Aviva Investors Société D'investissement À Capital

AVIVA INVESTORS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLE (SICAV) SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

R.C.S. Luxembourg B 32.640

30 June 2014

avivainvestors.com

Contents

Investment Manager’s Report 5

Management and Administration 7

Aviva Investors – Asian Equity Income Fund 8

Aviva Investors – Asian High Yield Bond Fund 10

Aviva Investors – Dynamic Master Fund 12

Aviva Investors – Emerging Europe Equity Fund 13

Aviva Investors – Emerging Markets Bond Fund 14

Aviva Investors – Emerging Markets Corporate Bond Fund 19

Aviva Investors – Emerging Markets Equity Income Fund 23

Aviva Investors – Emerging Markets Equity Small Cap Fund 26

Aviva Investors – Emerging Markets Local Currency Bond Fund 28

Aviva Investors – European Corporate Bond Fund 31

Aviva Investors – European Equity Fund 35

Aviva Investors – European Equity Income Fund 37

Aviva Investors – European Real Estate Securities Fund 39

Aviva Investors – Global Aggregate Bond Fund 41

Aviva Investors – Global Bond Absolute Return Fund 51

Aviva Investors – Global Convertibles Absolute Return Fund 54

Aviva Investors – Global Convertibles Fund 58

Aviva Investors – Global Emerging Markets Index Fund 63

Aviva Investors – Global High Yield Bond Fund 74

Aviva Investors – Long Term European Bond Fund 81

Aviva Investors – Short Duration Global High Yield Bond Fund 83

Aviva Investors – Short Term European Bond Fund 87

Aviva Investors – UK Opportunities Fund 88

Aviva Investors – US Equity Income Fund 89

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Documents (“KIID”) supplemented by the last available annual report and the latest semi-annual report if published after such an annual report. Investors are hereby urged to read the entire prospectus, particularly the description of special risks. Past performance is not necessarily indicative of future returns. Copies of the prospectus, KIID, annual report, semi-annual report and details of changes in investments for the sub-funds are available free of charge from the registered offce of the Fund, 2 rue du Fort Bourbon, L-1249 Luxembourg, Grand Duchy of Luxembourg. Statement of Net Assets 90

Statistics 93

Statement of Changes in Shares Outstanding 100

Statement of Operations and Changes in Net Assets 106

Notes to the Financial Statements 114

Information for Investors in Switzerland 126 INVESTMENT MANAGER’S REPORT

Dear Shareholder,

The Directors of Aviva Investors SICAV (the “Fund”) have pleasure in presenting the semi-annual report and unaudited fnancial statements to shareholders for the six months ending 30 June 2014.

We expect improving economic growth and low interest rates to drive equity, bond and property markets over the rest of 2014.The global economy continues to make steady progress and signs are encouraging that global growth will be decent this year. Growth has been all the more impressive given the geopolitical tensions in Ukraine and Iraq and the tapering of the US central bank’s asset-purchase programme (so- called “Quantitative Easing”).

US economy bouncing back

We are upbeat on the economic outlook for the US in 2014 despite a shock annualised contraction of 2.9 per cent in the frst quarter, as output was hindered by severe weather conditions. The economy looks to have bounced back in recent months with manufacturing output expanding and the unemployment rate down to 6.1 per cent in June, its lowest level since 2008.

We expect US economic growth to improve through this year before reaching close to 3 per cent in 2015. Growth should be supported by increased household wealth, stronger housing market, higher employment numbers and reduced domestic political uncertainty.

Despite strengthening growth and improving employment numbers, we believe US interest rates will not rise until mid-2015 and will then rise slowly. US Federal Reserve Chair Janet Yellen has reiterated this view a number of times in recent months. Indeed, we expect US rates of only 2 per cent by the end 2016.

Like the US, Canadian output is likely to recover through 2014 after a tough frst quarter when annualised growth slowed to 1.1 per cent. While Canadian exporters should beneft from a strengthening US economy, weak domestic demand and consumer spending remains a concern. However, Canadian retail sales climbed 1.1 per cent in April, recovering from falls in March. Infation rose to 2.3 per cent in May from 2.0 per cent in April.

Emerging markets on the mend

Many emerging markets continue to suffer high fscal and current-account defcits and internal political instability. However, heightened tensions seen in Ukraine and elsewhere early in the year have dissipated in recent months, spurring fnancial markets to recover from a large sell-off seen in the frst quarter. While emerging markets face economic headwinds and geopolitical tensions could fare up, we are optimistic emerging markets will perform better in the second half of the year. In doing so, we view emerging markets increasingly as distinct areas rather one bloc or asset class. We are more upbeat on the outlook for Asia and Eastern Europe and less so for Latin America.

The world’s second largest economy, China, looks to have regained momentum in the second quarter, after a more subdued frst quarter. For instance, Chinese manufacturing activity in June, as measured by the country’s offcial purchasing managers’ index, was the strongest since December 2013. We expect the Chinese economy to grow by around 7.25 per cent in 2014, aided by improving growth prospects in Asia and developed markets.

European defationary fears

While economic conditions in the euro zone continue to improve, recovery is weak and unbalanced. The euro-zone economy grew by around 1 per cent in the twelve months to March and looks to have maintained that momentum in the second quarter. Most growth in the area derives from Germany, with euro-zone growth (ex Germany) remaining chronically weak this year. Unemployment levels remain stubbornly high in France and Italy as well as so-called ‘peripheral’ countries.

The euro-zone economy will remain the weakest in the developed world for some time. There is little sign of signifcantly stronger growth emerging this year in the face of defationary pressures and considerable scope for disagreement over creating a more integrated euro zone. So, we strongly believe euro-zone interest rates will remain lower for longer than rates in the rest of the developed world. Indeed, persistent low growth or low infation is likely to prompt the ECB to embark on some form of QE sooner rather than later.

Note: The fgures stated in this report are historical and not necessarily indicative of future performance.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 5 INVESTMENT MANAGER’S REPORT (CONTINUED)

UK growth renaissance

UK economic growth has been among the strongest in the developed world in recent months, with growth of 3.0 per cent year-on-year in the frst quarter of 2014 likely to be maintained in the second quarter. Consumer spending has been strong with surging consumer and business confdence levels underpinned by higher business investment levels and a buoyant property market. Despite healthy growth levels, the infation rate hit a four-year low of 1.5 per cent in May with little sign of the infation rising signifcantly in coming months. We expect the UK economy to grow by at least 3 per cent in 2014 with the Bank of England (BoE) raising record-low interest rates of 0.5 per cent by the end of the year.

Encouraging outlook

We are upbeat on the prospects for Japanese, US and other developed market equities over the rest of 2014. We are wary valuations already largely refect global growth prospects and disappointing economic data could spark a market correction. Weak growth and defation risks in the euro zone are another concern. Prospects for the commercial property market are encouraging, bolstered by stronger economic growth and improving confdence levels. Corporate bond markets should be buoyed as company fnances improve along with the global economy. High-yield bond returns outperformed investment-grade returns over the frst half of the year. Though valuations look stretched, the asset class should remain supported by low interest rates over the rest of the year. Demand for convertible bonds has been encouraging this year and while markets may experience volatility over the rest of the year, we are upbeat on return prospects for the asset class. With US interest rates expected to stay on hold into 2015, though UK rates could rise sooner, we expect yields on high-quality government bonds to remain very low by historical standards this year. While government bond returns may struggle as interest rates and yields rise, some are likely to perform better than others. For instance, we favour euro-zone government bonds given the low-growth, low-interest rate outlook for the area.

On behalf of the Board of Directors

Emmanuel Babinet

Chairman

14 August 2014

Note: The fgures stated in this report are historical and not necessarily indicative of future performance.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 6 MANAGEMENT AND ADMINISTRATION

Registered Offce Management Company 2 rue du Fort Bourbon Domiciliary Agent L - 1249 Luxembourg Aviva Investors Luxembourg S.A. Grand Duchy of Luxembourg 2 rue du Fort Bourbon L - 1249 Luxembourg Board of Directors Grand Duchy of Luxembourg

Chairman Investment Manager Emmanuel Babinet Aviva Investors Global Services Limited (*) CEO of Aviva Investors Luxembourg 1, Poultry Aviva Investors France S.A. London EC2R 8EJ 24-26, rue de la Pépinière United Kingdom 75008 Paris France Registrar And Transfer Agent RBC Investor Services Bank S.A. (*) Directors 14, Porte de France Jacques Elvinger L-4360 Esch-sur-Alzette Partner Grand Duchy of Luxembourg Elvinger Hoss & Prussen 2, Place Winston Churchill Administrator L-1340 Luxembourg J.P. Morgan Bank Luxembourg S.A. (*) Grand Duchy of Luxembourg European Bank and Business Centre 6, route de Trèves Mark Flaherty L-2633 Senningerberg Aviva Investors Luxembourg S.A. Grand Duchy of Luxembourg 2 rue du Fort Bourbon L- 1249 Luxembourg Listing Agent Grand Duchy of Luxembourg J.P. Morgan Bank Luxembourg S.A. European Bank and Business Centre Edward Potter 6, route de Trèves Managing Director – Business Development EMEA L-2633 Senningerberg Aviva Investors Global Services Limited Grand Duchy of Luxembourg 1, Poultry London EC2R 8EJ Custodian United Kingdom J.P. Morgan Bank Luxembourg S.A. European Bank and Business Centre Timothy Lucas 6, route de Trèves Head of Investment Services L-2633 Senningerberg Aviva Investors Global Services Limited Grand Duchy of Luxembourg 1, Poultry London EC2R 8EJ Auditor United Kingdom PricewaterhouseCoopers, Société coopérative 400, route d’Esch Representative and Paying Agent in Switzerland L- 1471 Luxembourg BNP Paribas Securities Services, Paris Grand Duchy of Luxembourg Succursale de Zurich Selnaustrasse 16 Legal Adviser 8002 Zurich Elvinger, Hoss & Prussen Switzerland 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg

(*) Subject to the responsibility and oversight of Aviva Investors Luxembourg S.A.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 7 AVIVA INVESTORS – ASIAN EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Cayman Islands 2,965,560 2.49 Indonesia 4,022,443 3.38 HKD 1,391,400 Evergrande Real Estate 541,396 0.45 IDR 1,353,600 Indofood Sukses Makmur 768,277 0.65 HKD 529,500 Shimao Property 974,519 0.82 IDR 2,052,200 Perusahaan Gas Negara Persero 963,175 0.81 HKD 1,844,779 SOHO China 1,449,645 1.22 IDR 11,038,430 Telekomunikasi Indonesia Persero 2,290,991 1.92 China 17,632,504 14.81 Malaysia 5,154,065 4.33 HKD 7,727,674 Bank of China 'H' 3,469,981 2.91 MYR 128,642 Berjaya Sports Toto 155,048 0.13 HKD 491,100 China BlueChemical 'H' 268,411 0.22 MYR 23,700 British American Tobacco Malaysia 487,976 0.41 HKD 901,179 China Communications Construction 'H' 604,103 0.51 MYR 372,800 Malayan Banking 1,142,024 0.96 HKD 4,809,358 China Construction Bank 'H' 3,630,387 3.05 MYR 669,200 Tenaga Nasional 2,534,276 2.13 HKD 2,219,277 China Minsheng Banking 'H' 2,011,693 1.69 MYR 246,100 UMW 834,741 0.70 HKD 2,280,100 China Petroleum & Chemical 'H' 2,178,686 1.83 Philippines 344,828 0.29 HKD 1,214,350 Guangzhou R&F Properties 'H' 1,497,974 1.26 PHP 410,400 Aboitiz Power 344,828 0.29 HKD 6,274,524 Industrial & Commercial Bank of 3,971,269 3.34 Singapore 7,491,046 6.29 China 'H' USD 1,687,900 Hutchison Port Trust 1,219,615 1.03 Hong Kong 26,140,050 21.96 SGD 148,500 Keppel 1,284,411 1.08 HKD 362,000 BOC Hong Kong 1,051,051 0.88 SGD 549,123 Sembcorp Industries 2,361,465 1.98 HKD 176,441 Cheung Kong 3,133,879 2.63 SGD 76,689 United Overseas Bank 1,384,374 1.16 HKD 459,457 China Mobile 4,456,688 3.74 SGD 1,428,700 Yangzijiang Shipbuilding 1,241,181 1.04 HKD 1,907,355 CNOOC 3,428,275 2.88 South Korea 18,832,681 15.82 HKD 1,839,934 Guangdong Investment 2,122,480 1.78 KRW 23,542 Dongbu Insurance 1,207,618 1.01 HKD 62,400 Hang Seng Bank 1,020,531 0.86 KRW 45,135 Hyundai Marine & Fire Insurance 1,285,984 1.08 HKD 198,400 Hopewell 691,829 0.58 KRW 15,076 Hyundai Motor 3,416,101 2.87 HKD 158,200 Hutchison Whampoa 2,167,191 1.82 KRW 32,966 Kia Motors 1,842,597 1.55 HKD 210,500 Link REIT 1,131,910 0.95 KRW 19,733 KT&G 1,741,639 1.46 HKD 4,367,212 PCCW 2,611,877 2.20 KRW 6,060 Samsung Electronics 7,915,330 6.65 HKD 1,270,500 Poly Property Group 528,702 0.45 KRW 6,082 SK Telecom 1,423,412 1.20 HKD 177,600 Power Assets 1,554,819 1.31 Taiwan 22,543,491 18.94 HKD 889,100 SJM 2,240,818 1.88 TWD 117,000 Asustek Computer 1,303,967 1.10 India 8,745,231 7.35 TWD 139,000 Catcher Technology 1,297,798 1.09 USD 83,417 Citigroup Warrants - Bank of Baroda 1,217,551 1.03 27/02/2015 TWD 291,000 Chicony Electronics 785,092 0.66 USD 150,891 Citigroup Warrants - Cairn India 916,698 0.77 TWD 1,989,852 Fubon Financial 2,872,522 2.41 27/02/2015 TWD 1,064,188 Hon Hai Precision Industry 3,562,574 2.99 USD 190,000 Citigroup Warrants - Coal India 1,216,674 1.02 TWD 2,026,993 Mega Financial 1,685,348 1.42 27/02/2015 TWD 398,000 Quanta Computer 1,159,097 0.97 USD 492,000 Citigroup Warrants - NTPC 1,276,064 1.07 27/02/2015 TWD 936,000 Taiwan Cement 1,415,440 1.19 USD 182,583 Citigroup Warrants - Oil & Natural 1,291,592 1.08 TWD 288,000 Taiwan Mobile 890,987 0.75 Gas 27/02/2015 TWD 1,509,018 Taiwan Semiconductor 6,406,441 5.38 USD 178,984 Citigroup Warrants - Tata Motors 1,285,284 1.08 Manufacturing 27/02/2015 TWD 1,274,402 Wistron 1,164,225 0.98 USD 28,499 Infosys ADR 1,541,368 1.30

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 8 AVIVA INVESTORS – ASIAN EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Geographic Breakdown (as a percentage of Net Assets) % Net Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Cayman Islands 2.49 Exchange Listing China 14.81 Thailand 3,954,656 3.32 Hong Kong 21.96 THB 1,901,644 Krung Thai Bank (Foreign) 1,227,529 1.03 India 7.35 THB 156,400 PTT (Foreign) 1,530,026 1.28 Indonesia 3.38 THB 576,652 PTT Global Chemical (Foreign) 1,197,101 1.01 Malaysia 4.33 Total Transferable Securities and 117,826,555 98.98 Philippines 0.29 Money Market Instruments Admitted to an Offcial Exchange Listing Singapore 6.29 Total Investments 117,826,555 98.98 South Korea 15.82 Other Net Assets 1,214,314 1.02 Taiwan 18.94 Net Asset Value 119,040,869 100.00 Thailand 3.32 Total 98.98

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 9 AVIVA INVESTORS – ASIAN HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value USD Assets or Principal Money Market Instruments Value USD Assets Amount Admitted to an Offcial Amount Admitted to an Offcial Exchange Listing Exchange Listing Bangladesh 2,195,991 2.44 USD 2,000,000 Longfor Properties EMTN 6.875% 2,066,780 2.30 18/10/2019 USD 2,050,000 Banglalink Digital Communications 2,195,991 2.44 RegS 8.625% 06/05/2019 USD 1,950,000 Maoye Internationals RegS 7.75% 2,016,417 2.24 19/05/2017 Bermuda 1,306,344 1.45 USD 2,050,000 MCE Finance RegS 5% 15/02/2021 2,070,623 2.30 USD 1,200,000 Pacnet RegS 9% 12/18 1,306,344 1.45 USD 2,000,000 Metropolitan Light International 2,054,440 2.28 British Virgin Islands 6,033,545 6.71 EMTN 5.25% 17/01/2018 USD 450,000 Big Will Investments EMTN 10.875% 490,012 0.54 USD 250,000 MIE EMTN 6.875% 06/02/2018 257,859 0.29 29/04/2016 USD 2,000,000 MIE RegS 7.5% 25/04/2019 2,114,770 2.35 USD 750,000 China Resources Power East 787,331 0.88 Foundation variable perpetual USD 1,250,000 Shimao Property 6.625% 1,235,819 1.37 14/01/2020 USD 850,000 Estate Sky RegS 6.5% 16/01/2018 816,863 0.91 USD 1,500,000 Shimao Property RegS 9.65% 1,580,362 1.76 USD 700,000 Franshion Brilliant 5.75% 721,675 0.80 03/08/2017 19/03/2019 USD 1,000,000 Shui On Development RegS variable 1,025,495 1.14 USD 1,500,000 Road King Infrastructure Finance 1,625,257 1.81 perpetual 2012 RegS 9.875% 18/09/2017 USD 2,300,000 Sunac China RegS 12.5% 2,534,220 2.82 USD 1,500,000 Yingde Gases Investment RegS 1,592,407 1.77 16/10/2017 8.125% 22/04/2018 USD 800,000 Texhong Textile 6.5% 18/01/2019 791,004 0.88 Cayman Islands 42,994,542 47.78 USD 450,000 Yuzhou Properties 8.625% 440,195 0.49 USD 1,500,000 Agile Property RegS 8.875% 1,569,645 1.74 24/01/2019 28/04/2017 USD 750,000 Yuzhou Properties RegS 11.75% 828,555 0.92 USD 1,200,000 Anton Oilfeld Services RegS 7.5% 1,280,628 1.42 25/10/2017 06/11/2018 Hong Kong 4,567,500 5.08 USD 950,000 China Automation 7.75% 971,342 1.08 20/04/2016 USD 4,000,000 Citic Pacifc RegS variable perpetual 4,567,500 5.08 USD 1,000,000 China Hongqiao RegS 7.625% 1,035,061 1.15 India 1,766,538 1.96 26/06/2017 USD 1,700,000 ICICI Bank RegS variable 30/04/2022 1,766,538 1.96 USD 373,378 China Liansu RegS 7.875% 389,853 0.43 Indonesia 1,506,137 1.67 13/05/2016 USD 750,000 Adaro Indonesia RegS 7.625% 788,291 0.87 USD 1,000,000 China SCE Property RegS 11.5% 1,057,325 1.18 22/10/2019 14/11/2017 USD 700,000 Gajah Tunggal RegS 7.75% 717,846 0.80 USD 1,150,000 China Shanshui Cement RegS 8.5% 1,199,996 1.33 06/02/2018 25/05/2016 Jersey 2,580,750 2.87 USD 1,150,000 China Shanshui Cement RegS 1,253,046 1.39 10.5% 27/04/2017 USD 2,500,000 West China Cement RegS 7.5% 2,580,750 2.87 25/01/2016 CNH 1,000,000 Chinsc 10.5% 14/01/2016 164,237 0.18 Netherlands 4,933,687 5.49 USD 2,000,000 CIFI 12.25% 15/04/2018 2,215,180 2.46 USD 1,000,000 Comfeed Finance RegS 6% 961,460 1.07 USD 650,000 Country Garden RegS 7.875% 675,678 0.75 02/05/2018 27/05/2019 USD 750,000 Indo Energy Finance RegS 7% 750,172 0.83 USD 2,150,000 Country Garden RegS 11.125% 2,354,110 2.62 07/05/2018 23/02/2018 USD 1,000,000 Indosat Palapa RegS 7.375% 1,085,805 1.21 USD 1,400,000 Greenland 4.75% 18/10/2016 1,422,449 1.58 29/07/2020 USD 500,000 Greentown China 8.5% 04/02/2018 503,232 0.56 USD 2,000,000 Royal Capital variable perpetual 2,136,250 2.38 USD 250,000 Kaisa 9% 06/06/2019 259,035 0.29 Philippines 5,707,587 6.34 USD 1,100,000 Kaisa 12.875% 18/09/2017 1,259,692 1.40 USD 250,000 International Container Terminal 283,766 0.32 USD 1,150,000 Kaisa RegS 10.25% 08/01/2020 1,219,736 1.36 Services 7.375% 17/03/2020 USD 1,500,000 KWG Property RegS 8.975% 1,537,500 1.71 USD 1,200,000 Petron RegS variable Perpetual 1,260,096 1.40 14/01/2019 USD 700,000 Philippine Government International 808,651 0.90 USD 1,250,000 KWG Property RegS 12.5% 1,344,994 1.49 Bond 5.5% 30/03/2026 18/08/2017 USD 1,250,000 San Miguel EMTN 4.875% 1,173,594 1.30 USD 2,250,000 Logan Property RegS 11.25% 2,265,264 2.52 26/04/2023 04/06/2019 USD 2,100,000 SMC Global Powers variable 2,181,480 2.42 perpetual

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 10 AVIVA INVESTORS – ASIAN HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Geographic Breakdown (as a percentage of Net Assets) % Net Assets or Principal Money Market Instruments Value USD Assets Amount Admitted to an Offcial Bangladesh 2.44 Exchange Listing Bermuda 1.45 Singapore 6,950,173 7.72 British Virgin Islands 6.71 USD 1,200,000 Modernland Overseas RegS 11% 1,237,350 1.38 Cayman Islands 47.78 25/10/2016 Hong Kong 5.08 USD 1,500,000 STATS ChipPAC RegS 4.5% 1,519,403 1.69 20/03/2018 India 1.96 USD 250,000 TBG Global RegS 4.625% 254,879 0.28 Indonesia 1.67 03/04/2018 Jersey 2.87 USD 500,000 Theta Capital 7% 16/05/2019 524,823 0.58 Netherlands 6.42 USD 250,000 Theta Capital 7% 11/04/2022 255,638 0.28 Philippines 6.34 USD 2,000,000 TML 5.750% 07/05/2021 2,063,370 2.29 Singapore 7.72 USD 1,000,000 Yanlord Land RegS 10.625% 1,094,710 1.22 Sri Lanka 0.89 29/03/2018 United Kingdom 4.26 Sri Lanka 798,091 0.89 Total 95.59 USD 700,000 National Savings Bank RegS 8.875% 798,091 0.89 18/09/2018 United Kingdom 3,834,177 4.26 USD 1,600,000 Vedanta Resources RegS 6% 1,661,792 1.85 31/01/2019 USD 1,300,000 Vedanta Resources RegS 6.75% 1,379,638 1.53 07/06/2016 USD 700,000 Vedanta Resources RegS 8.25% 792,747 0.88 07/06/2021 Total Transferable Securities and 85,175,062 94.66 Money Market Instruments Admitted to an Offcial Exchange Listing

Number of shares Other Transferable Securities Market % Net or Principal not dealt on another Value Assets Amount Regulated Market USD Netherlands 839,695 0.93 Indo Energy Finance RegS 6.375% USD 1,000,000 839,695 0.93 24/01/2023 Total Other Transferable Securities not dealt 839,695 0.93 on another Regulated Market Total Investments 86,014,757 95.59 Other Net Assets 3,965,352 4.41 Net Asset Value 89,980,109 100.00

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 11 AVIVA INVESTORS – DYNAMIC MASTER FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Open Ended Investment Funds Market % Net or Principal Money Market Instruments Value Assets or Principal Value Assets Amount admitted to an Offcial EUR Amount EUR Exchange Listing France 2,960,573 8.44 France 11,497,512 32.78 EUR 7 Aviva Investors Aviva Investors 14,762 0.04 EUR 6,205 Lyxor ETF Euro Cash EuroMTS Eonia 663,823 1.89 Monetaire Investable EUR 137 Aviva Investors Valeurs Europe 2,945,811 8.40 EUR 25,028 Lyxor - ETF Euro Corporate Bond 3,445,354 9.83 Ireland 38,664 0.11 EUR 19,512 Lyxor - ETF MSCI USA 2,715,680 7.74 EUR 38,664 Aviva Investors Liquidity Funds - Euro 38,664 0.11 EUR 141,360 Lyxor ETF Euro Stoxx 50 4,672,655 13.32 Liquidity Fund Germany 1,722,806 4.91 Luxembourg 21,074 0.06 EUR 67,934 iShares Dow Jones - UBS Commodity 1,722,806 4.91 EUR 69 BNP Paribas InstiCash EUR 9,778 0.03 Swap EUR 1 JPMorgan Liquidity Funds- Euro 11,296 0.03 Ireland 9,289,504 26.49 Liquidity Fund EUR 8,847 iShares Euro Infation Linked 1,742,771 4.97 Total Open Ended Investment Funds 3,020,311 8.61 Government Bond Total Investments 34,641,448 98.77 EUR 141,020 iShares EURO STOXX 50 4,676,223 13.33 Other Net Assets 431,818 1.23 EUR 33,585 iShares FTSE - EPRA European 1,059,271 3.02 Property Index Fund Net Asset Value 35,073,266 100.00 EUR 126,731 iShares S&P 500 Index Fund 1,811,239 5.17

Luxembourg 9,111,315 25.98 Geographic Breakdown (as a percentage of Net Assets) % Net Assets EUR 57,776 db x-trackers - MSCI Emerging 1,739,058 4.96 France 41.22 Market Total Return Index ETF Germany 4.91 EUR 142,290 db x-trackers - MSCI Japan Total 4,950,981 14.12 Return Index ETF Ireland 26.60 EUR 11,657 db x-trackers II - iBoxx Sovereigns 2,421,276 6.90 Luxembourg 26.04 Eurozone Total Return Index ETF Total 98.77 Total Transferable Securities and 31,621,137 90.16 Money Market Instruments Admitted to an Offcial Exchange Listing

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 12 AVIVA INVESTORS – EMERGING EUROPE EQUITY FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

EUR 203,195 Apranga 534,403 1.59 Geographic Breakdown (as a percentage of Net Assets) % Net Assets Luxembourg 331,512 0.98 Bulgaria 0.86 PLN 41,323 Kernel 331,512 0.98 Cyprus 3.27 Poland 16,698,512 49.57 Czech Republic 9.49 PLN 10,880 AmRest 229,378 0.68 Estonia 2.80 PLN 20,025 Budimex 573,389 1.70 Finland 1.60 PLN 28,252 Emperia 404,479 1.20 Greece 1.00 PLN 28,106 ING Bank Slaski 892,319 2.65 Hungary 8.68 PLN 1,073,059 Polskie Gornictwo Naftowe i 1,348,519 4.00 Lithuania 1.59 Gazownictwo Luxembourg 0.98 PLN 101,256 Stomil Sanok 1,013,730 3.01 Poland 49.57 PLN 391,605 TVN 1,461,326 4.34 Romania 9.40 PLN 96,718 Asseco Poland 958,178 2.85 Slovenia 4.81 PLN 31,642 Bank Pekao 1,320,605 3.92 Turkey 5.14 PLN 154,332 Cyfrowy Polsat 826,467 2.45 Total 99.19 PLN 927 LPP 1,862,830 5.53 PLN 60,864 PGE 316,785 0.94

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 13 AVIVA INVESTORS – EMERGING MARKETS BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Argentina 29,835,700 1.70 USD 4,250,000 Instituto Costarricense de 4,622,470 0.26 Electricidad RegS 6.95% 10/11/2021 USD 9,270,000 Republic of Argentina 7% 9,000,985 0.51 03/10/2015 Croatia 33,038,421 1.88 USD 22,225,000 Republic of Argentina 8.75% 20,834,715 1.19 USD 4,600,000 Croatia Government RegS 6% 4,938,606 0.28 07/05/2024 26/01/2024 Azerbaijan 5,165,300 0.29 USD 7,500,000 Croatia Government RegS 6.25% 8,142,975 0.47 27/04/2017 USD 5,000,000 Republic of Azerbaijan RegS 4.75% 5,165,300 0.29 18/03/2024 USD 9,120,000 Croatia Government RegS 6.75% 10,251,746 0.58 05/11/2019 Barbados 926,775 0.05 USD 9,120,000 Hrvatska Elektroprivreda RegS 6% 9,705,094 0.55 USD 1,000,000 Barbados Government RegS 7% 926,775 0.05 09/11/2017 04/08/2022 Dominican Republic 6,934,419 0.39 Belarus 5,553,687 0.32 USD 6,050,000 Dominican Republic RegS 7.5% 6,934,419 0.39 USD 5,130,000 Republic of Belarus 8.95% 5,553,687 0.32 06/05/2021 26/01/2018 El Salvador 4,706,745 0.27 Brazil 55,852,958 3.18 USD 2,000,000 El Salvador Government RegS 1,964,850 0.11 USD 26,713,000 Brazilian Government 4.25% 27,133,062 1.55 5.875% 30/01/2025 07/01/2025 USD 1,500,000 El Salvador Government RegS 1,666,155 0.10 USD 5,360,000 Brazilian Government 5.625% 5,783,976 0.33 7.375% 01/12/2019 07/01/2041 USD 1,000,000 El Salvador Government RegS 1,075,740 0.06 USD 11,000,000 Brazilian Government 7.125% 13,951,850 0.79 7.65% 15/06/2035 20/01/2037 Hungary 42,219,991 2.40 EUR 6,345,000 Brazilian Government 2.875% 8,984,070 0.51 01/04/2021 USD 13,344,000 Hungary Government 5.75% 14,721,701 0.84 22/11/2023 Canada 11,819,135 0.67 USD 3,383,000 Hungary Government 6.25% 3,833,345 0.22 USD 11,559,000 CNOOC Nexen Finance 2014 ULC 11,819,135 0.67 29/01/2020 4.25% 30/04/2024 USD 11,182,000 Hungary Government 4% 11,528,139 0.65 Cayman Islands 25,816,455 1.47 25/03/2019 USD 25,500,000 ADCB Finance Cayman GMTN 3% 25,816,455 1.47 USD 11,316,000 Hungary Government 5.375% 12,136,806 0.69 04/03/2019 25/03/2024 Chile 8,531,320 0.49 Indonesia 134,359,706 7.65 USD 8,000,000 Empresa Nacional del Petroleo RegS 8,531,320 0.49 USD 3,090,000 Indonesia Government RegS 5.25% 2,942,545 0.17 4.75% 06/12/2021 17/01/2042 Colombia 82,469,897 4.69 USD 9,000,000 Indonesia Government RegS 9,951,165 0.57 USD 11,400,000 Colombia Government 2.625% 10,666,410 0.61 5.875% 15/01/2024 15/03/2023 USD 6,210,000 Indonesia Government RegS 6,924,243 0.39 USD 11,000,000 Colombia Government 4% 11,361,350 0.65 6.625% 17/02/2037 26/02/2024 USD 16,763,000 Indonesia Government RegS 6.75% 19,323,213 1.10 USD 7,000,000 Colombia Government 4.375% 7,527,800 0.43 15/01/2044 12/07/2021 USD 8,500,000 Indonesia Government RegS 3.75% 8,277,002 0.47 USD 3,710,000 Colombia Government 6.125% 4,451,258 0.25 25/04/2022 18/01/2041 USD 13,750,000 Indonesia Government RegS 12,803,519 0.73 USD 31,150,000 Colombia Government 5.625% 35,018,674 1.99 3.375% 15/04/2023 26/02/2044 USD 25,813,000 Indonesia Government RegS 27,181,089 1.55 USD 13,000,000 Ecopetrol 5.875% 28/05/2045 13,444,405 0.76 4.875% 05/05/2021 Costa Rica 14,249,211 0.81 USD 15,000,000 Indonesia Government RegS 16,705,875 0.95 5.875% 13/03/2020 USD 3,000,000 Costa Rica Government RegS 4.25% 2,878,140 0.16 26/01/2023 USD 3,150,000 Indonesia Government RegS 7.75% 3,942,540 0.23 17/01/2038 USD 6,475,000 Costa Rica Government RegS 7% 6,748,601 0.39 04/04/2044 USD 3,500,000 Pertamina Persero RegS 6% 3,278,817 0.19 03/05/2042

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 14 AVIVA INVESTORS – EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing USD 13,876,000 Pertamina Persero RegS 6.45% 13,783,655 0.78 Mexico 113,978,565 6.49 30/05/2044 USD 18,500,000 Mexico Government 3.625% 19,209,753 1.09 USD 3,550,000 Pertamina Persero RegS 6.5% 3,549,556 0.20 15/03/2022 27/05/2041 USD 10,060,000 Mexico Government 4% 02/10/2023 10,588,150 0.60 USD 5,500,000 Perusahaan Penerbit RegS 4% 5,696,487 0.32 21/11/2018 USD 9,000,000 Mexico Government 4.75% 9,200,475 0.53 08/03/2044 Ireland 43,377,462 2.47 USD 12,092,000 Mexico Government 6.05% 14,701,151 0.84 USD 3,000,000 RZD Capital EMTN 5.739% 3,226,740 0.18 11/01/2040 03/04/2017 USD 12,963,000 Mexico Government 5.55% 14,804,135 0.84 USD 20,100,000 Vnesheconombank Via VEB Finance 21,189,621 1.21 21/01/2045 RegS 5.375% 13/02/2017 USD 8,000,000 Mexico Government GMTN 3.5% 8,326,200 0.48 USD 3,000,000 Vnesheconombank Via VEB Finance 3,173,370 0.18 21/01/2021 RegS 5.45% 22/11/2017 USD 19,000,000 Petroleos Mexicanos 3.5% 18,626,745 1.06 USD 14,525,000 Vnesheconombank Via VEB Finance 15,787,731 0.90 30/01/2023 RegS 6.902% 09/07/2020 EUR 3,655,000 Petroleos Mexicanos EMTN 3.75% 5,322,888 0.30 Jordan 2,519,987 0.14 16/04/2026 USD 2,500,000 Jordan Government RegS 3.875% 2,519,987 0.14 EUR 9,182,000 United Mexican States EMTN 13,199,068 0.75 12/11/2015 3.625% 09/04/2029 Kazakhstan 31,410,978 1.79 Morocco 6,044,730 0.34 USD 20,790,000 KazMunayGas National RegS 5.75% 20,061,518 1.15 USD 6,000,000 Morocco Government RegS 4.25% 6,044,730 0.34 30/04/2043 11/12/2022 USD 3,000,000 KazMunayGas National RegS 3,354,060 0.19 Panama 33,017,235 1.88 6.375% 09/04/2021 USD 17,971,000 Panama Government 5.2% 20,113,952 1.15 USD 7,000,000 KazMunayGas National RegS 7% 7,995,400 0.45 30/01/2020 05/05/2020 USD 7,844,000 Panama Government 6.7% 9,709,107 0.55 Kenya 6,567,621 0.37 26/01/2036 USD 6,299,000 Kenya Government RegS 6.875% 6,567,621 0.37 USD 2,510,000 Panama Government 7.125% 3,194,176 0.18 24/06/2024 29/01/2026 Lebanon 35,103,545 2.00 Peru 13,080,583 0.74 USD 2,500,000 Lebanon Government EMTN 5.15% 2,524,450 0.14 USD 4,100,000 Peruvian Government 7.35% 5,438,958 0.31 12/11/2018 21/07/2025 USD 3,350,000 Lebanon Government EMTN 6.1% 3,422,511 0.19 USD 5,000,000 Peruvian Government 8.75% 7,641,625 0.43 04/10/2022 21/11/2033 USD 10,830,000 Lebanon Government GMTN 5% 10,975,663 0.63 Philippines 72,142,438 4.11 12/10/2017 USD 6,060,000 Philippine Government 10.625% 9,537,743 0.54 USD 4,200,000 Lebanon Government GMTN 4,436,495 0.25 16/03/2025 6.375% 09/03/2020 USD 15,000,000 Philippine Government 4% 15,942,750 0.91 USD 7,500,000 Lebanon Government GMTN 6.6% 7,669,762 0.44 15/01/2021 27/11/2026 USD 9,943,000 Philippine Government 4.2% 10,520,987 0.60 USD 5,275,000 Lebanon Government RegS 8.25% 6,074,664 0.35 21/01/2024 12/04/2021 USD 20,000,000 Philippine Government 5.5% 23,104,300 1.32 Lithuania 23,615,579 1.34 30/03/2026 USD 8,000,000 Lithuania Government RegS 6.125% 9,373,400 0.53 USD 3,000,000 Power Sector Assets & Liabilities 3,367,395 0.19 09/03/2021 Management RegS 6.875% 02/11/2016 USD 3,667,000 Lithuania Government RegS 6.625% 4,442,259 0.25 01/02/2022 USD 7,500,000 Power Sector Assets & Liabilities 9,669,263 0.55 Management RegS 7.39% USD 8,000,000 Lithuania Government RegS 7.375% 9,799,920 0.56 02/12/2024 11/02/2020 Poland 35,383,622 2.01 Malaysia 10,990,750 0.63 USD 7,000,000 Poland Government 5% 23/03/2022 7,798,910 0.44 USD 10,000,000 Wakala Global Sukuk RegS 4.646% 10,990,750 0.63 06/07/2021 USD 12,750,000 Poland Government 3% 17/03/2023 12,383,119 0.70

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 15 AVIVA INVESTORS – EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing USD 14,600,000 Poland Government 4% 22/01/2024 15,201,593 0.87 USD 8,500,000 Turkey Government 7% 11/03/2019 9,807,725 0.56 Romania 58,265,924 3.32 USD 13,450,000 Turkey Government 7.375% 16,375,375 0.93 05/02/2025 EUR 11,870,000 Romanian Government EMTN 18,453,931 1.05 4.875% 07/11/2019 USD 14,500,000 Turkey Government 7.5% 17,188,300 0.98 07/11/2019 EUR 25,800,000 Romanian Government EMTN 39,811,993 2.27 4.625% 18/09/2020 USD 9,800,000 Turkey Government 11.875% 16,822,435 0.96 15/01/2030 Russia 125,439,736 7.14 EUR 7,500,000 Turkey Government 4.125% 10,744,406 0.61 USD 16,200,000 Russian Foreign Band - Eurobond 16,955,568 0.97 11/04/2023 RegS 5.625% 04/04/2042 USD 15,791,000 Turkey Government 6.625% 18,305,085 1.04 USD 12,200,000 Russian Foreign Bond - Eurobond 13,026,367 0.74 17/02/2045 RegS 5.875% 16/09/2043 Ukraine 35,677,826 2.03 USD 5,975,000 Russian Foreign RegS 12.75% 10,392,766 0.59 24/06/2028 USD 14,200,000 Ukraine Government RegS 6.25% 13,700,160 0.78 17/06/2016 USD 6,600,000 Russian Foreign RegS 4.5% 6,788,958 0.39 04/04/2022 USD 15,746,000 Ukraine Government RegS 7.5% 14,871,231 0.85 17/04/2023 USD 67,413,997 Russian Foreign RegS step coupon 78,276,077 4.45 31/03/2030 USD 7,000,000 Ukraine Government RegS 9.25% 7,106,435 0.40 24/07/2017 Serbia 13,350,625 0.76 United States of America 8,087,700 0.45 USD 12,500,000 Republic of Serbia RegS 5.875% 13,350,625 0.76 03/12/2018 USD 7,500,000 Reliance USA RegS 5.4% 8,087,700 0.45 14/02/2022 Slovenia 32,434,918 1.85 Venezuela 163,830,965 9.32 USD 30,050,000 Slovenia Government RegS 5.25% 32,434,918 1.85 18/02/2024 USD 21,750,000 Petroleos de Venezuela 5.375% 13,644,536 0.77 12/04/2027 South Africa 30,739,131 1.75 USD 41,360,000 Petroleos de Venezuela RegS 5.5% 25,127,027 1.43 USD 4,400,000 South Africa Government 5.875% 4,913,436 0.28 12/04/2037 30/05/2022 USD 15,990,800 Petroleos de Venezuela RegS 8.5% 14,970,267 0.85 ZAR 188,764,667 South Africa Government 10.5% 20,722,586 1.18 02/11/2017 21/12/2026 USD 21,176,470 Petroleos de Venezuela RegS 9.75% 17,559,211 1.00 ZAR 45,000,000 Transnet EMTN 13.5% 18/04/2028 5,103,109 0.29 17/05/2035 Sri Lanka 44,227,789 2.52 USD 4,500,000 Venezuela Government 8.5% 4,522,950 0.26 USD 4,100,000 Bank of Ceylon RegS 6.875% 4,384,294 0.25 08/10/2014 03/05/2017 USD 15,500,000 Venezuela Government 9.25% 13,532,663 0.77 USD 6,500,000 National Savings Bank RegS 8.875% 7,410,845 0.42 15/09/2027 18/09/2018 USD 7,953,500 Venezuela Government RegS 8,198,865 0.47 USD 17,837,000 Sri Lanka Government RegS 6% 18,851,836 1.07 12.75% 23/08/2022 14/01/2019 USD 7,500,000 Venezuela Government RegS 7% 5,306,438 0.30 USD 8,300,000 Sri Lanka Government RegS 5.875% 8,547,548 0.49 31/03/2038 25/07/2022 USD 10,075,800 Venezuela Government RegS 9,981,591 0.57 USD 4,750,000 Sri Lanka Government RegS 6.25% 5,033,266 0.29 11.75% 21/10/2026 27/07/2021 USD 10,500,000 Venezuela Government RegS 10,380,300 0.59 Supranational 3,146,055 0.18 11.95% 05/08/2031 USD 3,000,000 African Export-Import Bank EMTN 3,146,055 0.18 USD 25,500,000 Venezuela Government RegS 7.75% 22,187,550 1.26 5.75% 27/07/2016 13/10/2019 Turkey 105,627,431 6.01 USD 21,328,200 Venezuela Government RegS 9% 18,419,567 1.05 07/05/2023 USD 8,913,000 Export Credit Bank of Turkey RegS 9,364,310 0.53 5.375% 04/11/2016 Total Transferable Securities and 1,509,540,915 85.90 Money Market Instruments Admitted USD 6,200,000 Turkey Government 6.25% 7,019,795 0.40 to an Offcial Exchange Listing 26/09/2022

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 16 AVIVA INVESTORS – EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount dealt on another USD Amount dealt on another USD Regulated Market Regulated Market Chile 2,424,319 0.14 USD 16,150,000 Petroleos Mexicanos 6.5% 18,881,853 1.07 02/06/2041 USD 2,386,000 Banco del Estado de Chile RegS 2,424,319 0.14 3.875% 08/02/2022 USD 12,502,000 Petroleos Mexicanos RegS 6.375% 14,506,696 0.83 23/01/2045 Brazil 8,469,884 0.48 Netherlands 2,190,430 0.12 USD 8,310,000 Banco Nacional de 8,469,884 0.48 Desenvolvimento Economico e USD 2,000,000 Republic of Angola Via Northern 2,190,430 0.12 Social RegS 4% 14/04/2019 Lights III RegS 7% 16/08/2019 Canada 7,807,450 0.44 Peru 9,464,918 0.55 USD 7,000,000 Pacifc Rubiales Energy RegS 7,807,450 0.44 USD 6,300,000 Corp Financiera de Desarrollo RegS 6,596,573 0.39 7.25% 12/12/2021 4.75% 08/02/2022 Cayman Islands 12,663,706 0.72 USD 3,000,000 Fondo MIVIVIENDA RegS 3.5% 2,868,345 0.16 31/01/2023 USD 11,648,000 Odebrecht Finance RegS 7.125% 12,663,706 0.72 26/06/2042 Total Transferable Securities and 121,246,394 6.90 Money Market Instruments dealt Mexico 78,225,687 4.45 on another Regulated Market USD 21,150,000 Petroleos Mexicanos 4.875% 22,859,132 1.30 Total Investments 1,630,787,309 92.80 24/01/2022 Other Net Assets 126,495,923 7.20 USD 8,500,000 Petroleos Mexicanos 5.5% 8,822,320 0.50 27/06/2044 Net Asset Value 1,757,283,232 100.00 USD 11,475,000 Petroleos Mexicanos 6% 13,155,686 0.75 05/03/2020

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Argentina 1.70 Azerbaijan 0.29 Barbados 0.05 Belarus 0.32 Brazil 3.66 Canada 1.11 Cayman Islands 2.19 Chile 0.63 Colombia 4.69 Costa Rica 0.81 Croatia 1.88 Dominican Republic 0.39 El Salvador 0.27 Hungary 2.40 Indonesia 7.65 Ireland 2.47 Jordan 0.14 Kazakhstan 1.79 Kenya 0.37 Lebanon 2.00 Lithuania 1.34

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 17 AVIVA INVESTORS – EMERGING MARKETS BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) (Continued) % Net Assets Malaysia 0.63 Mexico 10.94 Morocco 0.34 Netherlands 0.12 Panama 1.88 Peru 1.29 Philippines 4.11 Poland 2.01 Romania 3.32 Russia 7.14 Serbia 0.76 Slovenia 1.85 South Africa 1.75 Sri Lanka 2.52 Supranational 0.18 Turkey 6.01 Ukraine 2.03 United States of America 0.45 Venezuela 9.32 Total 92.80

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) USD CHF 10,220,000 USD 11,372,235 17/09/2014 159,997 EUR 712,947,000 USD 965,004,421 17/09/2014 11,416,177 EUR 5,550,000 USD 7,568,757 17/09/2014 32,277 GBP 175,741,000 USD 294,844,191 17/09/2014 5,452,622 GBP 1,352,000 USD 2,294,408 17/09/2014 15,818 USD 95,593,566 EUR 70,149,449 06/08/2014 (464,879) USD 5,857,182 EUR 4,328,000 17/09/2014 (70,255) USD 1,548,037 GBP 913,000 17/09/2014 (12,048) USD 5,328,228 ZAR 57,180,000 06/08/2014 (12,836) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 16,516,873

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 18 AVIVA INVESTORS – EMERGING MARKETS CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

3689

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Brazil 3,175,272 1.71 USD 1,500,000 Vale Overseas 5.625% 15/09/2019 1,702,755 0.92 USD 1,250,000 Banco do Brasil/Cayman RegS 6% 1,383,256 0.74 Colombia 5,812,560 3.14 22/01/2020 USD 2,200,000 Bancolombia 5.95% 03/06/2021 2,430,736 1.31 USD 1,711,000 Samarco Mineracao RegS 5.75% 1,792,016 0.97 24/10/2023 USD 1,870,000 Ecopetrol 5.875% 28/05/2045 1,933,926 1.05 British Virgin Islands 3,528,435 1.91 USD 1,440,000 Oleoducto Central RegS 4% 1,447,898 0.78 07/05/2021 USD 2,000,000 PCCW-HKT Capital No 5 RegS 1,942,740 1.05 3.75% 08/03/2023 Croatia 1,330,193 0.72 USD 1,500,000 Wanda Properties International 1,585,695 0.86 USD 1,250,000 Hrvatska Elektroprivreda RegS 6% 1,330,193 0.72 7.25% 29/01/2024 09/11/2017 Cayman Islands 37,714,442 20.37 Hong Kong 3,549,815 1.92 USD 2,000,000 ADCB Finance Cayman GMTN 3% 2,024,820 1.09 USD 2,300,000 Bank of East Asia EMTN variable 2,499,215 1.35 04/03/2019 04/05/2022 USD 2,500,000 AKCB Finance EMTN 3.25% 2,538,125 1.37 USD 1,000,000 Swire Properties MTN Financing 1,050,600 0.57 22/10/2018 EMTN 4.375% 18/06/2022 USD 600,000 Anton Oilfeld Services RegS 7.5% 640,314 0.35 India 3,417,115 1.85 06/11/2018 USD 1,250,000 ICICI Bank RegS variable 30/04/2022 1,298,925 0.70 USD 2,000,000 Banco Continental via Continental 2,181,160 1.18 USD 2,000,000 ICICI Bank/Dubai RegS 4.7% 2,118,190 1.15 Senior Trustees Cayman RegS 5.5% 21/02/2018 18/11/2020 Isle of Man 1,016,405 0.55 USD 124,459 China Liansu RegS 7.875% 129,951 0.07 13/05/2016 USD 1,000,000 Sasol Financing International 4.5% 1,016,405 0.55 14/11/2022 USD 1,500,000 China Overseas Finance Cayman II 1,588,485 0.86 5.5% 10/11/2020 Israel 3,734,988 2.02 USD 1,250,000 Country Garden 10.5% 11/08/2015 1,342,300 0.73 USD 1,500,000 Delek & Avner Tamar Bond 144A 1,546,478 0.84 5.412% 30/12/2025 USD 1,250,000 DP World Sukuk RegS 6.25% 1,387,268 0.75 02/07/2017 USD 2,000,000 Israel Electric RegS 6.7% 10/02/2017 2,188,510 1.18 USD 500,000 Hongkong Land Finance Cayman 530,710 0.29 Jersey 1,548,450 0.84 Island EMTN 4.5% 01/06/2022 USD 1,500,000 West China Cement RegS 7.5% 1,548,450 0.84 USD 3,300,000 Hutchison Whampoa International 3,465,297 1.87 25/01/2016 10 RegS variable perpetual Luxembourg 5,654,999 3.05 USD 1,000,000 Kaisa RegS 10.25% 08/01/2020 1,060,640 0.57 USD 1,250,000 Altice Financing RegS 7.875% 1,370,300 0.74 USD 2,000,000 Metropolitan Light International 2,054,440 1.11 15/12/2019 EMTN 5.25% 17/01/2018 USD 1,750,000 ALROSA Finance RegS 7.75% 1,948,774 1.05 USD 2,000,000 MIE RegS 7.5% 25/04/2019 2,114,770 1.14 03/11/2020 USD 2,000,000 Odebrecht Finance RegS 5.25% 1,994,460 1.08 USD 2,500,000 Gazprom Neft OAO Via GPN Capital 2,335,925 1.26 27/06/2029 RegS 4.375% 19/09/2022 USD 2,500,000 QNB Finance 2.875% 29/04/2020 2,479,163 1.34 Malaysia 5,308,610 2.87 USD 2,000,000 QNB Finance RegS 2.75% 2,024,890 1.09 USD 2,000,000 Petronas Capital RegS 5.25% 2,273,660 1.23 31/10/2018 12/08/2019 USD 2,500,000 RAKFUNDING Cayman EMTN 3.25% 2,508,000 1.35 USD 3,000,000 Malayan Banking EMTN variable 3,034,950 1.64 24/06/2019 20/09/2022 USD 1,795,000 Saudi Electricity Global Sukuk RegS 3 1,857,789 1.00 Mexico 8,232,262 4.45 5.5% 08/04/2044 USD 2,700,000 BBVA Bancomer/Texas RegS 6.75% 3,091,797 1.67 USD 1,000,000 Shimao Property 6.625% 988,655 0.53 30/09/2022 14/01/2020 USD 1,500,000 Cemex RegS 7.25% 15/01/2021 1,652,910 0.89 USD 1,000,000 Sun Hung Kai Properties Capital 991,060 0.54 Market EMTN 3.625% 16/01/2023 USD 1,250,000 Grupo Televisa 6% 15/05/2018 1,421,975 0.77 USD 2,000,000 Tingyi Cayman Islands RegS 3.875% 2,109,390 1.14 USD 2,000,000 Tenedora Nemak RegS 5.5% 2,065,580 1.12 20/06/2017 28/02/2023

