floating USCPI 1 month 28/07/2050 643,384 0.05 Total Market Value on Inflation Rate Swap Contracts - Assets 2,741,223 0.22 Net Market Value on Inflation Rate Swap Contracts - Assets 2,741,223 0.22

Equity Variance Swap Contracts Market Value Nominal Amount Currency Counterparty Security Description Maturity Date EUR % of Net Assets 413,280,000 USD Barclays S&P 500 Index 18/06/2021 8,708,320 0.71 Total Market Value on Equity Variance Swap Contracts - Assets 8,708,320 0.71 124,159,400 USD Barclays S&P 500 Index 15/01/2021 (5,715,062) (0.47) Total Market Value on Equity Variance Swap Contracts - Liabilities (5,715,062) (0.47) Net Market Value on Equity Variance Swap Contracts - Assets 2,993,258 0.24

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 151 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SHORT DURATION GLOBAL HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Fabric BC SpA, Reg. S, FRN exchange listing 4.125% 30/11/2024 EUR 4,500,000 5,548,726 0.71 Bonds Gamma Bidco SpA, Reg. S Bermuda 6.25% 15/07/2025 EUR 4,067,000 5,202,936 0.67 Fly Leasing Ltd. 5.25% Intesa Sanpaolo SpA, Reg. S 15/10/2024 USD 5,000,000 4,771,875 0.61 6.625% 13/09/2023 EUR 1,400,000 1,962,197 0.25 4,771,875 0.61 LKQ Italia Bondco SpA, Reg. Denmark S 3.875% 01/04/2024 EUR 1,500,000 1,993,937 0.26 Norican A/S, Reg. S 4.5% Nexi SpA, Reg. S 1.75% 15/05/2023 EUR 2,392,000 2,561,969 0.33 31/10/2024 EUR 2,270,000 2,829,410 0.36 2,561,969 0.33 Rekeep SpA, Reg. S 9% France 15/06/2022 EUR 7,550,000 9,573,721 1.23 Altice France SA, Reg. S Webuild SpA, Reg. S 5.875% 2.5% 15/01/2025 EUR 7,500,000 9,050,170 1.16 15/12/2025 EUR 2,234,000 2,835,548 0.37 Elis SA, Reg. S 1% 38,591,307 4.96 03/04/2025 EUR 1,800,000 2,192,425 0.28 Luxembourg Picard Groupe SAS, Reg. S, ADLER Group SA, Reg. S FRN 3% 30/11/2023 EUR 7,500,000 9,207,203 1.19 3.25% 05/08/2025 EUR 2,600,000 3,331,044 0.43 Rubis Terminal Infra SAS, ArcelorMittal SA 3.6% Reg. S 5.625% 15/05/2025 EUR 759,000 996,668 0.13 16/07/2024 USD 2,000,000 2,158,913 0.28 SPCM SA, Reg. S 2% B&M European Value 01/02/2026 EUR 1,700,000 2,121,152 0.27 Retail SA, Reg. S 3.625% 23,567,618 3.03 15/07/2025 GBP 1,500,000 2,099,041 0.27 Germany Consolidated Energy ADLER Real Estate AG, Reg. Finance SA, 144A 6.875% S 2.125% 06/02/2024 EUR 3,800,000 4,728,647 0.61 15/06/2025 USD 6,620,000 6,744,125 0.86 Consus Real Estate AG, Reg. Gestamp Funding S 9.625% 15/05/2024 EUR 4,900,000 6,480,161 0.83 Luxembourg SA, Reg. S DEMIRE Deutsche 3.5% 15/05/2023 EUR 4,800,000 5,936,650 0.76 Mittelstand Real Estate AG, Groupe Ecore Holding Reg. S 1.875% 15/10/2024 EUR 5,900,000 7,088,332 0.91 SAS, Reg. S, FRN 6.25% HT Troplast GmbH, Reg. S 15/11/2023 EUR 4,650,000 5,130,351 0.66 9.25% 15/07/2025 EUR 2,089,000 2,857,204 0.37 Lincoln Financing SARL, KION Group AG, Reg. S Reg. S, FRN 3.875% 1.625% 24/09/2025 EUR 1,800,000 2,289,042 0.30 01/04/2024 EUR 4,433,000 5,445,552 0.70 Nordex SE, Reg. S 6.5% Matterhorn Telecom SA, 01/02/2023 EUR 6,010,000 7,561,752 0.97 Reg. S 2.625% 15/09/2024 EUR 5,000,000 6,214,144 0.80 Peach Property Finance Stena International SA, GmbH, Reg. S 4.375% 144A 6.125% 01/02/2025 USD 1,500,000 1,481,250 0.19 15/11/2025 EUR 1,583,000 2,036,659 0.26 38,541,070 4.95 Peach Property Finance Netherlands GmbH, Reg. S 3.5% Fiat Chrysler Automobiles 15/02/2023 EUR 4,900,000 6,162,667 0.79 NV 5.25% 15/04/2023 USD 7,630,000 8,192,712 1.05 Schaefler AG, Reg. S 2.75% IPD 3 BV, Reg. S 5.5% 12/10/2025 EUR 1,800,000 2,344,115 0.30 01/12/2025 EUR 1,378,000 1,749,899 0.22 Tele Columbus AG, Reg. S OCI NV, 144A 4.625% 3.875% 02/05/2025 EUR 1,700,000 2,101,573 0.27 15/10/2025 USD 3,865,000 4,017,184 0.52 43,650,152 5.61 Phoenix PIB Dutch Guernsey Finance BV, Reg. S 2.375% Summit Properties Ltd., 05/08/2025 EUR 1,900,000 2,393,876 0.31 Reg. S 2% 31/01/2025 EUR 4,200,000 5,083,116 0.65 Q-Park Holding I BV, Reg. S 5,083,116 0.65 1.5% 01/03/2025 EUR 1,944,000 2,309,702 0.30 Ireland Trivium Packaging Finance eircom Finance DAC, Reg. S BV, Reg. S, FRN 3.75% 1.75% 01/11/2024 EUR 1,700,000 2,056,440 0.27 15/08/2026 EUR 500,000 614,866 0.08 2,056,440 0.27 19,278,239 2.48 Isle of Man Spain Playtech plc, Reg. S 3.75% Cellnex Telecom SA, Reg. S 12/10/2023 EUR 3,848,000 4,802,117 0.62 2.875% 18/04/2025 EUR 1,600,000 2,125,594 0.27 4,802,117 0.62 2,125,594 0.27 Italy Sweden Bormioli Pharma Spa, Reg. Intrum AB, Reg. S 3.125% S, FRN 3.5% 15/11/2024 EUR 7,200,000 8,644,832 1.11 15/07/2024 EUR 1,900,000 2,343,576 0.30 2,343,576 0.30

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 152 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 United Kingdom MGM Growth Properties Co-Operative Group Ltd., Operating Partnership LP, Reg. S 5.125% 17/05/2024 GBP 1,427,000 2,083,325 0.27 REIT 5.625% 01/05/2024 USD 5,000,000 5,440,125 0.70 Drax Finco plc, 144A 6.625% Occidental Petroleum Corp. 01/11/2025 USD 3,200,000 3,358,000 0.43 3.4% 15/04/2026 USD 10,115,000 9,662,657 1.24 Iron Mountain UK plc, REIT, Occidental Petroleum Corp. Reg. S 3.875% 15/11/2025 GBP 5,700,000 7,920,413 1.02 2.9% 15/08/2024 USD 1,435,000 1,383,340 0.18 Miller Homes Group Oceaneering International, Holdings plc, Reg. S, FRN Inc. 4.65% 15/11/2024 USD 7,100,000 6,478,750 0.83 5.296% 15/10/2023 GBP 823,602 1,126,670 0.15 OneMain Finance Corp. Rolls-Royce plc, Reg. S 6.125% 15/03/2024 USD 12,000,000 13,125,000 1.69 4.625% 16/02/2026 EUR 485,000 645,647 0.08 PBF Holding Co. LLC 7.25% Stonegate Pub Co. 15/06/2025 USD 5,000,000 3,250,550 0.42 Financing 2019 plc, Reg. S Penske Automotive Group, 8.25% 31/07/2025 GBP 3,400,000 4,718,469 0.61 Inc. 3.5% 01/09/2025 USD 2,160,000 2,195,100 0.28 Synlab Bondco plc, Reg. S, Resolute Forest Products, FRN 4.829% 01/07/2025 EUR 3,302,000 4,142,511 0.53 Inc. 5.875% 15/05/2023 USD 3,000,000 3,003,435 0.39 Synthomer plc, Reg. S Tempur Sealy International, 3.875% 01/07/2025 EUR 1,703,000 2,196,565 0.28 Inc. 5.625% 15/10/2023 USD 2,667,000 2,720,060 0.35 Travis Perkins plc, Reg. S Tenet Healthcare Corp. 3.75% 17/02/2026 GBP 460,000 654,335 0.08 6.75% 15/06/2023 USD 8,000,000 8,588,000 1.10 Wagamama Finance plc, WESCO Distribution, Inc. Reg. S 4.125% 01/07/2022 GBP 1,600,000 2,143,570 0.28 5.375% 15/06/2024 USD 2,000,000 2,055,000 0.26 28,989,505 3.73 WPX Energy, Inc. 5.25% United States of America 15/09/2024 USD 4,000,000 4,367,080 0.56 Ally Financial, Inc. 5.75% 152,843,500 19.64 20/11/2025 USD 8,000,000 9,319,957 1.20 Total Bonds 369,206,078 47.45 Avantor Funding, Inc., Reg. Total Transferable securities and money market S 2.625% 01/11/2025 EUR 2,836,000 3,573,116 0.46 instruments admitted to an oficial exchange listing 369,206,078 47.45 Berry Global, Inc., Reg. S 1% Transferable securities and money market instruments dealt in on another 15/01/2025 EUR 1,600,000 1,985,189 0.25 regulated market Boxer Parent Co., Inc., Reg. Bonds S 6.5% 02/10/2025 EUR 1,534,000 2,001,512 0.26 Australia Cedar Fair LP 5.375% FMG Resources August 01/06/2024 USD 250,000 251,223 0.03 2006 Pty. Ltd., 144A 4.75% 15/05/2022 USD 10,840,000 11,171,975 1.44 CenturyLink, Inc. 6.45% 15/06/2021 USD 10,700,000 10,938,075 1.41 11,171,975 1.44 Bermuda CIT Group, Inc. 5% 15/08/2022 USD 5,450,000 5,784,848 0.74 NCL Corp. Ltd., 144A 10.25% 01/02/2026 USD 2,310,000 2,720,025 0.35 Delta Air Lines, Inc. 7.375% 15/01/2026 USD 520,000 597,028 0.08 NCL Corp. Ltd., 144A 5.875% 15/03/2026 USD 725,000 758,437 0.10 Ford Motor Co. 8.5% 21/04/2023 USD 2,530,000 2,851,576 0.37 NCL Corp. Ltd., 144A 12.25% 15/05/2024 USD 3,165,000 3,817,781 0.49 Ford Motor Credit Co. LLC 7,296,243 0.94 2.748% 14/06/2024 GBP 2,334,000 3,192,066 0.41 Canada Ford Motor Credit Co. LLC Bausch Health Cos., Inc., 5.584% 18/03/2024 USD 10,285,000 11,107,800 1.43 144A 6.125% 15/04/2025 USD 11,500,000 11,848,890 1.52 Genesis Energy LP 6.5% Bombardier, Inc., 144A 01/10/2025 USD 5,000,000 4,871,875 0.63 5.75% 15/03/2022 USD 3,520,000 3,594,870 0.46 HCA, Inc. 5.875% Fairstone Financial, Inc., 01/05/2023 USD 2,000,000 2,200,410 0.28 144A 7.875% 15/07/2024 USD 5,000,000 5,315,100 0.68 HCA, Inc. 5.375% goeasy Ltd., 144A 5.375% 01/02/2025 USD 10,000,000 11,260,150 1.45 01/12/2024 USD 4,011,000 4,179,382 0.54 Hilton Grand Vacations New Gold, Inc., 144A 6.375% Borrower LLC 6.125% 15/05/2025 USD 1,334,000 1,396,531 0.18 01/12/2024 USD 3,065,000 3,221,759 0.41 Norbord, Inc., 144A 6.25% Lennar Corp. 4.5% 15/04/2023 USD 6,000,000 6,524,370 0.84 30/04/2024 USD 6,850,000 7,582,094 0.97 Videotron Ltd., 144A 5.375% Lennar Corp. 5.875% 15/06/2024 USD 5,000,000 5,528,075 0.71 15/11/2024 USD 4,000,000 4,617,500 0.59 38,387,218 4.93 M/I Homes, Inc. 5.625% 01/08/2025 USD 5,000,000 5,218,225 0.67

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 153 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Liberia Carvana Co., 144A 5.625% Royal Caribbean Cruises 01/10/2025 USD 4,000,000 4,110,000 0.53 Ltd., 144A 10.875% Cheniere Energy Partners 01/06/2023 USD 620,000 706,648 0.09 LP 5.25% 01/10/2025 USD 4,000,000 4,109,000 0.53 Royal Caribbean Cruises Consolidated Ltd., 144A 11.5% 01/06/2025 USD 515,000 601,541 0.08 Communications, Inc., 144A 1,308,189 0.17 6.5% 01/10/2028 USD 905,000 969,708 0.12 Luxembourg CSC Holdings LLC 5.875% Nielsen Co. Luxembourg 15/09/2022 USD 11,985,000 12,711,591 1.63 SARL (The), 144A 5% CVR Partners LP, 144A 9.25% 01/02/2025 USD 4,000,000 4,112,500 0.53 15/06/2023 USD 10,605,000 10,629,285 1.37 4,112,500 0.53 Dave & Buster's, Inc., 144A Norway 7.625% 01/11/2025 USD 1,305,000 1,376,775 0.18 Aker BP ASA, 144A 4.75% DCP Midstream Operating 15/06/2024 USD 4,005,000 4,144,323 0.53 LP 5.375% 15/07/2025 USD 6,000,000 6,596,250 0.85 4,144,323 0.53 Endeavor Energy Resources Panama LP, 144A 6.625% 15/07/2025 USD 4,017,000 4,304,457 0.55 Carnival Corp., 144A 7.625% Entercom Media Corp., 144A 01/03/2026 USD 740,000 804,288 0.10 7.25% 01/11/2024 USD 3,000,000 2,998,125 0.38 804,288 0.10 Enterprise Development Supranational Authority (The), 144A 12% Ardagh Packaging Finance 15/07/2024 USD 3,000,000 3,386,250 0.43 plc, 144A 5.25% 30/04/2025 USD 1,335,000 1,410,220 0.18 EW Scripps Co. (The), 144A Delta Air Lines, Inc., 144A 5.125% 15/05/2025 USD 4,000,000 4,090,440 0.53 4.5% 20/10/2025 USD 3,635,000 3,900,596 0.50 Expedia Group, Inc., 144A 5,310,816 0.68 6.25% 01/05/2025 USD 1,410,000 1,634,844 0.21 United States of America Expedia Group, Inc., 144A Acadia Healthcare Co., Inc. 7% 01/05/2025 USD 700,000 771,855 0.10 5.625% 15/02/2023 USD 1,500,000 1,507,500 0.19 Flex Acquisition Co., Inc., Acadia Healthcare Co., Inc. 144A 6.875% 15/01/2025 USD 5,400,000 5,494,500 0.71 6.5% 01/03/2024 USD 1,991,000 2,040,566 0.26 Hilton Domestic Operating Albertsons Cos., Inc., 144A Co., Inc., 144A 5.375% 3.25% 15/03/2026 USD 4,000,000 4,065,000 0.52 01/05/2025 USD 4,430,000 4,741,030 0.61 Albertsons Cos., Inc., 144A Icahn Enterprises LP 4.75% 3.5% 15/02/2023 USD 1,810,000 1,857,060 0.24 15/09/2024 USD 10,000,000 10,403,150 1.34 Albertsons Cos., Inc. 5.75% IRB Holding Corp., 144A 7% 15/03/2025 USD 4,792,000 4,953,227 0.64 15/06/2025 USD 2,965,000 3,244,525 0.42 Alliance Data Systems J2 Global, Inc., 144A 4.625% Corp., 144A 7% 15/01/2026 USD 3,000,000 3,179,025 0.41 15/10/2030 USD 1,380,000 1,458,487 0.19 American Airlines, Inc., 144A Kraf Heinz Foods Co. 3.95% 11.75% 15/07/2025 USD 715,000 824,753 0.11 15/07/2025 USD 5,000,000 5,508,223 0.71 Antero Midstream Partners LD Holdings Group LLC, LP 5.375% 15/09/2024 USD 6,000,000 5,865,000 0.75 144A 6.5% 01/11/2025 USD 725,000 764,875 0.10 Aramark Services, Inc., 144A Live Nation Entertainment, 6.375% 01/05/2025 USD 3,725,000 4,004,636 0.51 Inc., 144A 4.875% Arconic Corp., 144A 6% 01/11/2024 USD 3,000,000 3,042,000 0.39 15/05/2025 USD 1,640,000 1,753,775 0.22 LTF Merger Sub, Inc., 144A Avis Budget Car Rental LLC, 8.5% 15/06/2023 USD 3,200,000 3,072,000 0.39 144A 10.5% 15/05/2025 USD 1,655,000 1,956,003 0.25 Mattel, Inc. 3.15% Boyd Gaming Corp., 144A 15/03/2023 USD 8,883,000 9,004,209 1.16 8.625% 01/06/2025 USD 705,000 784,975 0.10 Meredith Corp., 144A 6.5% Brink's Co. (The), 144A 5.5% 01/07/2025 USD 5,555,000 5,905,659 0.76 15/07/2025 USD 575,000 613,453 0.08 MGM Growth Properties Buckeye Partners LP, 144A Operating Partnership 4.125% 01/03/2025 USD 5,000,000 5,068,750 0.65 LP, REIT, 144A 4.625% Caesars Entertainment, Inc., 15/06/2025 USD 5,525,000 5,922,800 0.76 144A 6.25% 01/07/2025 USD 2,355,000 2,511,031 0.32 Nationstar Mortgage Caesars Resort Collection Holdings, Inc., 144A 5.125% LLC, 144A 5.75% 01/07/2025 USD 665,000 707,394 0.09 15/12/2030 USD 510,000 536,928 0.07 Caesars Resort Collection Netflix, Inc. 5.75% LLC, 144A 5.25% 15/10/2025 USD 1,920,000 1,942,858 0.25 01/03/2024 USD 5,585,000 6,265,672 0.80 Cardtronics, Inc., 144A 5.5% Newell Brands, Inc. 4.35% 01/05/2025 USD 10,000,000 10,373,950 1.33 01/04/2023 USD 2,090,000 2,194,793 0.28

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 154 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Newell Brands, Inc. 4.875% Units of authorised UCITS or other collective investment undertakings 01/06/2025 USD 470,000 517,728 0.07 Collective Investment Schemes - UCITS Nine Energy Service, Inc., Ireland 144A 8.75% 01/11/2023 USD 3,650,000 1,639,087 0.21 Aviva Investors US Dollar PBF Holding Co. LLC, 144A Liquidity Fund - Class 3 † 9.25% 15/05/2025 USD 2,520,000 2,505,661 0.32 Income shares USD USD 6,900,000 6,900,000 0.89 PDC Energy, Inc. 6.125% 6,900,000 0.89 15/09/2024 USD 2,930,000 3,008,744 0.39 Total Collective Investment Schemes - UCITS 6,900,000 0.89 Exchange Traded Funds Plastipak Holdings, Inc., 144A 6.25% 15/10/2025 USD 4,345,000 4,483,497 0.58 Ireland iShares USD Short Duration PRA Group, Inc., 144A High Yield Corp Bond UCITS 7.375% 01/09/2025 USD 6,046,000 6,541,016 0.84 ETF GBP 91,000 8,293,271 1.06 PTC, Inc., 144A 3.625% 8,293,271 1.06 15/02/2025 USD 8,000,000 8,295,000 1.07 Total Exchange Traded Funds 8,293,271 1.06 Rattler Midstream LP, 144A Total Units of authorised UCITS or other collective 5.625% 15/07/2025 USD 1,730,000 1,834,847 0.24 investment undertakings 15,193,271 1.95 RP Escrow Issuer LLC, 144A Total Investments 742,140,428 95.38 5.25% 15/12/2025 USD 1,025,000 1,072,468 0.14 Cash 18,502,178 2.38 Scientific Games Other assets/(liabilities) 17,426,090 2.24 International, Inc., 144A Total net assets 778,068,696 100.00 8.625% 01/07/2025 USD 3,000,000 3,288,750 0.42 §Security is valued at its fair value under the direction of the Board of Directors. Scientific Games †Related Party Fund International, Inc., 144A 5% ^ Security is currently in default 15/10/2025 USD 2,000,000 2,066,280 0.27 Service Properties Trust, REIT 7.5% 15/09/2025 USD 3,000,000 3,458,758 0.44 Sirius XM Radio, Inc., 144A 3.875% 01/08/2022 USD 5,180,000 5,264,175 0.68 Sirius XM Radio, Inc., 144A 4.625% 15/07/2024 USD 4,120,000 4,274,500 0.55 Sizzling Platter LLC, 144A 8.5% 28/11/2025 USD 1,735,000 1,809,084 0.23 Sprint Corp. 7.875% 15/09/2023 USD 11,600,000 13,441,500 1.73 Station Casinos LLC, 144A 5% 01/10/2025 USD 2,885,000 2,923,731 0.38 Stericycle, Inc., 144A 5.375% 15/07/2024 USD 9,200,000 9,614,000 1.24 StoneX Group, Inc., 144A 8.625% 15/06/2025 USD 4,186,000 4,560,124 0.59 Targa Resources Partners LP 4.25% 15/11/2023 USD 6,500,000 6,549,432 0.84 Tenet Healthcare Corp., 144A 4.625% 01/09/2024 USD 9,000,000 9,300,960 1.19 Tenet Healthcare Corp., 144A 7.5% 01/04/2025 USD 550,000 601,653 0.08 T-Mobile USA, Inc. 4% 15/04/2022 USD 6,430,000 6,650,967 0.85 US Foods, Inc., 144A 6.25% 15/04/2025 USD 2,100,000 2,247,178 0.29 285,205,527 36.66 Total Bonds 357,741,079 45.98 Total Transferable securities and money market instruments dealt in on another regulated market 357,741,079 45.98 Other transferable securities and money market instruments Bonds United Kingdom House of Fraser Funding plc, Reg. S 0% 15/09/2020^§ GBP 7,168,000 –– –– Total Bonds –– Total Other transferable securities and money market instruments – –

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 155 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 56.30 Germany 5.61 Luxembourg 5.48 Italy 4.96 Canada 4.93 United Kingdom 3.73 France 3.03 Netherlands 2.48 Ireland 2.22 Bermuda 1.55 Australia 1.44 Supranational 0.68 Guernsey 0.65 Isle of Man 0.62 Norway 0.53 Denmark 0.33 Sweden 0.30 Spain 0.27 Liberia 0.17 Panama 0.10 Total investments 95.38 Cash and other assets/(liabilities) 4.62 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets CHF 13,150,176 USD 14,542,911 11/01/2021 J.P. Morgan 394,804 0.05 EUR 345,896,903 USD 409,964,458 11/01/2021 J.P. Morgan 14,498,170 1.86 EUR 5,000,000 USD 6,069,760 12/01/2021 Morgan Stanley 66,085 0.01 GBP 197,564 USD 258,857 11/01/2021 J.P. Morgan 11,019 – Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 14,970,078 1.92 EUR 1,528,365 USD 1,879,212 11/01/2021 J.P. Morgan (3,700) – USD 13,308,058 EUR 11,186,187 11/01/2021 J.P. Morgan (418,918) (0.05) USD 45,760,537 EUR 38,450,000 12/01/2021 Citibank (1,424,110) (0.18) USD 45,744,688 EUR 38,450,000 12/01/2021 Goldman Sachs (1,439,959) (0.19) USD 46,683,700 EUR 39,240,000 12/01/2021 Merrill Lynch (1,470,411) (0.19) USD 1,454,452 EUR 1,200,000 12/01/2021 Morgan Stanley (18,151) – USD 45,725,278 EUR 38,450,000 12/01/2021 RBC (1,459,368) (0.19) USD 307,444 GBP 230,000 12/01/2021 Citibank (6,743) – USD 24,372,608 GBP 18,230,000 12/01/2021 Goldman Sachs (530,109) (0.07) Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (6,771,469) (0.87) Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 8,198,609 1.05

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 156 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SUSTAINABLE INCOME & GROWTH FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Standard Bank Group exchange listing Ltd., Reg. S, FRN 5.95% Bonds 31/05/2029 USD 341,000 355,493 1.15 Austria 1,009,823 3.26 Klabin Austria GmbH, Reg. S Spain 7% 03/04/2049 USD 314,000 402,950 1.30 AI Candelaria Spain SLU, 402,950 1.30 Reg. S 7.5% 15/12/2028 USD 390,000 452,404 1.46 Cayman Islands 452,404 1.46 Termocandelaria Power Turkey Ltd., Reg. S 7.875% Ulker Biskuvi Sanayi A/S, 30/01/2029 USD 390,000 429,735 1.39 Reg. S 6.95% 30/10/2025 USD 200,000 216,964 0.70 429,735 1.39 216,964 0.70 Dominican Republic Ukraine Dominican Republic Ukraine Government Bond, Government Bond, Reg. S Reg. S 8.994% 01/02/2024 USD 575,000 652,136 2.10 4.875% 23/09/2032 USD 428,000 476,154 1.54 652,136 2.10 476,154 1.54 United Arab Emirates Egypt Emirates NBD Bank Egypt Government Bond, PJSC, Reg. S, FRN 6.125% Reg. S 5.75% 29/05/2024 USD 276,000 296,271 0.96 Perpetual USD 393,000 419,810 1.35 296,271 0.96 419,810 1.35 Ghana United Kingdom Ghana Government Bond, NAK Nafogaz Ukraine, Reg. Reg. S 6.375% 11/02/2027 USD 534,000 556,238 1.79 S 7.625% 08/11/2026 USD 300,000 311,619 1.01 556,238 1.79 Ukraine Railways, Reg. S Ivory Coast 8.25% 09/07/2024 USD 279,000 292,253 0.94 Ivory Coast Government 603,872 1.95 Bond, Reg. S 4.875% United States of America 30/01/2032 EUR 411,000 520,661 1.68 American Axle & 520,661 1.68 Manufacturing, Inc. 6.25% Kenya 01/04/2025 USD 461,000 477,711 1.54 Kenya Government Bond, 477,711 1.54 Reg. S 7.25% 28/02/2028 USD 480,000 539,736 1.74 Uzbekistan 539,736 1.74 Ipoteka-Bank ATIB, Reg. S Luxembourg 5.5% 19/11/2025 USD 200,000 203,250 0.66 MHP Lux SA, Reg. S 6.25% 203,250 0.66 19/09/2029 USD 292,000 300,760 0.97 Total Bonds 9,811,317 31.67 300,760 0.97 Equities Mauritius Cayman Islands HTA Group Ltd., Reg. S 7% Shenzhou International 18/12/2025 USD 438,000 473,644 1.53 Group Holdings Ltd. HKD 29,400 574,624 1.86 473,644 1.53 574,624 1.86 Mexico China Banco Mercantil del Norte Ping An Insurance Group SA, Reg. S, FRN 6.75% Co. of China Ltd. 'H' HKD 19,801 242,536 0.78 Perpetual USD 450,000 488,813 1.58 242,536 0.78 488,813 1.58 France Netherlands AXA SA EUR 2,887 69,182 0.22 IHS Netherlands Holdco BV, 69,182 0.22 Reg. S 8% 18/09/2027 USD 280,000 303,100 0.98 Germany Prosus NV, Reg. S 2.031% Allianz SE EUR 269 66,670 0.22 03/08/2032 EUR 245,000 313,496 1.01 LEG Immobilien AG EUR 3,626 566,921 1.83 Vivo Energy Investments BV, Reg. S 5.125% 24/09/2027 USD 351,000 374,378 1.21 Vonovia SE EUR 6,706 489,558 1.58 990,974 3.20 1,123,149 3.63 Senegal Hong Kong Senegal Government Bond, Link REIT HKD 27,959 255,020 0.82 Reg. S 6.25% 30/07/2024 USD 271,000 299,411 0.97 255,020 0.82 299,411 0.97 Ireland South Africa Accenture plc 'A' USD 987 255,322 0.83 Absa Group Ltd., Reg. S, FRN Medtronic plc USD 1,963 227,394 0.73 6.25% 25/04/2028 USD 340,000 354,450 1.14 482,716 1.56 FirstRand Bank Ltd., Reg. S 6.25% 23/04/2028 USD 288,000 299,880 0.97

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 157 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SUSTAINABLE INCOME & GROWTH FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Japan Transferable securities and money market instruments dealt in on another Nippon Telegraph & regulated market Telephone Corp. JPY 18,800 482,960 1.56 Bonds 482,960 1.56 Bermuda Jersey Cosan Ltd., Reg. S 5.5% Amcor plc USD 32,435 379,003 1.22 20/09/2029 USD 215,000 236,233 0.77 379,003 1.22 236,233 0.77 Netherlands Colombia Wolters Kluwer NV EUR 4,074 346,550 1.12 Colombia Telecomunicaciones SA ESP, 346,550 1.12 Reg. S 4.95% 17/07/2030 USD 271,000 301,149 0.97 Taiwan 301,149 0.97 Taiwan Semiconductor Luxembourg Manufacturing Co. Ltd., ADR USD 2,905 316,834 1.02 Millicom International 316,834 1.02 Cellular SA, Reg. S 4.5% United Kingdom 27/04/2031 USD 579,000 625,863 2.02 Big Yellow Group plc, REIT GBP 14,544 217,732 0.71 625,863 2.02 RELX plc GBP 15,954 390,677 1.26 Paraguay St James's Place plc GBP 4,209 65,110 0.21 Telefonica Celular del Unilever plc GBP 7,010 421,164 1.36 Paraguay SA, Reg. S 5.875% 1,094,683 3.54 15/04/2027 USD 279,000 297,623 0.96 United States of America 297,623 0.96 Alexandria Real Estate Peru Equities, Inc., REIT USD 1,309 229,533 0.74 Auna SAA, Reg. S 6.5% 20/11/2025 USD 300,000 318,870 1.03 American Tower Corp., REIT USD 3,733 826,094 2.67 318,870 1.03 Booz Allen Hamilton Thailand Holding Corp. USD 3,427 296,778 0.96 Bangkok Bank PCL, Reg. S, Cisco Systems, Inc. USD 3,103 137,292 0.44 FRN 3.733% 25/09/2034 USD 366,000 381,649 1.23 Comcast Corp. 'A' USD 7,851 408,605 1.32 381,649 1.23 CoreSite Realty Corp., REIT USD 6,355 784,334 2.53 United States of America Crown Castle International Archrock Partners LP, 144A Corp., REIT USD 4,671 731,852 2.36 6.875% 01/04/2027 USD 364,000 392,639 1.27 CyrusOne, Inc., REIT USD 3,716 268,871 0.87 Iron Mountain, Inc., REIT, Digital Realty Trust, Inc., 144A 4.875% 15/09/2027 USD 352,000 368,863 1.19 REIT USD 1,557 214,531 0.69 Mattel, Inc., 144A 6.75% Equity Residential, REIT USD 5,187 303,102 0.98 31/12/2025 USD 429,000 453,226 1.46 Home Depot, Inc. (The) USD 2,602 688,281 2.22 USA Compression Partners LP 6.875% 01/09/2027 USD 367,000 392,422 1.27 Jack Henry & Associates, Inc. USD 2,885 459,105 1.48 1,607,150 5.19 Total Bonds 3,768,537 12.17 KKR Real Estate Finance Trust, Inc. USD 17,041 304,352 0.98 Total Transferable securities and money market instruments dealt in on another regulated market 3,768,537 12.17 Lowe's Cos., Inc. USD 1,897 303,368 0.98 Total Investments 29,491,678 95.21 Merck & Co., Inc. USD 6,258 504,958 1.63 Cash 190,108 0.61 Mondelez International, Other assets/(liabilities) 1,293,487 4.18 Inc. 'A' USD 4,840 280,889 0.91 Total net assets 30,975,273 100.00 Moody's Corp. USD 593 170,642 0.55 Morgan Stanley USD 1,587 107,638 0.35 Motorola Solutions, Inc. USD 1,740 290,615 0.94 PepsiCo, Inc. USD 2,117 311,993 1.01 Prologis, Inc., REIT USD 3,101 305,511 0.99 Rexford Industrial Realty, Inc., REIT USD 4,653 225,927 0.73 Texas Instruments, Inc. USD 5,691 924,816 2.98 Union Pacific Corp. USD 1,497 309,520 1.00 UnitedHealth Group, Inc. USD 1,355 469,081 1.51 Visa, Inc. 'A' USD 3,135 686,879 2.22 10,544,567 34.04 Total Equities 15,911,824 51.37 Total Transferable securities and money market instruments admitted to an oficial exchange listing 25,723,141 83.04

