AVlVA - Fundsquare

Board of Directors

Manaqcrncnt and Administrdtion

Schedule of Investments and Other Net Asscts

Aviva Investors - Absolute Bond tund Avivd Investors - Absolute 1 AA Fiind Aviva Investors Amciican Equity furid Aviva Investors - Asia-Pacific Equity Fund Aviva Invpstnr5 - Australian Kesources Fund Aviva lnvestnrs - tmerging Markets Bond Fund Aviva lrivestors - 1:mrrging Markets Equity Fund Aviva Investors Emcrqing Markets Fquity Small Cap Fund Aviva Investors - Emerging Markcts Local CurretiLy Hotid tund Aviva Investors - EUK Reserve Fund Aviva Invpstors - European Aggregate Bond Fund Aviva lnvpstnrs - turopean Convergence Equity Fund Avivd Investors - tiirnpean Corporate Bond Fund Aviva Irivestors - Furopean tquity Fund Aviva Investors - r utopean RH1 Fund Aviva lrivestors - ruiopean Sorially Responsible Equity Fund Aviva Investors - Europcan Value Equity Fund Aviva Invpstnrs - Frpnrh Equity Fund AVIVJ Investors - GHP Reserve Fund Aviva Investors - Globijl Convertibles Fund Aviva Investors. Global Equity Focus rutid Aviva Investors - Global RElT Fund Aviva Investors - Japanese Equity Fund Aviva Investors - Long Term Europcan Bond rurid Aviva Investors - Pan-European Equity Fund Aviva Investors Short Tcrm Curopean Rond runt1 Aviva Investors - UK Equity Focus Fund

Staternetit of Net Assets

Statistics

Statement of Changes in Shares Outstanding

Statement of Operations and Changes in Net Assets

Notes to the Findncidl Statements

2

3

4 5 6 9

11 I ? 14 16 17 18 19 21 I ? ? A 26 27 29 31 32 33 37 39 40 42 43 45 46

47

55

67

81

89

I h i5 tepntt d 0 ~ 5 not conMule an olfet of shares. Subsctipttotls ate otily vdlid if rridde uti thr hiw of thr riittetit ptospectus supplcmctitcd by thc last available diiriual repoil and Ihc latest semi-aririudl icputt if publi!kd .iftrt wrtl ;it1 lltltillA tppott Pa-4 performanre is not ncccssaiily iridtcatlve of futule letUIti5.

C r q i i r \ of Itir ptnqx=rtii<, aititial teport, wmi-annual icpott and details 01 charigcs i r i irivvjtnietitj fur tht. wh-fundr aie available ltom the registetcd OIIICC. ltcc 01 chatgc

Board of Directors

!

Chairman

James Tanner (until February 29, 2008) Morley Fund Management Limited 1, Poultry London ECZR 8EJ. United Kingdom

Adam Lessing (since February 29, 2008) Head of European Business Development Morley Fund Management Limited

London ECZR 8EJ, United Kingdom 1, Poultry

Directors

JosP Caturla Aviva Gesti6n de lnversiones A.1.E 45, Calk Zurbano E-2801 0 Madrid, Spain

Jacques Elvinger Elvinger, Hoss & Prussen 2, place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg

Marcel Ernzer FAS S.A. 54, rue de Cessange L-1320 Luxembourg, Grand Duchy of Luxembourg

Adam Lessing (until April 1, 2008) Head of European Business Development Morley Fund Management Limited

London ECZR 8EJ. United Kingdom 1, Poultry

William Gilson (since April 1, ZOOS) 34, avenue de la Liberte, 4th Floor L-1930 Luxembourg, Grand Duchy of Luxembourg

Secretary

Aviva Fund Services SociCtC Anonyme 34, avenue de la LibertC 4th Floor L-1930 Luxembourg, Grand Duchy of Luxembourg

Unaudited Semi-Annual Report

The accompanying notes form an integral part of these financial statements

2

Management and Administration

Distribution in Luxembourg and Registered Office

Aviva Investors (formerly Aviva Morley) 34, avenue de la Libertk 4th Floor L-1930 Luxembourg, Grand Duchy of Luxembourg

Investment Adviser

Morley Fund Management Limited

London ECZR 8EJ, United Kingdom 1, Poultry

Manager, Administrator, Domiciliary and Registrar Agent

Unaudited Semi-Annual Report 1

1

Aviva Fund Services Societe Anonyme 34, avenue de la Liberte 4th Floor L-1930 Luxembourg, Grand Duchy of Luxembourg

Paying Agent and Custodian

JP Morgan Bank Luxembourg S.A. European Bank and Business Centre 6, route de Treves L-2633 Senningerberg, Grand Duchy of Luxembourg

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Independent Auditor

Ernst &I Young S.A. 7, Parc d'Activite Syrdall L-5365 Munsbach, Grand Duchy of Luxembourg

Legal Adviser

Elvinger, Hoss & Prussen 2 , place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg

Marketing and Distribution Agent

Aviva Fund Services Societe Anonyme 34, avenue de la Liberte 4th Floor L-1930 Luxembourg, Grand Duchy of Luxembourg

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

3

Aviva Investors - Absolute Bond Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Quantity/ Description Market %of Nominal Value net value assets Listed Securities

Bonds Traded on an Official Stock Exchange 1,000,000 1,000,000

1,000,000 500,000

1,000,000 1,000,000

600,000 500,000

1,420,000

600,000

500,000

1,000,000

1,000,000

500,000

1,000,000

650,000 1,000,000

500.000 1 .ooo.ooo

1,000,000 250,000

1,000,000 1,000,000

70,000 1,000,000 1.000.000

500.000

1.000.000

Abn Amro Bank Nv FRN 14/09/2016 Alliance + Leicester Group FRN 20/06/2012 Allied Irish Banks PIC 4.88% 24/10/2017 Alpha Credit Group Erntn 3.73%

Anglo Irish Bank Corp 5.26% 21106/2016 Bank of Ireland 03/07/2017 Banque Psa Finance FRN 07/12/2010 Countrywide Hm Ln Fr Mtn Sr 5.13% 24/11/2008 Edcon Holdings (Proprietaly) Ltd 10.45% 15/06/2015 FranceTelecom 5.13% 09106R010 Freshwater Finance 6.58% Loan 3 1 11 2R049 Goldman Sachs Group Inc 3 87% 04/02/2013 lcici Bank Ltd (59) Fr Snr Emtn 5.16% 29103/2009 International Lease Finance Corp 3.96% 15/08R011 JPMorgan Chase & Co 4.75% 30101 no14 tecta Sa Bds 8.34% 15102/2014 Leeds Building 3.57% 11/04ROll Merrill Lynch & Co Inc 3.67% 29/06/2012 Monte Dei Paschi Siena FRN 4.94% 22/03/2013 Nationwide 8/5 FRN 22/12/2016 Nell Af Sarl 8.375% 15BW2015 Nordea Bank Ab 5.08% 08m3/2016 Petroplus Fin Ltd 6.75% Nts 01/05/2014 Rexarn 6.75% 294612067 Standard Chartered 3.92% 28/03/2018 Ukraine Government International Bond Regs 8.92% 05/038/2009 United Mexican States 6.734412%

Venezuela Government International

i3102n009

i 3 m 1 ~ 0 0 9

Bond 6.3737496% 20/04/2011 Total BondsTraded on an Official Stock 19,028,197 94.41 Exchange

Certificate Traded on an Official Stock Exchange 500,000 CDI EUR ITRAX XO 58 20,163 010

Total Certificate Traded on an Official 20.163 0.10

937,500 899,634

891,815 498,353

838,346 884.289 590,449 489.671

731.300

597.484 386,440

950,612

992.388

470,730

944.535

41 5,188 995,074 451,559 974.225

891.245 162,813 970,753 573,347 53,690

906,552 641,073

317,337

571.795

4 65 4 46

4 42 2 47

4 16 4 39 2 93 2 43

3 63

2 96 1 92

4 72

4 92

2 34

4 69

2 06 4 9 4 2 24 4 83

4 42 0 81 4 82 2 84 0 27 4 50 3 18

157

2 8 4

Stock Exchange Total Listed Securities 19.048.360 94.51

Unlisted Securities

Unlisted Bonds 498,907 Arran Residential Mortgages FRN 4.83% 490.189 2.43

12/04/2056 1,000,000 Pemex Project Fdg Master 7.17% 639.970 3.18

15/1 OR009 TOW Unlisted Bonds 1,130,159 5.61 Total Unlisted Securities 1.130.159 5.61 Total Investments 20.1 78.52 1 100.12

Cash a t Bank 333.389 1.65 Other Liabilities (357.688) (1.77) Net Asset Value 20,154,222 10000


Economic Division of Investments as at 30 June 2008

% of net assets

Banks Financial Services Sovereign Holding Companies Oil & Gas Electrical Equipment & Sewices Telecommunications WL Collateral CMO Certificate Total Investments

43.62 26.21

7.59 6.77 6.02 4.42 2.96 2.43 0.10

100.12

Cash at Bank 1.65 Other Liabilities (1 77) Net Asset Value 100.00

Geographic Division of Investments as at 30 June 2008

% of net assets

United Kingdom United States Of America Ireland France Singapore

Sweden Netherlands South Africa Ukraine Luxembourg Bermuda Venezuela Mexico Total lnvestmenb

Italy

23.59 19.60 14.89 5.89 4.92 4.83

4.65 3.63 3.18 2.87 2.84 2.84 1.57

100.12

4.82

Cash at Bank 1.65 Other Liabilities (1.77) Net Arret Value 100.00


4

Aviva Investors - Absolute TAA Fund

Schedule of Investments and Other Assets A5 at 30 June 2008 (in GBP) Nominal Description Market %o f value Value net

assets listed Securities

Bonds Traded on an Official Stock Exchange 10.000.000

10,000,000

10,000,000 200,000 102,799

400,000

400,000 750,000

10,000,000 1,000,000

400,000

400,000

10,000,000

20.451

750,000 450,000

8,800.000

12,700.000

700,000 200,000

300,000

300,000

8,000,000 6,100,000

500,000

10,000,000 500,000

10,000,000

750,000

10.000.000

400,000 10,000,000

1,500,000

Abbey National Treasury Services 08/08/2008 Abbey National Treasury Services 19/08/2008 Allied Irish Banks 5.8% 22/08/2008 Arkle Master Issuer PIC 17/02/2052 Arran Residential Mortgages funding PIC 20/09/2036 Australia & Nz Banking Group Variable OW1 OR009 Banco 8ilbao Viscaya FRN 24/02/2010 Bank of America Credit FRN 5.29% 02/02/2011 Barclays Bank Pic 5.85% 10/09/2008 Barclays Bank PIC Nts 02107/2010 Bayerische Landerbank Var 06/04/2009

Canadian imperial Bank of Commerce FRN 18/07/2008 Cancara Asset Securisation ZCP 02107R008 Celtic Residential Irish Mtg Sec '1 1 FRN 14/12/2048 Citigroup Inc FRN Ol l l lR010 Deutsche Bank Ag Fr Snr Mtn 6.32% ZM14R012 Dexia Banque Internationale A Lux

Fortis Bank (Nederland) 5.4% 18/07/2008 Fosse Master Issuer PIC 2 18/1 On054 Gracechurch Mortgage Financing PIC 20/11/2036 Granite Master Issuer PIC 5.37% 20/12/2054 Holmes Master Issuer PIC 5.29% 15/07R040 ING Bank 5.75% 06108/2008 ING Bank 6.23%07/07/2008 JPMorgan Chase & Co 6.1 5% 27/06/2012 Landale Funding Ltd 09/07/2008 Merrill Lynch & Co Inc 21/02/2012 Nationwide Building Society 5.71 % 11/08/2008 Santander International Debt Sa Fr Emtn FRN 27101/2011 Sheffield Receivables Corp CP ZCP 14/07/2008 Sigma Finance Corp FRN 20/t33R009 Svenska Handelsbank 5.75% 27/08/2008 UBS Ag Cubsagu 6.48% 12/03/2008

09/07/2008

10,000,000

10,000,000

10.000.000 196,024 102,436

396,304

397.889 738.756

10,000,000 988,046 400,122

399.896

9,945.851

20,356

729,171 443,200

8,800,000

12,700,000

679,624 199,101

289,560

294.754

8,000,000 6,101,320

484.868

3,957,529 453,276

10,000,000

744,347

9,951,403

401,172 10,000,000

1.500.751

3.63

3 63

3.62 0.07 0 04

0.14

0.14 0.27

3.63 0.36 0.15

0.15

3.61

0.01

0.26 0.16

3.19

4.60

0.25 0.07

0.10

0.11

2.90 2.21 0.18

3.60 0.16 3.63

0.27

3.61

0.15 3.63

0.54

Nominal Description value


Market % of Value net

assets Listed Securities (continued)

Bonds Traded on an Official Stock Exchange (continued) 15,000,000 Unicredito Italiano Spa 5.8% 15,000,000 5.43

25/07/2008

2 1/08/2008 10,000,000 United Overseas Bank 5.85% 10,000,000 3 63

500,000 Wells Fargo & Co 5 67% 25/01/2012 488.612 0.18 Total Bonds Traded on an Official 160.804.368 58.31 Stock Exchange Total Listed Securities 160.804.368 58 31 Total Investments 160.8M.368 58.31

Cash a t Bank 122,312,111 4435 Other Liabilities (7,285,300) (2.66) Net Asset Value 275.831.179 100.00


% of net assets

Banks 42.54 Diversified financial Services 15.44 Diversified Services 0.25 Biotechnology 0.07 Real Estate 0.01

Total Investments 58.31

Cash at Bank 44.35 Other Liabilities (2.66) Net Asset Value 100.00


% of net assets

United Kingdom 56.41 United States of America 1 04 Spain 0.41 Canada 0.15 Cayman Islands 0.15 Australia 0.14 Ireland 0.01 Total Investments 58.31

Cash a t Bank 44.35 Other Liabilities (2 66) Net Asset Value 100.00

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5

Aviva Investors - American Equity Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As a t 30 June 2008 (in USD) Quantify Description Market % of

assets Value net

Listed Securities

EquitiesTraded on an Official Stock Exchange 13,557

122,536 39,145 30,819 16.290 12.658 32.846 22,616 49,346 37,594

8,933 13,840 16,643 17,844 34,944

135,031 72,742 20,463

9,080 13,071 23,474 65,096 32,731 31,153 23,195 13,272 26,426 29.293 61,054 29.977 36,621

113,452 29.81 1 90.096 26,707 58.854 25,461 55,083 12.485 73.652 8,048

40,275 51,275 24,251 39,186 1 1,548 32,416 8,600

69.513 44,754 19,793 49,406 26,616 21,989 79.443 17,399 63,048 23,028 44,527 21,386

3M Co Advanced Micro Devices Inc AES Corvhe Aetna Inc New Corn Stk Aflac Inc Akamai Technologies Corn Stk Allstate Corpflhe Altria Group American International Group Arngen Inc Anadarko Petroleum Corp Anheuser-Busch Cos Inc Apache Corp Apple Inc Corn Stk Npv Archer-Daniels-Midland Co At&T Inc Bank Of America Corp Best Buy Co Inc Black 5 Decker Corp Brnc Software Inc Bwing t o Corn Stk Bristol-Myers Squibb Co Broadcom Corp Brunswick Corp Capital One Financial Corp Carnival Corp Caterpillar Inc Centerpoint Energy Inc Chevron Corp Corn Stk Chubb Corp Circuit City Stores Inc Circuit City Group Corn Stk Cisco Systems Inc Cit Group Inc Corn Stk Citigroup Inc Coca-Cola Co Corn Stk

Coca-Cola Enterprises Inc Computer Sciences Corp Conocophillips Consol Energy Inc Corn Stk Constellation Brands Inc Constellation Energy Group Inc Convergys Corp Corn Stk Npv Countqwide Financial Corp Curnrnins Inc Cvs Corp Darden Restaurants Inc Dean Foods Co Corn Stk

Deere & Co Dell Inc Directv Group Indhe Dover Corp Corn Stk U d l Dow Chemical C d h e Dte Energy Co Du Pont El de Nernours & Co E Trade Financial Corp Corn Stk

Eaton Corp Ebay Inc Edimn International Corn Stk Npv EMC CorpNassachusetts Ensco International Inc

942,144 729.089 735,730

1,241,389 1,026,840

437,207 1,527,175

460,123 1,368.858 1,755,452

663,901 861,332

2,279,503 3,035,353 1,149.832 4,426,990 1,731,272

81 9.134 530,363 475,262

1,570,645 1.32 1,123

893.065 349,069 883,412 437,246

1.949.842 455,506

5,979,333 1,499,000

119,568

2,682,573 238.339

1,553,255 1,385,559

1,133,866 5,051,337 1.398.133 1,446,525

649,675 602,111 226,123

1,561,279 1,559,407

372,596 636,326 612,750

1,548,750 1,144,584

948,085 1,720,070 1,104.1 65

940.140

1,006.6ga

245,876 1.~65.431 1,762,192 1,148,522

1,727,561 658.554

0.43 0.33 0.33 0.56 0.46 0.20 0.69 0.2 1 0.62 0.79 0.30 0.39 1.03 137 0.52 2.00 0.81 a 37 0.24 0.2 1 0.71 0.60 0.40 0.16 0.40 0.20 0.88 0.21 2 70 0.68 0.05

1.21 0.11 0.70 0 63 0.46 0.54 2.28 0.63 0.65 0.29 0.27 0.10 0.71 0.71 0.17 0.29 0.28 0.70 0.52 0.43 0.78 0.50 0.43 0 11 0.66 0.80 0.52 0.30 0.78


assets

Quantity Description

Listed Securities (continued)

Equities Traded on an Official Stock Exchange (continued) 41,086

6,103 38,046 35.046 20,759 24,846

152,702 36,060 18.753 15,587 8,606 2.918 8,419

61,035 26,212 21,602 17,861

112,340 17,051 54,838 54,820 40.1 53 67,720 80,710 43.351 35,758 12,360

144,253 34,068 19.299 25,857 17.297 30,484

36,100 160,076

3,859 34,103

30 .2~4

86,789 82,101 31,157 45.338 39,019

56,505 27,102 25,508

2 1,466 69.617

17.832 15,101 26,215 21,610

180.575 17.538

25,433 16,239

28.844

Euon Mobil Corporation Fedex Corp First Woriizon National Corp Forest Laboratories Inc Corn Stk Freeport-Mcmoran Copper & Gold Gannen Co Inc General Electric Co Genworth Financial Inc Gilead Sciences Inc Goldrnan Sachs Group Inc Goodrich Corp Google Inc Hartford Financial Services Gr Hewlett-Packard Co Humana Inc Ibrn Ingersoll-Rand Co Intel Corp International Paper Co Jabil Circuit Inc Johnson &Johnson Johnson Controls Inc Jp Morgan Chase & Co King Pharmaceuticals Inc Kroger Co Lehrnan Brothers Holdings Inc Lockheed Martin Corp ki Logic Corp Marathon Oil Corp Corn Stk Marriotl International C l A Mcdonald'S Corporation Mckesson Corp Corn Stk Medco Health Solutions Inc Corn Stk Merck & Co Inc Metlife Inc Microsoft Corp Monsanto Co Morgan Stanley Motorola Inc Mylan Laboratories Nabors Industries Ltd National City Corp Com Stk National Semiconductor Corp Corn

Nektar Therapeutics NetApp Inc New Vork Tim- Co Corn Class 'A'

Newfield Exploration Co Corn Stk News Corp Class 'A' Non Vtg Corn Stk Nike Inc Class'B'Corn Stk Npv Noble Corp Norfolk Southern Corp Corn Stk Northrop Grurnrnan Corp Corn Stk Novel1 Inc Corn Stk Nucor Corp Corn Stk Nvidia Corp Occidental Petroleum Corp Corn Officernax Inc

Stk

stk

3,565,442 471.976 290,101

1,168.609 2,416,348

546,736 4,013,772

648.359 992.503

2,725,932 415,627

1,528,288 563.947

2,719,719 1,080,197

658,267 2,413,242

399.079 888,650

3.482.441 1,150,986

829,295 1,244,174

795.794 1,231,180

914.564 1,746,666

51 5.476 1,459,369

980.394 1,424,365 1,120,994 i,w3,0a3 4,425,301

494.955 1,252,944

636,597 996,296

2 1 6.71 6

2,592,887

2,375,618

1,542,583

800.085

191,834 598,277 399,455

1.392.070 1,075,235

1,074,913 977.865

1,599,508 1.449.81 5 1,105.1 19 1,314.21 0

555,535 2,245,351

229.457

1.61 0.21 0.13 0.53 1.09 0.25 1.82 0.29

1.23 0.19 0.69 0.26 1.23 0.49 1.17 0.30 1.09 0.18 0.40 1.57 0.52 1.07 0.38 0.56 0.36 0.56 0.41 0 79 0.23 0.66 0.44 0.64 0 51

0.45

0.88 2.00 0.22 0.57 0.29 0.45 0.70 0.10 0.36

0.09 0.27 0.18

0.63 0.49

0.49 0.44 0 72 0.66 0.50 0.59 0.25 1.02 0.10


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Aviva Investors - American Equity Fund (continued)

Schedule of Investments and Other Assets As at 30 June 2008 (in USD) (continued) Quantity Description Market % of

assets Value net


Equities Traded on an Official Stock Exchange (continued) 1 1 9.375 14.332 16.191

27.728 18,187

36,737 12,154 171,664 22,202 27,317 53,690 15,230 62,365 24,468 20.288 24,171 16,520 41,014 12,066 23,072 17,169

278,615 13.199 23,218 30,953

1 1 6.92 1 13,571 9,838

22,744 73,574 63,572 55,681 110,771 6,546 26,999 39,260 7.993 12,769 52,005 38.977 34,301 78,995 35.887 56,566 4.803

8.01 1

13,225 95,709 47,707 27,109

Oracle Corp Corn Paccar Inc Patterson Uti Energy Inc Corn Stk Penneyg.C.)Co Inc Corn Stk Pepro Holdings Inc Pep4 Bottling Group Int Pepsico Inc Pfizer Inc Corn Pg & E Corp(Hldgs) Corn Stk Npv Philip Morris International In Pmc Sierra Inc Com Stk Ppg Industries Inc Corn Stk Procler &Gamble Co Qualcomm Inc Corn Stk Quest Diagnostics Inc Corn Stk Reynolds American Inc Rowan Cos Inc Corn Rr Donnellq & Sons Co Ryder System Inc Corn Stk Safeway Inc Corn Stk Sandisk Corp Corn Stk Sanmina-Sci Corp Corn Stk

Schlurnberger Ltd Sernpra Energy Sepracor Inc Corn Stk Slm Corp Sprint Nextel Corp Corn Stanley Works Corn Stk Starwood Hotels And Resorts Worldwide Sunoco Inc Symantec Corp Com Stk

Texas Instruments Inc Corn Stk The Walt Disney Co. Time Warner Inc Corn Stk Transocean Inc Travelers Cos IncAhe Tyco International Ltd Com Stk United States Steel Corp Corn Stk United Technologies Corp Unitedhealth Group Inc Corn Stk Unurnprovident Corp Valero Energy Corp Veruon Communications Inc

Wachovia Corp Wal-Marl Stores Inc Corn Stk Washington Mutual Inc Corn Stk

Wellpoint Inc Wells Fargo & Co Corn Stk Wyeth Xilinx Inc Corn Stk

Npv

2,536,719 606,602 578.181 669,645 690,843

1,026,432 776.641

2,972,362 852,113

1,360,660 415.561 871,461

3.782.749 1 ,I 17.821 968,853

1,127.2 15 766.941

1,206,427 M3.353 678.548 330,761 349,662

1.398.7M 1,281,518 612,560 156.41 5

1,041,766 608,388 395.488

851.422 1,434,325 1,813,709 1.757.571 1.596.210 997,774

1,196,056 1,572,559 1,490,655

1,352,390 819.686

1,371.525 2.71 0.3 18 583.164

3,185,231 2 15,502

636.982 2,302,280 2,196,307 685,180

780,441

115 0 27 0 26 0 30 0 31 0 46 0 35 1 34 0 39 0 63 0 19 0 39 171 0 51 OM 0 51 0 35 0 55 0 38 0 31 0 15 0 16 0 63 0 58 0 28 0 07 0 47 0 28 0 18

0 39 0 65 0 02 0 79 0 72 0 45 0 54 0 71 0 67 0 35 0 61 0 37 0 62 123 0 26 1 44 0 10

0 29 104 0 99 0 31




as<&


Equities Traded on an Official Stock Exchange (continued) 13,514 XI Capital Ltd 321.160 015

555,716 0.25 Total Equities Traded on an Official 214,657,859 97.07 Stock Exchange Total Listed Securities 214,657,853 97.07 Total Investments 214,657,853 97.07

26.381 Yahoo Inc

Cash at Bank Other Assets

6,596,791 2.98 340,235 0 16

Other Liabilities (458,448) (0.2 1 ) Net Asset Value 221,136,437 100.00

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The accompanying notes form an integral part of these financial staternenfs

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Aviva Investors - American Equity Fund (con t i n ued)


Economic Division of Investments as at 30 June 2008 Geographic Division of Investments as a t 30 June 2008

% of net assets 56 of net asset5

Oil & Gas Financial Services Holding Companies Telecommunications Software Media & Multimedia Electronic; & Semiconductors Medical Retail Computer & Computer Services Miscellaneous Manufactures Beverages Pharmaceuticals Banks Computers Healthcare-Products & Services Aerospace & Defense Insurance Cosmetics Food Diversified Services Machinery Electric Chemimls Electrid Equipment & Services Internet Metal Agriculture Energy Real Estate Biotechnology Transportation Paper & Related ProduN Commercial Services lronrjleel Coal Auto Park & Equipment Tobacco Lodging Machinery-Diversified Auto Manufacturers Hand & Machine Tools Cruise Lines

14.33 United States of America 97.07 6.65 Total Investments 97.07 6.39 4.91 Cash at Bank 2.98

4.27 Other Liabilities (0.21) 4.26 Net Asset Value 100.00

4.51 Other Assets 0.16

4.25 3.80 3.64 3.02 2.94 2 83 2.24 1.94 1.86 1.81 1.74 1.71 1.68 1.39 1.31 1.24 1.21 1.19 1.14 1.09 1.05 0.97 0.83 0.79 0.75 0.73 0 71 0.67 0 63 0.52 0.51 0.41 0.28 0.27 0.24 0.20

Leisure Time 0.16 Total Investments 97.07

Cash at Bank 2.98 Other Assets 0.16

Net Asset Value 100 00

Other Liabilities (0.21)

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

8

Aviva Investors - Asia-Pacific Equity Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in USD) Quantity Description Market % o f

assell Value net

listed Securities

Equities Traded on an Official Stock Exchange 44,300

1,453,086 765.122 943,377

1,607.1 5a 126,082

2,652,425 292,227 279,594

3.395.1 03 42.190 76,400 50.785

1,333,682

130,079 168,351

1,053,912 905.515 571,841

3,042,270

606,144 2,250.667 4,638.306 1,693.1 74 20,400 110,399 867.928 93.259 35,100 49,100 4,695

123.291 879.358 603,228 36.591

2,473,637 2 1,465 215.236 97.557 94.891 417,856 334,623 1 1 9,227 89.538 129,905 24.819 25,696 7,076

5,747,725

1.600.ia7

i.24a.727

Ascendas Real Estate investment Trust Asia Cement Corp Astra International Asustek Computer inc Au Optronics Corp Bank Of East Asia Bank Rakyat Indonesia Banpu Public Co Ltd-For Reg Boc Hong Kong Holdings Ltd Bumi Resources Tbk PT Capitacommercial Trust Capitaland Ltd Capitamall Trust Cathay Financial Hldg Co Chaoda Modern Agriculture Cheung Kong Holdings Ltd Cheung Kong infrastructure Hol China Coal Energy Company 'H' China Life insurance Co 'H' China Mobile LtdMk China Oilfield Services 'H'Shs China Petroleum & Chemical Corp 'H' Shs China Shipping Development Co China Steel Corp China Telecorn Corp 'H' Chinatrust financial Holding Co City Oevelopmentr Ltd Clp Holdings Ltd Cnooc Ltd Comfortdelgro Corp Cosco Corp (Singapore) Dbs Group Holdings Ltd DC Chemical Co Ltd Esprit Holdings Ltd Evergreen Marine Corp Far Eastern Textile Co Ltd Fraser & Neave Fuh-Hwa Financial Holdings Co Gs Engineering & Construction Corp Hang Lung Properties Hang Seng Bank Ltd Henderson Land Development Hon Hai Precision Industry Hnng Knng & China Gas Co Hong Kong Electric Holdings Hong Kong Exchanges & Clearing Hutchimn Whampoa Ltd Hyundai Department Store Co Ltd Hyundai Engineering & Construction Hyundai Heavy industries Industrial & Commercial Bk Of China 'H'