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 19 AVIVA INVESTORS – EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 20 AVIVA INVESTORS – EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value Assets or Principal Money Market Instruments dealt Value Assets Amount on another Regulated Market USD Amount on another Regulated Market USD Canada 4,461,400 2.41 USD 2,085,000 Transportadora de Gas del Peru RegS 1,972,347 1.07 4.25% 30/04/2028 USD 4,000,000 Pacifc Rubiales Energy RegS 7.25% 4,461,400 2.41 12/12/2021 Qatar 3,275,750 1.77 Cayman Islands 4,305,312 2.32 USD 2,722,000 Ras Laffan Liquefed Natural Gas III 3,275,750 1.77 RegS 6.75% 30/09/2019 USD 3,960,000 Odebrecht Finance RegS 7.125% 4,305,312 2.32 26/06/2042 Spain 1,152,195 0.62 Chile 7,716,441 4.17 USD 1,000,000 Cemex Ena Luxembourg RegS 1,152,195 0.62 9.875% 30/04/2019 USD 2,000,000 Banco de Credito e Inversiones RegS 2,065,540 1.11 3% 13/09/2017 Thailand 1,991,910 1.07 USD 1,487,000 Banco del Estado de Chile RegS 1,510,881 0.82 USD 2,000,000 Bangkok Bank/Hong Kong RegS 1,991,910 1.07 3.875% 08/02/2022 3.875% 27/09/2022 USD 2,000,000 Banco Santander Chile RegS 2,019,730 1.09 United Arab Emirates 1,995,359 1.08 3.875% 20/09/2022 USD 1,750,000 Dolphin Energy RegS 5.5% 1,995,359 1.08 USD 2,000,000 Cencosud RegS 5.5% 20/01/2021 2,120,290 1.15 15/12/2021 Colombia 1,071,305 0.58 United States of America 521,723 0.28 USD 1,000,000 Banco de Bogota RegS 5% 1,071,305 0.58 USD 500,000 Cemex Finance RegS 6% 521,723 0.28 15/01/2017 01/04/2024 Mexico 4,380,845 2.37 Total Transferable Securities and 37,147,617 20.06 Money Market Instruments dealt USD 1,800,000 Alpek RegS 4.5% 20/11/2022 1,816,920 0.98 on another Regulated Market USD 2,500,000 Mexico Generadora de Energia RegS 2,563,925 1.39 Total Investments 171,633,126 92.69 5.5% 06/12/2032 Other Net Assets 13,529,630 7.31 Peru 6,275,377 3.39 USD 2,000,000 Banco de Credito del Peru/Panama 2,138,030 1.15 Net Asset Value 185,162,756 100.00 RegS variable 24/04/2027 USD 2,000,000 Banco Internacional del Peru RegS 2,165,000 1.17 5.75% 07/10/2020

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 21 AVIVA INVESTORS – EMERGING MARKETS CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Brazil 1.71 British Virgin Islands 1.91 Canada 2.41 Cayman Islands 22.69 Chile 4.17 Colombia 3.72 Croatia 0.72 Hong Kong 1.92 India 1.85 Ireland 1.52 Isle of Man 0.55 Israel 2.02 Jersey 0.84 Luxembourg 3.05 Malaysia 2.87 Mexico 6.82 Netherlands 5.82 Peru 4.82 Philippines 0.76 Qatar 1.77 Singapore 4.14 Spain 0.62 Sri Lanka 0.43 Thailand 1.89 Turkey 6.18 United Arab Emirates 2.25 United Kingdom 0.56 United States of America 3.37 Venezuela 1.31 Total 92.69

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR EUR 134,510,000 USD 182,065,069 17/09/2014 2,153,863 USD 4,565,089 EUR 3,350,000 06/08/2014 (22,200) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 2,131,663

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 22 AVIVA INVESTORS – EMERGING MARKETS EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Bermuda 7,668,307 1.30 USD 138,963 Citigroup Warrants - Infosys 7,532,489 1.28 27/02/2015 HKD 3,271,468 First Pacifc/Hong Kong 3,668,100 0.62 INR 748,616 ITC 4,057,985 0.69 HKD 301,000 VTech 4,000,207 0.68 INR 1,027,440 Oil & Natural Gas 7,245,207 1.23 Brazil 59,392,383 10.09 INR 1,364,864 Tata Motors 9,769,290 1.66 BRL 434,283 AES Tiete Preference 3,787,982 0.64 Indonesia 15,475,172 2.63 BRL 455,610 AMBEV 3,213,310 0.55 IDR 13,343,000 Astra International 8,272,548 1.40 BRL 680 AMBEV 4,770 0.00 IDR 1,262,000 Indo Tambangraya Megah 2,871,569 0.49 BRL 544,581 Banco do Brasil 6,125,023 1.04 IDR 9,230,500 Perusahaan Gas Negara Persero 4,331,055 0.74 BRL 1,139,459 CCR 9,333,938 1.59 Luxembourg 14,943,143 2.54 BRL 406,892 Cielo 8,441,149 1.43 USD 749,628 Citigroup Warrants - Cairn India 4,554,165 0.77 BRL 90 Embratel Participacoes 1 0.00 27/02/2015 BRL 453,758 Ez Tec Empreendimentos e 4,725,745 0.80 USD 2,426,940 Citigroup Warrants - NTPC 6,294,573 1.07 Participacoes 28/02/2014 BRL 300,635 Grendene 1,885,021 0.32 USD 570,172 Citigroup Warrants - Tata Motors 4,094,405 0.70 BRL 622,835 Sul America 4,382,819 0.75 28/02/2014 BRL 382,710 Transmissora Alianca de Energia 3,435,378 0.58 Malaysia 18,423,124 3.13 Eletrica MYR 1,423,000 Berjaya Sports Toto 1,715,045 0.29 BRL 326,245 Ultrapar Participacoes 7,755,368 1.32 MYR 1,617,748 Malayan Banking 4,955,015 0.84 USD 477,596 Vale ADR 6,301,879 1.07 MYR 9,122,638 Sunway 8,693,638 1.48 Cayman Islands 13,428,802 2.28 MYR 2,566,974 Sunway Warrants 17/08/2016 617,561 0.11 HKD 2,971,011 Shenzhou International 10,129,732 1.72 MYR 1,237,700 Telekom Malaysia 2,441,865 0.41 HKD 4,198,513 SOHO China 3,299,070 0.56 Mexico 21,938,598 3.73 Chile 2,269,102 0.39 MXN 889,438 Fomento Economico Mexicano 8,333,211 1.41 CLP 16,964,871 Banco de Chile 2,269,102 0.39 MXN 1,746,339 Grupo Financiero Santander Mexico 4,632,045 0.79 China 45,923,232 7.80 'B' HKD 4,798,435 Anhui Expressway 'H' 2,943,939 0.50 MXN 1,444,526 Grupo Mexico 'B' 4,755,701 0.81 HKD 28,379,985 Bank of China 'H' 12,742,953 2.17 MXN 1,513,358 Kimberly-Clark de Mexico 'A' 4,217,641 0.72 HKD 4,815,225 China Minsheng Banking 'H' 4,364,571 0.74 Philippines 10,905,993 1.85 HKD 13,273,553 China Petroleum & Chemical 'H' 12,682,093 2.15 PHP 6,352,900 Aboitiz Power 5,337,746 0.91 HKD 5,931,692 Guangzhou R&F Properties 'H' 7,316,699 1.24 PHP 151,200 Globe Telecom 5,568,247 0.94 HKD 9,279,843 Industrial & Commercial Bank of 5,872,977 1.00 Poland 13,342,342 2.27 China 'H' PLN 91,434 Powszechny Zaklad Ubezpieczen 13,342,342 2.27 Colombia 5,783,997 0.98 Russia 36,186,938 6.15 USD 160,377 Ecopetrol ADR 5,783,997 0.98 USD 1,299,533 Gazprom ADR 11,322,181 1.92 Czech Republic 5,069,743 0.86 USD 80,364 Lukoil ADR 4,800,142 0.82 CZK 21,984 Komercni Banka 5,069,743 0.86 USD 155,721 MMC Norilsk Nickel ADR 3,084,054 0.52 Hong Kong 22,954,078 3.90 USD 461,218 Mobile Telesystems ADR 9,051,403 1.54 HKD 1,305,336 China Mobile 12,661,187 2.15 USD 289,392 Phosagro GDR Registered 3,604,377 0.61 HKD 2,561,000 SJM 6,453,429 1.10 USD 1,750,972 Sberbank of Russia 4,324,781 0.74 HKD 591,300 Television Broadcasts 3,839,462 0.65 Singapore 4,743,325 0.81 India 37,967,870 6.45 USD 552,000 Elec & Eltek International 839,040 0.14 USD 1,462,143 Citigroup Warrants - Coal India 9,362,899 1.59 SGD 5,247,738 Religare Health Trust 3,904,285 0.67 27/02/2015

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 23 AVIVA INVESTORS – EMERGING MARKETS EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 24 AVIVA INVESTORS – EMERGING MARKETS EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Bermuda 1.30 Brazil 10.09 Cayman Islands 2.28 Chile 0.39 China 7.80 Colombia 0.98 Czech Republic 0.86 Hong Kong 3.90 India 6.45 Indonesia 2.63 Luxembourg 2.54 Malaysia 3.13 Mexico 3.73 Philippines 1.85 Poland 2.27 Russia 6.15 Singapore 0.81 South Africa 10.56 South Korea 11.24 Taiwan 12.15 Thailand 4.31 Turkey 3.31 United Kingdom 0.85 Total 99.58

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency Sold Amount sold Maturity Date Unrealised (loss) EUR USD 1,285,247.00 ZAR 13,715,395.00 02/07/2014 (3,945)

Net Unrealised Loss on Open Forward Foreign Exchange Contracts (3,945)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 25 AVIVA INVESTORS – EMERGING MARKETS EQUITY SMALL CAP FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Austria 1,822,832 1.37 PHP 767,720 Rizal Commercial Banking 930,445 0.70 EUR 70,723 CAT Oil 1,822,832 1.37 Poland 1,265,050 0.95 Bermuda 3,048,790 2.29 PLN 867,173 Synthos 1,265,050 0.95 HKD 229,400 VTech 3,048,790 2.29 Romania 1,039,208 0.78 Brazil 3,646,573 2.73 RON 3,906,409 Fondul Proprietatea 1,039,208 0.78 BRL 241,741 Cia Ferro Ligas da Bahia-Ferbasa 1,322,167 0.99 Russia 2,458,592 1.84 Preference USD 1,483,393 Aerofot - Russian Airlines 2,458,592 1.84 BRL 208,563 Eternit 801,474 0.60 Singapore 2,234,852 1.68 BRL 96,628 Grendene 605,870 0.45 SGD 3,418,190 Eu Yan Sang International 2,234,852 1.68 BRL 103,497 Iochpe-Maxion 917,062 0.69 South Africa 9,967,783 7.47 Cayman Islands 7,071,983 5.30 ZAR 1,389,202 Grindrod 3,464,273 2.60 HKD 7,339,000 Evergreen International 961,176 0.72 ZAR 82,910 Hudaco Industries 743,316 0.56 HKD 1,899,080 Haitian International 4,422,850 3.32 ZAR 857,423 Life Healthcare 3,342,247 2.50 HKD 1,872,000 Tianneng Power International 701,683 0.52 ZAR 844,238 Super Group/South Africa 2,417,947 1.81 USD 29,869 WuXi PharmaTech Cayman ADR 986,274 0.74 South Korea 19,698,163 14.77 Chile 608,395 0.46 KRW 293,450 DGB Financial 4,386,879 3.29 CLP 459,080 Administradora de Fondos de 608,395 0.46 Pensiones Habitat KRW 18,689 GS Home Shopping 4,451,004 3.34 Cyprus 1,001,527 0.75 KRW 148,541 IDIS 2,114,985 1.58 NOK 121,817 ProSafe 1,001,527 0.75 KRW 198,480 Intelligent Digital Integrated 2,893,501 2.17 Securities Czech Republic 699,032 0.52 KRW 50,176 Samjin Pharmaceutical 931,468 0.70 CZK 1,347 Philip Morris 699,032 0.52 KRW 356,207 Sungwoo Hitech 4,920,326 3.69 India 13,416,214 10.06 Sri Lanka 4,842,895 3.63 INR 1,503,117 Apollo Tyres 4,984,937 3.74 LKR 1,283,083 John Keells 2,189,093 1.64 INR 552,612 Finolex Cables 1,655,205 1.24 LKR 57,699 John Keells Warrants 12/11/2015 26,409 0.02 INR 971,826 Hexaware Technologies 2,551,153 1.91 LKR 57,699 John Keells Warrants 11/11/2016 31,213 0.02 INR 229,514 Torrent Pharmaceuticals 2,711,875 2.03 LKR 1,664,275 National Development Bank 2,596,180 1.95 INR 25,702 TTK Prestige 1,513,044 1.14 Taiwan 16,552,437 12.41 Indonesia 2,518,276 1.89 TWD 2,458,400 Asia Polymer 2,134,629 1.60 IDR 2,718,000 AKR Corporindo 992,039 0.74 TWD 882,843 Farglory Land Development 1,201,218 0.90 IDR 15,961,500 Summarecon Agung 1,526,237 1.15 TWD 1,278,000 Powertech Technology 2,313,624 1.73 Malaysia 7,171,463 5.38 TWD 141,000 Sinmag Equipment 789,861 0.59 MYR 594,500 Carlsberg Brewery Malaysia 2,255,192 1.69 TWD 2,002,220 Taiwan Surface Mounting 3,056,358 2.29 MYR 156,460 Hartalega Warrants 29/05/2015 102,812 0.08 Technology MYR 2,097,700 Hartalega 4,047,048 3.03 TWD 553,435 Test Research 942,579 0.71 MYR 1,252,300 Padini Holdings 766,411 0.58 TWD 2,064,354 WT Microelectronics 3,155,558 2.37 Mexico 6,987,440 5.24 TWD 1,339,397 Youngtek Electronics 2,958,610 2.22 MXN 733,006 Genomma Lab Internacional 'B' 1,977,868 1.48 Thailand 9,062,901 6.80 MXN 1,746,786 Qualitas Controladora Preference 5,009,572 3.76 THB 1,941,900 Kiatnakin Bank (Foreign) 2,640,158 1.98 Philippines 5,875,314 4.41 THB 9,652,800 MCS Steel (Foreign) 1,583,767 1.19 PHP 132,005,022 Filinvest Land 4,944,869 3.71 THB 9,711,600 Quality Houses (Foreign) 1,062,276 0.80

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 26 AVIVA INVESTORS – EMERGING MARKETS EQUITY SMALL CAP FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Geographic Breakdown (as a percentage of Net Assets) % Net Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial USD Austria 1.37 Exchange Listing Bermuda 2.29 THB 537,600 Thai Stanley Electric (Foreign) 3,776,700 2.83 Brazil 2.73 Turkey 9,174,135 6.88 Cayman Islands 5.30 TRY 194,343 Ford Otomotiv Sanayi 2,426,652 1.82 Chile 0.46 TRY 105,834 Turk Traktor ve Ziraat Makineleri 3,422,896 2.57 Cyprus 0.75 TRY 808,212 Turkiye Sise ve Cam Fabrikalari 1,137,817 0.85 Czech Republic 0.52 TRY 260,850 Ulker Biskuvi Sanayi 2,186,770 1.64 India 10.06 United States of America 2,198,841 1.65 Indonesia 1.89 USD 125,754 CTC Media 1,392,097 1.05 Malaysia 5.38 USD 13,931 Sohu.com 806,744 0.60 Mexico 5.24 Total Transferable Securities and 132,362,696 99.26 Philippines 4.41 Money Market Instruments Admitted to an Offcial Exchange Listing Poland 0.95 Total Investments 132,362,696 99.26 Romania 0.78 Other Net Assets 985,775 0.74 Russia 1.84 Net Asset Value 133,348,471 100.00 Singapore 1.68 South Africa 7.47 South Korea 14.77 Sri Lanka 3.63 Taiwan 12.41 Thailand 6.80 Turkey 6.88 United States of America 1.65 Total 99.26

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency Sold Amount sold Maturity Date Unrealised (loss) EUR USD 164,730.00 ZAR 1,757,901.00 02/07/2014 (506)

Net Unrealised Loss on Open Forward Foreign Exchange Contracts (506)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 27 AVIVA INVESTORS – EMERGING MARKETS LOCAL CURRENCY BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares or Transferable Securities and Market % Net Number of shares or Transferable Securities and Market % Net Principal Amount Money Market Instruments Value Assets Principal Amount Money Market Instruments Value Assets Admitted to an Offcial EUR Admitted to an Offcial EUR Exchange Listing Exchange Listing Brazil 65,959,656 10.28 MXN 142,400,000 Mexican Bonos 7.5% 03/06/2027 9,117,153 1.42 BRL 5,500,000 Brazil Letras do Tesouro Nacional 13,841,221 2.16 MXN 166,400,000 Mexican Bonos 7.75% 10,482,873 1.63 0% 01/01/2017 14/12/2017 BRL 2,640,300 Brazil Notas do Tesouro Nacional 22,215,919 3.46 MXN 41,860,000 Mexican Bonos 7.75% 2,675,477 0.42 Serie 'B' 6% 15/08/2018 13/11/2042 BRL 6,100,000 Brazil Notas do Tesouro Nacional 19,276,173 3.00 MXN 108,800,000 Mexican Bonos 8.5% 18/11/2038 7,499,930 1.17 Series 'F' 10% 01/01/2018 Poland 49,342,057 7.69 BRL 3,500,000 Brazil Notas do Tesouro Nacional 10,626,343 1.66 Series 'F' 10% 01/01/2021 PLN 44,000,000 Poland Government 4% 11,051,227 1.72 25/10/2023 Chile 8,358,443 1.31 PLN 34,295,000 Poland Government 5.5% 9,233,433 1.44 CLP 5,935,000,000 Bonos del Banco Central de Chile 8,358,443 1.31 25/10/2019 en Pesos 6% 01/08/2016 PLN 103,292,000 Poland Government 5.75% 29,057,397 4.53 Colombia 33,929,360 5.29 23/09/2022 COP 33,772,000,000 Colombia Government 4.375% 12,013,354 1.87 Romania 33,551,753 5.23 21/03/2023 RON 20,000,000 Romania Government 5.6% 5,020,786 0.78 COP 6,149,000,000 Colombia Government 9.85% 3,121,020 0.49 28/11/2018 28/06/2027 RON 82,650,000 Romania Government 5.8% 19,668,063 3.07 COP 40,000,000,000 Colombian TES 7.25% 16,123,509 2.51 26/10/2015 15/06/2016 RON 35,000,000 Romania Government 5.85% 8,862,904 1.38 COP 6,630,600,000 Colombian TES 7.5% 26/08/2026 2,671,477 0.42 26/04/2023 Hungary 43,383,016 6.76 Russia 41,693,436 6.50 EUR 7,500,000 Hungary Government 6% 8,702,138 1.36 RUB 665,377,000 Russian Federal Bond - OFZ 6.2% 13,482,981 2.10 11/01/2019 31/01/2018 HUF 475,640,000 Hungary Government 6% 1,741,854 0.27 RUB 262,870,000 Russian Federal Bond - OFZ 6.9% 5,531,097 0.86 24/11/2023 03/08/2016 HUF 6,463,570,000 Hungary Government 6.5% 23,859,093 3.72 RUB 470,000,000 Russian Federal Bond - OFZ 7.5% 9,924,641 1.55 24/06/2019 15/03/2018 HUF 2,350,000,000 Hungary Government 7% 9,079,931 1.41 RUB 260,000,000 Russian Federal Bond - OFZ 7.6% 5,434,460 0.85 24/06/2022 14/04/2021 Indonesia 45,979,154 7.17 RUB 148,992,000 Russian Federal Bond - OFZ 7.6% 3,087,353 0.48 20/07/2022 IDR 100,000,000,000 Indonesia Treasury 7% 5,452,218 0.85 15/05/2027 RUB 200,000,000 Russian Federal Bond - OFZ 8.15% 4,232,904 0.66 03/02/2027 IDR 118,614,000,000 Indonesia Treasury 7.875% 7,351,536 1.15 15/04/2019 South Africa 84,309,866 13.14 IDR 432,884,000,000 Indonesia Treasury 8.375% 27,129,600 4.23 ZAR 38,130,457 South Africa Government - CPI 3,532,365 0.55 15/03/2024 Linked 2.75% 31/01/2022 IDR 50,000,000 Indonesia Treasury 10.25% 3,444 0.00 ZAR 195,250,013 South Africa Government 6.25% 9,967,063 1.55 15/07/2022 31/03/2036 IDR 21,963,000,000 Indonesia Treasury 10.5% 1,568,208 0.24 ZAR 200,000,000 South Africa Government 6.5% 10,261,303 1.60 15/08/2030 28/02/2041 IDR 61,500,000,000 Indonesia Treasury 11% 4,474,148 0.70 ZAR 85,103,666 South Africa Government 8% 5,938,682 0.93 15/09/2025 21/12/2018 Malaysia 11,055,857 1.73 ZAR 157,177,000 South Africa Government 8.25% 11,074,999 1.73 15/09/2017 MYR 48,706,000 Malaysia Government 3.172% 11,054,608 1.73 15/07/2016 ZAR 80,000,000 South Africa Government 8.75% 5,297,614 0.82 28/02/2048 MYR 5,000 Malaysia Government 5.248% 1,249 - 15/09/2028 ZAR 246,548,947 South Africa Government 10.5% 19,768,575 3.08 21/12/2026 Mexico 59,582,357 9.29 ZAR 119,680,034 South Africa Government 13.5% 8,851,275 1.38 MXN 199,400,000 Mexican Bonos 6.5% 10/06/2021 12,036,196 1.88 15/09/2015 MXN 296,568,100 Mexican Bonos 6.5% 09/06/2022 17,770,728 2.77

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 28 AVIVA INVESTORS – EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares or Transferable Securities and Market % Net Number of shares or Transferable Securities Market % Net Principal Amount Money Market Instruments Value Assets Principal Amount and Money Market Value Assets Admitted to an Offcial EUR Instruments dealt on EUR Exchange Listing another Regulated Market ZAR 56,650,000 Transnet EMTN 13.5% 4,692,143 0.73 Malaysia 45,666,399 7.12 18/04/2028 MYR 81,752,000 Malaysia Government 3.26% 18,358,968 2.86 ZAR 72,040,000 Transnet RegS 9.5% 13/05/2021 4,925,847 0.77 01/03/2018 Thailand 27,974,222 4.36 MYR 72,900,000 Malaysia Government 4.012% 16,808,565 2.62 15/09/2017 THB 388,700,000 Thailand Government 1.2% 9,067,151 1.41 14/07/2021 MYR 45,550,000 Malaysia Government 4.16% 10,498,866 1.64 15/07/2021 THB 525,829,000 Thailand Government 3.65% 11,897,187 1.86 17/12/2021 Peru 6,552,309 1.02 THB 130,000,000 Thailand Government 3.8% 2,744,724 0.43 PEN 21,800,000 Peruvian Government RegS 6,552,309 1.02 14/06/2041 7.84% 12/08/2020 THB 183,327,000 Thailand Government 3.875% 4,265,160 0.66 Total Transferable Securities and 52,218,708 8.14 13/06/2019 Money Market Instruments dealt on another Regulated Market Turkey 51,428,126 8.02 TRY 28,000,000 Turkey Government 0% 9,095,922 1.42 25/03/2015 Number of shares or Other Transferable Securities Market % Net Principal Amount not dealt on another Value Assets TRY 15,600,863 Turkey Government 3% 7,252,142 1.13 Regulated Market EUR 21/07/2021 Peru 5,856,540 0.91 TRY 22,500 Turkey Government 4.5% 11,039 - 11/02/2015 PEN 29,000 Peruvian Government RegS 6.9% 7,897 0.00 12/08/2037 TRY 40,873,856 Turkey Government 6.3% 13,220,956 2.06 14/02/2018 PEN 20,756,000 Peruvian Government RegS 5,848,643 0.91 6.95% 12/08/2031 TRY 36,627,882 Turkey Government 9% 12,761,050 1.99 27/01/2016 Total Other Transferable Securities not dealt 5,856,540 0.91 on another Regulated Market TRY 25,359,599 Turkey Government 10.7% 9,087,017 1.42 24/02/2016 Total Investments 614,622,551 95.82 Total Transferable Securities and 556,547,303 86.77 Other Net Assets 26,788,675 4.18 Money Market Instruments Admitted Net Asset Value 641,411,226 100.00 to an Offcial Exchange Listing

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 29 AVIVA INVESTORS – EMERGING MARKETS LOCAL CURRENCY BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Brazil 10.28 Chile 1.31 Colombia 5.29 Hungary 6.76 Indonesia 7.17 Malaysia 8.85 Mexico 9.29 Peru 1.93 Poland 7.69 Romania 5.23 Russia 6.50 South Africa 13.14 Thailand 4.36 Turkey 8.02 Total 95.82

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR BRL 18,060,619 USD 8,003,820 06/08/2014 74,959 CLP 2,690,779,425 USD 4,810,117 06/08/2014 22,365 CNY 48,509,082 USD 7,862,725 06/08/2014 6,679 IDR 99,829,438,283 USD 8,322,588 06/08/2014 36,519 PEN 38,586,869 USD 13,729,539 06/08/2014 23,195 PLN 68,654,470 USD 22,581,107 06/08/2014 (20,307) RUB 809,764,555 USD 23,372,527 06/08/2014 154,814 TRY 71,739,356 USD 33,415,323 06/08/2014 120,742 USD 20,793,936 COP 39,238,156,868 06/08/2014 (29,609) USD 63,925,798 EUR 46,910,683 06/08/2014 (227,027) USD 3,559,462 HUF 798,437,951 06/08/2014 23,786 USD 11,499,387 RON 37,136,570 06/08/2014 (59,164) USD 6,137,812 ZAR 65,467,924 06/08/2014 16,497 ZAR 87,830,382 USD 8,184,335 06/08/2014 14,398 Net Unrealised Gain on Open Forward Foreign Exchange Contracts 157,847

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 30 AVIVA INVESTORS – EUROPEAN CORPORATE BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Australia 1,230,781 1.29 EUR 500,000 Electricite de France EMTN 5% 576,757 0.61 05/02/2018 EUR 230,000 BHP Billiton Finance EMTN 2.25% 243,798 0.26 25/09/2020 EUR 245,000 GDF Suez EMTN 3% 01/02/2023 270,372 0.28 EUR 305,000 BHP Billiton Finance EMTN 6.375% 336,380 0.35 EUR 200,000 Kering EMTN 2.5% 15/07/2020 211,459 0.22 04/04/2016 EUR 425,000 Sanof EMTN 4.5% 18/05/2016 457,296 0.48 EUR 180,000 National Australia Bank EMTN 195,928 0.21 2.75% 08/08/2022 EUR 400,000 Schneider Electric EMTN 3.75% 445,467 0.47 12/07/2018 EUR 205,000 Telstra EMTN 3.5% 21/09/2022 232,193 0.24 EUR 300,000 Societe Des Autoroutes Paris-Rhin- 349,860 0.37 EUR 215,000 Wesfarmers EMTN 3.875% 222,482 0.23 Rhone EMTN 4.875% 21/01/2019 10/07/2015 EUR 800,000 Total Capital International EMTN 872,070 0.91 Belgium 1,274,747 1.34 2.875% 19/11/2025 EUR 710,000 Anheuser-Busch EMTN 2.875% 770,115 0.81 EUR 750,000 Unibail-Rodamco EMTN 4.625% 815,789 0.86 25/09/2024 23/09/2016 EUR 450,000 Anheuser-Busch EMTN 4% 504,632 0.53 Germany 15,499,133 16.26 26/04/2018 EUR 115,000 BASF 2% 05/12/2022 119,438 0.12 Cayman Islands 3,321,497 3.48 EUR 287,000 Bayer variable 01/07/2074 290,937 0.31 EUR 1,650,000 Principal Financial Global Funding II 1,792,345 1.88 EMTN 4.5% 26/01/2017 GBP 400,000 Deutsche Bank variable perpetual 501,512 0.53 GBP 750,000 Thames Water Utilities Cayman 1,001,717 1.05 EUR 8,256,000 Germany (Bund) 2% 04/01/2022 8,969,042 9.41 Finance EMTN variable 21/07/2025 EUR 2,750,000 Germany (Bund) 4% 04/07/2016 2,968,358 3.11 GBP 390,000 Yorkshire Water Services Bradford 527,435 0.55 EUR 1,650,000 KFW 3.375% 18/01/2021 1,916,831 2.01 Finance variable 24/04/2025 EUR 700,000 Volkswagen Leasing EMTN 2.375% 733,015 0.77 Denmark 1,173,095 1.23 06/09/2022 EUR 460,000 Danske Bank EMTN variable 463,762 0.49 Ireland 3,093,519 3.25 19/05/2026 EUR 384,000 FGA Capital Ireland EMTN 2.875% 398,509 0.43 GBP 540,000 DONG Energy EMTN 4.875% 709,333 0.74 26/01/2018 12/01/2032 EUR 526,000 GE Capital European Funding EMTN 556,649 0.58 France 11,531,546 12.10 2.25% 20/07/2020 EUR 300,000 Alstom EMTN 3.875% 02/03/2016 315,788 0.33 EUR 175,000 GE Capital European Funding EMTN 186,979 0.20 EUR 300,000 Autoroutes du Sud de la France 338,222 0.35 2.625% 15/03/2023 EMTN 4% 24/09/2018 EUR 400,000 GE Capital European Funding EMTN 422,726 0.44 GBP 492,000 AXA EMTN variable perpetual 675,104 0.71 3.75% 04/04/2016 EUR 795,000 Banque PSA Finance EMTN 4.25% 828,223 0.87 EUR 1,395,000 GE Capital European Funding EMTN 1,528,656 1.60 25/02/2016 4.25% 01/03/2017 EUR 535,000 BNP Paribas EMTN 2.375% 541,381 0.57 Italy 6,106,372 6.41 20/05/2024 EUR 200,000 Atlantia EMTN 4.5% 08/02/2019 229,654 0.24 EUR 1,003,000 BNP Paribas EMTN variable 1,018,370 1.07 EUR 700,000 Enel variable 10/01/2074 773,157 0.81 20/03/2026 EUR 200,000 Eni 4.125% 16/09/2019 229,097 0.25 EUR 305,000 Carrefour EMTN 1.875% 316,358 0.33 19/12/2017 EUR 374,000 Eni EMTN 3.25% 10/07/2023 413,902 0.43 EUR 800,000 Casino Guichard Perrachon EMTN 908,097 0.95 EUR 400,000 Eni EMTN 4.25% 03/02/2020 463,328 0.49 3.994% 09/03/2020 EUR 761,000 Hera EMTN 2.375% 04/07/2024 761,419 0.80 USD 1,200,000 Credit Agricole RegS variable 932,488 0.98 perpetual USD 420,000 Intesa Sanpaolo 5.25% 12/01/2024 336,299 0.35 EUR 900,000 Electricite de France EMTN 3.875% 1,044,179 1.10 EUR 1,350,000 Intesa Sanpaolo EMTN 4% 1,470,563 1.54 18/01/2022 09/11/2017 EUR 500,000 Electricite de France EMTN 4.625% 614,266 0.64 EUR 322,000 Intesa Sanpaolo EMTN 4% 363,825 0.38 11/09/2024 30/10/2023 EUR 1,021,000 Snam EMTN 2.375% 30/06/2017 1,065,128 1.12

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 31 AVIVA INVESTORS – EUROPEAN CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Jersey 1,110,809 1.17 EUR 300,000 Telefonica Emisiones EMTN 5.811% 344,805 0.36 05/09/2017 EUR 600,000 Heathrow Funding 4.375% 654,455 0.69 25/01/2017 EUR 450,000 Telefonica Emisiones GMTN 3.661% 487,348 0.51 18/09/2017 GBP 350,000 HSBC Bank Capital Funding Sterling 456,354 0.48 1 LP variable perpetual EUR 500,000 Telefonica Emisiones RegS 4.75% 549,098 0.58 07/02/2017 Luxembourg 1,218,861 1.28 Supranational 1,966,563 2.06 EUR 298,000 Gazprom OAO Via Gaz Capital 303,098 0.32 EMTN 3.389% 20/03/2020 EUR 1,584,000 European Investment Bank EMTN 1,966,563 2.06 4.125% 15/04/2024 EUR 400,000 Holcim US Finance EMTN 2.625% 426,467 0.45 07/09/2020 Sweden 194,342 0.20 EUR 489,000 Wind Acquisition Finance RegS 4% 489,296 0.51 EUR 180,000 Atlas Copco EMTN 2.625% 194,342 0.20 15/07/2020 15/03/2019 Mexico 899,636 0.94 United Arab Emirates 839,062 0.88 EUR 785,000 America Movil EMTN 4.125% 899,636 0.94 EUR 825,000 Xstrata Finance Dubai EMTN 1.75% 839,062 0.88 25/10/2019 19/05/2016 Netherlands 8,588,893 9.00 United Kingdom 13,603,954 14.27 EUR 520,000 ABN AMRO Bank EMTN 4.75% 606,040 0.64 GBP 500,000 Centrica EMTN 4.25% 12/09/2044 579,092 0.61 11/01/2019 GBP 520,000 Co-Operative Bank/United Kingdom 696,705 0.73 EUR 250,000 Alliander EMTN 2.875% 14/06/2024 271,709 0.28 4.75% 11/11/2021 GBP 700,000 Allianz Finance II 4.5% 13/03/2043 913,710 0.96 EUR 341,000 FCE Bank EMTN 1.875% 350,064 0.37 18/04/2019 EUR 650,000 BMW Finance EMTN 3.625% 715,638 0.75 29/01/2018 GBP 730,000 HSBC EMTN 6.5% 20/05/2024 1,116,064 1.17 EUR 750,000 British American Tobacco The 862,994 0.91 GBP 400,000 HSBC EMTN 7% 07/04/2038 631,251 0.66 Netherlands EMTN 4% 07/07/2020 GBP 500,000 Investec Bank EMTN 9.625% 731,864 0.77 GBP 380,000 Cooperatieve Centrale Raiffeisen- 469,739 0.49 17/02/2022 Boerenleenbank EMTN 4.625% 23/05/2029 GBP 148,000 LBG Capital No.2 15% 21/12/2019 269,371 0.28 EUR 857,000 Cooperatieve Centrale Raiffeisen- 851,127 0.89 EUR 425,000 Lloyds Bank EMTN 4.625% 468,383 0.49 Boerenleenbank variable 26/05/2026 02/02/2017 EUR 900,000 Deutsche Annington Finance 924,484 0.97 GBP 580,000 Nationwide Building Society variable 730,249 0.77 variable 08/04/2074 perpetual EUR 825,000 Deutsche Telekom International 935,915 0.98 EUR 650,000 Old Mutual EMTN variable perpetual 668,119 0.70 Finance EMTN 6% 20/01/2017 GBP 230,000 Principality Building Society EMTN 268,318 0.28 EUR 160,000 Deutsche Telekom International 259,785 0.27 variable 08/07/2016 Finance EMTN 7.5% 24/01/2033 GBP 920,000 Prudential EMTN variable 1,190,344 1.25 EUR 410,000 Heineken EMTN 2% 06/04/2021 423,731 0.44 19/12/2063 EUR 175,000 Linde Finance variable 14/07/2066 195,954 0.21 EUR 825,000 Royal Bank of Scotland EMTN 5.5% 1,002,158 1.05 23/03/2020 EUR 200,000 Petrobras Global Finance 4.75% 211,981 0.22 14/01/2025 EUR 450,000 Royal Bank of Scotland EMTN 460,993 0.48 variable 25/03/2024 EUR 900,000 Swiss Reinsurance variable perpetual 946,086 0.99 USD 600,000 Royal Bank of Scotland variable 468,328 0.49 Netherlands Antilles 377,961 0.40 perpetual EUR 350,000 Teva Pharmaceutical Finance IV 377,961 0.40 EUR 500,000 Royal Bank of Scotland variable 529,630 0.56 EMTN 2.875% 15/04/2019 perpetual Spain 2,991,928 3.14 EUR 750,000 Severn Trent Utilities Finance EMTN 808,729 0.85 5.25% 11/03/2016 EUR 700,000 Abertis Infraestructuras 2.5% 696,846 0.73 27/02/2025 GBP 693,827 Tesco Property Finance 4 RegS 948,014 0.99 5.801% 13/10/2040 EUR 300,000 Abertis Infraestructuras 4.75% 352,028 0.37 25/10/2019 GBP 400,000 UNITE USAF II 3.374% 30/06/2023 483,169 0.51 EUR 300,000 Banco Bilbao Vizcaya Argentaria 4% 352,851 0.37 GBP 745,000 Virgin Media Secured Finance RegS 963,894 1.01 25/02/2025 5.5% 15/01/2025 EUR 200,000 Banco Enol de Credito 3.5% 208,952 0.22 EUR 190,000 Vodafone EMTN 5.375% 239,215 0.25 18/01/2016 06/06/2022

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 32 AVIVA INVESTORS – EUROPEAN CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Total Transferable Securities Market % Net or Principal Money Market Instruments Value Assets or Principal and Money Market Instruments Value Assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing United States of America 12,007,168 12.60 Australia 146,913 0.15 GBP 285,000 American International 6.765% 406,079 0.43 USD 195,000 Commonwealth Bank of Australia 146,913 0.15 15/11/2017 144A 2.25% 16/03/2017 GBP 400,000 American International EMTN 5% 550,091 0.57 France 1,623,446 1.70 26/04/2023 USD 2,250,000 BNP Paribas 3.25% 03/03/2023 1,623,446 1.70 EUR 850,000 American International variable 891,816 0.94 15/03/2067 United Kingdom 254,705 0.27 GBP 600,000 American International variable 787,956 0.83 USD 350,000 BAT International Finance 144A 254,705 0.27 15/03/2067 3.25% 07/06/2022 EUR 800,000 Citigroup EMTN 7.375% 1,040,040 1.09 Total Transferable Securities and 2,025,064 2.12 04/09/2019 Money Market Instruments dealt on another Regulated Market EUR 950,000 Goldman Sachs EMTN 3.25% 1,024,481 1.07 01/02/2023 Total Investments 89,054,931 93.42 EUR 920,000 Goldman Sachs EMTN 6.375% 1,097,759 1.15 Other Net Assets 6,268,458 6.58 02/05/2018 Net Asset Value 95,323,389 100.00 EUR 1,011,000 Jefferies EMTN 2.375% 20/05/2020 1,023,124 1.07 EUR 900,000 JPMorgan Chase & Co EMTN 2.75% 964,315 1.01 24/08/2022 EUR 1,000,000 JPMorgan Chase & Co EMTN 1,038,902 1.09 2.875% 24/05/2028 EUR 2,500,000 Lehman Brothers EMTN 4.625% 25,250 0.03 14/03/2019 USD 646,000 Massachusetts Institute of 501,901 0.53 Technology 4.678% 01/07/2114 EUR 1,100,000 Metropolitan Life Global Funding I 1,225,246 1.29 EMTN 4.625% 16/05/2017 GBP 530,000 National Capital Trust I RegS variable 701,875 0.74 perpetual EUR 155,000 Philip Morris International 2.75% 162,997 0.17 19/03/2025 EUR 310,000 Procter & Gamble RegS 2% 321,514 0.33 16/08/2022 EUR 235,000 SABMiller EMTN 1.875% 243,822 0.26 20/01/2020 Total Transferable Securities and 87,029,867 91.30 Money Market Instruments Admitted to an Offcial Exchange Listing

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 33 AVIVA INVESTORS – EUROPEAN CORPORATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Australia 1.44 Belgium 1.34 Cayman Islands 3.48 Denmark 1.23 France 13.80 Germany 16.26 Ireland 3.25 Italy 6.41 Jersey 1.17 Luxembourg 1.28 Mexico 0.94 Netherlands 9.00 Netherlands Antilles 0.40 Spain 3.14 Supranational 2.06 Sweden 0.20 United Arab Emirates 0.88 United Kingdom 14.54 United States of America 12.60 Total 93.42

Futures Contracts Quantity Currency Description Maturity date Commitment Unrealised gain/(loss) EUR (10) EUR EURO BOBL FUTURE 08/09/2014 (1,281,300) (7,800) 56 EUR EURO BUND FUTURE 08/09/2014 8,232,560 120,399 122 EUR EURO SHATZ FUTURE 08/09/2014 13,500,520 3,809 (102) GBP LONG GILT FUTURE 26/09/2014 (14,001,800) (12,738) 15 USD US 10 YR NOTE 19/09/2014 1,371,089 (5,820) (24) USD US 5YR NOTE 30/09/2014 (2,093,429) 7,659 (19) USD US LONG BOND FUTURE 19/09/2014 (1,903,131) 9,324 Net Unrealised Gain on Open Futures Contracts 114,833

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR EUR 18,673,964 GBP 15,150,000 07/08/2014 (237,611) EUR 739,015 USD 1,000,000 07/08/2014 8,739 EUR 366,721 USD 500,000 07/08/2014 1,583 EUR 3,698,912 USD 5,060,000 07/08/2014 3,714 Net Unrealised Loss on Open Forward Foreign Exchange Contracts (223,575)

Credit Default Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 1,250,000 CDS EUR Commerzbank 4% 16/09/2020 EUR 20/03/2019 CREDIT SUISSE (13,919) Net Unrealised Loss on Credit Default Swap Contracts (13,919)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 34 AVIVA INVESTORS – EUROPEAN EQUITY FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Austria 2,935,766 1.99 EUR 291,659 Ryanair 2,013,468 1.37 EUR 49,540 Andritz 2,087,863 1.42 EUR 30,223 Ryanair 207,949 0.14 EUR 21,776 Vienna Insurance Wiener 847,903 0.57 Italy 7,357,605 5.00 Versicherung EUR 417,887 Anima 1,842,464 1.25 Belgium 2,789,147 1.90 EUR 131,667 Azimut 2,477,315 1.68 EUR 158,397 Ablynx 1,425,811 0.97 EUR 299,041 Cerved Information Solutions 1,476,066 1.00 EUR 72,268 Ontex 1,363,336 0.93 CHF 7,111 Cosmo Pharmaceuticals 887,878 0.61 Denmark 8,238,379 5.60 CHF 50,820 Newron Pharmaceuticals 673,882 0.46 DKK 49,265 Chr Hansen 1,514,566 1.03 Luxembourg 1,188,076 0.81 DKK 60,200 Genmab 1,873,757 1.27 NOK 87,214 Subsea 7 1,188,076 0.81 DKK 90,244 Novo Nordisk 3,032,829 2.06 Netherlands 7,487,099 5.09 DKK 49,599 Novozymes 'B' 1,817,227 1.24 EUR 30,113 IMCD 678,596 0.46 France 27,589,646 18.75 EUR 192,134 ING 1,971,295 1.34 EUR 75,905 AXA 1,324,732 0.90 EUR 151,423 Unilever 4,837,208 3.29 EUR 62,497 BNP Paribas 3,096,258 2.10 Norway 1,911,884 1.30 EUR 123,697 Coface 1,379,222 0.94 NOK 196,546 Opera Software 1,911,884 1.30 EUR 29,604 Essilor International 2,292,682 1.56 Portugal 2,255,972 1.53 EUR 50,828 Legrand 2,273,663 1.55 EUR 168,955 Galp Energia 2,255,972 1.53 EUR 24,489 Pernod-Ricard 2,147,440 1.46 Spain 5,930,125 4.03 EUR 40,674 Publicis Groupe 2,520,161 1.71 EUR 58,838 Amadeus IT 'A' 1,772,348 1.21 EUR 120,632 Rexel 2,057,982 1.40 EUR 122,280 Applus Services 1,840,925 1.25 EUR 60,845 Schneider Electric 4,183,094 2.84 EUR 4,121 Banco Popular Espanol 20,113 0.01 EUR 32,222 Sodexo 2,531,360 1.72 EUR 401,844 Bankinter 2,296,739 1.56 EUR 32,460 Technip 2,594,365 1.76 Sweden 872,273 0.59 EUR 71,998 Worldline 1,188,687 0.81 SEK 89,458 Swedish Orphan Biovitrum 872,273 0.59 Germany 30,659,144 20.83 Switzerland 33,127,025 22.51 EUR 25,168 Bayerische Motoren Werke 2,335,087 1.59 CHF 174,095 ABB Registered 2,928,678 1.99 EUR 22,750 Bilfnger 1,897,350 1.29 CHF 9,170 Basilea Pharmaceutica Registered 780,177 0.53 EUR 16,493 Brenntag 2,157,284 1.47 CHF 54,426 Companhia Financiere Richemont 4,172,177 2.84 EUR 57,974 Deutsche Boerse 3,296,112 2.24 Registered EUR 22,986 Fresenius & Co KGaA 2,501,451 1.70 CHF 1,293,680 Evolva 1,486,361 1.01 EUR 196,453 Infneon Technologies 1,797,054 1.22 CHF 169,717 Meyer Burger Technology 1,939,464 1.32 EUR 25,820 Morphosys 1,770,606 1.20 CHF 42,774 Roche 9,319,893 6.33 EUR 29,673 MTU Aero Engines 1,990,613 1.35 CHF 959 SGS Registered 1,678,026 1.14 EUR 133,092 SAP 7,525,687 5.11 CHF 18,778 Sonova Registered 2,091,751 1.42 EUR 33,221 Stabilus 799,713 0.54 CHF 10,992 Syngenta Registered 2,989,805 2.03 EUR 46,570 United Internet Registered 1,499,670 1.02 CHF 117,117 Temenos Registered 3,330,251 2.26 EUR 16,107 Volkswagen Preference 3,088,517 2.10 CHF 179,826 UBS Registered 2,410,442 1.64 Ireland 7,737,092 5.26 United Kingdom 7,054,861 4.79 EUR 160,403 Glanbia 1,761,225 1.20 GBP 265,407 Circassia Pharmaceuticals 916,048 0.62 EUR 45,732 Kerry 'A' 2,495,824 1.70 GBP 351,098 Immupharma 234,579 0.16 EUR 26,190 Paddy Power 1,258,626 0.85 GBP 16,452,188 Oxford Biomedica 575,292 0.39

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 35 AVIVA INVESTORS – EUROPEAN EQUITY FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Geographic Breakdown (as a percentage of Net Assets) % Net Assets or Principal Money Market Instruments Value Assets Amount Admitted to an Offcial EUR Austria 1.99 Exchange Listing Belgium 1.90 GBP 81,668 Silence Therapeutics 223,359 0.15 Denmark 5.60 GBP 599,431 Skyepharma 1,824,697 1.24 France 18.75 GBP 1,435,078 Vectura 2,381,453 1.62 Germany 20.83 GBP 276,095 Venture Life 348,247 0.24 Ireland 5.26 GBP 759,451 Vernalis 301,128 0.20 Italy 5.00 GBP 15,111,869 Verona Pharma 250,058 0.17 Luxembourg 0.81 Total Transferable Securities and 147,134,094 99.98 Netherlands 5.09 Money Market Instruments Admitted to an Offcial Exchange Listing Norway 1.30 Total Investments 147,134,094 99.98 Portugal 1.53 Other Net Assets 31,741 0.02 Spain 4.03 Net Asset Value 147,165,835 100.00 Sweden 0.59 Switzerland 22.51 United Kingdom 4.79 Total 99.98