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 158 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - SUSTAINABLE INCOME & GROWTH FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Geographic Allocation of Portfolio % of Net Assets United States of America 40.77 United Kingdom 5.49 Netherlands 4.32 Germany 3.63 South Africa 3.26 Cayman Islands 3.25 Luxembourg 2.99 Ukraine 2.10 Ghana 1.79 Kenya 1.74 Ivory Coast 1.68 Mexico 1.58 Japan 1.56 Ireland 1.56 Dominican Republic 1.54 Mauritius 1.53 Spain 1.46 United Arab Emirates 1.35 Austria 1.30 Thailand 1.23 Jersey 1.22 Peru 1.03 Taiwan 1.02 Colombia 0.97 Senegal 0.97 Paraguay 0.96 Egypt 0.96 Hong Kong 0.82 China 0.78 Bermuda 0.77 Turkey 0.70 Uzbekistan 0.66 France 0.22 Total investments 95.21 Cash and other assets/(liabilities) 4.79 Total 100.00

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets SGD 382,241 USD 281,849 11/01/2021 J.P. Morgan 7,564 0.02 Total Unrealised Gain on Forward Currency Exchange Contracts - Assets 7,564 0.02 USD 6,624 SGD 8,877 11/01/2021 J.P. Morgan (97) – Total Unrealised Loss on Forward Currency Exchange Contracts - Liabilities (97) – Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 7,467 0.02

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 159 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - UK LISTED EQUITY HIGH ALPHA FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value GBP Assets Nominal Value GBP Assets

0 0 Transferable securities and money market instruments admitted to an oficial Johnson Matthey plc GBP 44,333 1,074,854 1.32 exchange listing Kier Group plc GBP 2,561,236 1,984,958 2.44 Equities Land Securities Group plc, Bermuda REIT GBP 109,769 739,184 0.91 Conduit Holdings Ltd. GBP 159,643 803,723 0.99 Legal & General Group plc GBP 632,570 1,683,585 2.07 803,723 0.99 M&G plc GBP 365,928 725,910 0.89 Jersey Glencore plc GBP 1,783,937 4,157,019 5.11 Marks & Spencer Group plc GBP 1,145,142 1,564,264 1.92 4,157,019 5.11 Mitchells & Butlers plc GBP 636,817 1,533,137 1.88 Netherlands Morgan Sindall Group plc GBP 136,301 2,089,494 2.57 RHI Magnesita NV GBP 47,656 1,675,108 2.06 Natwest Group plc GBP 1,462,146 2,450,191 3.01 1,675,108 2.06 Next Fifeen Spain Communications Group plc GBP 280,479 1,508,977 1.85 International Consolidated OSB Group plc GBP 489,683 2,078,704 2.55 Airlines Group SA GBP 1,569,633 2,508,666 3.08 Paragon Banking Group plc GBP 193,076 943,176 1.16 2,508,666 3.08 Prudential plc GBP 160,525 2,165,081 2.66 United Kingdom Ricardo plc GBP 150,405 519,649 0.64 Anglo American plc GBP 182,269 4,422,757 5.44 Spire Healthcare Group plc, BAE Systems plc GBP 173,264 847,781 1.04 Reg. S GBP 522,514 813,554 1.00 Balfour Beatty plc GBP 515,703 1,396,008 1.72 St James's Place plc GBP 71,276 807,201 0.99 Barclays plc GBP 3,093,218 4,538,369 5.58 St Modwen Properties plc GBP 113,486 454,228 0.56 Bellway plc GBP 50,080 1,484,121 1.82 Standard Chartered plc GBP 1,011,874 4,713,815 5.79 BP plc GBP 1,560,777 3,977,250 4.89 Superdry plc GBP 572,286 1,407,824 1.73 BT Group plc GBP 1,526,673 2,020,933 2.48 Tesco plc GBP 870,554 2,015,768 2.48 Cairn Energy plc GBP 382,947 802,274 0.99 TP ICAP plc GBP 702,092 1,680,808 2.07 DFS Furniture plc GBP 462,936 1,030,033 1.27 Vistry Group plc GBP 100,016 937,150 1.15 Dixons Carphone plc GBP 1,567,492 1,816,723 2.23 Vodafone Group plc GBP 1,964,356 2,375,889 2.92 DS Smith plc GBP 330,113 1,240,730 1.52 71,897,136 88.35 Elementis plc GBP 1,315,490 1,513,471 1.86 Total Equities 81,041,652 99.59 Euromoney Institutional Total Transferable securities and money market Investor plc GBP 84,047 897,622 1.10 instruments admitted to an oficial exchange listing 81,041,652 99.59 GlaxoSmithKline plc GBP 202,464 2,717,269 3.34 Units of authorised UCITS or other collective investment undertakings Hays plc GBP 647,113 925,695 1.14 Collective Investment Schemes - AIF Guernsey HSBC Holdings plc GBP 651,114 2,466,583 3.03 Sherborne Investors International Personal Guernsey C Ltd., Reg. S GBP 156,227 65,147 0.08 Finance plc GBP 1,330,017 1,101,254 1.35 65,147 0.08 J Sainsbury PLC GBP 395,033 891,985 1.10 Total Collective Investment Schemes - AIF 65,147 0.08 John Wood Group plc GBP 495,932 1,538,877 1.89 Total Units of authorised UCITS or other collective investment undertakings 65,147 0.08 Total Investments 81,106,799 99.67 Cash 336,421 0.41 Other assets/(liabilities) (67,096) (0.08) Total net assets 81,376,124 100.00

Geographic Allocation of Portfolio % of Net Assets United Kingdom 88.35 Jersey 5.11 Spain 3.08 Netherlands 2.06 Bermuda 0.99 Guernsey 0.08 Total investments 99.67 Cash and other assets/(liabilities) 0.33 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 160 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Genuine Parts Co. USD 2,732 271,725 1.52 exchange listing Home Depot, Inc. (The) USD 790 208,971 1.17 Equities IDACORP, Inc. USD 3,303 314,429 1.76 Bermuda Insperity, Inc. USD 1,793 145,090 0.81 Axis Capital Holdings Ltd. USD 5,292 263,145 1.47 Interpublic Group of Cos., Lazard Ltd. 'A' USD 3,970 166,978 0.94 Inc. (The) USD 11,323 265,921 1.49 430,123 2.41 Iron Mountain, Inc., REIT USD 13,668 397,739 2.23 Canada Magna International, Inc. USD 4,575 328,622 1.84 Kimberly-Clark Corp. USD 3,720 499,261 2.80 328,622 1.84 Kinder Morgan, Inc. USD 30,257 409,528 2.30 Ireland Marathon Petroleum Corp. USD 5,285 218,825 1.23 Medtronic plc USD 2,149 248,940 1.39 Merck & Co., Inc. USD 3,739 301,700 1.69 248,940 1.39 NortonLifeLock, Inc. USD 9,840 203,934 1.14 Switzerland Oracle Corp. USD 4,751 305,252 1.71 Chubb Ltd. USD 2,676 404,397 2.27 PepsiCo, Inc. USD 2,542 374,627 2.10 404,397 2.27 Pfizer, Inc. USD 10,388 378,591 2.12 United Kingdom PNC Financial Services Atlantica Sustainable Group, Inc. (The) USD 2,779 407,679 2.28 Infrastructure plc USD 13,526 507,631 2.84 Premier, Inc. 'A' USD 8,558 299,872 1.68 Unilever plc, ADR USD 9,869 597,864 3.35 1,105,495 6.19 QUALCOMM, Inc. USD 2,751 416,391 2.33 United States of America Quest Diagnostics, Inc. USD 1,687 198,484 1.11 3M Co. USD 1,852 321,090 1.80 Sensient Technologies AbbVie, Inc. USD 4,733 500,065 2.80 Corp. USD 2,885 212,480 1.19 AES Corp. (The) USD 29,761 685,545 3.84 Target Corp. USD 4,211 736,146 4.13 Amgen, Inc. USD 1,775 401,088 2.25 Truist Financial Corp. USD 11,824 557,915 3.13 Black Hills Corp. USD 4,815 293,282 1.64 United Parcel Service, Inc. 'B' USD 4,541 753,942 4.22 Bristol-Myers Squibb Co. USD 9,349 572,019 3.21 US Bancorp USD 10,122 466,169 2.61 Cisco Systems, Inc. USD 11,448 506,517 2.84 Verizon Communications, CNA Financial Corp. USD 6,157 235,382 1.32 Inc. USD 10,770 627,137 3.51 Comcast Corp. 'A' USD 13,584 706,979 3.96 Walgreens Boots Alliance, Corning, Inc. USD 21,257 758,025 4.25 Inc. USD 3,604 141,944 0.80 CSG Systems International, Williams Cos., Inc. (The) USD 14,967 297,918 1.67 Inc. USD 3,330 148,801 0.83 14,971,376 83.88 Fidelity National Financial, Total Equities 17,488,953 97.98 Inc. USD 11,106 430,913 2.41 Total Transferable securities and money market instruments admitted to an oficial exchange listing 17,488,953 97.98 Total Investments 17,488,953 97.98 Cash 372,675 2.09 Other assets/(liabilities) (12,496) (0.07) Total net assets 17,849,132 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 83.88 United Kingdom 6.19 Bermuda 2.41 Switzerland 2.27 Canada 1.84 Ireland 1.39 Total investments 97.98 Cash and other assets/(liabilities) 2.02 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 161 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US INVESTMENT GRADE BOND FUND* Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Transferable securities and money market instruments admitted to an oficial Altria Group, Inc. 5.95% exchange listing 14/02/2049 USD 425,000 595,302 0.28 Bonds American Express Co. 3.4% Canada 27/02/2023 USD 780,000 829,400 0.39 Canadian Pacific Railway Anheuser-Busch Cos. LLC Co. 6.125% 15/09/2115 USD 220,000 367,973 0.17 4.7% 01/02/2036 USD 760,000 964,999 0.45 Waste Connections, Inc. Anheuser-Busch InBev 2.6% 01/02/2030 USD 850,000 914,788 0.43 Worldwide, Inc. 4.5% 1,282,761 0.60 01/06/2050 USD 1,505,000 1,898,391 0.89 Cayman Islands BAT Capital Corp. 4.7% Vale Overseas Ltd. 3.75% 02/04/2027 USD 1,000,000 1,176,869 0.55 08/07/2030 USD 760,000 851,200 0.40 BAT Capital Corp. 2.259% 851,200 0.40 25/03/2028 USD 900,000 934,750 0.44 Colombia Berkshire Hathaway Energy Ecopetrol SA 4.125% Co. 3.8% 15/07/2048 USD 915,000 1,096,539 0.51 16/01/2025 USD 420,000 457,279 0.22 Berkshire Hathaway Ecopetrol SA 6.875% Finance Corp. 2.85% 29/04/2030 USD 385,000 497,613 0.23 15/10/2050 USD 480,000 517,251 0.24 954,892 0.45 Berkshire Hathaway Mexico Finance Corp. 4.25% Petroleos Mexicanos 6.35% 15/01/2049 USD 360,000 477,890 0.22 12/02/2048 USD 545,000 491,863 0.23 Boeing Co. (The) 2.7% 491,863 0.23 01/02/2027 USD 1,910,000 1,986,760 0.93 Netherlands Bristol-Myers Squibb Co. Petrobras Global Finance BV 2.55% 13/11/2050 USD 450,000 459,581 0.21 5.999% 27/01/2028 USD 825,000 966,714 0.45 Caterpillar, Inc. 3.25% 966,714 0.45 19/09/2049 USD 170,000 199,538 0.09 Norway Caterpillar, Inc. 3.25% Equinor ASA 2.375% 09/04/2050 USD 518,000 611,574 0.29 22/05/2030 USD 385,000 412,198 0.19 Chevron Corp. 1.995% 412,198 0.19 11/05/2027 USD 575,000 609,836 0.29 Saudi Arabia Choice Hotels International, Saudi Arabian Oil Co., 144A Inc. 5.75% 01/07/2022 USD 855,000 911,303 0.43 1.625% 24/11/2025 USD 519,000 532,043 0.25 Choice Hotels International, Saudi Arabian Oil Co., 144A Inc. 3.7% 15/01/2031 USD 895,000 992,909 0.46 2.25% 24/11/2030 USD 1,003,000 1,021,695 0.48 Cigna Corp. 4.8% 1,553,738 0.73 15/08/2038 USD 1,800,000 2,345,425 1.10 Switzerland Cimarex Energy Co. 4.375% UBS Group AG, 144A 2.859% 01/06/2024 USD 280,000 305,647 0.14 15/08/2023 USD 1,000,000 1,038,309 0.48 Cimarex Energy Co. 3.9% 1,038,309 0.48 15/05/2027 USD 505,000 555,534 0.26 United Arab Emirates Cimarex Energy Co. 4.375% Abu Dhabi Government 15/03/2029 USD 128,000 145,193 0.07 Bond, 144A 0.75% 02/09/2023 USD 1,130,000 1,134,464 0.53 Concho Resources, Inc. 3.75% 01/10/2027 USD 320,000 365,697 0.17 1,134,464 0.53 United Kingdom Continental Resources, Inc. 3.8% 01/06/2024 USD 445,000 460,252 0.22 Anglo American Capital plc, 144A 2.625% 10/09/2030 USD 660,000 690,925 0.32 CVS Health Corp. 4.3% 25/03/2028 USD 593,000 705,627 0.33 HSBC Holdings plc, FRN 3.262% 13/03/2023 USD 2,700,000 2,789,378 1.31 CVS Health Corp. 4.78% 3,480,303 1.63 25/03/2038 USD 1,855,000 2,349,129 1.10 United States of America Deere & Co. 3.75% Air Products and Chemicals, 15/04/2050 USD 190,000 246,573 0.12 Inc. 1.5% 15/10/2025 USD 695,000 724,700 0.34 Duke Energy Indiana LLC Allstate Corp. (The) 3.85% 3.25% 01/10/2049 USD 215,000 241,355 0.11 10/08/2049 USD 360,000 452,316 0.21 Entergy Corp. 2.95% Ally Financial, Inc. 1.45% 01/09/2026 USD 605,000 667,179 0.31 02/10/2023 USD 595,000 608,221 0.28 EOG Resources, Inc. 4.375% Altria Group, Inc. 4.25% 15/04/2030 USD 1,010,000 1,228,294 0.57 09/08/2042 USD 50,000 55,950 0.03 Exxon Mobil Corp. 2.61% Altria Group, Inc. 4.8% 15/10/2030 USD 1,030,000 1,126,234 0.53 14/02/2029 USD 500,000 598,982 0.28 Ford Motor Credit Co. LLC 2.979% 03/08/2022 USD 200,000 203,750 0.10

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 162 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US INVESTMENT GRADE BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Ford Motor Credit Co. LLC Republic Services, Inc. 5.584% 18/03/2024 USD 480,000 518,400 0.24 1.45% 15/02/2031 USD 935,000 914,947 0.43 Ford Motor Credit Co. LLC Republic Services, Inc. 5.125% 16/06/2025 USD 210,000 228,595 0.11 1.75% 15/02/2032 USD 668,000 669,492 0.31 General Electric Co. 3.45% Roper Technologies, Inc. 01/05/2027 USD 1,200,000 1,350,403 0.63 1.4% 15/09/2027 USD 2,210,000 2,237,822 1.05 General Motors Financial Roper Technologies, Inc. 2% Co., Inc. 4.35% 17/01/2027 USD 1,010,000 1,150,566 0.54 30/06/2030 USD 1,340,000 1,369,447 0.64 General Motors Financial Roper Technologies, Inc. Co., Inc. 5.25% 01/03/2026 USD 1,400,000 1,647,299 0.77 2.8% 15/12/2021 USD 685,000 699,717 0.33 Hartford Financial Services Simon Property Group LP Group, Inc. (The) 2.8% 3.5% 01/09/2025 USD 695,000 772,079 0.36 19/08/2029 USD 985,000 1,071,144 0.50 Travelers Cos., Inc. (The) HCA, Inc. 5% 15/03/2024 USD 1,300,000 1,462,841 0.68 4.1% 04/03/2049 USD 565,000 744,121 0.35 Healthcare Realty Trust, Inc. Tyson Foods, Inc. 3.95% 2.05% 15/03/2031 USD 300,000 301,712 0.14 15/08/2024 USD 830,000 922,429 0.43 Healthcare Trust of America Union Pacific Corp. 3.95% Holdings LP 2% 15/03/2031 USD 385,000 385,474 0.18 10/09/2028 USD 700,000 831,493 0.39 Hess Corp. 5.8% 01/04/2047 USD 30,000 38,153 0.02 Union Pacific Corp. 3.799% Hess Corp. 4.3% 01/04/2027 USD 1,055,000 1,163,316 0.54 01/10/2051 USD 700,000 855,078 0.40 Hess Corp. 5.6% 15/02/2041 USD 50,000 60,987 0.03 United Rentals North America, Inc. 3.875% Hewlett Packard Enterprise 15/11/2027 USD 75,000 78,656 0.04 Co. 2.25% 01/04/2023 USD 1,705,000 1,767,684 0.83 UnitedHealth Group, Inc. Hewlett Packard Enterprise 2.75% 15/05/2040 USD 1,095,000 1,186,633 0.55 Co. 4.45% 02/10/2023 USD 1,185,000 1,304,427 0.61 US Treasury 1.625% Home Depot, Inc. (The) 15/11/2050 USD 700,000 695,406 0.33 3.125% 15/12/2049 USD 425,000 490,022 0.23 Valero Energy Corp. 1.2% HP, Inc. 3% 17/06/2027 USD 940,000 1,031,200 0.48 15/03/2024 USD 1,125,000 1,136,164 0.53 International Business Verizon Communications, Machines Corp. 1.95% Inc. 2.65% 20/11/2040 USD 645,000 651,441 0.30 15/05/2030 USD 825,000 850,227 0.40 Verizon Communications, Jeferies Group LLC 4.85% Inc. 2.875% 20/11/2050 USD 965,000 971,583 0.45 15/01/2027 USD 370,000 433,116 0.20 Verizon Communications, Johnson & Johnson 2.1% Inc. 3.376% 15/02/2025 USD 205,000 227,734 0.11 01/09/2040 USD 2,975,000 3,038,315 1.42 Visa, Inc. 2% 15/08/2050 USD 1,210,000 1,155,149 0.54 Lowe's Cos., Inc. 3.7% 15/04/2046 USD 335,000 396,961 0.19 Visa, Inc. 1.9% 15/04/2027 USD 480,000 511,066 0.24 Marathon Oil Corp. 2.8% Walmart, Inc. 4% 01/11/2022 USD 126,000 129,547 0.06 11/04/2043 USD 355,000 455,861 0.21 Marathon Petroleum Corp. Walt Disney Co. (The) 2% 6.5% 01/03/2041 USD 325,000 436,135 0.20 01/09/2029 USD 1,760,000 1,839,245 0.86 Marathon Petroleum Corp. Waste Management, Inc. 4.5% 01/05/2023 USD 1,090,000 1,183,475 0.55 1.5% 15/03/2031 USD 1,549,000 1,534,193 0.72 Mastercard, Inc. 3.85% Westlake Chemical Corp. 26/03/2050 USD 290,000 374,581 0.18 4.375% 15/11/2047 USD 290,000 345,129 0.16 Morgan Stanley 4% WPX Energy, Inc. 5.25% 23/07/2025 USD 2,435,000 2,786,965 1.30 15/09/2024 USD 380,000 414,873 0.19 MPLX LP 1.75% 01/03/2026 USD 605,000 626,378 0.29 WPX Energy, Inc. 4.5% 15/01/2030 USD 910,000 965,965 0.45 MPLX LP 4.875% 01/06/2025 USD 985,000 1,138,275 0.53 82,715,664 38.67 NIKE, Inc. 3.375% Total Bonds 94,882,106 44.36 27/03/2050 USD 555,000 684,366 0.32 Total Transferable securities and money market Omnicom Group, Inc. 4.2% instruments admitted to an oficial exchange listing 94,882,106 44.36 01/06/2030 USD 1,330,000 1,597,948 0.75 Transferable securities and money market instruments dealt in on another Oracle Corp. 2.8% regulated market 01/04/2027 USD 2,485,000 2,741,949 1.28 Bonds Pacific Gas and Electric Co. Australia 1.75% 16/06/2022 USD 940,000 942,480 0.44 Australia & New Zealand Pacific Gas and Electric Co. Banking Group Ltd., 144A 2.1% 01/08/2027 USD 360,000 365,686 0.17 2.57% 25/11/2035 USD 565,000 576,565 0.27 Parker-Hannifin Corp. 3.5% Newcrest Finance Pty. Ltd., 15/09/2022 USD 660,000 693,526 0.32 144A 3.25% 13/05/2030 USD 850,000 944,043 0.44 Pfizer, Inc. 2.7% 28/05/2050 USD 455,000 488,838 0.23 1,520,608 0.71

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 163 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US INVESTMENT GRADE BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Bermuda Bank of America Corp., FRN Arch Capital Group Ltd. 3.458% 15/03/2025 USD 1,005,000 1,094,522 0.51 3.635% 30/06/2050 USD 205,000 238,939 0.11 Bank of America Corp., FRN 238,939 0.11 3.559% 23/04/2027 USD 1,180,000 1,332,581 0.62 Ireland Bank of America Corp., FRN SMBC Aviation Capital 4.271% 23/07/2029 USD 1,410,000 1,678,769 0.79 Finance DAC, 144A 2.65% Bank of America Corp., FRN 15/07/2021 USD 1,070,000 1,081,360 0.51 4.083% 20/03/2051 USD 260,000 328,209 0.15 1,081,360 0.51 Baxter International, Inc., Japan 144A 3.95% 01/04/2030 USD 520,000 621,619 0.29 Suntory Holdings Ltd., 144A Bayer US Finance II LLC, 2.55% 28/06/2022 USD 1,125,000 1,156,581 0.54 144A 4.25% 15/12/2025 USD 1,315,000 1,504,703 0.70 1,156,581 0.54 Bayer US Finance LLC, 144A Norway 3.375% 08/10/2024 USD 570,000 622,646 0.29 Aker BP ASA, 144A 2.875% Berkshire Hathaway Energy 15/01/2026 USD 670,000 684,335 0.32 Co., 144A 2.85% 15/05/2051 USD 795,000 818,318 0.38 Aker BP ASA, 144A 3.75% Berry Global, Inc., 144A 15/01/2030 USD 425,000 445,326 0.21 4.875% 15/07/2026 USD 1,385,000 1,489,200 0.70 1,129,661 0.53 Bristol-Myers Squibb Co. Switzerland 4.55% 20/02/2048 USD 1,460,000 2,035,334 0.95 Credit Suisse Group AG, Charter Communications 144A 3.574% 09/01/2023 USD 1,000,000 1,030,669 0.48 Operating LLC 4.2% UBS Group AG, 144A 1.008% 15/03/2028 USD 840,000 969,112 0.45 30/07/2024 USD 1,650,000 1,666,757 0.78 Charter Communications 2,697,426 1.26 Operating LLC 5.05% United Kingdom 30/03/2029 USD 1,000,000 1,215,728 0.57 BAE Systems plc, 144A 1.9% Charter Communications 15/02/2031 USD 1,270,000 1,285,449 0.60 Operating LLC 4.908% Royalty Pharma plc, 144A 23/07/2025 USD 1,710,000 1,986,747 0.93 1.2% 02/09/2025 USD 385,000 391,463 0.18 Charter Communications 1,676,912 0.78 Operating LLC 6.384% United States of America 23/10/2035 USD 105,000 143,977 0.07 AbbVie, Inc. 4.25% Charter Communications 21/11/2049 USD 930,000 1,174,027 0.55 Operating LLC 3.7% Alphabet, Inc. 1.9% 01/04/2051 USD 380,000 395,049 0.19 15/08/2040 USD 690,000 676,777 0.32 Citigroup, Inc. 3.106% Alphabet, Inc. 2.05% 08/04/2026 USD 1,405,000 1,535,311 0.72 15/08/2050 USD 1,010,000 964,349 0.45 Citigroup, Inc., FRN 3.887% Alphabet, Inc. 2.25% 10/01/2028 USD 1,200,000 1,371,944 0.64 15/08/2060 USD 450,000 435,336 0.20 Citigroup, Inc., FRN 2.976% Altria Group, Inc. 4.45% 05/11/2030 USD 1,510,000 1,660,315 0.78 06/05/2050 USD 787,000 931,727 0.44 Comcast Corp. 3.75% Amazon.com, Inc. 4.05% 01/04/2040 USD 1,515,000 1,831,565 0.86 22/08/2047 USD 2,125,000 2,804,374 1.31 Comcast Corp. 4.7% Amgen, Inc. 3.15% 15/10/2048 USD 1,915,000 2,673,700 1.25 21/02/2040 USD 660,000 727,314 0.34 Discover Bank 2.45% Apple, Inc. 2.65% 12/09/2024 USD 1,485,000 1,570,985 0.73 11/05/2050 USD 1,185,000 1,256,690 0.59 Discovery Communications Arch Capital Finance LLC LLC 3.625% 15/05/2030 USD 390,000 446,865 0.21 4.011% 15/12/2026 USD 615,000 715,802 0.33 Energy Transfer Operating Arch Capital Finance LLC LP 5.875% 15/01/2024 USD 860,000 967,218 0.45 5.031% 15/12/2046 USD 555,000 757,530 0.35 Energy Transfer Operating AT&T, Inc., 144A 3.8% LP 5.5% 01/06/2027 USD 2,165,000 2,562,846 1.20 01/12/2057 USD 1,269,000 1,322,491 0.62 Fiserv, Inc. 3.2% 01/07/2026 USD 1,265,000 1,417,628 0.66 AT&T, Inc. 3.1% 01/02/2043 USD 1,335,000 1,357,904 0.64 Fiserv, Inc. 2.25% AT&T, Inc. 3.3% 01/02/2052 USD 1,565,000 1,555,898 0.73 01/06/2027 USD 360,000 383,969 0.18 Bank of America Corp. Fiserv, Inc. 2.65% 1.898% 23/07/2031 USD 1,035,000 1,045,553 0.49 01/06/2030 USD 695,000 752,139 0.35 Bank of America Corp. GE Capital Funding LLC, 2.676% 19/06/2041 USD 1,265,000 1,320,179 0.62 144A 4.05% 15/05/2027 USD 1,945,000 2,223,913 1.04 Bank of America Corp. Glencore Funding LLC, 144A 2.831% 24/10/2051 USD 470,000 489,925 0.23 4.125% 12/03/2024 USD 700,000 770,923 0.36

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 164 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US INVESTMENT GRADE BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Investments Currency Quantity/ Market Value % of Net Investments Currency Quantity/ Market Value % of Net Nominal Value USD Assets Nominal Value USD Assets

0 0 Glencore Funding LLC, 144A Pacific Gas and Electric Co. 4.625% 29/04/2024 USD 1,255,000 1,402,371 0.66 4.5% 01/07/2040 USD 178,927 201,292 0.09 Goldman Sachs Group, Pacific Gas and Electric Co. Inc. (The), FRN 3.272% 4.95% 01/07/2050 USD 120,000 143,068 0.07 29/09/2025 USD 4,890,000 5,359,953 2.51 President and Fellows of Goldman Sachs Group, Harvard College 2.517% Inc. (The), FRN 4.017% 15/10/2050 USD 510,000 543,886 0.25 31/10/2038 USD 805,000 981,883 0.46 Targa Resources Partners LP ITC Holdings Corp., 144A 4.25% 15/11/2023 USD 155,000 156,179 0.07 2.95% 14/05/2030 USD 1,045,000 1,143,442 0.53 T-Mobile USA, Inc., 144A JPMorgan Chase & Co., FRN 2.25% 15/11/2031 USD 425,000 436,991 0.20 3.22% 01/03/2025 USD 3,355,000 3,617,633 1.69 T-Mobile USA, Inc., 144A JPMorgan Chase & Co., FRN 3.875% 15/04/2030 USD 4,025,000 4,666,786 2.18 3.702% 06/05/2030 USD 2,515,000 2,917,135 1.36 Universal Health Services, Massachusetts Institute Inc., 144A 2.65% 15/10/2030 USD 340,000 353,596 0.17 of Technology 2.294% Verizon Communications, 01/07/2051 USD 290,000 292,621 0.14 Inc. 4.329% 21/09/2028 USD 1,380,000 1,661,654 0.78 Microsof Corp. 3.7% Verizon Communications, 08/08/2046 USD 375,000 475,170 0.22 Inc. 4.016% 03/12/2029 USD 1,185,000 1,409,948 0.66 Mondelez International, Inc. Viatris, Inc., 144A 4% 1.875% 15/10/2032 USD 675,000 686,438 0.32 22/06/2050 USD 2,000,000 2,290,052 1.07 Mondelez International, Inc. Vistra Operations Co. LLC, 2.75% 13/04/2030 USD 1,145,000 1,255,311 0.59 144A 3.55% 15/07/2024 USD 710,000 769,187 0.36 Morgan Stanley 0.985% Wells Fargo & Co. 2.406% 10/12/2026 USD 1,405,000 1,419,362 0.66 30/10/2025 USD 470,000 497,029 0.23 MPLX LP 4.9% 15/04/2058 USD 260,000 309,490 0.14 Wells Fargo & Co., FRN Newmont Corp. 2.25% 1.654% 02/06/2024 USD 1,255,000 1,288,913 0.60 01/10/2030 USD 510,000 537,122 0.25 Wells Fargo & Co., FRN Niagara Mohawk Power 2.164% 11/02/2026 USD 1,755,000 1,846,194 0.86 Corp., 144A 3.508% Wells Fargo Bank NA, FRN 01/10/2024 USD 820,000 901,142 0.42 2.082% 09/09/2022 USD 1,005,000 1,016,626 0.48 NRG Energy, Inc., 144A 2% WRKCo, Inc. 4% 15/03/2028 USD 785,000 910,712 0.43 02/12/2025 USD 290,000 300,649 0.14 94,518,059 44.19 Pacific Gas and Electric Co. Total Bonds 104,019,546 48.63 3.15% 01/01/2026 USD 735,000 784,513 0.37 Total Transferable securities and money market instruments dealt in on another regulated market 104,019,546 48.63 Total Investments 198,901,652 92.99 Cash 3,275,043 1.53 Other assets/(liabilities) 11,711,603 5.48 Total net assets 213,888,298 100.00

Geographic Allocation of Portfolio % of Net Assets United States of America 82.86 United Kingdom 2.41 Switzerland 1.74 Saudi Arabia 0.73 Norway 0.72 Australia 0.71 Canada 0.60 Japan 0.54 United Arab Emirates 0.53 Ireland 0.51 Netherlands 0.45 Colombia 0.45 Cayman Islands 0.40 Mexico 0.23 Bermuda 0.11 Total investments 92.99 Cash and other assets/(liabilities) 7.01 Total 100.00

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 165 Aviva Investors Société d’investissement à capital variable (SICAV)

AVIVA INVESTORS - US INVESTMENT GRADE BOND FUND* (CONTINUED) Portfolio of Investments and Other Net Assets as at 31 December 2020

Forward Currency Exchange Contracts Unrealised Gain/ Currency Currency (Loss) Purchased Amount Purchased Sold Amount Sold Maturity Date Counterparty USD % of Net Assets EUR 52,025,178 USD 61,113,126 11/01/2021 J.P. Morgan 2,728,856 1.28 GBP 109,025,406 USD 141,839,008 11/01/2021 J.P. Morgan 7,091,359 3.31 Net Unrealised Gain on Forward Currency Exchange Contracts - Assets 9,820,215 4.59