72.487

2.175.321 1,607,661 2,568,185 2,526,404 683.093

1.474.209 4.71 9.682 739.472

3.028.383 59,726 319,410 111.482

2,901,505 2,037,605 1,753,947 712,949

1,842,045 3,167,090 7,681,206 2.2 36,990 2,845,323

1.a20.772 3,471,261 2,518.91 1 1,636,846 162,774 945.321

1.495.833 103.560 82,729 681.724

1,280.21 3 698.765 786.322 122,033

2,348,536 689,319

2,057,275 590.764

2.061.065 795.976 713,607

1,308.344 1,308,495 2.008.762 1.706.5 19 2,190,754 3,932.1 54

i.sa3.6g3

1.737.494

0 05

155 114 1 83

0 49 1 05 3 36 0 53 2 15 0 04 0 23 0 08 2 06 145 125 0 51 131 2 25 5 45 159 2 02

129 2 47 1 79 116 0 12 0 67 106 0 07 0 06 0 48 113 0 91 0 50 0 56 0 09 124 1 67 0 49 146 0 42 1 47 0 57 0 51 0 93 0 93 1 43 121 156 2 80

1 a0

Unaudited Semi-Annual Report 1

Quantity Description Market % of Value net


Equities Traded on an Official Stock Exchange (continued) 1,366.837

5,577 867,642 48,500 15,600 25,049 246.358 560,900 21.052 54,120

2 92,570 484.53 1 758,433

1 8.800 54.800 33.480 109,900 650.279 40,007 10,365 1 1.089 39.367 37,000 29,619 665.736 22,300 35,200 66.949 58,475

348.940 122,673 128,495 82,002 591,663 22 6.499

2.363.351 172,533 721,500 290.640

1,379,947 53,300 2 1,774 10.482 168.395 17,000 48.240

101 Corp Bhd Jardine Cycle & Carriage liangxi Copper Co Ltd Keppel Corp Npv Keppel Land Ltd Kwkmin Bank Kuala Lumpur Kepong BHD Land & House Pub CO Ltd LG Electronics Inc LG. Philips LCD Co Ltd Li & Fung Ltd Link REITme Nan Ya Plastics Corp Neptune Orient Lines Noble Group Olam International Ord Oversea-Chinese Banking Corp Pacific Basin Shipping Ltd Parkway Hldgs Posco Samsung Electronics Co Ltd Sembcorp Industries Sembcorp Marine Shinhan Financial Group Co Ltd Sime Darby Bhd Singapore Airlines Singapore Exchange ttd Singapore Press Holdings Ltd Singapore Technologies Engineering Singapore Telecommunications Npv Sino Land t o Sun Hung Kai Properties Swire Pacific Ltd 'A' Taiwan Cellular Corp Taiwan Fertilizer Co Ltd Taiwan Semiconductor Tencent Holdings Ltd Thai Farmers Bank-Foreign U-Ming Marine Transport Corp Uni-President Enterprises Co United Overseas Bank Ltd Uol Group Sgdl Venture Corp Ltd Wharf (Hldgs) Wilmar International Ltd Wino Tai Holdinos

3,126,888 69.641

1,701,172 395.1 90 56,960

1.479.243 1,330,748 124,14 1

2.383.81 5 2,027,237 883,529

1,102,859 1,610,046 44,726 96,116 60,076 661,113 930,602 68.404

5.388.017 6.622.672 120.579 1 10.064

1,338.728 1,879.545 241,236 179,132 209,739 118,687 930.216 243,354

1,742,475 839.652

1.1 00.1 1 1 852,355

5,055,984 1,334,657 1,553,702 768.243

1,660,lU 731,023 54.603 75.582 705.578 63,322 57.293

2 22 0 05 121 0 28 0 04 105 0 95 0 09 1 70 144 0 63 0 78 114 0 03 0 07 0 04 0 47 0 66 0 05 3 83 4 70 0 09 0 08 0 95 1 34 0 17 0 13 0 15 0 08 0 66 0 17 124 0 60 0 78 0 61 3 60 0 95 110 0 55 118 0 52 0 04 0 05 0 50 0 05 0 04

Total Equities Traded on an Official 138,233.81 5 98.30 Stock Exchange Total Listed Securities 136,233,815 98.30 Total Investment 138,233,815 98.30

Cash at Bank 2,533,381 1 .ao Other Assets 223.787 0.16 Other Liabilities (368,047) (0.26) Net Asset Value 140.622.936 100.00

1

1

I

I

I


9

I

i

Aviva Investors - Asia-Pacific Equity Fund (con tin ued)



% of net assets

Banks Telecommunications Electronics & Semiconductors Electrical Equipment & Services Ironfiteel Agriculture Insurance Real Estate Oil & Gas Engineering & Construction Coal Mining Financial Services Transportation Chemicals Retail

Holding Companies Energy-Alternate Sources Miscellaneous Manufactures Building Materials Distribution &Wholesale

11.03 8.69 7.28 7.08 6.30 4.67 4.31 4.00 3.65 3.56 3.46 3.36 3.25 3.16 2.88 2.62 2.38 1.59 1.56 1.55 1.54

Computer & Computer Services 1.47 Electronics 1.44 Diversified Services 1.34 Food 1.22 Metal FabricateMardware 1.21 Internet 0.95 REKS 0.95 Textiles 0.56 Electric 0.51 Airlines 0.17 Media & Multimedia 0.15 Home Builders 0.03 Beverages 0.09 Shipbuilding 0.08 Healthcare-Products & Services 0.05 Lodging 0.04 Total Investments 98.30

Cash at Bank 1 .a0 Other Assets 0.16 Other Liabilities (0.26) Net Asxt Value ioo.00


% of net assets

Taiwan Hong Kong South Korea China Thai I and Malaysia Indonesia

22.49 22.20 20.68 15.21 4.55 4.51 4.34

Sinoaowe 4.24


Cash at Bank 1 80 Other Asxts 0.16 Other Liabilities (0.26) Net Asset Value 100.00


10

Aviva Investors - Australian Resources Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Quantity Description Market %of

assets Value net

Listed Securities

EquitiesTraded on an Official Stock Exchange

480,000

250,000 323,275

76,956 175,901

88,097 218,949

1,470,588

152.129 189.274

66,322 204,081

710,573 1,190,476

2 17,391 320,699

123,199 79,898

375,000 308,483 198.1 70

559,701

343.053 990,099

284.090

23,312 106.382 36,204

72347

Alumina Npr Australian Worldwide Exploration Npv

Avoca Resources Npv

Bhp Billiton Limited Ord Npv

Bluescope Steel Ord Npv Caltex Australia Npv

Centennial Coal Co Ord Npv Citadel Resource Group Ltd Npv

Equinox Minerals Npv(Cdi) Fortescue Metals Group Npv Gloucester Coal Ord Npv

Kagara Ltd Npv Lihir Gold Com Nov

Metals X Ltd Npv

Minara Resources Ord Npv Mount Gibson Iron Npv

Newcrest Mining Npv Northern Iron Ltd Npv Oil Search Npv

Onesteel Npv Origin Energy Ltd Npv (Post Reconstruction)

Oxiana Resources NI Npv

Paladin Energy Ltd Npv Panaust Ltd Npv

Queensland Gas Co Ltd Npv Rio Tinto Limited Npv

Whitehaven Coal Limited Npv Wmdside Petroleum Npv Worlevoarsons Nnv

1,391.371

63 1.609 439,932

2,047,797

1.207.61 6 701,315 746,233 31 6.343

436,797 1.377.969

520,686 570,396

1,426,635

296,044 430,491

610,605 2,204,720

201,370

1,552,706 1.403.4ia

1,353,678

896,589 1,342,969

617,803

930,976

1,927,431 286,296

i.49o.a7i

1 689.733

4.58

2.08 1.45

6.75 3.98

2.31 2.46 1.04

1.44 4.54

1.72 1-88

4.70 0.98

1.42

2 01 7.27 0.66

5.12 4 63 6.44

2.95

4.43 2 .M

3.07

6.35 0.94 4.91

5.57

Total Equities Traded on an Gfficiai Stock 29.650.399 97 72 Exchange

Total Llsted Securibes 29,650,399 97 72

Total Investments 29,650,399 97 72


Other Liabilities

535,753 1.77 163,437 0.54

(8.008) (0.03)



X of net assets

Mining Oil & Gas

Iron/Steel Engineering & Construction

Coal Media

50.78 23.93

11.28 5.57

5.12 1.04

Total Investments

Cash at Bank Other Assets Other Liabilities

97.72

1 77 0.54

(0.03)

Net Asset Value 1 OD.00

Geographic Division of Investments a5 at 30 June 2008

% of net assets

Australia 97.72


Cash at Bank 1.77

Other Assets 0.54

Other Liabilities (0 03) Net Asset Value 100.00

Net Asset Value 30,341.581 100.00


11

Aviva Investors - Emerging Markets Bond Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As at 30 June 2008 (in USD) Nominal Description Market 56 of value Value net

assets


Listed Securities

Bonds Traded on an Official Stock Exchange 10,000,000

5,500.000

4,388.1 12

2.000.000

1,200,000

355,000

500.000

22.000.000

5,000,000

19,000,000

1,080,000

1,500,000

2,000,000

8,000,000

4,000,000

5,000,000

575.000.000 4,371,908

10,000,000

3,000,000

2,000.000

3,600,000

13,000,000

500,000

1,000,000

3,000,000

1,000,000

1,000.000

7.605.000 4,000,000

3,000,000 15,000,000

2,500,000

8,000.000

11,500,000

Emirate of Abu Dhabi 5.5% Bds 02/08/2012 Argentina (Republic of) 7% 28/03/2011 Argentina (Republic of) 8.28% 31/12/2033 Barbados (Government of) 6.62% 05/12/2035 Brazil (Federative Republic of) 6% 17/01/2017 Brazil (Federative Republic of) 6.14% 15/05/2045 Federated Republic of Brazil 8.25% 20/D1/2034 Brazilian Government 11% 17/08RO40 Banco Nacional de Desenvolvimento 16/06/2018 Brazilian Government International

Nota do Tesouro Nacional6% 15/08/2012 Belize (Government of) 4.25% Bds 20/02/2029 Colombia Government International Bond 8.25% 22/12/2014 Columbia (Republic of) 7.375%

Colombia (Republic of) 7.375%

Republic of Colombia 1.75%

Kreditanstalt fur Wiederaufbau 8.5% Dominican Republic International Bond 9.4% 23/01/2018 Ecuador (Republic of) Step up 1 .8% 15/08/2030 Credit Suisse International 8% 06/11/2015 Indonesia Government International Bond 7.25% 20m4/2015 Indonesia (Republic of) 6.875% 09/03/2017 Indonesia (Republic of)7.75% NTS

VIP Finance Ireland 9.125% BDS

Clarendon Alumina Prod 8.5% 16/11 I202 1 Kazmunaiqaz Finance 8.375% MTN

8.875% i5mmo24

18/09/2037

27/01/2017

15/01/2013

i7mino38

30/04/2018

o 2 m m o l Rosselkhozbank 7.75% BDS 29/05 I2018 RSHB Capital 7.12% PTG NTS 1 M l R 0 1 4 United Mexican States 27,Q9/2034 United Mexican States 6.73%

Mexico 6.62% 03/03/2015 United Mexican States 6.05% 11/01/2040 lntergas Finark Bv 6.37% Nts 14/05/2017 Panama Government International Bond 7.25% 15m3/2015 Peru Bono Soberano 12.25% i o m n o i i

i 3 / 0 1 ~ 0 0 9

10,293,330

4,819,375

3,384,331

1,356,620

1,225,800

3,548.531

617,500

29.1 39.000

5,000,000

24,323,801

11,049,878

1,052,813

2,280,300

8,736,800

4,368,600

6,077,500

4,735,270 4.51 5.81 6

9.735.000

2.787.843

2.036.968

3,451,032

12,437,308

494,549

1,014,490

2,999,279

979.181

383.670

8.1 54.842 4,007,200

3,222,300 14,550,000

2.1 76.926

8.662.000

4,603,684

2.11

0.99

0.69

0.40

0.25

0.73

0.13

5.96

1.02

4.97

2.26

0.22

0.47

179

0 89

1.24

0.98 0.92

1.39

0.57

0.42

0.71

2.54

0.10

0.2 1

0.61

0.20

0.20

1.67 0.82

0.66 2.98

0.45

1.77

0.94



Bonds Traded on an Official Stock Exchange (continued) 15,000,000

7,640,000

2,500,000

3,000,000 2.000.000

13,000,000

5,250.000

57,967,250

6,500,000

3,500,000

5,300,000

17,000,000

5,000,000

2,000.000

5,500,000

3,500,000

12,200.000

494,465 5,100,000

4,500,000

14,750,000

13,000,000

6,000,000

3,000,000

Peru (Republic ofi3.87% 06D2/2015 National Power Corp 9.62% 23/08/2011 Philippine Government International Bond 8.87% 17/03/2015 National Power 6.87% 02/11/2016 Philippine Government International Bond 9.37% 181DlR017 Philippine Government International Bond 3% 15,Q2/2013 Philippines (Republic 009.5% 21/10/2024 Russia Government International Bond 5.4% 31/03/2030 Turkey Government International Bond 9% 30/06/2011 Turkey Government International Bond 7.25% 15/03/2015 Turkey (Republic of) FLT BDS 15/02/2012 Turkey Government International Bond 11 % 1 M l R 0 1 3 Petro Co Trid Obago Ltd 6% 08105D022 Regs Trinidad &Tobago (Republic ofi 5.87% Nts 17/05/2027 Ukraine Government International Bond Regs 8.9% 05/08/2009 Pemex Project Funding Master Trust

Pemex Project Funding Master Trust 5.75% 01/03/2018 Uruguay 7.62% 21/03/2036 Venezuela (Republic of) 5.75% 2M12R016 Venezuela Government International Bond 5.37% 07,QSROlO Venezuela Government International Bond 8.5% 08/10R014 Petroleos De Venezuela 5.25% Nts 12/04/2017 Venezuela (Republic of) 9% Bds 07/05/2023 Republic of South Africa 5.87% 30/05/2022

~ t s i 5 m m o i o

18,424,500

8,090,134

2,825,000

3.075.393 2,359,030

14,446,250

6,457,500

64966,795

6,995.625

3,460,625

4.700.439

19,613,750

4,733,850

1,930,000

5,565,450

3.51 8,375

12,025,924

508.063 3,939.750

4,277.925

13,938,750

8,952,641

5,239,800

2.799.931

3.77

1.65

0.58

0.63 0.48

2.95

1.32

13.29

1.43

0.71

0.96

4.01

0.97

0.39

114

0 72

2.46

0.10 0.81

0.87

2.85

1.83

1.07

0.57

Total Bonds Traded on an Official 432,333,037 88.42 Stock Exchange Total Listed Securities 432,333,037 88.42 Total Investments 432.333.037 88.42

Cash a t Bank 52,068,820 10.65 Other Assets 9,305,633 1.90 Other liabilities (4,766,234) (0.97) Net Asset Value 488,941,256 100.00


12

Aviva Investors - Emerging Markets Bond Fund (continued)


% of net assets

Sovereign Oil & Gas Electrical Equipment & Services Food Financial Services Banks Metal

76.44 4.34 2.28 1.65 1.42 1.38 0.2 1

Telecommunications 0.10 Told Investments 88.42


10.65 1.30

Other Liabilities (0.97) Net Asset Value 100.00


% of net assets

Brazil Russia Venezuela Philippines Turkey Mexico Peru Colombia Indonesia United Arab Emirates Ecuador Panama Argentina Trinidad And Tobago Ukraine Dominican Republic South Africa Barbados Belize Jamaica

18.50 14.81 8.41 8.22 7.1 1 6.13 4.71 4.39 3 67 2 11 1.99 1.77 1.68 1.36 1.14 0.92 0.57 0.40 0.22 0.21

Uruguay 0.10 Total Investments 88.42

Cash at Bank 10.65 Other Asset!, 1.90 Other Liabilities (0.97) Net Asset Value 100.00

! I Unaudited Semi-Annual Report ,

1

I


13

Aviva Investors - Emerging Markets Equity Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in USD) Quantity Description Market % of

Value net assets



2,999,243 1.662.474

608.826 16.1 54,233 10,774,827 11,261,334 18,876,157

1,438,492 35,738,874 4,220,000

604,130 43,481,463 16,579,076 19,241,985 12.41 8,260 10,680,673 6,732,882

14,751,584 35.808.033

7,160,026 26.964.442 54,710,487 2 1.1 19.961

1.474.M6

3,445,535 11,477,251 7,851,174

52,731 3.1 60,821

15,660,325 90

3.709.&15 4,257,567

1 1.51 0,114 75,134

8,044,886 38

32,599,957 12.298.708

256,247 432.939

5,182,555 5,340,577

34,245 288,336 306,104

87,656 3.844.236 1.010.01 5

67,669,893

767.31 1 16,649,452 13.968.000 10,885,420

308.382 2.977.288

All America Lafina Logistica S America Movil Sa De Cv Arcelormittal South Africa Ltd Asia Cement Corp Astra International Asustek Computer Inc Au Optronics Corp Aveng Ltd Bank Rakyat Indonesia Banpu Public Co Ltd-For Reg Bell Equipment Npv Burni Resources Tbk PT Cathay Financial Hldg Co Chaoda Modern Agriculture China Coal Energy Company 'H' China Life Insurance Co 'H' China Mobile LtdMk China Oilfield Services 'H' Shs China Petroleum & Chemical Corp 'H' Shs China Shipping Development Co China Steel Corp China Telecorn Corp 'H' Chinatrust Financial Holding Co Cia Saneamento Basico De Sao Paolo Corn Npv Cia Vale Do Rio Owe Cnooc Ltd Controladora Coml Mexic-Ubc DC Chemical Co Ltd Desarrolladora Homex SAB de CV Dp World Ltd Ernbratel Participacoes Sa Corn Npv Enka lnsaat Ve Sanayi As Esor Evergreen Marine Corp Evrat Group Sa Gdr Each Repr 1R Ord 'Regs' Far Eastern Textile Co Ltd Ford Otomotive Sanayii AS Fuh-Hwa Financial Holdings Co

Grupo Financier0 Banorte Gs Engineering & Construction Corp HDFC Bank Ltd Hindalco Industries Ltd Hon Hai Precision Industry Housing Devel Fin Hyundai Depaflment Store Co Ltd Hyundai Engineering & Construction Hyundai Heavy Industries Icl-Israel Chemicals Ord Impala Platinum Hldgs Industrial & Commercial Bk of China 'H' lnfosys Technologies Ltd 101 Corp Bhd Jiangru Expressway Co H Shs Jiangxi Copper Co Ltd Kookmin Bank Kuala Lumpur Kepong BHD

30,487,354 87,462,757 17,751,716 24,183,461 22,633,873 30,657,090 29,672,747 10,684,400 19,863,543 68,156,124 2,663.1 90

38.784.848 35,068,774 24,501,867 21,704,844 37,356,264 90,438,864 2 6.42 6.22 5 33.496.993

21,507,714 4 1,587,345 29.71 1.464 20,417,354 37,009,472

122.1 61,443 19,780,497 23,686.585 17,786,950 31,552,305 13,702,784

1 42,556,042

2,828,131 9.146.294 8,771,895

10,486,705 286

22,838,356 57,010,335 28.036.581 11,547.1 86 17,148,647 2 6,342.2 73

1.564.615 23,336.894 20,328.933 27.1 38.599 85.678.91 1 41,148,020 46.294.562

30,988,623 38,088,647 1 1,454,466 21,342.866 18,211.187 16,082,367

124 2 80 0 57 0 78 0 73 0 98 0 95 0 34 064 2 18 0 09 125 1 1 6 0 79 0 70 120 2 90 0 85 1 08

0 69

1 34 0 95 0 66 119

3 91 064 0 76 0 57 101 044 0 00 137 0 09 0 29 0 28

0 34 0 00 0 74 1 83 0 90 0 37 0 55 0 85 0 05 0 75 0 65 0 87 2 74 1 32 1 48

0 93 1 22 0 37 0 69 0 58 0 52

Market Value % of net assets

Listed Securities

Equities Traded on an Official Stock Exchange


Equities Traded on an Ufficial Stock Exchange (continued) 82 8. 8 12

7,348,000 26.459

232,619 727,120

1,257,525 61,412

426.246 281.999

238.305 1,483,806 1,352,656 1,389,175 9.269.608 3.219.407

471,326 188.780

2,789,812 130,671 839.575

1.663.975 137,873 427.492

10,596,058 361,788

7,763,400 332.357

7,193,446 2,809.134

28.590.774 1,161,468

824,377 10.928.351 2.871.378 3.51 8.548

2 33,748 15,730,623

641,197

320,004 63,322

299.637

Kumha Iron Ore Ltd Land & House Pub CO Ltd Larsen & Toubro LG Electronics Inc LG. Philips LCD t o Ltd Lojas Renner Sa Com Npv Lukoil-Spon Adr Lukoil-Spon Adr Magnitogorsk Iron & Steel Works Gdr Each Mechel A m Adr Level 3 Spons Mrnc Norilsk Nickel -Adr- Mtn Group Ltd Murray Pi Roberts Hldgs Ord Nan Ya Plastics Corp Oao Gazprom-Spon Adr Oao Severstal Gdr Each Repr 'Regs' Oraxom Construclion Industry Gdr Each Petroleo Brasileiro S.A. Adr Posm Pretoria Portland Cement Co Raspadskaya Oao Samsung Electronics Co Ltd Sasol Ltd Sberbank Rf Shinhan financial Group Co Ltd Sirne Darby Bhd Sun Pharmaceuticals Industries Taiwan Cellular Corp Taiwan Fertilizer Co Ltd Taiwan Semiconductor Tele Norte Leste Participacoes Teva Pharmaceutical Industries Thai Farmers Bank-Foreign Turtcell lletisim Hizmet U-Ming Marine Transport Corp Unibanco Gdr Uni-President Enterpriser Co Usinas Sid Minas Gerais Usiminas Corn Npv Usinas Siderurgicas De Minas G Wimm Bill Dann Foods Ojsc Adr X5 Retail Grow N.V Gdr Each Shs Reo ' 5 '

33,543,706 1,626.296 1.344146

26,340,517 27.236.602 24,463,703

6.073.W,7 42.1 55.729 4,901,143

1 1,631,667 37.258.369 31.670.61 3 15,259,733 i9.67a.071

187.369.487 1 2,202,630 25674080

158,182,340 67.92 6,444 3,087,731

15,558,166 82,341,734 25,933,274 33,589,504 16,352,135 2 1.91 8.092 1 0,82 7.009 13,375,166 10,571,263 61.1 65,045 29.001.856 37,548,134 23,533,461 16,821,504 9,300.51 0

29.618.209 18,324,942 30,385,292

15,352,043 6,884,368

10,082,785

1.08 0.05 0 0 4 0.85 0.87 0.79 0.20 1.35 0.16

0.37 1.20 1.02 0.49 0.63 6.02 0.39 0.83

5.08 2.18 0.10 0.50 2.64 0.83 1.08 0.53 0.70 0.35 0.43 0.34 1.96 0.93 121 0.76 0.54 0.30 0.95 0.61 0.98

0.51 0.22 0.32

Total Equities Traded on an Ufficial 2.915.654.195 93.62 Stock Exchange

Warrant Traded on an Official Stock Exchange 301.180 Citigroup lnc24/10R012 15.807.131 0.51 28.586 Goldman Sachs International 28,271,554 0.90

2 2/04/2 009 229.281 HSBC Bank PLC 25/0112010 10.475.591 0.34

Total Warrant Traded on an Official Stock Exchange 54,554,276 1.75 Total Listed Securities 2.970.208.471 95.37 Total Investments 2,970,208,471 95.37

Cash a t Bank 152.781.192 4.91 Other Assets 5,055,519 0.16 Other Liabilities (13,552,395) (0.44) Net Asset Value 3.114492.187 100.00 . . . - . . - - . -


14

Aviva Investors - Emerging Markets Equity Fund (con t i n ued)


Economic Division of Investments as a t 30 June 2008

56 of net assets

Oil & Gas Mining Telecommunications Banks IronlSteel Electronics & Semiconductors Chemicals Diversified Financial Services Electrical Equipment & Services Engineering & Construction Retail Transportation Agricukure Coal Insurance Pharmaceuticals Building Societies Water Food Home Builders Software Building Materials Diversified Services Miscellaneous Manufactures Computer & Computer Services Energy-Allernate Sources Metal Fabricatewardware Commercial Services Textiles Holding Companies

15 19 10 15 9 57 7 37 6 87 4 75 4 29 4 06 3 49 3 21 3 03 2 96 2 53 2 45 2 36 1 56 137 119 115 1 06 0 99 0 88 0 88 0 87 0 85 o a5 0 69 0 37 0 34 0 04

Auto Manufacturers 0.00 Total Investments 95.37

Cash a t Bank 4.91 Other Assets 0.16



% of net assets

Brazil 15.5B Taiwan 12.35 Russia 11.92 South Korea 11.38 China 8.01 Mexico 6.40

South Africa 5.93 Hong Kong 4.33 Israel 3.96 Thailand 3.00 Indonesia 262

India 2.35 Malaysia 2.44

Turkey 1.91 United Kingdom 1.25

Egypt 0.83 United States of America 0.67 United Arab Emirates 0.44 Total Investments 95.37

Cash at Bank 4.91 Other Assets 0.16 Other Liabilities (0.44) Net Asset Value 100.00


15

Aviva Investors - Emerging Markets Equity Small Cap Fund


Schedule of Investments and Other Assets As a t 30 June 2008 (in USD) Quantity Description Market % of

Value net assets

Listed Securities

EquitiesTraded on an Official Stock Exchange 3,200.000 2,533.625 1.440.861

457,479 1,117.087

330,000 2.287.900

225,900 3 12.790 713,756 183,120

1,000,000 492.000

1,144,900 4.829.279

275,000 1,682,000 3,133,370 3.032.1 00

391.438 11,825.200 4,771,600 4,845,800

197,000 218,806 147,000 682,300

3,909,375

850.000 264.377

148,000 58,000

4.51 2,198

32.800.000 8.165.000 3,733,900 1,149,000

Asia Cement China Holdings Cor Asia Cement Corp Asian Logic Ltd Ord Npv Av Tech Corp Banco Cornpartarnos Sa Banpu Public Co Ltd-For Reg Big C Supercenter PCL Bim Birlesik Magazalar Daegu Bank Empresas La Polar Sa Corn Npv Eregli Demir Celik Genomrna tab Internacional SA d Geovision Inc. Grindrod lndocement Tunggal Prakarsa lochpe Maxion SA loi Properties Berhad Kardemir Karabuk Dernir Celik S Kpj Healthcare Localiza Rent A Car Com Stk Npv Manila Water Co Inc Metropolitan Bank &Trust Muhibbah Engineering (M) Bhd Odontoprev Sa Npv Pampa Hldgs Sa Adr Each Repr PDG Realty Sa Npv Promotora Ambiental Sab De Cv Npv Qualita Compania De Seguros S.A Corn Stk Raspadskaya Oao Rodobens Negocios Imobiliarios Sa Corn Stk Npv Rossi Residencial Corn Stk Npv 51 Corp Sare Hldgs Sab De Cv Class '8' Corn Npv Shenzhen International Hldgs Ord SM Prime Ord Sonda S.A. Corn Npv Twd Ever Light Electronics

2.068.1 43 3,792,927 2.266.657 2.026.71 0

4,155,070 5,323,744 3,524,057 8.1 84,783 4.1 54.592 3,019.937 1,562,445 1.537.871 2,771,146 3,799,717 2,867,401 5.1 1 1,848 2.338.81 3 2.878.1 72 3.294.248 4,433,990 4,771,941 3.479.236 3,344,232 4,8¶1.648 2,686,456 2,096.51 1 1,783,626

1,853,671

7.947.500 3,394,231

1,128,932 3,480,554 5.967.913

3,049.383 1,263,425 4,687,502 2,967.1 15

1 47 2 71 161 144 2 96 3 80 2 51 5 84 2 96 2 15 111 110 197 2 71 204 3 65 171 2 05 2 35 3 17 3 40 2 48 2 38 3 49 191 1 49 127

132

5 66 2 42

0 80 2 48 4 25

2 17 0 90 3 34 2 11

621,000 Vtech Holdings Ltd 3.774.592 2 69

Total EpuitiesTraded on an Gfficial 131,752,733 93.87 Stock Exchange

Mutual Funds Traded on an Official Stock Exchange 2,799,552 Advance Frontier Markets Fund 3,058,511 2.18

Total Mutual Funds Traded on an 3,058,511 2.18 Official Stock Exchange

Right Traded on an Official Stock Exchange 420,500 101 Properties BHD 0 0.00

Total Right Traded on an Official 0 0.00 Stock Exchange Total Listed Securities 134,811.250 96.05 Total Investments 134.81 1.250 96.05

Cash at Bank Other Assetr

5,801.435 4.13 149.850 0.11


% of net assets

Diversified Services 14.24 Banks 8.41 Commercial Services 7.82 Building Materials 6.22 Food 5.83 Coal 5 66 Home Builders 5.05 Retail 4.66 Mining 3.80 Auto Parts & Equipment 3 .M Electronics & Semiconductors 3.55 Water 3.40 Real Estate 3.32 Iron/5teel 3 16 Transportation 2.71 Home Furnishings 2.69 Engineering & Construction 2.38 Medical 2.35 Funds 2.18 Telecommunications 1.97

Pharmaceuticals 1.10 Total Investments 96.05

Holding Companies 191

Cash at Bank 4.13 Other Assets 0.1 1 Other Liabilities (0.29) Net Asset Value 100.00