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 36 AVIVA INVESTORS – EUROPEAN EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 37 AVIVA INVESTORS – EUROPEAN EQUITY INCOME FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Austria 1.78 Belgium 0.95 Denmark 0.19 Finland 6.55 France 20.96 Germany 13.93 Italy 5.55 Netherlands 8.92 Portugal 2.37 Spain 8.42 Sweden 6.55 Switzerland 21.94 Total 98.11

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 38 AVIVA INVESTORS – EUROPEAN REAL ESTATE SECURITIES FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 39 AVIVA INVESTORS – EUROPEAN REAL ESTATE SECURITIES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets

France 21.76

Germany 1.98 Greece 0.42 Ireland 2.99 Jersey 3.87 Luxembourg 2.88 Netherlands 3.08

Spain 11.05 Sweden 6.90 United Kingdom 43.86 Total 98.79

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 40 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Australia 1,543,305 1.26 Denmark 469,516 0.38 AUD 1,346,000 Australia Government 3.25% 940,923 0.77 GBP 130,000 DONG Energy EMTN 4.875% 170,765 0.14 21/10/2018 12/01/2032 AUD 425,000 Australia Government 5.25% 322,290 0.26 DKK 2,187,000 Denmark Government 1.5% 298,751 0.24 15/03/2019 15/11/2023 USD 170,000 BHP Billiton Finance 6.5% 149,580 0.12 Finland 197,494 0.16 01/04/2019 EUR 188,000 Finland Government 2% 197,494 0.16 USD 105,000 Rio Tinto Finance USA 3.75% 80,898 0.07 15/04/2024 20/09/2021 France 4,659,032 3.80 USD 50,000 Rio Tinto Finance USA 4.125% 39,312 0.03 20/05/2021 EUR 300,000 AXA EMTN variable 04/07/2043 339,261 0.28 EUR 10,000 Westpac Banking EMTN 2.125% 10,302 0.01 EUR 294,000 AXA EMTN variable perpetual 291,469 0.23 16/02/2016 GBP 117,000 AXA EMTN variable perpetual 160,543 0.13 Austria 3,006,528 2.45 EUR 100,000 Banque PSA Finance EMTN 4.25% 104,271 0.09 EUR 2,688,000 Austria Government 1 1.65% 2,710,445 2.21 25/02/2016 21/10/2024 EUR 126,000 BNP Paribas EMTN 2.375% 127,503 0.10 EUR 274,000 Austria Government 3.2% 296,083 0.24 20/05/2024 20/02/2017 EUR 260,000 BNP Paribas EMTN variable 263,984 0.22 Belgium 1,026,791 0.84 20/03/2026 EUR 17,000 Belgium Government 3% 18,180 0.02 EUR 340,000 Caisse d'Amortissement de la Dette 392,985 0.32 22/06/2034 Sociale 3.375% 25/04/2021 EUR 948,000 Belgium Government 2.25% 1,008,611 0.82 GBP 100,000 Electricite de France EMTN 5.5% 140,943 0.12 22/06/2023 17/10/2041 Bermuda 209,246 0.17 EUR 1,280,000 France Government OAT 1% 1,308,747 1.07 25/05/2019 USD 160,000 Allied World Assurance 7.5% 131,427 0.11 01/08/2016 EUR 565,000 France Government OAT 3.25% 627,947 0.51 25/05/2045 USD 95,000 Weatherford International/Bermuda 77,819 0.06 5.125% 15/09/2020 EUR 500,000 Reseau Ferre de France EMTN 568,787 0.46 4.45% 27/11/2017 Brazil 176,310 0.14 USD 200,000 Total Capital International 2.1% 146,900 0.12 USD 210,000 Brazilian Government 5.875% 176,310 0.14 19/06/2019 15/01/2019 USD 105,000 Total Capital International 2.875% 76,683 0.06 Canada 465,577 0.38 17/02/2022 USD 90,000 Enbridge 4.5% 10/06/2044 65,147 0.05 EUR 100,000 Total Capital International EMTN 109,009 0.09 2.875% 19/11/2025 USD 495,000 Province of Ontario Canada 1.1% 360,234 0.30 25/10/2017 Germany 8,030,672 6.55 USD 50,000 Thomson Reuters 5.65% 40,196 0.03 EUR 465,000 Bayer variable 01/07/2074 470,530 0.38 23/11/2043 EUR 1,554,000 Bundesobligation 1% 22/02/2019 1,603,310 1.31 Cayman Islands 1,262,913 1.03 EUR 1,064,000 Bundesschatzanweisungen 0.25% 1,066,932 0.87 EUR 450,000 Principal Financial Global Funding II 489,720 0.40 11/09/2015 EMTN 4.5% 26/01/2017 EUR 1,631,000 Germany (Bund) 2% 04/01/2022 1,771,864 1.44 GBP 220,000 Thames Water Utilities Cayman 293,837 0.24 Finance EMTN variable 21/07/2025 EUR 552,000 Germany (Bund) 2.5% 15/08/2046 591,102 0.48 USD 250,000 Transocean 6% 15/03/2018 206,420 0.17 EUR 140,000 Germany (Bund) 4.25% 162,841 0.13 04/07/2018 USD 145,000 Vale Overseas 6.875% 21/11/2036 117,410 0.09 EUR 50,000 Germany (Bund) 4.75% 71,974 0.06 GBP 115,000 Yorkshire Water Services Bradford 155,526 0.13 04/07/2034 Finance variable 24/04/2025 EUR 450,000 KFW 3.375% 18/01/2021 522,772 0.43 Colombia 161,710 0.13 AUD 921,000 KFW 3.75% 10/08/2017 648,261 0.53 USD 115,000 Ecopetrol 5.875% 28/05/2045 87,293 0.07 EUR 695,000 KFW EMTN 2.5% 17/01/2022 770,355 0.63 USD 95,000 Ecopetrol 4.25% 18/09/2018 74,417 0.06

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 41 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing EUR 300,000 NRW Bank EMTN 4.25% 350,731 0.29 GBP 85,000 HSBC Bank Capital Funding Sterling 110,829 0.09 29/04/2019 variable perpetual Ireland 342,293 0.28 EUR 165,000 Heathrow Funding 4.375% 179,975 0.15 25/01/2017 EUR 103,000 FGA Capital Ireland EMTN 2.875% 106,892 0.09 26/01/2018 Luxembourg 483,178 0.39 EUR 216,000 Ireland Government 3.4% 235,401 0.19 USD 195,000 ArcelorMittal 4.25% 05/08/2015 146,697 0.12 18/03/2024 EUR 225,000 ArcelorMittal EMTN 2.875% 223,215 0.18 Italy 6,160,475 5.03 06/07/2020 EUR 600,000 Enel variable 10/01/2074 662,860 0.54 EUR 113,000 Wind Acquisition Finance RegS 4% 113,266 0.09 15/07/2020 GBP 136,000 Enel variable 15/09/2076 178,621 0.15 Mexico 783,579 0.64 EUR 185,000 Hera EMTN 2.375% 07/07/2024 185,102 0.15 MXN 6,200,000 Mexican Bonos 6.5% 10/06/2021 374,564 0.31 EUR 200,000 Intesa Sanpaolo EMTN 4% 217,861 0.18 09/11/2017 USD 175,000 Mexican Bonos 6.75% 27/09/2034 165,775 0.13 EUR 150,000 Intesa Sanpaolo EMTN 4% 169,484 0.14 USD 320,000 Mexican Bonos GMTN 3.5% 243,240 0.20 30/10/2023 21/01/2021 EUR 1,010,000 Italy Buoni Poliennali Del Tesoro 1,033,137 0.84 Netherlands 1,778,093 1.45 1.65% 23/04/2020 EUR 112,000 Cooperatieve Centrale Raiffeisen- 111,232 0.09 EUR 1,325,000 Italy Buoni Poliennali Del Tesoro 1,380,294 1.13 Boerenleenbank variable 4.5% 15/07/2015 26/05/2026 EUR 610,000 Italy Buoni Poliennali Del Tesoro 696,358 0.57 EUR 200,000 Deutsche Annington Finance 205,360 0.17 4.75% 01/09/2044 variable 08/04/2074 EUR 1,136,000 Italy Buoni Poliennali Del Tesoro 5% 1,344,656 1.10 USD 225,000 LyondellBasell Industries 5% 185,566 0.15 01/09/2040 15/04/2019 EUR 280,000 Snam EMTN 2.375% 30/06/2017 292,102 0.23 EUR 564,000 Netherlands Government 1.25% 584,012 0.47 15/01/2018 Japan 20,862,688 17.03 EUR 560,000 Netherlands Government 2% 586,802 0.48 JPY 593,600,000 Japan Government Five Year 0.3% 4,300,486 3.51 15/07/2024 20/09/2016 EUR 100,000 Swiss Reinsurance variable 105,121 0.09 JPY 79,500,000 Japan Government Five Year 0.2% 574,946 0.47 perpetual 20/03/2017 New Zealand 117,825 0.10 JPY 787,550,000 Japan Government Five Year 0.2% 5,693,177 4.65 20/09/2018 NZD 196,000 New Zealand Government 3% 117,825 0.10 15/04/2020 JPY 75,000,000 Japan Government Ten Year 1.9% 569,731 0.46 20/06/2017 Poland 756,781 0.62 JPY 89,100,000 Japan Government Ten Year 1.5% 684,686 0.56 PLN 1,549,000 Poland Government 5.5% 381,841 0.31 20/06/2019 25/04/2015 JPY 461,150,000 Japan Government Ten Year Bond 3,364,873 2.75 PLN 683,000 Poland Government 5.5% 184,049 0.15 0.6% 20/03/2023 25/10/2019 JPY 491,350,000 Japan Government Thirty Year 3,556,607 2.90 EUR 150,000 Poland Government EMTN 5.25% 190,891 0.16 1.7% 20/03/2044 20/01/2025 JPY 245,550,000 Japan Government Twenty Year 1,798,237 1.47 Singapore 416,332 0.34 1.5% 20/03/2034 SGD 696,000 Singapore Government 2.25% 416,332 0.34 JPY 24,700,000 Japan Government Twenty Year 204,780 0.17 01/06/2021 2.1% 20/09/2024 Slovakia 75,943 0.06 JPY 13,100,000 Japan Government Twenty Year 113,103 0.09 2.4% 20/06/2028 EUR 69,000 Slovakia Government 3% 75,943 0.06 28/02/2023 JPY 250,000 Japan Government Twenty Year 2,062 - Bond 2.5% 21/12/2020 South Africa 228,869 0.19 Jersey 435,997 0.36 ZAR 3,340,000 Transnet RegS 9.5% 13/05/2021 228,869 0.19 EUR 100,000 AA Bond EMTN 6.269% 145,193 0.12 Spain 4,344,574 3.55 31/07/2025 EUR 200,000 Abertis Infraestructuras 2.5% 198,791 0.16 27/02/2025

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 42 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing EUR 200,000 Banco Bilbao Vizcaya Argentaria 235,234 0.19 GBP 90,000 Principality Building Society EMTN 104,921 0.08 4% 25/02/2025 variable 08/07/2016 EUR 1,928,000 Spain Government 2.75% 1,924,877 1.57 GBP 120,000 Prudential EMTN variable 155,262 0.13 31/10/2024 19/12/2063 EUR 1,050,000 Spain Government 4% 30/07/2015 1,091,383 0.89 EUR 150,000 Royal Bank of Scotland EMTN 153,468 0.12 variable 25/03/2024 EUR 415,000 Spain Government 4.2% 447,616 0.38 31/01/2037 USD 200,000 Royal Bank of Scotland variable 156,484 0.13 perpetual EUR 220,000 Spain Government 5.4% 270,498 0.22 31/01/2023 EUR 100,000 Royal Bank of Scotland variable 105,935 0.09 perpetual USD 75,000 Telefonica Emisiones 5.134% 61,240 0.05 27/04/2020 USD 200,000 Standard Chartered 144A 5.7% 153,614 0.12 26/03/2044 EUR 100,000 Telefonica Emisiones EMTN 5.811% 114,935 0.09 05/09/2017 GBP 168,501 Tesco Property Finance 4 RegS 230,232 0.19 5.801% 13/10/2040 Supranational 1,020,816 0.83 GBP 375,000 UK Treasury 1.25% 22/11/2017 672,206 0.55 SEK 1,705,000 European Investment Bank EMTN 221,834 0.18 5% 01/12/2020 GBP 620,000 UK Treasury 2% 22/01/2016 787,908 0.64 USD 150,000 North American Development Bank 111,182 0.09 GBP 150,000 UNITE USAF II 3.374% 30/06/2023 181,188 0.15 2.3% 10/10/2018 GBP 871,000 United Kingdom Gilt 1.75% 1,073,056 0.88 EUR 554,000 European Investment Bank EMTN 687,800 0.56 22/07/2019 4.125% 15/04/2024 GBP 80,000 United Kingdom Gilt 2.25% 96,510 0.08 Sweden 305,033 0.25 07/09/2023 SEK 2,425,000 Sweden Government 4.25% 305,033 0.25 GBP 617,000 United Kingdom Gilt 2.75% 767,838 0.63 12/03/2019 07/09/2024 Switzerland 183,312 0.15 GBP 1,362,000 United Kingdom Gilt 3.25% 1,646,321 1.34 22/01/2044 USD 250,000 Credit Suisse/New York GMTN 183,312 0.15 1.375% 26/05/2017 GBP 800,000 Virgin Media Secured Finance RegS 1,039,035 0.85 5.5% 15/01/2025 United Kingdom 9,441,022 7.71 United States of America 37,116,984 30.29 USD 160,000 BP Capital Markets 3.561% 122,388 0.10 01/11/2021 USD 105,000 Actavis 1.875% 01/10/2017 77,435 0.06 USD 250,000 BP Capital Markets 4.5% 202,312 0.16 USD 85,000 Aetna 4.75% 15/03/2044 65,528 0.05 01/10/2020 USD 40,226 Ally Auto Receivables Trust 0.74% 29,417 0.01 GBP 120,000 Co-Operative Bank/United 160,778 0.13 15/04/2016 Kingdom 4.75% 11/11/2021 USD 105,000 American International 3.375% 79,801 0.07 GBP 120,000 Eversholt Funding EMTN 6.697% 184,392 0.15 15/08/2020 22/02/2035 EUR 200,000 American International variable 209,875 0.17 EUR 100,000 FCE Bank EMTN 1.875% 102,658 0.08 15/03/2067 18/04/2019 GBP 950,000 American International variable 1,247,596 1.02 GBP 142,000 HSBC EMTN 6.5% 20/05/2024 217,097 0.18 15/03/2067 GBP 100,000 HSBC EMTN 7% 07/04/2038 157,813 0.13 USD 90,000 American Tower 7.25% 79,612 0.06 15/05/2019 GBP 146,000 Intu Metrocentre Finance 4.125% 184,407 0.15 06/12/2023 USD 190,000 Anadarko Petroleum 6.375% 159,892 0.13 15/09/2017 GBP 140,000 Investec Bank EMTN 9.625% 205,139 0.17 17/02/2022 USD 110,000 Anheuser-Busch InBev Worldwide 77,125 0.06 2.5% 15/07/2022 GBP 100,000 LBG Capital No.2 15% 21/12/2019 181,706 0.15 USD 100,000 AT&T 3.875% 15/08/2021 77,823 0.06 GBP 90,000 Nationwide Building Society 113,314 0.09 variable perpetual USD 115,000 AT&T 4.8% 15/06/2044 86,089 0.07 GBP 103,000 Notting Hill Housing Trust 4.375% 130,803 0.11 USD 220,000 Bank of America 2.65% 163,050 0.13 20/02/2054 01/04/2019 EUR 150,000 Old Mutual EMTN variable 154,237 0.13 USD 190,000 Bank of America GMTN 6.4% 158,632 0.13 perpetual 28/08/2017

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 43 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing USD 160,000 Boardwalk Pipelines 5.75% 128,767 0.11 USD 658,944 Freddie Mac Gold Pool 4.5% 526,746 0.43 15/09/2019 01/11/2043 USD 210,000 Burlington Northern Santa 3.85% 160,075 0.13 USD 155,000 General Electric Capital 5.625% 128,251 0.10 01/09/2023 15/09/2017 USD 85,000 Burlington Northern Santa 4.9% 66,631 0.05 USD 105,000 Genworth 7.7% 15/06/2020 94,745 0.08 01/04/2044 USD 5,000,000 GNMA 2012-58 IO variable 283,282 0.23 USD 90,000 CA 2.875% 15/08/2018 67,316 0.05 16/02/2053 USD 250,000 Capital One Bank USA 1.3% 182,665 0.15 USD 3,196,757 GNMA 2014-73 IO variable 164,273 0.13 05/06/2017 16/04/2056 USD 260,000 Chase Issuance Trust FRN 190,625 0.16 USD 7,793,266 GNMA 2014-75 IO variable 393,135 0.32 15/09/2020 16/08/2054 USD 392,000 Citibank Credit Card Issuance Trust 287,773 0.23 USD 145,000 Goldman Sachs 5.625% 116,622 0.10 FRN 10/09/2020 15/01/2017 USD 110,000 Citigroup 2.55% 08/04/2019 81,061 0.07 USD 150,000 Goldman Sachs 5.95% 15/01/2027 125,087 0.10 USD 310,000 Citigroup 6.125% 21/11/2017 259,166 0.21 USD 65,000 Goldman Sachs 6.25% 01/09/2017 54,087 0.04 USD 95,000 CMS Energy 8.75% 15/06/2019 89,545 0.07 USD 13,204,754 Government National Mortgage 487,780 0.40 Association variable 16/01/2055 USD 80,000 ConocoPhillips 6.95% 15/04/2029 80,216 0.07 USD 9,410,083 Government National Mortgage 380,895 0.31 USD 122,614 Credit Suisse First Boston Mortgage 92,214 0.08 Association variable 16/01/2055 Securities variable 15/08/2038 USD 7,584,978 Government National Mortgage 392,129 0.32 USD 75,000 Credit Suisse First Boston Mortgage 57,245 0.05 Association variable 16/02/2054 Securities variable 15/08/2038 USD 6,668,429 Government National Mortgage 220,205 0.18 USD 80,000 Crown Castle GS V/Crown Castle 58,766 0.05 Association variable 16/05/2051 GS III 3.849% 15/04/2023 USD 12,405,253 Government National Mortgage 411,603 0.34 USD 140,000 Dollar General 4.125% 15/07/2017 109,533 0.09 Association variable 16/10/2054 USD 145,000 DR Horton 4.75% 15/05/2017 112,789 0.09 USD 100,000 Halliburton 4.75% 01/08/2043 79,367 0.06 USD 110,000 Duke Energy 1.625% 15/08/2017 81,108 0.07 USD 40,000 HCP 6.7% 30/01/2018 34,093 0.03 USD 125,000 Edison International 3.75% 97,489 0.07 USD 80,000 Health Care 3.75% 15/03/2023 58,720 0.05 15/09/2017 USD 250,000 HSBC Bank 6% 09/08/2017 205,869 0.17 USD 155,000 Energy Transfer Partners 4.15% 119,848 0.10 01/10/2020 USD 75,000 International Paper 4.8% 55,429 0.05 15/06/2044 USD 160,000 Enterprise Products Operating 133,596 0.11 5.2% 01/09/2020 USD 110,000 Interpublic Group of Cos 4% 82,805 0.07 15/03/2022 USD 518,721 Fannie Mae Pool 3.5% 01/01/2044 387,338 0.32 EUR 239,000 Jefferies EMTN 2.375% 241,866 0.20 USD 312,304 Fannie Mae Pool 3.5% 01/01/2044 233,198 0.19 20/05/2020 USD 640,254 Fannie Mae Pool 3.5% 01/02/2043 478,199 0.39 USD 90,000 JP Morgan Chase Commercial 70,759 0.06 USD 1,165,087 Fannie Mae Pool 3.5% 01/08/2043 869,994 0.71 Mortgage Securities Care UK Health & Social Care variable USD 260,081 Fannie Mae Pool 3.5% 01/10/2042 194,252 0.16 15/04/2045 USD 2,295,643 Fannie Mae Pool 4% 01/02/2044 1,771,724 1.45 USD 15,000 JP Morgan Chase Commercial 11,620 0.01 Mortgage Securities Care UK USD 195,000 Fifth Third Bancorp variable 142,319 0.12 Health & Social Care variable perpetual 15/12/2044 USD 3,600,000 FNMA Pool N° 5% 25/07/2044 2,920,243 2.38 USD 175,000 JPMorgan Chase & Co. 4.85% 135,040 0.11 USD 200,000 Ford Motor Credit 5% 15/05/2018 162,647 0.13 01/02/2044 USD 2,951,764 Freddie Mac Gold Pool 3.5% 2,201,280 1.80 USD 200,000 JPMorgan Chase & Co. variable 146,309 0.12 01/12/2043 perpetual USD 786,329 Freddie Mac Gold Pool 4% 608,428 0.50 USD 250,000 JPMorgan Chase Bank 6% 207,852 0.17 01/11/2043 01/10/2017 USD 1,430,022 Freddie Mac Gold Pool 4.5% 1,143,221 0.93 USD 200,000 Kinder Morgan Energy Partners 166,811 0.14 01/03/2044 5.95% 15/02/2018

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 44 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing USD 215,000 Kroger Co/The 3.3% 15/01/2021 160,986 0.13 USD 255,000 Walt Disney GMTN 4.125% 184,040 0.15 01/06/2044 USD 135,000 Lennar 4.75% 15/12/2017 104,764 0.09 USD 80,000 Watson Pharmaceuticals 6.125% 68,718 0.06 USD 40,000 Lorillard Tobacco 7% 04/08/2041 35,875 0.03 15/08/2019 USD 90,000 Los Angeles Community College 79,776 0.07 USD 155,000 WellPoint 2.3% 15/07/2018 115,446 0.09 District 5.755% 01/07/2029 USD 100,000 WellPoint 2.375% 15/02/2017 75,148 0.06 USD 95,000 Macy's Retail 5.9% 01/12/2016 77,369 0.06 USD 90,000 Western Gas Partners 5.45% 72,685 0.06 USD 45,000 McDonald's MTN 3.7% 30,424 0.02 01/04/2044 15/02/2042 USD 200,000 WF-RBS Commercial Mortgage 147,608 0.12 USD 190,000 Merck Sharp & Dohme 5% 158,079 0.13 Trust 1.829% 15/11/2045 30/06/2019 USD 140,000 Williams Partners 4.9% perpetual 102,334 0.08 GBP 150,000 Merrill Lynch & Co EMTN 7.75% 221,233 0.18 30/04/2018 USD 145,000 Xcel Energy 4.7% 15/05/2020 118,458 0.10 EUR 220,000 Metropolitan Life Global Funding I 229,835 0.19 Total Transferable Securities and 106,062,888 86.56 EMTN 2.375% 11/01/2023 Money Market Instruments Admitted to an Offcial Exchange Listing EUR 550,000 Metropolitan Life Global Funding I 612,623 0.50 EMTN 4.625% 16/05/2017 USD 235,000 Morgan Stanley 5.95% 28/12/2017 195,562 0.16 Number of shares Total Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value Assets USD 125,000 Morgan Stanley Capital I variable 99,774 0.08 Amount on another Regulated Market EUR 12/02/2044 Australia 49,343 0.04 GBP 530,000 National Capital Trust RegS variable 701,875 0.57 perpetual AUD 60,000 Telstra 7.75% 15/07/2020 49,343 0.04 USD 120,000 National Retail Properties 3.9% 88,340 0.07 Brazil 121,681 0.10 15/06/2024 USD 170,000 Caixa Economica Federal 144A 121,681 0.10 USD 230,000 Oracle 2.5% 15/10/2022 161,015 0.13 2.375% 06/11/2017 USD 90,000 Petrohawk Energy 7.25% 68,857 0.06 Canada 3,273,692 2.66 15/08/2018 CAD 365,000 AltaGas MTN 4.55% 17/01/2019 271,947 0.22 USD 100,000 PPL Capital Funding 5% 78,924 0.06 CAD 550,000 Bell Canada MTN 3.5% 10/09/2018 394,408 0.32 15/03/2044 CAD 328,000 Brookfeld Renewable Energy 250,297 0.20 USD 55,000 Qwest 6.75% 01/12/2021 46,577 0.04 Partners ULC MTN 5.14% USD 200,000 SABMiller 144A 2.2% 01/08/2018 147,761 0.12 13/10/2020 USD 170,000 State of California 6.65% 154,604 0.13 CAD 1,237,000 Canadian Government 1.25% 845,471 0.69 01/03/2022 01/03/2018 USD 91,000 TECO Finance 5.15% 15/03/2020 75,167 0.06 CAD 75,000 Canadian Government 4% 63,103 0.05 01/06/2041 USD 115,000 Time Warner 4.65% 01/06/2044 82,725 0.07 CAD 170,000 Canadian Government International 116,817 0.10 USD 150,000 Toll Brothers Finance 4% 113,118 0.09 Bond 2.75% 01/12/2064 31/12/2018 USD 105,000 Kinross Gold 144A 5.95% 79,943 0.06 USD 3,920,000 US Treasury 0.25% 31/12/2015 2,863,314 2.34 15/03/2024 USD 8,464,000 US Treasury 1.5% 31/12/2018 6,185,801 5.05 USD 65,000 Kinross Gold 3.625% 01/09/2016 49,491 0.04 USD 2,052,000 US Treasury 3.75% 15/11/2043 1,618,873 1.32 CAD 320,000 Pembina Pipeline MTN 4.81% 229,116 0.19 USD 160,000 Verizon Communications 5.05% 125,117 0.10 25/03/2044 15/03/2034 CAD 300,000 Province of Alberta Canada 4.5% 239,523 0.19 USD 45,000 Verizon New York 7.375% 40,842 0.03 01/12/2040 01/04/2032 CAD 300,000 Province of British Columbia 4.3% 233,181 0.19 USD 205,000 Wal-Mart Stores 3.25% 157,457 0.13 18/06/2042 25/10/2020 CAD 357,000 Province of Ontario Canada 3.15% 252,060 0.21 USD 110,000 Wal-Mart Stores 4.3% 22/04/2044 81,484 0.07 02/06/2022 USD 75,000 Wal-Mart Stores 7.55% 77,870 0.06 USD 240,000 Xstrata Finance Canada 144A 189,405 0.15 15/02/2030 4.95% 15/11/2021

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 45 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Total Transferable Securities and Market % Net Number of shares Total Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value Assets or Principal Money Market Instruments dealt Value Assets Amount on another Regulated Market EUR Amount on another Regulated Market EUR USD 80,000 Yamana Gold 144A 4.95% 58,930 0.05 USD 135,000 Five Corners Funding Trust 144A 104,158 0.08 15/07/2024 4.419% 15/11/2023 Cayman Islands 155,472 0.13 USD 220,000 Freeport-McMoRan Copper & Gold 163,223 0.13 2.375% 15/03/2018 USD 190,000 Vale Overseas 6.25% 23/01/2017 155,472 0.13 USD 130,000 General Motors 144A 6.25% 109,429 0.09 France 500,251 0.41 02/10/2043 USD 385,000 BNP Paribas 3.25% 03/03/2023 278,232 0.23 USD 30,000 General Motors Financial 2.75% 22,281 0.02 USD 180,000 Credit Agricole RegS variable 139,932 0.11 15/05/2016 perpetual USD 215,000 Georgia 4.503% 01/11/2025 176,270 0.14 USD 105,000 Electricite de France 144A 4.875% 82,087 0.07 USD 6,494,903 Government National Mortgage 375,622 0.31 22/01/2044 Association 1% 16/03/2056 Malaysia 227,845 0.19 USD 7,895,335 Government National Mortgage 364,740 0.30 MYR 973,000 Malaysia Government 4.378% 227,845 0.19 Association variable 16/02/2052 29/11/2019 USD 135,000 Ipalco Enterprises 144A 7.25% 107,968 0.09 Mexico 225,111 0.18 01/04/2016 USD 120,000 Petroleos Mexicanos 144A 6.375% 101,998 0.08 USD 160,000 Kraft Foods 2.25% 05/06/2017 120,130 0.10 23/01/2045 USD 155,000 Massachusetts Institute of 121,100 0.10 USD 160,000 Petroleos Mexicanos 3.5% 123,113 0.10 Technology 4.678% 01/07/2114 18/07/2018 USD 240,000 McDonald's 3.625% 01/05/2043 158,670 0.13 United Kingdom 206,816 0.17 USD 190,000 Monsanto 4.7% perpetual 139,980 0.11 USD 280,000 Rio Tinto Finance USA 1.375% 206,816 0.17 USD 120,000 Morgan Stanley variable perpetual 89,354 0.07 17/06/2016 USD 95,000 NBCUniversal Media 5.15% 79,725 0.07 United States of America 5,979,042 4.88 30/04/2020 USD 220,000 AbbVie 1.75% 06/11/2017 161,691 0.13 USD 135,000 Progressive variable 15/06/2037 109,835 0.09 USD 120,000 Allstate variable 15/05/2037 94,219 0.08 USD 195,000 Puget Energy 6.5% 15/12/2020 171,936 0.14 USD 200,000 Apple 2.85% 06/05/2021 147,563 0.12 USD 95,000 RLI 4.875% 15/09/2023 71,161 0.06 USD 105,000 Celgene 1.9% 15/08/2017 77,868 0.06 USD 180,000 Santa Clara Valley Transportation 156,851 0.13 USD 100,000 Celgene 4.625% 15/05/2044 73,448 0.06 Authority 5.876% 01/04/2032 USD 220,000 Cisco Systems 2.9% 04/03/2021 163,397 0.13 USD 100,000 Simon Property 144A 1.5% 72,596 0.06 01/02/2018 USD 175,000 Citigroup variable perpetual 130,771 0.11 USD 2,217,200 US Treasury 1.75% 15/05/2023 1,534,128 1.25 USD 100,000 CNA Financial 3.95% 15/05/2024 75,515 0.06 USD 800 US Treasury 3.125% 15/02/2042 565 - USD 155,000 CNH Capital 6.25% 01/11/2016 123,398 0.10 USD 75,000 WM Wrigley 144A 1.4% 55,189 0.05 USD 240,000 Comcast 5.65% 15/06/2035 207,488 0.17 21/10/2016 USD 75,000 Commonwealth of Massachusetts 62,134 0.05 Total Transferable Securities and 10,739,253 8.76 4.91% 01/05/2029 Money Market Instruments dealt on another Regulated Market USD 60,000 County of Clark Airport System 60,440 0.05 Revenue 6.82% 01/07/2045 Total Investments 116,802,141 95.32 USD 150,000 DIRECTV 5% 01/03/2021 122,476 0.10 Other Net Liabilities 5,721,650 4.67 USD 235,000 El Paso Pipeline Partners Operating 173,723 0.14 Net Asset Value 122,523,791 100.00 4.3% 01/05/2024

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 46 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets

Australia 1.30

Austria 2.45 Belgium 0.84 Bermuda 0.17 Brazil 0.24 Canada 3.04 Cayman Islands 1.16

Colombia 0.13

Denmark 0.38 Finland 0.16 France 4.21 Germany 6.55 Ireland 0.28 Italy 5.03

Japan 17.03

Jersey 0.36 Luxembourg 0.39 Malaysia 0.19 Mexico 0.82 Netherlands 1.45 New Zealand 0.10

Poland 0.62 Singapore 0.34 Slovakia 0.06 South Africa 0.19 Spain 3.55 Supranational 0.83 Sweden 0.25 Switzerland 0.15 United Kingdom 7.88 United States of America 35.17 Total 95.32

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 47 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Futures Contracts Quantity Currency Description Maturity date Commitment Unrealised gain/(loss) EUR 16 EUR EURO SHATZ FUTURE 08/09/2014 1,770,560 500 4 CHF SWISS FED BND 08/09/2014 488,106 4,218 (1) USD US 5YR NOTE 30/09/2014 (87,252) 293 (13) GBP LONG GILT FUTURE 26/09/2014 (1,784,543) (1,623) 8 EUR EURO BTP FUTURE 08/09/2014 1,009,440 20,160 30 KRW KOREA 3YRS BND 16/09/2014 2,304,833 3,248 (9) EUR EURO OAT FUTURE 08/09/2014 (1,264,770) (23,310) 10 EUR EURO BOBL FUTURE 08/09/2014 1,281,300 4,600 (17) EUR EURO BUND FUTURE 08/09/2014 (2,499,170) (24,310) (17) EUR EURO BUND FUTURE 08/09/2014 (294,020) (4,324) (17) EUR EURO BUND FUTURE 08/09/2014 (147,010) (1,850) 26 USD US 2 YR NOTE 30/09/2014 4,170,060 (3,492) 2 USD US 10 YR NOTE 19/09/2014 182,846 (742) (3) USD US LONG BOND FUTURE 19/09/2014 (300,597) 1,369 Net Unrealised Loss on Open Futures Contracts (25,263)

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR AUD 10,304,000 EUR 7,011,957 07/07/2014 88,531 AUD 9,988,000 EUR 6,864,921 07/08/2014 110 EUR 6,854,647 AUD 9,950,000 07/07/2014 (1,899) EUR 244,023 AUD 354,000 07/07/2014 82 EUR 1,046,122 AUD 1,528,840 09/07/2014 (7,237) EUR 957,837 AUD 1,391,000 30/07/2014 1,200 EUR 135,209 CAD 200,000 09/07/2014 (1,904) EUR 1,729,793 CAD 2,576,144 09/07/2014 (36,329) EUR 1,018,734 CAD 1,489,000 30/07/2014 (1,388) EUR 290,694 DKK 2,167,000 30/07/2014 15 EUR 88,060,373 GBP 70,480,000 07/07/2014 47,469 EUR 24,782 GBP 20,000 09/07/2014 (193) EUR 5,150,932 GBP 4,178,632 09/07/2014 (67,066) EUR 7,267,964 GBP 5,826,000 30/07/2014 (5,256) EUR 2,361,112 JPY 329,280,000 09/07/2014 (12,971) EUR 18,581,779 JPY 2,579,779,000 30/07/2014 (19,935) EUR 361,156 MXN 6,417,000 30/07/2014 699 EUR 120,470 NZD 189,000 30/07/2014 (44) EUR 563,608 PLN 2,348,000 30/07/2014 60 EUR 218,150 SEK 1,980,000 09/07/2014 1,867 EUR 337,900 SEK 3,089,000 30/07/2014 587

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 48 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Forward Foreign Exchange Contracts (Continued) Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR EUR 418,697 SGD 712,000 30/07/2014 1,600 EUR 894,660 USD 1,220,000 09/07/2014 3,625 EUR 32,971,193 USD 44,667,365 11/07/2014 348,356 EUR 16,024 USD 21,705 11/07/2014 172 EUR 96,550 USD 131,449 11/07/2014 547 EUR 72,000 USD 98,207 11/07/2014 275 EUR 12,108,459 USD 16,494,000 30/07/2014 62,928 EUR 223,765 ZAR 3,238,000 30/07/2014 2,624 GBP 70,480,000 EUR 86,619,819 07/07/2014 1,393,085 GBP 81,141 EUR 100,000 09/07/2014 1,324 GBP 71,064,000 EUR 88,758,771 07/08/2014 (50,378) USD 763,444 EUR 563,369 11/07/2014 (5,788) USD 49,523 KRW 50,555,000 25/07/2014 (306) USD 309,030 MYR 995,000 25/07/2014 (591) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 1,743,871

OTC Options Contracts Buy/Sell Quantity/ Description Currency Maturity date Counterparty Commitment Market Value Nominal amount USD Buy 345,000 BNP Paribas Swaption CALL GBP 16/04/2029 BNP PARIBAS SA 1,242,000 26,310 3.6% 6M LIBOR Buy 12,220,000 CITI Global Market Swaption EUR 19/08/2014 CITI Global 6,232,200 308 CALL 0.51% 6M EURIBOR Total Listed Options Contracts at Market Value 26,618

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 49 AVIVA INVESTORS – GLOBAL AGGREGATE BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Interest Rate Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 30,000,000 IRS EUR Pay Floating EURIBOR 3 Month +0.027% EUR 30/06/2041 DEUTSCHE BANK (12,275) Received Floating EURIBOR 6 Month 30/06/41 AG L Buy 245,550,000 IRS JPY Pay Fixed 1.6% JPY 20/03/2034 UBS (51,492) Received Floating LIBOR 6 Month 20/03/34 Buy 11,355,000 IRS CHF Pay Fixed 0.0625% CHF 19/05/2017 GOLDMAN SACHS 10,631 Received Floating LIBOR 6 Month 19/05/17 INTL Buy 2,281,855,000 IRS JPY Pay Floating LIBOR 6 Month JPY 20/05/2026 UBS 30,422 Received Fixed 1.95% 20/05/26 Buy 2,189,660,000 IRS JPY Pay Floating LIBOR 6 Month JPY 20/05/2021 UBS 30,687 Received Fixed 0.9% 20/05/21 Buy 2,969,540,000 IRS JPY Pay Fixed 1.435% JPY 20/05/2024 UBS (52,486) Received Floating LIBOR 6 Month 20/05/24 Buy 368,000 IRS GBP Pay Floating LIBOR 6 Month GBP 10/06/2044 DEUTSCHE BANK 4,210 Received Fixed 3.285% 10/06/44 AG L Buy 811,000 IRS GBP Pay Fixed 2.79% GBP 10/06/2024 DEUTSCHE BANK (3,039) Received Floating LIBOR 6 Month 10/06/24 AG L Buy 355,000 IRS GBP Pay Floating LIBOR 6 Month GBP 11/06/2044 DEUTSCHE BANK 4,703 Received Fixed 3.2925% 11/06/44 AG L Buy 782,000 IRS GBP Pay Fixed 2.8% GBP 11/06/2024 DEUTSCHE BANK (3,737) Received Floating LIBOR 6 Month 11/06/24 AG Net Unrealised Loss on Interest Rate Swap Contracts (42,376)

Infation Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 5,180,000 Pay foating rate 1 month France CPI EUR 24/02/2020 CITI GLOBAL 43,270 Receive fxed rate 1.44% 24/02/2020 Buy 5,180,000 Receive foating rate 1 month France CPI EUR 24/02/2018 CITI GLOBAL (52,212) Pay fxed rate 1.23% 24/02/2018 Net Unrealised Loss on Infation Swap Contracts (8,942)

Credit Default Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 1,200,000 ITRX EUR Senior Financials Series 19 01/06/2018 EUR 20/06/2018 MORGAN STANLEY (21,753) INT Buy 340,000 CDS EUR Commerzbank 4% 16/09/2020 EUR 20/03/2019 CREDIT SUISSE (3,610) Buy 1,000,000 ITRX EUR Crossover Series 21 20/6/2019 EUR 20/06/2019 DEUTSCHE BANK (118,159) AG Net Unrealised Gain on Interest Rate Swap Contracts (143,522)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 50 AVIVA INVESTORS – GLOBAL BOND ABSOLUTE RETURN FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Austria 8.20 Canada 7.93 France 0.39 Germany 0.40 Italy 33.10 Japan 4.26 Netherlands 0.42 Spain 11.59 Sweden 22.63 United Kingdom 0.65 United States of America 0.84 Total 90.41

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 51 AVIVA INVESTORS – GLOBAL BOND ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Futures Contracts Quantity Currency Description Maturity date Commitment Unrealised gain/(loss) EUR (15) EUR EURO BTP FUTURE 08/09/2014 (1,892,700) (37,800) (17) EUR EURO OAT FUTURE 08/09/2014 (2,389,010) (44,030) (14) EUR EURO BUND FUTURE 08/09/2014 (2,058,140) (20,020) Net Unrealised Loss on Open Futures Contracts (101,850)

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR EUR 20,658 AUD 30,000 30/07/2014 26 EUR 1,990,943 CAD 2,910,000 30/07/2014 (2,712) EUR 14,002,449 GBP 11,207,000 07/07/2014 7,548 EUR 1,193,863 GBP 957,000 30/07/2014 (863) EUR 1,036,059 JPY 143,840,000 30/07/2014 (1,112) EUR 3,497,136 SEK 31,970,000 30/07/2014 6,079 EUR 2,338,150 USD 3,185,000 30/07/2014 12,152 GBP 11,207,000 EUR 13,773,387 07/07/2014 221,513 GBP 11,224,000 EUR 14,018,750 07/08/2014 (7,957) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 234,674

OTC Options Contracts Buy/Sell Quantity/ Description Currency Maturity date Counterparty Commitment Market Value Nominal amount USD Buy 225,000 BNP Paribas Swaption CALL GBP 16/04/2029 BNP PARIBAS SA 810,000 17,158 3.6% 6M LIBOR Buy 6,940,000 CITI Global Market Swaption EUR 19/08/2014 CITI Global 3,539,400 175 CALL 0.51% 6M EURIBOR Total Listed Options Contracts at Market Value 17,333

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 52 AVIVA INVESTORS – GLOBAL BOND ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Interest Rate Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 5,810,000 IRS CHF Pay Fixed 0.0625% CHF 19/05/2017 GOLDMAN SACHS 5,440 Received Floating LIBOR 6 Month 19/05/17 INTL Buy 1,193,900,000 IRS JPY Pay Floating LIBOR 6 Month JPY 20/05/2021 UBS 16,732 Received Fixed 0.9% 20/05/21 Buy 1,619,120,000 IRS JPY Pay Fixed 1.435% JPY 20/05/2024 UBS (28,617) Received Floating LIBOR 6 Month 20/05/24 Buy 435,000 IRS GBP Pay Fixed 2.79% GBP 10/06/2024 DEUTSCHE (1,630) Received Floating LIBOR 6 Month 10/06/24 BANK AG L Buy 410,000 IRS GBP Pay Fixed 2.8% GBP 11/06/2024 DEUTSCHE (1,959) Received Floating LIBOR 6 Month 11/06/24 BANK AG L Buy 1,244,165,000 IRS JPY Pay Floating LIBOR 6 month JPY 20/05/2026 UBS 16,587 Received Fixed 1.95% 20/05/26 Buy 146,150,000 IRS JPY Pay Fixed 1.6% JPY 20/03/2034 UBS (30,648) Received Floating LIBOR 6 Month 20/03/34 Buy 197,000 IRS GBP Pay Floating LIBOR 6 Month GBP 10/06/2044 DEUTSCHE 2,254 Received Fixed 3.285% 10/06/44 BANK AG L Buy 192,000 IRS GBP Pay Floating LIBOR 6 Month GBP 11/06/2044 DEUTSCHE 2,543 Received Fixed 3.2925% 11/06/44 BANK AG L Net Unrealised Loss on Interest Rate Swap Contracts (19,298)

Infation Swap Contracts Buy/Sell Nominal Value Description Currency Maturity date Counterparty Unrealised gain/(loss) EUR Buy 3,215,000 Receive foating rate 1 month France CPI EUR 24/02/2018 CITI GLOBAL (32,406) Pay fxed rate 1.23% 24/02/2018 Buy 3,215,000 Pay foating rate 1 month France CPI EUR 24/02/2020 CITI GLOBAL 26,856 Receive fxed rate 1.44% 24/02/2020 Net Unrealised Loss on Infation Swap Contracts (5,550)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 53 AVIVA INVESTORS – GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Australia 15,821,735 2.88 USD 5,000,000 Sterlite Industries India 4% 5,025,000 0.91 30/10/2014 AUD 3,500,000 Beach Energy 3.95% 03/04/2017 3,670,375 0.67 USD 7,900,000 Tata Power 1.75% 21/11/2014 8,607,050 1.57 AUD 5,000,000 CFS Retail Property Trust 5.075% 4,728,099 0.86 21/08/2014 USD 6,900,000 Tata Steel 4.5% 21/11/2014 7,000,085 1.27 AUD 3,640,000 CFS Retail Property Trust 5.75% 3,643,142 0.66 USD 1,000,000 Welspun 4.5% 17/10/2014 1,017,500 0.19 04/07/2016 Jersey 38,371,805 6.98 AUD 4,000,000 Western Areas 6.375% 02/07/2014 3,780,119 0.69 EUR 8,000,000 Magnolia Finance variable 10,784,630 1.96 Bermuda 9,214,570 1.68 perpetual CNY 45,000,000 China Daye Non-Ferrous Metals 6,794,492 1.24 USD 19,000,000 Vedanta Resources Jersey 5.5% 19,573,895 3.56 Mining 0.5% 30/05/2018 13/07/2016 HKD 18,000,000 REXLot 4.5% 17/04/2019 2,420,078 0.44 USD 8,000,000 Vedanta Resources Jersey II 4% 8,013,280 1.46 30/03/2017 British Virgin Islands 29,111,280 5.30 Malaysia 20,042,584 3.65 USD 8,000,000 Crotona Assets 4% 14/04/2019 7,998,080 1.46 SGD 4,000,000 Indah Capital RegS 0% 24/10/2018 3,318,494 0.61 USD 16,000,000 Newford Capital 0% 12/05/2016 17,108,480 3.11 USD 17,000,000 Pulai Capital 0% 22/03/2019 16,724,090 3.04 USD 4,000,000 PB Issuer No 2 1.75% 12/04/2016 4,004,720 0.73 Marshall Islands 10,503,110 1.91 Canada 5,553,838 1.01 USD 7,500,000 DryShips 5% 01/12/2014 7,426,500 1.35 CAD 1,000,000 Aecon 7% 30/09/2014 951,838 0.17 USD 2,900,000 Scorpio Tankers 144A 2.375% 3,076,610 0.56 USD 4,800,000 Just Energy 6.5% 29/07/2019 4,602,000 0.84 01/07/2019 Cayman Islands 55,054,851 10.02 Singapore 16,258,870 2.96 HKD 40,000,000 Biostime International 0% 5,016,651 0.91 SGD 3,000,000 CapitaLand RegS 1.85% 2,292,143 0.42 20/02/2019 19/06/2020 USD 3,000,000 China Hongqiao 6.5% 10/04/2017 3,414,990 0.62 SGD 8,000,000 CapitaLand RegS 2.875% 6,584,944 1.20 HKD 109,000,000 China Overseas Grand Oceans 14,167,672 2.58 03/09/2016 Finance Cayman step coupon 2% SGD 9,000,000 Suntec Real Estate Investment Trust 7,381,783 1.34 21/03/2017 RegS 1.4% 18/03/2018 HKD 20,000,000 China Precious Metal Resources 1,383,808 0.25 South Korea 4,608,975 0.84 7.25% 04/02/2018 USD 5,000,000 Celltrion 2.75% 27/03/2018 4,608,975 0.84 CNY 24,000,000 Fufeng 3% 27/11/2018 3,963,578 0.72 Sweden 6,712,232 1.22 USD 3,000,000 Haitian International 2% 3,094,230 0.56 13/02/2019 SEK 44,000,000 SAS AB 7.5% 01/04/2015 6,712,232 1.22 HKD 10,000,000 Shenzhou International 0.5% 1,308,812 0.24 Thailand 4,267,700 0.78 18/06/2019 USD 4,000,000 CP Foods 0.5% 15/01/2019 4,267,700 0.78 CNH 32,900,000 Shui On Land 4.5% 29/09/2015 5,250,288 0.96 Taiwan 4,096,743 0.75 USD 8,000,000 SINA 144A 1% 01/12/2018 7,324,600 1.33 USD 4,200,000 United Microelectronics 0% 4,096,743 0.75 USD 7,500,000 Soufun 144A 2% 15/12/18 6,859,950 1.25 02/12/2014 USD 3,200,000 Zhen Ding Technology 0% 3,270,272 0.60 United Kingdom 5,054,125 0.91 26/06/2019 USD 5,000,000 Hochschild Mining 5.75% 5,054,125 0.91 Mauritius 4,984,150 0.91 20/10/2014 USD 5,000,000 Golden Agri-Resources RegS 2.5% 4,984,150 0.91 United States of America 151,264,024 27.51 04/10/2017 USD 7,000,000 American Energy - Utica 144A 7,465,500 1.36 India 32,110,515 5.84 3.5% 01/03/2021 USD 3,000,000 Jaiprakash Associates 5.75% 3,184,500 0.58 USD 10,000,000 Annaly Capital Management 5% 10,233,450 1.86 08/09/2017 15/05/2015 USD 3,500,000 Jaiprakash Power Ventures 5% 3,796,380 0.69 USD 10,000 Barnes & Noble 7.75% 18/08/2021 14,280,200 2.60 13/02/2015 USD 2,250,000 BPZ Resources 6.5% 01/03/2015 2,304,844 0.42 USD 3,000,000 Sintex Industries step coupon 3,480,000 0.63 29/11/2017 USD 10,000,000 Chesapeake Energy 2.75% 10,587,650 1.93 15/11/2035

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 54 AVIVA INVESTORS – GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Australia 2.88 Bermuda 1.68 British Virgin Islands 5.30 Canada 1.01 Cayman Islands 10.02 Mauritius 0.91 India 5.84 Jersey 6.98 Malaysia 3.65 Marshall Islands 1.91

Singapore 2.96 South Korea 0.84 Sweden 1.22 Thailand 0.78 Taiwan 0.75 United Kingdom 0.91 United States of America 27.75 Total 75.39

*As at 30 June 2014, the security was fair valued in good faith by the Board of Directors. (note 2.2 (11)).