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 166 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS As at 31 December 2020

Aviva Investors - Climate Aviva Investors - Climate Aviva Investors - Asian Equity Transition Global Equity Transition European Equity Aviva Investors - Emerging Income Fund Fund* Fund Markets Bond Fund USD USD EUR USD ASSETS Investments in securities at cost 533,876,979 95,425,321 212,016,702 3,682,916,416 Unrealised gain/(loss) 126,123,589 16,497,069 43,234,177 62,186,603 Investments in securities at market value 660,000,568 111,922,390 255,250,879 3,745,103,019 Cash at bank and at brokers 448,674 4,491,268 5,541,085 177,527,104 Receivables on subscriptions – – 796,083 4,574,801 Receivables on investments sold – – 460,551 – Dividends receivable 1,375,312 42,625 37,204 17,206 Interest receivable – – – 42,412,097 Tax reclaims receivable – 17,127 116,948 – Unrealised gain on forward currency exchange contracts – 7,249 – 155,712,675 Other assets 3,532 – 21 11,803 Total assets 661,828,086 116,480,659 262,202,771 4,125,358,705 LIABILITIES Bank overdrafs 44,204 – – – Payables on redemptions 61,805 – – 43,672 Interest payable 611 132 2,872 22 Management fees payable 46,574 4 161,793 881,586 Unrealised loss on forward currency exchange contracts – 229 – 5,369,799 Other liabilities 229,615 17,305 43,667 833,573 Total liabilities 382,809 17,670 208,332 7,128,652 Total net assets 661,445,277 116,462,989 261,994,439 4,118,230,053

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 167 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - Emerging Aviva Investors - Emerging Aviva Investors - Emerging Aviva Investors - Emerging Markets Equity Small Cap Markets Local Currency Bond Markets Corporate Bond Fund Markets Equity Income Fund Fund Fund USD USD USD EUR ASSETS Investments in securities at cost 830,509,938 975,779,715 153,473,604 1,499,386,825 Unrealised gain/(loss) 50,817,520 275,785,070 52,827,702 (104,925,333) Investments in securities at market value 881,327,458 1,251,564,785 206,301,306 1,394,461,492 Cash at bank and at brokers 1,099,469 3,556,448 136,699 14,179,898 Receivables on subscriptions 13,551 – 5,583 – Dividends receivable 8,668 3,445,844 381,259 4,002 Interest receivable 8,942,258 13 – 19,356,813 Tax reclaims receivable – – 82,470 3,118,742 Unrealised gain on forward currency exchange contracts 38,735,266 – – 2,957,581 Swap contracts at fair value – – – 547,197 Other assets 13 137 2,498 1 Total assets 930,126,683 1,258,567,227 206,909,815 1,434,625,726 LIABILITIES Bank overdrafs – 14,683 261 367,056 Due to brokers 1 – – 629,596 Payables on redemptions 7,230 70,464 354 – Payables on investments purchased 3,059,400 – – – Interest payable 3 4,707 902 956 Management fees payable 478,345 25,472 44,832 49,444 Unrealised loss on financial futures contracts – – – 22,400 Unrealised loss on forward currency exchange contracts 862,832 – – 2,507,687 Other liabilities 165,471 566,732 95,800 559,945 Total liabilities 4,573,282 682,058 142,149 4,137,084 Total net assets 925,553,401 1,257,885,169 206,767,666 1,430,488,642

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 168 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - European Aviva Investors - European Aviva Investors - European Aviva Investors - European Corporate Bond Fund Equity Fund Equity Income Fund High Yield Bond Fund EUR EUR EUR EUR ASSETS Investments in securities at cost 41,880,188 80,072,626 118,353,153 48,097,486 Unrealised gain/(loss) (503,294) 14,502,300 22,903,974 1,628,651 Investments in securities at market value 41,376,894 94,574,926 141,257,127 49,726,137 Cash at bank and at brokers 353,765 634,975 1,788,356 1,006,617 Dividends receivable – 6,975 – – Interest receivable 390,679 – – 536,197 Tax reclaims receivable – 324,362 7,492,435 – Fee waiver receivable 76,878 – – 58,332 Unrealised gain on forward currency exchange contracts – – – 40,588 Swap contracts at fair value 117,119 – – – Other assets – 655 – – Total assets 42,315,335 95,541,893 150,537,918 51,367,871 LIABILITIES Due to brokers 1 – – – Payables on redemptions 10,763 56,256 – – Interest payable 567 321 1,873 457 Management fees payable 43,610 157,044 54,733 14,698 Unrealised loss on forward currency exchange contracts – – – 1,657 Other liabilities 71,838 92,397 162,526 39,164 Total liabilities 126,779 306,018 219,132 55,976 Total net assets 42,188,556 95,235,875 150,318,786 51,311,895

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 169 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - Global Aviva Investors - European Aviva Investors - Global Convertibles Absolute Return Aviva Investors - Global Real Estate Securities Fund Sovereign Bond Fund* Fund Convertibles Fund EUR EUR USD USD ASSETS Investments in securities at cost 17,035,708 1,959,379,444 777,747,576 336,480,612 Unrealised gain/(loss) 1,285,309 (33,532,710) 120,922,791 34,204,333 Investments in securities at market value 18,321,017 1,925,846,734 898,670,367 370,684,945 Cash at bank and at brokers 2,428 82,309,144 76,721,251 12,686,428 Receivables on subscriptions – – 17,710 233,082 Dividends receivable 32,192 623 – – Interest receivable – 5,761,217 3,149,720 641,232 Tax reclaims receivable 46,831 80,839 101,009 78,502 Fee waiver receivable 75,017––– Options purchased contracts at fair value – – 337,750 – Unrealised gain on financial futures contracts – 2,215,790 – – Unrealised gain on forward currency exchange contracts – 63,958,177 37,893,424 9,653,513 Swap contracts at fair value – 2,817,107 591,284 – Other assets – 11,978 4,612 911 Total assets 18,477,485 2,083,001,609 1,017,487,127 393,978,613 LIABILITIES Bank overdrafs – 45,620,613 – – Due to brokers – 1,457,997 – – Payables on redemptions 3,314 – 11,663 46,593 Interest payable 817 2,342 68 408 Management fees payable 37,140 1 207,984 327,729 Performance fees payable – – 1,668,338 – Unrealised loss on financial futures contracts – 930,440 – – Unrealised loss on forward currency exchange contracts – 24,018,856 2,303,385 1,586,695 Swap contracts at fair value – 3,657,447 8,223,115 – Other liabilities 76,489 215,528 206,252 196,616 Total liabilities 117,760 75,903,224 12,620,805 2,158,041 Total net assets 18,359,725 2,007,098,385 1,004,866,322 391,820,572

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 170 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - Global Emerging Markets Equity Aviva Investors - Global Aviva Investors - Global Aviva Investors - Global Unconstrained Fund Emerging Markets Index Fund Equity Endurance Fund Equity Unconstrained Fund USD USD USD USD ASSETS Investments in securities at cost 6,427,299 1,961,273,712 609,063,639 6,522,645 Unrealised gain/(loss) 1,820,512 496,308,195 138,493,186 1,355,582 Investments in securities at market value 8,247,811 2,457,581,907 747,556,825 7,878,227 Cash at bank and at brokers 249,088 1,674,680 176,860 396,765 Receivables on subscriptions – 10,883,280 3,109 – Receivables on investments sold – 2,086,406 – – Dividends receivable 13,492 4,197,142 114,562 3,129 Interest receivable – 38 – – Tax reclaims receivable 1,530 135,527 1,091,186 2,170 Fee waiver receivable 81,548 – – 70,017 Unrealised gain on financial futures contracts – 255,573 – – Unrealised gain on forward currency exchange contracts 420,554 – – 409,123 Other assets 1,687 45,822 1,999 – Total assets 9,015,710 2,476,860,375 748,944,541 8,759,431 LIABILITIES Bank overdrafs – 69,942 – – Payables on redemptions – – 12 – Interest payable 25 307 25 33 Management fees payable 1 1 34,465 1 Unrealised loss on forward currency exchange contracts 12,890 – – 10,000 Other liabilities 33,288 753,263 158,609 33,078 Total liabilities 46,204 823,513 193,111 43,112 Total net assets 8,969,506 2,476,036,862 748,751,430 8,716,319

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 171 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - Global Aviva Investors - Global High Investment Grade Corporate Aviva Investors - Multi- Aviva Investors - Multi- Yield Bond Fund Bond Fund Strategy Fixed Income Fund Strategy Target Income Fund USD USD EUR EUR ASSETS Investments in securities at cost 5,520,853,288 7,056,764,269 283,817,478 272,598,032 Unrealised gain/(loss) 299,583,332 421,781,322 3,949,448 7,882,628 Investments in securities at market value 5,820,436,620 7,478,545,591 287,766,926 280,480,660 Cash at bank and at brokers 99,446,940 22,159,041 116,518,451 52,040,727 Receivables on subscriptions 12,956,579 1,427,729 – – Receivables on investments sold 1,659,169 – – 8,907 Dividends receivable 3,467 1,303 – 172,178 Interest receivable 80,454,973 55,546,667 528,891 914,064 Tax reclaims receivable – – 6,655 227,633 Fee waiver receivable – 52,674 40,827 140,770 Options purchased contracts at fair value – – 600,198 1,962,564 Unrealised gain on financial futures contracts – 306,547 – 780,867 Unrealised gain on forward currency exchange contracts 233,423,308 351,226,758 13,178,958 13,363,724 Swap contracts at fair value – 47,753 9,826,736 11,934,982 Other assets 58,484 25,669 852 – Total assets 6,248,439,540 7,909,339,732 428,468,494 362,027,076 LIABILITIES Bank overdrafs – – 1,702 – Due to brokers – 683,680 6,165,827 4,214,198 Payables on redemptions 50,214 932,507 – – Payables on investments purchased 1,605,000 – – 9,474 Interest payable 25,545 1,200 5,386 1,669 Management fees payable 1,795,105 493,745 83,579 314,922 Options written contracts at fair value – – 391,046 2,084,208 Unrealised loss on financial futures contracts – 260,998 342,820 2,122,181 Unrealised loss on forward currency exchange contracts 55,175,008 40,166,574 4,360,011 8,912,010 Swap contracts at fair value – – 2,481,946 415,603 Other liabilities 1,695,707 705,240 143,293 151,344 Total liabilities 60,346,579 43,243,944 13,975,610 18,225,609 Total net assets 6,188,092,961 7,866,095,788 414,492,884 343,801,467

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 172 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - Short Aviva Investors - Multi- Duration Global High Yield Aviva Investors - Sustainable Aviva Investors - UK Listed Strategy Target Return Fund Bond Fund Income & Growth Fund Equity High Alpha Fund EUR USD USD GBP ASSETS Investments in securities at cost 834,948,720 725,558,649 26,791,076 77,891,522 Unrealised gain/(loss) 46,167,928 16,581,779 2,700,602 3,215,277 Investments in securities at market value 881,116,648 742,140,428 29,491,678 81,106,799 Cash at bank and at brokers 306,614,371 18,502,178 190,108 336,421 Receivables on subscriptions 604,706 1,000,695 – 12,585 Receivables on investments sold 22,805 211,919 980,070 57,166 Dividends receivable 315,682 721 47,290 164,193 Interest receivable 1,149,408 9,064,726 185,239 – Tax reclaims receivable 1,163,623 – 5,261 12,241 Fee waiver receivable 257,517 – 115,954 – Options purchased contracts at fair value 21,440,860 – – – Unrealised gain on financial futures contracts 2,879,340 – – – Unrealised gain on forward currency exchange contracts 56,708,653 14,970,078 7,564 – Swap contracts at fair value 18,324,046 – – – Other assets – 10 11,069 – Total assets 1,290,597,659 785,890,755 31,034,233 81,689,405 LIABILITIES Due to brokers 2,401,533 – – – Payables on redemptions 141,275 – – 79,292 Payables on investments purchased 69,926 205,000 – 177,863 Interest payable 1,908 4,829 119 285 Management fees payable 1,076,943 475,539 19,701 8,192 Options written contracts at fair value 16,497,444 – – – Unrealised loss on financial futures contracts 7,019,778 – – – Unrealised loss on forward currency exchange contracts 27,788,914 6,771,469 97 – Swap contracts at fair value 11,332,877 – – – Other liabilities 548,563 365,222 39,043 47,649 Total liabilities 66,879,161 7,822,059 58,960 313,281 Total net assets 1,223,718,498 778,068,696 30,975,273 81,376,124

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 173 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF NET ASSETS (CONTINUED) As at 31 December 2020

Aviva Investors - US Aviva Investors - US Equity Investment Grade Bond Income Fund Fund* Combined USD USD EUR ASSETS Investments in securities at cost 14,963,926 193,615,755 24,614,199,367 Unrealised gain/(loss) 2,525,027 5,285,897 1,738,775,781 Investments in securities at market value 17,488,953 198,901,652 26,352,975,148 Cash at bank and at brokers 372,675 3,275,043 926,214,732 Receivables on subscriptions – 405,040 27,105,673 Receivables on investments sold – – 4,580,196 Dividends receivable 25,754 – 8,639,381 Interest receivable – 1,576,371 193,252,768 Tax reclaims receivable – – 13,826,297 Fee waiver receivable 62,232 41 961,065 Options purchased contracts at fair value – – 24,278,900 Unrealised gain on financial futures contracts – – 6,334,145 Unrealised gain on forward currency exchange contracts – 9,820,215 844,846,170 Swap contracts at fair value – – 44,088,025 Other assets – 4,750 154,505 Total assets 17,949,614 213,983,112 28,447,257,005 LIABILITIES Bank overdrafs – – 46,094,584 Due to brokers – – 15,426,376 Payables on redemptions – – 1,297,905 Payables on investments purchased – – 4,246,147 Interest payable – – 51,220 Management fees payable 46,502 35,899 6,007,693 Performance fees payable – – 1,359,755 Options written contracts at fair value – – 18,972,698 Unrealised loss on financial futures contracts – – 10,650,342 Unrealised loss on forward currency exchange contracts – – 159,084,221 Swap contracts at fair value – – 24,590,006 Other liabilities 53,980 58,915 7,217,306 Total liabilities 100,482 94,814 294,998,253 Total net assets 17,849,132 213,888,298 28,152,258,752

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 174 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION

e

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Aviva Investors - Asian Equity Income Fund A Share Class Accumulation 729,290 18.1276 15.8225 13.3978 B Share Class Accumulation 449,136 7.8304 6.8518 5.8163 Ba Share Class Dividend – – 6.0215 5.1736 I Share Class Accumulation 1,136 448.7773 388.6284 326.4850 R Share Class Accumulation 368 15.9446 13.8167 11.6135 Z Share Class Accumulation 6,888 1,767.7234 1,517.4632 1,263.7155 Za Share Class Dividend GBP 371,550 1,164.5509 1,062.3810 945.4359 Zy Share Class Accumulation GBP 16,662 1,801.1703 1,598.1709 1,373.9608 Total net assets in USD 661,445,277 687,272,420 628,224,496 Aviva Investors - Climate Transition Global Equity Fund* A Share Class Accumulation 100 11.8307 – – F Share Class Accumulation Hedged AUD 1,953 104.5252 – – I Share Class Accumulation 10 118.6370 – – Z Share Class Accumulation EUR 20,001 1,135.3723 – – Z Share Class Accumulation GBP 57,901 1,118.2476 – – Total net assets in USD 116,462,989 – – Aviva Investors - Climate Transition European Equity Fund A Share Class Accumulation 684,933 12.7753 11.0237 – AFER Climat Share Class Dividend 71,310 114.7366 – – I Share Class Accumulation 219,237 129.1661 110.5794 – K Share Class Accumulation 165,962 1,301.3874 1,108.2873 – R Share Class Accumulation 100 13.5008 11.5378 – Ry Share Class Accumulation GBP 52,684 13.0017 10.5256 – Total net assets in EUR 261,994,439 134,389,258 – Aviva Investors - Emerging Markets Bond Fund A Share Class Accumulation 683,540 15.9990 15.0270 13.1813 A Share Class Accumulation Hedged EUR 19,300 12.4289 11.8413 10.7047 B Share Class Accumulation 90,066 13.8363 13.0284 11.4572 Bm Share Class Dividend 578,932 9.4724 9.4698 8.7717 Bm Share Class Dividend Hedged EUR 337,970 8.0064 8.1159 7.7551 I Share Class Accumulation 577,274 320.2986 298.9255 260.5478 I Share Class Accumulation Hedged CHF 73,280 119.3965 113.0451 101.9786 I Share Class Accumulation Hedged EUR 1,606,152 148.3147 140.4127 126.1264 Ia Share Class Dividend 14,156 107.4688 100.4024 – K Share Class Accumulation EUR 23,373 1,310.9334 1,332.8319 1,135.6594 K Share Class Accumulation Hedged EUR – – 1,105.2982 989.0798 Kq Share Class Dividend Hedged EUR 500,460 963.9070 949.9064 894.7430 Ra Share Class Dividend Hedged EUR 860,310 10.8688 10.6853 – Ry Share Class Accumulation Hedged CHF 80,396 10.5283 – – V Share Class Accumulation 129,212 1,841.8086 1,706.4933 1,476.6657 Z Share Class Accumulation 195,199 1,840.9244 1,705.6740 1,475.9568 Z Share Class Accumulation Hedged GBP 379,574 1,605.4422 1,514.1250 1,335.4675 Zq Share Class Dividend Hedged EUR 87,535 970.2886 956.1512 900.5518 Zy Share Class Accumulation Hedged GBP 760,951 1,378.1905 1,300.1568 1,146.7972 Total net assets in USD 4,118,230,053 4,160,505,779 3,350,185,875 Aviva Investors - Emerging Markets Corporate Bond Fund I Share Class Accumulation 212,521 131.0037 118.4680 104.2650 I Share Class Accumulation Hedged EUR 888,676 134.9903 124.0725 112.5467 Kq Share Class Dividend Hedged EUR 395,702 1,027.9080 983.6895 932.1322 Zy Share Class Accumulation Hedged EUR 3 1,152.9156 1,050.2478 – Zy Share Class Accumulation Hedged GBP 157,730 1,167.1896 1,062.4608 – Total net assets in USD 925,553,401 631,928,875 130,581,534 Aviva Investors - Emerging Markets Equity Income Fund A Share Class Accumulation 55,266 12.1722 11.3041 9.7344 B Share Class Accumulation 1,155,354 4.1063 3.8229 3.3003 B Share Class Accumulation EUR 267,015 10.6956 10.8885 9.2235 I Share Class Accumulation 1,524 436.3063 401.5935 342.7600 R Share Class Accumulation 2,349 14.2736 13.1435 11.2225 Ra Share Class Dividend GBP 1,523 11.9311 11.6073 10.5337 Z Share Class Accumulation 1,586 1,203.2235 1,096.7441 926.9929 Z Share Class Accumulation EUR 49,241 1,131.5767 1,127.8673 935.4167 Z Share Class Accumulation GBP 386,325 1,580.6905 1,489.2597 1,299.4559 Zy Share Class Accumulation GBP 155,636 1,617.4376 1,523.8813 1,329.6650 Total net assets in USD 1,257,885,169 1,391,272,024 1,632,355,636

avivainvestors.com Annual Report and audited financial statements 175 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Aviva Investors - Emerging Markets Equity Small Cap Fund A Share Class Accumulation 275,693 13.8036 12.0330 10.9083 B Share Class Accumulation 18,524 12.1396 10.6090 9.6415 B Share Class Accumulation EUR 393,477 15.9596 15.2512 13.6003 I Share Class Accumulation 30,892 204.2742 176.4940 158.5801 I Share Class Accumulation EUR 10 103.3498 97.4742 85.7192 I Share Class Accumulation GBP – – – 86.3159 M Share Class Accumulation 1 987.4754 849.2006 760.1715 R Share Class Accumulation – – – 8.5558 R Share Class Accumulation EUR – – – 8.6806 R Share Class Accumulation GBP – – – 8.6316 Ra Share Class Dividend GBP 20,818 13.9062 12.6451 12.0093 Z Share Class Accumulation 24,814 1,487.7776 1,272.9767 1,132.6780 Zy Share Class Accumulation 20,466 1,122.8065 960.6990 854.8174 Zy Share Class Accumulation GBP 79,769 1,178.6724 1,042.4137 957.5161 Total net assets in USD 206,767,666 217,323,175 329,629,236 Aviva Investors - Emerging Markets Local Currency Bond Fund A Share Class Accumulation 34,757 14.9798 16.2003 14.0372 Aa Share Class Dividend 28,356 8.0071 9.0477 8.2651 B Share Class Accumulation 19,675 14.5397 15.7637 13.6931 B Share Class Accumulation USD 102 10.8020 10.7000 9.4639 Bm Share Class Dividend 450,777 5.1942 6.0562 5.6314 Bm Share Class Dividend USD – – – 5.0819 I Share Class Accumulation 167,348 165.9717 178.3479 153.5483 I Share Class Accumulation GBP 10 113.4340 115.0127 104.0057 I Share Class Accumulation USD 207,618 113.4860 111.5222 97.7524 Ia Share Class Dividend 15 72.1291 81.0685 74.0775 Ia Share Class Dividend GBP 37 89.4476 95.5008 91.8092 R Share Class Accumulation 19,871 11.1684 12.0056 10.3404 R Share Class Accumulation GBP 664 11.3398 11.5020 10.4006 R Share Class Accumulation USD 100 11.9405 11.7199 10.2756 Z Share Class Accumulation 22,668 1,291.0826 1,377.3250 1,177.2443 Zy Share Class Accumulation GBP 796,153 1,523.8240 1,536.6210 1,381.7865 Total net assets in EUR 1,430,488,642 1,685,124,071 1,700,925,373 Aviva Investors - European Corporate Bond Fund A Share Class Accumulation 1,116,887 14.4555 14.3312 13.4665 B Share Class Accumulation 1,097,671 3.7139 3.6841 3.4688 Ba Share Class Dividend 223,621 1.9065 1.8952 1.8003 I Share Class Accumulation 47,981 200.0368 197.4026 184.5856 Z Share Class Accumulation 8,005 1,491.8633 1,465.0668 1,362.0900 Total net assets in EUR 42,188,556 52,629,568 54,926,406 Aviva Investors - European Equity Fund A Share Class Accumulation 1,524,521 14.4319 14.6703 11.5707 B Share Class Accumulation 822,297 9.9216 10.1108 7.9945 I Share Class Accumulation 232,697 259.2998 261.4778 204.6104 R Share Class Accumulation 5,508 11.8024 11.9076 9.3216 Z Share Class Accumulation 2,101 2,223.6930 2,223.0742 1,724.4468 Total net assets in EUR 95,235,875 140,713,834 134,464,588 Aviva Investors - European Equity Income Fund A Share Class Accumulation 194,707 14.1684 16.0040 14.2220 B Share Class Accumulation 160,422 11.5864 13.1198 11.6881 I Share Class Accumulation 25,416 299.1394 335.2217 295.5523 Z Share Class Accumulation – – 1,884.7926 1,647.2799 Za Share Class Dividend GBP 145,004 855.4680 934.7720 898.9631 Zy Share Class Accumulation GBP – – – 1,237.1777 Total net assets in EUR 150,318,786 2,037,208,886 2,568,370,600 Aviva Investors - European High Yield Bond Fund A Share Class Accumulation 100 10.0414 10.1236 – I Share Class Accumulation 10 101.9470 101.4140 – Ia Share Class Dividend 10 101.6290 101.4140 – K Share Class Accumulation 25,896 1,016.3044 1,014.1692 – R Share Class Accumulation 100 10.1947 10.1414 – Z Share Class Accumulation 24,498 1,020.0497 1,014.4183 – Total net assets in EUR 51,311,895 50,557,036 – Aviva Investors - European Real Estate Securities Fund A Share Class Accumulation 38,286 11.6299 12.8330 10.1722

avivainvestors.com Annual Report and audited financial statements 176 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 B Share Class Accumulation 420,675 14.5691 16.0878 12.7840 Bm Share Class Dividend Hedged USD – – – 8.6505 I Share Class Accumulation 1,643 344.6130 377.3628 296.7684 R Share Class Accumulation 3,325 11.9243 13.0593 10.2743 Za Share Class Dividend 8,019 1,394.0870 1,564.1690 1,268.1957 Total net assets in EUR 18,359,725 42,496,821 38,566,636 Aviva Investors - Global Sovereign Bond Fund* B Share Class Accumulation USD – – – 9.5761 Bm Share Class Dividend – – – 9.6749 Bm Share Class Dividend USD – – – 7.7892 I Share Class Accumulation 10 103.1130 – – Iy Share Class Accumulation Hedged GBP 10 100.3276 – – Z Share Class Accumulation Hedged GBP 1,218,282 1,474.6513 1,392.0153 1,287.1598 Total net assets in EUR 2,007,098,385 127,015,421 110,560,305 Aviva Investors - Global Convertibles Absolute Return Fund A Share Class Accumulation Hedged EUR 106,923 12.1904 11.3991 10.6624 I Share Class Accumulation 272,665 161.5907 147.6846 134.0417 I Share Class Accumulation Hedged CHF 2,315 111.4819 103.7262 96.6684 I Share Class Accumulation Hedged EUR 395,808 143.1167 132.9443 123.4854 I Share Class Accumulation Hedged GBP 10 116.9794 108.4318 100.1281 Ia Share Class Dividend 27,063 125.3149 114.5206 103.9320 Ia Share Class Dividend Hedged EUR 4,279 125.3898 116.5315 108.2888 Ia Share Class Dividend Hedged GBP 172,568 144.8976 134.4150 123.7556 R Share Class Accumulation 628,658 13.0346 11.9172 10.8199 R Share Class Accumulation Hedged CHF 14,900 11.4580 10.6448 9.9561 R Share Class Accumulation Hedged EUR 171,621 11.4989 10.6736 9.9668 R Share Class Accumulation Hedged GBP 100 11.6997 10.8439 10.0128 Ry Share Class Accumulation Hedged EUR 371,892 10.9282 10.1569 9.4415 Ry Share Class Accumulation Hedged GBP 267 11.4254 10.5003 9.6203 Z Share Class Accumulation Hedged GBP 342,938 1,556.0053 1,419.1882 1,290.0248 Zy Share Class Accumulation Hedged GBP 68,144 1,139.8442 1,034.7538 – Total net assets in USD 1,004,866,322 826,592,044 598,843,533 Aviva Investors - Global Convertibles Fund A Share Class Accumulation 638,269 20.0498 15.4147 13.5279 A Share Class Accumulation Hedged CHF 51,709 14.4447 11.5393 10.3586 A Share Class Accumulation Hedged EUR 478,279 16.7167 13.3320 11.9317 Aa Share Class Dividend GBP 24,614 25.5823 20.3296 18.4181 Aa Share Class Dividend Hedged GBP 19,987 16.2520 12.9147 11.4417 B Share Class Accumulation 205,490 13.7072 10.5647 9.2947 B Share Class Accumulation Hedged EUR 76,949 17.5654 14.0342 12.5926 Bm Share Class Dividend – – – 9.4080 I Share Class Accumulation 51,044 325.3532 248.5446 216.7312 I Share Class Accumulation GBP – – – 145.9466 I Share Class Accumulation Hedged EUR 358,324 176.3302 139.3510 123.9132 Ia Share Class Dividend GBP 12,557 268.6734 212.4468 191.7294 Ia Share Class Dividend Hedged GBP 86,956 183.3199 144.9452 128.0870 Iy Share Class Accumulation Hedged EUR 41,853 131.3192 104.0310 92.5133 Iy Share Class Accumulation Hedged GBP 87,463 133.0011 105.2260 92.7190 Iy Share Class Accumulation Hedged USD 128,319 139.4929 108.7174 93.7793 Kq Share Class Dividend Hedged EUR 115,501 1,383.1506 1,099.3643 979.5888 Ra Share Class Dividend Hedged GBP 133,131 16.6879 13.2432 11.6973 Z Share Class Accumulation 943 1,873.1905 1,420.6475 1,229.8637 Z Share Class Accumulation Hedged EUR 228 1,899.2313 1,493.2283 1,318.4351 Z Share Class Accumulation Hedged GBP 73 1,998.0685 1,564.5895 1,368.4536 Total net assets in USD 391,820,572 505,953,717 530,028,573 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund I Share Class Accumulation 10 134.7720 112.3520 – S Share Class Accumulation 10 134.7230 112.3320 – Z Share Class Accumulation Hedged GBP 5,001 1,312.3518 1,115.8148 – Zy Share Class Accumulation GBP 1 1,548.3737 – – Total net assets in USD 8,969,506 7,376,412 – Aviva Investors - Global Emerging Markets Index Fund I Share Class Accumulation 10 142.2531 120.9697 103.2256 K Share Class Accumulation EUR – – – 982.4048 Z Share Class Accumulation 331,695 1,480.5012 1,255.7256 1,068.0212 Zy Share Class Accumulation GBP 1,193,478 1,217.6123 1,067.4796 937.2699

avivainvestors.com Annual Report and audited financial statements 177 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Total net assets in USD 2,476,036,862 2,142,574,503 1,001,168,126 Aviva Investors - Global Equity Endurance Fund A Share Class Accumulation 543,691 17.7304 14.9103 11.3635 I Share Class Accumulation 149,116 182.3733 152.1906 115.2290 Ry Share Class Accumulation GBP 20,859 16.7177 14.4259 11.2800 Z Share Class Accumulation CAD – – – 990.0298 Z Share Class Accumulation USD 238,593 1,492.1246 1,234.3337 926.4257 Za Share Class Dividend GBP 177,768 1,463.7671 1,269.4751 1,002.4825 Total net assets in USD 748,751,430 810,092,827 759,370,322 Aviva Investors - Global Equity Unconstrained Fund I Share Class Accumulation 10 131.3510 115.4200 – S Share Class Accumulation 10 131.2080 115.3840 – Z Share Class Accumulation Hedged GBP 5,001 1,275.6072 1,146.0342 – Total net assets in USD 8,716,319 7,576,186 – Aviva Investors - Global High Yield Bond Fund A Share Class Accumulation 1,869,031 24.2090 23.5776 20.6616 A Share Class Accumulation Hedged CHF 386,696 14.1557 14.0286 12.7275 A Share Class Accumulation Hedged EUR 682,259 20.4643 20.3011 18.3359 A Share Class Accumulation Hedged SGD 378,728 18.3140 18.0028 15.9037 Am Share Class Dividend 7,463,870 9.1207 9.4528 8.7827 Am Share Class Dividend Hedged GBP 214,639 12.2893 13.0186 12.3372 Am Share Class Dividend Hedged SGD 1,457,573 9.3423 9.7782 9.1619 B Share Class Accumulation – – – 14.6126 B Share Class Accumulation Hedged EUR 88,519 15.4974 15.4044 13.9468 Ba Share Class Dividend Hedged EUR 342,464 9.4524 9.7776 9.2775 Bm Share Class Dividend 4,015,597 8.9823 9.3335 8.6939 I Share Class Accumulation 443,529 262.5257 254.0490 221.2094 I Share Class Accumulation Hedged CAD 656 198.5659 195.9288 172.1102 I Share Class Accumulation Hedged EUR 914,017 221.9951 218.8408 196.3728 I Share Class Accumulation Hedged GBP 11,134 152.0302 150.5310 133.5462 I Share Class Accumulation Hedged SEK – – – 1,027.2535 Ia Share Class Dividend 31,397 108.8587 110.3938 101.3440 Ia Share Class Dividend Hedged CHF 137,825 92.3481 95.2675 90.7460 Ia Share Class Dividend Hedged EUR 227,416 94.7076 97.9333 93.1634 Ia Share Class Dividend Hedged GBP 14,024 99.1594 102.8175 96.6134 Iq Share Class Dividend Hedged GBP 280 97.5557 101.4298 94.6751 K Share Class Accumulation Hedged EUR 1 1,196.1710 1,172.1273 1,047.7220 Kq Share Class Dividend Hedged EUR 616,248 894.9347 921.9911 870.4976 M Share Class Accumulation 385,915 149.0460 143.8807 124.9756 M Share Class Accumulation Hedged CHF 24,438 128.4884 126.2001 113.4784 M Share Class Accumulation Hedged EUR 3,610,086 132.7805 130.5691 116.8878 R Share Class Accumulation 2,565,416 13.6859 13.2493 11.5412 R Share Class Accumulation Hedged CHF 1,584,246 11.9867 11.8079 10.6472 R Share Class Accumulation Hedged EUR 1,624,548 12.2235 12.0533 10.8208 R Share Class Accumulation Hedged SGD 100 13.5292 13.1995 11.5778 Ra Share Class Dividend 697,832 11.0607 11.2168 10.2971 Ra Share Class Dividend Hedged GBP 414,963 9.4140 9.7646 9.1762 V Share Class Accumulation EUR 1 1,005.8194 – – V Share Class Accumulation Hedged EUR 1 1,014.6951 – – Z Share Class Accumulation 78,874 1,872.0531 1,798.5276 1,554.7358 Z Share Class Accumulation Hedged GBP 1,519,444 1,756.0950 1,726.4219 1,520.7626 Zq Share Class Dividend Hedged EUR 125,717 949.0869 981.9290 926.9150 Zy Share Class Accumulation Hedged GBP 153,413 1,039.2123 1,021.9644 – Total net assets in USD 6,188,092,961 5,151,371,505 4,095,588,726 Aviva Investors - Global Investment Grade Corporate Bond Fund I Share Class Accumulation 60,371 133.1164 123.2629 109.5542 I Share Class Accumulation Hedged EUR 252,476 119.2809 112.0993 102.6312 Ia Share Class Dividend Hedged GBP 188,575 110.6238 105.5527 – K Share Class Accumulation EUR 6,920 963.5209 – – Ma Share Class Dividend Hedged EUR 9,282 1,058.4566 998.0393 – Ma Share Class Dividend Hedged GBP 602,235 1,063.8895 1,004.6917 – Ma Share Class Dividend USD 90,060 1,086.9829 1,010.4800 – Z Share Class Accumulation USD 501,524 1,263.5372 1,163.3032 1,028.0016 Zy Share Class Accumulation Hedged EUR 180,219 1,229.8127 1,149.5567 1,046.4020 Zy Share Class Accumulation Hedged GBP 3,340,688 1,291.5849 1,207.9457 1,086.1947 Total net assets in USD 7,866,095,788 3,499,325,942 1,638,605,796