% of net assets

Brazil 15.01 Mexico 10.91

Taiwan 8.23 Philippines 6.78 Malaysia 6.44 Thailand 6.3 1 Russia 5.66 Chile 5.49 South Korea 5.44 Hong Kong 4.86

2.71 South Africa Guernsey 2.18 Indonesia 2.04 Argentina 1.91 Channel Islands 1.61 China 1.47 Total Investments 96.05

Turkey 9.00

Cash a t Bank 4.13 Other Assets 0.1 1 Other Liabilities (0.29) Net Asset Value 100.00

Other Liabilities (406.82 0) (0.2 9) Net Asset Value 140,355,715 100.00


16

Aviva Investors - Emerging Markets Local Currency Bond Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Nominal value Description Market % of

Value net assets

Listed Securities


723.000

324.0ao.000 68.800.000

1,432,000,000

2,750,000,000

835,000,000

1.740.000.000

37,500,000

52.000.000

485,000.000

420,000,000

3,950,000

50,000,000 193,500,000

187,000,000

68.000.000

785.000

1,200,000

8,500,000

10,000,000

2 0,000,000

58.42 0,000

18,000,000,000

100,000,000 19,000,000

32 1,500,000 13,900,000

4,300,000

4,600,000

100,000,000

Banco Nacional de Desenvolvimento 20.37%

Brazil (Federative Republic of)

Czech Republic 16/06/2013 Dal Capital 7% 13/04/2009 Hungary (Republic of) 5.5% 12M212016 Hungary (Republic ofl 6.25%

Hungary (Republic of) 6.75% 12/02/2013 Hungary (Republic 00 6.75% Bds'C' 12104R010

i6106/2018

6.14% 15m5~045

Bds 2ma/20io

International Bank For Rec & Dev 9.75% Bds 02/08/2010 Israel CPI-Linked 2.5%

JPMorgan Chase & Co 8%

Kredttanstalt fur Wtederaufbau 8.5% Bds 18/01/2011 Letra Tesouro Nacional Zcp 01B7ROO8 Malaysia 3.76% Bds 28/04/2011 Mexico (United Mexican States) 7.75% Bds 14/12/2011 Mexican Fixed Rate Bds 8% 23/12/2010 Mexican Fixed Rate Bonds 05/12R024 Nota do Tesouro Nacional 6%

Brazil (Federative Republic ofl 10% 8ds01/07/2010 Peru Bono Soberano 12.25% 10m&2011 Peru Bono Soberano 9.47% 09M7/2008 Poland (Republic of) 5.25% 2 5/1 OR01 7 Poland Government Bond 24iU3R010

30mmoio

09m7~012

1 srn8~012

Colombia (Republic 00 9.85% Bds 28/06/2027 Slovak Republic 5 % 22/01/2013 South Africa (Republic of) 13% 31/08/2010 Thailand 5.25% 13/07/2013 Turkey (Republic of) FLT BDS 1 5/02/2012 Ukraine Government International Bond Regs 8.92% 05/08RO09 United Mexican States 6.73% 13/01/2009 Uruguay Var Uruguayian lnfl Bds 14/09/2018

1,267,066

4,578,547

12,872,645 1.858.852 4.988.926

10,936,330

3,225,350

7,051,993

2,863,929

io.54a.370

7,055,520

2,219,032

15,684,279

9,530,350 10.874.31 6

11.377.107

4,485,030

5.oaa.299

4,537,785

2.1 55,737

2,133,122

5.407.066

17.1 15.3M

4926.1 61

3,309.61 1 1,569,232

6,002,404 7,aog.gig

2,756,609

2.91 3.497

4,234,495

0 56

2 01

5 65 0 82 2 19

4 80

1 42

3 10

126

4 6 4

3 10

o 98

6 89

4 22 4 78

5 00

1 97

2 24

2 02

0 95

0 94

2 38

7 52

2 17

145 0 69

2 6 4 3 43

121

128

1 86

Total Bonds Traded on an i9i.so9.603 a4 17

Total Listed Securities i9i.509.603 a4 17 Official Stock Exchange

Nominal value Description


Market 56 of Value net

assets Unlisted Securities

Unlisted Bonds 57,000,000 Malaysia 3 7% Bds 15/05/2013 10.757.112 4.73

Total Unlisted Bonds 10.757.1 12 4.73 Total Unlisted Securities 10,757.1 12 4.73 Total Investments 202,266,715 88.90

Cash at Bank 14.200.046 6.24 Other Assets 11,323.328 4.98 Other Liabilities (275,156) (0.12) Net Asset Value 227,514,333 10000


56 of net assets

Sovereign Financial Services

75.85 9.99

Banks 3.06 Total Investments 88.90



% of net assets

Brazil Mexico Hungary Poland Malaysia Czech Republic Israel Turkey Thailand Colombia Peru Uruguay Slovakia Ukraine

16.41 14.28 12.90 10.72 8.95 5.66 4 . a 3.43 2.64 2.17 1 .a9 1.86 1.45 1.21

South Africa 0.69 Total Investments 88.90


6.24 4.98


I i I

I

I

i

I ! I

i

I i

! I I I I

1


17

Aviva Investors - EUR Reserve Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As a t 30 June 2008 (in EUR) Nominal Description value


assets Listed Securities


2.000.000

2,000,000

1,500,000

2.000.000

2,000.000

2,000.000

1,500,000

2.000.000

5,000,000 3,000,000

5,000.000

2.000.000

2,000,000

2,000,000

2,000,000

1,000,000

3,000,000

2,000,000 5,000,000 2,000,000

3,000,000

1.500.000

2.000.000

2,000.000 2,000.000

2,000,000

2,000,000

2.000.000

2,000.000

5,000,000

3.000.000

3.000.000

2.000.000 2.000.000

2,000.000

Abn Amro Bank Nv FRN 4.72% 21/01/2010 Alliance & Leicester Emtn FRN 5.05% 14m9/2009 Alliance + Leicester Frn FRN 12/08/2008 Allied Irish Banks Fr Snr Emtn 4.68% 11/04/2012 Allied Irish Banks FRN 4.83% 04/11/2010 Anglo Irish Bank FRN 4.71 %

Anz Natl Bank FRN 4.93%

Bank of America Corp 4.7% 15/02/2012 Bank of America Corp 3.36% 20/11 DO08 Barclays Bank PLC 4.63% 09/07/2008 Britannia Building Society Fllg Rate Nts 14/12/2009 Cancara Asset Securisation (CP) ZCP

Citigroup Inc Emtn 3.67% 30/07/2009 Citigroup Inc Fltg Rate Nts 4.85%

Commonwealth Bank of Australia 3.61% 02/11/2011 Coventry Building Society 4.97% 26/03/2008 Coventry Building Society Emtn 3.4% 11m5/2010 Credit Agricole Frn Mtn 4.69%

Danske Bank FRN 5.0% lWO3R010 Dexia Bil4.6% CD 09/07/2008 DNB NorBank Asa FRN 4 75% 2 7/09/2 01 o GE Capital Euro Funding 4.72% 04/05/201 1 Goldman Sachs Group Inc 5.05% 1 1/05/201i Hbos Treasury Services 3.78% 23/0moog KBC lfima Nv FRN 4 71% 28/t)1/2009 Landesbank Baden Wuer FRN

Merrill Lynch Sa Luxembourg Emtn

National Australia Bank FRN 4.65% 05/08/2008 National Australia Bank FRN 5.02%

Nationwide Building Society Emtn 3.69% 03/11/2008 Nordea Bank Finland PIC 4.70% 08/08/2008 Northern Rock Fr Snr Emtn 5.03% 13/03/2012 Portman Building Society 5.07%

Raiffeiren FRN 4.70% 04/02/2010 Royal Bank Canada FRN 4.85% 23mQ011 Santander Intl Debt Sa FRN 4 89%

31/01/201i

21/09/2009

o immoo8

12/01/2012

i g m i n o i o

ogm3/200g

FRN 4.96% 29109/20io

18/03/2011

i 7/09/2009

23/03/2011

995.828

1.91 2,494

1,394,000

1,430.796

1,936,866

1.8M.780

1.988.748

1,458,809

2,000.928

5,000,000 2,929,488

4,973,731

1.978.018

1.31 2.686

1.961.722

1,994,588

974.637

2,980,218

1.993.362 5.000.000 1,988,318

2,963,157

1.452.083

1,994,294

1,995,800 1,999,680

1.890.086

1.998.614

1.967.31 6

1,992,740

5,000,000

2,730,876

2,959,824

1,989,350 1,985,414

1,978,042

0.85

1.64

1.71

1.23

1 66

1.58

1.71

1.25

1.72

4.29 2.51

4.28

1 70

1 .a 1.68

1.71

0.M

2.56

1.71 4.29 1.71

2.55

1.25

1.71

1.71 1.72

1.62

1.72

1.69

1.71

4.29

2.40

2.54

1.71 1.70

1.70




Bonds Traded on an Official Stock Exchange (continued) 5,000,000 Sheffield Receivables Corp/ZCP

07r07R008 4,983,803 4.28

1,000,000 Societe Generale FRN 5.01 % 12/06L!009 997,122 0.86 5,000,000 Unicredito ltaliano SPA, 4.77% 5,000,000 4.29

24/07/200a 2,000,000 Westpac Banking FRN 4.87% 1,388,580 1.71

08/07/2009 Total BondsTraded on an Official Stock 97,189,398 83.43 Exchange Total Listed Securities 97,189,338 83 43 Total Investments 97,189,338 83.43

Cash at Bank 18.933.003 16.25 Other Asets 1,221,764 105 Other Liabilities (847,049) (0.73) Net Asset Value 11 6.497.116 100.00


% of net assets

Banks 52.70 Financial Services 21.57 Building Societies 4.25 Real estate 2.51 Transportation 2.40 Total Investments 83.43

Cash at Bank 1625 Other Assets 1.05 Other Liabilities (0.73) Net Asxt Value 100.00

Geographic Division of Investments as a t 30 June 2008

% of net assets

United Kingdom United States of America Ireland Australia Sweden France Netherlands Germany Denmark Norway Austria Spain Luxembouro

31.33 17.84 7.02 6.80 4.29 3.42 2.56 1.72 1.71 1.71 1.71 1.70 1 67

Total Investmentr, 83.43

Cash a t Bank 16.25 Other Assets 1.05 Other Liabilities (0.73) Net Asset Value 100.00


18

Aviva Investors - European Aggregate Bond Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Nominal Description Market % of value Value net

Listed Securities

assets

Bonds Traded on an Official Stock Exchange 450,000

600,000

325,000

700,000

650,000 29,242,000

210.000 900,000

aso,ooo

3,752,000

2,243,000

695,000

200.000

375,000

2,625,000

1,420,000

4,997,000

1,950,000

1,180.000

450,000 1,300,000 1,050,000

800,000

aso,ooo

1,675,000

160,000

360,000

1,335,000

300,000

450,000 1,765,000

1,150,000

115,000

1,100,000

400,000

300,000

875,000

595,000

3.2 1 1,000

Amer Honda Fin Cp 5.12% Mtn 0311 OR01 2 Anglian Water Sewice Finance

Ardagh Glass Finance 7.12% Bds

ASML Holding Nv 5 75% Bds 13B6R017 ATgirInc6 12% 02/04/2015 Austria (Republic 00 4.3% MTN 15/09/1017 Aviva PLC 2 0 ~ 5 n 0 3 8 Bank of America Corp 4 75% 2 3/05R 0 1 7 Barclays Bank PIC 4.75% 31/12/2049 Barclays Bank PIC 5.75% Sub Notes 08103/2011 Belgium (Kingdom 00 5.5%

8NP Paribas 5.25% Nls

British American Tobacco Holdings 4.37% 15/09/2014 British Telecom 5.25% Snr Emtn 23M6R014 Bundesobligation 3.25% 09/04/2010 Bundesobligation 4% Bds 13/04/2012 Bundesschabanweisungen 3.5% 12/09/2008 Caixa Estalvis Y Pens De Barcelona 3.37% 30106R014 Capital One Financial Corp 5.7% 15/1)9R011 Carrefour 5.12% Bds 10/10/2014 Citigroup Inc Var 30/11/2017 Countrywide Mtn 24/1 lROO8 Reg ‘S Credit Suisse Finance (Guernsey) 3.62% 23/01/2018 Daimlerchrysler Na Holding 4.37% 16M3/2010 Deutschland Rep 4.25% Bds M/07R017 E.ON International Finance BV 5.75% 07/05/2020 Enel-Societa Per Azioni 5 25% Bds 20M6/2017 Euro Inv Bank 4.37% Mtn 1 5/04/2013 Fce Bank 7.12% Emtn 151010013 Fiat Spa 5.62% Bds 12/06/2017 France (Government of) 3.75% 25M412021 Freshwater Finance 6.58% Loan Nts Perp 31/12/2049 Friends Provident PLC 6.29% 31/12/2049 Gaz Capital (Gatprom) 5.36% 3 1 /I OD01 4 GE Capital Europea 4.75% Gtd Emtn 28/09/2012 Generali Finance Bv 5.48% 31/12/2043 Germany (Federal Republic) 3 75% 04101R017 Germany (Federal Republic) 5.5% 04/01/203 1 Germany(Federa1 Republic) 4% Bds 04/01/2037

6.25% 27/06/2016

15/06/2017

2 a m 2 02 8

23/01/2014

436,437

605,870

2 65. 688

581,481

650,060 28,172,371

196.594 819.8d3

567,337

3,733,086

2,343,265

693,128

180.01 9

352,059

2,564,456

1.3aa.iao

4,988,254

1,740,223

719.071

438,170 1,108,474 1,028,308

691,160

830,682

1,634,526

157.955

35 1,747

1,299,430

235.912

380.822 1,572,180

888,812

107,056

966,625

387,205

262,223

822,855

638,921

2,787,055

0 33

0 46

0 20

0 45

0 50 21 57

0 15 0 63

0 43

2 a7

1 79

0 53

0 14

0 27

197

1 06

3 83

133

0 55

0 34 0 85 0 79

0 53

064

125

0 12

0 27

0 99

0 18

0 29 1 2

0 68

0 08

0 74

0 3

0 2

0 63

0 49

2 13

I i


I

Nominal Description Market % of value Value net


assets

Bonds Traded on an Official Stock Exchange (continued) 725,000

1,500,000

3,006,000

250,000 625,000

950,000 415,000

3,752,000

100,000

150,000

100,000

4.953.000

7,214,000

6,299.000

750,000

650,000

250.000

700,000

430,000 3,200,000

255,000 1,400,000

550,000 350,000

1,000,000

900.000

2.1 a0.000

700,000

2,500,000

400,000 800,000

2,225,000

950.000

1,050,000

650,000

700,000

640,000

700,000

300,000

Glaxosmithkline Capital 5 12% Nts 13/12/2012 Goldman Sachs Group Inc 5.12% Mtn 16/10/2014 Greece (Republic o f l4 6% NTS 20/09/2040 Groupe Auchan SA 5% 29/04/2013 Hbos Fltg Rate Nts 5.16% 01/09/2016 Hbos PIC Erntn 5.01% 21/03/2017 Home Depot Inc 5.25% 16/12/2013 HSBC Finance Corp 4.50% 12/11/2010 HT1 Funding GmbH 6.35% 30/06/2017 lberdrola Finanzas 5au 5.62% 09B5R 0 1 8 InvestecTier I UK LP 7.07% 3 111 2R049 Italy Buoni Poliennali Del Tesoro 4.25% BTP 01/08R014 Italy Buoni Poliennali Del Tesoto) 5% Bds 01/02/2012 Italy Buoni Poliennali Del Tesoro 5.25% Bds 01/08/2017 Johnson &Johnson 4.75% Snr Nts 06/22/2019 JPMorgan Chase & Co 3.87%/Fr Sub Call Nts31/03/2018 Kazkornrnerts International Bv 5.12% Nts 23/03/2011 Kingdom Of Morocco 5.37% 27/06/2017 Kon Kpn Nv 5% Mtn 13/11/2012 Kredilanstalt fur Wederaufbau 3 75% 05/02/2010 Lecta Sa Regs 7.48% 15102R014 Lehrnan Bros Hldgs 5.37% Erntn 17/10/2012 Linde Finance BV 7.37% 14iO7/1066 Merrill Lynch & t o 6.75% 2 1 B5R013 Morgan Stanley Group Inc 3.37%

Munich Re Finance Bv Bds 5.77% 29106~2049 Nationall Australia Bank Var Due

Petro t o Trin/ Obago Ltd 6% 08105/2022 Regs Prologis European Properties 5 87% 23/10/2014 Renaull Sa. 4.37% 24/05/2013 Rexarn 6.75% Cap Sec 29/06/2067 Royal Bank of Scotland PIC 4.5% 28/01/2016 Royal Bank of Scotland PIC 6.93% 09/04/2 0 1 8 Royal Bank Scotland Group 7.09%- Frn Perp Santander Iss Unip 5.43%-Frn Gtd 24/1 OR01 7 Schering-Plough Corporation 5.37% Bds01/10/2014 Severn Trent Water Uti1 5.25% 1 1 B3R016 Siemens Financierinqsrnat 6.12%

20/07/2012

3.87% 04/06/2015

14/09/2066 Societe Generale 7.76% 31/12/2049

711,717

1,371,227

2.580.585

242,925 575.293

843,292 253,423

3,659,001

77,782

149,038

70.795

4,769,519

7.217.0ia

6,386,232

713,557

569.242

221.688

644.490

408.986 3,141,714

189.975 1.149.17a

535,525 329.691

876.189

775,617

2,062,416

419.867

2,147,058

367,765 613.600

2.1 06,731

946,048

902.281

620.356

650,046

617.023

786,848

285.833

0 54

1 05

198

0 19 0 44

0 65 0 19 2 80

0 06

0 11

0 05

3 65

5 52

4 89

0 55

0 44

0 17

0 49

0 31 2 4

0 15 0 96

0 41 0 25

0 67

0 59

158

0 32

164

0 28 0 47 1 61

0 72

0 69

0 47

0 5

0 47

0 6

0 22

I

The accompanying notes form an integral part of these financial statemenb.

19

Aviva Investors - European Aggregate Bond Fund (con t in ued)


Schedule of Investments and Other Assets

As at 30 June 2008 (in EUR) (continued) Quantity/ Description Nominal value


assets


% of net assets

Sovereign 52.43


Bonds Traded on an Official Stock Exchange (continued) 1,350,000 Standard Chartered Bank 3.62% 1,198,631 0.92

1,250,000 Telefonaktiebolaqet Lm Ericsson 1,097,051 0.84 03B2/2017

Banks

Financial Services

Telecommunications

Diversified Services

16.78

12.89

2.19 2.17

Commercial Services 1.64

5.37% Nts27X16R017 350,000 Telefonica Emisiones SAU 5.58% 343,157 0.26

12mmoi3 1,265.000 Time Warner Inc 5.5% 795,794 0.61

300,000 UBS Capital Securities LTD 298,883 0.23

275,000 Unicredito Italian 5.75% Sub Emtn 266,437 0.2

300,000 Unilever NV 4.87% NTS 291,803 0.22

500.000 Volkswagen Leasing Gmbh 4.87% 481.790 0.37

1,500,000 Wachovia Corp 5.3% 15/10R011 939.387 0.72 1,650,000 Westlb Ag 4.25% Bds 1511 1R010 1.612.238 1.24

Total BondsTraded on an Official 126,002,888 96.45 Stock Exchange

Cerhficate Traded on an Official Stock Exchange

1,500,000 CDI EUR ITRX SRF#S09 44,908 0.03

1,500,000 CDI EUR ITRX SRFISO9 M.908 0.03 570.000 CDI EUR ITRX X01S08 25,118 0.02

570,000 CDI EUR lTRXXOXSO8 (25.118) (002)

15/11/2011

31/12/2049

2M19RO17

2 1 B5R013

Bds 18/10/2012

Total Certificate Traded on an 89,816 0.06 Official Stock ExchanQe

Total listed Securities 126,092.704 96.51

Total lnveslments 126,092,704 96.51

Cash at Bank

Other Assets

1,578,414 1.21

3,192.093 2.44 Other Liabilities (207,688) (0.16)

Net Asset Value 130.655.523 100 00

Holding Companies

Oil & Gas

1.19

1.06 Pharmaceuticals 1.04

Auto Parts & Equipment Leisure Time

Auto Manufacturers

Healthcare-Products .4 Services

Retail Engineering & Construction

Food

Energy-Alternate Sources Electric

Investment Companies Insurance

0.64 0 61

0.57 0.55

0.53 0.41

0.41 0.30 0.23

0.23 0.23

Packaging & Containers 0.20 Forest Products & Paper 0.15

Certificate 0.06


Cash at Bank 1.21 Other Assets 2.44

Mher Liabilities (0.16)

Net Asset Value 100.00

Geographic Division of Investments a5 at 30 June 2008

% of net assets

Austria 21.59 Germany 15.99 Italy 14 54 United States of America 13.33 United Kingdom 11.05 France 2.76 Netherlands 2.62 Luxembourg 2.53 Spain 2.17 Greece 1.98 Belgium 1.79 Australia 1.58 Ireland 118 Euro Member Countries 0.99 Sweden 0.84 Channel Islands 0.53 Morocco 0.49 Trinidad And Tobago 0.32 Jersey 0.23 Told Investmentr, 96.51

Cash at Bank 1.21

Other Assets 2.44 Other Liabilities (0.16)



20

Aviva Investors - European Convergence Equity Fund Unaudited Semi-Annual Report


As at 30 June 2008 (in EUR) Quantity Description Market % of

Value net assets

Listed Securities

Equities Traded on an Official Stock Exchange 144.544

1,857.817

424.037 437,385

1,245,772 128,767

696.282 546.858

404.659 99.807

297,293 2,069,461 3,349,814

252.389 54,587

102.529

14,314

381,12 1

383.387 51,095

774,546 813,372

1,151,309

1,766,503 123,262

295,775

AmRest Holdings NV Apranga h a

As Eesti Telekom-Gdr As Tallinna Vesi Bank of Cyprus Ltd

Bank Pekao Sa Plnl

Bim Birlesik Magazalar

testy Telecom As

Ce2 As Ciech SA

Eldorado Sa Plnl

Enka lnsaat Ve Sanayi As

Hellenic Bank Limited Cyp

KGHM Polska Miedz SA Komercni Banka Ord

Krka

LPP Sa New World Resources NV

Otp Bank Rt.

PBG SA

Polski Koncern Naftnwy Orlen

Powgechna Kasa Os PI N1 Stomil Sanok Pln139.0

Telekomunikacja Polska

Valmieras Stikla Skiedra Yit-Yhtvma Ov

3,322,046 3,497,256

8,860.490 5,183,012

9.779.3 10 6,312,456

15,982.521 1 1,134,261

22,761,973 2,043.118

10,150,377 15,040,258 7,872,063

7,586.177

7,365,707 9,209,667

7,928,332 8.72 6,606

10,175,430 3,943,072

7.796.099 11,075,534 3,448,529

11,198,752 94.475

4.686.555

151 159

4 03 2 36 4 45

2 87 7 27

5 07

10 37 0 93

4 62 6 84 3 58

3 45 3 63

4 19 3 61

3 98 4 6 4

1 79

3 55 504 157

5 10 0 04

2 13 , , . . Total EquttiesTraded on an 215,794,136 98.21 Official Stock Exchange Total Listed Securities 215,794,136 98.21

Total Investments

Cash at Bank Other Assets Other Liabilities

215,734,136 98.21

6,729,186 3.06 1,209,649 0.55

(3.996.022) (1.82)

Net Asset Value 219,736,949 100.00

Economic Division of Investments as at 30 June ZOOS

% of net assets

Banks

Telecommunications Food

Electrical Equipment & Services Mining

Building Societies

Pharmaceuticals

Engineering & Construction

Apparel

Oil & Gas Retail

water Auto Parts & Equipment

C hemicals

24.21

14.21

11.89 10.37 7.42

6 84 4.19

3.92 3.61

3 55 3.10

2.36 1.57

0.93 Hand A Marhinp T m k 0.04

Total Investments 98.2 1

Cash at Bank 3.06 Mher Assets 0.55

Other Liabilities (1 82) Net Asset Value 100 00


% of net assets

Poland Czech Republic

Turkey Cyprus

Estonia Netherlands

Hungary Slovenia

32.55 19.07

14.11 8.03 6.39

5.48

4.63 4 19

Finland 2.13 Lithuania 1.59 Latvia 0.04


Cash at Bank

Other Assets Other Liabilities

3.06

0.55 (1 32)

I



21

Aviva investors - European Corporate Bond Fund

I


assets


Listed Securities


1,250,000

1,500,000

1,850,000 1,250,000 2,000,000

900,000 1 .ooo.ooo

100,000 2,950,000

500,000

1,000,000

500,000 2,800,000 4,000,000

250,000 500,000

2,000,000 700.000

2.000.000

1,000,000

2,750,000

300.000

245,000

1,700,000

720,000 - 1,200,000

500,000

1,000,000

1,050,000

50,000 900,000

820.000 250,000

400,000

2,000.000 500,000

1,750,000

2,850,000

900 000

Anglian Water Service Finance 6.25% 27/06/2016 Anglo Irish Cap FRN 5.22% 3 1 /12/2049 Asrnl Holding Nv 5.75% Bds 13/06R017 AT&Tlnc 6.12% 02104Q015 Aviva PIC 2O!U5/2038 Bank of America Corp 23/05/2017 Bank of America Corp 31/12/2049 Bank of America Corp 4.75% 06/05/2019 Bank of Scotland 5.5% 29/10/2012 Barclays Bank PIC 4.75% 31/12/2049 British Telecorn 5 25% Snr Emtn 23/0136/2014 British American Tobacco Holdings BV

BSCH Issuances 5.12% 06B7/2009 Bundesobligation 4% Bds 13/04/2012 Bundesscha~anweisungen 3.5% 12/09/2008 Carrefour 5.12% 8ds 10/10/2014 Citigroup Funding Inc 3.62% Mtn

Citigroup IncVar 3 62% 30/11R017 Countrywide Mtn 5.13% 24/11/2008 Reg5 Credit Suisse Finance (Guernsey) 3 62% 23/01/2018 Credit Suisse London 4.75% 24/09/2013 Dairnlerchrysler Na Hldg 4 37% 16/03/2010 Deutsche Telekom International Finance Bv Emtn 7 5% 24iU1/2033 Deutschland Rep 4.25% Bds

Dubai Holding Comm Op 4.75% 30/01/2014 E.On International Finance 07/05/2020 E.On International Finance 5.75%

ENBW International Finance BV 4.87% 16/01/2025 Enel-Societa Per Azioni 5.25% Bds

Euro Inv Bank 4.375% Mtn 1 5/04/2013 Euro Inv Bank 4.62% 15/04/2020 Fce8ank 7.12% Emtn 15/01/2013 Fiat Spa 5.62% Bdr 12/06/2017 France Telecom Emtn 7.25% 28/01/2013 France Telecom Emtn 8.12% 28/01/2033 French Treasury Note 3% 12/137/2008 Freshwater Finance 6.576% Loan Nts Perp 31/12/2049 Gaz Capital (Gatprom) 5.36% 31/10R014 GE Capital Europea 4.75% Gtd Emtn 28109/2012 GE Capital Europea 4 87% 06/03/2013

4.37% i~/09/2014

28/03/2011

04mmoi7

29/05/2009

20/06/2017

2.372.989

782,983

1,246,032

1.850.1 71 1,170,203 1,821,872

550,104 881.677

96,745 1,968,993

469.413

900.093

496,133 2,737,255 3.993.000

243,428 471,371

1,705.3M 685,539

1,727,899

980.333

2,687,502

330,739

239,080

1,510,624

710.799 1,204,535

444.997

977,075

1,022,023

48,280 707,737 693,941 262,094

478,098

1,998,900 386,440

1.537.81 3

2.758.836

872.834

1 89

0 63

1 00

1 48 094 1 46 0 4 4 0 71

0 08 158 0 38

0 72

0 40 2 19 3 20

0 19 0 38

137 0 55

1 38

0 79

2 15

0 26

0 19

121

0 57 0 96

0 36

0 78

0 82

0 04 0 57 0 56 0 21

0 38

160 0 31

123

2 21

0 70




Bonds Traded on an Official Stock Exchange (continued) 1.200.000

3,000,000

700,000

730,000

500,000

2.300.000

950,000 850,000

2,000,000 1,500,000

1.000.000 1,350,000

700,000

1,800,000

100,000 1,500,000

500,000

750.000

1,500,000

1,500,000

550.000

2,000,000 2,200.000 3,100,000

1,000,000

1,250,000 950,000

1,800,000 1,400,000 1,500,000 2,500,000

2,650,000

1,600,000 750,000 569.000

1,500,000

1,700,000 1,365,000 3,800,000

1.500.000

150.000 1,250,000

Generali Finance Bv 5.48% 31/12/2049 Germany (Federal Republic) 4% Tb 11/12/2009 Germany (Federal Republic) 3.75% Bds