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 55 AVIVA INVESTORS – GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) USD CHF 6,673,000 USD 7,425,667 18/07/2014 100,154 EUR 102,349,000 USD 138,634,484 18/07/2014 1,506,061 GBP 32,144,750 USD 54,530,772 18/07/2014 424,758 GBP 32,144,750 USD 54,534,083 18/07/2014 421,447 GBP 32,144,750 USD 54,537,297 18/07/2014 418,233 GBP 32,144,750 USD 54,562,981 18/07/2014 392,549 USD 15,838,229 AUD 16,909,000 18/07/2014 (101,186) USD 966,344 CAD 1,051,000 18/07/2014 (19,953) USD 10,493,840 EUR 7,747,236 18/07/2014 (114,001) USD 3,498,618 EUR 2,577,000 18/07/2014 (29,919) USD 16,933,788 SGD 21,184,000 18/07/2014 (58,937) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 2,939,206

Listed Options Contracts Buy/Sell Quantity/ Description Currency Maturity date Counterparty Commitment Market Value Nominal amount USD Sell 100 SPX INDEX P1650 20/02/2014 USD 20/09/2014 UBS 6,500,000 28,500 Sell 300 SPX INDEX P1450 20/12/2014 USD 20/12/2014 UBS 13,500,000 111,000 Sell 200 SPX INDEX P1700 20/03/2015 USD 20/03/2015 UBS 14,000,000 610,000 Sell 10,000 EEM P38 19/06/2014 USD 19/07/2014 UBS 38,000,000 10,000 Sell 200 SPX INDEX P1550 19/06/2015 USD 19/06/2015 UBS 11,000,000 504,000 Buy 2,500 VIX INDEX C20 22/10/2014 USD 22/10/2014 UBS 5,000,000 225,000 Total Listed Options Contracts at Market Value 1,488,500

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 56 AVIVA INVESTORS – GLOBAL CONVERTIBLES ABSOLUTE RETURN FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Total Return Swap Contracts Buy/Sell Nominal Description Currency Maturity date Counterparty Unrealised gain/(loss) Value USD Buy 4,384,829 TRS Receive Workday 0.75% 15/07/2018 USD 09/07/2015 DEUTSCHE BANK 119,008 Paid Floating USD LIBOR 1 Month +0.35 % AG L Buy 5,598,289 TRS Receive Cobalt International Energy 2.625% USD 10/07/2014 DEUTSCHE BANK 158,281 01/12/2019 AG L Paid Floating USD LIBOR 1 Month +0.85 % Buy 8,914,747 TRS Pay Cardtronics 1% 01/12/2020 USD 11/06/2015 CITIBANK (190,094) Receive Floating USD LIBOR 1 Month +1.00 % Buy 2,271,212 TRS Pay Prologis 3.25% 15/03/2015 USD 11/06/2015 CITIBANK (266) Receive Floating USD LIBOR 1 Month -2.00 % Buy 16,498,717 TRS Receive Xilinx 2.625% 15/06/2017 USD 09/07/2015 DEUTSCHE BANK (65,655) Paid Floating USD LIBOR 1 Month +0.85 % AG L Buy 6,526,959 TRS Receive BioMed Realty 3.75% 15/01/2030 USD 11/06/2015 CITIBANK (26,724) Paid Floating USD LIBOR 1 Month +0.75 % Buy 1,788,968 TRS Receive Sequenom 5% 01/10/2017 USD 09/07/2015 DEUTSCHE BANK 176,461 Paid Floating USD LIBOR 1 Month AG L Buy 3,608,633 TRS Receive Medicines 1.375% 01/06/2017 USD 26/06/2014 DEUTSCHE BANK 63,665 Paid Floating USD LIBOR 1 Month +0.85 % Buy 1,484,104 TRS Receive Vivus 4.5% 01/05/2020 USD 11/06/2015 CITIBANK (11,594) Paid Floating USD LIBOR 1 Month +1.50 % Buy 13,676,500 TRS Receive Group 1 Automotive 2.25% 15/06/2036 USD 11/06/2015 CITIBANK 453,362 Paid Fixed USD LIBOR 1 Month +0.70 % Buy 8,898,233 TRS Receive Isis Pharmaceuticals 2.75% 01/10/2019 USD 09/07/2015 DEUTSCHE BANK 109,068 Paid Floating USD LIBOR 1 Month +0.35 % Buy 4,687,013 TRS Receive Cobalt International Energy 2.625% USD 11/06/2015 CITIBANK (60,589) 01/12/2019 Paid Floating USD LIBOR 1 Month +0.7 % Buy 12,120,317 TRS Receive Cubist Pharmaceuticals 2.5% 01/11/2017 USD 09/07/2015 DEUTSCHE BANK (5,740) Paid Floating USD LIBOR 1 Month +0.75 % AG L Buy 4,930,559 TRS Receive Stillwater Mining 1.75% 15/10/2032 USD 09/07/2015 DEUTSCHE BANK 97,064 Paid Floating USD LIBOR 1 Month +0.75 % AG L Buy 16,679,955 TRS Receive Tesla Motors 1.5% 01/06/2018 USD 11/06/2015 CITIBANK 2,377,734 Paid Floating USD LIBOR 1 Month +0.08 % Buy 5,488,561 TRS Receive Theravance 2.125% 15/01/2023 USD 10/07/2014 DEUTSCHE BANK 441,061 Paid Floating USD LIBOR 1 Month +0.01 % Buy 15,098,583 TRS Receive BioMarin Pharmaceutical 1.875% USD 09/07/2015 DEUTSCHE BANK 386,213 23/04/2017 Paid Floating USD LIBOR 1 Month +0.85 % AG L Buy 3,245,966 TRS Receive Chesapeake Energy 2.5% 15/05/2037 USD 09/07/2015 DEUTSCHE BANK 19,413 Paid Floating USD LIBOR 1 Month +0.85 % AG L Buy 4,687,013 TRS Receive Cobalt International Energy 2.625% USD 09/07/2015 DEUTSCHE BANK (60,743) 01/12/2019 Paid Floating USD LIBOR 1 Month +0.85 % AG L Buy 7,043,656 TRS Receive Stillwater Mining 1.75% 15/10/2032 Paid USD 09/07/2015 DEUTSCHE BANK 138,508 Floating USD LIBOR 1 Month +0.85 % AG L Buy 15,701,806 TRS Receive SunEdison 2.75% 01/01/2021 Paid Floating USD 11/06/2015 CITIBANK 2,164,522 USD LIBOR 1 Month +0.85 % Buy 2,744,281 TRS Receive Theravance 2.125% 15/01/2023 Paid USD 09/07/2015 DEUTSCHE BANK 220,470 Floating USD LIBOR 1 Month +0.85 % Net Unrealised Gain on Total Return Swap Contracts 6,503,425

Total Return Swap on Contracts for Difference Buy/Sell Nominal Description Currency Maturity date Counterparty Unrealised gain/(loss) Value USD Sell (62,122,316) Receives performance on basket of equity contract for USD Citibank (4,652,920) difference. Pays weighted average fnancing on short basket Sell (82,472,426) Receives performance on basket of equity contract for USD Deutsche Bank (2,758,364) difference. Pays weighted average fnancing on short basket

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 57 AVIVA INVESTORS – GLOBAL CONVERTIBLES FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Austria 79,134,371 2.58 Italy 103,107,114 3.36 EUR 15,000,000 Steinhoff Finance 4.5% 27,747,057 0.90 EUR 9,000,000 Beni Stabili 3.375% 17/01/2018 15,051,627 0.49 31/03/2018 EUR 7,900,000 Eni 0.25% 30/11/2015 11,140,773 0.36 EUR 27,500,000 Steinhoff Finance 6.375% 51,387,314 1.68 26/05/2017 EUR 32,500,000 Eni 0.625% 18/01/2016 48,429,162 1.58 Bermuda 52,526,389 1.71 EUR 8,200,000 Prysmian 1.25% 08/03/2018 12,065,408 0.39 USD 232,500 Bunge 4.875% perpetual 24,139,312 0.79 EUR 11,500,000 Schematrentaquattro 0.25% 16,420,144 0.54 29/11/2016 USD 14,000,000 Johnson Electric 1% 02/04/2021 14,942,200 0.48 Japan 206,985,412 6.75 HKD 100,000,000 REXLot 4.5% 17/04/2019 13,444,877 0.44 JPY 2,280,000,000 ABC-Mart 0% 05/02/2018 28,378,972 0.93 British Virgin Islands 109,310,058 3.57 JPY 2,800,000,000 Asics 0% 01/03/2019 32,220,522 1.05 USD 72,000,000 Billion Express Investments 0.75% 74,012,040 2.42 18/10/2015 JPY 2,000,000,000 Fukuyama Transporting 0% 23,223,138 0.76 22/03/2017 HKD 150,000,000 Logo Star 1.5% 22/11/2018 22,653,428 0.74 JPY 1,850,000,000 GS Yuasa 0% 13/03/2019 19,642,725 0.64 HKD 98,000,000 Shine Power International 0% 12,644,590 0.41 28/07/2019 JPY 1,200,000,000 Nagoya Railroad 0% 03/10/2023 14,190,810 0.46 Cayman Islands 116,555,340 3.80 JPY 2,000,000,000 SBI 0% 02/11/2017 21,218,104 0.69 USD 36,000,000 ENN Energy 0% 26/02/2018 45,270,720 1.48 JPY 2,700,000,000 Square Enix 0% 04/02/2015 27,678,298 0.90 HKD 300,000,000 Hengan International 0% 40,009,290 1.30 JPY 1,210,000,000 Yamada Denki 0% 28/06/2019 12,272,593 0.40 27/06/2018 USD 25,000,000 Yamaguchi Financial 0% 28,160,250 0.92 HKD 164,000,000 Shenzhou International 0.5% 21,464,514 0.70 20/12/2018 18/06/2019 Jersey 14,778,780 0.48 USD 9,600,000 Zhen Ding Technology 0% 9,810,816 0.32 GBP 7,000,000 Derwent London Capital Jersey 14,778,780 0.48 26/06/2019 2.75% 15/07/2016 France 208,465,840 6.80 Luxembourg 114,366,323 3.74 EUR 217,500,000 Air France-KLM 2.03% 15/02/2023 38,035,243 1.23 USD 14,000,000 Aperam 0.625% 08/07/2021 14,290,500 0.47 EUR 15,800,000 Cap Gemini 0% 01/01/2019 16,123,619 0.53 USD 385,000 ArcelorMittal Preference 6% 8,654,800 0.28 EUR 2,000,000 Misarte 3.25% 01/01/2016 4,864,850 0.16 15/01/2016 EUR 17,087,200 Misarte 3.25% 01/01/2016 41,563,333 1.36 EUR 11,200,000 GAGFAH 1.5% 20/05/2019 16,363,653 0.53 EUR 59,100,000 Suez Environnement 0% 16,272,766 0.53 EUR 19,000,000 GBL Verwaltung 1.25% 30,494,085 1.00 27/02/2020 07/02/2017 EUR 30,130,000 Technip 0.5% 01/01/2016 38,377,603 1.25 USD 29,000,000 Glencore Finance Europe 5% 32,119,965 1.05 31/12/2014 EUR 14,900,000 Unibail-Rodamco 0.75% 53,228,426 1.74 01/01/2018 EUR 7,300,000 Telecom Italia 6.125% 15/11/2016 12,443,320 0.41 Germany 89,657,880 2.93 Malaysia 16,426,543 0.54 EUR 11,800,000 Adidas 0.25% 14/06/2019 18,838,749 0.62 SGD 19,800,000 Indah Capital RegS 0% 24/10/2018 16,426,543 0.54 EUR 25,000,000 Deutsche Post 0.6% 06/12/2019 46,638,383 1.52 Mauritius 27,911,240 0.91 EUR 6,200,000 Fresenius & Co. KGaA 0% 8,736,983 0.29 USD 28,000,000 Golden Agri-Resources RegS 2.5% 27,911,240 0.91 24/09/2019 04/10/2017 EUR 11,100,000 RAG-Stiftung 0% 31/12/2018 15,443,765 0.50 Netherlands 136,298,952 4.45 Hong Kong 42,373,457 1.38 EUR 28,500,000 ACS Actividades Finance 2.625% 43,432,463 1.42 22/10/2018 CNY 63,000,000 China Power International 14,097,582 0.46 Development 2.75% 18/09/2017 USD 2,500,000 Lukoil International Finance 2,557,200 0.08 2.625% 16/06/2015 USD 25,000,000 HKEx International 0.5% 28,275,875 0.92 23/10/2017 EUR 10,500,000 OCI 3.875% 25/09/2018 16,027,239 0.52 India 21,675,100 0.71 USD 25,000,000 Qiagen 0.375% 19/03/2019 26,837,875 0.88 USD 20,000,000 Larsen & Toubro 3.5% 22/10/2014 21,675,100 0.71 USD 41,000,000 Siemens Financieringsmaatschappij 47,444,175 1.55 1.65% 16/08/2019

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 58 AVIVA INVESTORS – GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount dealt on another USD Exchange Listing Regulated Market Singapore 21,330,233 0.70 Bermuda 31,599,764 1.03 SGD 23,000,000 Ruby Assets 1.6% 01/02/2017 21,330,233 0.70 USD 15,000,000 Energy XXI Bermuda 144A 3% 14,912,250 0.49 15/12/2018 South Korea 39,246,188 1.28 USD 14,700,000 Ship Finance International 3.25% 16,687,514 0.54 USD 15,500,000 Celltrion 2.75% 27/03/2018 14,287,822 0.47 01/02/2018 KRW 25,000,000,000 Lotte Shopping 0% 24/01/2018 24,958,366 0.81 Cayman Islands 28,784,742 0.94 Spain 70,940,819 2.31 USD 15,000,000 Qihoo 360 Technology 144A 2.5% 17,427,750 0.57 EUR 9,800,000 Abengoa RegS 6.25% 17/01/2019 20,784,440 0.68 15/09/2018 EUR 11,900,000 Acciona 3% 30/01/2019 19,688,974 0.64 USD 9,600,000 Vipshop 1.5% 15/03/2019 11,356,992 0.37 EUR 10,700,000 CaixaBank 4.5% 22/11/2016 15,684,554 0.51 Germany 17,371,790 0.57 EUR 9,800,000 Indra Sistemas 1.75% 17/10/2018 14,782,851 0.48 EUR 12,600,000 LEG Immobilien 0.5% 01/07/2021 17,371,790 0.57 Japan 81,396,278 2.66 Switzerland 18,942,535 0.62 JPY 1,000,000,000 Daifuku 0% 02/10/2017 11,894,773 0.39 CHF 16,000,000 Swiss Prime Site 1.875% 18,942,535 0.62 20/01/2015 JPY 2,500,000,000 Kintetsu 0.75% 15/10/2014 26,405,409 0.86 Thailand 7,468,475 0.24 JPY 2,300,000,000 Nippon Meat Packers 0% 25,303,292 0.83 26/09/2018 USD 7,000,000 CP Foods 0.5% 15/01/2019 7,468,475 0.24 JPY 1,400,000,000 OSG 0% 04/04/2022 17,792,804 0.58 United Arab Emirates 95,003,039 3.10 Luxembourg 13,182,861 0.43 EUR 44,600,000 Aabar Investments RegS 4% 73,374,915 2.39 27/05/2016 EUR 9,800,000 FF Finance Luxembourg 1.75% 13,182,861 0.43 03/07/2019 USD 21,400,000 DP World 1.75% 19/06/2024 21,628,124 0.71 Marshall Islands 6,683,670 0.22 United States of America 193,961,950 6.33 USD 6,300,000 Scorpio Tankers 144A 2.375% 6,683,670 0.22 USD 4,500,000 Acorda Therapeutics 1.75% 4,703,760 0.15 01/07/2019 15/06/2021 Mexico 44,029,300 1.44 USD 144,000 American Tower Preference 15,212,880 0.50 USD 35,000,000 Cemex 4.875% 15/03/2015 44,029,300 1.44 USD 15,500,000 Chesapeake Energy 2.5% 16,237,412 0.53 15/05/2037 Netherlands 4,266,353 0.13 USD 13,700,000 Concur Technologies 0.5% 15,377,565 0.50 USD 4,300,000 Yandex I44A 1.125% 12/18 4,266,353 0.13 15/06/2018 Norway 28,084,196 0.92 USD 106,000 Dominion Resources Preference 5,591,500 0.18 6.375% 01/07/2017 EUR 16,500,000 Marine Harvest 2.375% 08/05/2018 28,084,196 0.92 USD 16,500,000 j2 Global 3.25% 15/06/2029 16,811,273 0.55 Spain 40,982,325 1.34 USD 14,000,000 Jarden 1.5% 15/06/2019 16,905,000 0.55 EUR 26,500,000 Caja de Ahorros y Pensiones de 40,982,325 1.34 Barcelona 1% 25/11/2017 USD 19,800,000 NetSuite 0.25% 01/06/2018 20,388,258 0.67 Sweden 30,694,728 1.00 USD 138,000 Penn Virginia 16,332,521 0.53 SEK 205,000,000 Industrivarden 0% 15/05/2019 30,694,728 1.00 USD 11,900,000 Restoration Hardware 144A 0% 12,444,366 0.41 15/06/2019 United States of America 885,182,167 28.89 USD 22,500,000 Shutterfy 0.25% 15/05/2018 22,556,250 0.74 USD 12,000,000 Akamai Technologies 144A 0% 12,292,560 0.41 15/02/2019 USD 130,000 Stanley Black & Decker 6.25% 14,822,600 0.48 17/11/2016 USD 25,500,000 Allscripts Healthcare Solutions 144A 29,452,500 0.97 1.25% 01/07/2020 USD 3,500,000 SunEdison 144A 0.25% 3,754,188 0.12 15/01/2020 USD 26,300,000 BioMarin Pharmaceutical 1.5% 27,894,438 0.92 15/10/2020 USD 5,400,000 SunEdison 144A 0.25% 5,792,175 0.19 15/01/2020 USD 13,500,000 Bottomline Technologies 1.5% 15,918,120 0.52 01/12/2017 USD 6,100,000 SunPower 144A 0.875% 7,032,202 0.23 01/06/2021 USD 2,539,063 Brammo 'C' Preference* 1,117,188 0.04 Total Transferable Securities and 1,786,466,038 58.30 USD 130,209 Brammo 'C' Warrants 02/07/2022 * - - Money Market Instruments Admitted USD 3,333,333 Brammo 'D' Preference* 2,500,000 0.08 to an Offcial Exchange Listing USD 12,500,000 Cardtronics 144A 1% 01/12/2020 11,452,750 0.37

*As at 30 June 2014, the security was fair valued in good faith by the Board of Directors. (note 2.2 (11)).

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 59 AVIVA INVESTORS – GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net of Principal Money Market Instruments Value assets of Principal Money Market Instruments Value assets Amount dealt on another USD Amount dealt on another USD Regulated Market Regulated Market USD 13,800,000 Cepheid 144A 1.25% 01/02/2021 14,226,558 0.46 USD 10,000,000 Priceline 1% 15/03/2018 14,234,550 0.46 USD 6,075,000 Chart Industries 2% 01/08/2018 8,418,462 0.27 USD 20,000,000 RTI International Metals 1.625% 19,989,200 0.65 15/10/2019 USD 32,500,000 Citrix Systems 144A 0.5% 34,368,750 1.12 15/04/2019 USD 27,500,000 salesforce.com 0.25% 01/04/2018 31,521,875 1.03 USD 47,100,000 Cobalt International Energy 2.625% 43,751,190 1.43 USD 58,900,000 SanDisk 144A 0.5% 15/10/2020 73,698,625 2.40 01/12/2019 USD 11,000,000 Sequenom 5% 01/10/2017 11,954,800 0.39 USD 24,500,000 Cobalt International Energy 3.125% 26,327,333 0.86 15/05/2024 USD 9,400,000 Solazyme 5% 01/10/2019 10,669,000 0.35 USD 10,500,000 Colony Financial 3.875% 10,880,625 0.36 USD 13,000,000 Stone Energy 1.75% 01/03/2017 16,363,750 0.53 15/01/2021 USD 22,000,000 Take-Two Interactive Software 28,943,750 0.94 USD 8,300,000 Colony Financial 5% 15/04/2023 9,076,050 0.30 1.75% 01/12/2016 USD 16,500,000 Cubist Pharmaceuticals 144A 18,895,553 0.62 USD 49,000,000 Tesla Motors 0.25% 01/03/2019 47,908,770 1.56 1.875% 01/09/2020 USD 16,000,000 Theravance 2.125% 15/01/2023 23,350,000 0.76 USD 19,500,000 Electronic Arts 0.75% 15/07/2016 24,576,923 0.80 USD 22,900,000 Toll Brothers Finance 0.5% 24,276,863 0.79 USD 8,900,000 HealthSouth 2% 01/12/2043 9,784,438 0.32 15/09/2032 USD 12,300,000 HeartWare International 3.5% 14,380,914 0.47 USD 42,200,000 Volcano 1.75% 01/12/2017 40,848,545 1.33 15/12/2017 USD 10,000,000 Wright Medical 2% 15/08/2017 13,837,000 0.45 USD 5,400,000 HomeAway 144A 0.125% 5,297,211 0.17 USD 12,700,000 Yahoo 144A 0% 01/12/2018 12,695,288 0.41 01/04/2019 Total Transferable Securities and 1,212,258,174 39.57 USD 7,000,000 HomeAway 144A 0.125% 6,866,755 0.22 Money Market Instruments dealt 01/04/2019 on another Regulated Market USD 40,500,000 Intel 2.95% 15/12/2035 50,453,078 1.65

USD 15,650,000 InvenSense 144A 1.75% 01/11/2018 18,373,100 0.60 Number of shares Other Transferable Securities Market % Net of Principal not dealt on another Value assets USD 17,000,000 Ixia 3% 15/12/2015 17,045,390 0.56 Amount Regulated Market USD USD 6,500,000 Medivation 2.625% 01/04/2017 10,500,263 0.34 United States of America 20,903,400 0.68 USD 4,100,000 Merrimack Pharmaceuticals 4.5% 5,442,750 0.18 USD 19,600,000 American Energy - Utica 144A 20,903,400 0.68 15/07/2020 3.5% 01/03/2021 USD 9,400,000 Molina Healthcare 1.125% 11,831,639 0.39 Total Other Transferable Securities not dealt 20,903,400 0.68 15/01/2020 on another Regulated Market USD 15,000,000 Nuance Communications 2.75% 15,956,250 0.52 Total Investments 3,019,627,612 98.54 15/08/2027 Other Net Assets 44,858,556 1.46 USD 46,700,000 NVIDIA 144A 1% 01/12/2018 51,691,063 1.69 Net Asset Value 3,064,486,168 100.00 USD 5,900,000 Palo Alto Networks 144A 0% 6,118,300 0.20 01/07/2019

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 60 AVIVA INVESTORS – GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Austria 2.58 Bermuda 2.74 British Virgin Islands 3.57 Cayman Islands 4.74 France 6.80 Germany 3.50 Hong Kong 1.38 India 0.71 Italy 3.36 Japan 9.41 Jersey 0.48 Luxembourg 4.17 Malaysia 0.54 Marshall Islands 0.22 Mauritius 0.91 Mexico 1.44 Netherlands 4.58 Norway 0.92 Singapore 0.70 South Korea 1.28 Spain 3.65 Sweden 1.00 Switzerland 0.62 Thailand 0.24 United Arab Emirates 3.10 United States of America 35.90 Total 98.54

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 61 AVIVA INVESTORS – GLOBAL CONVERTIBLES FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) USD CHF 322,507 EUR 265,242 18/07/2014 544 CHF 4,183,978 EUR 3,435,406 18/07/2014 14,795 CHF 274,166 GBP 179,355 18/07/2014 2,575 CHF 83,408 HKD 718,452 18/07/2014 1,398 CHF 849,365 JPY 96,139,010 18/07/2014 8,781 CHF 233,630 SGD 324,518 18/07/2014 3,177 CHF 154,075 USD 172,793 18/07/2014 973 CHF 14,023,149 USD 15,604,800 18/07/2014 210,531 EUR 94,844 CHF 115,278 18/07/2014 (146) EUR 7,600,871 GBP 6,063,481 18/07/2014 41,141 EUR 2,899,685 HKD 30,446,294 18/07/2014 43,249 EUR 7,140,559 JPY 986,323,272 18/07/2014 39,660 EUR 28,553,559 JPY 3,935,736,952 18/07/2014 241,101 EUR 36,826,325 SGD 62,296,885 18/07/2014 452,762 EUR 374,692,277 USD 507,530,806 18/07/2014 5,513,578 EUR 6,003,452 USD 8,186,758 18/07/2014 33,421 GBP 142,934,631 EUR 179,175,580 18/07/2014 (969,826) GBP 27,056,190 JPY 4,678,015,255 18/07/2014 72,206 GBP 10,318,271 SGD 21,909,229 18/07/2014 65,927 GBP 57,381,769 USD 97,343,180 18/07/2014 758,239 GBP 57,378,746 USD 97,343,961 18/07/2014 752,289 GBP 57,375,809 USD 97,344,716 18/07/2014 746,512 GBP 57,352,359 USD 97,350,754 18/07/2014 700,383 GBP 4,305,635 USD 7,330,283 18/07/2014 30,746 HKD 718,452 CHF 82,656 18/07/2014 (550) HKD 30,446,294 EUR 2,880,984 18/07/2014 (17,642) JPY 1,490,703,081 CHF 13,170,000 18/07/2014 (136,158) JPY 2,989,829,121 EUR 21,691,049 18/07/2014 (183,155) JPY 1,711,710,000 GBP 9,900,000 18/07/2014 (26,421) SEK 118,922,839 USD 17,922,758 18/07/2014 (138,268) SGD 102,268,495 USD 81,750,050 18/07/2014 284,527 USD 105,387 CHF 94,816 18/07/2014 (1,547) USD 7,615,919 EUR 5,622,335 18/07/2014 (82,418) USD 15,183,109 JPY 1,545,933,577 18/07/2014 (79,146) USD 88,102,803 JPY 8,971,155,993 18/07/2014 (465,087) USD 18,307,601 KRW 18,709,086,500 18/07/2014 (179,802) USD 19,419,561 SEK 129,109,670 18/07/2014 111,667 Net Unrealised Gain on Open Forward Foreign Exchange Contracts 7,850,016

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 62 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Bermuda 5,976,605 1.04 BRL 8,770 Cia de Saneamento de Minas Gerais 154,483 0.03 HKD 464,000 Beijing Enterprises Water 309,271 0.05 BRL 101,657 Cia Energetica de Minas Gerais 745,097 0.13 Preference HKD 432,000 Brilliance China Automotive 808,785 0.14 BRL 23,250 Cia Energetica de Sao Paulo 'B' 293,565 0.05 HKD 274,000 China Gas 564,277 0.10 Preference HKD 128,000 China Resources Gas 402,598 0.07 BRL 14,100 Cia Paranaense de Energia 213,122 0.04 HKD 234,000 COSCO Pacifc 323,987 0.07 Preference USD 9,740 Credicorp 1,518,028 0.26 BRL 104,640 Cia Siderurgica Nacional 437,484 0.08 HKD 1,453,000 GOME Electrical Appliances 238,180 0.04 BRL 100,282 Cielo 2,080,393 0.36 HKD 110,000 Haier Electronics 287,431 0.05 BRL 16,800 Cosan SA Industria e Comercio 306,296 0.05 HKD 1,600,000 Hanergy Solar 244,638 0.04 BRL 33,460 CPFL Energia 304,982 0.05 HKD 462,000 Kunlun Energy 760,654 0.13 BRL 40,540 Cyrela Brazil Realty SA 254,651 0.04 Empreendimentos e Participacoes HKD 239,000 Nine Dragons Paper 162,368 0.03 BRL 41,109 Duratex 165,156 0.03 HKD 582,000 Sihuan Pharmaceutical 356,388 0.06 BRL 24,560 EcoRodovias Infraestrutura e 167,756 0.03 Brazil 62,038,293 10.78 Logistica BRL 14,810 AES Tiete Preference 129,178 0.02 BRL 34,910 EDP - Energias do Brasil 169,553 0.03 BRL 65,510 All America Latina Logistica 247,435 0.04 BRL 85,010 Embraer 771,766 0.13 BRL 670,225 AMBEV 4,726,940 0.82 BRL 38,120 Estacio Participacoes 505,448 0.09 BRL 980 AMBEV 6,874 - BRL 34,800 Fibria Celulose 335,432 0.06 BRL 56,450 Anhanguera Educacional 463,950 0.08 BRL 123,300 Gerdau Preference 719,124 0.11 Participacoes BRL 49,850 Hypermarcas 435,263 0.08 BRL 89,390 Banco Bradesco 1,314,630 0.23 BRL 393,833 Itau Unibanco Preference 5,684,768 0.99 BRL 300,093 Banco Bradesco Preference 4,376,612 0.76 BRL 452,883 Itausa-Investimentos Itau Preference 1,766,040 0.31 BRL 122,290 Banco do Brasil 1,375,423 0.24 BRL 105,650 JBS 360,699 0.06 BRL 26,430 Banco do Estado do Rio Grande do 127,407 0.02 Sul 'B' Preference BRL 71,600 Klabin 357,821 0.06 BRL 136,340 Banco Santander Brasil 932,501 0.16 BRL 2,170 Klabin Rights - - BRL 86,130 BB Seguridade Participacoes 1,256,331 0.22 BRL 26,970 Kroton Educacional 754,551 0.13 BRL 269,970 BM&FBovespa 1,422,668 0.25 BRL 19,180 Localiza Rent a Car 318,448 0.06 BRL 58,990 BR Malls Participacoes 498,743 0.09 BRL 23,537 Lojas Americanas 129,106 0.02 BRL 29,780 BR Properties 179,226 0.03 BRL 72,933 Lojas Americanas Preference 468,054 0.08 BRL 31,500 Bradespar Preference 286,474 0.05 BRL 17,920 Lojas Renner 576,560 0.10 BRL 21,300 Braskem 'A' Preference 136,598 0.02 BRL 4,990 M Dias Branco 221,495 0.04 BRL 92,700 BRF - Brasil Foods 2,228,863 0.39 BRL 38,800 Metalurgica Gerdau Preference 270,303 0.05 BRL 125,880 CCR 1,031,153 0.18 BRL 11,750 Multiplan Empreendimentos 274,838 0.05 Imobiliarios BRL 39,830 Centrais Eletricas Brasileiras 114,840 0.02 BRL 24,780 Natura Cosmeticos 422,556 0.07 BRL 33,080 Centrais Eletricas Brasileiras 'B' 156,162 0.03 Preference BRL 38,930 Odontoprev 168,059 0.03 BRL 26,988 CETIP - Mercados Organizados 384,170 0.07 BRL 105,349 Oi Preference 92,965 0.02 BRL 19,712 Cia Brasileira de Distribuicao Grupo 922,728 0.16 BRL 424,590 Petroleo Brasileiro 3,096,631 0.54 Pao de Acucar Preference BRL 599,250 Petroleo Brasileiro Preference 4,676,330 0.81 BRL 49,090 Cia de Saneamento Basico do Estado 526,513 0.09 BRL 16,580 Porto Seguro 236,390 0.04 de Sao Paulo

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 63 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing BRL 27,640 Qualicorp 322,786 0.06 HKD 370,000 New World China Land 220,794 0.04 BRL 31,470 Raia Drogasil 261,072 0.05 HKD 80,000 Shenzhou International 272,807 0.05 BRL 54,800 Souza Cruz 571,346 0.10 HKD 199,000 Shimao Property 366,250 0.06 BRL 19,562 Sul America 137,656 0.02 HKD 528,000 Shui On Land 127,756 0.02 BRL 41,000 Suzano Papel e Celulose 'A' 152,441 0.03 HKD 416,000 Sino Biopharmaceutical 338,444 0.06 Preference HKD 268,500 Soho China 210,990 0.04 BRL 42,720 Telefonica Brasil 'A' Preference 874,615 0.15 HKD 729,000 Tencent 11,144,331 1.94 BRL 121,409 Tim Participacoes 710,023 0.12 HKD 276,000 Tingyi Cayman Islands 771,884 0.13 BRL 16,960 Totvs 295,825 0.05 TWD 31,734 TPK 317,023 0.06 BRL 23,420 Tractebel Energia 351,975 0.06 HKD 189,600 Uni-President China 144,686 0.02 BRL 13,690 Transmissora Alianca de Energia 122,888 0.02 Eletrica HKD 844,000 Want Want China 1,210,998 0.21 BRL 46,100 Ultrapar Participacoes 1,095,871 0.19 HKD 159,000 Yingde Gases 172,748 0.03 BRL 54,700 Usinas Siderurgicas de Minas Gerais 186,503 0.03 TWD 29,250 Zhen Ding Technology 96,258 0.02 'A' Preference HKD 95,000 Zhongsheng 123,079 0.02 BRL 185,820 Vale 2,449,526 0.43 Chile 8,476,296 1.47 BRL 270,700 Vale 'A' Preference 3,209,811 0.56 CLP 418,658 AES Gener 216,108 0.04 BRL 40,495 WEG 515,351 0.09 CLP 385,940 Aguas Andinas 'A' 242,890 0.04 Cayman Islands 24,086,806 4.19 CLP 2,449,708 Banco de Chile 327,656 0.06 HKD 105,000 AAC Technologies 683,362 0.12 CLP 4,612 Banco de Credito e Inversiones 264,886 0.05 HKD 202,000 Agile Property 141,922 0.02 CLP 9,465,638 Banco Santander Chile 624,609 0.11 HKD 125,000 Anta Sports Products 198,706 0.03 CLP 9,920 CAP 141,910 0.02 HKD 666,000 Belle International 737,348 0.13 CLP 161,126 Cencosud 531,829 0.09 HKD 26,000 Biostime International 144,177 0.03 CLP 21,474 Cia Cervecerias Unidas 251,562 0.04 TWD 109,300 Chailease 274,564 0.05 CLP 1,156,506 Colbun 288,986 0.05 HKD 197,000 China Mengniu Dairy 908,817 0.16 CLP 21,199,750 Corpbanca 261,345 0.05 HKD 280,000 China Resources Cement 175,425 0.03 CLP 41,490 Embotelladora Andina 'B' Preference 155,021 0.03 HKD 292,000 China Resources Land 533,884 0.09 CLP 480,802 Empresa Nacional de Electricidad/ 714,252 0.12 HKD 252,000 China State Construction 441,250 0.08 Chile International CLP 169,891 Empresas CMPC 365,744 0.06 HKD 662,313 Country Garden 262,373 0.05 CLP 8,941 Empresas CMPC 1,574 - HKD 108,000 ENN Energy 772,719 0.13 CLP 66,677 Empresas COPEC 865,571 0.15 HKD 920,000 Evergrande Real Estate 357,974 0.06 CLP 2,877,912 Enersis 969,171 0.17 HKD 1,333,000 GCL-Poly Energy 444,732 0.08 CLP 15,700 ENTEL Chile 191,093 0.03 HKD 759,000 Geely Automobile 266,387 0.05 CLP 41,611 Latam Airlines 560,280 0.10 HKD 95,000 Golden Eagle Retail 113,773 0.02 CLP 106,475 SACI Falabella 960,490 0.17 HKD 146,000 Haitian International 340,026 0.06 CLP 14,057 Sociedad Quimica y Minera de Chile 413,190 0.07 HKD 104,000 Hengan International 1,093,054 0.19 'B' Preference HKD 147,000 Intime Retail 128,157 0.02 CLP 63,980 Vina Concha y Toro 128,129 0.02 HKD 91,800 Kingboard Chemical 188,733 0.03 China 54,705,273 9.51 HKD 241,000 Lee & Man Paper Manufacturing 128,599 0.02 HKD 3,050,000 Agricultural Bank of China 'H' 1,343,994 0.23 HKD 189,000 Longfor Properties 232,776 0.04 HKD 266,000 Air China 'H' 155,650 0.03

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 64 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing HKD 566,000 Aluminum of China 'H' 202,334 0.04 HKD 390,000 Dongfeng Motor 'H' 699,494 0.12 HKD 177,000 Anhui Conch Cement 'H' 609,268 0.11 HKD 148,000 Great Wall Motor 'H' 550,579 0.10 HKD 288,000 AviChina Industry & Technology 'H' 162,805 0.03 HKD 318,000 Guangzhou Automobile 'H' 368,350 0.06 HKD 10,735,000 Bank of China 'H' 4,820,370 0.84 HKD 134,000 Guangzhou R&F Properties 'H' 165,297 0.03 HKD 1,255,700 Bank of Communications 'H' 868,457 0.15 HKD 186,000 Haitong Securities 'H' 288,307 0.05 HKD 168,000 BBMG 'H' 107,965 0.02 HKD 460,000 Huaneng Power International 'H' 518,481 0.09 HKD 274,000 Beijing Capital International Airport 188,829 0.03 HKD 10,523,000 Industrial & Commercial Bank of 6,660,213 1.16 'H' China 'H' HKD 74,000 Byd 'H' 425,388 0.07 USD 155,700 Inner Mongolia Yitai Coal 'B' 199,825 0.03 HKD 260,000 China BlueChemical 'H' 142,103 0.02 HKD 178,000 Jiangsu Expressway 'H' 211,190 0.04 HKD 580,000 China Cinda Asset Management 287,385 0.05 HKD 199,000 Jiangxi Copper 'H' 314,816 0.05 HKD 1,174,200 China Citic Bank 'H' 713,693 0.12 HKD 96,500 New China Life Insurance 'H' 318,466 0.06 HKD 589,000 China Coal Energy 'H' 306,296 0.05 HKD 689,000 People's Insurance of China 'H' 271,181 0.05 HKD 635,000 China Communications Construction 425,671 0.07 HKD 3,008,000 PetroChina 'H' 3,799,771 0.66 'H' HKD 454,428 PICC Property & Casualty 'H' 687,227 0.12 HKD 349,200 China Communications Services 'H' 169,196 0.03 HKD 267,500 Ping An Insurance 'H' 2,070,218 0.36 HKD 10,288,000 China Construction Bank 'H' 7,765,989 1.35 HKD 244,000 Shandong Weigao Medical Polymer 238,279 0.04 HKD 378,000 China COSCO 'H' 147,296 0.03 'H' HKD 71,800 China International Marine 138,319 0.02 HKD 414,000 Shanghai Electric 'H' 166,401 0.03 Containers 'H' HKD 98,900 Shanghai Pharmaceuticals 'H' 205,841 0.04 HKD 1,061,000 China Life Insurance 'H' 2,786,108 0.48 HKD 136,000 Sinopec Engineering 'H' 153,043 0.03 HKD 383,000 China Longyuan Power 'H' 415,360 0.07 HKD 511,000 Sinopec Shanghai Petrochemical 'H' 142,093 0.03 HKD 650,513 China Merchants Bank 'H' 1,282,599 0.22 HKD 142,400 Sinopharm 'H' 394,126 0.07 HKD 895,800 China Minsheng Banking 'H' 812,010 0.14 HKD 52,000 Tsingtao Brewery 'H' 405,935 0.07 HKD 412,000 China National Building Material 'H' 363,108 0.06 HKD 67,200 Weichai Power 'H' 260,172 0.05 HKD 242,000 China Oilfeld Services 'H' 581,227 0.10 HKD 286,000 Yanzhou Coal Mining 'H' 216,255 0.04 HKD 374,400 China Pacifc Insurance 'H' 1,320,327 0.23 HKD 210,000 Zhejiang Expressway 'H' 212,703 0.04 HKD 3,639,400 China Petroleum & Chemical 'H' 3,477,527 0.60 HKD 76,000 Zhuzhou CSR Times Electric 'H' 232,665 0.04 HKD 283,000 China Railway Construction 'H' 249,971 0.04 HKD 863,000 Zijin Mining 'H' 195,418 0.03 HKD 554,000 China Railway 'H' 271,297 0.05 HKD 195,000 Zoomlion Heavy Industry Science 120,912 0.02 HKD 482,000 China Shenhua Energy 'H' 1,396,234 0.24 and Technology 'H' HKD 550,000 China Shipping Container Lines 'H' 141,935 0.02 HKD 92,240 ZTE 'H' 182,229 0.03 HKD 1,966,000 China Telecom 'H' 962,684 0.17 Colombia 5,588,305 0.97 HKD 182,700 China Vanke 'H' 323,423 0.06 COP 29,518 Almacenes Exito 495,434 0.09 HKD 123,000 Chongqing Changan Automobile 'B' 242,002 0.04 COP 13,350 Banco Davivienda Preference 215,972 0.04 HKD 335,000 Chongqing Rural Commercial Bank 154,749 0.03 COP 47,584 Bancolombia Preference 696,641 0.12 'H' COP 56,578 Cementos Argos 358,174 0.06 HKD 147,000 CITIC Securities 'H' 323,998 0.06 COP 11,922 Corp Financiera Colombiana 242,087 0.04 HKD 266,000 CSR 'H' 200,324 0.04 COP 693,100 Ecopetrol 1,256,411 0.22 HKD 436,000 Datang International Power 169,895 0.03 Generation 'H' COP 40,795 Grupo Argos 489,388 0.08 COP 17,164 Grupo Argos Preference 202,708 0.04

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 65 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing COP 220,000 Grupo Aval Acciones y Valores 157,707 0.03 HKD 426,000 Franshion Properties China 111,861 0.02 Preference HKD 358,000 Guangdong Investment 412,976 0.07 COP 14,030 Grupo de Iersiones Suramericana 297,282 0.05 Preference HKD 890,000 Lenovo 1,208,424 0.21 COP 34,374 Grupo de Inversiones Suramericana 729,082 0.13 HKD 294,000 Poly Hong Kong Investments 122,344 0.02 COP 50,902 Interconexion Electrica 248,722 0.04 HKD 71,000 Shanghai Industrial 215,750 0.04 COP 120,000 Isagen 198,697 0.03 HKD 470,000 Sino-Ocean Land 237,118 0.04 Czech Republic 1,447,519 0.25 HKD 335,000 Sun Art Retail 381,399 0.07 CZK 23,650 CEZ 711,601 0.12 HKD 716,000 Yuexiu Property 136,302 0.02 CZK 2,180 Komercni Banka 502,731 0.09 Hungary 1,295,282 0.23 CZK 16,520 O2 Czech Republic 233,187 0.04 HUF 6,132 MOL Hungarian Oil and Gas 329,508 0.06 France 40,666,780 7.06 HUF 30,136 OTP Bank 576,431 0.10 EUR 2,521,410 Lyxor - ETF MSCI India 40,666,780 7.06 HUF 20,490 Richter Gedeon Nyrt 389,343 0.07 Greece 3,333,338 0.58 Indonesia 14,229,407 2.47 EUR 546,110 Alpha Bank 507,693 0.09 IDR 2,070,000 Adaro Energy 204,791 0.04 EUR 4,420 Folli Follie 176,224 0.03 IDR 65,500 Astra Agro Lestari 155,918 0.03 EUR 35,920 Hellenic Telecommunications 533,602 0.09 IDR 2,905,000 Astra International 1,802,336 0.31 Organization IDR 1,769,200 Bank Central Asia 1,634,608 0.28 EUR 14,939 JUMBO 243,808 0.04 IDR 534,715 Bank Danamon Indonesia 187,207 0.03 EUR 48,160 National Bank of Greece 175,066 0.03 IDR 1,367,888 Bank Mandiri Persero 1,121,424 0.20 EUR 32,050 OPAP 568,043 0.10 IDR 1,070,500 Bank Negara Indonesia Persero 430,792 0.07 EUR 305,600 Piraeus Bank 667,368 0.12 IDR 1,593,200 Bank Rakyat Indonesia Persero 1,389,867 0.24 EUR 17,000 Public Power 257,544 0.04 IDR 1,081,400 Charoen Pokphand Indonesia 344,717 0.06 EUR 6,340 Titan Cement 203,990 0.04 IDR 975,000 Global Mediacom 174,688 0.03 Hong Kong 22,714,242 3.95 IDR 70,500 Gudang Garam 316,940 0.06 HKD 75,000 Beijing Enterprises 709,873 0.12 IDR 58,000 Indo Tambangraya Megah 132,006 0.02 HKD 308,100 China Agri-Industries 117,073 0.02 IDR 211,300 Indocement Tunggal Prakarsa 401,662 0.07 HKD 126,000 China Everbright 169,568 0.03 IDR 167,400 Indofood CBP Sukses Makmur 141,404 0.02 HKD 386,000 China Everbright International 551,975 0.10 IDR 643,400 Indofood Sukses Makmur 365,181 0.06 HKD 162,000 China Merchants International 506,904 0.09 IDR 287,000 Jasa Marga Persero 144,324 0.03 HKD 860,000 China Mobile 8,341,915 1.45 IDR 3,348,900 Kalbe Farma 468,492 0.08 HKD 580,000 China Overseas Land & Investment 1,408,497 0.25 IDR 2,815,200 Lippo Karawaci 227,422 0.04 HKD 168,000 China Resources Enterprise 466,570 0.08 IDR 209,400 Matahari Department Store 243,543 0.04 HKD 274,000 China Resources Power 778,684 0.14 IDR 695,000 Media Nusantara Citra 160,971 0.03 HKD 122,400 China Taiping Insurance 218,745 0.04 IDR 1,498,700 Perusahaan Gas Negara Persero 703,397 0.12 HKD 672,000 China Unicom Hong Kong 1,038,756 0.18 IDR 425,600 Semen Gresik Persero 541,073 0.09 HKD 212,000 Citic Pacifc 370,662 0.06 IDR 695,000 Surya Citra Media 209,469 0.04 HKD 2,547,000 CNOOC 4,577,971 0.80 IDR 113,000 Tambang Batubara Bukit Asam 102,366 0.02 HKD 240,000 CSPC Pharmaceutical 191,559 0.03 Persero HKD 185,000 Far East Horizon 135,109 0.02 IDR 6,647,700 Telekomunikasi Indonesia Persero 1,379,709 0.24 HKD 230,000 Fosun International 304,207 0.05 IDR 223,600 Unilever Indonesia 554,279 0.10

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 66 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing IDR 261,696 United Tractors 509,335 0.09 MYR 157,300 Telekom Malaysia 310,328 0.05 IDR 425,000 XL Axiata 181,486 0.03 MYR 405,000 Tenaga Nasional 1,533,745 0.27 Malaysia 21,509,771 3.74 MYR 212,500 UEM Land 134,691 0.02 MYR 196,700 AirAsia 140,293 0.02 MYR 77,000 UMW 261,175 0.05 MYR 158,800 Alliance Financial 233,185 0.04 MYR 693,533 YTL 348,824 0.06 MYR 243,000 AMMB 539,663 0.09 MYR 317,520 YTL Power International 144,892 0.03 MYR 223,800 Astro 242,549 0.04 Mexico 29,233,237 5.08 MYR 365,200 Axiata 792,291 0.14 MXN 400,910 Alfa 'A' 1,124,421 0.20 MYR 101,267 Berjaya Sports Toto 122,054 0.02 MXN 5,073,330 America Movil 'L' 5,271,602 0.92 MYR 18,400 British American Tobacco Malaysia 378,851 0.07 MXN 44,230 Arca Continental 298,969 0.05 MYR 147,200 Bumi Armada 155,634 0.03 MXN 1,720,320 Cemex 2,292,788 0.40 MYR 708,600 CIMB 1,616,901 0.28 MXN 60,650 Coca-Cola Femsa 683,008 0.12 MYR 270,000 Dialog 318,264 0.06 MXN 157,010 Compartamos 300,755 0.05 MYR 498,800 DiGi.Com 889,432 0.15 MXN 55,610 Controladora Comercial Mexicana 209,250 0.04 MYR 153,500 Felda Global Ventures 199,168 0.03 MXN 26,900 El Puerto de Liverpool 316,100 0.05 MYR 250,900 Gamuda 367,579 0.06 MXN 193,820 Fibra Uno Administracion 672,386 0.12 MYR 293,600 Genting 911,354 0.16 MXN 277,360 Fomento Economico Mexicano 2,598,606 0.45 MYR 426,100 Genting Malaysia 556,728 0.10 MXN 110,710 Genomma Lab Internacional 'B' 298,728 0.05 MYR 32,700 Genting Plantations 117,733 0.02 MXN 42,430 Grupo Aeroportuario del Pacifco 'B' 282,436 0.05 MYR 80,960 Hong Leong Bank 347,256 0.06 MXN 28,450 Grupo Aeroportuario del Sureste 'B' 362,593 0.06 MYR 30,200 Hong Leong Financial 151,162 0.03 MXN 236,250 Grupo Bimbo 'A' 699,390 0.12 MYR 350,200 IHH Healthcare 475,507 0.08 MXN 81,600 Grupo Carso 'A1' 422,844 0.07 MYR 160,100 IJM 333,857 0.06 MXN 48,100 Grupo Comercial Chedraui 'B' 165,401 0.03 MYR 415,700 IOI 677,902 0.12 MXN 356,050 Grupo Financiero Banorte 2,544,332 0.44 MYR 166,833 IOI Properties Group 131,235 0.02 MXN 334,880 Grupo Financiero Inbursa 981,563 0.17 MYR 68,900 Kuala Lumpur Kepong 519,171 0.09 MXN 262,180 Grupo Financiero Santander Mexico 695,415 0.12 'B' MYR 56,000 Lafarge Malayan Cement 170,715 0.03 MXN 543,455 Grupo Mexico 'B' 1,789,175 0.31 MYR 625,800 Malayan Banking 1,917,056 0.33 MXN 367,120 Grupo Televisa 2,508,686 0.44 MYR 79,400 Malaysia Airports 197,461 0.03 MXN 19,990 Industrias Penoles 499,334 0.09 MYR 320,900 Maxis 673,736 0.12 MXN 222,410 Kimberly-Clark de Mexico 'A' 619,844 0.11 MYR 163,500 MISC 329,538 0.06 MXN 150,679 Mexichem 626,910 0.11 MYR 111,600 MMC 88,103 0.01 MXN 93,260 Minera Frisco 183,565 0.03 MYR 401,800 Petronas Chemicals 845,985 0.15 MXN 99,400 OHL Mexico 299,242 0.05 MYR 35,600 Petronas Dagangan 267,134 0.05 MXN 35,000 Promotora y Operadora de 464,324 0.08 MYR 87,000 Petronas Gas 662,484 0.12 Infraestructura MYR 68,000 PPB 318,715 0.06 MXN 754,700 Wal-Mart de Mexico 'V' 2,021,570 0.35 MYR 152,100 Public Bank 926,999 0.16 Peru 320,596 0.05 MYR 15,210 Public Bank Rights 18/07/2014 26,005 0.00 USD 27,890 Cia de Minas Buenaventura ADR 320,596 0.05 MYR 90,700 RHB Capital 241,005 0.04 Philippines 5,578,593 0.97 MYR 516,000 Sapurakencana Petroleum 702,345 0.12 PHP 256,500 Aboitiz Equity Ventures 328,352 0.06 MYR 396,300 Sime Darby 1,191,066 0.21