avivainvestors.com Annual Report and audited financial statements 178 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Aviva Investors - Multi-Strategy Fixed Income Fund A Share Class Accumulation Hedged SEK 100 100.5600 99.8270 96.5592 F Share Class Accumulation Hedged AUD 2,393,196 106.4136 105.1247 99.4847 I Share Class Accumulation 1,702 101.1539 100.2645 96.8980 I Share Class Accumulation Hedged CHF 10 100.9633 100.2700 97.2394 I Share Class Accumulation Hedged GBP 307,292 104.4005 103.0679 98.4505 I Share Class Accumulation Hedged USD 10 110.8879 108.4728 101.7141 Iq Share Class Dividend – – – 96.1659 Iq Share Class Dividend Hedged CHF 11 95.6794 97.0375 96.8078 Iq Share Class Dividend Hedged GBP 11 97.9938 98.7470 96.9775 Iq Share Class Dividend Hedged USD – – – 97.9957 R Share Class Accumulation – – – 9.6676 R Share Class Accumulation Hedged CHF 100 10.0963 10.0270 9.7239 R Share Class Accumulation Hedged GBP – – – 9.7427 R Share Class Accumulation Hedged USD – – – 9.8445 Rq Share Class Dividend – – – 9.6166 Rq Share Class Dividend Hedged CHF 105 9.5679 9.7035 9.6808 Rq Share Class Dividend Hedged GBP 106 9.7987 9.8745 9.6979 Rq Share Class Dividend Hedged USD – – – 9.7994 Z Share Class Accumulation 86,931 1,026.9502 1,013.9256 976.9262 Zy Share Class Accumulation Hedged GBP 110,471 1,041.8815 1,024.6379 975.8821 Total net assets in EUR 414,492,884 396,133,617 480,673,511 Aviva Investors - Multi-Strategy Target Income Fund Am Share Class Dividend 6,046 7.8827 8.3402 7.8658 Am Share Class Dividend Hedged USD 746,975 8.3586 8.8352 8.2841 Fm Share Class Dividend Hedged AUD 21,217 86.0790 91.4239 85.1669 I Share Class Accumulation 328,008 102.3734 103.6126 93.1510 Im Share Class Dividend 115,304 82.5670 86.5836 80.9433 Im Share Class Dividend Hedged GBP 8,536 82.4100 86.8752 81.1679 Im Share Class Dividend Hedged USD 583,380 83.9420 88.0477 81.9575 Km Share Class Dividend 243,428 835.0426 873.7217 814.7698 Mm Share Class Dividend Hedged GBP 6,802 837.1217 880.7118 821.3385 Zm Share Class Dividend 50,989 862.0844 896.0951 830.2817 Total net assets in EUR 343,801,467 437,856,228 476,580,962 Aviva Investors - Multi-Strategy Target Return Fund A Share Class Accumulation 319,307 10.4602 10.2815 9.5184 A Share Class Accumulation Hedged CHF – – 9.3563 8.7029 A Share Class Accumulation Hedged GBP 2,848 10.0871 9.8745 9.0401 A Share Class Accumulation Hedged NOK 210,394 104.4365 102.3484 93.1533 A Share Class Accumulation Hedged SEK 174,319 99.0084 97.1584 89.7988 A Share Class Accumulation Hedged SGD 54,427 10.5272 10.2557 9.2840 A Share Class Accumulation Hedged USD 196,148 10.6641 10.3573 9.3141 Ay Share Class Accumulation – – – 8.8368 B Share Class Accumulation 19,085 9.5624 9.4227 8.7451 F Share Class Accumulation Hedged AUD 1,933,982 114.9152 111.7141 100.3484 Fa Share Class Dividend Hedged CAD 246,982 108.0716 105.3149 94.7271 I Share Class Accumulation 403,004 109.8968 107.2133 98.5137 I Share Class Accumulation Hedged CHF 22,239 98.9844 96.8563 89.4253 I Share Class Accumulation Hedged GBP 180,384 114.1890 110.9220 100.7952 I Share Class Accumulation Hedged NZD 172,801 109.6227 106.1873 95.4844 I Share Class Accumulation Hedged SGD 1,219,789 109.4028 105.8153 95.0933 I Share Class Accumulation Hedged USD 168,847 120.6872 116.3361 103.8348 I Share Class Accumulation USD – – – 82.2855 Iy Share Class Accumulation 562 101.8076 99.3226 91.2559 Iy Share Class Accumulation Hedged GBP 13,767 105.9592 102.9277 93.5042 Iy Share Class Accumulation Hedged USD 64,795 111.4060 107.3886 95.8310 J Share Class Accumulation 30,419 952.7305 938.2557 870.7299 K Share Class Accumulation 417,012 1,027.8861 1,000.2968 917.3323 M Share Class Accumulation 65,542 1,026.8203 1,000.2548 917.7139 M Share Class Accumulation Hedged CHF 10,442 1,013.0038 989.7173 912.2945 M Share Class Accumulation Hedged USD – – 1,080.0270 962.3311 Mq Share Class Dividend 56,093 1,008.7433 987.7908 911.7555 My Share Class Accumulation Hedged GBP 24,702 1,061.9868 1,030.1015 934.7041 R Share Class Accumulation 3,707 10.2804 10.0293 9.2156 R Share Class Accumulation Hedged CHF 4,950 10.1023 9.8853 9.1260 R Share Class Accumulation Hedged GBP 245,897 10.6263 10.3569 9.4128

avivainvestors.com Annual Report and audited financial statements 179 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Ra Share Class Dividend Hedged GBP 8,404 10.2461 10.0137 9.0953 Ry Share Class Accumulation 216,007 10.1868 9.9381 9.1318 Ry Share Class Accumulation Hedged GBP 41,643 10.5870 10.3136 9.3713 Ry Share Class Accumulation Hedged USD 18,370 11.3550 10.9452 9.7666 V Share Class Accumulation Hedged SEK – – – 937.7186 Z Share Class Accumulation 210,496 1,155.3575 1,118.0696 1,019.6071 Total net assets in EUR 1,223,718,498 1,737,398,768 3,161,524,666 Aviva Investors - Short Duration Global High Yield Bond Fund A Share Class Accumulation 2,427,159 12.3604 12.0992 11.1101 A Share Class Accumulation Hedged EUR 259,319 10.2105 10.1638 9.6169 Am Share Class Dividend 2,946,148 9.5694 9.9201 9.6255 Ay Share Class Accumulation 54,060 10.9804 10.7484 9.8651 Ay Share Class Accumulation Hedged EUR 4,100 10.2847 10.2399 9.6788 I Share Class Accumulation 234,736 145.4026 141.6346 129.4206 I Share Class Accumulation Hedged CHF 118,111 110.0549 108.9982 103.1882 I Share Class Accumulation Hedged EUR 158,008 114.7962 113.7695 107.1634 I Share Class Accumulation Hedged GBP 1,145 105.1182 104.4128 97.1526 Ia Share Class Dividend Hedged EUR 224,249 83.4486 86.7723 86.3802 Im Share Class Dividend 104,093 96.9133 99.9623 96.5063 Iq Share Class Dividend Hedged CHF 11 97.0428 100.6354 – Iy Share Class Accumulation 10 111.7230 108.5380 98.8850 Iy Share Class Accumulation Hedged CHF 10 104.0199 102.7216 96.8920 Iy Share Class Accumulation Hedged EUR 10 104.7085 103.4687 97.1535 Kq Share Class Dividend Hedged EUR 348,163 846.9369 875.8379 867.2307 M Share Class Accumulation 216,036 1,115.5499 1,084.3095 988.6758 R Share Class Accumulation 183,119 11.0270 10.7455 9.7941 R Share Class Accumulation Hedged CHF 21,100 10.3139 10.2186 9.6563 R Share Class Accumulation Hedged EUR 100 10.4272 10.3041 9.6754 R Share Class Accumulation Hedged GBP – – – 9.7153 Ry Share Class Accumulation 362,429 11.1128 10.8292 9.8885 Ry Share Class Accumulation Hedged EUR 189,487 10.4285 10.3346 9.7153 Ry Share Class Accumulation Hedged GBP 7,521 10.3335 10.2670 – Total net assets in USD 778,068,696 939,723,355 811,114,751 Aviva Investors - Sustainable Income & Growth Fund A Share Class Accumulation EUR 1,976 9.7402 – – A Share Class Accumulation Hedged SGD 4,555 10.8731 10.7746 – Aq Share Class Dividend Hedged SGD 31,962 10.1236 10.6367 – I Share Class Accumulation 10 109.1030 105.8760 – I Share Class Accumulation EUR 18,053 99.5546 105.7993 – Iq Share Class Dividend 11 101.6801 104.5364 – Iq Share Class Dividend EUR 11 93.0760 104.7050 – R Share Class Accumulation EUR 100 9.9885 10.6041 – Rq Share Class Dividend EUR 107 9.3075 10.4706 – S Share Class Accumulation 10 109.1030 105.8760 – S Share Class Accumulation EUR 10 99.8329 105.9754 – Sq Share Class Dividend EUR 249,470 92.9635 104.6416 – Z Share Class Accumulation 1 1,097.1900 1,060.5700 – Total net assets in USD 30,975,273 29,909,109 – Aviva Investors - UK Listed Equity High Alpha Fund Aa Share Class Dividend 5,313 13.9860 16.0707 14.0562 B Share Class Accumulation 251,925 5.6101 6.2846 5.3857 I Share Class Accumulation 13,809 271.7420 301.2546 255.4977 R Share Class Accumulation 8,048 11.3911 12.6334 10.7188 Ra Share Class Dividend – – 13.3608 11.7015 Z Share Class Accumulation 44,196 1,720.6057 1,890.8258 1,589.6722 Total net assets in GBP 81,376,124 112,834,232 70,108,011 Aviva Investors - US Equity Income Fund A Share Class Accumulation 1,126,468 14.2266 14.5360 12.0215 B Share Class Accumulation – – – 11.8627 I Share Class Accumulation 6,673 198.5532 201.3312 165.1941 Ia Share Class Dividend 2,903 139.0381 143.0847 119.3297 R Share Class Accumulation 7,015 13.4896 13.6801 11.2291 Total net assets in USD 17,849,132 20,592,453 33,669,161 Aviva Investors - US Investment Grade Bond Fund* I Share Class Accumulation 10 106.6800 – – K Share Class Accumulation Hedged EUR 50,428 1,036.4969 – –

avivainvestors.com Annual Report and audited financial statements 180 Aviva Investors Société d’investissement à capital variable (SICAV)

STATISTICAL INFORMATION (CONTINUED)

Shares Outstanding Nav per share Nav per share Nav per share as at as at as at as at 31 December 2020 31 December 2020 31 December 2019 31 December 2018 Zy Share Class Accumulation Hedged GBP 102,972 1,064.7305 – – Total net assets in USD 213,888,298 – – –––

*Please refer directors’ report for the details of all corporate activities during the year.

avivainvestors.com Annual Report and audited financial statements 181 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS For the year ended 31 December 2020

Aviva Investors - Climate Aviva Investors - Climate Aviva Investors - Asian Equity Transition Global Equity Transition European Equity Aviva Investors - Emerging Income Fund Fund* Fund Markets Bond Fund USD USD EUR USD

Net assets at the beginning of the year 687,272,420 – 134,389,258 4,160,505,779 Income Dividend income, net of withholding taxes 17,055,382 257,466 2,713,845 612,305 Interest income from investments, net of withholding taxes – – – 162,777,047 Securities lending income – – – 655,105 Bank interest 5,898 – 1,154 459,441 Other income 1,727 – – 10,283 Total income 17,063,007 257,466 2,714,999 164,514,181 Expenses Management fees 262,790 6 646,539 4,876,271 Depositary fees 170,613 2,713 21,408 171,441 Administrative fees 82,667 8,137 42,189 935,695 Distribution fees 7,651 – – 11,846 Audit fees 23,143 5,961 20,895 25,950 Professional fees 53,266 1,681 22,490 325,288 Taxe d’abonnement 79,830 2,713 18,307 387,868 Bank and other interest expenses 88 509 25,540 40,150 Interest on swap contracts – – – 500,289 Other Operating expenses 133,484 5,095 37,616 555,064 Total expenses 813,532 26,815 834,984 7,829,862 Net investment income/(loss) 16,249,475 230,651 1,880,015 156,684,319 Net realised gain/(loss) on: Sale of investments (2,863,053) 1,667,122 5,679,728 75,443,314 Financial futures contracts – – – 10,697,825 Forward currency exchange contracts – – – 15,518,865 Swaps contracts – – – 20,508,948 Currency exchange (36,439) 23,126 (69,345) 17,571,954 Net realised gain/(loss) for the year (2,899,492) 1,690,248 5,610,383 139,740,906 Net change in unrealised appreciation/(depreciation) on: Investments 78,558,291 16,497,069 33,029,629 19,042,186 Financial futures contracts – – – 1,345,922 Forward currency exchange contracts – 7,020 – 72,381,440 Swaps contracts – – – (20,393,511) Currency exchange 486 4,687 (1,549) 203,285 Net change in unrealised appreciation/ (depreciation) for the year 78,558,777 16,508,776 33,028,080 72,579,322 Increase/(decrease) in net assets as a result of operations 91,908,760 18,429,675 40,518,478 369,004,547 Subscriptions 34,075,925 98,037,020 95,289,489 749,490,427 Redemptions (134,369,640) (3,706) (8,202,786) (1,125,372,167) Increase/(decrease) in net assets as a result of movements in share capital (100,293,715) 98,033,314 87,086,703 (375,881,740) Dividend distributions (17,442,188) – – (35,398,533) Net assets at the end of the year 661,445,277 116,462,989 261,994,439 4,118,230,053

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 182 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - Emerging Aviva Investors - Emerging Aviva Investors - Emerging Aviva Investors - Emerging Markets Equity Small Cap Markets Local Currency Bond Markets Corporate Bond Fund Markets Equity Income Fund Fund Fund USD USD USD EUR

Net assets at the beginning of the year 631,928,875 1,391,272,024 217,323,175 1,685,124,071 Income Dividend income, net of withholding taxes 130,638 34,302,029 4,985,071 154,971 Interest income from investments, net of withholding taxes 33,434,933 – – 87,240,530 Securities lending income 35,471 (1,893) – 105,141 Bank interest 35,884 27,146 5,470 47,877 Other income 1,986 3,055 509 4,131 Total income 33,638,912 34,330,337 4,991,050 87,552,650 Expenses Management fees 2,079,542 142,561 248,730 476,008 Depositary fees 22,437 445,391 96,492 681,432 Administrative fees 194,855 154,374 61,898 324,998 Distribution fees – 18,255 18,486 7,271 Audit fees 24,547 25,248 25,248 22,003 Professional fees 63,304 98,880 36,827 124,576 Taxe d’abonnement 70,434 118,841 23,826 156,068 Bank and other interest expenses 524 5,035 897 114,780 Interest on swap contracts 52,222 – – 347,341 Other Operating expenses 101,376 121,188 47,297 116,899 Total expenses 2,609,241 1,129,773 559,701 2,371,376 Net investment income/(loss) 31,029,671 33,200,564 4,431,349 85,181,274 Net realised gain/(loss) on: Sale of investments 11,822,577 (15,766,272) 613,742 (73,251,167) Financial futures contracts 98,530 – – 3,115,670 Forward currency exchange contracts 19,218,174 (4,349) 686 (13,819,930) Swaps contracts (660,466) – – (2,671,287) Currency exchange 2,293,641 (568,013) (64,127) (6,896,244) Net realised gain/(loss) for the year 32,772,456 (16,338,634) 550,301 (93,522,958) Net change in unrealised appreciation/(depreciation) on: Investments 36,106,496 69,341,204 24,896,964 (140,770,575) Financial futures contracts – – – (22,400) Forward currency exchange contracts 25,804,339 – – 4,249,725 Swaps contracts – – – 1,363,496 Currency exchange 7,595 (260,443) (32,814) (679,891) Net change in unrealised appreciation/ (depreciation) for the year 61,918,430 69,080,761 24,864,150 (135,859,645) Increase/(decrease) in net assets as a result of operations 125,720,557 85,942,691 29,845,800 (144,201,329) Subscriptions 324,057,550 6,662,914 5,942,039 472,262,634 Redemptions (139,128,783) (225,991,885) (46,310,430) (577,950,650) Increase/(decrease) in net assets as a result of movements in share capital 184,928,767 (219,328,971) (40,368,391) (105,688,016) Dividend distributions (17,024,798) (575) (32,918) (4,746,084) Net assets at the end of the year 925,553,401 1,257,885,169 206,767,666 1,430,488,642

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 183 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - European Aviva Investors - European Aviva Investors - European Aviva Investors - European Corporate Bond Fund Equity Fund Equity Income Fund High Yield Bond Fund EUR EUR EUR EUR

Net assets at the beginning of the year 52,629,568 140,713,834 2,037,208,886 50,557,036 Income Dividend income, net of withholding taxes – 1,943,179 30,589,933 – Interest income from investments, net of withholding taxes 928,596 – – 1,871,514 Interest on swap contracts 12,639––– Securities lending income 4,164 18,617 440,855 – Bank interest – 4,738 871 – Total income 945,399 1,966,534 31,031,659 1,871,514 Expenses Management fees 289,768 971,180 465,497 81,563 Depositary fees 5,572 12,575 152,072 3,667 Administrative fees 67,473 137,452 131,966 27,074 Distribution fees 9,166 19,238 4,430 – Audit fees 21,391 20,780 3,215 31,081 Professional fees 10,325 14,007 98,402 10,994 Taxe d’abonnement 14,880 16,623 160,859 4,831 Bank and other interest expenses 11,247 6,633 227,638 5,023 Interest on swap contracts 87,850 – – – Other Operating expenses 34,348 63,647 (56,997) 25,697 Less: Fee waiver (76,878) – – (58,332) Total expenses 475,142 1,262,135 1,187,082 131,598 Net investment income/(loss) 470,257 704,399 29,844,577 1,739,916 Net realised gain/(loss) on: Sale of investments (443,518) (4,005,926) (421,072,638) (2,469,625) Financial futures contracts (11,659) – – – Forward currency exchange contracts – – – 199,999 Swaps contracts (471,093) – – – Currency exchange (721) (42,985) 1,256,507 (3,438) Net realised gain/(loss) for the year (926,991) (4,048,911) (419,816,131) (2,273,064) Net change in unrealised appreciation/(depreciation) on: Investments (187,277) (3,376,573) 154,071,603 1,007,850 Financial futures contracts (1,320) – – – Forward currency exchange contracts – – – (34,167) Swaps contracts 509,065 – – – Currency exchange (201) (3,197) (82,744) 5,599 Net change in unrealised appreciation/ (depreciation) for the year 320,267 (3,379,770) 153,988,859 979,282 Increase/(decrease) in net assets as a result of operations (136,467) (6,724,282) (235,982,695) 446,134 Subscriptions 18,023,566 5,958,866 73,594,185 12,153,444 Redemptions (28,327,023) (44,712,543) (1,646,048,449) (11,844,716) Increase/(decrease) in net assets as a result of movements in share capital (10,303,457) (38,753,677) (1,572,454,264) 308,728 Dividend distributions (1,088) – (78,453,141) (3) Net assets at the end of the year 42,188,556 95,235,875 150,318,786 51,311,895

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 184 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - Global Aviva Investors - European Aviva Investors - Global Convertibles Absolute Return Aviva Investors - Global Real Estate Securities Fund Sovereign Bond Fund* Fund Convertibles Fund EUR EUR USD USD

Net assets at the beginning of the year 42,496,821 127,015,421 826,592,044 505,953,717 Income Dividend income, net of withholding taxes 994,333 9,163 233,962 984,374 Interest income from investments, net of withholding taxes – 12,284,565 10,512,638 4,263,239 Interest on swap contracts – 243,286 121,693 – Securities lending income 3,747 4,886 73,569 158,092 Bank interest – 2,131 74,018 9,218 Other income – 359 2,176 – Total income 998,080 12,544,390 11,018,056 5,414,923 Expenses Management fees 310,569 3 1,357,121 2,114,480 Performance fees – – 1,668,338 – Depositary fees 2,575 50,258 39,509 21,569 Administrative fees 41,223 81,569 402,053 369,315 Distribution fees 15,620 – – 7,757 Audit fees 22,003 22,003 28,052 26,649 Professional fees 10,597 135,449 63,190 35,354 Taxe d’abonnement 9,381 96,597 98,040 52,799 Bank and other interest expenses 2,888 120,455 3,151 422 Interest on swap contracts – 32,170 10,242,775 – Other Operating expenses 46,447 113,160 128,081 66,679 Less: Fee waiver (75,016) – – – Total expenses 386,287 651,664 14,030,310 2,695,024 Net investment income/(loss) 611,793 11,892,726 (3,012,254) 2,719,899 Net realised gain/(loss) on: Sale of investments 364,166 11,663,610 61,974,914 65,750,405 Options contracts – – (64,704) – Financial futures contracts – 5,551,097 (117) – Forward currency exchange contracts – 24,455,583 55,148,464 12,537,324 Swaps contracts – (2,306,626) (57,804,409) – Currency exchange (30,682) 586,889 (47,056,758) (4,612,439) Net realised gain/(loss) for the year 333,484 39,950,553 12,197,390 73,675,290 Net change in unrealised appreciation/(depreciation) on: Investments (5,649,244) (37,660,979) 96,593,741 20,263,754 Options contracts – – (2,960,566) – Financial futures contracts – 1,239,771 – – Forward currency exchange contracts – 37,519,482 16,169,019 2,179,775 Swaps contracts – (707,106) (7,717,905) – Currency exchange 657 303,164 14,282 5,681 Net change in unrealised appreciation/ (depreciation) for the year (5,648,587) 694,332 102,098,571 22,449,210 Increase/(decrease) in net assets as a result of operations (4,703,310) 52,537,611 111,283,707 98,844,399 Subscriptions 3,409,611 1,902,966,228 387,390,428 183,384,204 Redemptions (22,475,509) (75,420,875) (320,399,857) (395,091,973) Increase/(decrease) in net assets as a result of movements in share capital (19,065,898) 1,827,545,353 66,990,571 (211,707,769) Dividend distributions (367,888) – – (1,269,775) Net assets at the end of the year 18,359,725 2,007,098,385 1,004,866,322 391,820,572

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 185 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - Global Emerging Markets Equity Aviva Investors - Global Aviva Investors - Global Aviva Investors - Global Unconstrained Fund Emerging Markets Index Fund Equity Endurance Fund Equity Unconstrained Fund USD USD USD USD

Net assets at the beginning of the year 7,376,412 2,142,574,503 810,092,827 7,576,186 Income Dividend income, net of withholding taxes 128,392 42,790,410 10,691,169 78,069 Securities lending income – 92 50,799 – Bank interest 48 3,228 1,264 – Other income 18 5,401 2,232 19 Total income 128,458 42,799,131 10,745,464 78,088 Expenses Management fees 7 4 100,098 7 Depositary fees 3,462 1,164,146 44,947 1,433 Administrative fees 25,683 192,276 99,365 23,879 Audit fees 24,462 23,143 23,143 27,198 Professional fees 16,603 212,439 62,029 9,403 Taxe d’abonnement 684 203,148 78,017 693 Bank and other interest expenses 26 3,518 411 305 Other Operating expenses 17,494 974,192 104,396 14,345 Less: Fee waiver (81,548) – – (70,017) Total expenses 6,873 2,772,866 512,406 7,246 Net investment income/(loss) 121,585 40,026,265 10,233,058 70,842 Net realised gain/(loss) on: Sale of investments 200,779 (39,980,980) 128,284,844 335,792 Financial futures contracts – 1,560,000 – – Forward currency exchange contracts (9,106) (296,688) 86,991 (10,365) Currency exchange 30,453 (669,329) (16,300) 63,410 Net realised gain/(loss) for the year 222,126 (39,386,997) 128,355,535 388,837 Net change in unrealised appreciation/(depreciation) on: Investments 1,021,481 361,060,359 7,700,995 467,827 Financial futures contracts – 255,573 – – Forward currency exchange contracts 226,908 – – 211,298 Currency exchange (185) 232,110 81,956 1,329 Net change in unrealised appreciation/ (depreciation) for the year 1,248,204 361,548,042 7,782,951 680,454 Increase/(decrease) in net assets as a result of operations 1,591,915 362,187,310 146,371,544 1,140,133 Subscriptions 1,179 480,586,068 46,843,299 – Redemptions – (509,311,019) (248,427,175) – Increase/(decrease) in net assets as a result of movements in share capital 1,179 (28,724,951) (201,583,876) – Dividend distributions – – (6,129,065) – Net assets at the end of the year 8,969,506 2,476,036,862 748,751,430 8,716,319

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 186 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - Global Aviva Investors - Global High Investment Grade Corporate Aviva Investors - Multi- Aviva Investors - Multi- Yield Bond Fund Bond Fund Strategy Fixed Income Fund Strategy Target Income Fund USD USD EUR EUR

Net assets at the beginning of the year 5,151,371,505 3,499,325,942 396,133,617 437,856,228 Income Dividend income, net of withholding taxes 1,698,370 163,125 78,752 3,625,030 Interest income from investments, net of withholding taxes 269,605,831 159,437,940 5,094,613 6,280,284 Interest on swap contracts – – 3,258,055 3,213,244 Securities lending income 299,230 146,574 – – Bank interest 13,252 38,577 4 37,351 Other income – – 1,039 931 Total income 271,616,683 159,786,216 8,432,463 13,156,840 Expenses Management fees 10,768,416 1,996,931 476,519 1,929,746 Depositary fees (233,449) 224,468 37,099 46,210 Administrative fees 1,438,057 391,529 82,456 174,334 Distribution fees 85,105––– Audit fees 28,754 24,547 24,447 23,838 Professional fees 420,616 537,504 29,363 30,268 Taxe d’abonnement 621,133 589,058 40,483 37,071 Bank and other interest expenses 95,952 25,222 477,212 378,600 Interest on swap contracts – 601,807 225,493 598,151 Other Operating expenses 930,202 610,898 52,107 154,759 Less: Fee waiver – (52,674) (40,820) (140,770) Total expenses 14,154,786 4,949,290 1,404,359 3,232,207 Net investment income/(loss) 257,461,897 154,836,926 7,028,104 9,924,633 Net realised gain/(loss) on: Sale of investments (177,761,754) 227,139,999 6,656,459 (35,019,298) Options contracts – – 158,259 4,997,277 Financial futures contracts – 831,204 (11,527,172) (657,732) Forward currency exchange contracts 234,646,159 (3,110,048) (23,398,075) (9,361,459) Swaps contracts – 2,626,228 2,702,331 (214,735) Currency exchange (118,466,525) 32,327,108 (160,515) 3,279,434 Net realised gain/(loss) for the year (61,582,120) 259,814,491 (25,568,713) (36,976,513) Net change in unrealised appreciation/(depreciation) on: Investments 197,138,304 300,149,604 1,974,518 (5,021,053) Options contracts – – 209,152 219,747 Financial futures contracts – 248,541 (1,482,958) 393,705 Forward currency exchange contracts 64,017,008 239,931,436 5,545,328 5,033,121 Swaps contracts – 20,789 9,637,606 11,592,086 Currency exchange (1,802,494) 60,599 659,628 (170,354) Net change in unrealised appreciation/ (depreciation) for the year 259,352,818 540,410,969 16,543,274 12,047,252 Increase/(decrease) in net assets as a result of operations 455,232,595 955,062,386 (1,997,335) (15,004,628) Subscriptions 2,605,407,091 4,987,617,508 37,957,442 90,098,348 Redemptions (1,979,294,177) (1,575,533,096) (17,600,753) (156,979,096) Increase/(decrease) in net assets as a result of movements in share capital 626,112,914 3,412,084,412 20,356,689 (66,880,748) Dividend distributions (44,624,053) (376,952) (87) (12,169,385) Net assets at the end of the year 6,188,092,961 7,866,095,788 414,492,884 343,801,467

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 187 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - Short Aviva Investors - Multi- Duration Global High Yield Aviva Investors - Sustainable Aviva Investors - UK Listed Strategy Target Return Fund Bond Fund Income & Growth Fund Equity High Alpha Fund EUR USD USD GBP

Net assets at the beginning of the year 1,737,398,768 939,723,355 29,909,109 112,834,232 Income Dividend income, net of withholding taxes 5,890,677 200,330 718,987 1,481,076 Interest income from investments, net of withholding taxes 8,962,154 42,149,069 750,977 – Interest on swap contracts 3,623,120 – – – Securities lending income – 180,473 – – Bank interest 75,916 37,474 24 436 Other income 3,601 – 79 – Total income 18,555,468 42,567,346 1,470,067 1,481,512 Expenses Management fees 7,047,433 3,094,275 107,920 53,390 Depositary fees (29,370) 41,702 4,867 2,647 Administrative fees 349,465 460,277 62,822 23,859 Distribution fees 67,893 – – 3,101 Audit fees 25,058 28,052 23,849 17,875 Professional fees 169,713 69,481 11,229 11,962 Taxe d’abonnement 142,218 114,057 2,897 8,454 Bank and other interest expenses 1,942,379 41,333 1,022 62 Interest on swap contracts 2,513,298 – – – Other Operating expenses 179,865 213,599 38,516 42,521 Less: Fee waiver (257,316) – (115,955) – Total expenses 12,150,636 4,062,776 137,167 163,871 Net investment income/(loss) 6,404,832 38,504,570 1,332,900 1,317,641 Net realised gain/(loss) on: Sale of investments (19,564,284) (36,710,394) (2,569,778) (5,738,317) Options contracts 10,997,245 – – – Financial futures contracts (20,993,125) – – – Forward currency exchange contracts (25,316,527) 24,479,968 2,776 – Swaps contracts (8,889,330) – – – Currency exchange 2,064,496 (10,891,791) (14,732) (3,574) Net realised gain/(loss) for the year (61,701,525) (23,122,217) (2,581,734) (5,741,891) Net change in unrealised appreciation/(depreciation) on: Investments 15,573,181 23,195,528 1,915,582 1,191,157 Options contracts 370,652 – – – Financial futures contracts 3,803,644 – – – Forward currency exchange contracts 23,209,418 4,173,077 7,321 – Swaps contracts 23,309,911 – – – Currency exchange (8,959,785) 34,003 1,350 8,024 Net change in unrealised appreciation/ (depreciation) for the year 57,307,021 27,402,608 1,924,253 1,199,181 Increase/(decrease) in net assets as a result of operations 2,010,328 42,784,961 675,419 (3,225,069) Subscriptions 97,876,725 318,398,065 19,756,927 18,785,934 Redemptions (611,807,945) (503,049,247) (17,885,782) (47,014,575) Increase/(decrease) in net assets as a result of movements in share capital (513,931,220) (184,651,182) 1,871,145 (28,228,641) Dividend distributions (1,759,378) (19,788,438) (1,480,400) (4,398) Net assets at the end of the year 1,223,718,498 778,068,696 30,975,273 81,376,124

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 188 Aviva Investors Société d’investissement à capital variable (SICAV)

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the year ended 31 December 2020

Aviva Investors - US Aviva Investors - US Equity Investment Grade Bond Income Fund Fund* Combined USD USD EUR

Net assets at the beginning of the year 20,592,453 – 25,716,519,280 Income Dividend income, net of withholding taxes 570,271 – 141,867,162 Interest income from investments, net of withholding taxes – 3,250,800 681,925,538 Interest on swap contracts – – 10,449,528 Securities lending income – – 1,879,439 Bank interest 637 – 750,490 Other income – – 32,462 Total income 570,908 3,250,800 836,904,619 Expenses Management fees 265,460 88,649 35,170,411 Performance fees – – 1,359,755 Depositary fees 1,244 11,165 2,807,357 Administrative fees 43,784 26,348 5,539,945 Distribution fees – – 248,592 Audit fees 23,143 23,619 610,916 Professional fees 7,851 6,668 2,325,338 Taxe d’abonnement 3,683 11,165 2,710,810 Bank and other interest expenses 56 27 3,490,670 Interest on swap contracts – – 13,093,342 Other Operating expenses 27,083 27,588 4,170,043 Less: Fee waiver (62,232) (41) (960,856) Total expenses 310,072 195,188 70,566,323 Net investment income/(loss) 260,836 3,055,612 766,338,296 Net realised gain/(loss) on: Sale of investments (2,173,536) 1,021,786 (296,250,197) Options contracts – – 16,100,045 Financial futures contracts – (86,614) (13,845,277) Forward currency exchange contracts – 4,725,232 248,563,862 Swaps contracts – – (40,645,709) Currency exchange 1 540,164 (105,605,696) Net realised gain/(loss) for the year (2,173,535) 6,200,568 (191,682,972) Net change in unrealised appreciation/(depreciation) on: Investments (231,105) 5,285,897 1,040,450,650 Options contracts – – (1,613,416) Financial futures contracts – – 5,438,288 Forward currency exchange contracts – 9,820,215 430,005,495 Swaps contracts – – 22,810,191 Currency exchange – 38 (10,100,348) Net change in unrealised appreciation/ (depreciation) for the year (231,105) 15,106,150 1,486,990,860 Increase/(decrease) in net assets as a result of operations (2,143,804) 24,362,330 2,061,646,184 Subscriptions 8,723,399 189,525,968 11,344,287,049 Redemptions (9,314,703) – (9,145,998,799) Increase/(decrease) in net assets as a result of movements in share capital (591,304) 189,525,968 2,198,288,250 Dividend distributions (8,213) – (214,521,455) Foreign currency translation diference – – (1,609,673,507) Net assets at the end of the year 17,849,132 213,888,298 28,152,258,752

* Please refer to directors’ report for details of all corporate activities during the year.