Germany (Federal Republic) 3.75% Bds 04MlR017 Goldman Sachs Group Inc 4.75% 12/10/2021 Goldman Sachs Group Inc 5.12% Mtn 16/10/2014 Group Auchan Sa 5% 29/04/2013 Hammerson 4.87% 19/06/2015 Hbos PIC 31/12/2049 Hbos PIC Fr Sub Mtn 5.01 % 2 1 /03/2017 HSBC Finance Corp 4.5% 12/11/2010 HT1 Funding GmbH 6.35%

lberdrola Flnanzas Sau 5.62% 09/05/20 18 lfil Investments Spa 5.37% 8ds 12/136/2017 ING Bank 5.25% Emtn 04BlR013 ING Bank NV 5.12% 18/03/2016 lnvestec Tier I UK LP 7.07% 3 1/12/2049 JPMorgan Chase & Co Erntn 3.87% 31/03/2018 JPMorgan Chase Bank 4.37% 3011 1/2021 Kazkornrnerk lntl Bv 6.87% 13/02/2017 Kingdom of Morocco 5.37% 27/06/201 7 Kon Kpn Nv 5% Mtn 13/11/2012 Kreditanstalt fur Wiederaufbau 3.75% Lehman Bros Holdings 5.375% Emtn 17/1 OR01 2 Lehrnan Brothers Holdings 4.62% 14,4J3/2019 Linde Finance Bv 7.37% 14107/2066 Linde Finance Bv Fxd 14/07/2066 Lloyds Tsb Bank PIC 05/03/2018 Lloyds Tsb Bank PIC 6.35% 31/12/2049 Merrill Lynch & Co 6.75% 21/05/2013 Morgan Stanley Group Inc 3.37% 2 0/137/20 12 Munich Re Finance Bv Bds 5.77% 29/06/2049 Olivetti Finance Nv 6.87% 24/01/2013 Olivetti Finance Nv 7.75% 24/01/2033 Petro Co Trin/ Obago Ltd 6% 08/05/2022 Regs Prologis European Properties 5.87% Snr Nts23/10/2014 Renault Sa 4.37% 24/05/2013 Rexam 6.75% Cap Sec 29/06/2067 Royal Bank Scotland Group 7.09% 31/12/2049 Royal Bank Scotland PLC 6.94% 09/04/2018 Rwe Energie Ag 5.75% 14/02/2033 Santander 15s Unip 5.43% 24/10/2017

0 4 m i ~ o i s

3ommoi7

1,048,892

2,372,143

666,501

686,496

389,466

2.1 02,547

923.1 16 706,714 943,072

1,331,514

975.2 14 1,050,051

695.511

1,559,413

98.192 1,400,574

353.973

656,817

1,258,058

1,128,750

506,385

1,902,262 2,159,328 2,766,037

739.404

1.2 17.1 02 1,138,537 1,738,883 1,332,279 1,412,360 2,190,470

2.283.762

1,623,751 764.879 341.292

1,288,235

1.563.002 1,507,155 3,265,397

1,493,761

150.320 1,192,993

0.84

2.37

0.53

0.55

0.31

1.68

0.74 0.57 0.76 1.07

0.78 0 84

0.56

1.25

0.08 1.12 0.28

0 53

1.01

0.90

0.41

1.52 1.73 2.22

0.59

0.97 0.36 1.39 1.07 1.13 1.75

1.83

1.30 0.61 0.27

1.03

1.25 1.21 2.61

1.20

0.12 0.96

The accompanying notes form an integral part of these financial statemenfs

22

Aviva investors - European Corporate Bond Fund (con t i n ued)

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) (continued) Quantity/ Description Market % of Nominal Value net value assets


Bonds Traded on an Official Stock Exchange 700,000

270,000

1,700,000

1,350,000

1,650,000

1.500.000

500,000 2,000,000

2.000.000

1,725,000

1,450,000 400,000

500,000

1,100,000

750,000 900,000

Schering-Plough Corporation 5.37% Bds 01/102014 Severn Trent Water Uti1 5.25% 11/03/2016 Siemens Financieringsmat 6.12%

Societe Generale 7.76% 31/12/2049 Standard Chartered Bank 3.62% 03/02R017 Telefonica Emisiones 5.58%1247/2013 Tesco Plc5.12% 10/04/2047 furanalem Finance Bv 6.25% 27/0g/2011 UBS Capital Securities ttd 3 1 /12/2O49

14/09/2066

Unicredito Italian 5.75% Sub Emtn 2M)9/2017 Unilever Nv4.87% 21/05/2013 Veda Environnement 5.12% Mtn 2 4/1)5R 022 Veolia Environnement 6.12% 25/11/2033 Voltswagen Leasing Gmbh 4.875% Bds 18/10R012 Wood Street Clo 29106R023 Wt Finance Aust ,by LtdMleMield Europe Finance M e a Finance Llc 3.62% 27/06/2012

650,046

260,307

1.910.916

1,286,250

1.464.994

1,470,672

417.287 1.683.1 76

1,932,555

1,671,289

1.41 0,379 354.254

463.947

1,059,937

546,000 788.448

0.52

021

1.53

1.03

1.17

1.18

0.33 1.35

1 60

1.34

1.13 0.28

0.37

0.85

0.M 0.63

Total BondsTraded on an Official 117,040,735 93.73 Stock Exchange

Certificate Traded on an Official Stock Exchange 1,400,000 CDI EUR ITRX XO#SO8 61,694 005 1,400,000 CDI EUR ITRX XOdS08 (61,694) (0.05)

Total Certificate Traded on an 0 0.00 Official Stock Exchange Total Listed Securities 117,040.795 93 73 Total Investments 117,040,795 93.73

Cash at Bank 5,330,717 4.26 Other Assets 2,731,916 2.19 Other Liabilities (226.624) (0.18) Net Asset Value 124,876,801 100.00

i Unaudited Semi-Annual Report

Economic Division of Investments as a t 30 June 2008

% of net assets

Banks Diversified Financial Swvices Sovereign Telecommunications Holding Companies Energy-Alternate Sources Food Auto Parts & Equipment Auto Manufadurers Investment Companies Diversified Services Oil & Gas Electric Special Purpose Entity Real Estate Electrical Equipment & Services Commercial Services Engineering & Construction Insurance Pharmaceuticals Water Energy Retail Certificate

2 5.48 22.92 11.05 7.32 4.68 2.21 2.20 2.15 1.81 1.60 1.53 1.50 1.49 1.21 1.20 1 .08 1 03 0.97 0.94 0.52 0.37 0.28 0.19 0.00

Total lnvestmenfs 93.73

Cash a t Bank 4.26 Other Assets 2 19 Other Liabilities (0.1 8) Net Asset Value 100.00


% of net assets

United States of America 19 61 United Kingdom 17.94 Netherlands 16.62 Germany 14.41 France 6.05 Italy 3.37 Ireland 3.22 Spain 3.10 Luxembourg 2.26 Jersey 1.60 Channel Islands 1.38 Cayman Islands 1.21 Euro Member Countries 0.86 Swiizerland 0 79 Australia 0.63 Morocco 0.41 Trinidad And Tobago 0.27 Total investments 93.73

Cash at Bank 4.26 Other Assets 2.19 Other Liabilities (0 18) Net Asset Value 100.00


23

Aviva Investors - European Equity Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Quantity Description Market % of

Value net assets

Listed Securities


59.020 42,046

46,671

190,757 63,778 95.481

773.1 50 136,554

84,318 50.809 90.337

93,423 671,467

275,563 72.324

161,029

102.774 187,451

155.126 146,269

259.348 113,333 53,434

234.456 1.41 6,385

172.979 104,571 134,144

138.788

260,321 91,399

115.896 261,690

142,873 62.a80

131,527

43.823 228.910 443,186

127.981 260,463

223.457 92.715

198.764

240.489 10,859

111,220

680.931 88,645 22.491

403,530

22,225

Acciona S.A. Advanced Metallurgical Group N

Air Liquide Aker Kvaerner ASA

Allianz Ag-Reg Alpha BankA.E.

Banca Popolare Di Milano Bayer Ag Beiersdorf Ag Npv Bilfinger Berger Ag Npv Cap Gemini SA

Carrefour Sa

Cyprus Popular Bank Ltd

Deutche Post AG E.On Ag EFG Eurobank Ergasias Sa

EFG International Elan Carp PIC

Fresenius Ag-Pfd Ftesenius Medical Care

Galp Energia SGPS SA Gamesa Corp Tecnologica Sa

Gerresheimer AG

Grifols Sa Eur0.50 Group 4 Securicor PLC

Groupe Eurotunnel SA Groupe Eurotunnel SA Heineken Nv

Hellenic Telecommunications Or lntralot SA

Kone Oyj

National Bank Of Greece Sa

Nestle SA

Nobel Biocare Holding AG Omv Ag Outokurnpu Technology

Pernod-Ricard Premiere AG ProSafe SE

Red Electrica De Espana Sa

Reed Elsevier NV Repro1 Ypf Sa Eurl Roche Holding Ag-Genusxhein Royal Dutch Shell Sarnpo Oyj-A Shares

SMA Solar Technology AG Societe Generale-A Storebrand

Subsea 7 Inc Swatch Group AG

Swedish Match AB

Syngenta AG

8,873,656 2,277,422

3,864,826 2,842,217

7,103,913 1,769,263

4,580,314 7.169.085 3,886,638

2,783,668 3,379,959

3,309.043 3,082,034

4.533.01 1 9.1 90.2 10 2,407,384

1.773.71 1 4.1 51,723

8519.51 9 5,106,982

3.619.201 3.512.756 1,733,933

4.659.813 3.561.1 59

1,720,276 1.040.481 4.348.948

2,205,341

2.746.387 2.04 1,854 3,285,652 7.498.185

2,953,563 3.1 65,065 5.2 17,676

2,801,824 3,193,295 2.761.769

5.281.776 2,757,001

5,590,894 10,362,474 5,134,074

3.81 6,560 598.982

6.1 15,432

3,245,757 1.413.541 3,547,322

5,174,682

4,513,572

3.66 0.94

1.59 1.17

2.93 0.73 1 .89

2.96 1.60 1.15

1.39 1.36

1.27 1 .a7

3.79 0.99

0.73 1.71

3.51 2.11 1.49

1.45 0.71

1.92 1.47 0.71

0.43 1.79

0.91 1.13

0.84 1.35 3.09

1.22 1.30 2.15 1.15

1.32 1.14

2.18 1.14

2.30 4.27 2 12 1.57

0.25 2.52 1.34

0.58 1.46

2.13 1 .&6

Quantiv Description


Market 56 of Value net

assets


Equities Traded on an Gfficial Stock Exchange (continued) 339,097 Tele2 Ab Ser 'B' Npv 4,151,378 1.71

425,568 Teliasonera Ab

166,006 Tnt Nv 144,789 Tognum Ag Npv

67,056 ThyssenKrupp AG

1,470,232 Unicredito ltaliano Spa

1.935.623 0.80

2,664,470 1.10

3,663,752 1.51 2,502,678 1.03 5,673.489 2.35

61,734 Vestas Wind Systems AIS 5.103.478 2.10

112,627 Vinci S.A. 4,340,645 1.79

224,406 Vivendi Universal Sa 5.387.988 2.23

Total Equities Traded on an Official 245,653,930 101.26 Stock Exchange

Total Listed Securities 245.653.930 101.26

Total Investments 245,653,930 101.26

Other Assets 174.887 0.07

Bank Overdraft (2,088,746) (0.86)

Other Liabilities (1.148.856) (0.47)

Net Asset Value 242,531,215 100.00


24

Aviva Investors - European Equity Fund (continued)

I



% of net assets


% of net assets

Banks

Pharmaceuticals Engineering & Constructlon

Chemicals Electrical Equipment & Services

Oil & Gas

Transportation

Food

11 .E3

1 1.42 7.77

6.41 6.14

5.72 4.52

4 45 Insurance 4.27

Telecommunications Oil & Gas Services Machinery

Beverages Media

Commercial Services Media & Mukimedia

Electric Agricukure

3 42 3.21 3.18

2.94 2.46

2.31 2.22

2.18 2.13

Healthcare-Products & Services 2.11

Cosrneticflersonal Care

Financial Services Retail

Energy Compulers

1.60 1.57 1.46

1.45 1.39

Healthcare-Products 1.22 Entertainment Irodteel

1.13 1.10

Metal FabricateMardware 0.94 Packaging & Containers 0.71


Other Assets 0.07 Bank Overdraft Other Liabilities


Germany France SwiQerland Spain Netherlands Greece Sweden Finland Italy United Kingdom Norway Cyprus Denmark Ireland Portugal

24.34 13.17 12.63 11.51 5.38 5.1 1 4.64 4.56 4.23 3.59 3.09 2.41 2.10 1.71 1.49

Austria 1.30 Total Investments 101.26

Other Assets 0.07 Bank Overdraft

Other Liabilities (0.86) (0.47)

Net Asset Value 100 00

I


25

Aviva Investors - European RElT Fund Unaudited Semi-Annual Report


Value net assets

Listed Securities

Eauities Traded on an Official Stock Exchange 360,000 30.888 248.912

1,044,875 259,104 327,900 830,448 683,342 192.376 240.399 250,045 231,075 50,000 169,422 32.S29 365,385 578,537 653.649 444,096 440,355 579.675 206,152 829.605 200,000 203,290 57,516 188.186 276,629

1,087,867 417.926 126,907 147,313 19,428 22.6A6

Ablon Group Babis Vovos Sa Big Yellow Group Ord British Land Company Brixton CA lrnmobilien Anlagen AG Castellum Ab Cilycon Oyj Corio Nv Derwent Valley Holdings Dic Asset Ag Npv Dios Fastigheter Ab Npv Eurocastle Investments Ltd Npv Eurocommercial Properties Nv Fonciere Des Regions Gagfah SA Great Portland Estates Hammerson Helical Bar Hufvudstaden Ab lmmofinant lmmobilien Anlage Klepierre Land Securities Group Liberty International Local Shopping Ret PIC (the) Ord Mercailys Psp Swiss Property Ag RGl International Ltd Segro PIC Ord Sponda Gyj Unibail Unite Group Vastned Nv Wereldhave Nu

697,135 637.837 904.366

9,279,892

4.31 1.885 5,165,614 2,149,111 9.487.023 3,126,779 4,035,72 6 600,574 301,250

5,116,544 7,205,851 3,374,330 2,490,633 7,248,353 1,655,542 2.71 5,866 3,828,753 6,626,756 12,904,474 2.166.088

1,624,252

781.228

178,241

7,154,493 1,445,842 5,462,164 2,296,503 18.575.622 434.409

1,001,611 1.529.284

0.47 0.43 0.62 6.31 0.53 2.93 3.51 1.46 6.46 2.13 2.75 0.41 0.20 3.48 4.30 2.30 1.69 4.93 1.13 1.85 2.61 4.51 8.78 1.47 0.12 1.11 4.88 0.98 3.72 1.56 12.64 0.30 0 68 1.04

Total Equities Traded on an Official 136,514,031 92 89 Stock Exchange

Mutual Funds Traded on an Official Stock Exchange 438.834 Prologis Europ Pro Prologis Eur Props 4,009,237 2.73

lntl A 1

Total Mutual FundsTraded on an 4,009,297 2.73 Official Stock Exchange Total Listed Securities 140.523.328 95.62 Total Investments 140,523.328 95.62

Cash at Bank 7,196,420 4.90 Other Assets 312.272 0.21 Other Liabilities (1,070,449) (0.73) Net Asset Value 146.961.571 100.00


% of net assets

Real Estate 32.89



4.90 0.2 1



% of net assets

United Kingdom France Netherlands Sweden Austria Luxembourg Swleerland Finland Germany Russia Guernsey Greece

31 74 23 16 1 1 66 5.77 5 54 5 03 4 87 3 02 2 75 0 98 0 47 0 43

Channel Islands 0.20 Total Investments 95.62

Cash at Bank 4.90 Other Assets 0.2 1 Other liabilities (0.73) Net Asset Value 100 00


26

Aviva Investors - European Socially Responsible Equity Unaudited Semi-Annual Report

Fund

Schedule of Investments and Other Assets A5 at 30 June 2008 (in EUR) Quantity Description Market % of

assets Value net

Listed Securities

Equities Traded on an Official Stock Exchange 40,868 12,189 30,039 42,943 65,571

337,170 63.61 1 46.01 8 3,948

21,521 21,669 48.298 31,533

153,114 12.099

353,098 118,210 106,763 99,149 54,626 52,926 84.078 92,431

498,952 759,392 309,340 130.707 17,584

1,342,344 36,439

172,119 70.809 88,750 44.787

1 54,146 51,438 28.021

136.2 19 16.68B 4,947

22,066 246.682 78,770 15,992 66,900

32 6.687 36,496

2 19.2 12 31.619 20,159

5,171 51,124

20,200

Abengoa Sa Actelion Ltd Air Liquide Alpha Bank A.E. Arcadis NV Artumas Group Inc Npv Astrazeneca Ara Basilea Pharrnaceutica Biomerieux BNP Paribas Bureau Veritas SA Carrefour Sa Dnb Holding Asa Edf Energies Nouvelles Electricidade De Portugal Sa Elekta SER'B' Eli- Communications Enagas Fresenius Ag-Pfd Fresenius Medical Care tetinge Ab Ser'B' Grifols Sa troupe Danone Hansen Transmissions lntl Hera Spa lberdtola Renovabls Sa Jerini Ag KBC Bankverzekeringsholding Kenmare Resources Kone Oyj Koninklhke Kpn Nu Neste Oil Oyj Nokia Oyj Red Eledrica De Espana Sa Reed Elsevier NV Renewable Energy Roche Holding Ag-Genusxhein Sampo Oyj-A Shares Scanarc Asa SMA Solar Technology AG Solarworld Ag Statoil Asa Svenska Handelsbanken Ser 'A' Npv Synthes Inc Teleste Ovj Teliasonera Ab Umicore Unicredito ltaliano Spa Unilever Nv Vacon Oyj Vestas Wind Systems A1s Vivendi Environnement

81 1,638 412.378

2,487.530 795,734 939,632

1.089.000 1.702.003 865,944 405,253

1.561.026 1,241,309 1.832.668 1,116,899 1,250,198

512,937 1.1 60.81 0 1,453,425 1,395,926 1,775,759 3.000.060 1,847.91 1 1.299.143 1,837,066

897.890 1,643,172 1,927,906 1,495.659

449,632 1,236,419

719.712 814,047

1.882.552 1,300,407 1.372.075 1,848,359 1,631,635

845.943 3.1 31.82 1 2.1 61,796

23,978 272,877 657.346

5,792,929 1.1 93.199 1,388.1 91

332.828

1.1 30,281 845.884 566.533 518.086 427,481

1,817,969

1.485.879

0.94 0.48 2.87 0.92 1.09 126 1.97 1 .oo 0.47 1 .a0 1.44 2.12 1.28 1.45 0.59 1.34 1.68 1.61 2 05 3.46 2 14 1.50 2.12 1.04 1.91 2.23 1.73 0.52 1.43 0.83 0.94 2.18 1.50 1.59 2.14 1.89 0.98 3.62 2 50 0.03 0 32 0.76 6.70 1.38 1.61 0.38 1.72 1.31 0.98 0.66 0.63 0.49 2.10

Quantity Description Market % of

assets Value net


Equities Traded on an Official Stock Exchange (continued) 105,053 Vivendi Universal Sa 2,522,323 2 92 R1 966 Wirecard AG 6 ~ 4 3 3 n77

Total Equities Traded on an Official Stock 73,803,491 85.34 Exchange Total Listed Securities 73.803.491 85.34 Total Investment 73,603,491 85.34

Cash a t Bank 12,715,150 14.70

Other Liabilities (398.681) (0.46) Net Asset Value 86.486.008 100.00

Other Assets 366,048 0.42


56 of net assets

Pharmaceuticals 12.17 Oil &Gas 11.50 Telecommunications 9.38 Electrical Equipment & Services 8.20 Banks 7.60 Healthcare-Products & Services 7.05 Media &Multimedia 4.81 Energy-Alternate Sources 4.06 Commercial Services 3.83 Food 2.99 Chemicals 2.88 Financial Services 2.50 Mining 2.14 Water 2.10 Engineering & Construction 2.03 Insurance 1 .oo Hand & Machine Tools 0.60 Biotechnology 0.47 Holding Companies 0.03 Total Investments 85.34

Cash a t Bank 14.70 Other Assets 0.42 Other Liabilities (0.46) Net Asset Value 100.00


27

Aviva Investors - European Socially Responsible Equity Fund (continued)



% of net assets

France 17.16 Norway 9.15 Finland 9.12 Spain 8.98 Germany 7.98 Sweden 6.28 Swiberland 6.18 Netherlands 5.82 Belgium 4.65 Italy 3.21 United Kingdom 1.97 Portugal 1.34 Canada 1.26 Greece 0.92 Ireland 0.83 Denmark 0.49 Total Investments 85.34

Cash at Bank 14.70

Other Assets 0.42 Other Liabilities (0.46) Net Asset Value 100.00

The accompanying notes form an integral part of these financial sfatemenfs.

28

Aviva Investors - European Value Equity Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Quantity Description Market % o f

assets Value net

Listed Securities

Equities Traded on an Official Strxk Exchange 152,039 219,163

8.319 1 53,028 162,160

7,890 64,343

32.852

11 6,378

12 1,797

16,560

12,270 6,597

35,698 15,293

165,904 18.239

523.397 10,217

7 1,704 253,055 25.061

124,970

87.582

22.980 46.437

142,646 86.023 40.187 39,201

363,873 276.742 114,012 23,505

216.218 53,748 15,415

485,025

42.160 43,129

110.017 261,535

81,387 30,671

176.01 6 122.783 184,694

8,730

15.518

14,809

48,560 95.282 4,652

36,993 154.768 46.2 1 a

120.974 206,554

ADVA AG Optical Networking Alcatel SA Allianz Ag-Reg Arnoldo Mondadori Ed~tore SPA

Astrazeneca Bacou Dalloz Banca Popolare Di Milano Belgacom Sa BIC BNP Paribas Carrefour Sa Casino Guichard Perrachon CNP Assurances Cornmenbank Ag Cornpagnie De Saint-Gobain Davide Campari-Milano SPA Delhaite Group Deutsche Telekom Ag E. On Ag Eni Spa Fortis France Telecorn Sa Gas Natural Sdg Sa GN Store Nord Gpc Biotech Ag H Lundbeck A15 Heineken Nv Hellenic Telecommunications Or Hoganas Ab IDS Scheer A t lntesabci Spa Koninkldke Ahold Nv Koninklijke Kpn Nv Lagardere S.C.A. Mediaset SpA Medigene Ag Mobistar Sa Morphosys AG M-Real Oy] 'E' Muenchener Rueckver Ag Nestle SA Nokia Cyj Nordea Ab Novartis Ag Orion Oyj Paion Ag Pharrnexa AIS Portugal Telecorn SGPS SA Reed Elsevier NV Repol Ypf Sa

Roche Holding Ag-Genusxhein Royal Dutch Shell Rwe Ag (Neu) Npv 'A' Sarnpo Gy-A Shares Sanofi-Aventis SA5 AB Stmicroelectronics Nv Stora Enso Oyj Ser 'R' Npv

259.227 836,107 926,612 565.438

4,338,820 594,354 381.232

3.345.1 55 1,079,024

948.640 4.1 22.1 09

883,992 472,906 670,944 609,579 876,388 776.069

5.426.31 8 1,298,274 2,070.876

746,797 4.747.3 12

920,365 382,07 6

55.612 667,837

1,366,905 416,093 300.280

1,310,398

1,247,006 M8.766 900,007

776,299 639,497

1.639.1 34

666.774 981,608

9,072.103 1.01 9,372

34,505 39.180

877,285

4,624,583

2.3~8.534

338,881

62a.107

i.208.00a

1,954,986 2 18.425

5,427,404 2,461,134

369.787 587.079

6.51 7,280 146,735 ao6.110

1,222,800

0 2 1 0 68 0 75 0 46 3 53 o 48 0 31 2 73 0 88 0 77 3 35 0 72

0 55 0 50 0 71 0 63 4 42 1 06 1 68 0 61

0 75 0 31 0 05 0 54 3 76 111 0 34 0 24 107 1 92 101 0 69 0 73 0 28 0 63 0 52 0 51 133

0 54 0 80

o 38

3 87

o 98

7 38 0 83 0 03 0 03 0 71 1 59 o 18 4 41 2 00 0 30 0 40 5 30 0 12 0 66 0 99

Unaudited Semi-Annual Report ,



Equities Traded on an Official Stock Exchange (continued) 250,446 Super De Boer

50,870 5,526 Swiss Life Holding

18,665 Swiss Reinsurance 16.852 Swisscorn Ag

1,366,556 Telecorn ltalia Spa 75,485 Telefonica Sa

177,369 Teliasonera Ab 191,689 Thornsonlex-TMM 72.2 15 fietoenator Oyj 49.893 Total Fina Elf Sa

61,252 Upm-Kyrnrnene Oyj 38,102 Valeo 90.330 Vivendi Universal Sa

31 5,175 Wolters Kluwer Cva

Svenska Handelsbanken Ser 'A' Npv

269,824 Unilever Nv

7.494 Zurich Financial Services

767,617 770.573 930.908 779.903

3.571.878 1,400,037 1,268,525

642,158 924.352

2,689.981 4.834.572

636,715 764.898

2,168,823 4,707.139 1.204.709

806,732

0.62 0.63 0.76 0.63 2.91 1.14 1.03 0 66 0.52 0.75 2.19 3.92 0.52 0.62 1 7 6 3.83 0.98 . .

Total Equities Traded on an Official 117,876,648 95.87 Stock Exchange Total Listed Securities 117376.648 95.87 Total Investments 1 1 7 . 8 7 6 . ~ 95.87


5,767.654 4 69 1,137.311 093

Other Liabilities (1,833,428) (1.491 Net Asset Value 122,948,185 10000


29

Aviva Investors - European Value Equity Fund (con t i n u ed)



% of net assets


% of net assets

Pharmaceuticals Telecommunications Food Oil & Gas Media & Multimedia Insurance Banks Beverages Media Forest Products & Paper Electrical Equipment & Services Biotechnology Household ProducWWares Computers Electronics & Semiconductors Auto Parts & Equipment Home Furnishings Building Societies Miscellaneous Manufactures Financial %Nice5 Metal Commercial Services

22.00 21.94 12.15 6.80 5.59 4.83 4.74 4.47 3.47 2.02 1.36 0.91 0.88 0.75 0.66 0.62 0.52 0.50 0.48 0.48 0.34 0.24

Airlines 0.12 Total Investments 95.87

Cash at Bank 4 69 other Assets 0.93 Other Liabilities (1.49) Net Asset Value 100.00

France SwiQerland Netherlands Germany Italy United Kingdom Finland Belgium Sweden Spain Greece Denmark Portugal Total Investments


22.71 18.06 17.32 9.73 6 10 5.53 4.62 4.59 2.55 1.96 1.11 0.88 0.71

95.87

4.69 0.93

Other Liabilities (1.49) Net Asset Value 100 00


30

Aviva Investors - French Equity Fund Unaudited Semi-Annual Report


ass& Value net

Listed Securities

EquitiesTraded on an Official Stock Exchange 31.115

6,397 47,449 89,967 41,098 36,510 27,024 59.040 11,262 12.644 13,077 34,505 26,535 23,474

107,787 33,734 71,110 64.275 12,769 2 1,883

6.769 16,042 23,812 23,787

6.830 43.179 20,638 52,370 36.989 68.644 13.629

113,326 9,720

53.695 46,019

Air Liquide Alstom Rgpt Arcelor Npv Axa Bnp Paribas Bouygues Cap Gemini SA

Carrefour Sa

Casino Guichard Perrachon Clarins Eur8 Compagnie De Saint-Gobain Electricite De France Essilor International Eutelsat Communications France Telecom Sa Groupe Danone Groupe Eurotunnel SA Groupe Eurotunnel SA lmerys Sa Korian Promesses Lafarge Sa L'Oreal Lvmh Moet Hennessy Loui V Sa Pernod-Ricard Pinault-Printemps-Redoute Sanofi-Aventis Schneider Electric Sa Societe Generale-A Stmicroelectronics Nv Suez Sa TechnipCoflexip S A Total Fina Elf Sa

Vallourec (Usin A Tub De Lor Escaut) Vinci S.A. Vivendi Environnement

2,576,633 927,341

2,976,239 1,692,354 2,354,299 1,548.389 1.01 1,103 2,091,197

811.371 611,464 521,249

2,044,421 1.01 7,352

413,495 2.022.084 1,493,476

707.545 639.21 5 588.523 521,472 651,956

1,085,211 1,563,806 1,520.822

482,437 1,818.268 1,404,829

246,476 2,939,336

785,712 6.1 09,971 2.1 32.762 2,069,405 1,636,436

2,879,564

4.37 1.57 5.05 2.87 3.99 2.63 1.71 3.55 1.38 1.04 0 88 3.47 1.73 0.70 3.43 2.54 1.20 1.08 1 .oo

1.11 1.84 2.66 2.58 0.82 3 08 2.38 4.88 0.42 4.98 1.33

10.36 3.62 3.51 2.77

0.88

1 14.148 Vivendi Universal Sa 2,740,633 4 65

Total Eauities Traded on an Official Stock 56,649,536 96.06 Exchange

Warrant Traded on an Official Stock Exchange 157,826 Amboise Promesses Eur Call Warrant 16,572 0.03

7.5% 19/09R008 Total Warrant Traded on an Official Stock 16.572 003 Frrhanne

3- _^_..I.. Total Listed Securities 56.666.108 96.09 Total Investments 56,666,108 96 09

Cash a t Bank 2,419,043 4.10 Other Assets 31,255 0.05 Other Liabilities (141.026) (0.24) Net Asset Value 58.975.380 100 00

Economic Division of Investments a5 at 30 June 2008

% of net assets

Oil & Gas 10.36 Banks 8.87 Water 7.75

Food 7.47 lrodteel 5.05 Media & Multimedia 4.65 Chemicals 4.37 Telecommunications 4.13 Metal 3.62

Pharmaceuticals 3.08

Engineering & Construction 7.47

Electrical Equipment & Services 3.47

Building Societies 2 99 CosmeticvPersonal Care 2.88 Insurance 2.87 Holding Companies 2.66 Healthcare-Products & Services 2.61 Beverages 2.58 Hand & Machine Tools 2.38 Transportation 2.28

Machinery 1.57 Computers 1.71

Retail 0.82 Electronics & Semiconductors 0 42 Investment Companies 0.03 Total Investments 96.09

Cash at Bank 4.10 Other Assets 0.05 Other Liabilities (0 .28 Net Asset Value 100.00


% of net assets

France 96.09 Total Investments 96.09

Cash a t Bank Other Assets

4.10 0.05

The accompanying notes form an integral part of these financial statemenfs.