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 67 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing PHP 150,000 Aboitiz Power 126,034 0.02 USD 163,230 Federal Hydrogenerating ADR 313,075 0.05 PHP 322,900 Alliance Global 214,917 0.04 USD 849,370 Gazprom ADR 7,400,136 1.29 PHP 22,992 Ayala 341,198 0.06 USD 73,297 Lukoil ADR 4,378,030 0.76 PHP 973,000 Ayala Land 679,349 0.12 USD 37,316 Magnit GDR Registered 2,200,711 0.38 PHP 172,761 Bank of the Philippine Islands 360,676 0.06 USD 12,720 MegaFon GDR Registered 401,634 0.07 PHP 226,888 BDO Unibank 485,747 0.08 USD 83,275 MMC Norilsk Nickel ADR 1,649,261 0.29 PHP 1,173,600 Energy Development 169,658 0.03 USD 74,110 Mobile Telesystems ADR 1,454,409 0.25 PHP 126,440 International Container Terminal 320,231 0.06 USD 13,074 NovaTek GDR Registered 1,627,059 0.28 Services USD 170,858 Rosneft GDR Registered 1,249,570 0.22 PHP 319,000 JG Summit 373,462 0.06 USD 26,150 Rostelecom ADR 397,088 0.07 PHP 60,190 Jollibee Foods 242,009 0.04 EUR 414,100 Sberbank of Russia ADR 4,205,746 0.73 PHP 1,000,000 Metro Pacifc Investments 114,668 0.02 USD 28,089 Severstal GDR Registered 228,293 0.04 PHP 43,149 Metropolitan Bank & Trust 86,449 0.01 USD 17,682 Sistema GDR Registered 543,898 0.09 PHP 5,740 Philippine Long Distance Telephone 393,058 0.07 USD 188,309 Surgutneftegas ADR 1,454,687 0.25 PHP 30,925 SM Investments 576,009 0.10 USD 33,910 Tatneft ADR 1,316,217 0.23 PHP 891,175 SM Prime 324,223 0.06 USD 41,540 Uralkali GDR Registered 957,912 0.17 PHP 125,230 Universal Robina 442,553 0.08 USD 371,476 VTB Bank GDR Registered 904,730 0.16 Poland 9,235,695 1.61 South Africa 43,861,527 7.62 PLN 3,015 Alior Bank 82,159 0.01 ZAR 178,031 African Bank Investments 113,374 0.02 PLN 4,790 Bank Handlowy w Warszawie 188,930 0.03 ZAR 15,470 African Rainbow Minerals 271,215 0.05 PLN 60,930 Bank Millennium 156,102 0.03 ZAR 9,676 Anglo American Platinum 418,704 0.07 PLN 18,387 Bank Pekao 1,050,681 0.18 ZAR 58,124 AngloGold Ashanti 969,211 0.17 PLN 4,030 Bank Zachodni WBK 490,363 0.09 ZAR 48,504 Aspen Pharmacare 1,362,466 0.24 PLN 2,114 BRE Bank 351,243 0.06 ZAR 5,120 Assore 171,944 0.03 PLN 25,000 Cyfrowy Polsat 183,299 0.03 ZAR 48,040 Barclays Africa 729,197 0.13 PLN 20,000 Enea 103,962 0.02 ZAR 30,460 Barloworld 289,318 0.05 PLN 10,730 Eurocash 142,168 0.03 ZAR 42,329 Bidvest 1,123,720 0.20 PLN 5,820 Grupa Azoty 138,414 0.02 ZAR 42,467 Discovery 387,657 0.07 PLN 9,320 Grupa Lotos 114,171 0.02 ZAR 19,876 Exxaro Resources 259,044 0.05 PLN 6,460 Jastrzebska Spolka Weglowa 99,877 0.02 ZAR 439,577 FirstRand 1,680,629 0.29 PLN 20,096 KGHM Polska Miedz 823,078 0.14 ZAR 28,047 Foschini 293,869 0.05 PLN 109,613 PGE 781,119 0.14 ZAR 106,461 Gold Fields 383,715 0.07 PLN 46,041 Polski Koncern Naftowy Orlen 620,182 0.11 ZAR 307,892 Growthpoint Properties 714,978 0.12 PLN 254,022 Polskie Gornictwo Naftowe i 437,075 0.08 Gazownictwo ZAR 57,417 Harmony Gold Mining 168,197 0.03 PLN 125,572 Powszechna Kasa Oszczednosci 1,559,777 0.27 ZAR 77,126 Impala Platinum 774,794 0.13 Bank Polski ZAR 26,976 Imperial 506,924 0.09 PLN 8,051 Powszechny Zaklad Ubezpieczen 1,174,828 0.20 ZAR 36,540 Investec 334,841 0.06 PLN 75,000 Synthos 109,412 0.02 ZAR 11,554 Kumba Iron Ore 367,567 0.06 PLN 163,744 Tauron Polska Energia 279,314 0.05 ZAR 16,778 Liberty 204,979 0.04 PLN 109,881 Telekomunikacja Polska 349,541 0.06 ZAR 134,610 Life Healthcare 524,712 0.09 Russia 31,120,740 5.41 ZAR 15,577 Massmart 192,883 0.03 USD 200 AK Transneft Preference 438,284 0.08 ZAR 53,410 Mediclinic International 409,282 0.07

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 68 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing ZAR 157,700 MMI/South Africa 388,664 0.07 KRW 6,982 Doosan Heavy Industries & 241,706 0.04 Construction ZAR 34,250 Mr Price 580,854 0.10 KRW 19,760 Doosan Infracore 253,415 0.04 ZAR 241,610 MTN 5,083,604 0.88 KRW 2,996 E-Mart 686,413 0.12 ZAR 82,280 Nampak 284,418 0.05 KRW 7,338 GS 327,279 0.06 ZAR 56,348 Naspers 6,629,215 1.15 KRW 6,922 GS Engineering & Construction 230,531 0.04 ZAR 28,507 Nedbank 612,785 0.11 KRW 5,360 Halla Visteon Climatentrol 242,102 0.04 ZAR 137,470 Netcare 370,786 0.06 KRW 39,523 Hana Financial 1,462,997 0.25 ZAR 46,618 Northam Platinum 199,508 0.03 KRW 8,635 Hankook Tire 514,644 0.09 ZAR 34,473 Pick n Pay Stores 188,295 0.03 KRW 12,340 Hanwha Chemical 223,585 0.04 ZAR 75,414 PPC 223,291 0.04 KRW 3,410 Hite Jinro 73,896 0.01 ZAR 447,203 Redefne Properties 402,908 0.07 KRW 3,606 Hyosung 240,816 0.04 ZAR 69,047 Remgro 1,492,311 0.26 KRW 2,188 Hyundai Department Store 301,143 0.05 ZAR 97,908 RMB 483,109 0.08 KRW 8,290 Hyundai Development 263,635 0.05 ZAR 97,980 RMI 302,908 0.05 KRW 10,329 Hyundai Engineering & Construction 587,537 0.10 ZAR 253,048 Sanlam 1,466,733 0.25 KRW 1,923 Hyundai Glovis 511,909 0.09 ZAR 75,109 Sappi 270,361 0.05 KRW 6,002 Hyundai Heavy Industries 1,052,056 0.18 ZAR 78,672 Sasol 4,665,154 0.81 KRW 1,427 Hyundai Hysco 95,414 0.02 ZAR 61,410 Shoprite 887,577 0.15 KRW 8,980 Hyundai Marine & Fire Insurance 255,858 0.04 ZAR 23,980 Spar 280,975 0.05 KRW 10,550 Hyundai Merchant Marine 95,522 0.02 ZAR 172,011 Standard Bank/South Africa 2,344,572 0.41 KRW 1,609 Hyundai Mipo Dockyard 232,593 0.04 ZAR 264,455 Steinhoff International 1,471,577 0.26 KRW 9,717 Hyundai Mobis 2,725,218 0.47 ZAR 23,363 Tiger Brands 673,511 0.12 KRW 21,998 Hyundai Motor 4,984,572 0.87 ZAR 63,237 Truworths International 444,702 0.08 KRW 3,427 Hyundai Motor Preference 509,991 0.09 ZAR 53,386 Vodacom 659,249 0.11 KRW 5,399 Hyundai Motor Preference 849,065 0.15 ZAR 109,019 Woolworths/South Africa 801,240 0.14 KRW 10,037 Hyundai Steel 737,596 0.13 South Korea 90,170,863 15.67 KRW 2,220 Hyundai Wia 429,146 0.07 KRW 459 Amorepacifc 692,509 0.12 KRW 23,690 Industrial Bank of Korea 315,518 0.05 KRW 400 AMOREPACIFIC 295,537 0.05 KRW 13,820 Kangwon Land 405,365 0.07 KRW 23,590 BS Financial 346,817 0.06 KRW 55,450 KB Financial 1,927,846 0.34 KRW 4,001 BS Financial Rights 14/07/2014 5,042 - KRW 697 KCC 424,917 0.07 KRW 8,910 Celltrion 409,726 0.07 KRW 37,809 Kia Motors 2,113,290 0.37 KRW 6,918 Cheil Industries 479,980 0.08 KRW 3,313 KJB Financial 36,673 0.01 KRW 13,210 Cheil Worldwide 298,337 0.05 KRW 5,064 KNB Financial 64,188 0.01 KRW 2,080 CJ 288,327 0.05 KRW 5,560 Korea Aeroce Industries 171,183 0.03 KRW 1,124 CJ CheilJedang 382,439 0.07 KRW 36,850 Korea Electric Power 1,357,603 0.24 KRW 4,079 Daelim Industrial 340,077 0.06 KRW 3,880 Korea Gas 211,940 0.04 KRW 15,230 Daewoo Engineering & Construction 131,944 0.02 KRW 5,712 Korea Investment 227,378 0.04 KRW 6,680 Daewoo International 241,481 0.04 KRW 31,160 Korea Life Insurance 198,832 0.03 KRW 23,938 Daewoo Securities 206,200 0.04 KRW 1,245 Korea Zinc 488,207 0.08 KRW 14,020 Daewoo Shipbuilding & Marine 356,497 0.06 Engineering KRW 4,588 Korean Air Lines 151,237 0.03 KRW 19,240 DGB Financial 287,625 0.05 KRW 9,905 KT 299,332 0.05 KRW 6,100 Dongbu Insurance 312,908 0.05 KRW 15,766 KT&G 1,391,511 0.24

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 69 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing KRW 2,010 Kumho Petro chemical 176,118 0.03 KRW 6,460 S-Oil 363,631 0.06 KRW 13,536 LG 835,508 0.15 KRW 7,750 Woongjin Coway 647,797 0.11 KRW 6,655 LG Chem 1,948,711 0.34 KRW 43,671 Woori Finance 519,056 0.09 KRW 1,120 LG Chem Preference 212,891 0.04 KRW 17,049 Woori Investment & Securities 147,026 0.03 KRW 33,380 LG Display 1,048,331 0.18 KRW 1,145 Yuhan 204,583 0.04 KRW 15,266 LG Electronics 1,120,334 0.19 Spain 241,281 0.03 KRW 1,347 LG Household & Health Care 606,096 0.11 COP 24,450 Cemex Latam 241,281 0.03 KRW 1,626 LG Innotek 232,232 0.04 Taiwan 69,143,629 12.02 KRW 30,700 LG Uplus 279,916 0.05 TWD 354,000 Acer 253,443 0.04 KRW 2,512 Lotte Chemical 458,725 0.08 TWD 862,091 Advanced Semiconductor 1,119,673 0.20 Engineering KRW 100 Lotte Confectionery 190,006 0.03 TWD 40,500 Advantech 344,558 0.06 KRW 1,614 Lotte Shopping 491,813 0.09 TWD 307,280 Asia Cement 420,872 0.07 KRW 2,596 LS 190,514 0.03 TWD 237,000 Asia Pacifc Telecom 142,291 0.03 KRW 2,203 LS Industrial Systems 143,600 0.02 TWD 96,620 Asustek Computer 1,076,832 0.19 KRW 3,684 Mirae Asset Securities 163,512 0.03 TWD 1,237,000 AU Optronics 523,098 0.09 KRW 3,995 Naver 3,293,615 0.57 TWD 96,000 Catcher Technology 896,321 0.16 KRW 2,244 NCSoft 404,232 0.07 TWD 1,097,159 Cathay Financial 1,713,372 0.30 KRW 2,448 OCI 416,783 0.07 TWD 667,548 Chang Hwa Commercial Bank 414,257 0.07 KRW 520 Orion/Republic of South Korea 475,667 0.08 TWD 232,421 Cheng Shin Rubber Industry 595,279 0.10 KRW 9,381 POSCO 2,812,966 0.49 TWD 65,866 Chicony Electronics 177,701 0.03 KRW 2,455 S1/Korea 197,392 0.03 TWD 381,098 China Airlines 131,171 0.02 KRW 17,824 Samsung C&T 1,314,282 0.23 TWD 1,960,056 China Development Financial 644,353 0.11 KRW 4,955 Samsung Card 211,281 0.04 TWD 312,444 China Life Insurance/Taiwan 288,047 0.05 KRW 8,576 Samsung Electro-Mechanics 493,758 0.09 TWD 78,000 China Motor 77,721 0.01 KRW 15,755 Samsung Electronics 20,578,551 3.58 TWD 1,640,081 China Steel 1,377,784 0.24 KRW 2,929 Samsung Electronics Preference 3,071,529 0.53 TWD 538,800 Chunghwa Telecom 1,737,107 0.30 KRW 4,399 Samsung Engineering 348,497 0.06 TWD 72,122 Clevo 128,515 0.02 KRW 5,097 Samsung Fire & Marine Insurance 1,298,469 0.23 TWD 599,000 Compal Electronics 488,531 0.09 KRW 23,050 Samsung Heavy Industries 617,307 0.11 TWD 1,876,612 CTBC Financial 1,249,637 0.22 KRW 8,606 Samsung Life Insurance 865,581 0.15 TWD 87,000 CTCI 150,969 0.03 KRW 4,908 Samsung SDI 784,682 0.14 TWD 260,000 Delta Electronics 1,885,364 0.33 KRW 8,963 Samsung Securities 392,242 0.07 TWD 733,981 E.Sun Financial 470,155 0.08 KRW 5,452 Samsung Techwin 285,435 0.05 TWD 23,000 Eclat Textile 278,697 0.05 KRW 60,874 Shinhan Financial 2,809,830 0.49 TWD 120,000 Epistar 297,226 0.05 KRW 987 Shinsegae 212,919 0.04 TWD 238,600 Eva Airways 114,476 0.02 KRW 3,681 SK 663,156 0.12 TWD 244,898 Evergreen Marine/Taiwan 133,903 0.02 KRW 3,230 SK C&C 530,747 0.09 TWD 142,231 Far Eastern Department Stores 133,504 0.02 KRW 75,970 SK Hynix 3,643,867 0.63 TWD 442,847 Far Eastern New Century 477,405 0.08 KRW 8,626 SK Innovation 961,538 0.17 TWD 229,000 Far EasTone Telecommunications 521,300 0.09 KRW 18,190 SK Networks 192,891 0.03 TWD 54,181 Farglory Land Development 73,720 0.01 KRW 1,385 SK Telecom 324,141 0.06

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 70 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing TWD 993,362 First Financial 638,028 0.11 TWD 941,986 SinoPac Financial 423,554 0.07 TWD 457,030 Formosa Chemicals & Fibre 1,156,844 0.20 TWD 43,450 Standard Foods 119,548 0.02 TWD 5,018 Formosa International Hotels 60,966 0.01 TWD 176,000 Synnex Technology International 296,806 0.05 TWD 164,000 Formosa Petrochemical 427,748 0.07 TWD 979,771 Taishin Financial 501,319 0.09 TWD 586,480 Formosa Plastics 1,566,945 0.27 TWD 476,087 Taiwan Business Bank 148,531 0.03 TWD 111,000 Formosa Taffeta 122,499 0.02 TWD 471,000 Taiwan Cement 712,257 0.12 TWD 120,832 Foxconn Technology 293,218 0.05 TWD 804,039 Taiwan Cooperative Financial 459,878 0.08 TWD 954,885 Fubon Financial 1,378,458 0.24 TWD 109,000 Taiwan Fertilizer 216,307 0.04 TWD 39,000 Giant Manufacturing 303,050 0.05 TWD 139,139 Taiwan Glass Industry 117,356 0.02 TWD 5,000 Hermes Microvision 198,897 0.04 TWD 240,400 Taiwan Mobile 743,727 0.13 TWD 48,000 Highwealth Construction 107,229 0.02 TWD 3,513,000 Taiwan Semiconductor 14,914,221 2.59 Manufacturing TWD 25,282 Hiwin Technologies 312,050 0.05 TWD 258,000 Teco Electric and Machinery 296,514 0.05 TWD 1,606,189 Hon Hai Precision Industry 5,377,027 0.94 TWD 28,000 Transcend Information 96,363 0.02 TWD 35,000 Hotai Motor 446,341 0.08 TWD 85,840 TSRC 121,471 0.02 TWD 103,500 HTC 479,287 0.08 TWD 63,000 U-Ming Marine Transport 106,455 0.02 TWD 779,499 Hua Nan Financial 487,626 0.09 TWD 192,000 Unimicron Technology 185,695 0.03 TWD 974,633 Innolux 456,213 0.08 TWD 620,585 Uni-President Enterprises 1,113,484 0.19 TWD 333,315 Inventec 319,022 0.06 TWD 1,725,000 United Microelectronics 862,335 0.15 TWD 39,000 Kinsus Interconnect Technology 174,716 0.03 TWD 107,000 Vanguard International 171,683 0.03 TWD 14,000 Largan Precision 1,115,296 0.19 Semiconductor TWD 297,622 Lite-On Technology 496,173 0.09 TWD 472,000 Walsin Lihwa 167,969 0.03 TWD 200,992 MediaTek 3,399,680 0.59 TWD 303,785 Wistron 277,522 0.05 TWD 1,313,671 Mega Financial 1,092,255 0.19 TWD 194,520 WPG 267,933 0.05 TWD 29,000 Merida Industry 192,082 0.03 TWD 206,300 Yang Ming Marine Transport 82,743 0.02 TWD 675,550 Nan Ya Plastics 1,626,121 0.28 TWD 1,232,740 Yuanta Financial 665,790 0.12 TWD 78,000 Novatek Microelectronics 383,399 0.07 TWD 109,000 Yulon Motor 177,246 0.03 TWD 229,000 Pegatron 436,439 0.08 Thailand 13,273,283 2.31 TWD 19,000 Phison Electronics 153,214 0.03 THB 152,500 Advanced Info Service (Foreign) 1,036,088 0.18 TWD 296,000 Pou Chen 356,378 0.06 Registered TWD 96,600 Powertech Technology 174,880 0.03 THB 68,000 Airports of Thailand 415,375 0.07 TWD 82,000 President Chain Store 655,714 0.11 THB 84,900 Bangkok Bank 506,915 0.09 TWD 357,000 Quanta Computer 1,039,692 0.18 THB 123,100 Bangkok Bank (Foreign) Registered 734,946 0.13 TWD 63,010 Radiant Opto-Electronics 269,613 0.05 THB 453,000 Bangkok Dusit Medical Services 232,397 0.04 (Foreign) Registered TWD 66,162 Realtek Semiconductor 209,532 0.04 THB 156,000 Banpu (Foreign) Registered 141,196 0.02 TWD 89,812 Ruentex Development 162,893 0.03 THB 140,600 BEC World (Foreign) 210,651 0.04 TWD 73,179 Ruentex Industries 189,098 0.03 THB 200,000 Central Pattana (Foreign) 302,727 0.05 TWD 29,600 ScinoPharm Taiwan 73,512 0.01 THB 397,200 Charoen Pokphand Foods (Foreign) 335,029 0.06 TWD 936,742 Shin Kong Financial 288,879 0.05 THB 645,100 CP ALL (Foreign) 951,600 0.17 TWD 425,000 Siliconware Precision Industries 697,171 0.12 THB 79,700 Glow Energy (Foreign) 203,517 0.04 TWD 39,020 Simplo Technology 241,455 0.04 THB 258,666 Home Product Center (Foreign) 76,711 0.01

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 71 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

*As at 31 December 2013, the security was fair valued in good faith by the Board of Directors (note 2.2 (11)).

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 72 AVIVA INVESTORS – GLOBAL EMERGING MARKETS INDEX FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Bermuda 1.04 Brazil 10.78 Cayman Islands 4.19 Chile 1.47 China 9.51 Colombia 0.97 Czech Republic 0.25 France 7.06 Greece 0.58 Hong Kong 3.95 Hungary 0.23 Indonesia 2.47 Malaysia 3.74 Mexico 5.08 Peru 0.05 Philippines 0.97 Poland 1.61 Russia 5.41 South Africa 7.62 South Korea 15.67 Spain 0.03 Taiwan 12.02 Thailand 2.31 Turkey 1.68 United States of America 0.12 Total 98.81

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 73 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing Canada 15,359,978 0.60 USD 3,000,000 Intelsat Luxembourg 8.125% 3,255,000 0.13 01/06/2023 EUR 9,125,000 Bombardier RegS 6.125% 13,783,009 0.54 15/05/2021 EUR 10,032,000 Magnolia RegS 9% 01/08/2020 14,637,791 0.57 USD 1,575,000 Cascades 144A 5.5% 15/07/2022 1,576,969 0.06 EUR 8,109,000 Matterhorn Financing RegS 9% 11,481,863 0.45 15/04/2019 Cayman Islands 22,253,876 0.86 USD 6,920,000 Wind Acquisition Finance 144A 6,968,855 0.27 GBP 12,702,000 Brakes Capital RegS 7.125% 22,253,876 0.86 4.75% 15/07/2020 15/12/2018 USD 1,565,000 Wind Acquisition Finance 144A 1,699,817 0.07 Denmark 13,221,469 0.51 6.5% 30/04/2020 EUR 8,400,000 DONG Energy variable 26/06/3013 13,221,469 0.51 USD 6,800,000 Wind Acquisition Finance 144A 7,179,100 0.28 Finland 2,944,142 0.11 7.25% 15/02/2018 EUR 2,086,000 Paroc RegS 6.25% 15/05/2020 2,944,142 0.11 EUR 2,000,000 Wind Acquisition Finance 144A 2,895,752 0.11 7.375% 15/02/2018 France 61,988,053 2.41 EUR 2,742,000 Wind Acquisition Finance RegS 7% 4,043,865 0.16 GBP 10,912,000 Credit Agricole variable perpetual 19,416,699 0.76 23/04/2021 EUR 5,646,000 Financiere Quick RegS FRN 7,722,452 0.30 EUR 3,500,000 Wind Acquisition Finance RegS 5,070,322 0.20 15/04/2019 7.375% 15/02/2018 EUR 4,105,000 Labeyrie Fine Foods RegS 5.625% 5,926,642 0.23 EUR 4,000,000 Wind Acquisition Finance RegS FRN 5,525,807 0.20 15/03/2021 15/07/2020 EUR 4,036,000 Novacap International RegS FRN 5,610,822 0.22 Netherlands 52,772,554 2.05 01/05/2019 EUR 3,000,000 Constellium RegS 4.625% 4,283,824 0.17 USD 7,660,000 Numericable 144A 6% 15/05/2022 8,015,654 0.31 15/05/2021 EUR 10,500,000 Wendel 3.75% 21/01/2021 15,295,784 0.59 EUR 6,100,000 Deutsche Annington Finance variable 8,579,026 0.33 08/04/2074 Germany 7,381,433 0.29 EUR 8,078,000 Samvardhana Motherson Automotive 11,026,537 0.43 GBP 4,300,000 Deutsche Bank variable perpetual 7,381,433 0.29 Systems RegS 4.125% 15/07/2021 Italy 13,372,051 0.52 EUR 14,096,000 Univeg RegS 7.875% 15/11/2020 19,426,722 0.75 EUR 8,995,000 Snai RegS 7.625% 15/06/2018 13,372,051 0.52 EUR 6,200,000 Ziggo Bond RegS 8% 15/05/2018 9,456,445 0.37 Jersey 83,559,308 3.25 Sweden 22,071,409 0.86 GBP 9,000,000 AA Bond RegS 9.5% 31/07/2019 17,378,864 0.67 EUR 16,170,000 SSAB EMTN 3.875% 10/04/2019 22,071,409 0.86 GBP 14,391,000 CPUK Finance EMTN 11.625% 27,682,257 1.08 Switzerland 5,035,575 0.20 28/02/2018 USD 5,000,000 Credit Suisse 144A variable perpetual 5,035,575 0.20 GBP 11,220,000 Galaxy Bidco RegS 6.375% 19,501,733 0.76 15/11/2020 United Kingdom 341,391,159 13.26 GBP 10,360,000 Hastings Insurance Finance RegS 8% 18,996,454 0.74 GBP 16,191,000 Anglian Water Osprey Financing 30,203,857 1.17 21/10/2020 EMTN 7% 31/01/2018 Luxembourg 114,486,356 4.45 GBP 13,700,000 Bakkavor Finance RegS 8.25% 24,981,884 0.97 15/02/2018 USD 3,580,000 Altice 144A 7.75% 15/05/2022 3,827,288 0.15 GBP 4,525,000 Barclays Bank variable perpetual 10,580,445 0.41 EUR 3,166,000 Altice RegS 7.25% 15/05/2022 4,603,634 0.18 GBP 12,350,000 Care UK Health & Social Care RegS 22,266,660 0.87 USD 12,970,000 ArcelorMittal 6% 01/03/2021 14,041,387 0.55 9.75% 01/08/2017 USD 1,000,000 ArcelorMittal 6.125% 01/06/2018 1,099,550 0.04 GBP 3,500,000 Co-Operative step coupon 6,369,277 0.25 USD 1,660,000 ArcelorMittal 6.75% 25/02/2022 1,864,636 0.07 08/07/2020 EUR 6,457,000 CNH Industrial Finance Europe GMTN 8,979,134 0.35 USD 10,000,000 EnQuest RegS 7% 15/04/2022 10,368,750 0.40 2.75% 18/03/2019 GBP 9,750,000 Heathrow Finance EMTN 7.125% 18,347,727 0.71 EUR 4,764,000 Galapagos RegS 7% 15/06/2022 6,647,180 0.26 01/03/2017 USD 3,450,000 Intelsat Jackson 5.5% 01/08/2023 3,441,375 0.13 GBP 7,000,000 HSS Financing RegS 6.75% 12,605,339 0.49 01/08/2019 USD 6,880,000 Intelsat Jackson 6.625% 15/12/2022 7,224,000 0.28

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 74 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial USD Amount Admitted to an Offcial USD Exchange Listing Exchange Listing GBP 5,323,000 Infnis RegS 7% 15/02/2019 9,872,795 0.38 USD 1,475,000 Belden 144A 5.25% 15/07/2024 1,493,438 0.06 GBP 9,300,000 Jaguar Land Rover Automotive RegS 16,314,649 0.63 USD 1,500,000 Bill Barrett 7% 15/10/2022 1,591,230 0.06 5% 15/02/2022 USD 8,972,000 Bill Barrett 7.625% 01/10/2019 9,716,541 0.38 GBP 11,687,000 Lloyds Banking variable perpetual 21,245,544 0.83 USD 7,094,000 Cablevision Systems 7.75% 8,042,929 0.31 GBP 4,284,000 Matalan Finance RegS 6.875% 7,298,591 0.28 15/04/2018 01/06/2019 USD 1,481,000 Cablevision Systems 8.625% 1,730,771 0.07 GBP 14,250,000 Nationwide Building Society EMTN 25,011,410 0.97 15/09/2017 variable perpetual USD 2,475,000 Case New Holland 7.875% 2,891,839 0.11 GBP 7,250,000 Odeon & UCI Finco RegS 9% 13,014,002 0.51 01/12/2017 01/08/2018 USD 6,731,000 CenturyLink 5.625% 01/04/2020 7,152,091 0.28 GBP 11,675,000 Premier Foods Finance RegS 6.5% 20,210,333 0.79 15/03/2021 USD 3,150,000 CenturyLink 5.8% 15/03/2022 3,293,309 0.13 GBP 3,475,000 Priory Group No 3 RegS 7% 6,270,544 0.24 USD 6,995,000 Chemtura 5.75% 15/07/2021 7,292,148 0.28 15/02/2018 USD 7,000,000 Chesapeake Energy 4.875% 7,262,500 0.28 GBP 7,000,000 R&R Ice Cream RegS 5.5% 11,900,547 0.46 15/04/2022 15/05/2020 USD 500,000 Chesapeake Energy 6.125% 563,095 0.02 USD 14,000,000 Royal Bank of Scotland 6.125% 15,358,700 0.60 15/02/2021 15/12/2022 USD 4,250,000 Chesapeake Energy 6.625% 4,905,754 0.19 EUR 5,478,000 Royal Bank of Scotland EMTN 9,132,124 0.35 15/08/2020 variable 16/03/2022 USD 4,670,000 Chesapeake Midstream Partners LP/ 5,007,828 0.19 GBP 4,150,000 Thames Water Kemble Finance EMTN 7,789,783 0.30 CHKM Finance 5.875% 15/04/2021 7.75% 01/04/2019 USD 3,880,000 CIT 3.875% 19/02/2019 3,945,902 0.15 USD 1,850,000 Vedanta Resources 144A 8.25% 2,095,865 0.08 USD 3,200,000 Concho Resources 5.5% 01/10/2022 3,450,320 0.13 07/06/2021 USD 8,633,000 Concho Resources 6.5% 15/01/2022 9,550,904 0.37 USD 14,700,000 Vedanta Resources 144A 9.5% 17,195,031 0.67 18/07/2018 USD 8,245,000 CSC 144A 5.25% 01/06/2024 8,152,244 0.32 USD 5,300,000 Virgin Media Secured Finance 144A 5,579,442 0.22 USD 2,900,000 DaVita HealthCare Partners 5.125% 2,928,130 0.11 5.375% 15/04/2021 15/07/2024 GBP 6,818,000 Virgin Media Secured Finance RegS 12,077,611 0.47 USD 9,560,000 EPL Oil & Gas 8.25% 15/02/2018 10,237,183 0.40 5.5% 15/01/2025 USD 1,000,000 Fresenius Medical Care US Finance 1,135,000 0.04 GBP 2,940,000 Virgin Media Secured Finance RegS 5,300,249 0.21 144A 6.5% 15/09/2018 6% 15/04/2021 USD 960,000 Global Partners/GLP Finance 144A 963,600 0.04 United States of America 339,632,250 13.20 6.25% 15/07/2022 USD 825,000 Acadia Healthcare 144A 5.125% 832,219 0.04 USD 5,000,000 HCA 3.75% 15/03/2019 5,073,900 0.20 01/07/2022 USD 5,000,000 HCA 5% 15/03/2024 5,074,825 0.20 USD 9,181,000 Acadia Healthcare 6.125% 9,685,955 0.38 15/03/2021 USD 9,000,000 HCA 5.875% 01/05/2023 9,477,585 0.37 USD 2,000,000 Access Midstream Partners/ACMP 2,118,630 0.08 USD 11,280,000 HCA 5.875% 15/03/2022 12,283,920 0.48 Finance 4.875% 15/03/2024 USD 2,000,000 HCA 7.25% 15/09/2020 2,145,960 0.08 USD 1,000,000 AES 5.5% 15/03/2024 1,030,530 0.04 USD 550,000 HCA 7.69% 15/06/2025 622,875 0.02 USD 4,100,000 AES 8% 01/06/2020 4,943,124 0.19 USD 5,725,000 HCA 7.75% 15/05/2021 6,280,153 0.24 USD 4,340,000 Ally Financial 3.5% 27/01/2019 4,392,037 0.17 USD 4,650,000 HCA 8% 01/10/2018 5,535,011 0.22 USD 500,000 Ally Financial 6.25% 01/12/2017 559,195 0.02 USD 1,000,000 International Lease Finance 5.875% 1,100,705 0.04 USD 4,500,000 Ally Financial 7.5% 15/09/2020 5,421,892 0.21 01/04/2019 USD 4,050,000 Ally Financial 8% 15/03/2020 4,944,098 0.19 USD 5,000,000 International Lease Finance 5.875% 5,463,225 0.21 15/08/2022 USD 3,845,000 American Axle & Manufacturing 4,217,504 0.16 6.625% 15/10/2022 USD 275,000 International Lease Finance 8.25% 339,749 0.01 15/12/2020

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 75 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments dealt Value assets Amount Admitted to an Offcial USD Amount in on another Regulated Market USD Exchange Listing USD 2,322,000 Aircastle 7.625% 15/04/2020 2,713,675 0.11 USD 12,200,000 JPMorgan Chase & Co. variable 12,163,034 0.47 perpetual USD 3,000,000 Aircastle 5.125% 15/03/2021 3,102,915 0.12 USD 10,500,000 Key Energy Services 6.75% 10,962,000 0.43 Canada 143,106,088 5.56 01/03/2021 USD 5,554,000 Cascades 7.875% 15/01/2020 5,928,895 0.23 USD 7,155,000 L Brands 6.625% 01/04/2021 8,140,029 0.32 USD 11,685,000 Eldorado Gold 144A 6.125% 11,885,281 0.46 USD 5,000,000 Lennar 4.5% 15/06/2019 5,128,700 0.20 15/12/2020 USD 8,475,000 Live Nation Entertainment 144A 8,644,500 0.34 USD 4,390,000 Garda World Security 144A 7.25% 4,636,937 0.18 5.375% 15/06/2022 15/11/2021 USD 6,145,000 Masco 5.95% 15/03/2022 6,813,269 0.26 USD 7,820,000 Garda World Security 144A 7.25% 8,259,875 0.32 15/11/2021 USD 1,850,000 Masco 7.125% 15/03/2020 2,177,172 0.09 USD 13,225,000 IAMGOLD 144A 6.75% 01/10/2020 12,299,250 0.48 USD 7,525,000 MetroPCS Wireless 6.625% 8,037,452 0.31 15/11/2020 USD 10,200,000 Kinross Gold 144A 5.95% 10,619,781 0.41 15/03/2024 USD 2,480,000 MGM Resorts International 11.375% 3,226,269 0.13 01/03/2018 USD 8,132,000 Kodiak Oil & Gas 5.5% 01/02/2022 8,450,978 0.33 USD 5,250,000 MGM Resorts International 6.625% 5,860,732 0.23 USD 5,000,000 Kodiak Oil & Gas 8.125% 5,576,500 0.22 15/12/2021 01/12/2019 USD 500,000 MGM Resorts International 7.75% 590,005 0.02 USD 5,985,000 Mattamy 144A 6.5% 15/11/2020 6,164,550 0.24 15/03/2022 USD 8,665,000 MDC Partners 144A 6.75% 9,184,900 0.36 USD 17,825,000 NuStar Logistics 4.8% 01/09/2020 18,222,497 0.71 01/04/2020 USD 8,000,000 Resolute Forest Products 5.875% 7,880,000 0.31 USD 3,700,000 MEG Energy 144A 6.375% 3,951,600 0.15 15/05/2023 30/01/2023 USD 9,640,000 Reynolds Issuer 5.75% 15/10/2020 10,164,416 0.39 USD 2,415,000 MEG Energy 144A 6.5% 2,571,975 0.10 15/03/2021 USD 2,460,000 Sanchez Energy 144A 6.125% 2,546,100 0.10 15/01/2023 USD 9,045,000 PetroBakken Energy 144A 8.625% 9,505,164 0.37 01/02/2020 USD 1,421,000 Sprint Capital 6.875% 15/11/2028 1,446,010 0.06 USD 7,075,000 Quadra FNX Mining 144A 7.75% 7,632,156 0.30 USD 1,220,000 Standard Pacifc 10.75% 15/09/2016 1,453,587 0.06 15/06/2019 USD 10,840,000 T-Mobile USA 6.464% 28/04/2019 11,485,847 0.45 USD 3,585,000 Taseko Mines 7.75% 15/04/2019 3,620,850 0.14 USD 5,895,000 T-Mobile USA 6.625% 01/04/2023 6,391,182 0.25 USD 13,850,000 Thompson Creek Metals 7.375% 13,698,273 0.53 01/06/2018 USD 7,110,000 Toll Brothers Finance 5.875% 7,767,675 0.30 15/02/2022 USD 13,800,000 Valeant Pharmaceuticals 14,179,017 0.55 International 144A 5.625% USD 7,125,000 United Rentals North America 7,681,926 0.30 01/12/2021 6.125% 15/06/2023 USD 4,565,000 Valeant Pharmaceuticals 4,940,106 0.19 Total Transferable Securities and 1,095,469,613 42.57 International 144A 6.75% Money Market Instruments Admitted 15/08/2018 to an Offcial Exchange Listing Cayman Islands 11,596,025 0.45 USD 10,787,000 Shelf Drilling 144A 8.625% 11,596,025 0.45 Number of shares Transferable Securities and Market % Net 01/11/2018 or Principal Money Market Instruments dealt Value assets Amount in on another Regulated Market USD France 5,391,821 0.21 Australia 11,057,260 0.43 EUR 3,966,000 3AB Optique Developpement RegS 5,391,821 0.21 5.625% 15/04/2019 USD 2,185,000 FMG Resources August 2006 144A 2,297,626 0.09 6.875% 01/02/2018 Ireland 18,859,519 0.73 USD 5,080,000 FMG Resources August 2006 144A 5,545,404 0.22 USD 6,675,000 AerCap Ireland Capital/AerCap 6,733,406 0.26 8.25% 01/11/2019 Global Aviation Trust 144A 3.75% 15/05/2019 USD 3,000,000 FMG Resources August 2006 144A 3,214,230 0.12 6.875% 01/04/2022 USD 12,290,000 XLvariable perpetual 12,126,113 0.47 Bermuda 12,620,191 0.49 Luxembourg 18,527,461 0.72 USD 6,200,000 Aircastle 6.25% 01/12/2019 6,803,601 0.26 USD 395,000 Beverage Packaging II 144A 5.625% 407,488 0.02 15/12/2016

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 76 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value assets or Principal Money Market Instruments dealt Value assets Amount in on another Regulated Market USD Amount in on another Regulated Market USD USD 3,515,000 Beverage Packaging II 144A 6% 3,621,750 0.14 USD 13,731,000 Brightstar 144A 9.5% 01/12/2016 14,795,153 0.57 15/06/2017 USD 4,675,000 Calpine 144A 5.875% 15/01/2024 4,949,446 0.19 USD 2,050,000 INEOS 144A 6.125% 15/08/2018 2,134,562 0.08 USD 6,008,000 Calpine 144A 7.5% 15/02/2021 6,547,909 0.25 USD 4,750,000 Intelsat Jackson 7.25% 15/10/2020 5,139,761 0.20 USD 1,139,000 Calpine 144A 7.875% 31/07/2020 1,241,510 0.05 USD 6,815,000 Intelsat Luxembourg 6.75% 7,223,900 0.28 01/06/2018 USD 370,000 CCO/CCO Capital 6.625% 399,439 0.01 31/01/2022 Netherlands 6,645,000 0.26 USD 6,150,000 CCO/CCO Capital 7% 15/01/2019 6,497,690 0.25 USD 6,000,000 AerCap Aviation Solutions 6.375% 6,645,000 0.26 30/05/2017 USD 5,300,000 CCO/CCO Capital 7.375% 5,807,237 0.23 01/06/2020 United Kingdom 9,339,806 0.36 USD 5,000,000 CCO/CCO Capital 6.5% 30/04/2021 5,334,975 0.21 USD 8,550,000 Ineos Finance 144A 7.5% 9,339,806 0.36 01/05/2020 USD 8,000,000 Century Communities 144A 8,220,000 0.32 6.875% 15/05/2022 United States of America 1,155,897,866 44.91 USD 2,866,000 Cequel Communications 144A 2,864,624 0.11 USD 2,526,000 Acadia Healthcare 12.875% 3,016,069 0.12 5.125% 15/12/2021 01/11/2018 USD 7,300,000 Cequel Communications 144A 7,774,500 0.30 USD 12,250,000 Allbritton Communications 8% 12,825,934 0.50 6.375% 15/09/2020 15/05/2018 USD 5,710,000 Chesapeake Midstream Partners LP/ 6,311,377 0.25 USD 11,500,000 Alliance Data Systems 144A 12,236,115 0.48 CHKM Finance 6.125% 15/07/2022 6.375% 01/04/2020 USD 1,000,000 Chesapeake Oilfeld 6.625% 1,073,930 0.04 USD 11,505,000 Alphabet 7.75% 01/11/2017 11,893,294 0.46 15/11/2019 USD 6,015,000 AMC Entertainment 5.875% 6,287,630 0.24 USD 5,710,000 Chrysler/CG Co-Issuer 8% 6,216,220 0.24 15/02/2022 15/06/2019 USD 425,000 AMC Entertainment 9.75% 486,164 0.02 USD 11,400,000 Chrysler/CG Co-Issuer 8.25% 12,917,511 0.50 01/12/2020 15/06/2021 USD 11,550,000 American Achievement 144A 11,954,250 0.46 USD 12,375,000 Citi variable perpetual 12,527,522 0.49 10.875% 15/04/2016 USD 7,655,000 Clear Channel communications 9% 8,204,897 0.32 USD 830,000 American Axle & Manufacturing 875,330 0.03 15/12/2019 5.125% 15/02/2019 USD 6,900,000 Clear Channel Worldwide 6.5% 7,462,937 0.29 USD 13,140,000 Antero Resources 144A 5.125% 13,513,505 0.53 15/11/2022 01/12/2022 USD 2,690,000 Clear Channel Worldwide 6.5% 2,885,025 0.11 USD 10,050,000 Ashland 4.75% 15/08/2022 10,138,540 0.39 15/11/2022 USD 10,000,000 Avaya 144A 7% 01/04/2019 10,050,000 0.39 USD 8,150,000 CNH Capital 3.625% 15/04/2018 8,344,785 0.32 USD 9,060,000 B/E Aeroce 5.25% 01/04/2022 9,862,354 0.38 USD 2,000,000 CNH Capital 6.25% 01/11/2016 2,183,970 0.08 USD 9,000,000 Basic Energy Services 7.75% 9,610,290 0.37 USD 8,340,000 CNO Financial 144A 6.375% 9,059,325 0.35 15/02/2019 01/10/2020 USD 2,950,000 BE Aerospace 6.875% 01/10/2020 3,212,284 0.12 USD 5,900,000 Consolidated Communications 6,910,375 0.27 Finance 10.875% 01/06/2020 USD 2,275,000 Biomet 6.5% 01/08/2020 2,462,016 0.10 USD 13,155,000 CoreLogic/United States 7.25% 14,289,619 0.56 USD 5,250,000 Biomet 6.5% 01/10/2020 5,626,189 0.22 01/06/2021 USD 9,510,000 Blackboard 144A 7.75% 9,985,500 0.39 USD 9,475,000 Crescent Resources 144A 10.25% 10,659,375 0.41 15/11/2019 15/08/2017 USD 10,150,000 BMC Software Finance 144A 10,454,500 0.41 USD 11,003,000 Crown Media 10.5% 15/07/2019 12,421,837 0.48 8.125% 15/07/2021 USD 17,876,000 CyrusOne Finance 6.375% 19,295,265 0.75 USD 6,652,271 BOE Intermediate 144A 9% 6,980,727 0.27 15/11/2022 01/11/2017 USD 5,833,000 Del Monte 7.625% 15/02/2019 6,071,949 0.24 USD 5,320,000 BOE Merger 144A 9.5% 5,619,250 0.22 01/11/2017 USD 10,500,000 DISH DBS 5% 15/03/2023 10,746,540 0.42 USD 14,525,000 BreitBurn Energy Partners 7.875% 15,757,301 0.61 USD 4,450,000 DISH DBS 5.875% 15/07/2022 4,844,537 0.19 15/04/2022 USD 200,000 DISH DBS 6.625% 01/10/2014 202,779 0.01 USD 2,750,000 Brightstar 144A 7.25% 01/08/2018 3,035,312 0.12 USD 3,250,000 DISH DBS 6.75% 01/06/2021 3,715,205 0.14

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 77 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value assets or Principal Money Market Instruments dealt Value assets Amount in on another Regulated Market USD Amount in on another Regulated Market USD USD 5,240,000 DISH DBS 7.875% 01/09/2019 6,230,832 0.24 USD 11,450,000 Jefferies LoanCore 144A 6.875% 11,621,750 0.45 01/06/2020 USD 4,608,000 DJO Finance 7.75% 15/04/2018 4,860,196 0.19 USD 7,375,000 Landry's 144A 9.375% 01/05/2020 8,149,375 0.32 USD 4,200,000 DJO Finance 9.75% 15/10/2017 4,420,500 0.17 USD 3,485,000 Lennar 4.125% 01/12/2018 3,556,199 0.14 USD 8,315,000 DJO Finance 9.875% 15/04/2018 9,000,988 0.35 USD 1,000,000 Level 3 Communications 8.875% 1,096,250 0.04 USD 2,500,000 DPL 6.5% 15/10/2016 2,709,950 0.11 01/06/2019 USD 3,390,000 DPL 7.25% 15/10/2021 3,737,153 0.15 USD 3,000,000 Level 3 Financing 7% 01/06/2020 3,292,500 0.13 USD 10,000,000 Equinix 7% 15/07/2021 11,091,550 0.43 USD 5,978,000 Level 3 Financing 8.125% 6,537,989 0.25 USD 11,940,000 FGI Operating 7.875% 01/05/2020 12,775,800 0.50 01/07/2019 USD 5,830,000 First Data 11.75% 15/08/2021 6,924,000 0.27 USD 9,964,000 Linn Energy Finance 6.5% 10,549,385 0.41 15/05/2019 USD 6,945,000 First Data 12.625% 15/01/2021 8,561,032 0.33 USD 6,765,000 Linn Energy Finance 7.75% 7,315,671 0.28 USD 5,575,000 Freescale Semiconductor 144A 6% 5,965,250 0.23 01/02/2021 15/01/2022 USD 8,500,000 Mediacom/Mediacom Capital 9,279,068 0.36 USD 1,225,000 Fresenius Medical Care US Finance 1,343,886 0.05 7.25% 15/02/2022 144A 5.75% 15/02/2021 USD 3,000,000 MGM Resorts International 6.75% 3,359,580 0.13 USD 5,900,000 Fresenius Medical Care US Finance II 6,525,105 0.25 01/10/2020 144A 5.875% 31/01/2022 USD 10,125,000 MGM Resorts International 8.625% 12,068,443 0.47 USD 7,625,000 Gannett 144A 5.125% 15/10/2019 7,949,063 0.31 01/02/2019 USD 4,885,000 Gannett 144A 6.375% 15/10/2023 5,239,163 0.20 USD 11,478,000 Midstates Petroleum/Midstates 13,056,455 0.51 Petroleum 10.75% 01/10/2020 USD 5,160,000 General Motors 144A 3.5% 5,291,064 0.21 02/10/2018 USD 7,795,000 Neiman Marcus 144A 8.75% 8,584,828 0.33 15/10/2021 USD 10,155,000 General Motors 144A 4.875% 10,708,448 0.42 02/10/2023 USD 5,000,000 New Academy Finance 144A 8% 5,137,500 0.20 15/06/2018 USD 4,495,000 GLP Capital 144A 4.375% 4,652,325 0.18 01/11/2018 USD 12,553,000 Nuance Communications 144A 13,055,120 0.51 5.375% 15/08/2020 USD 19,970,000 GLP Capital 144A 4.875% 20,619,025 0.80 01/11/2020 USD 15,170,000 Packaging Dynamics 144A 8.75% 15,636,478 0.61 01/02/2016 USD 10,180,000 Golden Nugget Escrow 144A 8.5% 10,650,825 0.41 01/12/2021 USD 12,355,000 Peninsula Gaming 144A 8.375% 13,281,625 0.52 15/02/2018 USD 2,500,000 Goodyear Tire & Rubber 7% 2,788,038 0.11 15/05/2022 USD 6,445,000 Penn Virginia Resource Partners 7,031,721 0.27 6.5% 15/05/2021 USD 6,625,000 Goodyear Tire & Rubber 8.25% 7,287,434 0.28 15/08/2020 USD 5,441,000 Penn Virginia Resource Partners 6,173,495 0.24 8.375% 01/06/2020 USD 8,070,000 Goodyear Tire & Rubber 8.75% 9,611,087 0.37 15/08/2020 USD 15,552,000 Physio-Control International 144A 17,262,720 0.67 9.875% 15/01/2019 USD 1,030,000 Gray Television 7.5% 01/10/2020 1,109,609 0.04 USD 12,325,000 Plastipak 144A 6.5% 01/10/2021 13,040,836 0.51 USD 15,480,000 Guitar Center 144A 6.5% 15,344,550 0.60 15/04/2019 USD 2,872,000 Potlatch 7.5% 01/11/2019 3,342,290 0.13 USD 8,665,000 Guitar Center 144A 9.625% 8,275,075 0.32 USD 4,750,000 QVC 144A 7.375% 15/10/2020 5,099,747 0.20 15/04/2020 USD 2,700,000 Regency Energy Partners 5.5% 2,843,451 0.11 USD 10,814,000 Hecla Mining 6.875% 01/05/2021 10,762,417 0.42 15/04/2023 USD 6,150,000 Huntsman International 8.625% 6,837,878 0.27 USD 8,540,000 Roundy's Supermarkets 144A 9,095,100 0.35 15/03/2021 10.25% 15/12/2020 USD 2,000,000 International Lease Finance 8.625% 2,167,100 0.08 USD 3,000,000 Sabine Pass Liquefaction 5.625% 3,132,645 0.12 15/09/2015 15/04/2023 USD 1,100,000 International Lease Finance 8.75% 1,283,431 0.05 USD 6,870,000 Sabine Pass LNG 7.5% 30/11/2016 7,603,372 0.30 15/03/2017 USD 6,380,000 Sealed Air 144A 8.125% 7,097,750 0.28 USD 2,400,000 Ipalco Enterprises 5% 01/05/2018 2,574,000 0.10 15/09/2019