The accompanying notes form an integral part of these financial statements. avivainvestors.com Annual Report and audited financial statements 189 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS As at 31 December 2020

1. GENERAL

1.1 THE COMPANY Aviva Investors (the ”Fund”) is a Variable Capital Investment Company (Société d’Investissement à Capital Variable) established in the Grand Duchy of Luxembourg under Part I of the law of 17 December 2010, as amended (UCITS V). The Fund was incorporated in Luxembourg on 16 January 1990 for an unlimited period. The Fund operates as an open ended investment Fund. The Company is structured to provide both institutional and individual investors with a choice of investment portfolios, each ofering diferent investment objectives designed to meet specific risk expectations and diversification requirements. The fund has been registered under the UK temporary permissions regime with the UK Financial Conduct Authority to allow the Funds to continue being temporarily marketed in the UK afer Brexit Day. As at 31 December 2020, the Fund comprises 30 active Sub-Funds. Distributions are disclosed in the caption "Dividend distributions" in the Combined Statement of Operations and Changes in Net Assets.

1.2 THE SHARE CLASSES The Board may issue A, B, F, I, J, K, L, M, R, S, V, Z and AFER Share Classes in any currency, as accumulation or distribution share classes, and which may be hedged or unhedged. Accumulation share classes with UK reporting status are designated with "y", distribution share classes are designated with “a”, “q” or “m” depending on the dividend distribution frequency, and hedged share classes are designated with “h”. The AFER Share Class is designed for individual investors subscribing an AFER insurance policy through Aviva afiliated companies, and is only available to the French market.

1.2.1 CURRENCY Share Classes may be available in various currencies (each a “Class Currency”) other than the reference currency of the Sub-Fund. Where ofered in a currency other than the reference currency of the relevant Sub-Fund, a Share Class is designated as such.

1.2.2 DIVIDEND POLICY It is intended that all Share Classes with an “a”, “q” or “m” in the designation will distribute on an annual (a), quarterly (q) or monthly (m) basis if determined by the Board. Payment is made in the currency in which the relevant Share Class is denominated.

1.2.3 HEDGED SHARE CLASSES In accordance with the provisions of the current prospectus, the Fund may ofer Share Classes in a Sub-Fund in a currency other than the Sub-Fund reference currency or in relation to the currencies in which the underlying assets of the Sub-Fund are denominated. The respective Sub-Fund has the ability to hedge such Share Classes in relation to the Sub-Fund reference currency. Where hedging of this kind is undertaken the latter is designated as such by a reference to “hedged” or (“h”). A sub-fund can also choose to manage currency exposure with a reference to a Benchmark. Because such a benchmark is only used as a point of reference, a sub-fund's exposure to any given currency may be diferent than that of its benchmark. The Sub- Fund will engage for the exclusive account of such Share Classes, in forward foreign exchange contracts, currency futures, currency options or currency swaps, in order to preserve the value of the Share Class in its reference currency against its value in the Sub-Fund currency or against the currencies in which the underlying assets of the Sub-Funds are denominated. Where undertaken, the efects of this hedging is reflected in the Net Asset Value and, therefore, in the performance of the currency Classes. As a result, currency hedging may impact the Net Asset Value of one Class as compared to the Net Asset Value of a Class denominated in another currency. Any profit or loss resulting directly from the forward foreign exchange contracts, currency futures, currency options or currency swaps used to create the hedge is borne by the relevant currency Class in relation to which they have been incurred.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared and presented in accordance with generally accepted accounting principles in Luxembourg for investment funds on a going concern basis. Sub-funds that have been liquidated during the year or are intended to be liquidated afer the year end are prepared on a non- going concern basis. The preparation of financial statements requires management to make estimates and assumptions that may afect the amounts reported in the financial statements and the accompanying notes. Actual results may difer from those estimates.

2.1 FOREIGN CURRENCIES The financial statements of each Sub-Fund of the Fund are expressed in the currency of the Sub-Fund and its accounting records are maintained in that currency. Assets and liabilities in other currencies are translated into the currency of the Sub-Fund using the exchange rate in efect at the year end date. Income and expenses in other currencies are translated into the currency of the Sub-Fund at the exchange rate in efect on the date of the transaction. The resulting exchange diferences are recorded in the Combined Statement of Operations and Changes in Net Assets within the caption “Foreign currency translation diference”. The combined financial statements of the Fund represent the sum of the financial statements of each Sub-Fund. The combined financial statements are presented for information purposes only in EUR, each Sub-Fund using the exchange rates prevailing at the Balance Sheet date. The exchange diference resulting from the translation of net assets at the beginning of the year using the year end rates is recognised in the Combined Statement of Operation and Changes in Net Assets within the caption “Foreign currency translation diference”.

avivainvestors.com Annual Report and audited financial statements 190 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.2 SWING PRICING A Sub-Fund may sufer dilution of the Net Asset Value per Share due to investors buying or selling Shares at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. In order to counter this impact and protect the interests of shareholders, the NAV may be adjusted upward when there is strong demand to buy Sub- Fund Shares and downward when there is strong demand to redeem Sub-Fund Shares. The adjustment may vary from Sub-Fund to Sub-Fund and will normally not exceed 2% of the original NAV per Share unless exceptional market conditions occur. The thresholds where swing pricing is triggered are set by the Management Company, and may vary over time and from one Sub- Fund to another. The swing pricing mechanism may be applied across all Sub-Funds and Share Classes. The NAV per Share as disclosed in the statistical information is the published NAV per Share whereas the total net assets disclosed in the Combined Statement of Net Assets is the total net asset value excluding any year end swing adjustment. As at the year end, no swing pricing was applied on the NAV per Share of the Sub-Funds.

2.3 VALUATION OF ASSETS The value of the assets of the Fund is determined as follows: (1) The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless in any case the same is unlikely to be received in full, in which case the value thereof shall be arrived at afer making such discount as the Board of Directors may consider appropriate in such case to reflect the true value thereof; (2) The value of securities, Money Market Instruments and/or financial derivative instruments which are quoted or dealt in on any stock exchange is based on the last available price provided that where securities, Money Market Instruments and/or financial derivative instruments are quoted on any stock exchange operating on the basis of separate bid and ofer prices mid-market valuations may, as the Board may decide, be applied; (3) In the event that any of the securities held in the Fund’s portfolio on the relevant dealing day are not quoted or dealt in on any stock exchange or regulated market or if, with respect to securities quoted or dealt in on any stock exchange or regulated market, the price as determined pursuant to sub-paragraphs (2) or (3) is not representative of the fair market value of the relevant securities, the value of such securities is determined based on the reasonably foreseeable sales price determined prudently and in good faith by or under the Board of Directors' supervision. (4) Shares in open-ended UCIs and/or UCITS are valued on the basis of their last Net Asset Value, as reported by such undertakings. (5) The financial derivative instruments which are not listed on any oficial stock exchange or traded on any other regulated market are valued in a reliable and verifiable manner on a daily basis and in accordance with market practice, as further detailed below. (6) Futures The Fund on behalf of a Sub-Fund may enter into financial futures contracts as part of its investment strategy. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount (“initial margin”) equal to a certain percentage of the purchase price indicated in the futures contract. Initial margin is included as part of “Cash at bank and at brokers” in the Combined Statement of Net Assets. Subsequent payments (“variation margin”) are made or received by the Sub-Fund each day, depending on the daily fluctuations in the value of the underlying futures contracts. These subsequent payments are recorded for financial reporting purposes as unrealised result by the Sub-Fund. When entering into a closing transaction, the Sub-Fund will realise, for book purposes, a gain or loss equal to the diference between the values of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked quotation or if no bid or asked prices are available, at the last bid price. Certain risks may arise upon entering into futures contracts from the contingency of imperfect market conditions. Please refer to the Portfolio of Investments and Other Net Assets for the details of the contracts outstanding as at 31 December 2019. When a contract is closed, the Sub-Fund records a realised gain or loss equal to the diference between the proceeds from, or cost of, the closing transaction and the initial cost of the contract within the caption "Net realised gain/(loss) on financial futures contracts" in the Combined Statement of Operations and Changes in Net Assets. (7) Forward currency exchange contracts All Sub-Funds in connection with the portfolio purchases and sales of securities denominated in a foreign currency or Share Class hedging, may enter into forward currency exchange contracts for the purposes of hedging foreign currency exchange risks. Contracts are recorded at market value based on the forward exchange rate of the underlying currency on the valuation day. Certain risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. Please refer to the Portfolio of Investments and Other Net Assets for the details of the contracts outstanding as at 31 December 2020. When a contract is closed, the realised gain/(loss) is recorded within the caption “Net realised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded within the caption “Unrealised gain/(loss) on forward currency exchange contracts” in the Combined Statement of Net Assets. (8) Swaps contracts A swap is an agreement that obliges two parties to exchange a series of cashflows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other at the brokers’ level, with the diference being paid by one party to the other, if authorised by the dedicated International Swaps and Derivatives Associations agreements ("ISDA agreements"). Risks may arise as a result of the failure of counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities or indices.

avivainvestors.com Annual Report and audited financial statements 191 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.3 VALUATION OF ASSETS (CONTINUED) Financing leg proceeds received or paid on swap contracts are, respectively, included as part of “Income – Interest on swap contracts” and “Expenses – Interest on swap contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses on the remaining leg are recorded within the caption “Swap contracts at fair value” in the Combined Statement of Net Assets. The changes in unrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets within the caption “Net changes in unrealised appreciation/ (depreciation) on swap contracts”. When a contract is closed, the realised gains or losses are recorded within the caption “Net realised gain/(loss) on swap contracts” in the Combined Statement of Operations and Changes in Net Assets. The cashflows received and paid by the Sub-Fund in connection with swap contracts are converted to present value on the valuation date corresponding to the maturity of these cashflows. The value of the swap contracts is the diference between these two present value conversions. Please refer to the Portfolio of Investments and Other Net Assets for the details of the contracts outstanding as at 31 December 2020. (9) Options Premiums paid by the Sub-Funds for purchased options are included in the Combined Statement of Net Assets as option purchased. If the option is allowed to expire, the Sub-Fund will lose the entire premium it paid and record a realised loss for the premium amount. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or ofset against the proceeds on the underlying investment transaction to determine the realised gain/loss to be booked. Premiums received by the Sub-Funds for written options are included in the Combined Statement of Net Assets as option written. The Sub-Fund records a realised gain or loss on a written option based on whether the cost of the closing transaction exceeds the premium received. The realised gain/losses and change in unrealised appreciation/(depreciation) on options are disclosed in the Combined Statement of Operations and Changes in Net Assets, respectively within the captions "Net realised gain/(loss) on options contracts" and "Net changes in unrealised appreciation/ (depreciation) on options contracts". Options that are not traded on a regulated market or any other regulated market are valued at their liquidation value determined in accordance with the rules set in good faith by the Board of Directors according to standard criteria for each type of contract. Please refer to the Portfolio of Investments and Other Net Assets for the details of the options contracts outstanding and margin deposits as at 31 December 2020. The company can also use options on swaps (swaptions). The market value of these swaptions is shown in the caption "Options purchased contracts at fair value" or "Option written contracts at fair values”. For swaptions, the gross premiums to be paid on purchased options (to be received on written options) are included in the caption "Payable on investments purchased" ("Receivable on investments sold") in the Combined Statement of Net Assets. (10) Fair value Fair Market valuation: Aviva Investors Luxembourg has implemented a fair valuation process for Asia Pacific equities in order to protect the funds against market timing practices. In the case a market in which the Funds invest is closed at the time the funds' assets are valued, the latest available price may not reflect the fair value of the fund portfolio. In such circumstances, some investors could exploit this gap, which is considered as market timing and deemed "not acceptable" as per CSSF circular 04/146. To limit this, the fund should adjust the local closing price of the securities held to reflect the information available at valuation point. The adjustment amount is so included in the market value of securities in scope. At the time of this report, Sub- Funds included in this Fair market valuation process are Asian Equity Income Fund, Emerging Markets Equity Income Fund, Emerging Markets Equity Small Cap Fund, Global Emerging Markets Index Fund and Global Emerging Markets Equity Unconstrained Fund. Fair valuation of individual positions: In face of dificult market conditions (e.g. no liquidity, lack of information on trades, etc.), prices obtained for certain investments source may not be representative of fair value. As a result, the Board of Directors of the Fund has implemented fair value techniques to estimate the fair value of these investment. Because of the inherent uncertainties in the fair valuation process, these estimated values may significantly difer from the values that may be ultimately recovered. At the time of this report, Sub-Funds included in this Fair market valuation process are listed below: Sub-Fund Name Currency Number of Securities Market value % of Net Assets of fair valued securities Aviva Investors - European Corporate Bond Fund EUR 1 – – Aviva Investors - Global Convertibles Absolute Return Fund USD 3 – – Aviva Investors - Global Convertibles Fund USD 3 – – Aviva Investors - Global Emerging Markets Index Fund USD 3 20,854 0.00 Aviva Investors - Global High Yield Bond Fund USD 3 – – Aviva Investors - Short Duration Global High Yield Bond Fund USD 1 – – 2.4 TREATMENT OF INTEREST INCOME AND DIVIDENDS Interest income is accrued on a daily basis. Dividend income is recorded on the ex-dividend date. Both are recorded net of withholding tax.

3. COLLATERAL Several Sub-Funds received collateral to cover the unrealised results on OTC derivative instruments. Collateral is calculated and settled on a daily basis per counterparty. Cash collaterals cannot be sold, re-invested or pledged.

avivainvestors.com Annual Report and audited financial statements 192 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

3. COLLATERAL (CONTINUED)

o Type of Collateral Collateral Sub-fund name Currency Counterparty collateral received pledged Aviva Investors - Emerging Markets Local Currency Bond Fund EUR Goldman Sachs Cash 220,060 – Aviva Investors - Emerging Markets Local Currency Bond Fund EUR Merrill Lynch International Cash 328,000 – Aviva Investors - Global Sovereign Bond Fund* EUR BNP Paribas Cash 297,000 – Aviva Investors - Global Sovereign Bond Fund* EUR Goldman Sachs Cash 281,849 – Aviva Investors - Global Sovereign Bond Fund* EUR HSBC Cash 6,464,000 – Aviva Investors - Global Sovereign Bond Fund* EUR J.P. Morgan Cash 2,565,000 – Aviva Investors - Global Sovereign Bond Fund* EUR Merrill Lynch International Cash 149,000 – Aviva Investors - Global Sovereign Bond Fund* EUR Natwest Markets Cash 105,955 – Aviva Investors - Global Sovereign Bond Fund* EUR UBS Cash 1,158,000 – Aviva Investors - Global Convertibles Absolute Return Fund USD BNP Paribas Cash 1,000,000 – Aviva Investors - Global Convertibles Absolute Return Fund USD Nomura International Cash 100,000 – Aviva Investors - Multi-Strategy Fixed Income Fund EUR BNP Paribas Cash 142,000 – Aviva Investors - Multi-Strategy Fixed Income Fund EUR HSBC Cash 295,000 – Aviva Investors - Multi-Strategy Fixed Income Fund EUR J.P. Morgan Cash 4,341,000 – Aviva Investors - Multi-Strategy Fixed Income Fund EUR Morgan Stanley Cash 2,868,259 – Aviva Investors - Multi-Strategy Fixed Income Fund EUR UBS Cash 10,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR BNP Paribas Cash 541,000 – Canadian Imperial Bank of Aviva Investors - Multi-Strategy Target Income Fund EUR Commerce Cash 959,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR Goldman Sachs Cash 200,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR HSBC Cash 940,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR Merrill Lynch International Cash 460,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR Morgan Stanley Cash 270,000 – Aviva Investors - Multi-Strategy Target Income Fund EUR Standard Chartered Cash 2,270,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR Barclays Cash 1,952,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR BNP Paribas Cash 5,482,000 – Canadian Imperial Bank of Aviva Investors - Multi-Strategy Target Return Fund EUR Commerce Cash 2,172,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR Citibank Cash 2,283,137 – Aviva Investors - Multi-Strategy Target Return Fund EUR HSBC Cash 750,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR J.P. Morgan Cash 3,900,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR Merrill Lynch International Cash 2,366,909 – Aviva Investors - Multi-Strategy Target Return Fund EUR Morgan Stanley Cash 24,424 – Aviva Investors - Multi-Strategy Target Return Fund EUR Natwest Markets Cash 642,000 – Aviva Investors - Multi-Strategy Target Return Fund EUR Societe Generale Cash 383,067 – Aviva Investors - Multi-Strategy Target Return Fund EUR Standard Chartered Cash 5,157,547 – Aviva Investors - Multi-Strategy Target Return Fund EUR Standard Chartered Non-Cash 5,419,645 – Aviva Investors - Multi-Strategy Target Return Fund EUR UBS Cash 374,000 – *Please refer to Directors’ report for details of all corporate activities during the year.

4. RELATED PARTIES

4.1 INVESTMENT MANAGERS AND MANAGEMENT COMPANY FEES

4.1.1 MANAGEMENT FEES The Management Company receives from the Fund a management fee payable in arrears at the end of each month. Investment Managers are paid out of this fee by the Management Company. Please refer to the prospectus for details of the applicable rates per share class.

4.1.2 PERFORMANCE FEES For the Sub-Fund Aviva Investors - Global Convertibles Absolute Return Fund and in accordance with the Fund's prospectus, Investment managers may receive some performance fees in addition to their investment management fees. The performance fee is charged when the Sub-Fund exceeded its previous high water mark (the NAV on the day the most recent performance fee was paid or, if no performance fee has ever been paid, then the NAV at inception). The performance fee shown in the table applies only to the portion of the Sub-Fund’s performance that is above the performance of its benchmark. For Sub-Fund that has an annual performance fee, the performance period begins 1 January (or any later date at which it first becomes efective) and ends 31 December (or any earlier date on which it ceases to become efective). The Sub-Fund has a quarterly performance fee and each performance period begins on the first business day of the quarter (or any later date at which it first becomes efective) and ends on the last business day of the quarter (or any earlier date on which it ceases to become efective). A Sub-Fund’s performance fee accrues each Business Day.

avivainvestors.com Annual Report and audited financial statements 193 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

4. RELATED PARTIES (CONTINUED)

4.1 INVESTMENT MANAGERS AND MANAGEMENT COMPANY FEES (CONTINUED)

4.1.2 PERFORMANCE FEES (CONTINUED) The performance fee is crystallised at the end of each performance period and any amount due for the period is paid to the Management Company. Neither the Management Company nor any Investment Manager is permitted to pay money into the Sub-Fund or to any Shareholder for any underperformance. For Shares redeemed during a financial year, the performance fee is calculated as of the date the transaction is processed, and any performance fee due is crystallised at the time of redemption. Any applicable performance fee is calculated for each Class of the Sub-Fund (except Z Shares, which pay no performance fee). Because diferent Share Classes may have diferent NAVs, the actual performance fees paid may vary by Share Class. For Distribution Shares, any distributions paid out are counted as part of performance for purposes of performance fee calculation. The performance fee rate used for performance fee calculation purposes on the Sub-Fund are as follows:

Sub-Fund Name Benchmark Performance fee rate % Aviva Investors - Global Convertibles Absolute Return Fund Net positive return over the previous 3 months 10% Performance fees are shown in the Statement of Operations and Changes in Net Assets within the caption "Performance fees".

4.1.3 MANAGEMENT COMPANY FEES

DOMICILIARY FEES: As remuneration for services rendered as domiciliary agent, the Management Company receives a fixed annual fee from Sub-Funds as per the Management Company service agreement. This fee is included in the Combined Statement of Operations and Changes in Net Assets within the caption "Other Operating expenses" and represents an amount of EUR 3,000 per year and per sub-fund, payable monthly in arrears.

SUPERVISORY DUTIES: The Fund and its respective Sub-Funds pay a fee and reasonable out-of-pocket expenses of the Management Company for its supervisory role with regards to the delegated activities, overall responsibility for key decisions, compliance and risk management, up to 0.125% per annum of the aggregated average daily Net Asset Value per Share Class (except the class J, M, V and Z which are not subject to this fee). This fee is included in the Combined Statement of Operations and Changes in Net Assets within the caption "Other Operating expenses"

4.2 DISTRIBUTION FEES The Distributor receives from the Fund a distribution fee, payable in arrears at the end of each month, calculated at the annual rate per annum of the aggregate average daily Net Asset Value per applicable Share Class, as detailed in the current prospectus.

5. DEPOSITARY FEES The Fund and its respective Sub-Funds pay depositary fees to J.P. Morgan Bank Luxembourg S.A. in respect of its activities as Depositary (including safekeeping, supervision and transaction activities). The fees will vary in respect of each Sub-Fund depending on the value of the assets held by the Depositary and the volume of trading in that Sub-Fund and should not exceed a maximum of 0.20% per annum, payable monthly in arrears. This fee is included in the Combined Statement of Operations and Changes in Net Assets within the caption "Depositary fees".

6. REGISTRAR AND TRANSFER AGENCY FEES The Fund pays fees to RBC Investor Services Bank S.A. in respect of its activities as Registrar and Transfer Agent (including maintenance of register, Shareholders services, transaction, dividend processing and commission handling activities). These fees are payable monthly in arrears. The Fund pays the Registrar and Transfer Agent a fee and reasonable out-of-pocket expenses, not exceeding a maximum of 0.07% per annum of the aggregate average daily Net Asset Value per applicable Share Class. This fee is included in the Combined Statement of Operations and Changes in Net Assets within the caption "Other Operating expenses"

7. ADMINISTRATION FEES The Fund pays the administrator fees for its services estimated to 0.05% per annum of the average NAV in period. Such fees are payable monthly. Actual rate charged is calculated based on several factors including number of share classes, and complexity of the Sub-Fund.

8. DIRECTOR FEES All internal directors have decided to waive their remuneration. The total remuneration paid to the external directors amounts to EUR 65,000 and is included within the caption "Professional fees”.

9. WAIVER FEES In order to preserve investors from fluctuations in their operating and administrative expenses, the Management Company may decide to waive all or a part of their fees or to subsidise operating and administrative expenses of some Sub-Funds. Amounts waived are shown in the Combined Statement of Operations and Changes in Net Assets within the caption "Fee waiver".

avivainvestors.com Annual Report and audited financial statements 194 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

10. TAXATION Luxembourg taxe d'abonnement The Fund is not liable to any Luxembourg income tax, but is liable in Luxembourg to a tax of 0.05% per annum of its net assets for the A, B and R Share Classes of all Sub-Funds that invest in non-money market related securities and 0.01% per annum of its net assets for the F, I, J, K, L, M, S, V and Z Share Classes of all Sub-Funds. Such tax is payable quarterly on the basis of the net assets of the respective Share Class at the end of the relevant quarter. For the Sub-Funds which are investing in Funds already subject to this tax, there will be no double taxation. Dividends, interest and capital gains on investments held by the Fund may be subject to non-recoverable tax and withholding and capital gains taxes in the country of origin. Witholding tax reclaims The withholding tax reclaims receivable are disclosed in the Combined Statement of Net Assets. For Sub-Fund European Equity Income the balance of 7,492,435 Euros is composed of reclaims to the following countries: Denmark, Germany, Norway, Faroe Islands, Portugal and Spain. The Board of Directors continuously monitors the recoverability of the reclaims in conjunction with the diferent tax authorities. Management considered the potential recoverability of Finnish tax reclaims and decided to write them of as at year-end.

11. DIVIDEND DISTRIBUTION Distributions are disclosed in the caption "Dividend distributions" in the Combined Statement of Operations and Changes in Net Assets.

12. SECURITIES LENDING The Sub-Funds may lend portions of investments to third parties. In return the Sub-Funds receive a fee that is negotiated for each transaction. Such lending may only be efected in accordance with the terms of the Prospectus which reflects requirements of CSSF regulations. Securities are lent within the framework of a standardised lending system organised by a recognised securities clearing body or by a highly rated financial institution specialised in such activities. During the year, 70% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remaining 30% payable to the securities lending agent, Aviva Investors Global Services Limited (AIGSL), which arrange the transaction. The income earned from the securities lending program is shown in the respective Sub-Funds’ Combined Statement of Operations and Changes in Net Assets. The securities lending agent, AIGSL, is a related party to the Sub-Funds, none of the counterparties are related parties.

The Sub-Funds with lending activity during the year are:

Market Lending value of Cash Non cash Total income Lending Lending securities on collateral collateral collateral (gross) agent fee income (net) loan in Fund in Fund in Fund in Fund Fund in Fund in Fund in Fund Fund Agent currency currency currency currency currency currency currency currency Aviva Investors - Emerging Markets Bond Fund AIGSL 133,645,138 – 137,948,627 137,948,627 USD 935,864 280,759 655,105 Aviva Investors - Emerging Markets Corporate Bond Fund AIGSL 31,790,735 – 33,227,570 33,227,570 USD 50,673 15,202 35,471 Aviva Investors - Emerging Markets Local Currency Bond Fund AIGSL 21,813,535 – 22,577,221 22,577,221 EUR 150,201 45,060 105,141 Aviva Investors - European Corporate Bond Fund AIGSL 508,047 – 1,067,924 1,067,924 EUR 5,949 1,785 4,164 Aviva Investors - European Equity Fund AIGSL 10,296,937 – 10,771,570 10,771,570 EUR 26,596 7,979 18,617 Aviva Investors - European Equity Income Fund AIGSL 6,782,215 – 7,006,524 7,006,524 EUR 629,793 188,938 440,855 Aviva Investors - European Real Estate Securities Fund AIGSL 624,428 – 640,039 640,039 EUR 5,353 1,606 3,747 Aviva Investors - Global Sovereign Bond Fund* AIGSL 26,417,461 – 35,570,281 35,570,281 EUR 6,980 2,094 4,886 Aviva Investors - Global Convertibles Absolute Return Fund AIGSL 2,396,206 – 2,518,229 2,518,229 USD 105,099 31,530 73,569 Aviva Investors - Global Convertibles Fund AIGSL 9,903,308 – 10,273,665 10,273,665 USD 225,846 67,754 158,092 Aviva Investors - Global Emerging Markets Index Fund AIGSL – – – – USD 131 39 92 Aviva Investors - Global Equity Endurance Fund AIGSL – – – – USD 72,570 21,771 50,799 Aviva Investors - Global High Yield Bond Fund AIGSL 81,394,546 – 83,752,810 83,752,810 USD 427,473 128,242 299,231 Aviva Investors - Global Investment Grade Corporate Bond Fund AIGSL 32,492,557 – 33,507,161 33,507,161 USD 209,391 62,817 146,574 Aviva Investors - Short Duration Global High Yield Bond Fund AIGSL 14,015,891 – 14,576,883 14,576,883 USD 257,819 77,346 180,473 *Please refer to Directors’ report for details of all corporate activities during the year.

AIGSL had a sub delegation agreement in place with J.P. Morgan Bank Luxembourg S.A. The sub delegate is subject to the responsibility and oversight of Aviva Investors Global Services Limited. This sub delegation agreement has been terminated on 6 July 2020.

avivainvestors.com Annual Report and audited financial statements 195 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

13. TRANSACTION COSTS Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial asset or liability. Transaction costs include transaction costs paid to custodians and sub-custodians, and identifiable brokerage charges, commissions, transaction related taxes and other market charges. For the year ended 31 December 2020, the Sub-Funds incurred transactions costs (included in the Depositary Fees caption) as detailed below:

Sub-Fund Name Base Currency Total Aviva Investors - Asian Equity Income Fund USD 539,934 Aviva Investors - Climate Transition Global Equity Fund* USD 225,747 Aviva Investors - Climate Transition European Equity Fund EUR 251,719 Aviva Investors - Emerging Markets Bond Fund USD 12,237 Aviva Investors - Emerging Markets Corporate Bond Fund USD 7,203 Aviva Investors - Emerging Markets Equity Income Fund USD 1,688,233 Aviva Investors - Emerging Markets Equity Small Cap Fund USD 424,284 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR 5,006 Aviva Investors - European Corporate Bond Fund EUR 1,725 Aviva Investors - European Equity Fund EUR 182,798 Aviva Investors - European Equity Income Fund EUR 1,891,521 Aviva Investors - European High Yield Bond Fund EUR 4,909 Aviva Investors - European Real Estate Securities Fund EUR 31,958 Aviva Investors - Global Sovereign Bond Fund* EUR 10,078 Aviva Investors - Global Convertibles Absolute Return Fund USD 33,880 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund USD 24,044 Aviva Investors - Global Emerging Markets Index Fund USD 1,700,742 Aviva Investors - Global Equity Endurance Fund USD 740,233 Aviva Investors - Global Equity Unconstrained Fund USD 11,016 Aviva Investors - Global High Yield Bond Fund USD 174,014 Aviva Investors - Global Investment Grade Corporate Bond Fund USD 17,890 Aviva Investors - Multi-Strategy Fixed Income Fund EUR 11,990 Aviva Investors - Multi-Strategy Target Income Fund EUR 650,331 Aviva Investors - Multi-Strategy Target Return Fund EUR 2,253,267 Aviva Investors - Short Duration Global High Yield Bond Fund USD 7,694 Aviva Investors - Sustainable Income & Growth Fund USD 52,137 Aviva Investors - UK Listed Equity High Alpha Fund GBP 434,320 Aviva Investors - US Equity Income Fund USD 16,004 Aviva Investors - US Investment Grade Bond Fund* USD 5,025 *Please refer to Directors’ report for details of all corporate activities during the year.