31

Aviva Investors - GBP Reserve Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As a t 30 June 2008 (in GBP) Nominal Description Market % of value Value net

assets Listed Securities

Bonds Traded on an Official Stock Exchange 1.31 5,000

2,000,000

1,000,000 1,000,000

600.000 1.496.722

2.000.000 2.000.000

2.000.000 2,000.000 2.000.000

500,000

1,000,000

51,126

1,000,000 900,000

1,500,000

1,000,000 1,350,000

1,500,000

2,200.000 2,000,000 2,000.000

600,000 800.000

600,000 700.000

3,000,000 5,000,000 1,500,000

3,000,000

2.000.000

1,000,000

2,000,000 1,500,000

1,000,000 1,000,000

500,000

5,000,000 1,800,000

500.000 1,000,000

Alliance + Leicester Group FRN 30/11/2009 Allied Irish Banks Fltg Rate Nts

Anglo Irish Bank FRN 6.34% 26/10Q009 Anz Banking Group Ltd FRN 06/10/2008 Arkle Master Issuer Pic 17/U2/2052 Arran Residential Mortgages FRN 12M4R056 Banco Bilbao Viscaya FRN 24/02/2010 Bank of America Credit FRN 5.28% 02102RO11 Bank of Ireland FRN 20/090010 Bank of Nova Scotia FRN 07/07/2008 Barclays Bank PIC 02/07/2010 Dexia Banque Internationale Lux 09/07/2008 Santander lntl Debt Unipersonal 1 1 /1 OR01 0 Celtic Residential Irish Mtg Sec '1 1 FRN 14/12/2O48 Citigroup Inc 5.62% 10108R011 Citigroup Inc Fltg Rate NE 6.37% 1m1/2012 Credit Agricole lndosuez 5.5%

Credit Agricole Sa 5.81 % 22/06/2009 Deutsche Bank Ag Mtn 6.32% ZM14R012 Den Norse Bank Asa Emtn FRN 6.12%

Fosse Master Issuer lW1 OR054 GE Capital Uk Fund Fr Emtn 30mlR012 GE Capital Uk Funding 6.38% 1 0/08/2009 Gracechurch Mortgage Financing PIC Granite Master Issuer PIC 5.37% 20/12/2054 Holmes Master Issuer PIC 15/07/2040 Holmes Master Issuer PIC 6.1 1 %

ING Bank 5.75% 06iUW008 ING Bank 5 7% 07/08/2008 Irish Life & Permanent Fltg Rate Nts 22/01/2010 JPMorgan Chase & Co Fltg Rate Nts

Lambda Finance Bv Fltg Rate Ntr 15/11/2029 Leeds Building Society 5.57% 05m9/2009 Lehman Brothers FRN 6.7% 01/06R009 Merrill Lynch & t o Inc Fltg Rate Nts

National Australia Bank FRN 23/03/2009 Nationwide FRN 07/07/2009 Newcastk Building Society 5.33% 16/11/2009 Nordea Bank Finland 6.30% 24/07/2008 Oko Bank Fltg Rate Nts 21/1lROll Permanent Fn Series 1010612042 Royal Bank of Canada Emtn 5.18% 08104nO10

20/02/2012 6.56%

i 4 m a ~ o o 8

08/07/2008

1 5 n 7 ~ 0 4 0

6.14% 27mmoi2

2 1 m2/2012

1,275,124

1,999,299

986.029 998,528 588,071

1.476.41 3

1,389,444 1,370,017

1.972.61 5 1,999,831 1,976,032

500,085

986.656

50,891

970.823 860,815

1.498.752

998,633 1,329,601

1,500,026

2,135,360 1,338,803 1,992,543

597,302 772,160

587,246 687.758

3,000,000 5,000,000 1,460,452

2,909,205

1.919.600

996.641

1,541,428 1,359,828

995.733 988.406 498.533

5,000,000 1,783,330

498.883 998,434

1.41

2.21

1.09 1.11 0 65 1.63

2.20 2.18

2.18 2.21 2.19 0.55

1.09

0.06

1.07 0.95

1.66

1.11 1.47

1.66

2.36 2.15 2.21

0.66 0.85

0.65 0.76

3.32 5.54 1.62

3.22

2.13

1.10

2.15 151

1.10 1.03 0.55

5.54 1.98 0.55 1.11


Market %of Value net


BondsTraded on an Official Stock Exchange (continued) 2,500,000 Royal Bank Canada 2,463,165 2.74 2,000,000 Royal Bank Scotland GRP PLC 2,000.200 2.22 1,000,000 Skipton Building Society 5.67% 999,794 1.11

12/05/2009 1,750,000 Suntrust Bank Fltg Rate NtS22/06/2012 1,684,342 1.87 3,500,000 Svenska Handelsbanken 5.87% 3,500,145 3.88

06/07/2008 2,000,000 WesSpac Banking Corp 29/01/2010 2,000,000 2.21

Total Bonds Traded on an Official Stock 76,650,296 84.86

Total Listed Securities Unlisted Securities

76,650,236 84.86

Unlisted Bonds 2,000,000 Wells Fargo FRN 07/t)2/2011 1,965,459 2.18

Total Unlisted Bonds 1,965,459 2 18 1,965,453 2 18 Total Unlisted Securities

Total investment 78.61 5,755 87 04

Cash a t Bank 10,587,447 11.72 1,210,828 1.34 Other Asets

Net Asset Value 90.326.696 100.00 Other Liabilities (87,334) (0.10)


% of net assets

Banks 59.51 Financial Services 18.87 Diversified Sewices 2.91 Real Estate 2.82 WL Collateral CMO 1.63 Holding Companies 0.65 Biotechnology 0 65 Total Investments 87.04


11.72 1.34

Other Liabilities (0.10) Net Asset Value 100 00


32

Aviva Investors - GBP Reserve Fund (con t i n u ed)


% of net assets

United Kingdom 40 85

United States of America 12 99

Ireland 11 52 Canada 6 05 Netherlands 4 28 Australia 3 31 Spain 3 29 Austrla 1 98 Norway 1 66 France 111 Total Investments 87 04

I




33

Aviva Investors - Global Convertibles Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in USD) Quantity/ Dexription Market % of Nominal value Value net

Listed Securitres


assets

24,500 6,000

70,000 23 5.000

4,040,000 3,500

395.700 6,500,000

7,000 100,000

4,750

Bank of America Corp Bunge Ltd Chesapeake Energy Corp Prd Conv Citigroup Inc Energy Photovoltaics Inc 144A Fuelcell Energy Inc Ser '6' General Motors Corp JPMorgan Australia Funding Tsl Lehrnan Brothers Holdings Vale Capital Ltd (Companhia) Wachovia Corp

2 1.g03.000 5,320,182

11.027.800 10,370,550

2.739.625 8,523,378 4.539.31 6 5.902.M5 6,712,500 4,287,843

4. 120.800

2.27 0.62 1.15 1.08 0.43 0.28 0.89 0.47 0 61 0.70 0 45

6.300 Washington Mutual Mtg P/r Ser 'R' 3,676,050 0.38 Total Equities Traded on an Gfficial Stock Exchange


5,600,000

6,400,000

4,000,000 5,000,000 5,900,000

20,500,000 8,000,000

9,000,000

5.300.000 1,100,000,000

425,000,000 7,000,000

20.000.000

4,500,000

7,000,000

4,700,000

11,000,000 7,000,000 8,000,000

8,500,000 3,000,000

55,000,000

3,000,000

4,000,000

2 5,000,000

19,400,000 12,500,000

5,000,000 6,000,000

Abn Amro Bank Nv 0.5% 23/03/2011 Addax Petroleum Corp 3.75% 31/05/2012 Allami Privatizacios Es Vagyonkezelo Rt 1% 28/O9/2009 Allergan Inc 1.5% 01/04/2026 Amdocs Ltd 0.5% 15/03/2024 KAHN Entreprises 15/08/2013 Amgen Inc 0.37% OlB2R013 Amylin Pharmaceuticals 3% 15/06ROl4 Archer-Daniels-Midland t o 0.87% 15/O2/2014 Artemis Conseil2% 31/07/2011 Asahi Breweries Ltd 0% 26/05/2023 Bank of Kyoto 0% 31/O3/2014 Beckman Coulter Inc 2.5% 15/12/2036 Berjaya Land Berhad 8% 15108/2011 BES Finance Ltd 1.25% 2m2/2011 BioTreat Technology 0%

CAIXA ESTALVIS Y PENS DE BARCELONA 3.5% 19B6/2011 Cap Gemini 2.5% 01/01/2010 Capitaland Ltd2.1% 15/11/2016 Central European Distribution Carp 3% 15/03/2013 Chattem Inc 1.62% 01/05/2014 China Medical Technologies Inc 3.5% 15/11R011 China Petroleum & Chemical Corp 0% 24/04/2014 Coeur d'Alene Mines Corp 3.25% 15/03/2028 Compal Electronics Inc 0% 19rn8/2010 Deutsche Bank Ag London 13.05% 1 ox16R009 Emc Corp 1.75% 01/12/2011 Financial Federal Corp 2% 15/04/2034 First Gen Corporation 11/02/2013 Fonis Bank SaNv Var 6.65% 19/12/2049

18/01 no 13

89,723,695

12,862,252

6.43 1.973

11,253,964

4,220,000 4,325,000 4,948,566

17,660,625 6.650.000

9.1 57,500

10,504,536 1 1.259.1 18

4,543,784 7,735,000

6.304.5 14

4,611,296

3,217,385

7,075,370

9,006,607 5,081,229

10,160,000

3,222,500 4,897,500

7.5 73,423

2,587,500

4,561,932

ia.335.000

22,237,250 12,437,500

4.412.500 7,109,654

9.33

1.34

0.67

1.17

0.4 0 51 0 51 1.86 0.69

0.95

1.09 1.17

0.47 0.80

0.66

0.48

0.33

0.74

0.93 0.53 1.05

0.96 0.51

0.79

0.27

0.47

1.91

2.31 1.29

0.46 0.74



Nominal value Description Market % of Value net


Bonds Traded on an Official Stock Exchange (continued) 15,000,000

5,000,000

2,200,000,000 4,550,000

7,675,000

10,000,000

12,000,000 6,000,000

3,000,000

7,500,000 6,000,000

6,000,000 a.ooo,ooo

2,500,000

2,500,000

7,000,000

1,200.000.000

2,500,000

8,000,000

6,000,000

s.000.000

6,500,000 4,500.000

4.000,OM

18,000,000 12.000.000

4,500,000 7,000,000

17,000,000

6,000,000 26,500,000

9,000,000

5,000,000

2,000.000

2.22 7.72 9

5,000,000

Ford Motor Co 4.25% 15/12/2036 Fortfinlux SaAegs Perpetual FRN 5.95% 31/12/2049 Fujitsu Limited 0% 27/05/2009 Global Crossing Ltd 5% 15/0SR011 HCC Insurance Holdings 1.3% 01/1)4/2023 Health Care Reit Inc 4.75% 0111 2R026 Hologic Inc Var 15/12/2037 lmmofinanz Ag 1.25% 19/11/2017 lndowind Energy 2.5% Mtn 22/12/2012 Intel Corp2.95% 15/12/2035 INTL POWER FIN 111 LTD 4.75% 05/06/2015 101 RESOURCES (L) BHD lsis Pharmaceutical 2.625% 15/02/2027 IVG Finance Bv 1.75% 2 9B3R 0 1 7 JA Solar Holdings Co Ltd 4.5% 15/05/2013 Jaiprakash Associates 0%

Keystone Capital Corp 0.1 % 04tD4/2013 Klockner & Co Finance lntl 1.5% 27/07/20 12 L-3 Communications Corp 3%

LG.PHILIP5 LCD CO LTD 0% 18rt34/2012 Linear Technology Corp 3.12% 01 /05/2027 Macerich t o 3.25% 15/03/2012 Magnolia Finance Cnv Perpetual FixTo Float 4% 31/12/2049 Mannkind Corp 3.75% 1 5/12/2013 Medtronic Inc 1.62% 15/04/2013 Merrill Lynch & Co Inc 0.47% 13103/2032 Michelin France 0% 01/01/2017 Nabors Industries Inc 0.94%

National Bank of Abu Dhab

Netapp Inc 1.75% Ol/O6/2013 Network Healthcare Holdings 6% Gtd 3011 1/2011 Newmont Mining Corp Sr Nt Cv1.62% 15/O7/2014 Nobel Biocare Investments Nv 1 % Cb 08/11/2011 Nokian Renkaa (Nokian Tyres) 0% 27B612014 North Star Natural Gas 5% 15/05/2013 Novagold Resources Inc 5.5%

12/09/2012

oimano35

i m 5 ~ 0 i i

28/02/2018

oim5/2ois

11,250,000

5.1 32,172

20,736.192 4,641,000

8,193,063

10,737,500

10,305.000 8,203,994

2,550,000

7,350,000 9,233,332

5,535,000

9,280,000

2.1 75,499

2,265,625

7,297.500

12.1 54,277

3,12 7,304

a,goo,ooo

6.237.288

4,931,250

5.395.000 7.277.759

2,160,000

19,237,500 12,376,800

6.286.887 a.645.000

4,483,672

5,887,500 2,525,612

11,790,000

4.304.839

3.243.21 0

2,127,481

4,950,200

117

0 53

2 16 0 48

0 85

112

107 0 85

0 27

0 76 0 96

o 58 0 96

0 23

0 24

0 76

125

0 33

0 93

0 65

0 51

0 56 0 76

0 22

2 00 129

0 65 0 90

0 47

0 61 0 26

123

0 45

0 34

0 22

0 51

34

Aviva Investors - Global Convertibles fund (con tin ued)

Schedule of Investments and Other Assets As a t 30 June 2008 (in USD) (continued) Nominal value Description Market 96 of

Value net assets


Bonds Traded on an Official Stock Exchange (continued) 9,000,000 5,500,000

4,000,000

19,000,000

16,000,000

10,000,000

2.000.000

4,500,000

6,000,000

8,000,000 3,000,000

10,000,000 10,000,000

8,000.000

7,500,000

1,000,000,000 8,500,000

12.200.000

1,600.000.000

4,000,000

6.000.000 2,400.000 5,000,000

8,000,000

1,000,000,000

2,500,000

16,000,000

6,000,000

5,000,000 14,000,000

35,000,000

2.000.000

4.000.000

5,000,000

5,000,000

8,000,000

Paka Capital Ltd 0% 12/03/2013 ParpublicaParticpacoes Public Sgps2.692 16/12/2010 Portugal Telecom lnU Finance Bv 4.12% 28x18/2014 Prologis Trust2.25% 01 /04/2037 Prudential Financial Inc 15/12/2037 Prudential Financial Inc 3.51 % 1 511 212037 Punch Tavern Conv 5% 11/12/2010 Q-Cells International 1.375% 28/02/2012 Qwest Communications 3.5% 191 1/1025 Rafflesia Capital Ltd 04/10/2011 RASER TECHNOLOGIES INC 8%01/04/2013 Red Hat Inc 0.5% 15/01/1024 Regenron Pharmaceutical 5.5% 17/10/2008 Reliance Communications Ltd 0% 01/03/2012 Seadrill Ltd 3.625% Cnv Bds ow1 1 n o 1 2 Sharp Corp 0% 30/09/2013 Shire2.75% 09/05/2014 Sonata Securities Sa 1.5% 09/12/2010 Sony CorporationAegs 0%

S t Mary Land & Explorabon 3.5% 011WR027 Sterling Biotech 0% 16105/2012 Subsea 7 Inc 2.8% ObO6RO11 Sunlech Power Holdings Co 3% 151U3R013 Suzlon Energy Ltd 0% 11/10/2012 Suzuki Motor Corp 0%

Swiss Reinsurance 6% 15/12/2008 Syrnantec Corp 0 75%

Tamwell Funding Ltd

Tab Steel 1% OSx19R012 Teva Pharm Finance LLC 0.25%

Transocean Inc 1.625% 15/12/2037 Verenium Corp 5.5% 01 /Om027 Waste Connections Inc 3.75% 01 /04R026 Weather Capita 4.75% 2 71021201 3 Wesco lnU Inc Sr Db Cv 1.75% 15/11R026 Xilinx Inc3.12% 15/03/2037

is/ i2nooa

29/03/2013

immoi 1

23/01/2013

oim2/2026

8,392.500 9,245,771

6,037,887

17,385,000

15,380,000

9,612,500

3.1 66.1 67

8.032.1 93

5.865.000

9,298,640 3,753,750

10.275.000 10,073,078

8,327,920

8,147.2 50

9,470,038 7,210,618

11,867,354

15,375,834

5,425,000

5,736,000 2,796,240 5.687.500

7,850,400

10.1 09,123

1,771,064

18,400,000

6,375,000

5.71 1,470 14,385,000

39,812,500

802,500

4,455,000

7,748,611

4,218,750

7,590,000

0 87 0 96

0 63

181

1 60

1 00

0 33

0 83

0 61

0 97 0 39

1 07 1 05

0 87

o a5

0 98 0 75 123

1 60

0 56

0 60 0 29 0 59

0 82

105

0 18

191

0 66

0 59 1 50

4 14

0 08

0 46

0 81

044

0 79


Nominal value Description Market % of Value net


Bonds Traded on an Official Stock Exchange (continued) 46,000,000 Yue Yuen Industrial Holdings 5,987,202 0.62

0%17/11/2011

Official Stock Exchange Total Bonds Traded on an a0.9so.0~4 87.72

Warrant Traded on an Official Stock Exchange 184,614 Expedia Warrants Exp 33.231 000

mmsnoi 7 Total Warrant Traded on an 33,231 0.00 Official Stock Exchange Total Listed Securities 933,706,980 97.05

Unlisted Securities

Unlisted Bonds 5.000.000 Dana Gas Sukuk Ltd 7.5% 4.932.500 0.51

12,300,000 Genzyme 1.25% 01/12/2023 13,714,500 143 Total Unlisted Bonds 18,647,000 1.94 Total Unlisted Securities 18,647,000 1.94 Total Investments 952,353,380 98 99

3 1/1 OR01 2

Cash at Bank 7,382,757 0.77 Other Assets 15,618.042 1.62 Other Liabilities (13,315,851) (1.38) Net Asset Value 362,038,928 100.00


35

Aviva Investors - Global Convertibles Fund (con t i n ued)


% of net assets

Diversified Financial Services Banks Diversified Services Software Pharmaceuticals Biotechnology Holding Companies Computer & Computer Services Transportation Insurance Auto Manufacturers REKS Electrical Equipment & Services Mining Energy Beverages Special Purpose Entity Real Estate Telecommunications Healthcare-Products & Services Oil & Gas

Energy-Alternate Sources Home Furnishings Electronics & Semiconductors Agriculture Investment Companies Media & Multimedia Medical Engineering & Construction Rubber Apparel Iron/Steel Electric Machinery-Diversified Auto Parts & Equipment Retail Total lnvestmenls

10.08

8.71 9.78

5-18 5.15 4.34 4.34 4.18 4.14 3.63 3.11 2.93 2.63 2.57 2.41 2.23 2.20 2.12 2.1 1 2.00 1.98 1 .85

1.60 1.41 1.20 1.17 0.93 0.77 0.76 0.65 0.62 0.59 0.46 0.39 0.34 0.33

98 99




% of net assets

United States of America 52.39 Japan 7.42 India 3.90 Cayman Islands 3.56 Malaysia 3 08 Luxembourg 2 90 Germany 2.74 France 2.68 Netherlands 2.20 United Kingdom 1.59 Bermuda 1.57 Jersey 1.47 China 1.30 Canada 1.18 Hungary 1.17 United ArabErnirates 1.13 Portugal 0.96 Norway 0.85 Austria 0 85 Channel Islands 0.76 Spain 0.74 Belgium 0.74 South Korea 0.65 Swiberland 0.63 Singapore 0.53 Australia 0.47 Taiwan 0.47 Philippines 0.46 Finland 0.34 South Africa 0.26 Total Investments 98.99

Cash a t Bank 0 77 Other Assetr, 1.62 Other Liabilities (1 38) Net Asset Value 100 00

I


36

Aviva Investors - Global Equity Focus Fund

Schedule of Investments and Other Assets As a t 30 June 2008 (in USD) Quantiv Description Market %of

assets Value net

Listed Securities

Equities Traded on an Official Stock Exchange 23.858 18,815 26.548

9,744 7,546

26,592 13,236 3,422

15.810 21,790

9,332 34,030

5,894 213,230

8,745 17,482 49,836

4,517

4,655 23.068 24,185

189 11,789

260.933 35,528 2,615

41,360 65,200 66,433 13,595 16,381 26,392 27,440 26,548 18,123 9,810

13,278 25,153 31,334 18,132 46.152 22,893

8,290 9,394 3,435

50,000 14,445

ABB Ltd Aflac Inc Altria Group Ameriprise Financial Inc Apple Inc torn Stk Npv AT & T Inc BE & t Corp Canadian Natural Resources Ltd Celgene Corp Cornpagnie Financiere Richemont Ag Credit Suisse Group CSL Npv Deutsche Boerse AG Dp World Ltd E.On Ag Eurasian Natural Resources Cor Eutelsat Communications Evraz Group Sa Gdr Each Repr 1/3 Ord'Regs' Fording Canadian Coal Trust Gilead Sciences Inc Imperial Tobacco Group Japan Tobacco Inc Leighton Holdings Ltd Li & Fung L t d Microsofl Corp Murphy Oil Corp Nestle SA Nomura Holdings Inc Norsk Hydro ASA Oao Gazprom-Spon Adr Outokurnpu Technology mens-Illinois Inc Petroleo Brasilelro S.A. Adr Philip Morris International In Praxair Inc Reckitt Benckiser Group PIC Ord Schlurnberger Ltd Shoppers Drug Mart Corp Sun Hung Kai Properties Suncor Energy Inc Tele2 Ab Ser 'E' Npv Telefonica Sa Therrno Electron Corp Total Fina Elf Sa Unibanco Gdr United Overseas Bank Ltd United Technologies Corp

674,424 1,186,004

540.119 407.786

1,283,612 871.819 314,024 340,912

1,001,484 1,204,846

424,995 1,169.569

653,981 186,576

1,754.01 5 458,473

1,385,660 527,360

432,619 1.220.874

895.287 812,344 582,210 787.989 982,172 251,825

1,870,598 973.097 985,260 791,229

1,025,731 1,105,165 1,555.848 1,322,356 1,714,979

496,571 1,407,136 1,385,857

424,909 1.069.077

891,846 607,256 458.934 799.4d9 435,249 685.763 882,878

1.57 2.77 1.26 0.95 3.00 2.03 0.73 0.80

2.34 2.81 0.99 2.73 1.53 0.44 4.08 1.07 3.23 1.23

1.01 2 85 2.09 1.90 1.36 1.84 2.29 0.59 4.37 2.27 2.30

2.39 2.58 3.63 3.09 4.00 1.16 3.28 3.23 0.99 2.50 2.08 1.42 1.07 1.87 1.02 1 60 2.06

1 .a5

44.220 Yellow Pages Income Fund 399.093 0.93 Total EquitiesTraded on an Offlcial Stock 41,639,260 97.18 Exchange



Market % o f Value net


Mutual Funds Traded on an Official Stock Exchange 34.865 ishares DOW Jones US Regional 947,631 2.21

Total Mutual FundsTraded on an Wfficial 947,631 2.21 Stock Exchange Total Listed Securities 42,586,891 99.39 Total lnvestmenfs 42.586.891 99.39

Cash a t Bank 337,203 079 Other Asset 73,194 017 Other Liabilibes (150.278) (0 35) Net Asset Value 42,847.010 100 00


% of net assets

Oil & Gas 14 51 Telecommunications 8.76 Agricutture 8 34 Retail 6.04 Diversified Financial Services 4.75 Food 4.37 Banks 4.34 Electrical Equipment & Senices 4.09 Chemicals 4 00 Computers 3.00 Engineering & Construction 2 93 Pharmaceuticals 2.85 Insurance 2.77 Diversified Services 2.73 Packaging & Containers 2.58 Machinery 2.39 Medical 2.34 Miscellaneous Manufactures 2.30 Software 2.29 Funds 2.21 Aerospace & Defense 2 06 Distribution & Wholesale 1.84 Ironfiteel 1.23 Household Produckwares 1.16 Mining 1.07 Electronics 1.07 Coal 1.01 Real Estate 0.99 Media 0.93 Transportation 0.44 Total Investments 99.39


0.79 0.17


The accompanying notes form an integral part of these financial staternenfr,

37

I

Aviva Investors - Global Equity Focus Fund (con t i n ued)


% of net assets

United States of America SwiDerland Canada Germany France Brazil Japan Australia Netherlands Antilles United Kingdom Russia Hong Kong Finland Norway Sweden Singapore Spain Kazakhstan

33.81 9.74 8.47 5.62 5.10 4.65 4.17 4.09 3.28 3.25 3.08 2.83 2.39 2.30 2.08 1.60 1 42 1.07

United Arab Emirates 044 Total Investrnenk 99.39




38

Aviva Investors - Global RElT Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As at 30 June 2008 (in EUR) Quantity Description Market %of

assets Value net

Listed Securities

EquitiesTraded on an Official Stock Exchanqe 56.924 21.000 16.574 30,620

17.890 652.932 738,000 492.000 127,775 83.795

1,359,722 22 5.91 3

34.843 26.148 44,134 35.400 36,722 27,114

6,146 1 1,792 16,401 8.767

73,077 864.020 988,000 22,373 26.291 80.655

24d.967 80

413,000 69,695 18.756 39,800

2 18,000 132,000

536 386

11,997 45,386

6.864

97,836 34.1 67

1,049,000 16,137

2U.350 25,000 29,040 2 1,000 21,035 22,950

195.363 1.356.939

i a . 9 ~ 0

Allied Properties Real Estate Inv Trust AMB PropeQ Corp Avalonbay Communities Inc Boardwalk Real Estate Investment Tr Trust Units Boston Properties Inc Capitacommercial Trust Capitaland L td Capitamall Trust Castellum Ab Chartwell Seniors Housing Real China Resources Land Ltd Citycon Oyj Corporate Office Propertes Derwent Valley Holdings Dic Asset Ag Npv Digital Realty Trust Inc Douglas Ernmen Inc Dundee Real Estate Investment Essex ProDeRy Trust Inc Corn Stk Eurocastle Investments Ltd Npv Federal Realty lnvs Trust Fonciere Des Regions Gagfah SA GPT Group Hang Lung Properties Health Care Reit Inc Corn Stk Healthcare Realty Trust Inc Corn Stk Helical Bar Hysan Development t o Ltd Japan Real Estate Investment C Kerry Properties Ltd Land Securities Group Macerich C d h e Medical Properties Trust Inc Mitsubishi Estate Co Ltd Mitsui Fudosan t o Ltd Nippon Commercial Investment C Nippon Residential Reit

Post Properties Inc Prologis Public Storage Corn Stk Regency Centers Corp Segro PIC Ord Simon Property Group Inc Sino-Ocean Land Hldgs 5L Green Realty Corp Stockland Sun Hung Kai Properties Tanger Factory Outlet Center Unibail Ventas Inc Vornado Realty Trust Westfield Group Yanlord Land Grouo Ltd NDV

722,229 668.336 925,643 720,103

1.019.825 585,589

1,954,704 684,232 794.795 473.070

1,189,693 710,496 754.937 3A0.097 712,323 911.660 507,750 535,801 416,508

71,047 72 1,054 680.538 674,866

1.203.026 2,004,618

630,674 395,502 300,673 425,386 538.589

1.368.086 1,084,103

738.025

3,184,285 256.81 1

1,801,146 966,574 740,163 224.21 5

1,547,371 345.929 706,453 491,233

i.g6~.74a 375,397 845.417 869,513

659,285 3,073,350

559.707 1,268,069 1.943.888 1.172.731

214,778

1 46 1.3s 1.88 1.46

2 07 119 3.96 1.39 1.61 0.96 2.41 1 .A4 1.53 0.69 1 .A4 1.85 1.03 1.09 0.84 0.14 1.46 1.38 1.37 2.44 4.07 1.28 0.80 0.61 0.86 1.09 2.77 2.20 1.50 0.52 6.46 3.65 1.96 1.50 0.45 3.14 0.70 1.43 1.00 3.99 0.76 1.71 1.76 0.44 1.34 6.23 1.13 2.57 3.94 2.38 , , - . .