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 78 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

USD 4,092,000 Univision Communications 144A 4,547,235 0.18 Number of shares Other Transferable Securities Market % Net 6.75% 15/09/2022 or Principal not dealt on another Value USD assets Amount Regulated Market USD 4,500,000 Univision Communications 144A 4,826,250 0.19 6.875% 15/05/2019 United Kingdom 25,127,237 0.97 USD 9,440,000 Univision Communications 144A 10,525,600 0.41 EUR 17,164,000 Algeco Scotsman Global Finance 25,127,237 0.97 8.5% 15/05/2021 RegS 9% 15/10/2018 USD 250,000 Valeant Pharmaceuticals 266,875 0.01 Total Other Transferable Securities 25,127,237 0.97 International 144A 6.75% not dealt on another 15/08/2021 Regulated Market USD 2,500,000 Valeant Pharmaceuticals 2,619,550 0.10 Total Investments 2,513,637,887 97.66 International 144A 6.875% 01/12/2018 Other Net Assets 60,132,986 2.34 USD 1,750,000 Valeant Pharmaceuticals 1,870,313 0.07 Net Asset Value 2,573,770,873 100.00 International 144A 7% 01/10/2020

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 79 AVIVA INVESTORS – GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Australia 0.43 Bermuda 0.49 Canada 6.16 Cayman Islands 1.31 Denmark 0.51 Finland 0.11 France 2.62 Germany 0.29 Ireland 0.73 Italy 0.52 Jersey 3.25 Luxembourg 5.17 Netherlands 2.31 Sweden 0.86 Switzerland 0.20 United Kingdom 14.59 United States of America 58.11 Total 97.66

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) EUR CAD 23,937,947 USD 22,326,662 31/07/2014 129,309 CAD 23,252,171 USD 21,684,491 31/07/2014 128,160 CHF 108,186,439 USD 120,991,854 31/07/2014 1,035,782 CHF 3,021,094 USD 3,383,559 31/07/2014 24,049 EUR 295,608,647 USD 401,863,993 31/07/2014 2,915,815 EUR 15,575,229 USD 21,233,849 31/07/2014 93,463 EUR 295,585,600 USD 401,863,993 31/07/2014 2,884,257 GBP 6,918,207 USD 11,770,014 31/07/2014 56,210 GBP 59,875,776 USD 101,884,500 31/07/2014 469,232 GBP 59,875,846 USD 101,884,500 31/07/2014 469,352 SGD 291,310 USD 233,050 31/07/2014 625 SGD 73,364,659 USD 58,676,002 31/07/2014 173,657 USD 6,411,293 CHF 5,716,249 31/07/2014 (36,283) USD 448,540 CHF 400,000 31/07/2014 (2,636) USD 127,069,341 EUR 93,471,415 31/07/2014 (921,981) USD 127,079,249 EUR 93,471,415 31/07/2014 (912,073) USD 214,935,721 GBP 126,314,042 31/07/2014 (989,892) USD 214,935,469 GBP 126,314,042 31/07/2014 (990,145) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 4,526,901

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 80 AVIVA INVESTORS – LONG TERM EUROPEAN BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Austria 3,915,761 4.30 EUR 1,880,000 Germany (Bund) 4.75% 04/07/2034 2,706,225 2.97 EUR 330,000 Austria Government 2.4% 341,776 0.37 EUR 2,650,000 Germany (Bund) 4.75% 04/07/2040 4,021,148 4.42 23/05/2034 EUR 3,160,000 Germany (Bund) 5.5% 04/01/2031 4,755,174 5.22 EUR 100,000 Austria Government 3.15% 117,507 0.13 20/06/2044 EUR 500,000 Germany (Bund) 5.625% 738,795 0.81 04/01/2028 EUR 220,000 Austria Government 3.8% 308,235 0.34 26/01/2062 EUR 600,000 Germany (Bund) 6.5% 04/07/2027 946,315 1.04 EUR 1,050,000 Austria Government 4.15% 1,401,111 1.54 Ireland 2,283,211 2.51 15/03/2037 EUR 1,800,000 Ireland Government 5.4% 2,283,211 2.51 EUR 755,000 Austria Government 4.85% 1,006,646 1.11 13/03/2025 15/03/2026 Italy 26,139,186 28.71 EUR 488,832 Austria Government 6.25% 740,486 0.81 EUR 800,000 Italy Buoni Poliennali Del Tesoro 864,579 0.95 15/07/2027 3.75% 01/09/2024 Belgium 7,316,688 8.04 EUR 1,760,000 Italy Buoni Poliennali Del Tesoro 2,044,684 2.24 EUR 370,000 Belgium Government 3% 395,685 0.44 4.75% 01/09/2028 22/06/2034 EUR 2,630,000 Italy Buoni Poliennali Del Tesoro 5% 3,130,748 3.44 EUR 100,000 Belgium Government 3.75% 119,674 0.13 01/03/2025 22/06/2045 EUR 3,150,000 Italy Buoni Poliennali Del Tesoro 5% 3,757,685 4.13 EUR 620,000 Belgium Government 4% 759,410 0.84 01/08/2034 28/03/2032 EUR 3,140,000 Italy Buoni Poliennali Del Tesoro 5% 3,730,650 4.10 EUR 1,110,000 Belgium Government 4.25% 1,439,034 1.58 01/08/2039 28/03/2041 EUR 1,330,000 Italy Buoni Poliennali Del Tesoro 5% 1,574,289 1.73 EUR 1,420,000 Belgium Government 4.5% 1,800,916 1.98 01/09/2040 28/03/2026 EUR 2,150,000 Italy Buoni Poliennali Del Tesoro 2,620,833 2.88 EUR 1,260,000 Belgium Government 5% 1,751,790 1.92 5.25% 01/11/2029 28/03/2035 EUR 1,250,000 Italy Buoni Poliennali Del Tesoro 1,619,622 1.78 EUR 750,000 Belgium Government 5.5% 1,050,179 1.15 5.75% 01/02/2033 28/03/2028 EUR 2,250,000 Italy Buoni Poliennali Del Tesoro 6% 2,972,723 3.26 France 19,540,397 21.46 01/05/2031 EUR 1,000,000 France Government OAT 2.75% 1,080,896 1.19 EUR 2,820,000 Italy Buoni Poliennali Del Tesoro 3,823,373 4.20 25/10/2027 6.5% 01/11/2027 EUR 2,200,000 France Government OAT 3.5% 2,572,924 2.82 Netherlands 3,902,832 4.29 25/04/2026 EUR 1,000,000 Netherlands Government 3.75% 1,313,840 1.44 EUR 1,640,000 France Government OAT 4% 2,130,152 2.34 15/01/2042 25/04/2055 EUR 1,250,000 Netherlands Government 4% 1,652,241 1.82 EUR 500,000 France Government OAT 4% 628,263 0.69 15/01/2037 25/10/2038 EUR 650,000 Netherlands Government 5.5% 936,751 1.03 EUR 2,580,000 France Government OAT 4.5% 3,512,465 3.86 15/01/2028 25/04/2041 Spain 11,410,066 12.53 EUR 900,000 France Government OAT 4.75% 1,233,412 1.35 EUR 1,910,000 Spain Government 4.2% 2,060,114 2.26 25/04/2035 31/01/2037 EUR 1,200,000 France Government OAT 5.5% 1,706,186 1.87 EUR 1,000,000 Spain Government 4.65% 1,166,501 1.28 25/04/2029 30/07/2025 EUR 2,630,000 France Government OAT 5.75% 3,957,491 4.35 EUR 1,250,000 Spain Government 4.7% 1,424,003 1.56 25/10/2032 30/07/2041 EUR 1,900,000 France Government OAT 6% 2,718,608 2.99 EUR 910,000 Spain Government 4.9% 1,072,678 1.18 25/10/2025 30/07/2040 Germany 14,386,054 15.80 EUR 1,000,000 Spain Government 5.15% 1,206,846 1.33 EUR 320,000 Germany (Bund) 2.5% 04/07/2044 343,143 0.38 31/10/2028 EUR 450,000 Germany (Bund) 4% 04/01/2037 599,828 0.66 EUR 250,000 Spain Government 5.15% 302,009 0.33 31/10/2044 EUR 200,000 Germany (Bund) 4.75% 04/07/2028 275,426 0.30

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 81 AVIVA INVESTORS – LONG TERM EUROPEAN BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Geographic Breakdown (as a percentage of Net Assets) % Net Assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Austria 4.30 Exchange Listing Belgium 8.04 EUR 1,400,000 Spain Government 5.75% 1,826,804 2.01 France 21.46 30/07/2032 Germany 15.80 EUR 1,800,000 Spain Government 6% 31/01/2029 2,351,111 2.58 Ireland 2.51 Total Transferable Securities and 88,894,195 97.64 Money Market Instruments Admitted Italy 28.71 to an Offcial Exchange Listing Netherlands 4.29 Total Investments 88,894,195 97.64 Spain 12.53 Other Net Assets 2,146,290 2.36 Total 97.64 Net Asset Value 91,040,485 100.00

Futures Contracts Quantity Currency Description Maturity date Commitment Unrealised gain/(loss) EUR 56 EUR EURO BUND FUTURE 08/09/2014 1,029,070 15,470 Net Unrealised Gain on Open Futures Contracts 15,470

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 82 AVIVA INVESTORS – SHORT DURATION GLOBAL HIGH YIELD BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value USD assets or Principal Money Market Instruments Value USD assets Amount Admitted to an Offcial Amount Admitted to an Offcial Exchange Listing Exchange Listing Cayman Islands 7,014,999 1.19 United Kingdom 49,543,088 8.44 GBP 4,004,000 Brakes Capital RegS 7.125% 7,014,999 1.19 GBP 3,512,000 Anglian Water Osprey Financing 6,551,538 1.12 15/12/2018 EMTN 7% 31/01/2018 Finland 3,816,649 0.65 GBP 5,700,000 Care UK Health & Social Care RegS 10,276,920 1.75 9.75% 01/08/2017 EUR 2,764,000 Paroc Group Oy RegS FRN 3,816,649 0.65 15/05/2020 GBP 4,000,000 Heathrow Finance EMTN 7.125% 7,527,273 1.28 01/03/2017 France 30,604,661 5.21 USD 5,000,000 Ineos Finance 144A 8.375% 5,477,475 0.93 EUR 4,000,000 Crown European RegS 7.125% 5,717,105 0.97 15/02/2019 15/08/2018 GBP 2,044,000 Matalan Finance RegS 6.875% 3,482,334 0.59 EUR 1,254,000 Financiere Quick SAS RegS FRN 1,715,189 0.29 01/06/2019 15/04/2019 GBP 6,400,000 Priory Group No 3 RegS 7% 11,548,628 1.97 EUR 864,000 Novacap International RegS FRN 1,201,127 0.20 15/02/2018 01/05/2019 USD 4,000,000 Vedanta Resources 144A 9.5% 4,678,920 0.80 USD 10,250,000 Numericable 144A 4.875% 10,536,795 1.80 18/07/2018 15/05/2019 United States of America 91,641,637 15.62 EUR 7,300,000 Peugeot EMTN 6.5% 18/01/2019 11,434,445 1.95 USD 2,000,000 Ally Financial 5.5% 15/02/2017 2,171,970 0.37 Germany 8,007,337 1.36 USD 3,000,000 Ally Financial 6.25% 01/12/2017 3,355,170 0.57 EUR 2,500,000 Heidelberger Druckmaschinen RegS 3,682,192 0.63 9.25% 15/04/2018 USD 6,858,000 Bill Barrett 7.625% 01/10/2019 7,427,111 1.27 EUR 3,000,000 Mondi Consumer Packaging 4,325,145 0.73 USD 2,500,000 Cablevision Systems 7.75% 2,834,412 0.48 International RegS 9.75% 15/04/2018 15/07/2017 USD 5,000,000 Cablevision Systems 8.625% 5,843,250 1.00 Ireland 4,326,747 0.74 15/09/2017 EUR 3,000,000 Ardagh Packaging Finance RegS 4,326,747 0.74 EUR 4,500,000 Chesapeake Energy 6.25% 6,765,925 1.15 7.375% 15/10/2017 15/01/2017 Italy 3,077,281 0.52 USD 6,000,000 CIT 4.25% 15/08/2017 6,275,370 1.07 EUR 2,070,000 Snai RegS 7.625% 15/06/2018 3,077,281 0.52 USD 5,000,000 Dana 6.5% 15/02/2019 5,292,175 0.90 Jersey 6,347,818 1.08 USD 6,340,000 EPL Oil & Gas 8.25% 15/02/2018 6,789,094 1.16 GBP 3,300,000 CPUK Finance EMTN 11.625% 6,347,818 1.08 USD 1,000,000 Fresenius Medical Care US Finance 1,135,000 0.20 28/02/2018 144A 6.5% 15/09/2018 Luxembourg 19,869,172 3.39 USD 6,220,000 HCA 7.75% 15/05/2021 6,823,153 1.17 USD 7,000,000 ArcelorMittal 5% 25/02/2017 7,404,075 1.26 USD 1,500,000 Lennar 4.75% 15/12/2017 1,592,062 0.27 EUR 1,429,000 CNH Industrial Finance Europe 1,987,174 0.34 USD 2,940,000 Lennar 5.6% 31/05/2015 3,049,780 0.52 GMTN 2.75% 18/03/2019 USD 1,500,000 MGM Resorts International 6.625% 1,578,772 0.27 EUR 3,700,000 Finmeccanica EMTN 4.375% 5,422,187 0.92 15/07/2015 05/12/2017 USD 1,500,000 MGM Resorts International 7.5% 1,659,427 0.28 EUR 1,844,000 Galapagos RegS FRN 15/06/2021 2,551,323 0.44 01/06/2016 USD 1,000,000 Wind Acquisition Finance 144A 1,055,750 0.18 USD 5,000,000 Peabody Energy 6% 15/11/2018 5,242,725 0.89 7.25% 15/02/2018 USD 4,000,000 Peabody Energy 7.375% 01/11/2016 4,407,880 0.75 EUR 1,000,000 Wind Acquisition Finance RegS 1,448,663 0.25 7.375% 15/02/2018 USD 2,000,000 Sprint Nextel 6% 01/12/2016 2,184,930 0.37 Netherlands 10,650,965 1.81 USD 6,630,000 Tesoro 4.25% 01/10/2017 6,988,484 1.19 EUR 4,656,000 Hydra Dutch 2 RegS FRN 15/04/2019 6,340,275 1.07 USD 9,650,000 T-Mobile USA 6.464% 28/04/2019 10,224,947 1.74 EUR 210,000 Phoenix PIB Finance RegS 9.625% 288,650 0.05 Total Transferable Securities and 239,754,153 40.84 15/07/2014 Money Market Instruments Admitted to an Offcial Exchange Listing EUR 2,637,000 Ziggo Bond RegS 8% 15/05/2018 4,022,040 0.69 Sweden 4,853,799 0.83 EUR 3,556,000 SSAB EMTN 3.875% 10/04/2019 4,853,799 0.83

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 83 AVIVA INVESTORS – SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments dealt Value assets or Principal Money Market Instruments dealt Value assets Amount on another Regulated Market USD Amount on another Regulated Market USD Australia 8,437,711 1.44 USD 3,400,000 Amsouth Bank 5.2% 01/04/2015 3,501,932 0.60 USD 2,055,000 FMG Resources August 2006 144A 2,160,925 0.37 USD 5,750,000 Ashland 3.875% 15/04/2018 5,942,855 1.01 6.875% 01/02/2018 USD 6,500,000 Avis Budget 4.875% 15/11/2017 6,806,995 1.16 USD 5,750,000 FMG Resources August 2006 144A 6,276,786 1.07 8.25% 01/11/2019 USD 7,500,000 Basic Energy Services 7.75% 8,008,575 1.36 15/02/2019 Bermuda 3,654,924 0.62 USD 3,213,968 BOE Intermediate 144A 9% 3,372,658 0.57 USD 3,285,000 Aircastle 6.75% 15/04/2017 3,654,924 0.62 01/11/2017 Canada 16,303,271 2.78 USD 250,000 Brightstar 144A 7.25% 01/08/2018 275,937 0.05 USD 2,000,000 Bombardier 144A 4.25% 2,072,270 0.35 USD 2,750,000 Brightstar 144A 9.5% 01/12/2016 2,963,125 0.50 15/01/2016 USD 696,000 Burlington Finance 144A 9% 715,154 0.12 USD 3,000,000 Bombardier 144A 7.5% 15/03/2018 3,395,550 0.58 15/02/2018 USD 5,000,000 Kinross Gold 3.625% 01/09/2016 5,211,675 0.89 USD 4,300,000 CCO/CCO Capital 7% 15/01/2019 4,543,100 0.77 USD 4,500,000 Reliance Intermediate 144A 9.5% 4,887,900 0.83 USD 2,306,000 CCO/CCO Capital 7.25% 2,437,454 0.42 15/12/2019 30/10/2017 USD 680,000 Valeant Pharmaceuticals 735,876 0.13 USD 5,410,000 Chrysler/CG Co-Issuer 8% 5,889,624 1.00 International 144A 6.75% 15/06/2019 15/08/2018 USD 2,000,000 CNH Capital 3.875% 01/11/2015 2,045,830 0.35 Cayman Islands 5,351,350 0.91 USD 6,251,000 CNH Capital 6.25% 01/11/2016 6,825,998 1.16 USD 4,978,000 Shelf Drilling 144A 8.625% 5,351,350 0.91 01/11/2018 USD 5,200,000 CNO Financial 144A 6.375% 5,648,500 0.96 01/10/2020 France 1,269,783 0.22 USD 5,000,000 Community Health Systems 5.125% 5,247,025 0.89 EUR 934,000 3AB Optique Developpement RegS 1,269,783 0.22 15/08/2018 5.625% 15/04/2019 USD 7,000,000 Crown Media 10.5% 15/07/2019 7,902,650 1.35 Ireland 1,008,750 0.17 USD 4,500,000 Del Monte 7.625% 15/02/2019 4,684,343 0.80 USD 1,000,000 AerCap Ireland Capital 144A 2.75% 1,008,750 0.17 15/05/2017 USD 2,600,000 DISH DBS 7.125% 01/02/2016 2,827,513 0.48 Luxembourg 7,639,010 1.30 USD 5,531,000 DPL 6.5% 15/10/2016 5,995,493 1.02 USD 360,000 Beverage Packaging II 144A 5.625% 371,381 0.07 USD 5,000,000 First Data 144A 8.875% 15/08/2020 5,556,250 0.95 15/12/2016 USD 1,825,000 Fresenius Medical Care US Finance 2,071,567 0.35 USD 1,225,000 Beverage Packaging II 144A 6% 1,262,203 0.21 6.875% 15/07/2017 15/06/2017 USD 3,575,000 General Motors 144A 3.5% 3,665,805 0.62 USD 5,525,000 ConvaTec Healthcare E 144A 10.5% 6,005,426 1.02 02/10/2018 15/12/2018 USD 2,000,000 General Motors Financial 2.75% 2,035,420 0.35 Netherlands 8,567,536 1.45 15/05/2016 USD 2,575,000 AerCap Aviation Solutions 6.375% 2,851,813 0.48 USD 8,345,000 GLP Capital 144A 4.375% 8,637,075 1.47 30/05/2017 01/11/2018 EUR 4,150,000 Schaeffer Finance RegS 3.25% 5,715,723 0.97 USD 3,410,000 Guitar Center 144A 6.5% 3,380,163 0.58 15/05/2019 15/04/2019 United States of America 255,387,396 43.50 USD 5,537,000 Hertz 4.25% 01/04/2018 5,725,147 0.98 USD 6,000,000 Allison Transmission 144A 7.125% 6,419,790 1.09 USD 1,715,000 Ipalco Enterprises 144A 7.25% 1,877,925 0.32 15/05/2019 01/04/2016 USD 2,000,000 Ally Financial 6.75% 01/12/2014 2,046,800 0.35 USD 5,725,000 Landry's 144A 9.375% 01/05/2020 6,326,125 1.08 USD 1,875,000 Alphabet 7.75% 01/11/2017 1,938,281 0.33 USD 755,000 Lennar 4.125% 01/12/2018 770,425 0.13 USD 9,600,000 American Achievement 144A 9,936,000 1.69 USD 7,680,000 Packaging Dynamics 144A 8.75% 7,916,160 1.35 10.875% 15/04/2016 01/02/2016 USD 830,000 American Axle & Manufacturing 875,330 0.15 USD 5,160,000 Peninsula Gaming 144A 8.375% 5,547,000 0.94 5.125% 15/02/2019 15/02/2018

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 84 AVIVA INVESTORS – SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Geographic Breakdown (as a percentage of Net Assets) % Net Assets Australia 1.44 Bermuda 0.62 Canada 2.78 Cayman Islands 2.10 Finland 0.65 France 5.43 Germany 1.36 Ireland 0.91 Italy 0.52 Jersey 1.08 Luxembourg 4.69 Netherlands 3.26 Sweden 0.83 United Kingdom 10.38 United States of America 59.12 Total 95.17

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 85 AVIVA INVESTORS – SHORT DURATION GLOBAL HIGH YIELD BOND FUND (CONTINUED) Portfolio of Investments and Other Net Assets as at 30 June 2014

Forward Foreign Exchange Contracts Currency purchased Amount purchased Currency sold Amount sold Maturity Date Unrealised gain/(loss) USD CHF 23,786,007 USD 26,601,422 31/07/2014 227,728 CHF 115,811 USD 129,844 31/07/2014 784 EUR 182,522,122 USD 248,128,969 31/07/2014 1,800,357 EUR 2,835,191 USD 3,865,500 31/07/2014 16,755 EUR 21,499 USD 29,310 31/07/2014 129 EUR 182,507,892 USD 248,128,969 31/07/2014 1,780,871 GBP 684,476 USD 1,164,438 31/07/2014 5,629 GBP 15,147,378 USD 25,774,748 31/07/2014 118,706 GBP 15,147,396 USD 25,774,748 31/07/2014 118,737 USD 43,110,626 EUR 31,711,908 31/07/2014 (312,799) USD 43,113,988 EUR 31,711,908 31/07/2014 (309,438) USD 28,492,494 GBP 16,744,551 31/07/2014 (131,223) USD 28,492,461 GBP 16,744,551 31/07/2014 (131,256) Net Unrealised Gain on Open Forward Foreign Exchange Contracts 3,184,980

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 86 AVIVA INVESTORS – SHORT TERM EUROPEAN BOND FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

Number of shares Transferable Securities and Market % Net Number of shares Transferable Securities and Market % Net or Principal Money Market Instruments Value assets or Principal Money Market Instruments Value assets Amount Admitted to an Offcial EUR Amount Admitted to an Offcial EUR Exchange Listing Exchange Listing Austria 238,953 0.79 EUR 700,000 Italy Buoni Poliennali Del Tesoro 762,013 2.52 4.75% 15/09/2016 EUR 220,000 Austria Government 4% 15/09/2016 238,953 0.79 EUR 670,000 Italy Buoni Poliennali Del Tesoro 743,079 2.46 Belgium 1,069,224 3.53 4.75% 01/05/2017 EUR 300,000 Belgium Government 2.75% 313,862 1.04 EUR 180,000 Italy Buoni Poliennali Del Tesoro 203,694 0.67 28/03/2016 5.25% 01/08/2017 EUR 518,519 Belgium Government 3.25% 554,952 1.83 EUR 350,000 Italy Certifcati di Credito del Tesoro 348,452 1.15 28/09/2016 0% 30/06/2015 EUR 181,481 Belgium Government 4% 200,410 0.66 EUR 400,000 Italy Certifcati di Credito del Tesoro 396,678 1.31 28/03/2017 0% 31/12/2015 France 6,040,546 19.95 Netherlands 334,667 1.11 EUR 400,000 France Government OAT 0.25% 401,150 1.32 EUR 310,000 Netherlands Government 4% 334,667 1.11 25/11/2015 15/07/2016 EUR 1,400,000 France Government OAT 3.25% 1,480,614 4.89 Spain 8,366,371 27.63 25/04/2016 EUR 750,000 Spain Government 2.75% 763,744 2.52 EUR 900,000 France Government OAT 3.75% 990,418 3.27 31/03/2015 25/04/2017 EUR 700,000 Spain Government 3% 30/04/2015 715,733 2.36 EUR 600,000 French Treasury Note BTAN 1.75% 625,749 2.07 25/02/2017 EUR 200,000 Spain Government 3.15% 208,595 0.69 31/01/2016 EUR 2,150,000 French Treasury Note BTAN 2.25% 2,227,818 7.36 25/02/2016 EUR 600,000 Spain Government 3.25% 630,332 2.08 30/04/2016 EUR 300,000 French Treasury Note BTAN 2.5% 314,797 1.04 25/07/2016 EUR 300,000 Spain Government 3.3% 317,051 1.05 30/07/2016 Germany 1,479,845 4.89 EUR 900,000 Spain Government 3.75% 940,229 3.10 EUR 1,000,000 Bundesobligation 2.75% 1,048,084 3.46 31/10/2015 08/04/2016 EUR 1,000,000 Spain Government 3.8% 1,080,178 3.57 EUR 400,000 Germany (Bund) 4% 04/07/2016 431,761 1.43 31/01/2017 Ireland 1,239,822 4.09 EUR 2,350,000 Spain Government 4% 30/07/2015 2,442,618 8.07 EUR 1,150,000 Ireland Government 4.6% 1,239,822 4.09 EUR 1,170,000 Spain Government 4.25% 1,267,891 4.19 18/04/2016 31/10/2016 Italy 10,157,663 33.55 Total Transferable Securities and 28,927,091 95.54 EUR 500,000 Italy Buoni Poliennali Del Tesoro 508,973 1.68 Money Market Instruments Admitted 1.5% 15/12/2016 to an Offcial Exchange Listing EUR 500,000 Italy Buoni Poliennali Del Tesoro 515,340 1.70 Total Investments 28,927,091 95.54 2.25% 15/05/2016 Other Net Assets 1,351,652 4.46 EUR 1,000,000 Italy Buoni Poliennali Del Tesoro 1,014,100 3.35 Net Asset Value 30,278,743 100.00 2.5% 01/03/2015 EUR 1,090,000 Italy Buoni Poliennali Del Tesoro 1,124,320 3.71 2.75% 01/12/2015 Geographic Breakdown (as a percentage of Net Assets) % Net Assets EUR 550,000 Italy Buoni Poliennali Del Tesoro 575,811 1.90 Austria 0.79 2.75% 15/11/2016 Belgium 3.53 EUR 1,000,000 Italy Buoni Poliennali Del Tesoro 1,056,611 3.49 3.75% 15/04/2016 France 19.95 EUR 850,000 Italy Buoni Poliennali Del Tesoro 904,591 2.99 Germany 4.89 3.75% 01/08/2016 Ireland 4.09 EUR 600,000 Italy Buoni Poliennali Del Tesoro 4% 649,751 2.15 Italy 33.55 01/02/2017 Netherlands 1.11 EUR 1,300,000 Italy Buoni Poliennali Del Tesoro 1,354,250 4.47 4.5% 15/07/2015 Spain 27.63 Total 95.54

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 87 AVIVA INVESTORS – UK OPPORTUNITIES FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

GBP 102,237 Foxtons 306,915 0.89 Geographic Breakdown (as a percentage of Net Assets) % Net Assets GBP 190,355 GKN 690,893 2.02 Ireland 1.94 GBP 62,155 GlaxoSmithKline 971,949 2.82 Jersey 5.44 GBP 403,476 HSBC 2,392,814 6.95 United Kingdom 90.19 GBP 1,196,471 IDOX 522,020 1.52 Total 97.57 GBP 832,086 ITV 1,483,193 4.32

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 88 AVIVA INVESTORS – US EQUITY INCOME FUND Portfolio of Investments and Other Net Assets as at 30 June 2014

USD 51,249 Geo Group 1,812,165 1.69 Geographic Breakdown (as a percentage of Net Assets) % Net Assets USD 46,401 Hasbro 2,449,045 2.28 Bermuda 2.69 USD 11,694 Innophos 673,165 0.63 Canada 5.97 USD 147,032 Intel 4,541,083 4.23 United Kingdom 2.10 USD 68,363 Iron Mountain 2,416,632 2.25 United States of America 87.33 USD 31,794 j2 Global 1,634,530 1.52 Total 98.09 USD 21,150 Kimberly-Clark 2,359,071 2.20

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 89 STATEMENT OF NET ASSETS as at 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors – Asian Equity Asian High Yield Dynamic Master Emerging Europe Income Fund Bond Fund Fund Equity Fund* USD USD EUR EUR Investment portfolio at cost 109,238,713 83,759,869 31,548,482 29,737,158 Unrealised gain/(loss) 8,587,842 2,254,888 3,092,966 3,673,754 Investment portfolio at market value (note 2.2) 117,826,555 86,014,757 34,641,448 33,410,912 Call deposit - - - - Cash at bank 381,361 3,533,654 259,111 65,765 Unrealised gain on futures contracts (note 2.2) - - - - Unrealised gain on forward foreign exchange contracts (note 2.2) - - - - Unrealised gain on swaps contracts (note 2.2) - - - - Options purchased at market value (note 2.2) - - - - Waiver fee Receivable (note 8) - - 50,413 - Other assets 953,452 1,519,966 148,018 345,361 Total assets 119,161,368 91,068,377 35,098,990 33,822,038 Bank overdraft - (37,357) - (244) Unrealised loss on futures contracts (note 2.2) - - - - Unrealised loss on forward foreign exchange contracts (note 2.2) - - - - Unrealised loss on swaps contracts (note 2.2) - - - - Other liabilities (120,499) (1,050,911) (25,724) (137,670) Total liabilities (120,499) (1,088,268) (25,724) (137,914) Total Net Assets 119,040,869 89,980,109 35,073,266 33,684,124

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Emerging Emerging Markets Emerging Markets Emerging Markets Emerging Markets Markets Bond Corporate Bond Equity Income Equity Small Local Currency Fund Fund Fund Cap Fund Bond Fund USD USD USD USD EUR Investment portfolio at cost 1,565,626,705 168,338,160 527,636,163 106,385,090 632,935,664 Unrealised gain/(loss) 65,160,604 3,294,966 58,712,648 25,977,606 (18,313,113) Investment portfolio at market value (note 2.2) 1,630,787,309 171,633,126 586,348,811 132,362,696 614,622,551 Call deposit - - - - - Cash at bank 90,430,522 9,467,143 2,684,666 610,597 25,050,352 Unrealised gain on futures contracts (note 2.2) - - - - - Unrealised gain on forward foreign exchange contracts (note 2.2) 17,076,891 2,153,863 - - 493,954 Unrealised gain on swaps contracts (note 2.2) - - - - - Options purchased at market value (note 2.2) - - - - - Waiver fee Receivable (note 8) - - - - - Other assets 30,210,488 1,972,377 7,737,968 1,345,167 10,750,183 Total assets 1,768,505,210 185,226,509 596,771,445 134,318,460 650,917,040 Bank overdraft (5,307) - (7,447,350) (811,443) (8,739,983) Unrealised loss on futures contracts (note 2.2) - - - - - Unrealised loss on forward foreign exchange contracts (note 2.2) (560,018) (22,200) (3,945) (506) (336,107) Unrealised loss on swaps contracts (note 2.2) - - - - - Other liabilities (10,656,653) (41,553) (478,213) (158,040) (429,724) Total liabilities (11,221,978) (63,753) (7,929,508) (969,989) (9,505,814) Total Net Assets 1,757,283,232 185,162,756 588,841,937 133,348,471 641,411,226

*Please refer to Note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 90 STATEMENT OF NET ASSETS (CONTINUED) as at 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors – Aviva Investors - European European European Equity European Corporate Equity Fund Income Fund Real Estate Bond Fund EUR EUR Securities Fund EUR EUR Investment portfolio at cost 88,229,503 119,565,034 132,661,241 54,343,333 Unrealised gain/(loss) 825,428 27,569,060 36,401,199 11,414,728 Investment portfolio at market value (note 2.2) 89,054,931 147,134,094 169,062,440 65,758,061 Call deposit - - - - Cash at bank 6,207,559 2,291,616 3,431,283 1,720,431 Unrealised gain on futures contracts (note 2.2) 141,191 - - - Unrealised gain on forward foreign exchange contracts (note 2.2) 14,036 - - - Unrealised gain on swaps contracts (note 2.2) - - - - Options purchased at market value (note 2.2) - - - - Waiver fee Receivable (note 8) - - - - Other assets 1,969,143 1,529,673 646,557 7,841,949 Total assets 97,386,860 150,955,383 173,140,280 75,320,441 Bank overdraft - - - - Unrealised loss on futures contracts (note 2.2) (26,358) - - - Unrealised loss on forward foreign exchange contracts (note 2.2) (237,611) - - - Unrealised loss on swaps contracts (note 2.2) (13,919) - - - Other liabilities (1,785,583) (3,789,548) (819,486) (8,758,874) Total liabilities (2,063,471) (3,789,548) (819,486) (8,758,874) Total Net Assets 95,323,389 147,165,835 172,320,794 66,561,567

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Global Aggregate Global Bond Global Convertibles Global Bond Fund Absolute Absolute Convertibles Fund EUR Return Fund Return Fund USD EUR USD Investment portfolio at cost 114,891,434 22,846,128 409,714,412 2,880,946,117 Unrealised gain/(loss) 1,910,707 (117,964) 4,662,336 138,681,495 Investment portfolio at market value (note 2.2) 116,802,141 22,728,164 414,376,748 3,019,627,612 Call deposit - - 50,000,000 - Cash at bank 8,360,523 2,190,257 82,792,236 53,635,369 Unrealised gain on futures contracts (note 2.2) 34,388 - - - Unrealised gain on forward foreign exchange contracts (note 2.2) 1,955,156 247,318 3,263,202 10,130,182 Unrealised gain on swaps contracts (note 2.2) 123,923 70,412 6,924,830 - Options purchased at market value (note 2.2) 26,618 17,333 1,488,500 - Waiver fee Receivable (note 8) - - - - Other assets 7,613,959 211,612 5,467,893 46,628,441 Total assets 134,916,708 25,465,096 564,313,409 3,130,021,604 Bank overdraft (3) (2) (522,898) (12,188,765) Unrealised loss on futures contracts (note 2.2) (59,651) (101,850) - - Unrealised loss on forward foreign exchange contracts (note 2.2) (211,285) (12,644) (323,996) (2,280,166) Unrealised loss on swaps contracts (note 2.2) (318,763) (95,260) (7,832,689) - Other liabilities (11,803,215) (116,150) (6,026,094) (51,066,505) Total liabilities (12,392,917) (325,906) (14,705,677) (65,535,436) Total Net Assets 122,523,791 25,139,190 549,607,732 3,064,486,168

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 91 STATEMENT OF NET ASSETS (CONTINUED) as at 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Global Emerging Global High Yield Long Term Short Duration Markets Index Bond Fund European Bond Global High Yield Fund USD Fund Bond Fund USD EUR USD Investment portfolio at cost 582,510,421 2,397,310,170 80,477,382 552,118,747 Unrealised gain/(loss) (13,934,311) 116,327,717 8,416,813 6,646,131 Investment portfolio at market value (note 2.2) 568,576,110 2,513,637,887 88,894,195 558,764,878 Call deposit - - - - Cash at bank 4,994,030 18,184,815 415,677 15,106,553 Unrealised gain on futures contracts (note 2.2) - - 15,470 - Unrealised gain on forward foreign exchange contracts (note 2.2) - 8,379,911 - 4,069,696 Unrealised gain on swaps contracts (note 2.2) - - - - Options purchased at market value (note 2.2) - - - - Waiver fee Receivable (note 8) - - - - Other assets 2,123,100 95,075,464 1,851,124 10,326,376 Total assets 575,693,240 2,635,278,077 91,176,466 588,267,503 Bank overdraft - - - - Unrealised loss on futures contracts (note 2.2) - - - - Unrealised loss on forward foreign exchange contracts (note 2.2) - (3,853,010) - (884,716) Unrealised loss on swaps contracts (note 2.2) - - - - Other liabilities (264,463) (57,654,194) (135,981) (259,891) Total liabilities (264,463) (61,507,204) (135,981) (1,144,607) Total Net Assets 575,428,777 2,573,770,873 91,040,485 587,122,896

Aviva Investors - Aviva Investors - Aviva Investors - Combined Short Term UK Opportunities US Equity EUR European Fund* Income Fund Bond Fund GBP USD EUR Investment portfolio at cost 28,825,186 29,338,778 96,362,794 8,296,920,319 Unrealised gain/(loss) 101,905 4,231,984 8,824,008 390,826,853 Investment portfolio at market value (note 2.2) 28,927,091 33,570,762 105,186,802 8,687,747,172 Call deposit - - - 36,520,342 Cash at bank 1,044,865 686,199 1,692,142 258,974,336 Unrealised gain on futures contracts (note 2.2) - - - 191,049 Unrealised gain on forward foreign exchange contracts (note 2.2) - - - 35,632,635 Unrealised gain on swaps contracts (note 2.2) - - - 5,252,278 Options purchased at market value (note 2.2) - - - 1,131,162 Waiver fee Receivable (note 8) - - - 50,413 Other assets 382,036 242,040 1,376,467 183,133,321 Total assets 30,353,992 34,499,001 108,255,411 9,208,632,708 Bank overdraft - - - (24,088,359) Unrealised loss on futures contracts (note 2.2) - - - (187,859) Unrealised loss on forward foreign exchange contracts (note 2.2) - - - (6,588,719) Unrealised loss on swaps contracts (note 2.2) - - - (6,148,992) Other liabilities (75,249) (92,798) (1,018,226) (122,066,025) Total liabilities (75,249) (92,798) (1,018,226) (159,079,954) Total Net Assets 30,278,743 34,406,203 107,237,185 9,049,552,754

* Please refer to Note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 92 STATISTICS

30 June 2014 31 December 2013 31 December 2012 American Equity Fund - Net asset value per: A Share Class Accumulation - 12.5441 9.4655 B Share Class Accumulation - 7.1455 5.4053 C Share Class Accumulation - 17.5126 13.3139 I Share Class Accumulation - 199.7104 149.4319 Z Share Class Accumulation - 1,506.7630 1,117.4515 Total Net Assets in USD - 165,764,364 135,479,324 Asian Equity Income Fund - Net asset value per: A Share Class Accumulation 13.5013 12.7309 12.5487 B Share Class Accumulation 5.9268 5.5956 5.5293 B Share Class Dividend 5.5747 5.3118 5.2733 C Share Class Accumulation 27.5637 26.0877 25.9079 I Share Class Accumulation 317.1163 297.7733 291.0444 Z Share Class Accumulation 1,179.4530 1,102.6361 1,068.1739 Total Net Assets in USD 119,040,869 132,603,842 98,566,107 Asian High Yield Bond Fund - Net asset value per: A Share Class Accumulation 11.1541 10.6541 - I Share Class Accumulation 112.1779 106.7470 - Z Share Class Accumulation 1,129.0946 1,071.0782 - Total Net Assets in USD 89,980,109 65,728,508 - Dynamic Master Fund - Net asset value per: F Share Class Accumulation 124.0025 117.3782 106.5760 Total Net Assets in EUR 35,073,266 27,213,446 11,824,523 Emerging Europe Equity Fund - Net asset value per: A Share Class Accumulation 8.7668 8.6942 8.5243 B Share Class Accumulation 4.4540 4.4221 4.3466 B Share Class Dividend 4.0901 4.0999 4.1109 C Share Class Accumulation 27.3879 27.2591 26.9275 I Share Class Accumulation 315.4345 311.3616 302.4095 R Share Class Dividend GBP 12.4708 12.3205 - Total Net Assets in EUR 33,684,124 39,454,211 55,852,894 Emerging Markets Bond Fund - Net asset value per: A Share Class Accumulation 12.2053 11.2734 12.2109 A Share Class Accumulation Hedged EUR 14.5956 13.5554 14.0724 B Share Class Accumulation 10.7278 9.9210 10.7729 B Share Class Dividend 10.7638 10.2608 11.8021 B Share Class Dividend Hedged EUR 14.0600 13.4719 14.8421 C Share Class Accumulation 20.7822 19.2670 21.0263 I Share Class Accumulation 234.0727 215.4587 231.7610 I Share Class Accumulation Hedged CHF 113.6397 104.4070 - I Share Class Accumulation Hedged EUR 167.1297 154.6861 159.4700 I Share Class Accumulation Hedged GBP 181.8300 162.1100 - R Share Class Dividend GBP 17.3145 16.1726 - V Share Class Accumulation 1,283.6732 1,177.2676 1,257.1773

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 93 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 Emerging Markets Bond Fund (Continued) - Net asset value per : V Share Class Accumulation EUR 1,882.2913 1,726.2653 1,843.7685 Z Share Class Accumulation 1,283.0632 1,176.7113 1,256.4129 Z Share Class Accumulation Hedged EUR 1,487.9311 1,372.1100 1,602.9988 Z Share Class Accumulation Hedged GBP 2,046.5845 1,817.5423 1,901.8958 Z Share Class Dividend Hedged EUR 1,489.2842 1,411.9869 1,524.5335 Total Net Assets in USD 1,757,283,232 1,473,812,417 2,074,125,755 Emerging Markets Corporate Bond Fund - Net asset value per: Z Share Class Dividend Hedged EUR 1,384.5711 1,341.0757 1,340.4464 I Share Class Accumulation 142.7580 - - I Share Class Accumulation EUR 104.2170 - - Total Net Assets in USD 185,162,756 173,833,680 167,272,316 Emerging Markets Equity Income Fund - Net asset value per: A Share Class Accumulation 11.3235 10.7651 11.2386 B Share Class Accumulation 3.8825 3.6956 3.8678 B Share Class Accumulation EUR 12.4075 11.8103 12.3606 B Share Class Dividend 3.6379 3.5007 3.7094 C Share Class Accumulation 32.9150 31.4086 33.0368 I Share Class Accumulation 382.5261 361.9664 374.3332 R Share Class Dividend GBP 16.6772 15.8381 - Z Share Class Accumulation 989.7171 931.9384 954.2854 Z Share Class Dividend 1,057.3300 - - Total Net Assets in USD 588,841,937 707,900,849 696,551,375 Emerging Markets Equity Small Cap Fund - Net asset value per: A Share Class Accumulation 12.0342 11.5070 10.4774 B Share Class Accumulation 10.7570 10.2985 9.4009 B Share Class Accumulation EUR 17.3511 16.6116 15.1637 B Share Class Dividend 11.5425 11.1259 10.2218 I Share Class Accumulation 167.8463 159.7436 144.0895 R Share Class Dividend 11.0247 10.5012 - R Share Class Dividend GBP 17.4620 16.6442 - Z Share Class Accumulation 1,146.9288 1,086.2179 970.1270 Total Net Assets in USD 133,348,471 130,331,512 129,765,123 Emerging Markets Local Currency Bond Fund - Net asset value per: A Share Class Accumulation 14.2322 13.4084 15.1674 B Share Class Accumulation 14.0401 13.2439 15.0188 B Share Class Accumulation USD 8.4876 8.0062 9.0792 B Share Class Dividend 7.9129 7.7550 9.4937 B Share Class Dividend USD 6.2928 6.1630 7.5509 C Share Class Accumulation 13.5022 12.7680 14.5518 I Share Class Accumulation 151.0477 141.8162 159.3099 I Share Class Accumulation USD 71.4910 67.1218 - I Share Class Dividend 89.9830 88.5620 99.6919

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 94 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 Emerging Markets Local Currency Bond Fund (Continued) - Net asset value per: I Share Class Dividend GBP 124.8465 122.8827 144.1984 R Share Class Dividend GBP 10.8077 10.6013 - Z Share Class Accumulation 1,120.4584 1,048.1294 1,168.7388 Z Share Class Dividend 960.7937 922.7998 1,081.7818 Total Net Assets in EUR 641,411,226 632,295,778 840,242,716 European Corporate Bond Fund - Net asset value per: A Share Class Accumulation 12.9770 12.3681 12.0816 B Share Class Accumulation 3.3729 3.2178 3.1496 B Share Class Dividend 1.8437 1.8010 1.8109 C Share Class Accumulation 15.9170 15.2077 14.9300 I Share Class Accumulation 173.7630 165.1630 160.4628 Z Share Class Accumulation 1,248.9843 1,183.7032 1,143.2569 Total Net Assets in EUR 95,323,389 78,814,192 76,961,261 European Equity Fund - Net asset value per: A Share Class Accumulation 10.4490 10.0403 8.2265 B Share Class Accumulation 7.3012 7.0243 5.7697 B Share Class Dividend - 6.8607 5.6593 C Share Class Accumulation 18.8861 18.2149 15.0365 I Share Class Accumulation 178.0773 170.3968 138.4412 Z Share Class Accumulation 1,442.3022 1,374.0203 1,106.4657 Total Net Assets in EUR 147,165,835 151,567,025 132,244,444 European Equity Income Fund - Net asset value per: A Share Class Accumulation 13.7938 12.9473 10.4290 B Share Class Accumulation 11.4646 10.7744 8.7005 C Share Class Accumulation 26.1011 24.5906 19.9566 I Share Class Accumulation 276.2627 258.2264 206.2546 Z Share Class Accumulation 1,479.7185 1,377.0252 1,090.1474 Total Net Assets in EUR 172,320,794 188,662,732 161,758,228 European Real Estate Securities Fund - Net asset value per: A Share Class Accumulation 8.4570 7.5500 6.8298 B Share Class Accumulation 10.7502 9.6091 8.7143 B Share Class Dividend 9.6054 8.6607 7.9801 C Share Class Accumulation 20.9245 18.7499 17.0890 I Share Class Accumulation 237.8369 211.4430 189.6480 Z Share Class Dividend 1,085.5042 - - Total Net Assets in EUR 66,561,567 71,045,553 103,062,731 Global Aggregate Bond Fund - Net asset value per: B Share Class Accumulation 11.1783 10.7202 10.8794 B Share Class Accumulation USD 7.9647 7.6382 7.7528 B Share Class Dividend 10.4234 10.1388 10.5750 B Share Class Dividend USD 7.5917 7.3844 7.7205 I Share Class Accumulation 122.2026 116.7022 117.5160

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 95 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 Global Aggregate Bond Fund (Continued) - Net asset value per: I Share Class Accumulation Hedged GBP 131.2052 120.6152 124.0421 I Share Class Dividend Hedged AUD 85.4465 77.9084 94.8088 Z Share Class Accumulation 1,139.3299 1,085.8950 1,087.0900 Z Share Class Accumulation Hedged GBP 1,398.9064 1,282.4402 1,311.1211 Total Net Assets in EUR 122,523,791 102,994,084 204,815,247 Global Bond Absolute Return Fund - Net asset value per: I Share Class Accumulation 100.2282 99.5034 - Z Share Class Accumulation Hedged GBP 1,263.1195 1,203.0231 - Total Net Assets in EUR 25,139,190 24,298,927 - Global Convertibles Absolute Return Fund - Net asset value per:

A Share Class Accumulation Hedged EUR 15.3943 15.0773 13.7224 I Share Class Accumulation 127.7958 123.9383 116.8766 I Share Class Accumulation Hedged CHF 113.6975 - - I Share Class Accumulation Hedged EUR 172.3134 168.1324 151.8618 I Share Class Dividend Hedged EUR 153.9289 151.6494 137.6340 I Share Class Dividend Hedged GBP 212.0692 200.9453 186.1371 Z Share Class Accumulation 1,208.6022 1,163.0138 1,080.2556 Z Share Class Accumulation Hedged EUR - - 1,415.8692 Z Share Class Accumulation Hedged GBP 2,073.3629 1,930.9946 1,755.7052 Total Net Assets in USD 549,607,732 416,552,468 250,609,805 Global Convertibles Fund - Net asset value per: A Share Class Accumulation 14.2918 13.7089 12.1684 A Share Class Accumulation Hedged CHF 12.1941 11.6944 - A Share Class Accumulation Hedged EUR 16.7181 16.1484 13.7159 A Share Class Dividend GBP 24.9152 23.9538 21.3769 A Share Class Dividend Hedged GBP 19.3162 17.9932 15.6928 B Share Class Accumulation 9.9332 9.5407 8.4897 B Share Class Accumulation Hedged EUR 17.8171 17.2313 14.6722 B Share Class Dividend 11.0073 10.6699 9.6858 C Share Class Accumulation 19.7627 19.0273 17.0162 I Share Class Accumulation 222.1286 212.3373 187.1738 I Share Class Accumulation EUR 154.5048 147.6943 130.1914 I Share Class Accumulation GBP 191.5432 183.1001 161.4014 I Share Class Accumulation Hedged CHF 122.8868 117.4359 - I Share Class Accumulation Hedged EUR 168.4296 162.1319 136.7569 I Share Class Dividend GBP 255.9134 246.8209 220.2023 I Share Class Dividend Hedged GBP 212.0664 198.1116 172.7000 R Share Class Dividend 10.5681 - - R Share Class Dividend Hedged EUR 14.4207 - - R Share Class Dividend Hedged GBP 19.5395 18.2184 - Z Share Class Accumulation 1,220.1314 1,162.0797 1,016.1900 Z Share Class Accumulation Hedged EUR 1,732.6367 1,661.7472 1,391.3480 Z Share Class Accumulation Hedged GBP 2,185.6392 2,017.1538 1,725.2781

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 96 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 Global Convertibles Fund (Continued)- Net asset value per: Z Share Class Dividend Hedged EUR 1,535.9824 1,485.4066 - Total Net Assets in USD 3,064,486,168 2,706,429,891 1,928,318,992 Global Credit Absolute Return Fund - Net asset value per: A Share Class Accumulation - - 10.6225 B Share Class Accumulation - - 10.8012 I Share Class Accumulation - 109.5796 107.1120 I Share Class Accumulation Hedged GBP - 123.4352 123.5560 Z Share Class Accumulation - 1,071.0509 1,036.9591 Z Share Class Accumulation Hedged GBP - 1,362.2116 1,347.3335 Total Net Assets in EUR - 217,711,309 76,431,354 Global Emerging Markets Index Fund - Net asset value per: I Share Class Accumulation 102.1516 96.4510 99.3545 Z Share Class Accumulation 1,036.4850 976.5090 1,001.4914 Total Net Assets in USD 575,428,777 595,588,020 538,014,145 Global Enhanced Equity Income Fund - Net asset value per: Z Share Class Accumulation Hedged GBP - 1,872.1097 - Total Net Assets in USD - 59,533,090 - Global Equity Income Fund - Net asset value per: A Share Class Accumulation - 14.5423 12.7154 B Share Class Accumulation - 12.5451 10.9966 C Share Class Accumulation - 11.9113 10.4933 I Share Class Accumulation - 151.7237 131.5494 Total Net Assets in USD - 63,300,882 56,280,727 Global High Yield Bond Fund - Net asset value per: A Share Class Accumulation 18.8952 18.0061 17.0268 A Share Class Accumulation SGD 11.6924 11.0034 10.7624 A Share Class Accumulation Hedged CHF 14.4254 13.7171 12.6349 A Share Class Accumulation Hedged EUR 24.5678 23.5511 21.3300 A Share Class Dividend 10.8053 10.6147 10.6716 A Share Class Dividend SGD 9.0774 8.8084 9.1641 A Share Class Dividend Hedged GBP 26.8426 25.5115 25.0941 B Share Class Accumulation 13.5141 12.8941 12.2234 B Share Class Accumulation Hedged EUR 18.8987 18.1391 16.4696 B Share Class Dividend 10.7946 10.6134 10.6971 B Share Class Dividend Hedged EUR 15.1506 15.2707 14.5806 I Share Class Accumulation 196.2914 186.4125 175.0556 I Share Class Accumulation Hedged CAD 145.0005 137.4695 136.7004 I Share Class Accumulation Hedged EUR 255.2810 243.8767 219.3503 I Share Class Accumulation Hedged GBP 211.3069 194.1442 178.4040 I Share Class Dividend 111.6692 112.5775 112.2900 I Share Class Dividend Hedged CHF 125.5099 126.0531 122.3299 I Share Class Dividend Hedged EUR 151.8612 153.7497 146.6963 I Share Class Dividend Hedged GBP 190.1465 184.8755 174.3079

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 97 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 Global High Yield Bond Fund (Continued)- Net asset value per: M Share Class Accumulation 109.6421 103.9899 - M Share Class Accumulation Hedged CHF 123.3997 116.7897 - M Share Class Accumulation Hedged EUR 150.1586 143.2657 - M Share Class Accumulation Hedged GBP 193.4490 177.4360 162.6680 R Share Class Dividend Hedged GBP 18.0562 17.4319 - Z Share Class Accumulation 1,334.8274 1,263.0098 1,177.3252 Z Share Class Accumulation Hedged EUR - - 1,360.7144 Z Share Class Accumulation Hedged GBP 2,306.1798 2,111.1139 1,925.3675 Z Share Class Dividend EUR - 1,408.1968 1,405.8068 Z Share Class Dividend Hedged EUR 1,533.9037 1,509.4041 1,442.6535 Total Net Assets in USD 2,573,770,873 2,449,389,519 2,206,236,656 Japanese Equity Fund - Net asset value per: A Share Class Accumulation - 1,246.0720 831.3453 B Share Class Accumulation - 98.3358 65.7710 C Share Class Accumulation - 2,225.4600 1,495.9293 I Share Class Accumulation - 25,786.2278 17,059.5619 Z Share Class Accumulation - 161,328.9070 105,786.7512 Total Net Assets in JPY - 4,791,121,853 3,342,936,601 Long Term European Bond Fund - Net asset value per: A Share Class Accumulation 14.2931 12.6448 12.5258 B Share Class Accumulation 77.8545 68.9445 68.4328 B Share Class Dividend 60.5225 55.0737 56.1595 C Share Class Accumulation 17.5198 15.5379 15.4689 Z Share Class Accumulation 1,394.6724 1,226.9269 1,201.6852 Total Net Assets in EUR 91,040,485 80,098,384 76,215,720 Short Duration Global High Yield Bond Fund - Net asset value per: I Share Class Accumulation 115.4412 111.8372 106.2253 I Share Class Accumulation Hedged CHF 113.8540 - - I Share Class Accumulation Hedged GBP - 174.9348 162.6810 I Share Class Accumulation Hedged EUR 140.1916 - - I Share Class Dividend Hedged EUR 141.9732 146.4772 139.6575 Z Share Class Dividend Hedged EUR 1,393.6391 1,398.4654 1,351.9823 Z Share Class Accumulation Hedged GBP 1,981.7703 1,852.8089 1,712.6298 Total Net Assets in USD 587,122,896 576,856,781 575,883,941 Short Term European Bond Fund - Net asset value per: A Share Class Accumulation 11.6318 11.5153 11.3816 B Share Class Accumulation 14.4940 14.3631 14.2247 B Share Class Dividend 9.1021 9.1849 9.2700 C Share Class Accumulation 12.1664 12.0745 11.9941 Total Net Assets in EUR 30,278,743 35,289,491 34,476,000 UK Opportunities Fund - Net asset value per: A Share Class Dividend 13.4787 14.0833 11.4127 B Share Class Accumulation 4.9281 5.0660 4.0319 C Share Class Accumulation 19.5435 20.1403 16.1096 I Share Class Accumulation 222.8100 227.8052 179.3360

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 98 STATISTICS (CONTINUED)

30 June 2014 31 December 2013 31 December 2012 UK Opportunities Fund (Continued) - Net asset value per: R Share Class Dividend 11.2499 11.7236 - Z Share Class Accumulation 1,332.2269 1,356.0939 1,058.1178 Total Net Assets in GBP 34,406,203 41,678,015 28,217,292 US Equity Income Fund - Net asset value per: A Share Class Accumulation 10.4869 - - B Share Class Accumulation 10.4660 - - I Share Class Accumulation 138.8843 133.3945 102.0050 I Share Class Dividend 105.2932 - - Z Share Class Accumulation 1,235.1200 1,180.9200 - Z Share Class Accumulation EUR - - 1,297.5072 Total Net Assets in USD 107,237,185 40,734,915 6,488,556

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 99 STATEMENT OF CHANGES IN SHARES OUTSTANDING For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period American Equity Fund A Share Class Accumulation 2,757,102 - (2,757,102) - B Share Class Accumulation 7,141,158 - (7,141,158) - C Share Class Accumulation 327,774 - (327,774) - I Share Class Accumulation 13,050 - (13,050) - Z Share Class Accumulation 47,655 - (47,655) - Asian Equity Income Fund A Share Class Accumulation 1,806,096 165,097 (317,804) 1,653,389 B Share Class Accumulation 2,994,064 112,541 (1,498,602) 1,608,003 B Share Class Dividend 184 - - 184 C Share Class Accumulation 90,185 4,824 (37,138) 57,871 I Share Class Accumulation 1,021 35,321 (1,576) 34,766 Z Share Class Accumulation 81,803 705 (19,287) 63,221 Asian High Yield Bond Fund A Share Class Accumulation 100 - - 100 I Share Class Accumulation 10 754 - 764 Z Share Class Accumulation 61,365 23,852 (5,602) 79,615 Dynamic Master Fund F Share Class Accumulation 231,844 80,784 (29,785) 282,843 Emerging Europe Equity Fund A Share Class Accumulation 953,786 27,111 (38,901) 941,996 B Share Class Accumulation 3,951,864 159,197 (686,554) 3,424,507 B Share Class Dividend 3,872 14 (77) 3,809 C Share Class Accumulation 390,737 18,361 (105,286) 303,812 I Share Class Accumulation 9,692 1,375 (5,248) 5,819 R Share Class Dividend GBP 100 - - 100 Emerging Markets Bond Fund A Share Class Accumulation 2,307,958 2,715,367 (4,789,574) 233,751 A Share Class Accumulation Hedged EUR 871,244 61,982 (688,289) 244,937 B Share Class Accumulation 2,298,430 2,379,361 (2,146,153) 2,531,638 B Share Class Dividend 6,717,897 3,726,905 (2,905,606) 7,539,196 B Share Class Dividend Hedged EUR 5,919 2 (1,818) 4,103 C Share Class Accumulation 109,926 12,495 (28,855) 93,566 I Share Class Accumulation 600,592 446,624 (251,914) 795,302 I Share Class Accumulation Hedged CHF 58,617 44,150 (530) 102,237 I Share Class Accumulation Hedged EUR 101,237 60,342 (8,188) 153,391 I Share Class Accumulation Hedged GBP 10 218,430 - 218,440 R Share Class Dividend GBP 100 - - 100 V Share Class Accumulation 91,402 33,924 - 125,326 V Share Class Accumulation EUR 1,750 - (275) 1,475 Z Share Class Accumulation 882 71 (344) 609 Z Share Class Accumulation Hedged EUR 1 32,510 (200) 32,311

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 100 STATEMENT OF CHANGES IN SHARES OUTSTANDING (CONTINUED) For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period Emerging Markets Bond Fund (Continued) Z Share Class Dividend Hedged EUR 576,482 31,235 (1,605) 606,112 Z Share Class Accumulation Hedged GBP 145,921 0 (17,792) 128,129 Emerging Markets Corporate Bond Fund I Share Class Accumulation - 10 - 10 I Share Class Accumulation - 10 - 10 Z Share Class Dividend Hedged EUR 129623 4108 - 133,731 Emerging Markets Equity Income Fund A Share Class Accumulation 1,689,437 225,411 (251,286) 1,663,562 B Share Class Accumulation 3,892,428 498,265 (878,723) 3,511,970 B Share Class Accumulation EUR 1,091,908 9,608 (213,732) 887,784 B Share Class Dividend 5,018 346 (5,076) 288 C Share Class Accumulation 84,779 4,950 (38,247) 51,482 I Share Class Accumulation 216,251 4,200 (3,400) 217,051 R Share Class Dividend GBP 100 - - 100 Z Share Class Accumulation 623,942 1,694 (160,222) 465,414 Z Share Class Dividend - 1 - 1 Emerging Markets Equity Small Cap Fund A Share Class Accumulation 41,433 29,086 (21,316) 49,203 B Share Class Accumulation 1,082,265 208,345 (419,854) 870,756 B Share Class Accumulation EUR 1,085,657 93,875 (470,703) 708,829 B Share Class Dividend 93 - - 93 I Share Class Accumulation 66,469 107,203 (5,208) 168,464 R Share Class Dividend 100 - - 100 R Share Class Dividend EUR 100 2,710 - 2,810 Z Share Class Accumulation 82,905 4,673 (15,417) 72,161 Emerging Markets Local Currency Bond Fund A Share Class Accumulation 66,699 365,417 (178,358) 253,758 B Share Class Accumulation 54,830 59,576 (52,400) 62,006 B Share Class Accumulation USD 469,313 900,486 (1,244,880) 124,919 B Share Class Dividend 515,190 395,395 (118,556) 792,029 B Share Class Dividend USD 4,703,658 2,135,098 (1,632,870) 5,205,886 C Share Class Accumulation 761,147 52,127 (111,160) 702,114 I Share Class Accumulation 828,436 160,769 (81,803) 907,402 I Share Class Accumulation USD 8,700 - - 8,700 I Share Class Dividend 113,356 - - 113,356 I Share Class Dividend GBP 76,480 4,539 (24,295) 56,724 R Share Class Dividend GBP 100 - - 100 Z Share Class Accumulation 391,191 61 (19,569) 371,683 Z Share Class Dividend 39,759 104 (23,271) 16,592 European Corporate Bond Fund A Share Class Accumulation 2,185,262 43,968 (261,661) 1,967,569

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 101 STATEMENT OF CHANGES IN SHARES OUTSTANDING (CONTINUED) For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period European Corporate Bond Fund (Continued) B Share Class Accumulation 2,255,688 1,528,914 (1,460,588) 2,324,014 B Share Class Dividend 1,116,224 829,018 (145,905) 1,799,337 C Share Class Accumulation 244,434 17,504 (34,288) 227,650 I Share Class Accumulation 66,033 140,419 (25,830) 180,622 Z Share Class Accumulation 23,565 862 (5,512) 18,915 European Equity Fund A Share Class Accumulation 3,496,614 75,091 (605,907) 2,965,798 B Share Class Accumulation 12,624,748 1,004,182 (703,478) 12,925,452 B Share Class Dividend 30,618 - (30,618) - C Share Class Accumulation 162,986 18,752 (29,197) 152,541 I Share Class Accumulation 4,546 571 (3,199) 1,918 Z Share Class Accumulation 17,341 1,138 (5,595) 12,884 European Equity Income Fund A Share Class Accumulation 1,832,126 59,861 (335,279) 1,556,708 B Share Class Accumulation 814,248 9,444 (20,570) 803,122 C Share Class Accumulation 115,549 33,604 (8,958) 140,195 I Share Class Accumulation 703 3,175 (1,090) 2,788 Z Share Class Accumulation 111,215 1,060 (19,547) 92,728 European Real Estate Securities Fund A Share Class Accumulation 2,680,229 349,473 (422,991) 2,606,711 B Share Class Accumulation 834,387 998,425 (605,848) 1,226,964 B Share Class Dividend 2,044,703 17,342 (2,061,391) 654 C Share Class Accumulation 131,100 52,401 (9,184) 174,317 I Share Class Accumulation 107,005 88,712 (144,810) 50,907 Z Share Class Dividend - 16,468 (2,129) 14,339 Global Aggregate Bond Fund B Share Class Accumulation 100 120 - 220 B Share Class Accumulation USD 2,660 230 (1,981) 909 B Share Class Dividend 337 1,921 - 2,258 B Share Class Dividend USD 306 4,984 (198) 5,092 I Share Class Accumulation 9 - - 9 I Share Class Accumulation Hedged GBP 216,400 49,700 (119,766) 146,334 I Share Class Dividend Hedged AUD 87,243 - (6,644) 80,599 Z Share Class Accumulation 1 25,791 (2,283) 23,509 Z Share Class Accumulation Hedged GBP 54,635 208 (5,104) 49,739 Global Bond Absolute Return Fund I Share Class Accumulation 110,000 932 - 110,932 Z Share Class Accumulation Hedged GBP 11,100 - - 11,100 Global Convertibles Absolute Return Fund A Share Class Accumulation Hedged EUR 23,461 1,321,598 (20,001) 1,325,058 I Share Class Accumulation 750,797 319,228 (78,599) 991,426

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 102 STATEMENT OF CHANGES IN SHARES OUTSTANDING (CONTINUED) For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period Global Convertibles Absolute Return Fund (Continued) I Share Class Accumulation Hedged CHF - 66,669 (430) 66,239 I Share Class Accumulation Hedged EUR 355,830 453,193 (133,548) 675,475 I Share Class Dividend Hedged EUR 4,175 5,970 (4,175) 5,970 I Share Class Dividend Hedged GBP 47,840 32,387 (3,474) 76,753 Z Share Class Accumulation 43,912 4,488 (2,337) 46,063 Z Share Class Accumulation Hedged EUR - - - - Z Share Class Accumulation Hedged GBP 104,611 1,019 (6,411) 99,219 Global Convertibles Fund A Share Class Accumulation 5,474,665 1,489,320 (1,652,670) 5,311,315 A Share Class Accumulation Hedged CHF 114,488 34,095 (71,993) 76,590 A Share Class Accumulation Hedged EUR 1,698,377 1,307,575 (445,116) 2,560,836 A Share Class Dividend GBP 37,216 1,000 (1,984) 36,232 A Share Class Dividend Hedged GBP 327,325 25,946 (64,394) 288,877 B Share Class Accumulation 12,072,539 9,430,707 (11,447,255) 10,055,991 B Share Class Accumulation Hedged EUR 1,269,429 192,292 (418,373) 1,043,348 B Share Class Dividend 680,880 573,583 (1,119,664) 134,799 C Share Class Accumulation 255,086 26,587 (46,064) 235,609 I Share Class Accumulation 1,247,574 1,902,246 (354,666) 2,795,154 I Share Class Accumulation EUR 221,162 - - 221,162 I Share Class Accumulation GBP 831,517 115,778 - 947,295 I Share Class Accumulation Hedged CHF 92,170 14,000 (300) 105,870 I Share Class Accumulation Hedged EUR 1,928,045 602,227 (861,033) 1,669,239 I Share Class Dividend GBP 13,145 21,660 (1,973) 32,832 I Share Class Dividend Hedged GBP 1,390,672 189,829 (375,456) 1,205,045 R Share Class Dividend - 63,333 - 63,333 R Share Class Dividend Hedged EUR - 100 - 100 R Share Class Dividend Hedged GBP 9,789 26,594 (9,337) 27,046 Z Share Class Accumulation 659,761 9,690 (27,646) 641,805 Z Share Class Accumulation Hedged EUR 7,107 1,048 (7,017) 1,138 Z Share Class Accumulation Hedged GBP 219,942 - (25,246) 194,696 Z Share Class Dividend Hedged EUR 116,010 18,969 - 134,979 Global Credit Absolute Return Fund I Share Class Accumulation 178 - (178) - I Share Class Accumulation Hedged GBP 33,355 - (33,355) - Z Share Class Accumulation 5,168 - (5,168) - Z Share Class Accumulation Hedged GBP 158,216 - (158,216) - Global Emerging Markets Index Fund I Share Class Accumulation 59,728 3,176 (9,542) 53,362 Z Share Class Accumulation 604,016 12,644 (66,746) 549,914 Global Enhanced Equity Income Fund I Share Class Accumulation - - - - Z Share Class Accumulation Hedged GBP 31,800 - (31,800) -

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 103 STATEMENT OF CHANGES IN SHARES OUTSTANDING (CONTINUED) For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period Global Equity Income Fund A Share Class Accumulation 1,347,932 - (1,347,932) - B Share Class Accumulation 1,916,798 - (1,916,798) - C Share Class Accumulation 39,245 - (39,245) - I Share Class Accumulation 126,447 - (126,447) - Global High Yield Bond Fund A Share Class Accumulation 19,523,674 4,961,047 (5,640,067) 18,844,654 A Share Class Accumulation SGD 1,800,138 509,201 (946,454) 1,362,885 A Share Class Accumulation Hedged CHF 5,163,767 1,245,534 (768,920) 5,640,381 A Share Class Accumulation Hedged EUR 8,977,647 1,798,569 (2,510,452) 8,265,764 A Share Class Dividend 9,640,178 3,027,060 (2,252,054) 10,415,184 A Share Class Dividend SGD 3,791,988 1,874,381 (920,140) 4,746,229 A Share Class Dividend Hedged GBP 923,372 103,358 (376,631) 650,099 B Share Class Accumulation 3,204,341 1,849,261 (2,391,185) 2,662,417 B Share Class Accumulation Hedged EUR 39,230 16,867 (32,524) 23,573 B Share Class Dividend 13,533,951 4,544,721 (4,615,501) 13,463,171 B Share Class Dividend Hedged EUR 450,446 177,535 (27,051) 600,930 I Share Class Accumulation 1,899,981 1,438,729 (447,761) 2,890,949 I Share Class Accumulation Hedged CAD 297,848 7,660 (70) 305,438 I Share Class Accumulation Hedged EUR 1,263,884 506,400 (421,460) 1,348,824 I Share Class Accumulation Hedged GBP 23,490 18,959 (32,223) 10,226 I Share Class Dividend 122,641 63,734 (22,700) 163,675 I Share Class Dividend Hedged CHF 461,307 55,504 (255,763) 261,048 I Share Class Dividend Hedged EUR 121,223 25,924 (40,856) 106,291 I Share Class Dividend Hedged GBP 602,046 19,150 (102,973) 518,223 M Share Class Accumulation 613,782 22,706 (53,727) 582,761 M Share Class Accumulation Hedged CHF 49,711 4,536 (5,701) 48,546 M Share Class Accumulation Hedged EUR 74,685 4,854 (12,617) 66,922 M Share Class Accumulation Hedged GBP 10 - - 10 R Share Class Dividend Hedged GBP 1,205 3,243 - 4,448 Z Share Class Accumulation 17,833 - (8,879) 8,954 Z Share Class Accumulation Hedged GBP 81,484 - (42,813) 38,671 Z Share Class Dividend EUR 8,712 - (8,712) - Z Share Class Dividend Hedged EUR 163,610 2,417 (4,169) 161,858 Japanese Equity Fund A Share Class Accumulation 1,501,315 - (1,501,315) - B Share Class Accumulation 6,526,354 - (6,526,354) - C Share Class Accumulation 60,064 - (60,064) - I Share Class Accumulation 20,628 - (20,628) - Z Share Class Accumulation 9,998 - (9,998) - Long Term European Bond Fund A Share Class Accumulation 1,725,888 2,016,318 (1,804,458) 1,937,748 B Share Class Accumulation 458,513 85,562 (44,797) 499,278

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 104 STATEMENT OF CHANGES IN SHARES OUTSTANDING (CONTINUED) For the period ended 30 June 2014

Shares outstanding at the Shares issued Shares Shares outstanding beginning of the period redeemed at the end of the period Long Term European Bond Fund (Continued) B Share Class Dividend 411 1,488 - 1,899 C Share Class Accumulation 171,164 63,595 (29,147) 205,612 Z Share Class Accumulation 19,545 710 (5,373) 14,882 Short Duration Global High Yield Bond Fund I Share Class Accumulation 11,690 17,493 (1,283) 27,900 I Share Class Accumulation Hedged CHF - 241,991 (2,760) 239,231 I Share Class Accumulation Hedged EUR 785,019 94,361 (72,029) 807,351 I Share Class Accumulation Hedged GBP 106,946 57,025 (163,971) - I Share Class Dividend Hedged EUR - 402,810 - 402,810 Z Share Class Dividend Hedged EUR 224,809 43,940 (28,178) 240,571 Z Share Class Accumulation Hedged GBP 68,796 140 (42,072) 26,864 Short Term European Bond Fund A Share Class Accumulation 1,831,899 208,470 (251,360) 1,789,009 B Share Class Accumulation 943,577 66,367 (401,697) 608,247 B Share Class Dividend 8,057 1,376 - 9,433 C Share Class Accumulation 47,040 3,852 (4,240) 46,652 UK Opportunities Fund A Share Class Dividend 46,958 332 (19,690) 27,600 B Share Class Accumulation 4,177,518 878,242 (1,682,477) 3,373,283 C Share Class Accumulation 54,791 10,602 (9,931) 55,462 I Share Class Accumulation 15,694 1,202 (1,678) 15,218 R Share Class Dividend 58,404 - (2,782) 55,622 Z Share Class Accumulation 10,685 174 (1,619) 9,240 US Equity Income Fund A Share Class Accumulation - 2,682,206 (396,292) 2,285,914 B Share Class Accumulation - 2,928,463 (147,840) 2,780,623 I Share Class Dividend - 35,410 - 35,410 I Share Class Accumulation 305,363 180,173 (122,404) 363,132 Z Share Class Accumulation 1 - - 1

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 105 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - American Asian Equity Asian High Yield Dynamic Master Emerging Europe Equity Fund Income Fund Bond Fund Fund Equity Fund USD USD USD EUR EUR* Income Bank interest - 5 5 - 175 Bond and other interest - - 2,473,099 - - Call deposit interest - - - - - Net dividend 125,253 2,540,503 - 46,549 793,525 Interest on swaps - - - - - Security lending (note 10) - 1,855 - - 5,897 Other income 13,165 - - 673 - Total Income 138,418 2,542,363 2,473,104 47,222 799,597 Expenses Management fees (note 4) (87,310) (282,608) (38) (55,361) (287,403) Custodian fees (note 5) (5,594) (48,133) (28,230) (22,219) (50,249) Administration, Domiciliary and Transfer Agency fees (11,844) (37,498) (2,417) (21,324) (33,943) (notes 4,6,7) Distribution fees (note 4) (12,657) (22,252) - - (53,976) Professional fees (165) (5,036) (2,777) (1,080) (1,517) Performance fee (note 4) - - - - - Bank and interest charges - (1,639) (781) (413) (806) Bank interest (245) (802) - (117) (470) Interest on swaps - - - - - Luxembourg tax (note 9) (3,024) (13,149) (4,082) (4,695) (5,733) Other expenses (6,348) (16,614) (8,383) (3,514) (4,991) Total Expenses (127,187) (427,731) (46,708) (108,723) (439,088) Net investment income/(loss) 11,231 2,114,632 2,426,396 (61,501) 360,509 Net realised gain/(loss) : - on investment portfolio 37,724,420 456,762 114,612 476,914 1,541,429 - on forward foreign exchange contracts (32) (24,374) (149) (29) (7,429) - on futures contracts ------on options contracts ------on swaps contracts - - - - - Net changes in unrealised appreciation / depreciation : - on investment portfolio (42,154,754) 3,988,741 918,745 1,509,896 (1,724,215) - on forward foreign exchange contracts ------on futures contracts ------on options contracts ------on swaps contracts - - - - - Result on operations for the period (4,419,135) 6,535,761 3,459,604 1,925,280 170,294 Net receipts from subscription of shares - 14,883,175 26,791,998 9,617,676 1,849,590 Net payments from redemption of shares (75,668,328) (34,981,900) (6,000,001) (3,683,136) (7,789,819) Dividend Distribution (note 11) - (9) - - (152) Change in Total Net Assets for the period (80,087,463) (13,562,973) 24,251,601 7,859,820 (5,770,087) Net Assets at the beginning of the period 80,087,463 132,603,842 65,728,508 27,213,446 39,454,211 Foreign exchange valuation movement Total Net Assets - 119,040,869 89,980,109 35,073,266 33,684,124

* Please refer to note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 106 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Emerging Markets Emerging Markets Emerging Markets Emerging Markets Bond Fund Corporate Bond Equity Income Equity Small Fund Fund Cap Fund USD USD USD USD Income Bank interest 1,166 3 6,854 2 Bond and other interest 43,629,320 4,284,019 1,657 - Call deposit interest - - - - Net dividend - 733 10,427,941 1,797,265 Interest on swaps - - - - Security lending (note 10) 151,595 - 257 1,191 Other income - - - - Total Income 43,782,081 4,284,755 10,436,709 1,798,458 Expenses Management fees (note 4) (1,390,399) (4) (708,914) (296,401) Custodian fees (note 5) (302,263) (41,762) (292,789) (99,239) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (266,511) (1,429) (98,822) (39,611) Distribution fees (note 4) (129,064) - (38,023) (29,403) Professional fees (57,882) (6,818) (27,433) (5,144) Performance fee (note 4) - - - - Bank and interest charges (32,283) (2,323) (7,651) (1,747) Bank interest (12,656) - (6,299) (1,349) Interest on swaps - - - - Luxembourg tax (note 9) (107,023) (11,129) (40,477) (11,439) Other expenses (188,435) (22,285) (89,795) (16,724) Total Expenses (2,486,516) (85,750) (1,310,203) (501,057) Net investment income/(loss) 41,295,565 4,199,005 9,126,506 1,297,401 Net realised gain/(loss) : - on investment portfolio 1,409,553 (623,599) 2,120,536 5,272,362 - on forward foreign exchange contracts (9,490,415) (3,363,581) 231,596 1,538 - on futures contracts - - - - - on options contracts - - - - - on swaps contracts - - - - Net changes in unrealised appreciation / depreciation : - on investment portfolio 95,042,736 7,342,511 23,328,906 293,748 - on forward foreign exchange contracts 14,645,910 2,263,262 (3,945) (506) - on futures contracts - - - - - on options contracts - - - - - on swaps contracts - - - - Result on operations for the period 142,903,349 9,817,598 34,803,599 6,864,543 Net receipts from subscription of shares 380,561,640 5,526,822 7,648,563 25,810,627 Net payments from redemption of shares (214,708,686) - (161,510,875) (29,658,199) Dividend Distribution (note 11) (25,285,488) (4,015,344) (199) (12) Change in Total Net Assets for the period 283,470,815 11,329,076 (119,058,912) 3,016,959 Net Assets at the beginning of the period 1,473,812,417 173,833,680 707,900,849 130,331,512 Foreign exchange valuation movement Total Net Assets 1,757,283,232 185,162,756 588,841,937 133,348,471

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 107 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Emerging Markets European European European Equity Local Currency Corporate Equity Fund Income Fund Bond Fund Bond Fund EUR EUR EUR EUR Income Bank interest 20,710 1,186 - 1 Bond and other interest 17,920,335 1,614,902 - - Call deposit interest - - - - Net dividend - - 1,628,320 3,957,972 Interest on swaps - - - - Security lending (note 10) - - 25,918 64,511 Other income - - - - Total Income 17,941,045 1,616,088 1,654,238 4,022,484 Expenses Management fees (note 4) (703,638) (227,937) (950,715) (261,470) Custodian fees (note 5) (311,344) (34,751) (39,815) (53,336) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (144,390) (55,002) (123,841) (34,868) Distribution fees (note 4) (83,747) (18,506) (123,833) (23,382) Professional fees (24,417) (3,150) (5,907) (7,356) Performance fee (note 4) - - - - Bank and interest charges (8,066) (1,145) (6,609) (7,114) Bank interest (1,454) (1) (648) (1,201) Interest on swaps - (6,319) - - Luxembourg tax (note 9) (40,245) (12,118) (32,594) (15,713) Other expenses (79,858) (10,158) (19,343) (24,060) Total Expenses (1,397,159) (369,087) (1,303,305) (428,500) Net investment income/(loss) 16,543,886 1,247,001 350,933 3,593,984 Net realised gain/(loss) : - on investment portfolio (39,683,697) 1,790,058 10,046,108 14,657,660 - on forward foreign exchange contracts 327,953 (463,388) 25,534 (14,304)

- on futures contracts - (5,199) - - - on options contracts - - - - - on swaps contracts - (5,743) - - Net changes in unrealised appreciation / depreciation : - on investment portfolio 61,830,127 1,880,216 (4,465,878) (5,983,476) - on forward foreign exchange contracts 696,337 (147,907) - - - on futures contracts - 70,347 - - - on options contracts - - - - - on swaps contracts - (13,919) - - Result on operations for the period 39,714,606 4,351,466 5,956,697 12,253,864 Net receipts from subscription of shares 54,990,697 32,149,169 10,122,656 4,168,163 Net payments from redemption of shares (82,720,891) (19,944,494) (20,480,543) (32,763,965) Dividend Distribution (note 11) (2,868,964) (46,944) - - Change in Total Net Assets for the period 9,115,448 16,509,197 (4,401,190) (16,341,938) Net Assets at the beginning of the period 632,295,778 78,814,192 151,567,025 188,662,732 Foreign exchange valuation movement Total Net Assets 641,411,226 95,323,389 147,165,835 172,320,794

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 108 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - European Real Global Global Bond Global Convertibles Estate Securities Aggregate Absolute Absolute Fund Bond Fund Return Fund Return Fund EUR EUR EUR USD Income Bank interest 6,796 418 266 4,149 Bond and other interest - 1,572,830 280,065 5,089,871 Call deposit interest - - - 1,250 Net dividend 1,270,001 - - 226,221 Interest on swaps - - - 443,139 Security lending (note 10) 6,994 - - - Other income - - - - Total Income 1,283,791 1,573,248 280,331 5,764,630 Expenses Management fees (note 4) (396,065) (46,388) (16,339) (982,833) Custodian fees (note 5) (19,461) (73,087) (17,705) (168,415) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (56,596) (17,588) (8,412) (179,461) Distribution fees (note 4) (33,162) (52) - - Professional fees (2,807) (4,108) (958) (16,577) Performance fee (note 4) - (2,235) (309) (795,356) Bank and interest charges (997) (1,507) (315) (6,880) Bank interest (486) (342) (137) (138) Interest on swaps - (20,563) (6,442) (1,209,368) Luxembourg tax (note 9) (12,040) (7,644) (1,314) (31,315) Other expenses (9,056) (13,248) (3,105) (53,444) Total Expenses (530,670) (186,762) (55,036) (3,443,787) Net investment income/(loss) 753,121 1,386,486 225,295 2,320,843 Net realised gain/(loss) : - on investment portfolio (3,687,597) (1,085,326) 204,954 17,058,722 - on forward foreign exchange contracts (36,836) 2,091,653 343,078 7,583,082 - on futures contracts - (58,326) (155,502) - - on options contracts - (0) 0 (1,328,100) - on swaps contracts - 94,739 (34,564) 2,047,859 Net changes in unrealised appreciation / depreciation : - on investment portfolio 11,414,728 6,804,887 196,523 (1,715,448) - on forward foreign exchange contracts - 385,799 171,609 (2,675,428) - on futures contracts - (59,939) (154,081) - - on options contracts - (8,195) (4,804) (1,818,000) - on swaps contracts - (146,143) (45,764) 2,048,796 Result on operations for the period 8,443,416 9,405,635 746,744 23,522,326 Net receipts from subscription of shares 50,732,956 34,785,465 93,519 159,400,026 Net payments from redemption of shares (63,508,462) (24,494,140) - (49,772,286) Dividend Distribution (note 11) (151,896) (167,253) - (94,802) Change in Total Net Assets for the period (4,483,986) 19,529,707 840,263 133,055,264 Net Assets at the beginning of the period 71,045,553 102,994,084 24,298,927 416,552,468 Foreign exchange valuation movement Total Net Assets 66,561,567 122,523,791 25,139,190 549,607,732

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 109 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Global Global Credit Global Emerging Global Enhanced Convertibles Absolute Return Markets Index Equity Income Fund Fund* Fund Fund* USD EUR USD USD

Income Bank interest 192 415 9,363 189 Bond and other interest 22,058,095 307,515 - - Call deposit interest - - - - Net dividend 1,169,688 - 6,160,780 40,153 Interest on swaps - - - - Security lending (note 10) 595,358 - 105 - Other income - 30,857 - 988 Total Income 23,823,333 338,787 6,170,248 41,330 Expenses Management fees (note 4) (5,233,347) - (8,021) - Custodian fees (note 5) (434,088) (3,520) (354,106) (5,187) Administration, Domiciliary and Transfer Agency fees (1,121,108) (11,269) (5,703) (320) (notes 4,6,7) Distribution fees (note 4) (154,570) - - -

Professional fees (106,301) (2,327) (22,804) (85) Performance fee (note 4) - (19,062) - - Bank and interest charges (77,541) - (7,132) - Bank interest (47,628) (16,167) (629) (1,291) Interest on swaps - (60,833) - - Luxembourg tax (note 9) (197,486) - (32,684) (1,102) Other expenses (345,633) - (75,086) (1,148) Total Expenses (7,717,702) (113,178) (506,165) (9,133) Net investment income/(loss) 16,105,631 225,609 5,664,083 32,197 Net realised gain/(loss) : - on investment portfolio 101,835,383 1,528,895 (11,565,739) 1,260,445 - on forward foreign exchange contracts 25,492,823 5,420,088 219,957 1,200,063 - on futures contracts - 505,214 - - - on options contracts - - - 61,466 - on swaps contracts - (2,758,166) - - Net changes in unrealised appreciation / depreciation : - on investment portfolio 15,333,641 (2,781,265) 34,773,458 (3,232,560) - on forward foreign exchange contracts (7,278,344) (2,602,870) - (1,129,744) - on futures contracts - (960,688) - - - on options contracts - - - 23,286 - on swaps contracts - 2,801,671 - - Result on operations for the period 151,489,134 1,378,488 29,091,759 (1,784,847) Net receipts from subscription of shares 766,941,199 - 12,331,750 1,276,787 Net payments from redemption of shares (556,527,741) (226,573,622) (61,582,752) (1,489) Dividend Distribution (note 11) (3,846,315) - - - Change in Total Net Assets for the period 358,056,277 (225,195,134) (20,159,243) (509,549) Net Assets at the beginning of the period 2,706,429,891 225,195,134 595,588,020 509,549 Foreign exchange valuation movement Total Net Assets 3,064,486,168 - 575,428,777 -

* Please refer to note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 110 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Global Equity Global High Japanese Long Term Income Fund* Yield Equity Fund* European Bond Fund Bond Fund EUR USD JPY EUR Income Bank interest 4 8,575 1 - Bond and other interest - 85,812,485 - 1,789,867 Call deposit interest - - - - Net dividend 7,440 - (79,281) - Interest on swaps - - - - Security lending (note 10) - - (1,367) - Other income 1,110 - 81,102 - Total Income 8,554 85,821,060 455 1,789,867 Expenses Management fees (note 4) (43,534) (9,546,600) (3,132,218) (309,188) Custodian fees (note 5) (4,903) (401,250) (319,786) (30,248) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (6,378) (1,735,455) (460,653) (67,417) Distribution fees (note 4) (3,368) (235,669) (207,324) (41,617) Professional fees (67) (96,716) (4,680) (3,206) Performance fee (note 4) - - - - Bank and interest charges - (34,691) - (1,249) Bank interest (141) (881) - (1,155) Interest on swaps - - - - Luxembourg tax (note 9) (499) (341,988) (27,371) (18,271) Other expenses (2,189) (314,772) (268,577) (10,348) Total Expenses (61,079) (12,708,022) (4,420,609) (482,699) Net investment income/(loss) (52,525) 73,113,038 (4,420,154) 1,307,168 Net realised gain/(loss) : - on investment portfolio 9,617,252 47,874,896 658,118,336 3,342,415 - on forward foreign exchange contracts (78,176) (10,941,246) (2,004) 867 - on futures contracts - - (34,574,398) (65,340)

- on options contracts (95) - - - - on swaps contracts - - - - Net changes in unrealised appreciation / depreciation : - on investment portfolio (9,523,978) 19,516,281 (681,359,592) 6,535,021 - on forward foreign exchange contracts - 5,663,944 - - - on futures contracts - - (108,807,500) (10,880) - on options contracts - - - - - on swaps contracts - - - - Result on operations for the period (37,522) 135,226,913 (171,045,312) 11,109,251 Net receipts from subscription of shares 285 720,440,005 - 35,485,468 Net payments from redemption of shares (52,561,632) (702,154,662) - (35,652,008) Dividend Distribution (note 11) - (29,130,902) - (610) Change in Total Net Assets for the period (52,598,869) 124,381,354 (171,045,312) 10,942,101 Net Assets at the beginning of the period 52,598,869 2,449,389,519 171,045,312 80,098,384 Foreign exchange valuation movement Total Net Assets - 2,573,770,873 - 91,040,485

* Please refer to note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 111 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Short Duration Short Term UK US Equity Global High European Opportunities Income Yield Bond Fund Bond Fund Fund* Fund USD EUR GBP USD Income Bank interest 3,907 - 134 18 Bond and other interest 20,157,292 482,629 - - Call deposit interest - - - - Net dividend - - 612,900 1,389,265 Interest on swaps - - - - Security lending (note 10) - 371 - - Other income - - - - Total Income 20,161,199 483,000 613,034 1,389,283 Expenses Management fees (note 4) (366,099) (119,389) (163,766) (546,579) Custodian fees (note 5) (123,148) (14,089) (14,774) (34,668) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (115,191) (33,825) (22,632) (84,088) Distribution fees (note 4) - (13,809) (26,897) (29,030) Professional fees (22,825) (1,382) (1,596) (2,045) Performance fee (note 4) - - - - Bank and interest charges (8,651) (460) (463) (1,492) Bank interest (563) (66) (38) - Interest on swaps - - - - Luxembourg tax (note 9) (40,112) (8,528) (5,940) (14,630) Other expenses (74,239) (4,504) (5,272) (5,992) Total Expenses (750,828) (196,052) (241,378) (718,524) Net investment income/(loss) 19,410,371 286,948 371,656 670,759 Net realised gain/(loss) : - on investment portfolio 678,605 (39,894) 1,707,039 929,027 - on forward foreign exchange contracts (3,331,329) 282 (6,296) 66 - on futures contracts - - - - - on options contracts - - - - - on swaps contracts - - - - Net changes in unrealised appreciation / depreciation : - on investment portfolio (946,890) 87,757 (2,881,536) 4,659,305 - on forward foreign exchange contracts 3,431,054 - - - - on futures contracts - - - - - on options contracts - - - - - on swaps contracts - - - - Result on operations for the period 19,241,811 335,093 (809,137) 6,259,157 Net receipts from subscription of shares 168,219,808 3,427,197 5,167,702 82,104,944 Net payments from redemption of shares (160,033,214) (8,771,707) (11,606,315) (21,861,831) Dividend Distribution (note 11) (17,162,290) (1,331) (24,062) - Change in Total Net Assets for the period 10,266,115 (5,010,748) (7,271,812) 66,502,270 Net Assets at the beginning of the period 576,856,781 35,289,491 41,678,015 40,734,915 Foreign exchange valuation movement Total Net Assets 587,122,896 30,278,743 34,406,203 107,237,185

*Please refer to note 1. The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 112 STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS (CONTINUED) For the period ended 30 June 2014

Combined EUR Income Bank interest 55,285 Bond and other interest 158,002,062 Call deposit interest 913 Net dividend 25,909,200 Interest on swaps 323,672 Security lending (note 10) 651,750 Other income 43,562 Total Income 184,986,444 Expenses Management fees (note 4) (17,850,332) Custodian fees (note 5) (2,403,812) Administration, Domiciliary and Transfer Agency fees (notes 4,6,7) (3,348,549) Distribution fees (note 4) (905,791) Professional fees (332,464) Performance fee (note 4) (602,539) Bank and interest charges (162,786) Bank interest (75,373) Interest on swaps (977,488) Luxembourg tax (note 9) (787,593) Other expenses (1,083,186) Total Expenses (28,529,913) Net investment income/(loss) 156,456,531 Net realised gain/(loss) : - on investment portfolio 154,987,737 - on forward foreign exchange contracts 13,136,438 - on futures contracts (28,425) - on options contracts (925,253) - on swaps contracts (1,207,964) Net changes in unrealised appreciation / depreciation : - on investment portfolio 172,051,442 - on forward foreign exchange contracts 9,397,865 - on futures contracts (1,899,712) - on options contracts (1,323,870) - on swaps contracts 4,092,300 Result on operations for the period 504,737,089 Net receipts from subscription of shares 1,976,356,073 Net payments from redemption of shares (2,108,640,830) Dividend Distribution (note 11) (61,360,373) Change in Total Net Assets for the period 311,091,959 Net Assets at the beginning of the period 8,839,517,569 Foreign exchange valuation movement (101,056,774) Total Net Assets 9,049,552,754

The accompanying notes form an integral part of these fnancial statements.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 113 NOTES TO THE FINANCIAL STATEMENTS as at 30 June 2014

1. General 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 IV). The Fund was incorporated in Luxembourg on 16 January 1990 for an unlimited period.

The Company is structured to provide both institutional and individual investors with a choice of investment portfolios, each offering different investment objectives designed to meet specifc risk expectations and diversifcation requirements.

As at 30 June 2014, the Fund comprises 24 active Sub-Funds. The Fund operates as an open ended investment Fund.

During the period ended 30 June 2014, the following Share Classes were launched:

Sub-Fund Name Share Class Class Currency Base Currency Date Emerging Markets Corporate Bond Fund I USD USD 18 March 2014 Emerging Markets Corporate Bond Fund I Hedge EUR USD 18 March 2014 Emerging Markets Equity Income Fund Zx USD USD 3 April 2014 European Real Estate Securities Fund Zx EUR EUR 14 March 2014 Global Convertibles Absolute Return Fund I Hedge CHF USD 21 March 2014 Global Convertibles Fund Rx USD USD 5 February 2014 Global Convertibles Fund Rx Hedge EUR USD 5 February 2014 Short Duration Global High Yield Bond Fund I Hedge EUR USD 24 February 2014 Short Duration Global High Yield Bond Fund I Hedge CHF USD 4 April 2014 US Equity Income Fund A USD USD 10 January 2014 US Equity Income Fund B USD USD 10 January 2014 US Equity Income Fund Ix USD USD 10 January 2014

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 114 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) as at 30 June 2014

1. General (continued) During the period ended 30 June 2014, the following Share Classes were closed:

Sub-Fund Name Share Class Currency Class Date Global High Yield Bond Fund Zx EUR 15 January 2014 Global Credit Absolute Return Fund I EUR 24 January 2014 Global Credit Absolute Return Fund Z EUR 24 January 2014 Global Credit Absolute Return Fund I Hedge GBP 24 January 2014 Global Credit Absolute Return Fund Z Hedge GBP 24 January 2014 Global Equity Income Fund A EUR 24 January 2014 Global Equity Income Fund B EUR 24 January 2014 Global Equity Income Fund C EUR 24 January 2014 Global Equity Income Fund I EUR 24 January 2014 Global Enhanced Equity Income Fund Z Hedge GBP 28 January 2014 American Equity Fund A USD 31 January 2014 American Equity Fund B USD 31 January 2014 American Equity Fund C USD 31 January 2014 American Equity Fund I USD 31 January 2014 American Equity Fund Z USD 31 January 2014 Japanese Equity Fund A JPY 31 January 2014 Japanese Equity Fund B JPY 31 January 2014 Japanese Equity Fund C JPY 31 January 2014 Japanese Equity Fund I JPY 31 January 2014 Japanese Equity Fund Z JPY 31 January 2014 European Equity Fund Bx EUR 3 April 2014 Short Duration Global High Yield Bond Fund I Hedge GBP 16 June 2014

The following Sub-Funds were fully redeemed as at 30 June 2014:

Global Credit Absolute Return Fund on 24 January 2014 Global Equity Income Fund on 24 January 2014 Global Enhanced Equity Income Fund on 28 January 2014 American Equity Fund on 31 January 2014 Japanese Equity Fund on 31 January 2014

During the period ended 30 June 2014, the following Sub-Funds changed their name as follows:

European Convergence Equity Fund changed its name into Emerging Europe Equity Fund on 10 March 2014 UK Equity Focus Fund changed its name into UK Opportunities Fund on 10 March 2014

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 115 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) as at 30 June 2014

1. General (continued) Currency A, B, C, F, I, M, R, V and Z Share Classes may be available in various currencies (each a “Class Currency”) other than the reference currency of the Sub-Fund. Where offered in a currency other than the reference currency of the relevant Sub-Fund, a Share Class is designated as such.

Dividend Policy It is intended that all share classes with an “ X” in the designation will distribute on an annual basis or on a monthly or quarterly basis if determined by the Board. Full details of distributions are disclosed in Note 11.

Payment is made in the currency in which the relevant Share Class is denominated.

Hedged Share Classes In accordance with the provisions of the current prospectus, the Fund may offer 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”). 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 effects of this hedging is refected 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 proft 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.

Swing Pricing A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares at a price that does not refect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash infows or outfows.

In order to counter this impact, a swing pricing mechanism has been adopted to protect the interests of shareholders of the Fund. On any dealing day, if net infows or outfows are in excess of the threshold Board of Directors of the Fund, the Net Asset Value per Share would be adjusted upwards or downwards to refect net infows and the net outfows respectively. The net infows and net outfows will be determined by the Board of Directors of the Fund based on the latest available information at the time of calculation of the Net Asset Value per Share.

The swing pricing mechanism may be applied across all Sub-Funds and Share Classes. The extent of the price adjustment will be set by the Management Company, approved by the Board of Directors of the Fund, to refect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original Net Asset Value per Share unless exceptional market conditions occur. The NAV per share as disclosed in the statistical information is the published NAV per share whereas the total net assets disclosed in the Statement of Net Assets is the total net asset value excluding any period end swing adjustment.

As at period end, swing pricing was applied on the NAV per share of Aviva Investors – Short Duration Global High Yield Bond Fund.

2. Summary of signifcant accounting policies The fnancial statements are prepared and presented in accordance with generally accepted accounting principles in Luxembourg for investment funds. The preparation of fnancial statements requires management to make estimates and assumptions that may affect the amounts reported in the fnancial statements and the accompanying notes. Actual results may differ from those estimates.