Transaction costs for fixed income securities and financial derivatives are not separately identifiable. For those, transaction costs are included in the purchase and sale prices.

14. CROSS-INVESTMENT BETWEEN SUB-FUNDS As at 31 December 2020, the total cross-investments between Sub-Funds amounts to EUR 24,887,078. The combined Total Net Assets as at the year end without cross-investments would amount to EUR 28,127,371,673.

Investment Sub-Fund Currency Market Value % of net Aviva Investors - Global High Yield Bond Fund Aviva Investors European High Yield Bond Fund - Class Z Accumulation shares EUR 15,267,475 0.24 USD 15,267,475 0.24 Aviva Investors - Global Investment Grade Corporate Bond Fund Aviva Investors European High Yield Bond Fund - Class Z Accumulation shares EUR 15,267,475 0.19 USD 15,267,475 0.19

15. EXCHANGE RATE The exchange rates used to combine the Sub-Funds as at 31 December 2020 were:

0 Currency Rate EUR = 1 GBP 0.8982 USD 1.2269

16. SUBSEQUENT EVENTS Efective from 1 April 2021, Westwood Management Corp, will be replaced by Aviva Investors Americas LLC, as sub-investment manager of Global Convertibles Absolute Return Fund and Aviva Investors - Global Convertibles Fund. By Circular Resolution as at 27 November 2020, the Board of Directors of the Company decided to liquidate the Sub-Fund Aviva Investors - European Real Estate Securities Fund following its NAV falling under the minimum level for the Sub-Fund to be managed eficiently and in accordance with Article 27 of the Fund's Article of Incorporation. The final NAV will be dated 25 January 2021.

avivainvestors.com Annual Report and audited financial statements 196 Aviva Investors Société d’investissement à capital variable (SICAV)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) As at 31 December 2020

16. SUBSEQUENT EVENTS (CONTINUED) By Circular Resolution as at 17 March 2021, the Board of Directors of the Company decided to liquidate the Sub-Fund Aviva Investors - Multi-Strategy Fixed Income Fund in accordance with Article 27 of the Fund's Article of Incorporation. The final NAV will be dated 31 March 2021. As at 31 March 2021, Hanna Duer resigned from her position as Director of the Fund.

avivainvestors.com Annual Report and audited financial statements 197 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED As at 31 December 2020

1. THE VAR & LEVERAGE

1.1 THE VAR As at 31 December 2020, it has been determined to use the Value-at-Risk (VaR) approach for the following sub-funds to calculate global exposure. Please see details in the table below. All other sub-funds calculate global exposure using the commitment approach.

Expected Level of Leverage Leverage Actual VaR VaR Av. Profile (as per Average Benchmark Benchmark VaR Method UCITS Sub-fund Approach Prospectus) 2020 High VaR Low VaR Av. VaR High Low Benchmark Aviva Investors - Emerging AVIVA Markets Local Currency Bond Relative VaR INVESTORS Fund Parametric BM*2 400% 197.37% 10.33% 4.16% 7.60% 8.66% 3.84% 6.60% AVIVA Aviva Investors - European Relative VaR INVESTORS Corporate Bond Fund Parametric BM*2 200% 16.26% 8.08% 1.01% 3.54% 6.71% 1.14% 3.39% AVIVA Aviva Investors - Global Relative VaR INVESTORS Sovereign Bond Fund* Parametric BM*2 400% 392.48% 6.00% 1.79% 3.68% 4.03% 1.73% 2.84% Aviva Investors - Global AVIVA Convertibles Absolute Absolute INVESTORS Return Fund Monte Carlo (10%) 300% 198.99% 10.32% 1.52% 4.34% – – – Aviva Investors - Global AVIVA Investment Grade Corporate Relative VaR INVESTORS Bond Fund Parametric BM*2 200% 173.15% 10.37% 2.03% 5.25% 11.55% 2.02% 5.20% AVIVA Aviva Investors - Multi- Absolute INVESTORS Strategy Fixed Income Fund Monte Carlo (3.36%) 800% - 1200% 713.33% 7.67% (2.99)% 3.02% – – – AVIVA Aviva Investors - Multi- Absolute INVESTORS Strategy Target Income Fund Monte Carlo (6.7%) 700% 507.43% 6.69% (4.76)% 4.46% – – – AVIVA Aviva Investors - Multi- Absolute INVESTORS Strategy Target Return Fund Monte Carlo (6.7%) 700% 493.43% 5.82% (4.76)% 3.48% – – – Aviva Investors - US Aviva Investment Grade Bond Relative VaR Investors Fund* Parametric BM*2 200% 130.84% 9.13% 5.00% 6.66% 8.62% 4.66% 6.27%

The VaR risk model is based on the: - Monte Carlo (CMC) simulation methodology. This method for calculating VaR contains no standard distribution assumptions and attempts to accurately capture extreme risk events. The approach models every security individually and their derivatives. - Parametric Method: The Parametric VaR method calculates the standard deviation of the portfolio's returns and assumes a normal distribution of portfolio returns to show the maximum expected loss within a specified (99%) confidence interval. There is a pricing function which supports full re-pricing of bonds and derivatives, covers multiple risk factors and uses 250 days of factor returns. The calculation of the absolute and relative VaR is carried out in accordance with the following parameters: (a) one-tailed confidence interval of 99% (b) holding period equivalent to 1 month (20 business days) (c) efective observation period (history) of risk factors of at least 1 year (250 business days) unless a shorter observation period is justifed by a signifcant increase in price volatility (for instance extreme market conditions) – in practice AIGSL uses an efective observation period of 250 business days. (d) quarterly data set updates, or more frequent when market prices are subject to material changes (e) at least daily calculation REFERENCE PORTFOLIO FOR RELATIVE VAR A benchmark index is used for the calculation of the relative VaR on the 2 sub-funds below: Aviva Investors - Emerging Markets Local Currency Bond Fund J.P. Morgan GBI-EM Global Diversified Index Aviva Investors – Global Sovereign Bond Fund Barclays Capital Global Aggregate Index EUR hedged Leverage Calculation Leverage is the total amount of financial derivatives instruments (“FDI”) commitments out of a Sub Fund’s Total Net Assets. It is calculated under the sum of notional’s approach to leverage calculation without any netting arrangements.

*Please refer to Directors’ report for details of all corporate activities during the year. avivainvestors.com Annual Report and audited financial statements 198 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS As defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions and/ or total return swaps. In accordance with Article 13 of the Regulation, the Fund's only involvement in and exposures related to Securities Lending transactions and Total Return Swaps for the reporting date 31 December 2020 are detailed below.

GLOBAL DATA Amount of securities on loan The total value of securities on loan as a proportion of the Sub-Funds' total lendable assets, as at the reporting date is detailed below. Total lendable assets represents the aggregate value of asset types forming part of the Sub-Funds' securities lending programme.

% of Total Lendable Sub-Fund Assets Aviva Investors - Emerging Markets Bond Fund 4.67 Aviva Investors - Emerging Markets Corporate Bond Fund 5.26 Aviva Investors - Emerging Markets Local Currency Bond Fund 2.34 Aviva Investors - European Corporate Bond Fund 1.28 Aviva Investors - European Equity Fund 10.92 Aviva Investors - European Equity Income Fund 4.81 Aviva Investors - European Real Estate Securities Fund 3.45 Aviva Investors - Global Sovereign Bond Fund* 1.53 Aviva Investors - Global Convertibles Absolute Return Fund 0.16 Aviva Investors - Global Convertibles Fund 1.72 Aviva Investors - Global High Yield Bond Fund 1.56 Aviva Investors - Global Investment Grade Corporate Bond Fund 0.50 Aviva Investors - Short Duration Global High Yield Bond Fund 2.12

Amount of assets engaged in securities lending transactions The following table represents the total value of assets engaged in securities lending as at the reporting date.

Market Value of Total Sub-Fund Return Swaps (in Sub- Sub-Fund Currency Fund Currency) % of AUM Aviva Investors - Emerging Markets Bond Fund USD 133,645,138 3.25 Aviva Investors - Emerging Markets Corporate Bond Fund USD 31,790,735 3.43 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR 21,813,535 1.52 Aviva Investors - European Corporate Bond Fund EUR 508,047 1.20 Aviva Investors - European Equity Fund EUR 10,296,937 10.81 Aviva Investors - European Equity Income Fund EUR 6,782,215 4.51 Aviva Investors - European Real Estate Securities Fund EUR 624,428 3.40 Aviva Investors - Global Sovereign Bond Fund* EUR 26,417,461 1.32 Aviva Investors - Global Convertibles Absolute Return Fund USD 2,396,206 0.24 Aviva Investors - Global Convertibles Fund USD 9,903,308 2.53 Aviva Investors - Global High Yield Bond Fund USD 81,394,546 1.32 Aviva Investors - Global Investment Grade Corporate Bond Fund USD 32,492,557 0.41 Aviva Investors - Short Duration Global High Yield Bond Fund USD 14,015,891 1.80 None of the counterparties are related parties to the Sub-Funds. *Please refer to Directors’ report for details of all corporate activities during the year.

Amount of assets engaged in total return swap contracts The following table represents the total value of assets engaged in total return swaps as at the reporting date.

Market Value of Sub-Fund Total Return Swaps Sub-Fund Currency (in Sub-Fund Currency) % of AUM Aviva Investors - Global Convertibles Absolute Return Fund USD (7,631,831) (0.76) Aviva Investors - Multi-Strategy Target Income Fund EUR (45,889) (0.01) Aviva Investors - Multi-Strategy Target Return Fund EUR (343,668) (0.03) None of the counterparties are related parties to the Sub-Funds.

avivainvestors.com Annual Report and audited financial statements 199 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

CONCENTRATION DATA Ten largest collateral issuers The following table lists the ten largest issuers by value of non-cash collaterals received by the Sub-Funds across securities lending transactions as at the reporting date. Collateral received in relation to SFT's and OTC derivative transactions (including total return swaps) are in the form of cash. Collateral Value Issuer (in Sub-Fund Currency) Aviva Investors - Emerging Markets Bond Fund USD France Government 47,672,703 European Stability Mechanism 21,889,886 Japan Government 21,881,813 Germany Government 16,154,207 Inter-American Investment Corporation 11,679,134 UK Treasury 9,220,335 International Bank For Reconstruction And Development 3,000,180 Netherland Government 2,503,442 Asian Development Bank 1,486,122 Black Sea Trade And Development Bank 1,127,675 Aviva Investors - Emerging Markets Corporate Bond Fund USD UK Treasury 11,401,095 Germany Government 5,982,733 Japan Government 5,659,064 France Government 4,499,334 Corporacion Andina De Fomento 4,337,848 Asian Development Bank 1,347,496 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR European Stability Mechanism 7,435,787 Japan Government 6,385,703 UK Treasury 6,157,338 International Bank For Reconstruction And Development 2,598,393 Aviva Investors - European Corporate Bond Fund EUR UK Treasury 1,067,924 Aviva Investors - European Equity Fund EUR Japan Government 3,399,986 Germany Government 2,880,692 US Treasury 2,632,834 European Investment Bank 1,243,912 UK Treasury 468,730 France Government 73,534 Kingdom of Sweden 65,463 Netherland Government 6,419 Aviva Investors - European Equity Income Fund EUR US Treasury 4,792,710 Japan Government 2,213,814 Aviva Investors - European Real Estate Securities Fund EUR UK Treasury 640,039 Aviva Investors - Global Sovereign Bond Fund* EUR UK Treasury 13,979,501 Canada Housing Trust 8,432,387 France Government 6,485,079 International Bank For Reconstruction And Development 4,114,151 Austria Government 1,449,016 Asian Development Bank 1,110,147 Aviva Investors - Global Convertibles Absolute Return Fund USD France Government 2,518,229 Aviva Investors - Global Convertibles Fund USD Germany Government 6,518,594 Japan Government 2,487,964 France Government 1,226,659 UK Treasury 40,446 Belgium Government 2 Aviva Investors - Global High Yield Bond Fund USD France Government 33,778,808 UK Treasury 23,321,355 Germany Government 20,434,183 Netherland Government 2,945,949 Corporacion Andina De Fomento 2,099,449 Asian Development Bank 678,307 Belgium Government 289,420

avivainvestors.com Annual Report and audited financial statements 200 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

CONCENTRATION DATA (CONTINUED) Ten largest collateral issuers (continued) Collateral Value Issuer (in Sub-Fund Currency) Black Sea Trade And Development Bank 205,339 Aviva Investors - Global Investment Grade Corporate Bond Fund USD France Government 21,167,176 UK Treasury 5,302,988 Japan Government 3,903,434 Austria Government 2,101,102 Asian Development Bank 678,307 Corporacion Andina De Fomento 354,154 Aviva Investors - Short Duration Global High Yield Bond Fund USD Germany Government 6,855,175 UK Treasury 4,167,185 France Government 3,554,523 *Please refer to Directors’ report for details of all corporate activities during the year.

Counterparties Securities Lending Transactions The following table provides details of the counterparties (based on gross volume of outstanding transactions) in respect of securities lending transactions as at the reporting date. Market Value of Securities on Loan Counterparty Country of Incorporation (in Sub-Fund Currency) Aviva Investors - Emerging Markets Bond Fund USD Nomura Japan 59,516,144 J.P. Morgan United States of America 22,232,016 BNP Paribas France 21,715,863 HSBC Bank United Kingdom 11,683,539 Goldman Sachs United States of America 7,003,695 Barclays Bank United Kingdom 6,121,828 Morgan Stanley United States of America 3,720,493 Zurich Cantonal Bank Switzerland 1,029,964 Credit Suisse United Kingdom 621,596 Aviva Investors - Emerging Markets Corporate Bond Fund USD Goldman Sachs United States of America 9,131,264 Credit Suisse United Kingdom 8,123,187 J.P. Morgan United States of America 4,759,218 HSBC Bank United Kingdom 4,115,775 Zurich Cantonal Bank Switzerland 4,082,410 Barclays Bank United Kingdom 1,578,881 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR Morgan Stanley United States of America 9,720,692 J.P. Morgan United States of America 6,124,348 BNP Paribas France 5,968,495 Aviva Investors - European Corporate Bond Fund EUR HSBC Bank United Kingdom 508,047 Aviva Investors - European Equity Fund EUR Barclays Bank United Kingdom 2,907,962 Credit Agricole France 2,456,158 Natixis France 2,184,274 Morgan Stanley United States of America 1,166,307 UBS Switzerland 1,124,968 Goldman Sachs United States of America 457,268 Aviva Investors - European Equity Income Fund EUR Credit Agricole France 4,622,616 Société Générale France 2,159,599 Aviva Investors - European Real Estate Securities Fund EUR Goldman Sachs United States of America 624,428 Aviva Investors - Global Sovereign Bond Fund* EUR Zurich Cantonal Bank Switzerland 19,458,147 BNP Paribas France 4,996,881 Barclays Bank United Kingdom 1,962,433 Aviva Investors - Global Convertibles Absolute Return Fund USD Zurich Cantonal Bank Switzerland 2,396,206

avivainvestors.com Annual Report and audited financial statements 201 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

CONCENTRATION DATA (CONTINUED) Counterparties (continued) Securities Lending Transactions (continued) Market Value of Securities on Loan Counterparty Country of Incorporation (in Sub-Fund Currency) Aviva Investors - Global Convertibles Fund USD Credit Suisse United Kingdom 7,796,660 J.P. Morgan United States of America 1,559,332 Citigroup Inc. United States of America 547,316 Aviva Investors - Global High Yield Bond Fund USD Barclays Bank United Kingdom 27,457,554 Credit Suisse United Kingdom 26,053,671 BNP Paribas France 13,013,959 J.P. Morgan United States of America 8,140,508 Zurich Cantonal Bank Switzerland 4,780,225 HSBC Bank United Kingdom 1,948,629 Aviva Investors - Global Investment Grade Corporate Bond Fund USD Zurich Cantonal Bank Switzerland 21,219,438 Goldman Sachs United States of America 3,614,125 J.P. Morgan United States of America 3,278,025 HSBC Bank United Kingdom 2,433,871 BNP Paribas France 1,947,098 Aviva Investors - Short Duration Global High Yield Bond Fund USD Credit Suisse United Kingdom 6,564,924 Barclays Bank United Kingdom 5,377,170 Goldman Sachs United States of America 2,073,797 None of the counterparties are related parties to the Sub-Funds. *Please refer to Directors’ report for details of all corporate activities during the year.

Total Return Swap Contracts The following table provides details of the top ten counterparties (based on gross volume of outstanding transactions) in respect of total return swaps as at the reporting date.

Market Value of Securities on Loan Counterparty Country of Incorporation (in Sub-Fund Currency) Aviva Investors - Global Convertibles Absolute Return Fund USD BNP Paribas France 508,004 Nomura Japan 83,280 Citibank United States of America (8,223,115) Aviva Investors - Multi-Strategy Target Income Fund EUR J.P. Morgan United States of America 157,070 BNP Paribas France 28,355 Societe Generale France 20,355 Merrill Lynch United States of America (251,669) Aviva Investors - Multi-Strategy Target Return Fund EUR Societe Generale France 312,534 BNP Paribas France 45,499 J.P. Morgan United States of America (29,409) Merrill Lynch United States of America (672,292) None of the counterparties are related parties to the Sub-Funds.

AGGREGATE TRANSACTION DATA The following table provides details of the country of incorporation (based on gross volume of outstanding transactions) in respect of securities lending transactions as at the reporting date.

Market Value of Securities on (in Country of Incoporation Sub-Fund Currency) Aviva Investors - Emerging Markets Bond Fund USD Japan 59,516,144 United States of America 32,956,204 France 21,715,863 United Kingdom 18,426,963

avivainvestors.com Annual Report and audited financial statements 202 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

AGGREGATE TRANSACTION DATA (CONTINUED) Market Value of Securities on (in Country of Incoporation Sub-Fund Currency) Switzerland 1,029,964 Aviva Investors - Emerging Markets Corporate Bond Fund USD United States of America 13,890,482 United Kingdom 13,817,843 Switzerland 4,082,410 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR United States of America 15,845,040 France 5,968,495 Aviva Investors - European Corporate Bond Fund EUR United Kingdom 508,047 Aviva Investors - European Equity Fund EUR France 4,640,432 United Kingdom 2,907,962 United States of America 1,623,575 Switzerland 1,124,968 Aviva Investors - European Equity Income Fund EUR France 6,782,215 Aviva Investors - European Real Estate Securities Fund EUR United States of America 624,428 Aviva Investors - Global Sovereign Bond Fund* EUR Switzerland 19,458,147 France 4,996,881 United Kingdom 1,962,433 Aviva Investors - Global Convertibles Absolute Return Fund USD Switzerland 2,396,206 Aviva Investors - Global Convertibles Fund USD United Kingdom 7,796,660 United States of America 2,106,648 Switzerland – Aviva Investors - Global High Yield Bond Fund USD United Kingdom 55,459,854 France 13,013,959 United States of America 8,140,508 Switzerland 4,780,225 Aviva Investors - Global Investment Grade Corporate Bond Fund USD Switzerland 21,219,438 United States of America 6,892,150 United Kingdom 2,433,871 France 1,947,098 Aviva Investors - Short Duration Global High Yield Bond Fund USD United Kingdom 11,942,094 United States of America 2,073,797 *Please refer to Directors’ report for details of all corporate activities during the year.

The following table provides details of the country of incorporation (based on gross volume of outstanding transactions) in respect of total return swaps as at the reporting date.

Market Value of Securities on (in Country of Incoporation Sub-Fund Currency) Aviva Investors - Global Convertibles Absolute Return Fund USD France 508,004 Japan 83,280 United States of America (8,223,115) Aviva Investors - Multi-Strategy Target Income Fund EUR France 48,710 United States of America (94,599) Aviva Investors - Multi-Strategy Target Return Fund EUR France 358,033 United States of America (701,701)

avivainvestors.com Annual Report and audited financial statements 203 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

AGGREGATE TRANSACTION DATA (CONTINUED)

Type, quality & maturity tenure of collateral Securities Lending Transactions Collaterals received by the Sub-Funds are in the form of debt securities having investment grade credit rating in respect of securities lending as at the reporting date.

Sub-Fund More than 1 Maturity Currency 1 to 7 days 1 to 4 weeks 1 to 3 months 3 to 12 months year Open maturity Total Aviva Investors - Emerging Markets Bond Fund USD – – – 12,066,844 125,881,783 – 137,948,627 Aviva Investors - Emerging Markets Corporate Bond Fund USD – – – 762,504 32,465,066 – 33,227,570 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR – – 284,851 7,150,936 15,141,434 – 22,577,221 Aviva Investors - European Corporate Bond Fund EUR – – – – 1,067,924 – 1,067,924 Aviva Investors - European Equity Fund EUR – – 1,062,194 44,327 9,665,049 – 10,771,570 Aviva Investors - European Equity Income Fund EUR – – 4,799 2,209,015 4,792,710 – 7,006,524 Aviva Investors - European Real Estate Securities Fund EUR – – – – 640,039 – 640,039 Aviva Investors - Global Sovereign Bond Fund* EUR – – – – 35,570,281 – 35,570,281 Aviva Investors - Global Convertibles Absolute Return Fund USD – – – – 2,518,229 – 2,518,229 Aviva Investors - Global Convertibles Fund USD – – – 2,487,964 7,785,702 – 10,273,666 Aviva Investors - Global High Yield Bond Fund USD–––205,339 83,547,470 – 83,752,809 Aviva Investors - Global Investment Grade Corporate Bond Fund USD – – – – 33,507,161 – 33,507,161 Aviva Investors - Short Duration Global High Yield Bond Fund USD – – – – 14,576,883 – 14,576,883 *Please refer to Directors’ report for details of all corporate activities during the year.

Total Return Swap Contracts Collaterals received in relation to SFT's and OTC derivative transactions (including total return swaps) by the Sub-Funds are in the form of cash with open maturity as at the reporting date.

Collateral Value Sub-Fund Sub-Fund Currency (in Sub-Fund Currency) Aviva Investors - Global Convertibles Absolute Return Fund USD 1,100,000 Aviva Investors - Multi-Strategy Target Income Fund EUR 1,001,000 Aviva Investors - Multi-Strategy Target Return Fund EUR 12,131,976

Currency of collateral Securities Lending Transactions The following table provides an analysis of the currency profile of collaterals received in relation to securities lending transactions as at the reporting date.

avivainvestors.com Annual Report and audited financial statements 204 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

AGGREGATE TRANSACTION DATA (CONTINUED) Currency of collateral (continued) Securities Lending Transactions (continued)

Collateral Value (in Sub-Fund Currency) Sub-Fund Sub-Fund Currency CAD EUR GBP JPY SEK USD Total Aviva Investors - Emerging Markets Bond Fund USD – 89,199,214 10,338,714 21,881,813 – 16,528,886 137,948,627 Aviva Investors - Emerging Markets Corporate Bond Fund USD – 10,482,067 12,079,403 5,659,064 – 5,007,036 33,227,570 Aviva Investors - Emerging Markets Local Currency Bond Fund EUR – 7,435,788 6,157,338 6,385,703 – 2,598,392 22,577,221 Aviva Investors - European Corporate Bond Fund EUR – – 1,067,924 – – – 1,067,924 Aviva Investors - European Equity Fund EUR – 2,965,419 512,937 3,399,985 65,463 3,827,766 10,771,570 Aviva Investors - European Equity Income Fund EUR – – – 2,213,814 – 4,792,710 7,006,524 Aviva Investors - European Real Estate Securities Fund EUR – – 640,039 – – – 640,039 Aviva Investors - Global Sovereign Bond Fund* EUR 8,432,387 12,048,247 15,089,647 – – – 35,570,281 Aviva Investors - Global Convertibles Absolute Return Fund USD – 2,518,229 – – – – 2,518,229 Aviva Investors - Global Convertibles Fund USD – 7,745,255 40,446 2,487,964 – – 10,273,665 Aviva Investors - Global High Yield Bond Fund USD – 57,448,360 23,999,662 – – 2,304,788 83,752,810 Aviva Investors - Global Investment Grade Corporate Bond Fund USD – 23,268,278 5,981,295 3,903,434 – 354,154 33,507,161 Aviva Investors - Short Duration Global High Yield Bond Fund USD – 10,409,698 4,167,185 – – – 14,576,883 *Please refer to Directors’ report for details of all corporate activities during the year.

Total Return Swap Contracts The following table provides an analysis of the currency profile of collateral received in relation to SFT's and OTC derivative transactions (including total return swaps) as at the reporting date.

Collateral Value (in Sub-Fund Currency) Sub-Fund Sub-Fund Currency CAD EUR GBP JPY SEK USD Total Aviva Investors - Global Convertibles Absolute Return Fund USD–––––1,100,000 1,100,000 Aviva Investors - Multi-Strategy Target Income Fund EUR – 1,001,000 ––––1,001,000 Aviva Investors - Multi-Strategy Target Return Fund EUR – 11,537,000 – – – 594,976 12,131,976

Maturity tenor of securities lending agreement and total return swap contracts Securities Lending Transactions The Fund's securities lending transactions have open maturity. Maturity tenor of Total Return Swap Contracts The following table provides an analysis of the maturity tenor of total return swaps contracts outstanding as at the reporting date.

avivainvestors.com Annual Report and audited financial statements 205 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

2. SECURITIES FINANCING TRANSACTIONS (CONTINUED)

AGGREGATE TRANSACTION DATA (CONTINUED) Maturity tenor of securities lending agreement and total return swap contracts (continued) Maturity tenor of Total Return Swap Contracts (continued) Market Value Market Value Market Value Aviva Investors - Global Convertibles Aviva Investors - Multi-Strategy Aviva Investors - Multi-Strategy Absolute Return Fund Target Income Fund Target Return Fund Maturity USD EUR EUR 1-4 Weeks 591,284 (63,447) 332,315 1-3 Months – 13,594 – 3-12 Months (8,223,115) 3,964 (675,983)

The above maturity tenor analysis has been based on the contractual maturity date of the relevant Total Return Swaps.

Settlement and clearing All Sub-Funds engaged in securities lending agreements utilise bi-lateral settlement and clearing with their respective counterparty. OTC derivative transactions are entered into by the Fund under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund/s and a counterparty that governs OTC derivative transactions (including total return swaps) entered into by the parties. All OTC derivative transactions entered under an ISDA Master agreement are netted together for collateral purposes, therefore any collateral disclosures provided in this report are in respect of all OTC derivative transactions entered into by the Fund with the applicable TRS counterparties under the ISDA Master agreement, not just total return swaps. Reuse of Collateral Share of collateral received that is reused and reinvestment return Collaterals received in relation to security lending transactions and total return swap contracts cannot be sold, re-invested or pledged. Safekeeping of Collateral Collateral received All collateral received by the Fund in respect of securities lending & total return swaps transactions as at the reporting date are held by J.P. Morgan Bank Luxembourg S.A.

Collateral granted

Collateral Value Sub-Fund Sub-Fund Currency (in Sub-Fund Currency) Aviva Investors - Emerging Markets Local Currency Bond Fund EUR 632,000 Aviva Investors - Global Sovereign Bond Fund* EUR 212,009 Aviva Investors - Global Convertibles Absolute Return Fund USD 7,000,000 Aviva Investors - Global Investment Grade Corporate Bond Fund USD 13,821,388 Aviva Investors - Multi-Strategy Fixed Income Fund EUR 1,759,000 Aviva Investors - Multi-Strategy Target Income Fund EUR 1,860,000 Aviva Investors - Multi-Strategy Target Return Fund EUR 2,203,511 *Please refer to directors’ report for details of all corporate activities during the year.

All collateral granted in respect of total return swaps as at the reporting date are held in segregated accounts. Return and cost The total income earned from securities lending transactions is split between the relevant Sub-Funds and the securities lending agent. Detail of this split is disclosed in note 11 to the financial statements. All returns from total return swap contracts will accrue to the Sub-Funds and are not subject to any returns sharing arrangements with the Investment Manager or any other third parties.

3. REMUNERATION DISCLOSURE – UCITS In line with the requirements of the Undertakings for Collective Investments in Transferable Securities Directive V (“UCITS V”), Aviva Investors Luxembourg (“AILX”) is subject to a remuneration policy which is consistent with the principles outlined in the European Securities and Markets Authority guidelines on sound remuneration policies under the UCITs directive. Aviva Investors’ remuneration framework is based on a total reward approach and is designed to reflect the success or failure against a range of personal and company performance objectives. There are four components of pay:

avivainvestors.com Annual Report and audited financial statements 206 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

3. REMUNERATION DISCLOSURE – UCITS (CONTINUED) – Basic Salary – set within an appropriate market range, which is suficient to allow the possibility, where performance so warrants, that an employee may receive no variable pay.

– Annual bonus – a discretionary short-term incentive plan where individuals may receive a bonus based on business and individual performance against targets. Where bonuses are equal to or greater than £75,000, a 3 year deferral with pro-rata vesting in Aviva funds and/ or Aviva Group Plc shares occurs, following this a further holding period applies where regulation requires.

The extent to which each aspect of performance afects the overall payment level depends on the role and responsibilities of the individual. Performance is measured against a combination of individual, business unit, Aviva Investors and Group performance over an appropriate period. º A rounded assessment of financial performance is made accounting for a range of financial considerations, including, but not limited to operating profit, investment performance and net flows. The assessment of Aviva Investors’ financial performance is formed with reference to -:

■Actual results vs. prior period results

■Actual results vs. agreed plans

■Actual results relative to competitors

■Actual results vs., and progress towards, our long-term target ambition.

º The remuneration of employees in Control Functions (defined as Risk, Compliance and Audit) is determined independently of the financial results of Aviva Investors in order to reinforce the independence of these functions.

º The non-financial considerations include consideration of risk, conduct, culture, customer and employee engagement metrics, with Aviva values clearly underpinning all our decisions.

º The Performance assessment does not encourage risk taking outside the Aviva Investors stated risk appetite and includes mechanisms by which performance against risk and conduct related measures has a significant impact on the availability and size of business and individual variable awards.

º Through Aviva Investors’ Global Reward Framework, all investment employees should support responsible investment and integrate ESG considerations into their investment processes, including the consideration of Sustainability Risk. ESG metrics and research are embedded in the investment process and form part of the investment scorecard and annual risk attestation. The Chief Investment Oficers and Investment Desk Heads consider how investment employees demonstrate their commitment to ESG processes as part of the determination of performance and pay outcomes.

– Long Term Incentive Awards (LTIA) – discretionary long-term incentive plan to align reward with long-term investment performance, Aviva Group and Shareholders, and with the additional intention to help retain key talent. Part of the long-term incentive plan is in Aviva Investors Funds and part is in Aviva Restricted Share Units (RSUs), for the AI CEO the RSUs have additional performance conditions of Total Shareholder Return and Solvency II Return on Equity. Vesting is afer 3 years and awards for Identified Staf will be subject to a pre-vesting assessment of individual performance, behaviours, and alignment with the company values of Aviva Investors throughout the three-year performance period.

– Benefits in Kind – standard benefits are provided that are appropriate to the market.

Material Risk Takers are not permitted to undertake personal hedging strategies in respect of any variable remuneration. Aviva Investors believes in rewarding strong performance and achievement of our business and individual goals; however, the manner in which these goals are achieved is also important. We do not consider it appropriate to reward people who have engaged in inappropriate behaviour or conduct which is not in line with Aviva’s values and variable pay awards are subject to the Aviva Group Malus and Clawback Policy. As such, Aviva may decide that a Deferred Award which has not vested will lapse wholly or in part if they consider that: – the participant or their team has, in the opinion of the Directors, engaged in misconduct which ought to result in the complete or partial forfeit or repayment of their award;

– there has been, in the opinion of the Directors, a material failure of risk management by reference to Group risk management standards, policies and procedures, taking into account the proximity of the participant to the failure of risk management in question and the level of the participant’s responsibility;

– there is, in the opinion of the Directors, a materially adverse misstatement of Aviva’s or the participant’s relevant business unit’s financial statements for which the participant has some responsibility;

– the participant participated in or was responsible for conduct which resulted in significant, or potentially significant, loss(es) to their relevant business unit, Aviva or any member of the Aviva Group;

avivainvestors.com Annual Report and audited financial statements 207 Aviva Investors Société d’investissement à capital variable (SICAV)

OTHER INFORMATION - UNAUDITED (CONTINUED) As at 31 December 2020

3. REMUNERATION DISCLOSURE – UCITS (CONTINUED) – the participant failed to meet appropriate standards of fitness and propriety;

– there is evidence of misconduct or material error that would justify, or would have justified, had the participant still been employed, summary termination of their contract of employment; or

– any other circumstances required by local regulatory obligations to which any member of the Group or business unit is subject.