Total Equities Traded on an Offtcial 48,677,041 98 68 Slock Exchange


assets Ltsted Securities (continued)

Mutual Funds Traded on an Official Stock Exchange 81,538 Prologis European Properties 744,850 151

Total Mutual Funds Traded on an 744850 1.51 Official Stock Exchange Total Listed Securities 49,421.891 100.1 9 Total Investments 49.42 1.831 100.1 9

Other Assets 369.632 0.75 (2 12.2 55) (0.43) Bank Overdraft

Other Liabilities (252.110) (0.51) Net Asset Value 49.327.158 100.00


% of net assets

Real Estate REITS

58.98 39.70

Funds 1.51 Total Investments 100.13

Other Assets 0 75 Bank Overdraft (0 43) Other Liabilities (0 51) Net Asset Value 10000 I

I Geographic Division of Investments as at 30 June 2008 I

% of net assets

Umted States of America 29 76 Japan 18 85 Singapore 8 92

Australia 8 14

1 Hong Kong 889 . France 7 61 i Canada 4 97 I Uniled Kingdom 4.50 Cayman Islands 2.41 Sweden 1.61 Luxembourg 1.51 Germany 1.44 Finland 1.44 Channel Islands 0.14 Total Investments 100.19

Other Assets Bank Overdraft

0.75 (0.43)



39

Aviva investors -Japanese Equity Fund Unaudited Semi-Annual Report

Schedule of Investments and Other Assets As at 30 June 2008 (in JPY) Quantity Description Market Value % of

net assets

Listed Securities

Equities Traded on an Official Stock Exchange 33.600 150,000 34,000 63,000 159,000 57,000 49.000 110,000 213.000 65.000 60,000 125,000 297.000

2 90 395

39.000 6,100 27,000 15,000 174,000 b4.200 140,000 20,000 49,200 48,000

55 60,000

140 95.000 86,000 56,000

235 135,000 541,000 125,200 32.000 79,000

1 1 5,000 34,400 35,000 170,000 41,000 146,100 249.000 52,000 683.000 204.000 280.000

76,000 113,000 31.000

2 60 600

23.400 51,000 8.000 61.000 587,000

730 150

Aisin Seiki Co Npv Ajinomoto Co Inc Aoyama Trading Co Ltd Bank of Kyoto Ltdllhe Bank of Yokohama Ltdllhe Canon Int Casio Computer Co Ltd Chiba Bank Ltdme Daicel Chemical Industries Daiichi Sankyo Co Lld Daiwa House Industry Co Ltd Daiwa Securities Group Inc Denki Kagaku Kogyo K K Dentsu Inc East Japan Railway Co Eisai Co Ltd Fanuc Ltd Fujirebio Inc Hamamatsu Photonics Kk Hino Motors Npv Hitachi Chemical Ca Npv Hitachi Lld Hokkaido Electric Power Co Inc Npv Honda Motor Co Ltd Hoya Corporation lnpex Holdings Inc Npv l T Holdings Corp Japan Tobacco Inc Kamigumi Co Ltd Kansai Electric Power Co InuT Kao Corp Kddi Corporation Kirin Brewery Co Ltd Kobe Steel Ltd Komatsu Npv Konami Corp Koyo Seiko Co Ltd Kubota Corp Lawson Npv Mabuchi Motor Co Npv Matsushita Electrlc lndust Millea Holdings Inc Mitsubishi Corporation Mitubishi Electric Cerp Mitsubishi Estate Co Ltd Mitsubishi Tokyo Financial Group Inc Mitsui & Co L t d Mitsui Engineering & Shipbuilding Npv Mitsui Fudosan Co Ltd Mitsui O.S.K. Lines Ltd Mitsui Sumitomo Insurance Group MiZuho Financial Group Inc NET One Systems Co Ltd Nidec Corp Nikon Cerp Nintendo Co Ltd Nippon Electric tlars Co Ltd Nippon Steel Corporation Nippon Telegraph &Telephone Nippon Unipac Holding

116,928,000 150,600,000 66,470,000 63,867,000

1 1 6,706,000 31 1,220,000 59,241.000 81,840,000 127,374,000 190,125,000 59,880.000 122,000,000 117,018,000 65,250,000 341,675,000 146,250,000 63,2 57,000 68.71 5,000 41,325,000 114,492,000 140.91 9,000 107,240,000 43,200,000 177,612,000 1 1 7,840,000 73,700,000 128,100,000 63,420,000 76,285,000 21 3.71 0,000 155,960,000 154.1 60,000 223,830,000 164,464,000 370,592,000 118,720,000 133,036,000 87,745.000 177,848,000 201,600.000 389,300,000 169.740.000 51 1,350,000 285,105,000 126.360.000 €42,703,000 478,380,000 94.080.000

172.520.000 170,969,000 1 1 3,460,000 128,960,000 71,400,000 165,438,000 158,100,000 479.200.000 112,057,000 337.52 5,000 379,600,000 43,500,000

0.73 0.94 0.41 0.44 0.73 1.94 0.37 0.51 0.79 1.18 0.37 0.76 0.73 0.41 2.13 0.91

0.39 0.43 0.26 0.71 0.88 0.67 0.27 1.10 0.73 0.46 0.80 0 40 0.48 1.32 0.97 0 96 1.39 1.02 2.30 0.74 0.83 0.55 1.11 1.26 2.43 1.06 3.19 1.78 0.79 4.00 2.98 0.59

1.08 1.07 0.71 0.80 0.44 1.03 0.99 2.98 0.70 2.10 2.37 0.27

Quantity Description Market Value % of net assets


Equities Traded on an Official Stock Exchange (continued) 64,000 135,000 130,000 22,900 95,500 27,000 12,000 14,000 1,600

130,000 5,000 17,400 70.000 170,000 84.000 24,000 48,900 83,000 13,500 83.000 89.000

306 52,000 182,000 88,000

556 205.000 41,600 22,000 430,000 60,000 25,000 103,700 27,000 160,000

380 1,800 12.000

Nissan Chemical Industries Npv Nissan Motor Co Nisshin Oillio Group Ltdme Nitto Denko Corp Nomura Holdings Inc Olympus Optical t o Ltd Otsuka Corporation Point lnc Rakuten Npv Rengo t o Npv Rohm Co Ltd Ryohin Keikaku Co Npv Sakai Chemical Industry Co Ltd Sankyo Seiki MFG Co Ltd Seven & I Holdings Co Ltd Shimano Inc Shin-Etsu Chemical t o Npv Shizuoka Bank Ltdllhe Smc CorpAapan Softbank Corp Sony Corp Sony Financial Holdings Inc Npv Square-Enix Co Ltd Npv Sumitomo Heavy Industries Sumitorno Metal Mining Co Ltd Sumitomo Mifsui Financial Group Inc Sumitomo Trust &Banking Co Takeda Chemical Industries Tohoku Electric Power Co Inc Npv Tokyo Gas Co Ltd Toyo Suisan Kaisha Ltd Toyota Industries Corp Npv Toyota Motor Corp Tsumura & Co Npv United Arrows Ltd West Japan Railway Co Npv Yahoo Japan Corp Yamada Denki Co Ltd

83,584,000 1 1 8,395.000 58,240,000 93,432,000 150,221,500 96,930,000 87,960,000 42,560,000 85,760,000 96,070,000 30.550.000 98,832,000 28,630,000 114,580,000 254,520,000 127.920.000 321,762.000 89,972.000 157.005.000 148,570,000 412,960,000 130,662,000 163,280,000 130,858,000 143,264,000 444,244,000 152.1 10,000 224.M0.000 50,820,000 184.040.000 144,000,000 85.000.000 51 9.537.000 73,845,000

1 1 1,680,000 197.980.000 73,620,000 90.720.000

0 52 0 74 0 36 0 58 0 94 0 60 0 55 0 27 0 53 0 60 0 19 0 62 0 18 0 71 159 0 80 2 00 0 56 0 98 0 93 2 56 0 81 1 02 0 82 0 89 2 77 0 95 1 40 0 32 115 0 90 0 53 3 24 0 46 0 70 123 0 46 0 57

Total Equities Traded on an Official 16,008,714,500 99 77 Stock Exchange Total Listed Securities 16,008,714,500 99 77 Total Investments 16,008,714,500 99 77

Cash at Bank 440,083,683 2 74 Other Assets 232.454.005 1.45 Other Llabllities Net Asset Value 16 046 487.570 100 00

(634,764,6183 (3 96)


40

Aviva Investors -Japanese Equity Fund (con t i n u ed)

Economic Division of Investments as a t 30 June Z O O 8

% of net assets

Banks Distribution & Wholesale Auto Manufadurers Chemicals Retail Machinery Transportation Pharmaceuticals Electrical Equipment & Services Telecommunications Home Furnishings Ironfiteel Media & Multimedia leisure Tlme Software Financial Services Miscellaneous Manufactures Food Office I Business Equipment Electric Real Estate Insurance Electronics & Semiconductors Oil & Gas Auto Parts & Equipment Internet Brewery Hand & Machine T w l s Computer & Computer Services Cosmeticflersonal Care Mining Forest Products & Paper Healthcare-Products & Services Shipbuilding Machinery-Diversified Commercial Services Medical Advertising Agriculture Home Builders Instruments-Scientific

.Semiconductors Total Investments

Cash at Bank Other Assets Other Liabilities Net Asset Value

10 76 6 16 5 79 5 68 5 26 4 63 4 42 3 95 3 52 3 33 3 14 3 12 3 03 2 99 2 56 2 51 2 39 2 20 1 94 1 92 167 1 77 165 161 1 5 6 1 46 1 39 1 03 0 99 0 97 0 89 0 87 0 73 0 59 0 55 0 48 0 43 0 41 0 40 0 37 0 26 0.19

99.77

2.14 1.45 (3.96)

100.00



% of net assets

Japan 99.77 Total Investments 99.77

Cash at Bank 2.74 Gther Assets 1.45 Other Liabilities (3.96) Net Asset Value 100.00


41

Aviva Investors - Long Term European Bond Fund


assets

Listed Securities

Bonds Traded on an Official Stock Exchange 42.817.000

8,460,000

8,397,000

13,000,000

20,472,000

80,000

108.000

13.850.000

6,414,000

5,300,000

5.871.000 31,796,000

30,301,000

Belgium Government Bond 31 5.5% 2 e m 2 02 8 Bundesrepublik Deutschland 05 4% ~ m i n 0 3 7 BundesschaQanweisungen 3.5%

Italy Buoni Poliennali Del Temro

France (Government of) 4% TB 25/10/2038 EURl France (Government of) 3.75% Bds 25/04/2017 EURl France Government Bond OAT 4.75% 25/04/2035 Germany (Federal Republic) 5.625% 04/01/2028

1 2 1 ~ 9 ~ 0 0 8

4.75% TB o i m ~ o 2 3

Germany (Federal Republic) 4% Bds 04/01 DO37 Germany (Federal Republic) 4.75% Bds 04B712028 Greece (Republic of) 4.5% 20/09/2037 Greece (Republic of) 4.6% NTS 20x19/2040 Austria (Republic of) 4.3% MTN 15/03/2017

44,730,984

8,085,823

8.382.305

12.2 14,287

17,363,634

74.221

104,201

15,015,124

5.567.1 66

5,189,622

5,005,072 27.296.1 66

29.193.256

24.00

4.33

4.50

6.56

9.32

0.04

0.06

8.06

2.99

2 79

2 69 14.65

15.67

1.000.000 Royal Bank Scotland Group 7 56 FRN 859.315 0.46 Total Bonds Traded on an Official 179.081.1 76 96.12 Stock Exchange Total Listed Securities 179,081,176 96 12 Total Investments 179.081.176 96 12

Cash a t Bank 1.941.566 1.04 Other Assets 5,751,492 3.09 Other Liabilities (472.357) (0.25) Net Asset Value 186.304.877 100.00



% of net assets

Sovereign 95.66 Banks 0.46 Total Investments 96.12


1.04 3.09



% of net assets

Belgium Germany Greece Austria France Italy

24.00 22.67 17.34 15.67 9.42 6.56

United Kingdom 0.46 Total Investmenk 96.12


104 3.09



42

Aviva Investors - Pan-European Equity Fund Unaudited Semi-Annual Report


assets Value net

Listed Securities

Eauities Traded on an Official Stock Exchange 32,967

338,410 22 8,940

35.742

13,111 27,180

674,833

51.832

5,087 41,772

5.387 164.067 23,137

3,473 26,046

357.398 105,410

239,655 77,031 10,620 44,863 85.168

28.552

19,717 9.865

241 19.350 13,200

80,235 126.892

4.159 48,658

3,331

8,488

14,287

2,144 49.568

224,242 9,770

417,880 42.952 17,200

672.735 134,525 56,456

412,968 42,003 11,360 8,131

39,688 29.385

2 02,748 425.853 89.865 12,461 34,184 45,929

3,091 306,989 33.236

ADVA AG Optical Networkmg Antisoma PIC Ardana Ark Therapeutics Group Arnoldo Mondadori Editore SpA Astrazeneca Aviva Belgacom Sa BIC Biocompatibles International Bioxell SpA BP Carrefour Sa Compagnie De Saint-Gobain Davide Campari-Milano SpA Defter Medical Group PIC Deutsche Telekom Ag Diageo Dixons Group PIC Electrncomponents PIC Eni Spa France Telecom Sa Glaxosmithkline GN Store Nord H Lundbeck AA Heidelbergcement Ag-Vvpr Heineken Nv Hellenic Telecommunications Or

Hoganas Ab lmmupharma Ord J Sainsbury Lagardere S.C.A. Mediaxt SpA Medigene Ag Mobistar Sa Morphosys AG Morrison Supermarkets Morse PLC Nestle SA Northern Foods Novartis Ag Orion Oyj Oxford Biomedica Paion Ag Pearson Protherics Reed Elsevier NV Roche Holding Ag-Genusschein Royal Dutch Shell Royal Dutch Shell Sanofi-Aventis Silence Therapeutics PLC Skyepharma PIC St lves Group Stmicroelectronics Nv Stora Enso Oyj Ser 'R' Npv Super De Boer Swisscom Ag Telecom ltalia Spa Tesco

56,209 191,551 27,750

159.573 132,067

1,386,898 83,115

746.498 167.083 74,567 79.725

1,194.78a 81 9.51 3 138.434 137.588 84.539

i.o92,a3a 334.085 126,982 142,610 251,110 841,630

1,204,384 60,282

141.874 0

627,327 209.748

87,884 66,553

501,054 150.1 81 202,539

90,080 167.749 88,354

164,461 145.690 279,939

1,483,915 21 5.430 197.321 151,341 436,949 160,202 444.602

1,263,673 209.462

1,237,402 84,407 34,329

187,343 83.034

202.3 69 140,772 655.155 314,510 152.077

322.897

997.866

0.20 0.69 0.10 0.57 0.47 4.96 0.30 2.67 0.60 0.27 0.29 4.28 2.93 0.50 0.49 0.30 3.91 1.20 0.45 0.51 0.90 3.01 4.31 0.22 0.51 0.00 2.24 0.75 0.31 0.24 1.79 0.54 0.72 0.32 0.60 0.32 0 59 0.52 1 .oo 1.16 5.33 0.77 0.71 0.54 1.56 0.57 1.59 4,5A 0.75 3.57 4 43 0.30 0.12 0.67 0.30 0 72 0.50 2.34 113 0.54

Quantiv Description Market %of

assets Value net


Equities Traded on an Mfcial Stock Exchange (contin 43.106 Thomsonlex-TMM 16,995 Tietoenator Oyj 5.846 Total Fina Elf Sa

26,101 Travis Perkins PIC 246,586 Trinity Mirror PIC

5,893 Unilever 53,599 Unilever Nv

186,730 Uniq PIC 10,579 Upm-Kymmene Oyj

401,679 Vectura Group PLC 550.080 Vodafone Group 54.908 Wolters Kluwer Cva 84,873 Yell Group PLC

ued) 144,405 217,536 315.187 174.353 344.523 104,824 960.360 273.850 109,969 224,232

1,013,522 820,051

73.880

0.52 0.78 1.13 0.62 1.23 0.38 3.45 0.98

0.80 0.39

3.64 2.93 0.26

125,000 York Pharma PLC 66,232 0.24 Total EquitiesTraded on an Official 25,287,832 94.07 Stock Exchange Total Listed Securities 26,287,832 94.07 Total Investments 26.287.832 94.07

Cash a t Bank 1.735.080 621 Other Assets 642.482 230 Other Liabilities (720.428) 0.58) Net Asset Value 27.944.966 100 00


% of net assets

Pharmaceuticals 26 95

Food 13.31 Oil & Gas 10.63 Media & Multimedia 9.30

Telecommunications 18.47

Beverages 3.93 Biotechnology 3.72 Computers 1.30 Forest Products & Paper 1.11 Commercial Services 0.67 Building Materials 0.62 Household ProduMares 0.60 Healthcare-Products & Services 0.57 Home Furnishings 0.52 Electronics 0.51 Building Societies 0.50 Retail 0.45 Metal 0.3 1 Insurance 0.30 Electronics & Semiconductors 0.30 Total Investments 94.07


6.2 1 2.30

Other Liabilities (2 58) Net Asset Value 100.00

The accompanying notes form an integral part of these financial staternentr,

43

Aviva Investors - Pan-European Equity Fund (con t i n ued)


96 of net assets

United Kingdom 39.18 France 13.67 Swiberland 13.21 Netherlands 11 .oo Germany 5.29 Italy 4.00 Belgium 3.27 Finland 2.66 Greece 0.75 Denmark 0.73 Sweden 0.31 Total Investments 94.07

Cash at Bank 6.2 1 Other Assets 2.30 Other Liabilities (2.58) Net Asset Value 100.00


The accompanying notes form an integral pan of these financial statemenfs.

44

Aviva Investors - Short Term European Bond Fund


As a t 30 June ZOO8 ( in EUR) Nominal Description Market % o f value Value net

assets

Listed Securities


2,656,000

4,366,000 3,000,000

9,556,000

2.688.000

10,934,000 3,363,000

7,386,000

5,050,000

1,823,000

1,813,000

9,517,000

2,176,000

3,000,000

1,600,000

1,534,000

Australia & New Zealand Bank Group

Barclays Bank PIC 5.75% Sub Notes 08B3R011 Bundesobligation 2 . 5 % 08/10/2010 Citigroup Funding Inc 3.62% MIn 28/03/2011 Dutch Government 3% Bds 15BlRO10 French Treasury Note 3% TB

French Treasury Note 3.5% 12/07/2011

French Treasury Note Btan 3.5% 12107R003 Germany (Federal Republic) 3 5% 0911 ol2009 Hbos Treasury Services 3.5% 12/02/2009

Italy Buoni Poliennali Del Tesoro 2.75%

Italy Buoni Poliennali Del Tesoro 3% 15/04/2009 Italy Buoni Poliennali Del Tesoro 3.5%

Nationwide Building Society 3.12% 26m1/2010

Royal Bank of Scotland Group 5.25% 15/05/2013 Santander International Debt Sa 3.37% Bdr 17B2R010 Spain (Government of) 3.25% Bds

3.37% ~ t s o i m 3 ~ o i 1

12/01/2011

TB i 5 m m o i o

TB 1 ~ ~ 3 ~ 0 1 1

30/07~01 o

1,696,755

2,642.61 1

4,175,473 2,828,223

9.31 7,253

2,573,963

10.564.830 3,324,828

7.282.422

4.g78,aoo

1,752,323

1,796,893

3,171,814

2,035,739

2,864,415

1,542,028

1,489,801

2.37

3.69

5.82 3.94

13.00

3.60

14.74 4.64

10.15

6.94

2.44

2.51

12 79

2.84

4.00

2 15

2.08

Total Bonds Traded on an Official Stock 70,044,243 97.70 Exchange

Total Listed Securities 70.044.243 97.70

Total Investments 70,044,243 97.70

Cash a t Bank 434.582 061

Other Assets 1,342.090 1.87

Other Liabilities (128.502) (0 18)

Net Asset Value 71.692.413 100 00



% of net assets

Sovereign 71.77 Banks 19.15

Financial Services 6.78

Total Investments 97 70


0.61

107 Other Liabilities (0.18)



% of net assets

France

United Kingdom Germany Netherlands Spain United States of America

Italy 22.97 17.74 17.47 15.98 13 00 4.23 3.94

Australia 2.37 Total Investments 97.70

Cash at Bank 0.61

Other Assets Other Liabilities

1.87

(0 18) Net Asset Value 100.00


45

Aviva Investors - UK Equity Focus Fund

Schedule of Investments and Other Assets As at 30 June 2008 (in GBP) Quantity Description Market % of

assets Value net

Listed Securities

EquitiesTraded on an Official Stock Exchange 147,500 537,500

1,450,000 435.000 180.000

2.675.000 287,500 151,250 800,000 220.000 700,000 887.500

2.650.000 1,934,971

435,000 465,000 485,000 525,000 825,000

56,000,000 1,400,000

450,000 775,000 525,000

1.975.000

Astrazeneca BP Et Group Ord Bunzl Ord Carnival PIC Ord Friends Provident PLC tlaxosmithkline Imperial Tobacco Group Inchcape PIC Intermediate Capital Group Laird Group PIC Lloyds Tsb Group Logicacmg Melrose PLC National Grid Pearson Prudential PIC Reed Elsevier PLC Rolls-Royce Group PIC Rolls-Royce Group PLC Sage Group PIC Svg Capital Ord Gbpl Tesco United Business Media Ord Vodafone GrOUD

3,128,474 3,102,718 2.8W.049 2.820.975 2.854.800 2,792,700 3,224,313 2.81 1,738 2,530,000 3.014.000 2,738,750 2,762,344 2,855,375 2.91 6,969

2352.775 2,587,475 2,979,375 2.81 5.3 13

56,000 2.929.500 2.963.250 2.81 0,925 2.835.000

2.a36.200

2.884.488

4.35 4.32 4.01 3.93 3.97 3.89 4.49 3.91 3.52 4.19

3.84 3.97 4.06 3.95 3 97 3.60 4.15 3.92

3.81

0.08 4.08 4.12 3.91 3.95 4.01 . .

Total Equities Traded on an Official 6a.987.506 96.00 Stock Exchange Total Listed Securities 68,387,506 96.00 Total Investment5 68.987.506 96.00


2,678,797 3.73 861,153 1.20

Other Liabilltres f667 8661 10 931 Net Asset Value 71.859.590 100.00



% of net assets

Media & Multimedia Pharmaceuticals Telecommunications Electrical Equipment & Services Insurance Oil & Gas Diversified Financial Services Funds Software Miscellaneous Manufactures Aerospace & Defense Computer & Computer Services leisure i h e Commercial Services Food Agriculture Banks

12.07 8.84 8.02 7.76 7.49 4.32 4.19 4.12 4.08 4.06 4.00 3.97 3.97 3.93 3.91 3.91 3.84

Distribution & Wholesale 3.52 Total Investments 96.00

Cash at Bank 3.73 Other Assets 1.20 Other Liabilities (0.93) Net Asset Value 100 00


% of net assets

United Kinodom 96.00 Total Investments 96.00



46

Statement of Net Assets as at 30 June 2008


AvNa Investors - Avhra Investors - Avlva Investors - Avhra Inverton - Absolute Bond Absolute TAA Fund Absolute TAA 5 American Equity

Fund Fund Fund

EUR GBP EUR USD

Investment portfolio at cost 23,085,849 160.977.868 248,832,345

Unrealised gain/(loss) (2,907,328) (1 73.500) (34.174.486)

Investment portfolio a t market value (noto 2.2) 20,178,521 160.804.368 214,557,859

........... ~ ... . , , , . , . ..., ~ ~ .... ~

Cash at bank 333.389 122,312.11 1 15,394,272 6.596.791

Other assets 37.1 59 340,235

Total assets 20.51 1.91 0 283,116,473 15.431.431 221,534,885

Bank overdraft

Other liabilities (357,688) (7.285.300) (38.263) (458.448)

Total Net Ass& 20.1 54.222 275.831.179 15,393.162 221,136,437


47

Statement of Net Assets as a t 30 June 2008 (continued)


Aviva Investors - Aviva Investors - Aviva Investors + Aviva Investors - Asia-Pacific Equity Australian Emerging Markets Emerging Markets

Fund Resources Fund Bond Fund Equity Fund

USD EUR USD USD

Investment portfolio at cost 133,524,049 23,962,365 429,208.840 2,675,200,539

Unrealised gain/(loss) 4,709,766 (31 1,966) 3.124.1 97 235,007,932

Investment portfolio at market value (note 2.2) 138.233.81 5 29,650,399 432,333,037 2.970.208.471

Cash a t bank 2,533.381 535.753 52.068.820 152.781.192

Other assets 223.787 163,437 9.305.633 5.055.51 9

Total assets 140,990,983 30,349,589 493.707.490 3,128,045,182

Bank overdraft

Other liabilities (368.047) (8,008) (4,766,234) (1 3,552,395)

Total Net Assets 140,622,936 30,341,581 488,341,256 3.114.492.187


48



Aviva Investors - AvNa Investors - Aviva Investors - Aviva Investors - Emerging Market Emerging Markets EUR Reserve Fund European Equity Small Cap Local Currency Aggregate Bond

Fund Bond Fund Fund

USD EUR EUR EUR

Investment portfolio at cost 141,119,242 204.41 6.547 9 a . a 6 . m 132,487.135

Unrealised gain/(loss) (6,307.992) (2.149.832) (1,256.924) (6,394,431)

Investment portfolio at market value (note 2.2) 134.811.250 202,266,715 97.189.398 126.092.704

Cash at bank 5,801.435 14,200,046 18.933.003 1,578.414

Other assets 149.850 11,323,328 1,221,764 3.1 92.093

Total assets 140,762,535 227.790.089 117,344,165 130,863.21 1

Bank overdraft

Other liabilities (406,820) (275.1 56) (847.049) (207.688)

Total Net Assets 140.355.71 5 227,514,333 116.497.1 16 130,655,523


49



Avhra Investors - Avhra Investors - Avlva Investors - Aviva Investors - European European European Equity European RElT

Convergence Corporate Bond Fund Fund Equity Fund Fund

EUR EUR EUR EUR

Investment portfolio at cost 208,951,130 126,014,832 258,008,321 176.71 1.875

Unrealised gain/(loss) 6.842.946 (8,974,037) (1 2,354.391 ) (35.1 88,547)

Investment portfolio a t market value (note 2.2) 21 5,794.1 36 117,040,795 245,653,330 140,523.328

Cash at bank 6.729.1 86 5,330.717 7.1 96,420

Other a5sets 1,209,643 2,731.91 6 174.887 31 2,272

Total assets 223,732.971 125,103,428 245.828.81 7 148,032,020

Bank overdraft (2,088,746)

Other liabilities (3.996.022) (226,624) (1.148,856) (1,070,443)

Total Net Assets 219,736,949 124,876,804 242.591.21 5 146,961.571

111 -


50



Avhra Investors - Aviva Investors - Aviva Investors - Aviva Investors - European Socially European Value French Equity Fund GBP Reserve Fund

Responsible Equity Equfty Fund Fund

EUR EUA EUR GBP

Investment portfolio at cost 73,977,420 134,799,558 54.445.62 5 79.680.51 5

Unreaitsed gain/(loss) (6,173,923) (1 6.922.91 0) 1,220,483 (1.064.760)

Investment portFolio at market value (note 2.2) 73,803,431 117,876,548 56,666.108 78.615.755

Cash at bank 12.71 5.1 50 5.767.654 2.4 19,043 10.587.447

Other assets 366.048 1,137,311 31,255 1.2 10.828

Total assets 86,884.689 124,781,613 59.1 16,406 90,414,030

Bank overdrafr

Other llablllties (398.681) (1,833,428) (141,026) (87.334)

Total Net Assets 86,486.008 122,348,185 58.975.380 90.326.696

I

I

I


51



Avhra Investors - Avhra Investors - Aviva Investors - Aviva Investors - Global Global Equity Global RElT Fund Japantst Equity

Convtrtibles Fund Focus Fund Fund

us0 USD EUR JPY

Investment portfolio at cost 989,123,688 39,438,364 68,251.781 17,495,534,536

Unrealised gain/(loss) (36.769.708) 3,148,527 (1 8,829,890) (1,489,820,036)

Investment portfolio at market value (note 2.2) 952,353,980 42,586,891 49,421,891 16.008.714.500

Cash at bank 7.382.757 337,203 440,083,683

Other assets 15.61 8,042 73.194 369.632 232.454.005

Total assets 975,354,779 42,997,288 49.791.523 16.581.252.1 88

Bank overdraft (212,255)