2.1 Foreign currencies The fnancial 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 effect at the Balance Sheet date. Income and expenses in other currencies are translated into the currency of the Sub-Fund at the exchange rate in effect on the date of the transaction.

The resulting exchange differences are recorded in the Statement of Operations and Changes in Net Assets in the “net realised gain/(loss) on foreign exchange”.

The combined fnancial statements of the Fund represent the sum of the fnancial statements of each Sub-Fund. The combined fnancial statements are presented for information purposes only in Euro and British Pound by translating the fnancial statements of each Sub-Fund using the exchange rates prevailing at the Balance Sheet date.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 116 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) as at 30 June 2014

2. Summary of signifcant accounting policies (continued) 2.1 Foreign currencies (continued)

The exchange rates used to combine the Sub-Funds as at 30 June 2014 were:

1 EUR = 0.8007 GBP 1 GBP = 1.2488 EUR 1 EUR = 138.7017 JPY 1 GBP = 173.2164 JPY 1 EUR = 1.3691 USD 1 GBP = 1.7098 USD 1 EUR = 1.4506 AUD 1 GBP = 1.8116 AUD 1 EUR = 1.7069 SGD 1 GBP = 2.1316 SGD 1 EUR = 1.4584 CAD 1 GBP = 1.8212 CAD 1 EUR = 1.2142 CHF 1 GBP = 1.5163 CHF

The exchange difference resulting from the translation of net assets at the beginning of the year using the period end rates is recognised in the Statement of Operation and Changes in Net Assets under the caption “Foreign exchange valuation movement”.

2.2 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 after making such discount as the Board of Directors may consider appropriate in such case to refect the true value thereof;

(2) The value of securities, Money Market Instruments and/or fnancial 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 fnancial derivative instruments are quoted on any stock exchange operating on the basis of separate bid and offer prices mid-market valuations may, as the Board may decide, be applied;

(3) Money Market Instruments with an initial or residual maturity of less than 3 months are valued using an amortized cost method if the Board of Directors determines that amortized cost is the closest price to the probable realization value of the instrument. This involves valuing the instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. The Board of Directors ensures, that the value of Money Market Instruments using the amortized cost method does not materially differ from their fair market value.

The accrued interest receivable is recognized as part of “Other assets”.

(4) 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.

(5) Units or Shares in open-ended UCIs and/or UCITS are valued on the basis of their last Net Asset Value, as reported by such undertakings.

(6) The fnancial derivative instruments which are not listed on any offcial stock exchange or traded on any other regulated market are valued in a reliable and verifable manner on a daily basis and in accordance with market practice, as further detailed below.

(7) Futures

The Fund on behalf of a Sub-Fund may enter into fnancial 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” in the Statement of Net Assets. Subsequent payments (“variation margin”) are made or received by the Sub-Fund each day, depending on the daily fuctuations in the value of the underlying futures contracts. These subsequent payments are recorded for fnancial 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 difference between the values

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2. Summary of signifcant accounting policies (continued) 2.2 Valuation of assets (continued) 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 for the details of the contracts outstanding as at 30 June 2014.

(8) Forward foreign 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 foreign exchange contracts for the purposes of hedging foreign currency exchange risks. Contracts are recorded at market value based on the 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 for the details of the contracts outstanding as at 30 June 2014.

(9) Swaps contracts

A swap is an agreement that obliges two parties to exchange a series of cashfows at specifed intervals based upon or calculated by reference to changes in specifed prices or rates for a specifed amount of an underlying asset. The payment fows are usually netted against each other at the brokers’ level, with the difference being paid by one party to the other, if authorised by the dedicated 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.

Interest received from and interest paid on swap contracts are, respectively, included as part of “Income – Interest on swaps” and “Expenses – Interest on Swaps” in the Statement of Operations and Changes in Net Assets.

The cashfows 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 cashfows. The value of the swap contracts is the difference between these two present value conversions. Please refer to the Portfolio of Investments for the details of the contracts outstanding as at 30 June 2014.

(10) Options

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 for the details of the options contracts outstanding and margin deposits as at 30 June 2014.

(11) Fair value

Events may occur between the determination of an investment’s last available price and the determination of the Fund’s Net Asset Value per Share at the valuation point that may, in the opinion of the Directors, mean that the last available price does not refect the fair market value of the investment. In such circumstances the price of such investment shall be adjusted in accordance with the procedures adopted from time to time by the Directors in their discretion. The sub-funds with fair valued securities as at year end:

Sub-Fund Name Currency Market value of fair valued securities % Net Assets Global Convertibles Fund USD 3,617,188 0.12 Global Convertibles Absolute Return Fund USD 1,345,641 0.24

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2. Summary of signifcant accounting policies (Continued) 2.2 Valuation of assets (Continued)

(12) TBA Purchase Commitments

Certain Funds may enter into to be announced (“TBA”) purchase commitments, pursuant to which they agreed to purchase mortgagebacked securities for a fxed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such mortgage-backed securities. With TBA transactions, the particular securities to be delivered are not identifed at the trade date; however, delivered securities must meet specifed terms, including issuer, rate and mortgage term, and be within industry-accepted “good delivery” standards. The Funds generally enter into TBA transactions with the intention of taking possession of the underlying mortgage securities. Until settlement, the Funds maintain cash reserves and liquid assets suffcient to settle its TBA commitments

Sub-Fund Name Currency Market Value of To Be Announced Securities % of Net Assets Global Aggregate Bond Fund USD 2,920,243 2.38

2.3 Treatment of interest income and dividends Interest income is accrued on a daily basis. Dividend income is recorded on the ex-dividend date, net of withholding tax.

3. Collateral Several sub-funds received or paid collateral to cover the unrealised results on derivative instruments. Collateral is calculated and settled on a daily basis per counterparty.

3.1 Collateral held As at 30 June 2014, the following amount of cash collateral, pledged by the respective sub-funds, is held by the Custodian on behalf of counterparties to derivatives transactions (Interest Rate Swap, Total Rate Swap and Contract For Difference):

Sub-Fund Name Cash Collateral Amount Global Convertibles Absolute Return Fund Citibank 440,000 USD

3.2 Collateral posted As at 30 June 2014, the following amounts of cash collateral, pledged by the counterparties, is posted on behalf of the respective sub-funds to fnancial derivatives transactions.

Sub-Fund Name Cash Collateral Amount European Corporate Bond Fund J.P. Morgan 613,611 EUR Global Aggregate Bond Fund J.P. Morgan 306,648 EUR Global Bond Absolute Return Fund J.P. Morgan 281,102 EUR Global Convertibles Absolute Return Fund Citi Bank 280,000 USD Deutsche Bank 602,492 USD Merrill Lynch 1,120,000 USD Global Enhanced Equity Income Fund UBS 98,233 USD Japanese Equity Fund UBS 104,516,782 JPY Long Term European Bond Fund J.P. Morgan 13,405 EUR

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4. Related parties 4.1 Domiciliary fees As remuneration for services as domiciliary agent, the Management Company receives a fxed annual fee from Sub-Funds as per Management Company service agreement. The fees are calculated and accrued each dealing day and are payable monthly in arrears.

4.2 Management Company and Investment Advisor 4.2.1 Management fees The Management Company receives from the Fund a management fee payable in arrears at the end of each month calculated at the rate detailed below:

Sub-Fund Name A Share B Share C Share F Share I Share M Share R Share Class Class Class Class Class Class Class American Equity Fund (closed on 31 January 2014) 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Asian Equity Income Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Asian High Yield Bond Fund 1.20% p.a. 1.20% p.a. 1.20% p.a. - 0.60% p.a. - 0.60% p.a. Dynamic Master Fund - - - 0.35% p.a. - - - Emerging Europe Equity Fund 1.70% p.a. 1.70% p.a. 1.70% p.a. - 0.85% p.a. - 0.85% p.a. Emerging Markets Bond Fund 1.20% p.a. 1.20% p.a. 1.20% p.a. - 0.60% p.a. - 0.60% p.a. Emerging Markets Corporate Bond Fund 1.60% p.a. 1.60% p.a. 1.60% p.a. - 0.80% p.a. - 0.80% p.a. Emerging Markets Equity Income Fund 1.70% p.a. 1.70% p.a. 1.70% p.a. - 0.85% p.a. - 0.85% p.a. Emerging Markets Equity Small Cap Fund 1.70% p.a. 1.70% p.a. 1.70% p.a. - 0.85% p.a. - 0.85% p.a. Emerging Markets Local Currency Bond Fund 1.20% p.a. 1.20% p.a. 1.20% p.a. - 0.60% p.a. - 0.60% p.a. European Corporate Bond Fund 0.90% p.a. 0.90% p.a. 0.90% p.a. - 0.45% p.a. - 0.45% p.a. European Equity Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. European Equity Income Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. European Real Estate Securities Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Global Aggregate Bond Fund 0.70% p.a. 0.70% p.a. 0.70% p.a. - 0.35% p.a. - 0.35% p.a. Global Bond Absolute Return Fund 0.60% p.a. 0.60% p.a. 0.60% p.a. - 0.30% p.a. - 0.30% p.a. Global Convertibles Absolute Return Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Global Convertibles Fund 1.20% p.a. 1.20% p.a. 1.20% p.a. - 0.60% p.a. - 0.60% p.a. Global Credit Absolute Return Fund (closed on 24 January 2014) 1.00% p.a. 1.00% p.a. 1.00% p.a. - 0.50% p.a. - 0.50% p.a. Global Emerging Markets Index Fund 0.60% p.a. 0.60% p.a. 0.60% p.a. - 0.30% p.a. - 0.30% p.a. Global Enhanced Equity Income Fund (closed on 28 January 2014) 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Global Equity Income Fund (closed on 24 January 2014) 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Global High Yield Bond Fund 1.20% p.a. 1.20% p.a. 1.20% p.a. - 0.60% p.a. 0.60% p.a. 0.60% p.a. Japanese Equity Fund (closed on 31 January 2014) 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. Long Term European Bond Fund 0.90% p.a. 0.90% p.a. 0.90% p.a. - 0.45% p.a. - 0.45% p.a. Short Duration Global High Yield Bond Fund 0.90% p.a. 0.90% p.a. 0.90% p.a. - 0.45% p.a. - 0.45% p.a. Short Term European Bond Fund 0.70% p.a. 0.70% p.a. 0.70% p.a. - 0.35% p.a. - 0.35% p.a. UK Opportunities Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a. US Equity Income Fund 1.50% p.a. 1.50% p.a. 1.50% p.a. - 0.75% p.a. - 0.75% p.a.

During the period management fees were changed as following: Emerging Markets Corporate Bond Fund fees were increased from 1.20% p.a. to 1.60% p.a. for A, B, C share classes and 0.60% p.a. to 0.80% p.a. for I and R share classes on 11 April 2014. Global Aggregate Bond Fund fees were decreased from 0.90% p.a. to 0.70% p.a. for A, B, C share classes and 0.45% p.a. to 0.35% p.a. for I and R share classes on 14 March 2014.

4. Related parties (Continued) 4.2.2 Distribution fee The Distributor receives from the Fund a distribution fee payable in arrears at the end of each month calculated at the rate detailed below:

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Sub-Fund Name B Share Class C Share Class American Equity Fund (closed on 31 January 2014) 0.25% p.a. 0.75% p.a. Asian Equity Income Fund 0.25% p.a. 0.75% p.a. Asian High Yield Bond Fund 0.25% p.a. 0.75% p.a. Emerging Europe Equity Fund 0.25% p.a. 0.75% p.a. Emerging Markets Bond Fund 0.25% p.a. 0.75% p.a. Emerging Markets Corporate Bond Fund 0.25% p.a. 0.75% p.a. Emerging Markets Equity Income Fund 0.25% p.a. 0.75% p.a. Emerging Markets Equity Small Cap Fund 0.25% p.a. 0.75% p.a. Emerging Markets Local Currency Bond Fund 0.25% p.a. 0.75% p.a. European Corporate Bond Fund 0.20% p.a. 0.50% p.a. European Equity Fund 0.25% p.a. 0.75% p.a. European Equity Income Fund 0.25% p.a. 0.75% p.a. European Real Estate Securities Fund 0.25% p.a. 0.75% p.a. Global Aggregate Bond Fund 0.20% p.a. 0.50% p.a. Global Bond Absolute Return Fund 0.20% p.a. 0.50% p.a. Global Convertibles Absolute Return Fund 0.25% p.a. 0.75% p.a. Global Convertibles Fund 0.25% p.a. 0.75% p.a. Global Credit Absolute Return Fund (closed on 24 January 2014) 0.20% p.a. 0.75% p.a. Global Emerging Markets Index Fund 0.20% p.a. 0.50% p.a. Global Enhanced Equity Income Fund (closed on 28 January 2014) 0.25% p.a. 0.75% p.a. Global Equity Income Fund (closed on 24 January 2014) 0.25% p.a. 0.75% p.a. Global High Yield Bond Fund 0.25% p.a. 0.75% p.a. Japanese Equity Fund (closed on 31 January 2014) 0.25% p.a. 0.75% p.a. Long Term European Bond Fund 0.20% p.a. 0.50% p.a. Short Duration Global High Yield Bond Fund 0.20% p.a. 0.50% p.a. Short Term European Bond Fund 0.20% p.a. 0.50% p.a. UK Opportunities Fund 0.25% p.a. 0.75% p.a. US Equity Income Fund 0.25% p.a. 0.75% p.a.

V and Z share classes are not subject to any Management and Distribution fees. M Share Class may be subject to management and distribution fees up to the management and distribution fees applicable to I Share Class. A, F, R and I share classes are not subject to any Distribution fee.

4.2.3 Performance fee Pursuant to the Investment Management Agreement, the Investment Manager is entitled to receive a performance fee. If a Performance Fee is applicable to a Sub-Fund it is disclosed in Appendix D “Sub-Funds in Issue” of the prospectus for the relevant Sub-Fund. A performance fee is payable in the event of out-performance, that is if the increase in the Net Asset Value of the relevant Sub-Fund during the relevant performance period exceeds the increase in the relevant benchmark of the relevant Sub-Fund over the same period, on an annualised basis.

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4. Related parties (Continued) 4.2.3 Performance fee (Continued)

Unless otherwise stated in Appendix D “Sub-Funds in Issue” of the prospectus, the Company will apply at all times the high watermark principle (the “High Watermark Principle”) when calculating the Performance Fee. The High Watermark Principle establishes a Net Asset Value below which Performance Fees will not be paid. This level is called the High Watermark level and is set at the Net Asset Value at which the last Performance Fee was paid or at the Net Asset Value at which the Share Class was launched if no Performance Fee has ever been paid on that Class.

The benchmark index and performance fee rate used for performance fee calculation purposes on the Sub-Funds are as follows:

Sub-Fund Name Benchmark Performance fee rate % Global Aggregate Bond Fund Barclays Capital Global Aggregate Index EUR 10% Global Bond Absolute Return Fund Euro Over Night Index Average 10% Global Convertibles Absolute Return Fund Net positive return over the previous 3 months 10% Global Credit Absolute Return Fund (closed on 24 January 2014) Three Month Euribor 20%

5. Custodian fees The Fund and its respective sub-funds pay custodian fees to J.P. Morgan Bank Luxembourg S.A. in respect of its activities as Custodian (including safekeeping, accounting and transaction activities). These fees are to remunerate the Custodian for the safekeeping and transaction costs applicable to each Sub-Fund. The fees will vary in respect of each Sub-Fund depending on the value of the assets held by the Custodian and the volume of trading in that Sub-Fund and should not exceed a maximum of 0.20% per annum.

6. Registrar and Transfer Agent fees The Fund pays fees to RBC Investor Services Bank S.A. in respect of its activities as Registrar and Transfer Agent (including maintenance, shareholder services, transaction, dividend process, trailer fees 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, from 0.0003% to 0.069% per annum of the aggregate average daily Net Asset Value per applicable Share Class.

7. Administration fees The Fund and its respective sub-funds pay the charges and reasonable out-of-pocket expenses of the Management Company acting as administrator and domiciliary agent (the “Administration Fees”).

The Share Classes (except the M, Z and V Share Classes) of the Sub-Funds shall be subject to an Administration Fee of a maximum 0.125 per cent per annum of the aggregate average daily Net Asset Value per Share Class.

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.

8. Fee waiver The Dynamic Master Fund, notwithstanding the fees explained above, the Sub-Fund seeks to preserve its Shareholders from fuctuations in its operating and administrative expenses and has agreed with the Management Company that on the ffth anniversary of the launch date the excess of any such expenses incurred above 20 basis points of the Sub-Fund’s aggregate average Net Asset Value per annum annualised over the said fve year period will be borne by the Management Company, notwithstanding the fact that the Administration Fees, custodian fees and other expenses in any one year, in the fve year period, may exceed 20 basis points of the Sub-Fund’s aggregate average Net Asset Value. As at 30 June 2014 the waivable amount was EUR 673, and is included as part of “Other income”.

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9. Taxation 9.1.Luxembourg tax 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, C, F 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 A, B, C and F Share Classes of the Reserve Sub-Funds and the I, M, 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.

10. Securities lending The Sub-Funds may lend portions of investments to third parties. In return the Portfolios receive a fee that is negotiated for each transaction. Such lending may only be effected in accordance with the terms of the Prospectus which refects 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 fnancial institution specialised in such activities.

During the period, 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 which arrange the transaction. The income earned from the securities lending program is shown in the respective Sub-Funds’ Statement of Operations and Changes in Net Assets.

The Sub-Funds for which securities are lent as at 30 June 2014 are:

Sub Fund Sub-Fund Ccy Collateral Agent Loan in GBP Loan in Collateral Collateral Value in GBP Fund CCy Type Emerging Europe Equity Fund EUR J.P. Morgan 1,802,504 2,251,160 Non cash 1,887,534 Emerging Markets Bond Fund USD AIL 112,327,354 82,044,667 Non cash 117,626,236 European Equity Fund EUR AIL 241,858 302,058 Non cash 253,267 European Equity Income Fund EUR AIL 9,792,376 12,229,769 Non cash 10,254,317 Global Convertibles Fund USD AIL 166,997,863 121,976,381 Non cash 174,875,748

Consistent with Luxembourg Law (for example CSSF Circular 08/356 or any documentation that may supersede this), and subject to potential changes to the relevant regulatory regime going forward, acceptable collateral in securities lending transactions is limited to;

– Liquid assets (including cash, short term bank certifcates, money market instruments, or letter of credit/guarantee from a non-affliated highly rated credit institution. For practical purposes the minimum acceptable rating is F1/P1 or equivalent). – Bonds issued or guaranteed by an OECD member state or its public authorities, or supranational entities. For practical purposes the minimum acceptable rating for such bonds is A-/A3 or equivalent. – Shares/units of money-market UCIs calculating daily NAVs, and rated AAA or equivalent. – Shares/units of UCITS investing mainly in bonds/shares with characteristics below. – Bonds issued by top rated issuers, with adequate liquidity. For practical purposes the minimum acceptable rating is A-/A3 or equivalent. – Shares admitted to or dealt in on an EU regulated market or a stock exchange of an OECD member state, provided they are included in a main index.

Permitted reinvestment of cash collateral is confned to fully collateralised reverse repo transactions or AAA-rated money market funds. Securities received as collateral are subject to a minimum level of over-collateralisation of 102.5% of the underlying securities loan value.

11. Dividends Distribution For classes of Shares entitled to distribution, dividends, if any, will be declared and distributed on a monthly, quarterly and annual basis. As at 30 June 2014, the Board of Directors approved to pay out the following dividends:

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Monthly Dividend Distributions

Sub-Fund Name Share Class Class Currency Distribution Rate Emerging Markets Bond Fund Bx USD 0.052321 Emerging Markets Bond Fund Bx Hedge EUR 0.049170 Emerging Markets Local Currency Bond Fund Bx EUR 0.047500 Emerging Markets Local Currency Bond Fund Bx USD USD 0.051000 Global Aggregate Bond Fund Bx EUR 0.025000 Global Aggregate Bond Fund Bx USD USD 0.025000 Global Convertibles Fund Bx USD 0.016700 Global High Yield Bond Fund Ax USD 0.054160 Global High Yield Bond Fund Ax GBP Hedge GBP 0.078384 Global High Yield Bond Fund Ax SGD Hedge SGD 0.057264 Global High Yield Bond Fund Bx USD 0.053486

Pay date being ex date + 5 business days (the “Pay Date”), ex date being the next business day after the record day (the “Ex-date”) and record date being the last business day of the month (the “Record Date”).” As per Board of Directors approval, the following changes in distribution rates were changed in January 2014. Emerging Markets Local Currency Bond Fund - Bx Share Class distribution rate was changed from 0.055843 to 0.0475 Emerging Markets Local Currency Bond Fund - Bx USD Share Class distribution rate was changed from 0.059484 to 0.051

Quarterly Dividend Distributions

Sub-Fund Name Share Class Class Currency Distribution Rate Ex-Date Pay Date Emerging Markets Local Currency Bond Fund Zx EUR 12.936337 1 April 2014 15 April 2014 Emerging Markets Corporate Bond Fund Zx Hedge EUR 11.206948 1 April 2014 15 April 2014 Emerging Markets Bond Fund Zx Hedge EUR 14.335578 1 April 2014 15 April 2014 Global High Yield Bond Fund Zx Hedge EUR 18.187920 1 April 2014 15 April 2014 Short Duration Global High Yield Bond Fund Zx Hedge EUR 16.568705 1 April 2014 15 April 2014 Global Convertibles Fund Zx Hedge EUR 4.7337140 1 April 2014 15 April 2014 Emerging Markets Local Currency Bond Fund Zx EUR 11.365247 2 January 2014 16 January 2014 Global High Yield Bond Fund Zx EUR 17.065154 2 January 2014 16 January 2014 Emerging Markets Corporate Bond Fund Zx Hedge EUR 11.148048 2 January 2014 16 January 2014 Emerging Markets Bond Fund Zx Hedge EUR 14.042587 2 January 2014 16 January 2014 Global High Yield Bond Fund Zx Hedge EUR 18.076842 2 January 2014 16 January 2014 Short Duration Global High Yield Bond Fund Zx Hedge EUR 15.931414 2 January 2014 16 January 2014 Global Convertibles Fund Zx Hedge EUR 4.2960220 2 January 2014 16 January 2014

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11. Dividends Distribution (Continued)

Annual Dividends Distribution

Sub-Fund Name Share Class Class Currency Distribution Rate Ex-Date Pay Date Asian Equity Income Fund Bx USD 0.051330 2 January 2014 16 January 2014 Emerging Markets Bond Fund Rx GBP GBP 0.137754 2 January 2014 16 January 2014 Emerging Markets Equity Income Fund Bx USD 0.038814 2 January 2014 16 January 2014 Emerging Markets Equity Income Fund Rx GBP GBP 0.027032 2 January 2014 16 January 2014 Emerging Markets Equity Small Cap Fund Bx USD 0.083460 2 January 2014 16 January 2014 Emerging Markets Equity Small Cap Fund Rx USD 0.016112 2 January 2014 16 January 2014 Emerging Markets Equity Small Cap Fund Rx GBP GBP 0.010680 2 January 2014 16 January 2014 Emerging Markets Local Currency Bond Fund Ix EUR 4.087630 2 January 2014 16 January 2014 Emerging Markets Local Currency Bond Fund Ix GBP GBP 4.721607 2 January 2014 16 January 2014 Emerging Markets Local Currency Bond Fund Rx GBP 0.376117 2 January 2014 16 January 2014 European Convergence Equity Fund Bx EUR 0.038863 2 January 2014 16 January 2014 European Convergence Equity Fund Rx GBP GBP 0.015630 2 January 2014 16 January 2014 European Corporate Bond Fund Bx EUR 0.042056 2 January 2014 16 January 2014 European Real Estate Securities Fund Bx EUR 0.074288 2 January 2014 16 January 2014 Global Aggregate Bond Fund Ix Hedge AUD 2.950775 2 January 2014 16 January 2014 Global Convertibles Absolute Return Fund Ix Hedge EUR 1.040271 2 January 2014 16 January 2014 Global Convertibles Absolute Return Fund Ix Hedge GBP 1.120230 2 January 2014 16 January 2014 Global Convertibles Fund Ax GBP GBP 0.032916 2 January 2014 16 January 2014 Global Convertibles Fund Ax Hedge GBP 0.023294 2 January 2014 16 January 2014 Global Convertibles Fund Ix GBP GBP 1.315149 2 January 2014 16 January 2014 Global Convertibles Fund Ix Hedge GBP 1.001373 2 January 2014 16 January 2014 Global Convertibles Fund Rx Hedge GBP 0.068965 2 January 2014 16 January 2014 Global High Yield Bond Fund Bx Hedge EUR 0.524570 2 January 2014 16 January 2014 Global High Yield Bond Fund Ix USD 6.529888 2 January 2014 16 January 2014 Global High Yield Bond Fund Ix Hedge EUR 6.240848 2 January 2014 16 January 2014 Global High Yield Bond Fund Ix Hedge GBP 6.093725 2 January 2014 16 January 2014 Global High Yield Bond Fund Ix Hedge CHF 6.256152 2 January 2014 16 January 2014 Global High Yield Bond Fund Rx Hedge GBP 0.502332 2 January 2014 16 January 2014 Long Term European Bond Fund Bx EUR 1.483373 2 January 2014 16 January 2014 Short Duration Global High Yield Bond Fund Ix Hedge EUR 5.862344 2 January 2014 16 January 2014 Short Term European Bond Fund Bx EUR 0.165218 2 January 2014 16 January 2014 UK Equity Focus Fund Ax GBP 0.243659 2 January 2014 16 January 2014 UK Equity Focus Fund Rx GBP 0.216080 2 January 2014 16 January 2014

12. Subsequent Event

Multi-Strategy Target Return Fund was launched on 1 July 2014

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 125 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) as at 30 June 2014

1. Total Expenses Ratio (TER)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Aviva Investors - American Equity Fund American Equity Fund A - USD (closed on 31 January LU0274939809 342,169.62 1.84 - 2014) American Equity Fund B - USD (closed on 31 January LU0010019148 596,372.78 2.08 - 2014) American Equity Fund C - USD (closed on 31 January LU0144884995 83,963.17 2.54 - 2014) American Equity Fund I - USD (closed on 31 January LU0160787866 21,887.94 1.00 - 2014) American Equity Fund Z - USD (closed on 31 January LU0560706565 35,991.27 0.09 - 2014) Aviva Investors - Asian Equity Income Fund Asian Equity Income Fund A - USD LU0274939718 439,942.36 1.90 - Asian Equity Income Fund B - USD LU0010019817 352,941.78 2.14 - Asian Equity Income Fund Bx - USD LU0206564840 19.69 2.05 - Asian Equity Income Fund C - USD LU0144885026 58,967.49 2.64 - Asian Equity Income Fund C - USD LU0160787940 11,368.01 1.04 - Asian Equity Income Fund Z - USD LU0560706995 128,986.74 0.15 - Aviva Investors - Asian High Yield Bond Fund Asian High Yield Bond Fund A - USD LU0939950159 13.68 1.31 - Asian High Yield Bond Fund I - USD LU0939950316 56.11 1.03 - Asian High Yield Bond Fund Z - USD LU0939950589 98,616.01 0.17 - Aviva Investors - Dynamic Master Fund Dynamic Master Fund F - EUR LU0649528113 192,862.00 0.71 - Aviva Investors – Emerging Europe Equity Fund Emerging Europe Equity Fund A - EUR LU0274937183 184,831.42 2.24 - Emerging Europe Equity Fund B - EUR LU0083327972 415,887.21 2.48 - Emerging Europe Equity Fund Bx - EUR LU0206567355 406.23 2.47 - Emerging Europe Equity Fund C - EUR LU0144885968 302,860.60 2.97 - Emerging Europe Equity Fund I - EUR LU0160773130 41,501.61 1.25 - Emerging Europe Equity Fund Rx - GBP LU0965944456 11.94 1.21 - Aviva Investors - Emerging Markets Bond Fund Emerging Markets Bond Fund A - USD LU0274939478 457,299.29 1.51 - Emerging Markets Bond Fund B - USD LU0180621863 477,751.90 1.77 - Emerging Markets Bond Fund Bx - USD LU0206569211 1,372,611.02 1.77 - Emerging Markets Bond Fund C - USD LU0180621434 54,054.12 2.26 - Emerging Markets Bond Fund I - USD LU0180621947 1,130,345.82 0.82 - Emerging Markets Bond Fund Rx - GBP LU0965944886 12.55 0.95 - Emerging Markets Bond Fund V - USD LU0631496246 98,845.33 0.07 - Emerging Markets Bond Fund V USD - EUR LU0613544419 3,285.65 0.06 - Emerging Markets Bond Fund HEDGE CLASS I USD - CHF LU0923982770 56,871.51 0.77 - Emerging Markets Bond Fund Ih - GBP LU0981924250 84,491.51 0.77 - Emerging Markets Bond Fund HEDGE CLASS Z USD - GBP LU0532757456 27,472.66 0.01 - Emerging Markets Bond Fund A USD - EUR LU0401379044 146,431.06 1.45 - Emerging Markets Bond Fund Bx USD - EUR LU0726752743 2,606.84 1.68 -

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 126 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

1. Total Expense Ratio (TER) (Continued)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Emerging Markets Bond Fund I USD - EUR LU0401379127 131,769.99 0.77 - Emerging Markets Bond Fund Z - USD LU0560707613 843.38 0.07 - Emerging Markets Bond Fund HEDGE CLASS Zx USD - EUR LU0725747298 59,414.20 0.01 - Aviva Investors - Emerging Markets Corporate Bond Fund Emerging Markets Corporate Bond Fund I - EUR LU0654799310 2.43 0.77 - Emerging Markets Corporate Bond Fund I - USD LU0654799237 1.78 0.81 - Emerging Markets Corporate Bond Fund Zx USD - EUR LU0833412892 20,428.75 0.01 - Aviva Investors - Emerging Markets Equity Income Fund Emerging Markets Equity Income Fund A - USD LU0274940138 384,463.76 2.12 - Emerging Markets Equity Income Fund B - EUR LU0280564351 294,863.67 2.36 - Emerging Markets Equity Income Fund B - USD LU0047882062 341,481.97 2.36 - Emerging Markets Equity Income Fund Bx - USD LU0206567199 315.06 2.34 - Emerging Markets Equity Income Fund C - USD LU0144885539 76,643.98 2.83 - Emerging Markets Equity Income Fund I - USD LU0160791975 919,630.44 1.17 - Emerging Markets Equity Income Fund Rx - GBP LU0965944704 15.97 1.26 - Emerging Markets Equity Income Fund Z - USD LU0560707704 869,940.46 0.16 - Emerging Markets Equity Income Fund Zx - USD LU1048560632 0.29 0.12 - Aviva Investors - Emerging Markets Equity Small Cap Fund Emerging Markets Equity Small Cap Fund A - USD LU0300873303 10,668.68 2.17 - Emerging Markets Equity Small Cap Fund B - EUR LU0280563387 392,153.91 2.41 - Emerging Markets Equity Small Cap Fund B - USD LU0300873642 269,999.79 2.42 - Emerging Markets Equity Small Cap Fund Bx - USD LU0300873725 24.17 2.35 - Emerging Markets Equity Small Cap Fund I - USD LU0300874459 166,577.43 1.23 - Emerging Markets Equity Small Cap Fund Rx - EUR LU0965944613 169.00 1.26 - Emerging Markets Equity Small Cap Fund Z - USD LU0560707456 210,709.65 0.22 - Emerging Markets Equity Small Cap Fund Rx - USD LU0965944530 8.08 0.96 - Aviva Investors - Emerging Markets Local Currency Bond Fund Emerging Markets Local Currency Bond Fund A - EUR LU0273494806 15,977.48 1.56 - Emerging Markets Local Currency Bond Fund B - EUR LU0273496686 14,906.18 1.86 - Emerging Markets Local Currency Bond Fund B - USD LU0490651758 81,575.84 1.84 - Emerging Markets Local Currency Bond Fund Bx - EUR LU0274935138 81,541.70 1.85 - Emerging Markets Local Currency Bond Fund Bx - USD LU0459039664 607,009.58 1.86 - Emerging Markets Local Currency Bond Fund C - EUR LU0273497221 210,283.86 2.37 - Emerging Markets Local Currency Bond Fund I - EUR LU0273498039 1,125,559.76 0.90 - Emerging Markets Local Currency Bond Fund I - USD LU0401379556 5,607.39 0.91 - Emerging Markets Local Currency Bond Fund Ix - EUR LU0861996451 89,848.00 0.91 - Emerging Markets Local Currency Bond Fund Ix - GBP LU0280564948 96,523.16 0.91 - Emerging Markets Local Currency Bond Fund Rx - GBP LU0880135222 9.13 0.86 - Emerging Markets Local Currency Bond Fund Z - EUR LU0560707969 702,583.83 0.16 - Emerging Markets Local Currency Bond Fund Zx - EUR LU0725747371 43,516.10 0.14 - Aviva Investors – European Corporate Bond Fund European Corporate Bond Fund A - EUR LU0274933786 333,617.95 1.26 - European Corporate Bond Fund B - EUR LU0137992961 100,235.12 1.46 -

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 127 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

1. Total Expense Ratio (TER) (Continued)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Aviva Investors – European Corporate Bond Fund (Continued) European Corporate Bond Fund Bx - EUR LU0010020823 29,673.63 1.48 - European Corporate Bond Fund C - EUR LU0160767082 67,387.93 1.76 - European Corporate Bond Fund I - EUR LU0160771357 127,936.53 0.72 - European Corporate Bond Fund Z - EUR LU0560708850 35,690.87 0.12 - Aviva Investors – European Equity Fund European Equity Fund A - EUR LU0274934750 642,687.45 1.89 - European Equity Fund B - EUR LU0010019577 1,819,904.42 2.13 - European Equity Fund Bx - EUR (closed on 3 April LU0206565144 3,310.17 2.11 - 2014) European Equity Fund C - EUR LU0144886263 75,487.00 2.64 - European Equity Fund I - EUR LU0160772918 6,372.82 1.03 - European Equity Fund Z - EUR LU0560709072 27,198.43 0.13 - Aviva Investors – European Equity Income Fund European Equity Income Fund A - EUR LU0274935054 426,051.27 1.87 - European Equity Income Fund B - EUR LU0157818666 182,077.83 2.13 - European Equity Income Fund C - EUR LU0157819557 73,840.57 2.64 - European Equity Income Fund I - EUR LU0160781745 4,289.98 1.05 - European Equity Income Fund Z - EUR LU0560709155 160,847.09 0.12 - Aviva Investors – European Real Estate Securities Fund European Real Estate Securities Fund A - EUR LU0274935567 378,515.02 1.84 - European Real Estate Securities Fund B - EUR LU0160768213 192,455.73 2.08 - European Real Estate Securities Fund Bx - EUR LU0162920101 284,446.58 2.1 - European Real Estate Securities Fund C - EUR LU0160767249 68,675.21 2.59 - European Real Estate Securities Fund I - EUR LU0160782800 236,818.93 0.98 - European Real Estate Securities Fund Zx - EUR LU1040397157 1,695.13 0.04 - Aviva Investors – Global Aggregate Bond Fund Global Aggregate Bond Fund B - EUR LU0428042740 24.00 1.36 - Global Aggregate Bond Fund B - USD LU0562506468 262.79 1.49 - Global Aggregate Bond Fund Bx - EUR LU0432678927 142.67 1.35 - Global Aggregate Bond Fund Bx - USD LU0562507193 162.95 1.4 - Global Aggregate Bond Fund I - EUR LU0395743221 6.08 0.58 0.06 Global Aggregate Bond Fund Z - EUR LU0560709585 19,635.54 0.18 - Global Aggregate Bond Fund Hedge Class I EUR - GBP LU0432679149 125,117.12 0.6 0.01 Global Aggregate Bond Fund Hedge Class Z EUR - GBP LU0553627182 10,417.45 0.01 - Global Aggregate Bond Fund Hedge Class Ix EUR - AUD LU0439828699 41,901.48 0.59 - Aviva Investors – Global Bond Absolute Return Fund Global Bond Absolute Return Fund I - USD LU0747473295 75,372.11 0.68 - Global Bond Absolute Return Fund Zh - GBP LU0818740184 1,418.86 0.01 - Aviva Investors – Global Convertibles Absolute Return Fund Global Convertibles Absolute Return Fund I - USD LU0459997697 1,638,086.78 1.68 0.64 Global Convertibles Absolute Return Fund Z - USD LU0560710161 63,152.81 0.13 - Global Convertibles Absolute Return Fund HEDGED CLASS A USD - EUR LU0459998232 142,475.81 2.18 0.38

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 128 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

1. Total Expense Ratio (TER) (Continued)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Global Convertibles Absolute Return Fund HEDGED CLASS I USD - CHF LU0630373545 22,868.23 1.17 0.29 Global Convertibles Absolute Return Fund HEDGED CLASS I - EUR LU0459998588 1,160,634.55 1.55 0.63 Global Convertibles Absolute Return Fund HEDGED CLASS Ix USD - EUR LU0643905549 9,634.65 1.64 0.72 Global Convertibles Absolute Return Fund HEDGED CLASS Ix - GBP LU0459999123 183,277.44 1.6 0.68 Global Convertibles Absolute Return Fund HEDGED CLASS Z USD - GBP LU0560709825 23,303.42 0.01 - Aviva Investors – Global Convertibles Fund Global Convertibles Fund Ax - GBP LU0280567370 13,608.57 1.53 - Global Convertibles Fund A - USD LU0274938744 1,244,773.41 1.52 - Global Convertibles Fund B - USD LU0144879052 1,448,919.27 1.79 - Global Convertibles Fund Bx - USD LU0401378400 116,159.31 1.76 - Global Convertibles Fund C - USD LU0144879219 112,402.39 2.28 - Global Convertibles Fund I - EUR LU0280568188 251,296.93 0.83 - Global Convertibles Fund I - GBP LU0837066355 1,285,696.06 0.83 - Global Convertibles Fund I - USD LU0160787601 4,949,176.79 0.83 - Global Convertibles Fund Ix - GBP LU0280568428 30,518.08 0.85 - Global Convertibles Fund Rx - USD LU1011493662 2,089.09 0.87 - Global Convertibles Fund Z - USD LU0675046311 416,050.54 0.08 - Global Convertibles Fund HEDGED CLASS A USD - CHF LU0401378319 15,136.96 1.47 - Global Convertibles Fund HEDGED CLASS I USD - CHF LU0401378822 71,115.82 0.77 - Global Convertibles Fund HEDGED CLASS I USD - EUR LU0280568261 2494157.25 0.76 - Global Convertibles Fund HEDGED CLASS Z USD - EUR LU0560710591 1,154.24 0.01 - Global Convertibles Fund HEDGED CLASS Zx USD - GBP LU0905156674 17,746.96 0.01 - Global Convertibles Fund HEDGED CLASS A USD - EUR LU0280566992 483,392.66 1.46 - Global Convertibles Fund HEDGED CLASS B USD - EUR LU0280567701 313,013.51 1.71 - Global Convertibles Fund HEDGED CLASS Ax USD - GBP LU0367993077 73,836.32 1.46 - Global Convertibles Fund HEDGED CLASS Ix USD - GBP LU0367993150 1,957,765.62 0.76 - Global Convertibles Fund HEDGED CLASS Rx USD - EUR LU1011494041 2.90 0.51 - Global Convertibles Fund HEDGED CLASS Rx USD - GBP LU0880135149 1,704.67 0.81 - Global Convertibles Fund HEDGED CLASS Z USD - GBP LU0560710757 53,455.46 0.01 - Aviva Investors – Global Credit Absolute Return Fund Global Credit Absolute Return Fund I - EUR (closed on 24 January LU0580118940 15.55 1.21 0.35 2014) Global Credit Absolute Return Fund HEDGED CLASS I - GBP (closed LU0864198824 3,330.62 1.22 0.36 on 24 January 2014) Global Credit Absolute Return Fund Z - EUR (closed on 24 January LU0580119914 798.71 0.22 - 2014) Global Credit Absolute Return Fund HEDGED CLASS Z - GBP (closed LU0580120250 31,229.97 0.22 - on 24 January 2014) Aviva Investors – Global Emerging Markets Index Fund Global Emerging Markets Index Fund I - USD LU0514066991 38,925.29 0.63 - Global Emerging Markets Index Fund Z - USD LU0537606781 1,009,657.76 0.19 -

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 129 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

1. Total Expense Ratio (TER) (Continued)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Aviva Investors – Global Enhanced Equity Income Fund Global Enhanced Equity Income Fund Hedge - Class Z USD - GBP LU0939951041 3,914.88 0.01 - (closed on 28 January 2014) Aviva Investors – Global Equity Income Fund Global Equity Income Fund A - EUR (closed on 24 January LU0367991881 197,857.82 1.84 - 2014) Global Equity Income Fund B - EUR (closed on 24 January LU0428042823 274,561.05 2.06 - 2014) Global Equity Income Fund C - EUR (closed on 24 January LU0785707844 6,861.19 2.57 - 2014) Global Equity Income Fund I - EUR (closed on 24 January LU0367992269 105,305.71 0.98 - 2014) Aviva Investors – Global High Yield Bond Fund Global High Yield Bond Fund A - USD LU0367993317 5,466,628.08 1.54 - Global High Yield Bond Fund Ax - USD LU0752094010 1,442,299.50 1.54 - Global High Yield Bond Fund B - USD LU0562505734 730,429.04 1.79 - Global High Yield Bond Fund Bx - USD LU0562505817 2,403,489.60 1.79 - Global High Yield Bond Fund Ix - USD LU0650814238 128,399.07 0.84 - Global High Yield Bond Fund M - USD LU0938923728 347,260.57 0.59 - Global High Yield Bond Fund Z - USD LU0616814850 16,708.61 0.09 - Global High Yield Bond Fund Zx USD - EUR (closed on 28 LU0727606112 6,270.55 0.09 - January 2014) Global High Yield Bond Fund I - USD LU0367993663 3,288,733.71 0.85 - Global High Yield Bond Fund HEDGED CLASS A USD - CHF LU0693856568 1,044,099.48 1.46 - Global High Yield Bond Fund HEDGED CLASS Ix USD - CHF LU0649528386 379,868.76 0.74 - Global High Yield Bond Fund HEDGED CLASS M USD - CHF LU0938924023 29,399.22 0.51 - Global High Yield Bond Fund HEDGED CLASS A USD - SGD LU0520002626 270,504.48 1.46 - Global High Yield Bond Fund HEDGED CLASS Ax USD - SGD LU0520002972 500,177.24 1.46 - Global High Yield Bond Fund HEDGED CLASS I - CAD LU0497137546 308,737.66 0.76 - Global High Yield Bond Fund HEDGED CLASS Ax - USD LU0397833129 464,938.87 1.44 - Global High Yield Bond Fund HEDGED CLASS I GBP - USD LU0766450869 50,648.96 0.74 - Global High Yield Bond Fund HEDGED CLASS Ix - USD LU0397835769 859,858.32 0.76 - Global High Yield Bond Fund HEDGED CLASS M USD - GBP LU0864203509 8.22 0.47 - Global High Yield Bond Fund HEDGED CLASS Rx USD - GBP LU0880134928 220.30 0.82 - Global High Yield Bond Fund HEDGED CLASS Z GBP - USD LU0553627935 14,693.53 0.01 - Global High Yield Bond Fund HEDGED CLASS Ah - USD LU0367993408 3,075,351.27 1.46 - Global High Yield Bond Fund HEDGED CLASS B - USD LU0432679735 14,576.74 1.68 - Global High Yield Bond Fund HEDGED CLASS Bx USD - EUR LU0641126270 121,339.64 1.71 - Global High Yield Bond Fund HEDGED CLASS Ih - USD LU0367993747 2,352,213.90 0.76 - Global High Yield Bond Fund HEDGED CLASS Ix USD - EUR LU0650813693 140,450.23 0.76 - Global High Yield Bond Fund HEDGED CLASS M USD - EUR LU0938923561 56,374.07 0.51 - Global High Yield Bond Fund HEDGED CLASS Zx USD - EUR LU0725747025 15,486.64 - - Aviva Investors – Japanese Equity Fund Japanese Equity Fund A - JPY (closed on 31 January LU0274940484 19,473,913.07 1.94 - 2014) Japanese Equity Fund B - JPY (closed on 31 January LU0010019734 7,990,156.39 2.16 - 2014)

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 130 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

1. Total Expense Ratio (TER) (Continued)

Sub-Fund name Share Class ISIN Total Expenses Total Expense Performance fee Ratio in % of total NAV

Japanese Equity Fund C - JPY (closed on 31 January LU0144890968 2,431,404.32 2.67 - 2014) Japanese Equity Fund I - JPY (closed on 31 January LU0160793161 706,269.31 1.06 - 2014) Japanese Equity Fund Z - JPY (closed on 31 January LU0560711052 1,890,233.90 0.2 - 2014) Aviva Investors - Long Term European Bond Fund Long Term European Bond Fund A - EUR LU0274933604 333,366.50 1.25 - Long Term European Bond Fund B - EUR LU0044652708 461,077.52 1.44 - Long Term European Bond Fund Bx - EUR LU0044654233 463.40 1.47 - Long Term European Bond Fund C - EUR LU0160769534 50,998.41 1.74 - Long Term European Bond Fund Z - EUR LU0560711219 27,674.38 0.09 - Aviva Investors – Short Duration Global High Yield Bond Fund Short Duration Global High Yield Bond Fund I - USD LU0747473022 10,166.96 0.7 - Short Duration Global High Yield Bond Fund HEDGED CLASS I USD- EUR LU1028903703 70,834.49 0.63 - Short Duration Global High Yield Bond Fund HEDGED CLASS I USD- CHF LU1044012950 37,837.06 0.59 - Short Duration Global High Yield Bond Fund HEDGED CLASS I USD- GBP LU0864199129 3,310.17 2.11 - (closed on 16 June 2014) Short Duration Global High Yield Bond Fund HEDGED CLASS Z USD- GBP LU0790111180 12,463.98 0.01 - Short Duration Global High Yield Bond Fund HEDGED CLASS Ix USD - EUR LU0756178793 629,452.88 0.61 - Short Duration Global High Yield Bond Fund HEDGED CLASS ZX USD- EUR LU0747472990 37,831.44 0.01 - Aviva Investors – Short Term European Bond Fund Short Term European Bond Fund A - EUR LU0274938660 231,490.51 1.08 -

Short Term European Bond Fund B - EUR LU0089594716 165,640.42 1.29 - Short Term European Bond Fund Bx - EUR LU0089594807 812.29 1.30 - Short Term European Bond Fund C - EUR LU0160766431 9,483.81 1.58 - Aviva Investors – UK Opportunities Fund UK Opportunities Fund Ax - GBP LU0274937936 13,858.68 1.88 - UK Opportunities Fund B - GBP LU0010020310 355,109.81 2.15 - UK Opportunities Fund C - GBP LU0144892311 28,995.47 2.65 - UK Opportunities Fund I - GBP LU0160960752 37,636.93 1.05 - UK Opportunities Fund Rx - GBP LU0880135065 7023.35 1.08 - UK Opportunities Fund Z - GBP LU0560712530 21,026.87 0.15 - Aviva Investors – US Equity Income Fund US Equity Income Fund A - USD LU0837066439 198352.12 1.79 - US Equity Income Fund B - USD LU1005247751 241470.17 2.05 - US Equity Income Fund I - USD LU0837066512 444,357.85 1.09 - US Equity Income Fund Ix - USD LU0957618282 12,715.36 0.99 - US Equity Income Fund Z - USD LU0905151360 2.28 0.2

TER was calculated in accordance with the applicable SFAMA guidelines.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 131 INFORMATION FOR INVESTORS IN SWITZERLAND (UNAUDITED) (CONTINUED) as at 30 June 2014

2. Portfolio Turnover Ratio (PTR)

Portfolio Turnover in % Aviva Investors – Asian Equity Income Fund 5.68% Aviva Investors – Asian High Yield Bond Fund 262.03% Aviva Investors – Dynamic Master Fund 154.97% Aviva Investors – Emerging Europe Equity Fund -52.89% Aviva Investors – Emerging Markets Bond Fund 117.43% Aviva Investors – Emerging Markets Corporate Bond Fund 188.91% Aviva Investors – Emerging Markets Equity Income Fund 21.59% Aviva Investors – Emerging Markets Equity Small Cap Fund -66.72% Aviva Investors – Emerging Markets Local Currency Bond Fund 25.47% Aviva Investors – European Corporate Bond Fund 184.30% Aviva Investors – European Equity Fund 59.22% Aviva Investors – European Equity Income Fund 43.04% Aviva Investors – European Real Estate Securities Fund -19.06% Aviva Investors – Global Aggregate Bond Fund 526.91% Aviva Investors – Global Bond Absolute Return Fund 313.28% Aviva Investors – Global Convertibles Absolute Return Fund 191.65% Aviva Investors – Global Convertibles Fund 33.29% Aviva Investors – Global Emerging Markets Index Fund 0.47% Aviva Investors – Global High Yield Bond Fund 36.89% Aviva Investors – Long Term European Bond Fund 66.97% Aviva Investors – Short Duration Global High Yield Bond Fund 30.56% Aviva Investors – Short Term European Bond Fund 37.04% Aviva Investors – UK Opportunities Fund -9.01% Aviva Investors – US Equity Income Fund 27.28%

PTR was calculated in accordance with the applicable SFAMA guidelines.

AVIVA INVESTORS – SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS avivainvestors.com 132 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

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