The remuneration policies are designed to ensure that any relevant conflicts of interest can be managed appropriately at all times and that the remuneration of its senior staf is in line with the risk policies and objectives of the Alternative Investment Funds (“AIF’s”) it manages, and takes into account the promotion of sound and efective risk management and the achievement of fair outcomes for all customers. There were 8 Material Risk Takers as at the end of the 2020 performance year for AILX. Aggregate remuneration expenditure in respect of these staf for the 2020 performance year was €1.25 million. Fixed remuneration represents 79% of this total, with 7% being pension/benefits and 15% variable remuneration. Of the total variable pay (bonus and LTIP) made to Material Risk Takers, 0% was deferred. AILX outsources fund management to Aviva Investors Global Services (AIGSL) Limited and other companies. AIGSL is covered under the UK implementation of CRD IV requirements and its fund managers provide services to other Group Companies and Clients. There were 68 individuals identified as Material Risk Takers for AIGSL, the aggregate remuneration expenditure in respect of these staf for the 2020 performance year was £37.6m. This amount relates to total remuneration and not remuneration specifically apportioned to activities completed on behalf of AILX. Fixed remuneration represents 36% of this total, with 5% being pension/benefits and 59% variable remuneration. Of the total variable pay (bonus and LTIP) made to these staf, 61% was deferred.

avivainvestors.com Annual Report and audited financial statements 208 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED As at 31 December 2020

1. TOTAL EXPENSES RATIO (TER) Sub-Fund Name Total expense ratio (%) Aviva Investors - Asian Equity Income Fund A Share Class Accumulation 1.74 B Share Class Accumulation 1.99 Ba Share Class Dividend* 0.00 I Share Class Accumulation 0.96 R Share Class Accumulation 1.01 Z Share Class Accumulation 0.08 Za Share Class Dividend GBP 0.08 Zy Share Class Accumulation GBP 0.08 Aviva Investors - Climate Transition Global Equity Fund* A Share Class Accumulation* 1.76 F Share Class Accumulation Hedged AUD* 0.09 I Share Class Accumulation* 0.72 Z Share Class Accumulation EUR* 0.10 Z Share Class Accumulation GBP* 0.10 Aviva Investors - Climate Transition European Equity Fund A Share Class Accumulation 1.75 AFER Climat Share Class Dividend* 1.39 I Share Class Accumulation 0.96 K Share Class Accumulation 0.44 R Share Class Accumulation 0.80 Ry Share Class Accumulation GBP 1.00 Aviva Investors - Emerging Markets Bond Fund A Share Class Accumulation 1.41 A Share Class Accumulation Hedged EUR 1.41 B Share Class Accumulation 1.66 Bm Share Class Dividend 1.66 Bm Share Class Dividend Hedged EUR 1.66 I Share Class Accumulation 0.77 I Share Class Accumulation Hedged CHF 0.77 I Share Class Accumulation Hedged EUR 0.77 Ia Share Class Dividend 0.77 K Share Class Accumulation EUR 0.40 K Share Class Accumulation Hedged EUR* 0.40 Kq Share Class Dividend Hedged EUR 0.40 Ra Share Class Dividend Hedged EUR 0.81 Ry Share Class Accumulation Hedged CHF* 0.81 V Share Class Accumulation 0.05 Z Share Class Accumulation 0.05 Z Share Class Accumulation Hedged GBP 0.05 Zq Share Class Dividend Hedged EUR 0.05 Zy Share Class Accumulation Hedged GBP 0.05 Aviva Investors - Emerging Markets Corporate Bond Fund I Share Class Accumulation 0.98 I Share Class Accumulation Hedged EUR 0.98 Kq Share Class Dividend Hedged EUR 0.42 Zy Share Class Accumulation Hedged EUR 0.03 Zy Share Class Accumulation Hedged GBP 0.05 Aviva Investors - Emerging Markets Equity Income Fund A Share Class Accumulation 1.94 B Share Class Accumulation 2.19 B Share Class Accumulation EUR 2.19 I Share Class Accumulation 1.06 R Share Class Accumulation 1.10 Ra Share Class Dividend GBP 1.09 Z Share Class Accumulation 0.08 Z Share Class Accumulation EUR 0.08 Z Share Class Accumulation GBP 0.08 Zy Share Class Accumulation GBP 0.08 Aviva Investors - Emerging Markets Equity Small Cap Fund A Share Class Accumulation 2.00 B Share Class Accumulation 2.25 B Share Class Accumulation EUR 2.25 I Share Class Accumulation 1.11 I Share Class Accumulation EUR 0.96 M Share Class Accumulation 0.79 Ra Share Class Dividend GBP 1.16 Z Share Class Accumulation 0.14 Zy Share Class Accumulation 0.15

avivainvestors.com Annual Report and audited financial statements 209 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

1. TOTAL EXPENSES RATIO (TER) (CONTINUED) Sub-Fund Name Total expense ratio (%) Zy Share Class Accumulation GBP 0.14 Aviva Investors - Emerging Markets Local Currency Bond Fund A Share Class Accumulation 1.45 Aa Share Class Dividend 1.45 B Share Class Accumulation 1.70 B Share Class Accumulation USD 1.67 Bm Share Class Dividend 1.70 I Share Class Accumulation 0.81 I Share Class Accumulation GBP 0.63 I Share Class Accumulation USD 0.81 Ia Share Class Dividend 0.81 Ia Share Class Dividend GBP 0.81 R Share Class Accumulation 0.86 R Share Class Accumulation GBP 0.82 R Share Class Accumulation USD 0.77 Z Share Class Accumulation 0.08 Zy Share Class Accumulation GBP 0.09 Aviva Investors - European Corporate Bond Fund A Share Class Accumulation 1.07 B Share Class Accumulation 1.13 Ba Share Class Dividend 1.14 I Share Class Accumulation 0.62 Z Share Class Accumulation 0.12 Aviva Investors - European Equity Fund A Share Class Accumulation 1.79 B Share Class Accumulation 2.04 I Share Class Accumulation 0.99 R Share Class Accumulation 1.04 Z Share Class Accumulation 0.13 Aviva Investors - European Equity Income Fund A Share Class Accumulation 1.69 B Share Class Accumulation 1.97 I Share Class Accumulation 0.92 Z Share Class Accumulation* 0.04 Za Share Class Dividend GBP 0.03 Aviva Investors - European High Yield Bond Fund A Share Class Accumulation 1.41 I Share Class Accumulation 0.11 Ia Share Class Dividend 0.11 K Share Class Accumulation 0.43 R Share Class Accumulation 0.11 Z Share Class Accumulation 0.09 Aviva Investors - European Real Estate Securities Fund A Share Class Accumulation 1.73 B Share Class Accumulation 1.80 I Share Class Accumulation 1.07 R Share Class Accumulation 1.04 Za Share Class Dividend 0.17 Aviva Investors - Global Sovereign Bond Fund* I Share Class Accumulation* 0.40 Iy Share Class Accumulation Hedged GBP* 0.33 Z Share Class Accumulation Hedged GBP 0.05 Aviva Investors - Global Convertibles Absolute Return Fund A Share Class Accumulation Hedged EUR 2.45 I Share Class Accumulation 1.97 I Share Class Accumulation Hedged CHF 1.67 I Share Class Accumulation Hedged EUR 1.84 I Share Class Accumulation Hedged GBP 1.75 Ia Share Class Dividend 1.92 Ia Share Class Dividend Hedged EUR 1.68 Ia Share Class Dividend Hedged GBP 1.92 R Share Class Accumulation 1.91 R Share Class Accumulation Hedged CHF 2.07 R Share Class Accumulation Hedged EUR 2.25 R Share Class Accumulation Hedged GBP 1.75 Ry Share Class Accumulation Hedged EUR 1.73 Ry Share Class Accumulation Hedged GBP 0.87 Z Share Class Accumulation Hedged GBP 0.06 Zy Share Class Accumulation Hedged GBP 0.07

avivainvestors.com Annual Report and audited financial statements 210 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

1. TOTAL EXPENSES RATIO (TER) (CONTINUED) Sub-Fund Name Total expense ratio (%) Aviva Investors - Global Convertibles Fund A Share Class Accumulation 1.39 A Share Class Accumulation Hedged CHF 1.43 A Share Class Accumulation Hedged EUR 1.42 Aa Share Class Dividend GBP 1.44 Aa Share Class Dividend Hedged GBP 1.42 B Share Class Accumulation 1.68 B Share Class Accumulation Hedged EUR 1.68 I Share Class Accumulation 0.76 I Share Class Accumulation Hedged EUR 0.80 Ia Share Class Dividend GBP 0.78 Ia Share Class Dividend Hedged GBP 0.81 Iy Share Class Accumulation Hedged EUR 0.80 Iy Share Class Accumulation Hedged GBP 0.79 Iy Share Class Accumulation Hedged USD 0.81 Kq Share Class Dividend Hedged EUR 0.39 Ra Share Class Dividend Hedged GBP 0.84 Z Share Class Accumulation 0.06 Z Share Class Accumulation Hedged EUR 0.06 Z Share Class Accumulation Hedged GBP 0.06 Aviva Investors - Global Emerging Markets Equity Unconstrained Fund I Share Class Accumulation 0.35 S Share Class Accumulation 0.41 Z Share Class Accumulation Hedged GBP 0.10 Zy Share Class Accumulation GBP* 0.04 Aviva Investors - Global Emerging Markets Index Fund I Share Class Accumulation 0.38 Z Share Class Accumulation 0.13 Zy Share Class Accumulation GBP 0.14 Aviva Investors - Global Equity Endurance Fund A Share Class Accumulation 1.71 I Share Class Accumulation 0.92 Ry Share Class Accumulation GBP 0.96 Z Share Class Accumulation USD 0.05 Za Share Class Dividend GBP 0.05 Aviva Investors - Global Equity Unconstrained Fund I Share Class Accumulation 0.35 S Share Class Accumulation 0.44 Z Share Class Accumulation Hedged GBP 0.10 Aviva Investors - Global High Yield Bond Fund A Share Class Accumulation 1.40 A Share Class Accumulation Hedged CHF 1.40 A Share Class Accumulation Hedged EUR 1.40 A Share Class Accumulation Hedged SGD 1.40 Am Share Class Dividend 1.40 Am Share Class Dividend Hedged GBP 1.41 Am Share Class Dividend Hedged SGD 1.40 B Share Class Accumulation Hedged EUR 1.66 Ba Share Class Dividend Hedged EUR 1.65 Bm Share Class Dividend 1.65 I Share Class Accumulation 0.76 I Share Class Accumulation Hedged CAD 0.76 I Share Class Accumulation Hedged EUR 0.76 I Share Class Accumulation Hedged GBP 0.76 Ia Share Class Dividend 0.76 Ia Share Class Dividend Hedged CHF 0.77 Ia Share Class Dividend Hedged EUR 0.76 Ia Share Class Dividend Hedged GBP 0.76 Iq Share Class Dividend Hedged GBP 0.76 K Share Class Accumulation Hedged EUR 0.38 Kq Share Class Dividend Hedged EUR 0.37 M Share Class Accumulation 0.52 M Share Class Accumulation Hedged CHF 0.52 M Share Class Accumulation Hedged EUR 0.52 R Share Class Accumulation 0.80 R Share Class Accumulation Hedged CHF 0.80 R Share Class Accumulation Hedged EUR 0.80 R Share Class Accumulation Hedged SGD 0.69 Ra Share Class Dividend 0.80

avivainvestors.com Annual Report and audited financial statements 211 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

1. TOTAL EXPENSES RATIO (TER) (CONTINUED) Sub-Fund Name Total expense ratio (%) Ra Share Class Dividend Hedged GBP 0.80 V Share Class Accumulation EUR* 0.00 V Share Class Accumulation Hedged EUR* 0.00 Z Share Class Accumulation 0.04 Z Share Class Accumulation Hedged GBP 0.04 Zq Share Class Dividend Hedged EUR 0.04 Zy Share Class Accumulation Hedged GBP 0.04 Aviva Investors - Global Investment Grade Corporate Bond Fund I Share Class Accumulation 0.61 I Share Class Accumulation Hedged EUR 0.61 Ia Share Class Dividend Hedged GBP 0.61 K Share Class Accumulation EUR* 0.49 Ma Share Class Dividend Hedged EUR 0.30 Ma Share Class Dividend Hedged GBP 0.30 Ma Share Class Dividend USD 0.30 Z Share Class Accumulation USD 0.04 Zy Share Class Accumulation Hedged EUR 0.04 Zy Share Class Accumulation Hedged GBP 0.04 Aviva Investors - Multi-Strategy Fixed Income Fund A Share Class Accumulation Hedged SEK 0.77 F Share Class Accumulation Hedged AUD 0.30 I Share Class Accumulation 0.45 I Share Class Accumulation Hedged CHF 0.41 I Share Class Accumulation Hedged GBP 0.45 I Share Class Accumulation Hedged USD 0.39 Iq Share Class Dividend Hedged CHF 0.41 Iq Share Class Dividend Hedged GBP 0.36 R Share Class Accumulation Hedged CHF 0.41 Rq Share Class Dividend Hedged CHF 0.41 Rq Share Class Dividend Hedged GBP 0.36 Z Share Class Accumulation 0.06 Zy Share Class Accumulation Hedged GBP 0.06 Aviva Investors - Multi-Strategy Target Income Fund Am Share Class Dividend 1.59 Am Share Class Dividend Hedged USD 1.58 Fm Share Class Dividend Hedged AUD 0.56 I Share Class Accumulation 0.84 Im Share Class Dividend 0.84 Im Share Class Dividend Hedged GBP 0.84 Im Share Class Dividend Hedged USD 0.84 Km Share Class Dividend 0.65 Mm Share Class Dividend Hedged GBP 0.69 Zm Share Class Dividend 0.09 Aviva Investors - Multi-Strategy Target Return Fund A Share Class Accumulation 1.60 A Share Class Accumulation Hedged CHF* 1.60 A Share Class Accumulation Hedged GBP 1.60 A Share Class Accumulation Hedged NOK 1.60 A Share Class Accumulation Hedged SEK 1.60 A Share Class Accumulation Hedged SGD 1.60 A Share Class Accumulation Hedged USD 1.60 B Share Class Accumulation 1.84 F Share Class Accumulation Hedged AUD 0.56 Fa Share Class Dividend Hedged CAD 0.56 I Share Class Accumulation 0.85 I Share Class Accumulation Hedged CHF 0.85 I Share Class Accumulation Hedged GBP 0.85 I Share Class Accumulation Hedged NZD 0.85 I Share Class Accumulation Hedged SGD 0.85 I Share Class Accumulation Hedged USD 0.85 Iy Share Class Accumulation 0.85 Iy Share Class Accumulation Hedged GBP 0.85 Iy Share Class Accumulation Hedged USD 0.85 J Share Class Accumulation 1.79 K Share Class Accumulation 0.60 M Share Class Accumulation 0.70 M Share Class Accumulation Hedged CHF 0.70 M Share Class Accumulation Hedged USD* 0.70 Mq Share Class Dividend 0.70

avivainvestors.com Annual Report and audited financial statements 212 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

1. TOTAL EXPENSES RATIO (TER) (CONTINUED) Sub-Fund Name Total expense ratio (%) My Share Class Accumulation Hedged GBP 0.70 R Share Class Accumulation 0.85 R Share Class Accumulation Hedged CHF 0.85 R Share Class Accumulation Hedged GBP 0.85 Ra Share Class Dividend Hedged GBP 0.85 Ry Share Class Accumulation 0.85 Ry Share Class Accumulation Hedged GBP 0.85 Ry Share Class Accumulation Hedged USD 0.85 Z Share Class Accumulation 0.04 Aviva Investors - Short Duration Global High Yield Bond Fund A Share Class Accumulation 1.13 A Share Class Accumulation Hedged EUR 1.13 Am Share Class Dividend 1.13 Ay Share Class Accumulation 1.13 Ay Share Class Accumulation Hedged EUR 1.13 I Share Class Accumulation 0.64 I Share Class Accumulation Hedged CHF 0.64 I Share Class Accumulation Hedged EUR 0.64 I Share Class Accumulation Hedged GBP 0.64 Ia Share Class Dividend Hedged EUR 0.64 Im Share Class Dividend 0.64 Iq Share Class Dividend Hedged CHF 0.36 Iy Share Class Accumulation 0.36 Iy Share Class Accumulation Hedged CHF 0.36 Iy Share Class Accumulation Hedged EUR 0.38 Kq Share Class Dividend Hedged EUR 0.31 M Share Class Accumulation 0.43 R Share Class Accumulation 0.68 R Share Class Accumulation Hedged CHF 0.68 R Share Class Accumulation Hedged EUR 0.37 Ry Share Class Accumulation 0.68 Ry Share Class Accumulation Hedged EUR 0.68 Ry Share Class Accumulation Hedged GBP 0.68 Aviva Investors - Sustainable Income & Growth Fund A Share Class Accumulation EUR* 1.61 A Share Class Accumulation Hedged SGD 1.59 Aq Share Class Dividend Hedged SGD 1.60 I Share Class Accumulation 0.36 I Share Class Accumulation EUR 0.47 Iq Share Class Dividend 0.37 Iq Share Class Dividend EUR 0.43 R Share Class Accumulation EUR 0.44 Rq Share Class Dividend EUR 0.43 S Share Class Accumulation 0.36 S Share Class Accumulation EUR 0.47 Sq Share Class Dividend EUR 0.47 Z Share Class Accumulation 0.00 Aviva Investors - UK Listed Equity High Alpha Fund Aa Share Class Dividend 1.78 B Share Class Accumulation 2.03 I Share Class Accumulation 1.00 R Share Class Accumulation 1.03 Ra Share Class Dividend* 1.04 Z Share Class Accumulation 0.13 Aviva Investors - US Equity Income Fund A Share Class Accumulation 1.72 I Share Class Accumulation 1.05 Ia Share Class Dividend 0.97 R Share Class Accumulation 1.02 Aviva Investors - US Investment Grade Bond Fund* I Share Class Accumulation* 0.22 K Share Class Accumulation Hedged EUR* 0.45 Zy Share Class Accumulation Hedged GBP* 0.09

*Please refer to Directors’ report for details of all corporate activities during the year. Aviva Investors - TER was calculated in accordance with the applicable SFAMA guidelines. SFAMA and AMP (Asset Management Platform) have merged into AMAS (Asset Management Association Switzerland).

avivainvestors.com Annual Report and audited financial statements 213 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % LU0274939718 Aviva Investors - Asian Equity Income Fund A Share Class Accumulation USD 14.57 18.10 (14.72) LU0010019817 Aviva Investors - Asian Equity Income Fund B Share Class Accumulation USD 14.28 17.80 (14.93) LU0206564840 Aviva Investors - Asian Equity Income Fund Ba Share Class Dividend USD – 17.81 (14.93) LU0160787940 Aviva Investors - Asian Equity Income Fund I Share Class Accumulation USD 15.48 19.03 (14.04) LU1370700145 Aviva Investors - Asian Equity Income Fund R Share Class Accumulation USD 15.40 18.97 (14.07) LU0560706995 Aviva Investors - Asian Equity Income Fund Z Share Class Accumulation USD 16.49 20.08 (13.28) LU1660918704 Aviva Investors - Asian Equity Income Fund Za Share Class Dividend GBP GBP 12.68 16.28 (8.35) LU1360566621 Aviva Investors - Asian Equity Income Fund Zy Share Class Accumulation GBP GBP 12.70 16.32 (8.37) LU2157504429 Aviva Investors - Climate Transition Global Equity Fund A Share Class Accumulation USD 18.31 0.01 0.01 F Share Class Accumulation Hedged LU2226715402 Aviva Investors - Climate Transition Global Equity Fund AUD AUD 4.53 0.01 0.01 LU2157504775 Aviva Investors - Climate Transition Global Equity Fund I Share Class Accumulation USD 18.64 0.01 0.01 LU2230278900 Aviva Investors - Climate Transition Global Equity Fund Z Share Class Accumulation EUR EUR 13.54 0.01 0.01 LU2230278736 Aviva Investors - Climate Transition Global Equity Fund Z Share Class Accumulation GBP GBP 11.82 0.01 0.01 LU1985004537 Aviva Investors - Climate Transition European Equity Fund A Share Class Accumulation EUR 15.89 10.24 – LU2216001268 Aviva Investors - Climate Transition European Equity Fund AFER Climat Share Class Dividend EUR 14.74 – – LU1985004701 Aviva Investors - Climate Transition European Equity Fund I Share Class Accumulation EUR 16.81 10.58 – LU1985004966 Aviva Investors - Climate Transition European Equity Fund K Share Class Accumulation EUR 17.42 10.83 – LU1985004883 Aviva Investors - Climate Transition European Equity Fund R Share Class Accumulation EUR 17.01 15.38 – LU2061970484 Aviva Investors - Climate Transition European Equity Fund Ry Share Class Accumulation GBP GBP 23.52 5.26 – LU0274939478 Aviva Investors - Emerging Markets Bond Fund A Share Class Accumulation USD 6.47 14.00 (4.32) A Share Class Accumulation Hedged LU0401379044 Aviva Investors - Emerging Markets Bond Fund EUR EUR 4.96 10.62 (7.10) LU0180621863 Aviva Investors - Emerging Markets Bond Fund B Share Class Accumulation USD 6.20 13.71 (4.56) LU0206569211 Aviva Investors - Emerging Markets Bond Fund Bm Share Class Dividend USD 6.21 13.71 (4.57) Bm Share Class Dividend Hedged LU0726752743 Aviva Investors - Emerging Markets Bond Fund EUR EUR 4.80 10.34 (7.31) LU0180621947 Aviva Investors - Emerging Markets Bond Fund I Share Class Accumulation USD 7.15 14.73 (3.70) I Share Class Accumulation Hedged LU0923982770 Aviva Investors - Emerging Markets Bond Fund CHF CHF 5.62 10.85 (6.88) I Share Class Accumulation Hedged LU0401379127 Aviva Investors - Emerging Markets Bond Fund EUR EUR 5.63 11.33 (6.50) LU2086873879 Aviva Investors - Emerging Markets Bond Fund Ia Share Class Dividend USD 7.15 0.40 – LU1329693706 Aviva Investors - Emerging Markets Bond Fund K Share Class Accumulation EUR EUR (1.64) 17.36 1.38 K Share Class Accumulation Hedged LU1540968507 Aviva Investors - Emerging Markets Bond Fund EUR EUR – 11.75 (6.16) LU1184721873 Aviva Investors - Emerging Markets Bond Fund Kq Share Class Dividend Hedged EUR EUR 6.01 11.73 (6.15) LU1944462503 Aviva Investors - Emerging Markets Bond Fund Ra Share Class Dividend Hedged EUR EUR 5.86 6.85 – Ry Share Class Accumulation LU2240326509 Aviva Investors - Emerging Markets Bond Fund Hedged CHF CHF 5.28 – – LU0631496246 Aviva Investors - Emerging Markets Bond Fund V Share Class Accumulation USD 7.93 15.56 (3.00) LU0560707613 Aviva Investors - Emerging Markets Bond Fund Z Share Class Accumulation USD 7.93 15.56 (3.00) Z Share Class Accumulation Hedged LU0532757456 Aviva Investors - Emerging Markets Bond Fund GBP GBP 6.03 13.38 (4.75) LU0725747298 Aviva Investors - Emerging Markets Bond Fund Zq Share Class Dividend Hedged EUR EUR 6.39 12.13 (5.84) Zy Share Class Accumulation Hedged LU1329693888 Aviva Investors - Emerging Markets Bond Fund GBP GBP 6.00 13.37 (4.73) LU1550133976 Aviva Investors - Emerging Markets Corporate Bond Fund I Share Class Accumulation USD 10.58 13.62 (1.58) I Share Class Accumulation Hedged LU0654799310 Aviva Investors - Emerging Markets Corporate Bond Fund EUR EUR 8.80 10.24 (4.57) LU1184721287 Aviva Investors - Emerging Markets Corporate Bond Fund Kq Share Class Dividend Hedged EUR EUR 9.34 10.84 (4.08) Zy Share Class Accumulation Hedged LU1989841595 Aviva Investors - Emerging Markets Corporate Bond Fund EUR EUR 9.78 5.02 – Zy Share Class Accumulation Hedged LU1985010260 Aviva Investors - Emerging Markets Corporate Bond Fund GBP GBP 9.86 6.25 – LU0274940138 Aviva Investors - Emerging Markets Equity Income Fund A Share Class Accumulation USD 7.68 16.13 (15.14) LU0047882062 Aviva Investors - Emerging Markets Equity Income Fund B Share Class Accumulation USD 7.41 15.83 (15.35) LU0280564351 Aviva Investors - Emerging Markets Equity Income Fund B Share Class Accumulation EUR EUR (1.77) 18.05 (11.22) LU0160791975 Aviva Investors - Emerging Markets Equity Income Fund I Share Class Accumulation USD 8.64 17.16 (14.37) LU1370700228 Aviva Investors - Emerging Markets Equity Income Fund R Share Class Accumulation USD 8.60 17.12 (14.41) LU0965944704 Aviva Investors - Emerging Markets Equity Income Fund Ra Share Class Dividend GBP GBP 5.05 13.42 (9.61) LU0560707704 Aviva Investors - Emerging Markets Equity Income Fund Z Share Class Accumulation USD 9.71 18.31 (13.53) LU1229249047 Aviva Investors - Emerging Markets Equity Income Fund Z Share Class Accumulation EUR EUR 0.33 20.57 (9.31) LU1301384894 Aviva Investors - Emerging Markets Equity Income Fund Z Share Class Accumulation GBP GBP 6.14 14.61 (8.69) LU1322428019 Aviva Investors - Emerging Markets Equity Income Fund Zy Share Class Accumulation GBP GBP 6.14 14.61 (8.69) LU0300873303 Aviva Investors - Emerging Markets Equity Small Cap Fund A Share Class Accumulation USD 14.71 10.31 (23.66) LU0300873642 Aviva Investors - Emerging Markets Equity Small Cap Fund B Share Class Accumulation USD 14.43 10.03 (23.85) LU0280563387 Aviva Investors - Emerging Markets Equity Small Cap Fund B Share Class Accumulation EUR EUR 4.64 12.14 (20.14) LU0300874459 Aviva Investors - Emerging Markets Equity Small Cap Fund I Share Class Accumulation USD 15.74 11.30 (22.97)

avivainvestors.com Annual Report and audited financial statements 214 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % LU1588768256 Aviva Investors - Emerging Markets Equity Small Cap Fund I Share Class Accumulation EUR EUR 6.03 13.71 (19.07) LU1745489192 Aviva Investors - Emerging Markets Equity Small Cap Fund M Share Class Accumulation USD 16.28 11.71 (23.98) LU0965944613 Aviva Investors - Emerging Markets Equity Small Cap Fund Ra Share Class Dividend GBP GBP 11.91 7.74 (18.69) LU0560707456 Aviva Investors - Emerging Markets Equity Small Cap Fund Z Share Class Accumulation USD 16.87 12.39 (22.21) LU1653128485 Aviva Investors - Emerging Markets Equity Small Cap Fund Zy Share Class Accumulation USD 16.87 12.39 (22.21) LU1901216660 Aviva Investors - Emerging Markets Equity Small Cap Fund Zy Share Class Accumulation GBP GBP 13.07 8.87 (4.25) Aviva Investors - Emerging Markets Local Currency Bond LU0273494806 Fund A Share Class Accumulation EUR (7.53) 15.41 (5.05) Aviva Investors - Emerging Markets Local Currency Bond LU1099408798 Fund Aa Share Class Dividend EUR (7.53) 15.41 (5.05) Aviva Investors - Emerging Markets Local Currency Bond LU0273496686 Fund B Share Class Accumulation EUR (7.76) 15.12 (5.29) Aviva Investors - Emerging Markets Local Currency Bond LU0490651758 Fund B Share Class Accumulation USD USD 0.95 13.06 (9.69) Aviva Investors - Emerging Markets Local Currency Bond LU0274935138 Fund Bm Share Class Dividend EUR (7.76) 15.12 (5.29) Aviva Investors - Emerging Markets Local Currency Bond LU0273498039 Fund I Share Class Accumulation EUR (6.94) 16.15 (4.43) Aviva Investors - Emerging Markets Local Currency Bond LU1859008861 Fund I Share Class Accumulation GBP GBP (1.37) 10.58 4.01 Aviva Investors - Emerging Markets Local Currency Bond LU1600503905 Fund I Share Class Accumulation USD USD 1.76 14.09 (8.53) Aviva Investors - Emerging Markets Local Currency Bond LU0861996451 Fund Ia Share Class Dividend EUR (6.46) 16.15 (4.43) Aviva Investors - Emerging Markets Local Currency Bond LU0280564948 Fund Ia Share Class Dividend GBP GBP (1.55) 10.38 (3.78) Aviva Investors - Emerging Markets Local Currency Bond LU1373243770 Fund R Share Class Accumulation EUR (6.97) 16.10 (4.48) Aviva Investors - Emerging Markets Local Currency Bond LU1859008945 Fund R Share Class Accumulation GBP GBP (1.41) 10.59 4.01 Aviva Investors - Emerging Markets Local Currency Bond LU1859008788 Fund R Share Class Accumulation USD USD 1.88 14.06 2.76 Aviva Investors - Emerging Markets Local Currency Bond LU0560707969 Fund Z Share Class Accumulation EUR (6.26) 17.00 (3.74) Aviva Investors - Emerging Markets Local Currency Bond LU1329465741 Fund Zy Share Class Accumulation GBP GBP (0.83) 11.21 (3.07) LU0274933786 Aviva Investors - European Corporate Bond Fund A Share Class Accumulation EUR 0.87 6.42 (3.09) LU0137992961 Aviva Investors - European Corporate Bond Fund B Share Class Accumulation EUR 0.81 6.21 (3.29) LU0010020823 Aviva Investors - European Corporate Bond Fund Ba Share Class Dividend EUR 0.81 6.21 (3.28) LU0160771357 Aviva Investors - European Corporate Bond Fund I Share Class Accumulation EUR 1.33 6.94 (2.61) LU0560708850 Aviva Investors - European Corporate Bond Fund Z Share Class Accumulation EUR 1.83 7.56 (2.05) LU0274934750 Aviva Investors - European Equity Fund A Share Class Accumulation EUR (1.63) 26.79 (19.33) LU0010019577 Aviva Investors - European Equity Fund B Share Class Accumulation EUR (1.87) 26.47 (19.53) LU0160772918 Aviva Investors - European Equity Fund I Share Class Accumulation EUR (0.83) 27.79 (18.69) LU1373243853 Aviva Investors - European Equity Fund R Share Class Accumulation EUR (0.88) 27.74 (18.72) LU0560709072 Aviva Investors - European Equity Fund Z Share Class Accumulation EUR 0.03 28.92 (17.97) LU0274935054 Aviva Investors - European Equity Income Fund A Share Class Accumulation EUR (11.47) 12.53 (14.37) LU0157818666 Aviva Investors - European Equity Income Fund B Share Class Accumulation EUR (11.69) 12.25 (14.58) LU0160781745 Aviva Investors - European Equity Income Fund I Share Class Accumulation EUR (10.76) 13.42 (13.68) LU1609028680 Aviva Investors - European Equity Income Fund Za Share Class Dividend GBP GBP (4.78) 8.74 (12.32) LU2059539499 Aviva Investors - European High Yield Bond Fund A Share Class Accumulation EUR (0.81) 1.24 – LU2059539069 Aviva Investors - European High Yield Bond Fund I Share Class Accumulation EUR 0.53 1.41 – LU2059539143 Aviva Investors - European High Yield Bond Fund Ia Share Class Dividend EUR 0.53 1.41 – LU2059539572 Aviva Investors - European High Yield Bond Fund K Share Class Accumulation EUR 0.21 1.42 – LU2059539226 Aviva Investors - European High Yield Bond Fund R Share Class Accumulation EUR 0.53 1.41 – LU2059539655 Aviva Investors - European High Yield Bond Fund Z Share Class Accumulation EUR 0.56 1.44 – LU0274935567 Aviva Investors - European Real Estate Securities Fund A Share Class Accumulation EUR (9.38) 26.16 (7.79) LU0160768213 Aviva Investors - European Real Estate Securities Fund B Share Class Accumulation EUR (9.44) 25.84 (8.02) LU0160782800 Aviva Investors - European Real Estate Securities Fund I Share Class Accumulation EUR (8.68) 27.16 (7.06) LU1373243937 Aviva Investors - European Real Estate Securities Fund R Share Class Accumulation EUR (8.69) 27.11 (7.09) LU1040397157 Aviva Investors - European Real Estate Securities Fund Za Share Class Dividend EUR (7.96) 28.27 (6.23) LU2079865262 Aviva Investors - Global Sovereign Bond Fund I Share Class Accumulation EUR 3.11 – – Iy Share Class Accumulation Hedged LU2255680576 Aviva Investors - Global Sovereign Bond Fund GBP GBP 0.33 – – Z Share Class Accumulation Hedged LU0553627182 Aviva Investors - Global Sovereign Bond Fund GBP GBP 5.94 8.15 0.38 A Share Class Accumulation Hedged LU0459998232 Aviva Investors - Global Convertibles Absolute Return Fund EUR EUR 6.94 6.91 (4.11) LU0459997697 Aviva Investors - Global Convertibles Absolute Return Fund I Share Class Accumulation USD 9.42 10.18 (0.57)