Other liabilities

Total Net A r r e t 962,038,928 42.847.010 49,327,158 16,046,487,570

(13,315,851) (1 50.278) (252.110) (634,764.61 8)


52



AvNa Investors - Avhra Investors - Aviva lnvtstors - Aviva Invtstots - Long Ttrm Pan-European Short Term UK Equity Focus

European Bond Equity Fund European Bond Fund Fund Fund

EUR EUR EUR GBP

Investment portfolio at cost 186,880.698 31.006.086 71,271.1 63 82,544,430

Unrealised gain/(loss) (7,799,522) (4.71 8,254) (1.226.920) (13,556,924)

Investment portfolio at market value (note 2.2) 179,081,176 26.287.832 70.044.243 68,987,506

Cash at bank

Other assets

ToIal assets

Bank overdraft

1,941,566 1,735,080 434.5a2 2.67a.797 I

5.754.492 642.482 1,342,090 861.1 53

186.777.234 28.665.394 71.820.91 5 72,527,456 I

Other liabilities (472,357) (720.428) (1 28.502) (667.866)

Total Net AsseB 185.304.877 2 7,944,966 7 1,632,413 71,859,590


53



Combined Combined*

EUR GBP

Investment portfolio at cost 5,347,651,287 4,238,939,426

Unrealised gain4loss) 147,463 1 16.890

Investment portfolio at market value (note 2.2) 5.347.798.750 4,239,056,316

Cash a t bank 41 3.058.794 327.42 0.602

Other assets 53.51 2.458 42.417.887

Total assets 5,814,370,002 4.608.894.805

Bank overdraft (2.301.001) (1,823,342)

Other liabilities (46,993,875) (37,255,536)

Total Net Assets 5,765,069,126 4.569.81 5.327

'For Information purposes only The accompanying notes form an integral part of these financial statements

54

Statistics as at 30 June 2008


Aviva Investors - A v b a lnvestors - Avhra Investors - Aviva Investors - Absolute Bond Absolute TAA 5 EUA Reserve Fund European

Fund Fund Corporate Bond Fund

EUA EUR EUR EUR

Net Assets Comparative

Total Net Assets

30 June 2008

31 December 2007

31 December 2006

20.154.222

25,317,077

48.554.672

124,876,804 ' 78.514.764 , i 68.693.432

i 1 5.393.1 62 11 6,497.1 16

13,945.869 11 5,766.1 17

66.062.866

Net Asset Value per A Share Class Accumulatlon

30 June 2008

31 December 2007

31 December 2006

9.1 648

9.4596

10.0737

9.8935

9.9167

10.4839

10.3085

10.0163

9.2920

9.5720

9.961 0

I

2.4437

2.5198

Net Asset Value per B Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

58.3774

60.3241

M.3948

9.8795

9.91 50

9.01 09

8.8689

8.6432 2.6271

1.6633

Net Asset Value per B Share Class Dividend

30 June 2008

31 December 2007

31 December 2006

9.8796

9.91 50 1.7981

1.8852 I Net Asset Value per C Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

8.31 03

8.6097

9.2370

9.851 6

9.91 16

11.4791

11.3095

11.0440

11.7429

12.1268

12.6823

120.6652

123.9980

128.3936

Net Asset Value per I Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

90.9744

93.6253

99.1016

. 99.2652

99.2070

113.9323

1 11.8869

108.5478

I I I 2.1 12,636

Shares Outstanding a t 30 June 2008

A Share Class Accumulation

B Share Class Accumulation

B Share Class Dividend

C Share Class Accumulation

I Share Class Accumulation

393.213

150.577

9.616 6.870.450

3.660 972,563

1.537.455

3.660 784.752

366 234,314

4,160,793 I 987,960

138,681

760.837

929.41 9

401

The Sub-Funds are not sorted by alphabetical order

55

Statistics as a t 30 June 2008 (continued)


Aviva Investors - Aviva lnvrstors - Aviva Investors - Aviva Investors - European REIT European Socially European Value French Equlty Fund

Fund Responsible Equity Equity Fund Fund

EUR EUR EUR EUR I-


Total Net Assets

30 June 2008

31 December 2007

31 December 2006

146,961,571

146,306,772

24 1.8 7 7.242

86.486.008

94.396.230

68.272.783

i 2 2 . w . i a5 58,375,380

126.877.055 64.406.033

138332.337 71.057.895

Net Asset Value per A Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

6.2956

7.6512

10.7921

9.0503

10.3275

10.3780

8.7783

10.5906

10.0946

8.5367

10.3232

10.1966


30 June 2008

31 December 2007

31 December 2006

8.1226

9.8849

13.9753

5.4476

6.5858

6.2699

7.4060

8.9461

8.5479

3.6699

4.4435

4.3398


30 June 2008

31 December 2007

31 December 2006

7.8736

9.681 1

13.6887

7.2818

8 . a ~

8.4327

3.6096

4.3761

4.3344

Net Arstt Value per C Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

16.2916

19.8736

2a.2424

13.9165

16.8660

16.1 379

17.3809

21.0477

20.2124

12.4470

15.1050

15.0328


30 June 2008

31 December 2007

31 December 2006

168.5687

204.0293

2 8 5.3442

173.6635

208.8073

196.6271

167.5445

201.3383

190.3773

Shares Outstanding at 30 June 200s


6 Share Class Accumulation




2,376.866

2.51 5,526

7.1 14,995

198,592

310.31 1

904,369

4,316,207

2,325.013

230,903

12.892.944

54,681

4,338

161,524

247.140

15,680,526

7.123 292,906

292.012

The Sub-funds are not sorted by alphabetical order

56



Aviva Investors - AvNa investors - Global REIT Fund Long Term

European Bond Fund

EUR EUR

AvNa Investors - Aviva Investors - Parr European Short Term

Equity Fund European Bond Fund

EUR EUR


Total Net Assets

30 June 2008

31 December 2007

31 December 2006

49.327.1 58

67.241.227

56.61 5.01 6

186,304,877

150,804,634

160,578.882

27,944,366 71,632,413

40,071,921 68,202,254

58,612.443 70,602,701


30 June 2008

31 December 2007

31 December 2006

6.6900

8.1892

10.4541

9.0755

9.3923

9.7565

8.41 10

10,2223

10.0744

10.2083

10.2030

10.0036


30 June 2008

31 December 2007

31 December 2006

50.0357

51.8339

53.9522

7.3518

9.01 16

11.5286

8.2089

9.9892

9.8690

12.8721

12 8857

12 6519


30 June 2008

31 December 2007

31 December 2006

7.2675

8.9585

11.5286

46.5335

49.9226

51.9565

7.9768

9.8059

9.7240

10.7325

10,9907

10.791 3

Net Asset Value per C Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

6.1354

7.5394

11.4641

11.8938

12.41 57

17.0323

20.7743

20.6314

11.0014

11.0235

10.8621


30 June 2008

31 December 2007

31 December 2006

75.2970

91.7737

116.1062

115.1189 . 118.8478

122.8495

177.81 11

21 5 2528

210.4518

113.2125

1 13.0000

110.2314



A Share Class Dividend (in GBP)


8 Share Class Dividend


4.725.445

432,146

483

1,088,706

949.391

870,088

1.228.858

1,136,874

50.981

3,387

4.960.1 54

1,152,212

54.91 9

509.009

32 5

9,298

20,526

4.124.454

23.765

252.252

The Sub-Funds are not sorted by alphabetlcal order.

57



A v k a lnvertors - Aviva lnvertors - Aviva Investors - Aviva Investors - American Equity Asia-Pacific Equity Emerging Markets Emerging Marke t

Fund Fund Bond Fund Equity Small Cap Fund

USD USD US0 USD


Total Net Assets

30 June 2008

31 December 2007

31 December 2006

221,136.437

309,843,824

312,959,072

140.622.936

166,744,868

110,122,688

488,941,256

51 2,802,107

501,236,139

140,355.71 5

161.658.344


30 June 2008

31 December 2007

31 December 2006

8.5355

9.8618

10.1 575

11.7600

14.3906

10.7970

10.5556

10.6274

10.1378

3.2277

10.7783


30 June 2008

31 December 2007

31 December 2006

4.9298

5.7030

5.8884

5.2408

6.421 2

4.8294

6.6213

6.6747

6.421 3

8.3859

3.8077

Net Asset Value per B Sham Class Dinridend

30 June 2008

31 December 2007

31 December 2006

9.2079

10.7691

4.9238

5.7030

5.88M

5.1 350

6.351 5

4.7771


30 June 2008

31 December 2007

31 December 2006

12.4184

14.4018

14.3456

25.1182

30.8520

23.321 0

13.2172

13.3570

12.9139

8.3629

9.8051


30 June 2008

31 December 2007

31 December 2006

129.9842

149.5930

152.8432

263.1204

320.71 34

238.7079

136.41 34

136.8050

130.2349

Net Asset Value per I Share Class Accumulation Hedged

30 June 2008 13.5270







I Share Class Accumulation Hedged

4,513,763

9,644,046

22,809,838

590.431

117.588

3,270,785

7,538.639

10.527.143

217.131

11.929

3.650

90,641

4,349

26,868

15.203.438

3,660 51,206

3.574.61 7

5.000


58


Aviva Investors - Aviva Investors - Global Equity Japanese Equity

Focus Fund Fund

USD JPY I


Total Net Assets

30 lune 2008

31 December 2007

31 December 2006


30 lune 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asset Value per B Share Class Dhridend

30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asset Value pet I Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

Shares Outstanding at 30 June 2008






42,847.01 0 72.71 8,320 79,394.01 7

10.3596

11.7439

10 3371

4.0260

4.5697

4.0321

17.1 708

19.5382

17.3267

169.1433

147.6954

3.650

10,223,982

36,706

6,790

16,046,487,570

19,962.755.797

26,235,384,220

1.1 89.0233

1,372.3647

1.642.6435

95.1215

109.91 24

131.8809

95.1102

109.9125

131 -8810

2.212.6633

2.563.4052

3.091 2735

23,522,0285

27.042.3675

32.161.2851

705.250

24.306.747

25,349,630

117.125

434,727


The Sub-Funds are not sorted by alphabetical order.

59



Avhra Investors - Aviva lnvertors - Aviva Investors - Aviva Investors +

Emerging Markets European European European Equity Local Currency Aggregate Bond Convergence Fund

EUR EUR EUR EUR

Bond Fund Fund Equity Fund


Total Net Assets

30 June 2008

31 December 2007

31 December 2006

227,514,933

234,943,071

147,783.1 26

130,655,523

270,301,403

242,527,569

21 9,736.949

399.509325

193,626,760

242.591.215

294.083.733

290,706,720


30 June 2008

31 December 2007

31 December 2006

9.9305

10.41 00

10.1727

9.61 07

9.7943

9.91 98

10.3356

13.1644

10.701 0

8.71 62

10.61 08

10.2478

Net Asset Value per A Share Class Dhrldend (in GBP)

30 June 2008

31 December 2007

13.9265

14.7390

14.2593

14.7203

11.3999

14.5200

12.1167

14.7503


30 June 2008

31 December 2007

31 December 2006

9.9294

10.3781

10.1696

9.5783

9.7712

9.91 64

5.3297

6.7968

5.5385

6.1 824

7.5348

7.2949

Net Asset Value per B share Class Dividend

30 June 2008

31 December 2007

31 December 2006

9.4720

10.3530

10.1696

9.2565

9.7433

9.91 E4

5 2970

6.7552

5.5385

6.1487

7.4945

7.2558


30 June 2008

31 December 2007

31 December 2006

9.8525

10.3234

10.1651

9.5332

9.7395

9.9138

33.7744

43.1796

35.3626

16.4790

20.1360

19.5929


30 June 2008

31 December 2007

31 December 2006

100.9891

105,0080

101.801 5

96.9163

98.5276

99.2308

352.1 371

446.5294

359.7182

141.4873

171.5637

164.3729

Net Asset Value per I Share Class Dividend (in GBP)

30 June 2008

31 December 2007

114.9025

145.7274

122.0393

147.9793

139.8105

147.8659

142.9381

147,5009








I Share Class Dividend (in GEP) The Sub-Funds are not sorted by alphabetical order.

3.594

3.699

139.556

3,908

43,732

2.233.135

371

85,779

3,695

3,654

4,127

53,354

1.332.528

370

1.588.089

3,650

11,240,959

28,560

924,592

317,917

365

7.726.1 06

3,650

9,919.873

15,373,033

658.439

59.769

365

60



Aviva Investors - UK Equity Focus Fund

Avhra Investors - GBP Reserve Fund

GBP GBP


Total Net Assets

30 June 2008

31 December 2007

31 December 2006

Net Asset Value per A Share Class Dividend

30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asse t Value per I Share Class Accumulation

30 June 2008

31 December 2007

31 December 2006

Shares Outstanding at 30 lune 2008


B Share Class Accumdation




71,859,590

71,269,973

52.81 7.671

9.0504

10.6909

10.4142

2.9798

3.51 10

3.4070

2.9033

3.4334

3.3734

12.1784

14.3855

14.0300

126.4502

148.2251

142.31 92

637.1 83

3,737,841

15,560,988

71.036

69,067

90,326,696

89,384,484

42,592,497

10.0805

10.1 a93

10.0444

2.6980

2.6374

2.5331

1.0085

1.0408

10412

11 0.2909

107.5717

102.8561

6,931,176

2,306,433

244,421

126,825


61


A v k a Investors - Absolute TAA Fund

GBP

N t t AssetE Comparative

Total Net Asstts 30 June 2008 31 December 2007

31 December 2006

N c t Asset Value per A Share Class Dividend

30 June 2008

31 December 2007 31 December 2006

Net Asset Value per A Share Class Accumulation Hedged (in EUR)

30 June 2008 31 December 2007

Net Asset Value per B Share Class Accumulation 30 June 2008

31 December 2007 31 December 2006

Net Asset Value per B Share Class Accumulation Hedged (in EUR)




31 December 2006

Net Asset Value per C Share Class Accumulation Hedged (in EUR) 30 June 2008 31 December 2007

Net Asset Value per I Share Class Accumulation 30 June 2008

31 December 2007

31 December 2006

Net Asset Value per I Share Class Dividend


31 December 2006

Net Asset Value per I Share Class Accumulation Hedged (in EUR) 30 June 2008

31 December 2007

Shares Outstanding a t 30 June 2008 A Share Class Dividend

A Share Class Accumulation Hedged (in EUR) B Share Class Accumulation

B Share Class Accumulation Hedged (in EUR) C Share Class Accumulation

C Share Clarr Accumulation Hedged (in EUR) I Share Class Accumulation I Share Class Dividend

I Share Class Accumulation Hedged (in EUR)


275,831.1 79

274,229.793

i4.959.7oa

10.0565 10 5753

10.3967

7.2538 6.9914

1 1.2273

11.6516 11 3339

7.2430 6.9899

9.0544 9.4200

7.21 19 6.9773

116.1 850

11 9.8935

113.9687

11 1.7024

120.1 705 113.9506

73.0736

70.1270

37.843

160.000 78,930

161,205 12,859

194.727 2.180.088

136.797

29.305


62


Aviva Investors - Emerglng Markets Equity

Fund

USD



Total Net Assets

30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asset Value per A Share Class Accumulation (in EUR)

30 June 2008

31 December 2007


30 June 2008

31 December 2007

31 December 2006

Net Asset Value per B Share Class Accumulatlon (In EUR)

30 June 2008

31 December 2007


30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asset Value per I Share Class Accumulation (in EUR)

30 June 2008

31 December 2007

3.1 14.492.1 87

3,347,924502

1,641,050,798

12.8855

14.8120

10.8484

14.3634

16.51 07

4.4847

5.1617

3.7899

14.331 1

16.4941

4.3938

5.0668

3.71 73

39.1823

45.2090

33.3630

412.1004

471.6165

342.2664

144.7952

165.7068



A Share Class Accumulation (in EUR)


B Share Class Accumulation (in EUR)




I Share Class (in EUR)


63

1,188,443

3,650

9,337,256

3,650

41 7,603,525

11 1.924

2,955,360

365


Aviva Investors - Australian Resources

Fund

USD



Total Net Assets

30 June 2008

Net Asset Value per A Share Class Accumulatlon

30 June 2008


30 June 2008

Shares Outstanding at 30 lune 2008



30,34 1,581

3.8389

93.0032

1,532.465

153.247


64


A h a Investors - Global Convertibles Fund

USD



Total Net Assets

30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006

Net Asset Value per A Share Class Dividend (in GBP)

30 June ZOO8

31 December 2007


30 June 2008

31 December 2007

31 December 2006


30 June 2008

31 December 2007

31 December 2006


30 June 2008

. 31 December 2007

31 December 2006

Net Asset Value per I Share Class Dlvidend (in GBP)

30 June 2008

31 December 2007

Net Asset Value per I Share Class ACCUmUl8tiOn Hedged

30 June 2008

Net Asset Value per I Share Class Accumulation Hedged (in GBP)

30 June 2008


65

962,038,928

1.045.893.782

321,027,333

10.8749

11.6521

10.2492

20.2332

21.7954

7.6727

8.2313

7.2580

15.7275

16.9144

14.9896

162.4454

173.501 3

151.6243

203.1 109

21 8.5255

139.2910

98.4651


Aviva Investors - Global Convertibles Fund

U5D


Shares Outstanding at 30 June 2008






I Share Class Dividend (in GBP)


I Share Class Accumulation Hedged (GBP)

2.635.442

3.659

3,399,040 500.394

4,902.059

367

41 8,836

406,438


66

Statement of Changes in Shares Outstanding as at 30 June 2008


Aviva Investors - Aviva Investors - Aviva Investors - Aviva Investors - Absolute Bond Absolute TA4 5 EUR Rescrvr Fund European

Fund Fund Corporate Bond Fund


Shares outstanding beginning of the period

Shares issued

Shares redeemed

Shares outstanding end of the period



Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed

Shares oukanding end of the period

580,828

76.877

(264.4 92)

393.21 3

177,358

2,632

(29.413)

150,577

3,660 7,525,005 2,130,180

9.616 1,268,873 110,518

(3.660) (1,324,428) (1 28,062)

9.61 6 6,870,450 2,112,636

3,660

3,660

1,391,900

145,555

1.537.455

1,055,351

43,647

(1 69,579)

929.41 9

401

401

3,660

3,660

366

366

1.889.286 5,514,996

627.323 162.124

(1.544.046) (1.51 6,321)

972,563 4.1 60,799

1,334.1 99

19,613

(365.852)

987,960

484.266

1,259,108

(958,622)

784.752

142,568

131.991

(40.245)

234,314

159,724

33.350

(54,393)

138,681

242,509

518,328

760.837


b/

Statement of Changes in Shares Outstanding as a t 30 June 2008 (continued)


Avka Investors - Aviva lnvrrtors - Aviva Investors - Avlva lmrestolr - European REK European Socially European Value French Equity Fund

Fund Responsible Equity Equity Fund Fund



Shares issued

Shares redeemed




Shares issued

Shares redeemed


I Share Class Dividend


Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed


2,507,499

9.301

(1 39.934)

2.376.866

3.307.713

466.237

(1,258,424)

2.51 5.526

3.267.073

3,848,248

(326)

7.1 14.995

250,362

59,256 (1 11,026)

198.592

283.394

127.034

(1 00.1 17)

310.31 1

541.060

366.693

(3.384) 904.369

5.31 2.148

570,767

(1,566,708)

4.31 6.207

639.895

57.879

(404.868)

292,906

204,526

103.507

(1 6,021)

292.012

2,857,399

95.823 (28,209)

2.925.013

488.379

(257,476)

230,903

9.805.564

3,087,380

12.892.944

200.435

18,266

(1 64.020)

54,681

4,338

4,338

184.01 5

(22,491)

161,524

301.120

4,042

(58.022)

247.140

13,836,722

2,251,050

(467,246)

15,680,526

23,540

2.649

(1 9.066)

7,123


68



Avhra Investors - Avlva hVCStOK - Avlva lnvertorr - Avhta Investors - Global RElf Fund Long Term Pan-European Short Term

European Bond Equity Fund European Bond Fund Fund

-- --_I-



Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed

Shares outstanding end of ;he period

10.1 39

2,855

(3.696) 9,298

30.92 1 12.017

(22.412)

20.526

4,066,771

57,683

4.1 24.454

8.508

20,230

(4.973) 23,765

331,065

4,470

(83.283)

252.252

4,598,886

869,106

(742.547)

4.725.445

560.81 9

102,906

(231.579)

432,146

480

17

(14) 483

437,238

1,565,236

(913,768)

1,088.706

616,895

342,104

(9.608) 949,391

876,300 4,631,379

3,081 61 1.498

(9,293) (282,723)

870.088 4.960.1 54

1,731.954 1,134,187

181,450 494,209

(684.96) (476,184)

1,228,858 1,152,212

1,115.621 122,295

21.253 76.178

1 ,136,874 54.91 9

(143,554)

103,237

6,716

(58,972)

50.981

3,387

3.387

446,533

332.929

(270.453)

509,009

32 5

325


69



Aviva Investors - Aviva h C S t O K - Aviva lnvtrtors - Aviva Investors - Ametlcan Equity Asia-Pacific Equity Emerglng Markets Emerglng Market

Fund Fund Bond Fund Equity Small Cap Fund (Notc 1)

A Share Class Accumulatlon

5.018.61 1 71,623

(576.465)

4,513,763

3,724,771 40.499

(494,485) 3.270.785

3,650 4.349 Shares outstanding beginning of the period

Shares issued

Shares redeemed

Shares outstanding end of the period 3.650 4.349


10,463,236

3,025,366 (3.850.556)

9,644,046

8.005.908 924,979

(1,332,248)

7,538,633

63.274

42,081 (14.714)

90.641

3,967

26,561

(3,660) 26.868


Shares issued

Shares redeemed




Shares issued

Shares redeemed


30,540,308 4.246.731

(1 1,977,201)

22,803,838

7.329.891 3.712.367

(51 5.1 15) 10.527.143

15,000,000

203.438

15,203,438


643.859

1,219,138 (1,272.566)

590.431

383,362 312,721

(478.952) 217.131

45,461

26,Ml

(2 1.096) 51,206

3.660 Shares outstanding beginning of the period

Shares issued

Shares redeemed

Shares outstanding end of the period 3,660



Shares issued

Shares redeemed

Shsres outstanding end of the period

114.988 2,600

10.454

14,506 (13,031)

1 1.929

3,740,606

23.877 (1 89,866)

3,574.617 1 17.588

I Share Class Accumulatlon Hedged


Shares issued

Shares redeemed


5.001

(1 1 5.000


70


Avhra Investors - Avhra Investors - Global Equity Japanese Equity

Focus Fund Fund



Shares issued

Shares redeemed




Shares issued

Shares redeemed


E Share Class Dividend


Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed


3,650

3.650

15,437,721

412,630

(5,686,369)

10,223,982

53,008

4,369

(20,671) 36,706

4.849

3.004

(1.063) 6.790

847,785 47.448

(189.983)

705.250

26,477,805

19,807,270

(21.978328)

24,306,747

28,683.456

4.354.482

(7.688.308)

25.349.630

135.61 6

15,045

(33.536)

117,125

458.123

21,287

(44.683)

434.727



71



Aviva Investors - Aviva Investors - Avhra Investors - Aviva lnvtstors - Emerglng Mark& European European European Equity

Locd Currtncy Aggregate Bond Convergence Fund Bond Fund Fund Equlty Fund



Shares issued

Shares redeemed


3,728

7,720

(7.854) 3,594

57.402

32.311

(3.934)

85.779

2,708,042

202,188

(1,322,141)

1,588,089

8.094.070

205,296

(573.260)

7.726.1 06


3,650

49

3,650

45

3,650 3,650 Shares outstanding beginning of the period

Shares issued

Shares redeemed

Shares outstanding end of the period 3,650 3,650 3.699 3,695

5.427



Shares issued

Shares redeemed


1 13,979

52.983

(27.406)

139.556

17,636.043

930.898

(7,325,382)

1 1.240.959

12,092,444

774.1 27

(2,946,638)

9.91 9.873 (1.773)

3.654

B Shart Class Dividend


Shares issued

Shares redeemed


3.738

170

3,664

463

4,127

30.807

7.918

(10.165)

28,560

11,983,462

3.547.657

(1 64,080) 15,373.039 3.908


10,905

47.794

(14,967)

43,732

4,349

103,574

(54,569)

53.354

1.81 9.279

21 9,702

(1,114.389)

924,592

843,071

20.889

(205.521)

658.439


Shares issued

Shares redeemed




Shares issued

Shares redeemed


2.223.282

9.853

2.735.279

4,778

(1.407.529)

1,332,528

369.787

15.657

(67.527)

317.917

59.1 37

984 (352)

59.769 2,233.1 35

I Share Class Dividend (in GBP)


Shares issued

Shares redeemed


365 6

365

5 365 365

371 370 365 365


72


Aviva Investors - UK Equity Focus

Fund

AvN4 Investors - GBP Rercrvc Fund

A Share Class Dividend


Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed




Shares issued

Shares redeemed


46.01 0

630,746

(47.573)

637.1 83

5,141,121

596,068

(1.939.348)

3,737,841

11,926,173

3,343,577

(308.762)

15,560,988

124.256

17.538

(70,758)

71,036

67.41 5

5,012

(3.360) 69,067

6,201,159

2,014,833

(1.2&4,816)

6.931.1 76

1,995.146

882,932

(571.639)

2.306.439

263,120

2,334

(21,033)

244.421

197,667

103,313

(174.155)

126,825



73


Aviva Investors - Absolute TAA Fund

A Share Class Dividend (GBP)


Shares issued

Shares redeemed


A Share Class Accumulation Htdgcd (EUA)


Shares issued

Shares redeemed


B Share Class Accumulation (GBP)


Shares issued

Shares redeemed


B share Class Accumulation Hedged (EUR)


Shares issued

Shares redeemed Shares outstanding end of the period

C Share Class Accumulation (GBP)


Shares issued

Shares redeemed


C Share Class Accumulation Hedged (EUR)


Shares issued

Shares redeemed


I Share Class Accumulation (GBP)


Shares issued

Shares redeemed


64.493

983 (27.633)

37.843

21 9,723

6,091

(65,814)

160,000

26.778

59,986

(7,834) 78.930

160.000

1,205

161,205

16,231 7.628

(1 1.000) 12,859

178,118

20,305

(3,696)

194.727

2,074,245 239.899

(1 34.056) 2.1ao.oaa



74


Avhra Investors - Absolute TAA Fund

I Sharc Class Dhrldend (GBP)


Shares issued Shares redeemed


I Share Class Accumulation Hedged (EUR)


Shares issued

Shares redeemed


102,829

52,085 ( 1 8.1 17)

136,797

11 6,077

7.472

(94.244) 29.305



75


Avhra Investors - Emcrglng Markets

Equity Fund

A Share Class Accumulation (USD)


Shares issued

Shares redeemed


A Share Class Accumulation (EUR)


Shares issued

Shares redeemed


B Share Class Accumulation (USD)


Shares issued

Shares redeemed


B Share Class Accumulation (EUR)


Shares issued

Shares redeemed


B Share Class Dividend (USD)


Shares issued

Shares redeemed


C Share Class Accumulation (USD)


Shares issued

Shares redeemed

Shares oubtanding end of the period

I Share Class Accumulation (USD)


Shares issued

Shares redeemed


I Share Class Accumulation (EUR)


Shares issued

Shares redeemed

Shares outstanding end of the period The Sub-Funds are not sorted by alphabetical order.

