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Aviva Investors Société D'investissement À Capital 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 For the following sub-funds of Aviva Investors no notification for distribution in the Federal Republic of Germany has been submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment code. As a consequence, the following sub-funds are NOT available to investors in Germany: Aviva Investors – Asian Equity Income Fund Aviva Investors – Emerging Markets Equity Income Fund Aviva Investors – European Corporate Bond Fund Aviva Investors – European Equity Fund Aviva Investors – European Equity Income Fund Aviva Investors – European Real Estate Securities Fund Aviva Investors – Global Emerging Markets Index Fund Aviva Investors – Global Sovereign Bond Fund (name change as of 17 February 2020 from previous Global Aggregate Bond Fund) Aviva Investors – UK Listed Equity High Alpha Fund 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.
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