avivainvestors.com Annual Report and audited financial statements 215 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % I Share Class Accumulation Hedged LU0630373545 Aviva Investors - Global Convertibles Absolute Return Fund CHF CHF 7.48 7.30 (3.76) I Share Class Accumulation Hedged LU0459998588 Aviva Investors - Global Convertibles Absolute Return Fund EUR EUR 7.65 7.66 (3.37) I Share Class Accumulation Hedged LU1859008192 Aviva Investors - Global Convertibles Absolute Return Fund GBP GBP 7.88 8.29 0.13 LU0459997770 Aviva Investors - Global Convertibles Absolute Return Fund Ia Share Class Dividend USD 9.43 10.19 (0.57) LU0643905549 Aviva Investors - Global Convertibles Absolute Return Fund Ia Share Class Dividend Hedged EUR EUR 7.60 7.61 (3.33) LU0459999123 Aviva Investors - Global Convertibles Absolute Return Fund Ia Share Class Dividend Hedged GBP GBP 7.80 8.61 (2.28) LU1373244158 Aviva Investors - Global Convertibles Absolute Return Fund R Share Class Accumulation USD 9.38 10.14 (0.61) R Share Class Accumulation Hedged LU1859007897 Aviva Investors - Global Convertibles Absolute Return Fund CHF CHF 7.64 6.92 (0.44) R Share Class Accumulation Hedged LU1859007624 Aviva Investors - Global Convertibles Absolute Return Fund EUR EUR 7.73 7.09 (0.33) R Share Class Accumulation Hedged LU1859008275 Aviva Investors - Global Convertibles Absolute Return Fund GBP GBP 7.89 8.30 0.13 Ry Share Class Accumulation LU1578337310 Aviva Investors - Global Convertibles Absolute Return Fund Hedged EUR EUR 7.59 7.58 (3.37) Ry Share Class Accumulation LU1578337666 Aviva Investors - Global Convertibles Absolute Return Fund Hedged GBP GBP 8.81 9.15 (2.21) Z Share Class Accumulation Hedged LU0560709825 Aviva Investors - Global Convertibles Absolute Return Fund GBP GBP 9.64 10.01 (1.41) Zy Share Class Accumulation Hedged LU2014462878 Aviva Investors - Global Convertibles Absolute Return Fund GBP GBP 10.16 3.48 – LU0274938744 Aviva Investors - Global Convertibles Fund A Share Class Accumulation USD 30.07 13.95 (5.74) A Share Class Accumulation Hedged LU0401378319 Aviva Investors - Global Convertibles Fund CHF CHF 25.18 11.40 (6.96) A Share Class Accumulation Hedged LU0280566992 Aviva Investors - Global Convertibles Fund EUR EUR 25.39 11.74 (6.53) LU0280567370 Aviva Investors - Global Convertibles Fund Aa Share Class Dividend GBP GBP 25.84 10.38 (0.46) LU0367993077 Aviva Investors - Global Convertibles Fund Aa Share Class Dividend Hedged GBP GBP 25.84 12.87 (5.38) LU0144879052 Aviva Investors - Global Convertibles Fund B Share Class Accumulation USD 29.75 13.66 (5.97) B Share Class Accumulation Hedged LU0280567701 Aviva Investors - Global Convertibles Fund EUR EUR 25.16 11.45 (6.75) LU0160787601 Aviva Investors - Global Convertibles Fund I Share Class Accumulation USD 30.90 14.68 (5.13) I Share Class Accumulation Hedged LU0280568261 Aviva Investors - Global Convertibles Fund EUR EUR 26.54 12.46 (5.94) LU0280568428 Aviva Investors - Global Convertibles Fund Ia Share Class Dividend GBP GBP 26.64 11.08 0.19 LU0367993150 Aviva Investors - Global Convertibles Fund Ia Share Class Dividend Hedged GBP GBP 26.65 13.47 (4.15) Iy Share Class Accumulation Hedged LU1857279712 Aviva Investors - Global Convertibles Fund EUR EUR 26.23 12.45 (7.49) Iy Share Class Accumulation Hedged LU1857279803 Aviva Investors - Global Convertibles Fund GBP GBP 26.40 13.49 (7.28) Iy Share Class Accumulation Hedged LU1857279639 Aviva Investors - Global Convertibles Fund USD USD 28.31 15.93 (6.22) LU1184721360 Aviva Investors - Global Convertibles Fund Kq Share Class Dividend Hedged EUR EUR 26.71 12.89 (5.56) LU0880135149 Aviva Investors - Global Convertibles Fund Ra Share Class Dividend Hedged GBP GBP 26.13 13.47 (5.05) LU0675046311 Aviva Investors - Global Convertibles Fund Z Share Class Accumulation USD 31.85 15.51 (4.43) Z Share Class Accumulation Hedged LU0560710591 Aviva Investors - Global Convertibles Fund EUR EUR 27.19 13.26 (5.23) Z Share Class Accumulation Hedged LU0560710757 Aviva Investors - Global Convertibles Fund GBP GBP 27.71 14.33 (4.94) Aviva Investors - Global Emerging Markets Equity LU1985005260 Unconstrained Fund I Share Class Accumulation USD 19.96 12.35 – Aviva Investors - Global Emerging Markets Equity LU1985005856 Unconstrained Fund S Share Class Accumulation USD 19.93 12.33 – Aviva Investors - Global Emerging Markets Equity Z Share Class Accumulation Hedged LU1985006318 Unconstrained Fund GBP GBP 17.61 11.58 – Aviva Investors - Global Emerging Markets Equity LU2137221318 Unconstrained Fund Zy Share Class Accumulation GBP GBP 54.84 – – LU0514066991 Aviva Investors - Global Emerging Markets Index Fund I Share Class Accumulation USD 17.59 17.19 (15.07) LU0537606781 Aviva Investors - Global Emerging Markets Index Fund Z Share Class Accumulation USD 17.90 17.57 (14.71) LU1806517998 Aviva Investors - Global Emerging Markets Index Fund Zy Share Class Accumulation GBP GBP 14.06 13.89 (6.27) LU1401110231 Aviva Investors - Global Equity Endurance Fund A Share Class Accumulation USD 18.91 31.21 (9.37) LU1401110405 Aviva Investors - Global Equity Endurance Fund I Share Class Accumulation USD 19.83 32.08 (8.84) LU1529951995 Aviva Investors - Global Equity Endurance Fund Ry Share Class Accumulation GBP GBP 15.89 27.89 (3.77) LU1738492906 Aviva Investors - Global Equity Endurance Fund Z Share Class Accumulation USD USD 20.89 33.24 (8.03) LU1588768413 Aviva Investors - Global Equity Endurance Fund Za Share Class Dividend GBP GBP 16.94 30.86 (2.88) LU1985006748 Aviva Investors - Global Equity Unconstrained Fund I Share Class Accumulation USD 13.80 15.42 – LU1985007399 Aviva Investors - Global Equity Unconstrained Fund S Share Class Accumulation USD 13.71 15.38 –

avivainvestors.com Annual Report and audited financial statements 216 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % Z Share Class Accumulation Hedged LU1985007712 Aviva Investors - Global Equity Unconstrained Fund GBP GBP 11.31 14.60 – LU0367993317 Aviva Investors - Global High Yield Bond Fund A Share Class Accumulation USD 2.68 14.11 (3.08) A Share Class Accumulation Hedged LU0693856568 Aviva Investors - Global High Yield Bond Fund CHF CHF 0.91 10.22 (6.22) A Share Class Accumulation Hedged LU0367993408 Aviva Investors - Global High Yield Bond Fund EUR EUR 0.80 10.72 (5.85) A Share Class Accumulation Hedged LU0520002626 Aviva Investors - Global High Yield Bond Fund SGD SGD 1.73 13.20 (3.91) LU0752094010 Aviva Investors - Global High Yield Bond Fund Am Share Class Dividend USD 2.68 14.11 (3.08) Am Share Class Dividend Hedged LU0397833129 Aviva Investors - Global High Yield Bond Fund GBP GBP 0.56 11.96 (4.71) Am Share Class Dividend Hedged LU0520002972 Aviva Investors - Global High Yield Bond Fund SGD SGD 1.72 13.19 (3.93) B Share Class Accumulation Hedged LU0432679735 Aviva Investors - Global High Yield Bond Fund EUR EUR 0.60 10.45 (6.10) LU0641126270 Aviva Investors - Global High Yield Bond Fund Ba Share Class Dividend Hedged EUR EUR 0.53 10.40 (6.06) LU0562505817 Aviva Investors - Global High Yield Bond Fund Bm Share Class Dividend USD 2.42 13.83 (3.32) LU0367993663 Aviva Investors - Global High Yield Bond Fund I Share Class Accumulation USD 3.34 14.85 (2.46) I Share Class Accumulation Hedged LU0497137546 Aviva Investors - Global High Yield Bond Fund CAD CAD 1.35 13.84 (3.11) I Share Class Accumulation Hedged LU0367993747 Aviva Investors - Global High Yield Bond Fund EUR EUR 1.44 11.44 (5.25) I Share Class Accumulation Hedged LU0766450869 Aviva Investors - Global High Yield Bond Fund GBP GBP 1.00 12.72 (4.10) LU0650814238 Aviva Investors - Global High Yield Bond Fund Ia Share Class Dividend USD 3.34 14.85 (2.46) LU0649528386 Aviva Investors - Global High Yield Bond Fund Ia Share Class Dividend Hedged CHF CHF 1.56 10.90 (5.61) LU0650813693 Aviva Investors - Global High Yield Bond Fund Ia Share Class Dividend Hedged EUR EUR 1.44 11.39 (5.23) LU0397835769 Aviva Investors - Global High Yield Bond Fund Ia Share Class Dividend Hedged GBP GBP 0.95 12.64 (4.07) LU1318336952 Aviva Investors - Global High Yield Bond Fund Iq Share Class Dividend Hedged GBP GBP 0.97 12.66 (4.10) K Share Class Accumulation Hedged LU1391831341 Aviva Investors - Global High Yield Bond Fund EUR EUR 2.05 11.87 (4.87) LU1184721444 Aviva Investors - Global High Yield Bond Fund Kq Share Class Dividend Hedged EUR EUR 1.86 11.84 (4.87) LU0938923728 Aviva Investors - Global High Yield Bond Fund M Share Class Accumulation USD 3.59 15.13 (2.22) M Share Class Accumulation Hedged LU0938924023 Aviva Investors - Global High Yield Bond Fund CHF CHF 1.81 11.21 (5.39) M Share Class Accumulation Hedged LU0938923561 Aviva Investors - Global High Yield Bond Fund EUR EUR 1.69 11.70 (5.02) LU1288964064 Aviva Investors - Global High Yield Bond Fund R Share Class Accumulation USD 3.30 14.80 (2.49) R Share Class Accumulation Hedged LU1288964494 Aviva Investors - Global High Yield Bond Fund CHF CHF 1.51 10.90 (5.64) R Share Class Accumulation Hedged LU1288964650 Aviva Investors - Global High Yield Bond Fund EUR EUR 1.41 11.39 (5.27) R Share Class Accumulation Hedged LU1288964577 Aviva Investors - Global High Yield Bond Fund SGD SGD 2.50 14.01 (2.93) LU1288964148 Aviva Investors - Global High Yield Bond Fund Ra Share Class Dividend USD 3.30 14.80 (2.50) LU0880134928 Aviva Investors - Global High Yield Bond Fund Ra Share Class Dividend Hedged GBP GBP 0.87 12.59 (4.11) LU2243988677 Aviva Investors - Global High Yield Bond Fund V Share Class Accumulation EUR EUR 0.58 – – V Share Class Accumulation Hedged LU2255680659 Aviva Investors - Global High Yield Bond Fund EUR EUR 1.47 – – LU0616814850 Aviva Investors - Global High Yield Bond Fund Z Share Class Accumulation USD 4.09 15.68 (1.74) Z Share Class Accumulation Hedged LU0553627935 Aviva Investors - Global High Yield Bond Fund GBP GBP 1.72 13.52 (3.37) LU0725747025 Aviva Investors - Global High Yield Bond Fund Zq Share Class Dividend Hedged EUR EUR 2.19 12.23 (4.56) Zy Share Class Accumulation Hedged LU2040493350 Aviva Investors - Global High Yield Bond Fund GBP GBP 1.69 2.20 – Aviva Investors - Global Investment Grade Corporate Bond LU1220879487 Fund I Share Class Accumulation USD 7.99 12.51 (1.48) Aviva Investors - Global Investment Grade Corporate Bond I Share Class Accumulation Hedged LU1220879560 Fund EUR EUR 6.41 9.23 (4.17) Aviva Investors - Global Investment Grade Corporate Bond LU1991267417 Fund Ia Share Class Dividend Hedged GBP GBP 6.32 5.55 – Aviva Investors - Global Investment Grade Corporate Bond LU2185864571 Fund K Share Class Accumulation EUR EUR (3.65) – – Aviva Investors - Global Investment Grade Corporate Bond Ma Share Class Dividend Hedged LU2051219439 Fund EUR EUR 6.72 (0.20) – Aviva Investors - Global Investment Grade Corporate Bond Ma Share Class Dividend Hedged LU2049639912 Fund GBP GBP 6.63 0.47 – Aviva Investors - Global Investment Grade Corporate Bond LU2051219199 Fund Ma Share Class Dividend USD USD 8.32 1.05 –

avivainvestors.com Annual Report and audited financial statements 217 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % Aviva Investors - Global Investment Grade Corporate Bond LU1600505272 Fund Z Share Class Accumulation USD USD 8.62 13.16 (0.91) Aviva Investors - Global Investment Grade Corporate Bond Zy Share Class Accumulation Hedged LU1220879727 Fund EUR EUR 6.98 9.86 (3.64) Aviva Investors - Global Investment Grade Corporate Bond Zy Share Class Accumulation Hedged LU1220879990 Fund GBP GBP 6.92 11.21 (2.54) A Share Class Accumulation Hedged LU1832527805 Aviva Investors - Multi-Strategy Fixed Income Fund SEK SEK 0.73 3.38 (3.44) F Share Class Accumulation Hedged LU1718439281 Aviva Investors - Multi-Strategy Fixed Income Fund AUD AUD 1.23 5.67 0.17 LU1403771048 Aviva Investors - Multi-Strategy Fixed Income Fund I Share Class Accumulation EUR 0.89 3.47 (2.51) I Share Class Accumulation Hedged LU1812864319 Aviva Investors - Multi-Strategy Fixed Income Fund CHF CHF 0.69 3.12 (2.76) I Share Class Accumulation Hedged LU1403771394 Aviva Investors - Multi-Strategy Fixed Income Fund GBP GBP 1.29 4.69 (1.60) I Share Class Accumulation Hedged LU1403770743 Aviva Investors - Multi-Strategy Fixed Income Fund USD USD 2.23 6.64 0.27 LU1812864582 Aviva Investors - Multi-Strategy Fixed Income Fund Iq Share Class Dividend Hedged CHF CHF 0.69 3.12 (2.76) LU1812864665 Aviva Investors - Multi-Strategy Fixed Income Fund Iq Share Class Dividend Hedged GBP GBP 1.43 4.84 (2.58) R Share Class Accumulation Hedged LU1812865043 Aviva Investors - Multi-Strategy Fixed Income Fund CHF CHF 0.69 3.12 (2.76) LU1812865472 Aviva Investors - Multi-Strategy Fixed Income Fund Rq Share Class Dividend Hedged CHF CHF 0.69 3.11 (3.19) Rq Share Class Dividend Hedged LU1812865555 Aviva Investors - Multi-Strategy Fixed Income Fund GBP GBP 1.43 4.83 (3.02) LU1403771808 Aviva Investors - Multi-Strategy Fixed Income Fund Z Share Class Accumulation EUR 1.28 3.79 (2.10) Zy Share Class Accumulation Hedged LU1820538483 Aviva Investors - Multi-Strategy Fixed Income Fund GBP GBP 1.68 5.00 (2.41) LU1265342136 Aviva Investors - Multi-Strategy Target Income Fund Am Share Class Dividend EUR (1.93) 10.35 (8.53) Am Share Class Dividend Hedged LU1435410375 Aviva Investors - Multi-Strategy Target Income Fund USD USD (0.58) 13.55 (5.89) Fm Share Class Dividend Hedged LU1418634520 Aviva Investors - Multi-Strategy Target Income Fund AUD AUD (1.29) 13.75 (5.35) LU1859009083 Aviva Investors - Multi-Strategy Target Income Fund I Share Class Accumulation EUR (1.20) 11.23 (6.85) LU1265342565 Aviva Investors - Multi-Strategy Target Income Fund Im Share Class Dividend EUR (1.20) 11.19 (7.83) LU1265342482 Aviva Investors - Multi-Strategy Target Income Fund Im Share Class Dividend Hedged GBP GBP (0.86) 12.42 (7.00) Im Share Class Dividend Hedged LU1301384977 Aviva Investors - Multi-Strategy Target Income Fund USD USD 0.19 14.43 (5.19) LU1265342649 Aviva Investors - Multi-Strategy Target Income Fund Km Share Class Dividend EUR (1.01) 11.43 (7.66) Mm Share Class Dividend Hedged LU1445739862 Aviva Investors - Multi-Strategy Target Income Fund GBP GBP (0.73) 12.56 (6.86) LU1265342995 Aviva Investors - Multi-Strategy Target Income Fund Zm Share Class Dividend EUR (0.45) 12.05 (7.16) LU1074209328 Aviva Investors - Multi-Strategy Target Return Fund A Share Class Accumulation EUR 1.74 8.02 (7.80) A Share Class Accumulation Hedged LU1074209674 Aviva Investors - Multi-Strategy Target Return Fund CHF CHF – 7.51 (8.13) A Share Class Accumulation Hedged LU1336270811 Aviva Investors - Multi-Strategy Target Return Fund GBP GBP 2.15 9.23 (7.00) A Share Class Accumulation Hedged LU1352927534 Aviva Investors - Multi-Strategy Target Return Fund NOK NOK 2.04 9.87 (6.73) A Share Class Accumulation Hedged LU1311324500 Aviva Investors - Multi-Strategy Target Return Fund SEK SEK 1.90 8.20 (8.10) A Share Class Accumulation Hedged LU1206712785 Aviva Investors - Multi-Strategy Target Return Fund SGD SGD 2.65 10.47 (5.95) A Share Class Accumulation Hedged LU1206713676 Aviva Investors - Multi-Strategy Target Return Fund USD USD 2.96 11.20 (5.12) LU1195385643 Aviva Investors - Multi-Strategy Target Return Fund B Share Class Accumulation EUR 1.48 7.75 (8.03) F Share Class Accumulation Hedged LU1220879305 Aviva Investors - Multi-Strategy Target Return Fund AUD AUD 2.87 11.33 (4.60) LU1479501360 Aviva Investors - Multi-Strategy Target Return Fund Fa Share Class Dividend Hedged CAD CAD 3.51 11.50 (5.13) LU1074209757 Aviva Investors - Multi-Strategy Target Return Fund I Share Class Accumulation EUR 2.50 8.83 (7.10) I Share Class Accumulation Hedged LU1074209914 Aviva Investors - Multi-Strategy Target Return Fund CHF CHF 2.20 8.31 (7.44) I Share Class Accumulation Hedged LU1084540324 Aviva Investors - Multi-Strategy Target Return Fund GBP GBP 2.95 10.05 (6.29) I Share Class Accumulation Hedged LU1397138261 Aviva Investors - Multi-Strategy Target Return Fund NZD NZD 3.24 11.21 (4.64) I Share Class Accumulation Hedged LU1206725092 Aviva Investors - Multi-Strategy Target Return Fund SGD SGD 3.39 11.28 (5.18) I Share Class Accumulation Hedged LU1074210094 Aviva Investors - Multi-Strategy Target Return Fund USD USD 3.74 12.04 (4.39) LU1253880782 Aviva Investors - Multi-Strategy Target Return Fund Iy Share Class Accumulation EUR 2.50 8.84 (7.10)

avivainvestors.com Annual Report and audited financial statements 218 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % Iy Share Class Accumulation Hedged LU1227064273 Aviva Investors - Multi-Strategy Target Return Fund GBP GBP 2.95 10.08 (6.29) Iy Share Class Accumulation Hedged LU1206737006 Aviva Investors - Multi-Strategy Target Return Fund USD USD 3.74 12.06 (4.41) LU1207761260 Aviva Investors - Multi-Strategy Target Return Fund J Share Class Accumulation EUR 1.54 7.76 (7.99) LU1225026605 Aviva Investors - Multi-Strategy Target Return Fund K Share Class Accumulation EUR 2.76 9.04 (6.89) LU1445746305 Aviva Investors - Multi-Strategy Target Return Fund M Share Class Accumulation EUR 2.66 8.99 (6.96) M Share Class Accumulation Hedged LU1647406096 Aviva Investors - Multi-Strategy Target Return Fund CHF CHF 2.35 8.49 (7.30) M Share Class Accumulation Hedged LU1508498455 Aviva Investors - Multi-Strategy Target Return Fund USD USD – 12.23 (4.27) LU1659676156 Aviva Investors - Multi-Strategy Target Return Fund Mq Share Class Dividend EUR 2.66 9.19 (6.96) My Share Class Accumulation LU1445747378 Aviva Investors - Multi-Strategy Target Return Fund Hedged GBP GBP 3.10 10.21 (6.15) LU1373244232 Aviva Investors - Multi-Strategy Target Return Fund R Share Class Accumulation EUR 2.50 8.83 (7.10) R Share Class Accumulation Hedged LU1431695029 Aviva Investors - Multi-Strategy Target Return Fund CHF CHF 2.20 8.32 (7.45) R Share Class Accumulation Hedged LU1373244315 Aviva Investors - Multi-Strategy Target Return Fund GBP GBP 2.60 10.03 (6.30) LU1318336440 Aviva Investors - Multi-Strategy Target Return Fund Ra Share Class Dividend Hedged GBP GBP 2.94 10.10 (6.26) LU1253880865 Aviva Investors - Multi-Strategy Target Return Fund Ry Share Class Accumulation EUR 2.50 8.83 (7.10) Ry Share Class Accumulation LU1251116965 Aviva Investors - Multi-Strategy Target Return Fund Hedged GBP GBP 2.65 10.06 (6.29) Ry Share Class Accumulation LU1431694725 Aviva Investors - Multi-Strategy Target Return Fund Hedged USD USD 3.74 12.07 (4.25) LU1074210177 Aviva Investors - Multi-Strategy Target Return Fund Z Share Class Accumulation EUR 3.34 9.66 (6.36) Aviva Investors - Short Duration Global High Yield Bond LU1088029878 Fund A Share Class Accumulation USD 2.16 8.90 (1.01) Aviva Investors - Short Duration Global High Yield Bond A Share Class Accumulation Hedged LU1738492658 Fund EUR EUR 0.46 5.69 (3.81) Aviva Investors - Short Duration Global High Yield Bond LU1841485953 Fund Am Share Class Dividend USD 2.16 8.90 (1.71) Aviva Investors - Short Duration Global High Yield Bond LU1820082904 Fund Ay Share Class Accumulation USD 2.16 8.95 (1.35) Aviva Investors - Short Duration Global High Yield Bond Ay Share Class Accumulation Hedged LU1820083035 Fund EUR EUR 0.44 5.80 (3.21) Aviva Investors - Short Duration Global High Yield Bond LU0747473022 Fund I Share Class Accumulation USD 2.66 9.44 (0.52) Aviva Investors - Short Duration Global High Yield Bond I Share Class Accumulation Hedged LU1044012950 Fund CHF CHF 0.97 5.63 (3.75) Aviva Investors - Short Duration Global High Yield Bond I Share Class Accumulation Hedged LU1028903703 Fund EUR EUR 0.90 6.16 (3.36) Aviva Investors - Short Duration Global High Yield Bond I Share Class Accumulation Hedged LU1859007467 Fund GBP GBP 0.68 7.47 (2.85) Aviva Investors - Short Duration Global High Yield Bond LU0756178793 Fund Ia Share Class Dividend Hedged EUR EUR 0.91 6.09 (3.33) Aviva Investors - Short Duration Global High Yield Bond LU1841485870 Fund Im Share Class Dividend USD 2.66 8.46 (1.46) Aviva Investors - Short Duration Global High Yield Bond LU2026684295 Fund Iq Share Class Dividend Hedged CHF CHF 1.25 0.64 – Aviva Investors - Short Duration Global High Yield Bond LU1820083118 Fund Iy Share Class Accumulation USD 2.93 9.76 (1.09) Aviva Investors - Short Duration Global High Yield Bond Iy Share Class Accumulation Hedged LU1820083209 Fund CHF CHF 1.26 6.02 (3.11) Aviva Investors - Short Duration Global High Yield Bond Iy Share Class Accumulation Hedged LU1820083381 Fund EUR EUR 1.20 6.50 (2.85) Aviva Investors - Short Duration Global High Yield Bond LU1184721527 Fund Kq Share Class Dividend Hedged EUR EUR 1.27 6.51 (3.03) Aviva Investors - Short Duration Global High Yield Bond LU1820083464 Fund M Share Class Accumulation USD 2.88 9.67 (1.11) Aviva Investors - Short Duration Global High Yield Bond LU1859007202 Fund R Share Class Accumulation USD 2.62 9.71 (2.06) Aviva Investors - Short Duration Global High Yield Bond R Share Class Accumulation Hedged LU1859007384 Fund CHF CHF 0.93 5.82 (3.44) Aviva Investors - Short Duration Global High Yield Bond R Share Class Accumulation Hedged LU1859007111 Fund EUR EUR 1.19 6.50 (3.25) Aviva Investors - Short Duration Global High Yield Bond LU1820083548 Fund Ry Share Class Accumulation USD 2.62 9.51 (1.09) Aviva Investors - Short Duration Global High Yield Bond Ry Share Class Accumulation LU1820083621 Fund Hedged EUR EUR 0.91 6.37 (2.85)

avivainvestors.com Annual Report and audited financial statements 219 Aviva Investors Société d’investissement à capital variable (SICAV)

INFORMATION FOR INVESTORS IN SWITZERLAND – UNAUDITED (CONTINUED) As at 31 December 2020

2.PERFORMANCE (CONTINUED) Class 2020 2019 2018 ISIN Sub-Fund Name Share Class Currency in % in % in % Aviva Investors - Short Duration Global High Yield Bond Ry Share Class Accumulation LU1985010005 Fund Hedged GBP GBP 0.65 2.67 – LU1985008017 Aviva Investors - Sustainable Income & Growth Fund A Share Class Accumulation EUR EUR (2.60) – – A Share Class Accumulation Hedged LU2011222283 Aviva Investors - Sustainable Income & Growth Fund SGD SGD 0.91 7.75 – LU2011222101 Aviva Investors - Sustainable Income & Growth Fund Aq Share Class Dividend Hedged SGD SGD 0.89 6.37 – LU1985008363 Aviva Investors - Sustainable Income & Growth Fund I Share Class Accumulation USD 3.05 5.88 – LU1985008447 Aviva Investors - Sustainable Income & Growth Fund I Share Class Accumulation EUR EUR (5.90) 5.80 – LU1985008520 Aviva Investors - Sustainable Income & Growth Fund Iq Share Class Dividend USD 3.05 5.87 – LU1985008793 Aviva Investors - Sustainable Income & Growth Fund Iq Share Class Dividend EUR EUR (5.81) 4.71 – LU1985009098 Aviva Investors - Sustainable Income & Growth Fund R Share Class Accumulation EUR EUR (5.81) 6.04 – LU1985009171 Aviva Investors - Sustainable Income & Growth Fund Rq Share Class Dividend EUR EUR (5.81) 4.71 – LU1985009338 Aviva Investors - Sustainable Income & Growth Fund S Share Class Accumulation USD 3.05 5.88 – LU1985009411 Aviva Investors - Sustainable Income & Growth Fund S Share Class Accumulation EUR EUR (5.80) 5.98 – LU2005032797 Aviva Investors - Sustainable Income & Growth Fund Sq Share Class Dividend EUR EUR (5.86) 4.64 – LU1985009767 Aviva Investors - Sustainable Income & Growth Fund Z Share Class Accumulation USD 3.45 6.06 – LU0274937936 Aviva Investors - UK Listed Equity High Alpha Fund Aa Share Class Dividend GBP (10.51) 16.98 (15.98) LU0010020310 Aviva Investors - UK Listed Equity High Alpha Fund B Share Class Accumulation GBP (10.73) 16.69 (16.19) LU0160960752 Aviva Investors - UK Listed Equity High Alpha Fund I Share Class Accumulation GBP (9.80) 17.91 (15.31) LU1370700061 Aviva Investors - UK Listed Equity High Alpha Fund R Share Class Accumulation GBP (9.83) 17.86 (15.34) LU0880135065 Aviva Investors - UK Listed Equity High Alpha Fund Ra Share Class Dividend GBP – 17.86 (15.34) LU0560712530 Aviva Investors - UK Listed Equity High Alpha Fund Z Share Class Accumulation GBP (9.00) 18.94 (14.56) LU0837066439 Aviva Investors - US Equity Income Fund A Share Class Accumulation USD (2.13) 20.92 (8.29) LU0837066512 Aviva Investors - US Equity Income Fund I Share Class Accumulation USD (1.38) 21.88 (7.55) LU0957618282 Aviva Investors - US Equity Income Fund Ia Share Class Dividend USD (1.38) 21.88 (7.55) LU1373244406 Aviva Investors - US Equity Income Fund R Share Class Accumulation USD (1.39) 21.83 (7.59) LU2144876831 Aviva Investors - US Investment Grade Bond Fund I Share Class Accumulation USD 6.68 – – K Share Class Accumulation Hedged LU2144877300 Aviva Investors - US Investment Grade Bond Fund EUR EUR 3.65 – – Zy Share Class Accumulation Hedged LU2144877482 Aviva Investors - US Investment Grade Bond Fund GBP GBP 6.47 – –

Past performance is not an indication of the current or future performance. The performance data does not take into account the commissions on the issue and redemption of Shares. Performance figures were calculated in accordance with the applicable SFAMA guidelines. SFAMA and AMP (Asset Management Platform) have merged into AMAS (Asset Management Association Switzerland).

avivainvestors.com Annual Report and audited financial statements 220 Aviva Investors Luxembourg S.A. PO Box 1375 L-1013 Luxembourg Tel + (352) 40 28 20 1 www.avivainvestors.com Registered address: 2, rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg B 25.708

avivainvestors.com Annual Report and audited financial statements 221