1.696.71 3 507.658

(1.01 5,928) 1.1 88.443

3,650

3.650

9.565.026

1,883,031 (2,116.801) 9,337,256

3,650

3,650

433,350,167

19,221,366 (35,568,608)

417.603525

230,059 41 9.044

(537.179) 1 1 1,924

2,256,243 823.2 14 (1 24.1 03)

2,955,360

365

365


76


Aviva Investors - Global Convertibles

Fund

A Share Class Accumulation (USD)


Shares issued

Shares redeemed


A Share Class Dfvidend (GBP)


Shares issued

Shares redeemed


B Share Class Accumulation (USD)


Shares issued

Shares redeemed


C Share Class Accumulation (USD)


Shares issued

Sharer redeemed


I Share Class Accumulatfon (USD)


Shares issued

Shares redeemed


I Sham Class Oiidcnd (GBP)


Shares issued

Shares redeemed


2,553,033

238.508

(1 56.1 05)

2.635.442

3.650

9

3.659

5805.332

613,491

(2.41 9.783)

3,999,040

588,630

42,900

(1 3 1 ,136)

500.394

5,523,016

656,905

(1,277,862)

4.902.059

365

2

367



77


Avhra Investors

Global Convertibles Fund



Shares issued

Shares redeemed


I Share Class Accumulation Hedged (GBP)


Shares issued

Shares redeemed


51 0,923 (92.087)

41 8.836

406,438

406.438



78


Aviva Investors +

Australian Resources Fund

A Share Class Accumulation (EUR)


Shares issued

Shares redeemed


I Share Class Accumulation (EUR)


Shares issued

Shares redeemed


1,532,465

1.532.465

153,247

153.247


79




80

Statement of Operations and Changes in Net Assets for the period ended 30 June 2008


Aviva lnvtstors - Avhra hVI!ltOK - Avhrs Investors - AvNa Investors +

Absolute Bond Absolutt TAA Fund Absolute TAA 5 American Equity Fund Fund Fund

EUR GBP EUR USD

Income

Bank interest

Bond interest

157 841.1 58 15.859

796.632 6,258,620

153

Net dividend 24.284 1,757,339

Other Income

Expenses

249.069 _--_-------_________I__

796.789 7,124,062 264.928 1,757,552

Administration, Domiciliary fees (note 3) (1 9,562) (220,305) (1 1.484) (205,736)

Distribution fees (42.502) (7.053) (17.177) (258.085)

Bank interest (1 89) (2,031) (1 04) (2.288)

Custodian fees 38,555 18,964 28,558

Investment adviser fees (note 4) (121.460) (1,182,957) (75,665) (1.81 8,343)

Luxembourg tax (note 6) (4,560) (14.61 1) (3.437) (59.408)

Other expenses (28,330) (342,747) (43.44 5) (1 12.955)

Audit ~ fee (470) (5.054) (258) (5.693) .. ...... . .. ... . . .. , . . .......... ~

(1 78.61 8) (1,755,794) (1 51,570) (2,433,950)

Net investment income/(loss) 618.171 5,368,268 113,358 (676,398)

Net proflt/(loss) realised :

- on investment portfolio

- on foreign exchange and futures

~ on options

Net changes in unrealised result :



(694.695) (357) (7.642.821)

295,261 (6.835.929) (55,962) 116

(1,098,219) (50.265) (30.227.91 1)

31,959 (7.71 7.730) (1 11,979) 3

- on swap 3,720 195,549

Result on oprrations (843.803) (3,040,464) 154.583) (38.547.01 1)

Net receipts on issued shares 1.223.721 35,346,062 1,537,637 54.537.725

Net payments from redemption of shares (5.542.773) (24.1 52.165) (35.761) (1 04.698.1 01)

Dividend Distribution (552,047)

Change in Total Net Assets for the period (5,162,855) 1,601,386 1,447,293 (88,707,387)

Net Assets at the beginning of the period 25,317.077 274.229.793 13,945.869 309,843,824

Foreign exchange valuation movement

Total Net Assets 20.154.222 275,831,179 15.393.162 221,336,437


81

Statement of Operations and Changes in Net Assets for the period ended 30 June 2008


Avhra Investors - Aviva Investors - Avlva Investors - Aviva Investors - Asia-Pacific Equity Emerging Markets Emerging Markets Emerging Market

Fund Bond Fund Equity Fund Equity Small Cap Fund

USD USD USD USD

Income

Bank interert 20.750 148,816 543.069 41,201

Bond interest 16.503.31 5

Net dividend 1,393,068 30.077.624 1,270,402

Other Income I 40.622

Expenses

-I_

1,413,818 16,692.753 30,620,693 1,311,603

Administration, Domiciliary fees (note 3)

Distribution fees

Bank interest

Custodian fees

(127,899) (399.748) (2,487,668) (1 28.570)

(1 50,427) (3.1 78) (2,586,295) (184.783)

(3.81 7) (24,606) (1,192)

(1.161.494) (133.134) 12,249

Investment adviser fees (note 4) (1,145,660) (1.848.558) (21,822,444) (1,256.337)

Luxembourg tax (note 6) (37,942) (24,834) (567.988) (36.951)

Other expenses (1 10.274) (139.51 5) (797.223) (133.659)

Audit fee ..... ... . . . . ........ (3.02 9) ... . .... , ........................................ (9.497) (61,229) (2.967) .

(1,578,018) (2,416,898) (29,508,347) (1,877,593)

Net investment income/(loss) (164.200) 14,275.855 1,111,746 (565.990)

Net profit/(loss) rcalised :



- on options

Net changes in unrealircd result :



17.142.81 0 4,363,098 194,352,747 (5763.437)

(1 80.468) (1 61.931) (2.329.036) (4.645.985)

(48,489,963) (1 8.324.043) (626,771,770) (1 7.242.851)

6.021 707.341 1,325.928 93,344

- on swap

Result on operations (31,657,263) (1,306,785) (434,627,334) (23,659,402)

Net receiptr, on issued shares

Net payments from redemption of shares

39,938,132 3.914.973 472,387,871 2,388,633 (33,957,056) (26,469,039) (266,940,442) (31.860)

(435.745) (4,252.51 0) Dividend Distribution

Change in Total Net Assets for the period (26,121,932) (23.850.851) (233.432.41 5) (21,302,629)

Net Assets at the beginning of the period 166,744.868 5 1 2,802,107 3,347,924,602 161,658,344


82

Statement of Operations and Changes in Net Assets for the period ended 30 June 2008 (continued)


Aviv4 Investors - Aviva Investors - Avlva Investors - Aviva Investors - Emerging Markets EUR Rcservt Fund European European

Local Currency Aggregate Bond Convergence Bond Fund Fund Equity Fund

EUR EUR EUR EUR

I lnwme

Bank interest 30,340 4,396 25,473 31,329

Bond interest

Net dividend

6,973,338 2,786,241 4,331,945

4.21 6,564

I Other Income 52.41 0 --

7.003.678 2,843,060 4,357.41 8 4,247,833 Expenses

Adminibration, Domiciliary fees (note 3)

Distribution fees

Bank interest

Custodian fees

Investment adviser fees (note 4)

Luxembourg tax (note 6)

Other expenses

(188,326) (98.995) (147.1 17) (2 09.337)

(3.183) (32,329) (1.609) (242.330)

(1.749) (861) (2.01 1) (2.983)

(46.759) 29.867 (4.058) (207,450)

(875.573) (186,030) (409,659) (1,664,748)

(1 1.949) (6.058) (9.31 8 ) (39.626)

(1 28,951) (46.962) (1 01,997) (1 47,802)

~- Audit fee (4.354) (2.144) (5,005) (7.422)

(1,260,844) (343.51 2) (680.774) (2,521,638)

Net investment income/(loss) 5.742334 ZA99.548 3,676,644 1.726.195

Net profit/(loss) realised :


~ on foreign exchange and futures

- on options


(9.986.1 90)

(2,430,876)

3.31 7 (3,777,902) 24,131

253,249 (1 14,000) I

I

- on investment portfolio (1,851,137) (453.709) (278.635) (78.833.968)

- on foreign exchange and futures 970 32 0 (6.607) 19,947

- on swap (536,411) 902

Result on operations ( 9 . ~ 0 S 1 0 ) 2,049,476 (132.349) (77,177,695)

Net receipts on issued shares 2.1 48,073 47.898.306 1326.437 21,452.91 3

Net payments from redemption of shares (51 2.063) (49.21 6.783) (141,337,378) (1 24.048.085)

Dividend Distribution (3.338) (2.590) (9)

Change in Total Net Assets for the period (7,428.1 38) 730.999 (1 39,645,880) (1 73,772,876)

Net Assets at the beginning of the period 234.943.071 11 5.766.1 17 270,301,403 399,503,825


Total Net Assets 227,514,933 116,497,116 130,655,523 219.736.949


83



AvNa Investors - Avhra Investors - Aviva Investors - Avhra lnvcstors - European European Equity European RElT European Socially

Corporate Bond Fund Fund Responsible Equity Fund Fund

EUR EUR EUR EUR

Income

Bank interest 38,522 18,293 115.126 134,313

Bond interest

Net dividend

2,782,010 1,093

4,505,841 3,834,626 1.683.232

Other Income 126,140 70.112 , 45.988-

2,820,532 4,650,274 4,020,957 1,863,533 Expenses

Adminisfration. Domiciliary fees (note 3)

Distribution fees

Bank interest

Custodian fees



Other expenses

(86,722) (211.141) (129.839) (72.570)

(1 8.1 96) (254.406) (1 14,275) (54.1 00)

(51 0) (2,188) (1.088) (704)

32.958 (65.000) 15.468 16.401

(31 8,808) (1,929,318) (1,044.61 6) (51 1.772)

(1 2.366) (55.058) (26.01 5) (12,363)

(42.31 5) (125,230) (75.41 4) (52.076)

Audit fee (1.270). (5,444) (2.710) (1.751)

(447.229) (2.647.785) (1,378,489) (688.935)

Net investment incomcl(lors) 2.373.303 2,002,483 2.642.468 1.171.59a

Net profiV(loss) reallsed :



- on options

Net changes in unrealiscd result :



(1,499,031) (4.609.21 6) (1 6,146,388) (2,344.869)

11 5,020 70.344 (47.474) (1 3.994)

(4.055.490) (50.380.091) (19,718,048) (1 6.59631 9)

(239.474) 15,752 6.01 9 (1 07)

~ on swap 1,805

Result on operations (3.303367) (52,900,722) (33,263,423) (17,781,191)

Net receipts on issued shares 65,683,466 31.345.478 68,321,551 27.9’31 ,958

Net paymenE from redemption of shares (6.285.469) (29,937.274) (34,081,083) (1 8,120.989)

Dividend Distribution (1 10.758) (322,246)

Change In Total Net Assets for the period 56,183.372 (51,492,518) 654,793 (7.910.222)

Net Assets at the beginning of the period 68.693.432 2’34.083.733 146,306,772 94,396.230


Total Net Assets 124,876,804 242,591,215 146,961,571 86,486,008


84

Statement of Operations and Changes in Net Assets for the period ended 30 lune 2008 (continued)


Aviva Investors - Aviva Investors - AvNa Investors - AvNa Investors - European Value French Equity Fund GBP Reserve Fund Global

Equity Fund Convertibles Fund

EUR EUR GBP USD

lncomt

Bank interest 99.299 42.461 9,505

Bond interest 2 . m ,051

Other Income ~ 104,681 41,535 1.333

Net dividend 3,364,089 1,307,830

3,568,069 1,391,826 2,881,883 Expenses


Distribution fees

Bank interest

Custodian fees



Other expenses

(1 02.906) (49.091) (71.830)

(127.731) (72,097) (5.239)

(939) (482) (653) 19.31 0 31.118 22,231

(944.248) (442.935) (1 35,832) (31.41 6) (14,745) (4,401 1 (84,626) (37.135) (35.548)

61,037

9.530.429

1,867,870

59.02a I ,,.... ̂ ^ ..................

11,518.364

(720,281)

(83.645)

(7.766)

(19.225)

(2,886,938)

(59.875) (274.356)

(1 9,326)

(1,274,833) (586.565) (232,899) (4,071,472) --l--__l_

Audit fee .....I..._.-.._.-._-.-II (2.337) (1.198) (1.627)

Net investment income/(loss) 2.293.176 805,261 2.648.990 7 .~6 .a92

Net profit/(lors) rcaliscd :

on investment portfolio

on foreign exchange and futures

on options

3.967.828 1.1 77.1 68 (1 32,958) 21.566.583

(3.887) 62 (868.149)

(1 3.500)


- on investment portfolio (30,094,295) (1 3.400.354) (396.788) (93,520,514) 31 510,473 ~ - on foreign exchange and futures (6,983) (200)

- on swap

Result on operations (23,844,161) (1 1.41 8,063) 2.119.275 (64.878.21 5)

Net receipts on issued shares 26.218.673 8.753.499 33.555332 234.498.009

Net payments from redemption of shares (5,331,656) (2.690.71 9) (33.1 74.34 1 ) (253.479.668)

Dividend Distribution (91 1.726) (75.370) (2.1 58,054) (980)

Change in Total Net Assets for the period (3.928.870) (5.430.653) 342.212 (83,860,854)

Net Assets at the beginning of the period 126,877,055 M.406.033 a9.984.484 1.045.899.782

foreign exchange valuation movement I

I Total Net Assets 122.348.1 85 58,915,380 90.326.696 962.038.928


85



Avhra Investors - Avka Investors - Aviva investors - Aviva Investors - Global Equity Global REIT Fund Japanese Equity Long Term

Focus Fund Fund European Bond Fund

USD USD JPY EUR

Income

Bank interest 7,090 346.640

Bond interest 4.1 14,443

Net dividend 540,593 1.1 11,240 138,323,123

10.61 7 1,250,643 24.432

551.21 0 1 ,118,330 140.520.406 4,138,875 Other Income ---

Expenses

Administration. Domiciliary fees (note 31

Distribution fees

Bank interest

Custodian fees



(45.472) (49.000) (13,714,048) (1 48.543)

(66.562) (42,997) (6,832,073) (63,538)

(3.497) (497) (1 48,331) (43,801)

45.232 38,526 2,139,432 6,179

(392,034) (395.81 7) (84,983,924) (601,034)

(1 3,007) (9.796) (1,784,359) (25.909) Other expenses (60.5a4) (52,305) (1 0,563,254) (60.933)

Audit fee (1.338) (1.234) (369.099) (2.784)

(537.1 82) (513.120) (1 16,322,136) (940,363)

Net investment income/(loss) 14,028 605,210 24,198,210 3.198.512

Net profW(loss) realised :



- on options

Net changes in unreelised result :



761,009 (4.486.907) (2.081.912.063) (2.M0.081)

35.834 (47.055) 59.097 (374.1 60)

(9.1 12,412) (7.561.266) (41 5,241,203) (7,042,363)

13,742 (1.036) 135,709 (333,321)

- on swap

Result on operations (8,287,793) (1 1,491,054) (2.472.760.250) (7,491,413)

Net receipts on issued shares 2.293.689 1.1 36,794 2,867.46.67 1 74.236.269

Net payments from redemption of shares (23.877.200) (7,354,807) (4.31 0,954,648) (31,243,790)

Dividend Distribution (205,002) (823)

Change in Total Net Assets for the period (29,871,310) (17.914.063) (3,916,268,227) 35,500,243

Net Assets a t the beginning of the period 72.718.320 67,241,227 19,362,755,797 150.804.634


Total Net Ass& 42.847.010 43,327,158 16,046,487,570 186.304.877


86



Avhra Investors - Avhra ~nvestorr - Aviva Investors - AvNa Investors - Pan-European Short Term UK Eqully Focus Australian

Equity Fund European Bond Fund Resources Fund Fund

EUR EUR GBP EUR

Income

Sank interest 19,381 7,251 55,854

Bond interest 1,245,885

Net dividend 707.234 1,827.91 8 5,369

Other Income __x .. 15.547 9,089 __" " ._..ll_l_.....__-_l___......~..~..- .,x_.x ". ...

742.1 62 1,262,225 1,883,772 5,369 Expenses

Administration, Domiciliary fees (note 3) (27.31 1) (60,076) (58,365) (797) Distribution fees (31.905) (31.1 83) (78,237)

Bank interest (298) (508) (532)

Custodian fees 33,481 32,881 24.906

Investment adviser fees (note 4) (236.439) (254,854) (501.432) (6.324)

Luxembourg tax (note 6) (7.667) (18,202) (1 6.01 8) (149)

Other expenses (73.830) (40.049 (37.428) (738)

_ l l l l . - . ~ . _ Audit fee (74 1 ).. (1,263) (1.323)

(344.710) (373.264) (668.429) (8,008)

Net investment income/(loss) 397.452 888,961 1 ,2 15.343 (2.639)

Net profit/(loss) realiscd :

- on investment portfolio (1.220.21 9) 157,534 733,632 9.302

- on foreign exchange and futures (1.244) 104 (1.995) - on options

Net changes in unrealired result :



- on swan

(5,786,871) (1,126.425) (14,128,147) (31 1,966)

124 (47) (98) (43 1 )

Rcsutt on operations (6,610,758) (79.977) (12,179,166) (307.729)

Net receipts on issued shares 1,932,214 17,247,552 21.954.217 30.649.31 0

Net payments from redemption of shares (7,336,602) (1 3.647.1 62) (3,032,831)

Dividend Distribution (1 1 1,809) (30,254) (1 52,609)

Change in Total Net Assets for the period (12,126.955) 3,490,159 589,611 30.341.581

Net Assets at the beginning of the period 40,071.92 1 68,202,254 71.269.979


Total Net Assets 27.944.966 71.692.413 71,859,590 30,341,581

The accompanying notes form an integral part of these financial statemenb

87


Combined


Combined'

EUR GBP -

Income

Bank interest 2,251,340 1.784.576

Band interest 51,042,407 40,453,944

Net dividend 47.289.520 37,485.1 32

818.060 648.454

101,401.327 80.378.1 06 I

Other Income

Expenses


Distribution fees

Bank interest

Custodian fees



(4,744,652)

(3.41 6.843)

(91,980)

(71 1,127)

(32.573.91 6)

(850,385)

(3.760.958)

(2,708,440)

(72.910)

(563,631

(2 5.82 0.468)

(674.077)

Other expenses (2.761.827) (2,189,226)

Aud't.!:@ ~ , . ..., .. . (1 18.005, (92.5391. (45,268.735) (35,883,309)

Net investment income/(loss) 56,132,592 44.494.797

Net profit/(losr) rcalircd :

on investment portfolio

on foreign exchange and futures

on options


- on investment p o f h l i o


88,282.189

(1 6.143.1 70)

(8.553)

69.978.91 8

(1 2,796,257)

(6.779)

(793.978.1 2 1) (629.3651 13)

(8,677,493) (6,878.41 6 ) - on swap (283,288) (224,555)

Result on operations (674,675,844) (534,797,405)

Net receipts on issued shares 1,074.795.1 30 851,961,208

Net payments from redemption of shares (1,035,873,628) (821.1 09.1 80) Dividend Distribution (8.356.1 73) (6,623,714)

Change in Total Net Assets for the period (644,110,515) (510,569,091)

Net Assets at the beginning of the period 6.71 2,282,352 4,330,672,693

Foreign exchange valuation movement (303,102.71 1 ) 149.711.725

Total Net Assets 5.765.069.126 4.569.ai 5,327

*For information purposes only The accompanying notes form an integral part of these financial statements

88

Notes to the Financial Statements as a t 30 June 2008


1. Description of the Fund

Aviva Investors (the 'Fund ") is a Variable Capital Investment Company (Sociktb d'lnvestissement a Capital Variable) established in the Grand Duchy of Luxembourg under Part I of the law of 30 March 1988. On 5 April 2005, articles of association have been amended in order to reflect the forthcoming change of the Fund to Part I of the law of 20 December 2002 (UCITS Ill). Since November 2005, the Fund is subject to Part I of the law of 20 December 2002. The Fund was incorporated in Luxembourg on 16 January 1990 for an unlimited period.

On 1 st April 2008, the Management Shareholders resolved the change of name of the SICAV from Aviva Morley to Aviva Investors.

The custodian have been overaccrued. The overaccrual's write off for the last seven months appears as negative expenses in the section "Custodian fees".

On 16 June 2008, the Sub-Fund Aviva Investors - Australian Resources Fund was launched at subscription prices of EUR 10.00 (A Share Class) and EUR 100 ( I Share Class) per share.

The Fund comprises 31 Sub-Funds, out of which 3 were not opened to subscriptions as a t 30 June 2008. The Fund operates as an open-ended investment Fund. Shares are issued in different share classes:

A Share Class

This Share Class is available to individual investors in the countries where the respective Sub-Fund and Share Class has been authorised for distribution (or through specific distributors). Shares in Class A may be issued as Accumulation Shares (A) or Dividend Shares (Ax). The A Share Class has been created for the UK market.

B Share Class

This Share Class is available to individual investors in the countries where the respective Sub-Fund and Share Class has been authorised for distribution (or through specific distributors). Shares in Class B may be issued as Accumulation Shares (B) or Dividend Shares (Bx).

C Share Class

C Shares are only made available in certain jurisdictions on the decision of the Board of Directors. The investor should contact the local distributor or the Administrator of the Fund for details. Shares in Class C will exclusively be issued as Accumulation Shares.

I Share Class

I Share Classes are restricted to institutional investors as this term may be defined by the guidelines or recommendations issued by the Luxembourg Supervisory Authority ("Institutional Investors').

Share Classes Accumulation Shares Dividend Shares Hedged Shares

A Share Class B Share Class C Share Class I Share Class

A B C I

Ax Bx

Not available Ix

Ah Bh Ch Ih

89

I

Notes to the Financial Statements as a t 30 June 2008


2. Summary of significant accounting policies

The accounting policies of the Fund are in accordance with Luxembourg regulations. The combined financial statements of the Fund represent the sum of the financial statements of each Sub-Fund of the Fund. The combined financial statements are presented in Euro by translating the financial statements of each Sub-Fund using the exchange rates prevailing at the balance sheet date.

The exchange difference resulting from the translation of net assets at the beginning of the period using the period-end rate is recognised in the combined statement of changes in net assets under the caption "Foreign exchange valuation movement'.

2.1 Foreign currencies

The financial statements of each Sub-Fund of the Fund are expressed in the currency of the Sub-Fund and its accounting records are maintained in that currency. Assets and liabilities in other currencies are translated into the currency of the Sub-Fund using the exchange rate in 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.

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, accounts receivable, prepaid expenses, cash dividends and interest declared or accrued are deemed to be the full amount thereof, unless there is doubt about the full value to be received, in which case the value is arrived at after making such discount as the Board of Directors of the Fund (the "Board ") may consider appropriate to reflect the true value;

(2) The value of all securities, which are quoted or dealt in on any stock exchange, is based on the 30 June 2008 a t 13:OO (CET) prices, which is the latest net asset value calculated during the period. If there is more than one stock exchange on which the securities are traded or admitted for trading, the value of any such security will normally be determined from prices ascertained from the stock exchange which is the principal stock exchange for such security;

(3) Short term investments having maturity of six months or less are valued at cost which, when combined with accrued interest included in the receivables, approximates to market value, unless there is doubt about the full value to be received, in which case the value is arrived a t after making such discount as the Board of Directors of the Fund (the 'Board") may consider appropriate to reflect the true value;

(4) The value of any securities or assets traded on any other organised market is determined in the same manner as outlined in 2.2 (2);

(5) The value of securities which are not quoted or dealt in on any stock exchange or other organised market as determined by the Board or its authorised agent, is based on the reasonably foreseeable sale prices determined prudently and in good faith by the Board;

,

(6) In circumstances where the Board is of the view that the value of any securities quoted or dealt in on any stock exchange or dealt in on any organised market as determined in 2.2 (2) does not reflect the fair value of such assets, the Board may by other means determine the value;

90

Notes to the Financial Statements as a t 30 June 2008 (continued)

2.2 Valuation of assets (continued)


(7) Futures contracts. The Fund on behalf of a Sub-Fund may enter into financial futures contracts as part of its investment strategy. Upon entering into a futures contract, the Fund is required to deposit with a broker an amount ("initial margin") equal to a certain percentage of the purchase price indicated in the futures contract. Subsequent payments ('variation margin") are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying futures contracts. These subsequent payments are recorded for financial reporting purposes as unrealised result by the Fund. When entering into a closing transaction, the Fund will realise, for book purposes, a gain or loss equal to the difference between the values of the futures contract to sell and the futures contract to buy. Futures contracts are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked quotation or if no bid or asked prices are available, at the last bid price. Certain risks may arise upon entering into futures contracts from the contingency of imperfect market conditions;

(8) Forward foreign currency exchange contracts. All Sub-Funds in connection with the portfolio purchases and sales of securities denominated in a foreign currency, may enter into forward foreign currency 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. Realised gains or losses arising from such transactions are included in net profiV(1oss) realised on foreign exchange;

(9) Swaps contracts. A swap is an agreement that obliges two parties to exchange a series of cashflows a t specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Risks may arise as a result of the failure of another party 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.

The cashflows received and paid by the Sub-Fund in connection with swap contracts are converted to present value on the valuation date at the zero-coupon swap rate corresponding to the maturity of these cashflows. The value of the swap contracts is the difference between these two present value conversions.

2.3 Treatment of interest income and dividends

The assets of each Sub-Fund include:

(1) All stock, stock dividends, cash dividends and cash distributions receivable by the Sub-Fund to the extent information thereon is reasonably available to the Fund;

(2 ) Ali interest accrued on any interest bearing securities owned by the Fund except to the extent that it is included or reflected in the principal amount of such security.

3. Administration and domiciliary fees

The Fund pays to the Administrative Agent a fee based on the aggregate net asset value of each Sub-Fund for the administrative services provided. Each Sub-Fund pays to Aviva Fund Services Societe Anonyme, a fixed fee of EUR 3,000 per annum for domiciliary services. The fees are calculated and accrued each dealing day and are payable monthly in arrears.

91



4. Investment Adviser fees

The Investment Adviser receives from the Fund a fee based on the net asset value, the fee is calculated and accrued each dealing day and is payable monthly in arrears.

The Investment Adviser fees as a t 30 June 2008 can be summarised as follows:

Aviva Investors - Absolute Bond Fund Aviva Investors - Absolute TAA Fund

Aviva Investors - Absolute TAA 5 Fund Aviva Investors - American Equity Fund Aviva Investors - Asia-Pacific Equity Fund Aviva Investors - Australian Resources Fund Aviva Investors - Emerging Markets Bond Fund Aviva Investors - Emerging Markets Equity Fund Aviva Investors - Emerging Markets Small Cap Fund Aviva Investors - Emerging Markets Local Currency Bond Fund Aviva Investors - EUR Reserve Fund

Aviva Investors - European Aggregate Bond Fund Aviva Investors - European Convergence Equity Fund Aviva Investors - European Corporate Bond Fund Aviva investors - European Equity Fund Aviva Investors - European Property Securities Fund Aviva Investors - European RElT Fund Aviva Investors - European Socially Responsible Equity Fund Aviva Investors - European Value Equity Fund Aviva Investors - French Equity Fund

Aviva Investors - GBP Reserve Fund Aviva Investors - Global Convertibles Fund Aviva Investors - Global Equity Focus Fund Aviva investors - Global RElT Fund Aviva Investors - Japanese Equity Fund Aviva Investors - Long Term European Bond Fund Aviva Investors - Pan-European Equity Fund Aviva Investors - Short Term European Bond Fund Aviva Investors - UK Equity Focus Fund

A Share Class

1.1 0% p.a. 1.70% p-a.

1.1 0% p.a. 1.50% p.a. 1.50% p.a. 1.70% p.a. 1.50% p.a. 1.70% p.a. 1.70% p.a.

1 .SO% p.a. 0.35% p.a.

0.90% p-a.

1.70% p.a. 0.90% p.a. 1.50% p.a. 1.60% p.a. 1.60% p.a.

1.60% p.a. 1.50% p.a. 1.50% p.a.

0.35% p-a- 1.20% p.a. 1.50% p.a. 1.70% p.a. 1 .SO% p.a. 0.90% p.a. 1.50% p-a- 0.70% p.a. 1.50% p.a.

B Share Class

1.10% p.a. 1 .?O% p.a. 1.1 0% p.a.

1.50% p-a. 1.50% p.a. 1.70% p-a. 1.50% p.a.

1.70% p.a. 1 .70% p.a.

1.50% p-a- 0.35% p.a. 0.90% p.a.

1.70% p.a. 0.90% p-a. 1.50% p-a- 1.60% p-a. 1.60% p-a.

1.60% p-a- 1.50% p-a- 1.50% p-a. 0.35% p.a. 1.20% p.a. 1.50% p-a. 1.70% p-a. 1 .SO% p-a. 0.90% p.a. 1.50% p.a. 0.70% p.a. 1.50% p.a.

C Share Class

1.10% p-a. 1.70% p.a. 1.1 0% p.a. 1.50% p.a. 1.50% p.a. 1.70% p.a. 1.50% p.a. 1.70% p.a. 1.70% p.a.

1.50% p.a.

0.35% p-a. 0.90% p-a.

1.70% p.a. 0.90% p.a. 1.50% p.a. 1.60% p.a. 1.60% p.a.

1.60% p.a. 1.50% p.a. 1.50% p.a.

0.35% p.a.

1.50% p.a. 1.70% p.a. 1.50% p.a. 0.90% p.a. 1.50% p.a. 0.70% p.a. 1 .SO% 13.a.

1.20% p.a.

I Share Class

0.55% p.a. 0.85% p.a.

0.55% p-a. 0.75% p.a. 0.75% p.a. 0.85% p.a. 0.75% p.a. 0.85% p.a. 0.85% p.a.

0.75% p.a. 0.10% pa. 0.45% p.a.

0.85% p.a. 0.45% p.a. 0.75% p.a. 0.80% p.a. 0.80% p.a.

0.80% p.a. 0.75% p.a. 0.75% p.a. 0.1 0% p-a.

0.60% p-a. 0.75% p.a. 0.85% p.a. 0.75% p.a. 0.45% p-a. 0.75% p-a. 0.35% p-a. 0.75% p-a.

5. Performance fee A performance fee as more fully described in the Prospectus will be payable to the Investment Adviser, in addition to the management fee, if the percentage change of the net asset value per Share over the previous 12 months period exceeds the percentage change of the 'Benchmark" over the previous 12 month period.

The performance fee, if any, will amount to 10% for the Sub-Fund Absolute Bond Fund, for the Sub-Fund Absolute TAA Fund, and for Absolute TAA 5 Fund of the out performance of the Benchmark and will accrue daily.

No performance fee will be payable if the percentage change in the net asset value calculated a t the end of such a 12 month period is equal or less than the percentage change of the Benchmark over the 12 month period.

The benchmark index used for performance fee calculation purposes on the Sub-Fund Absolute Bond Fund is One Month Euribor.

92



5. Performance fee (continued) The benchmark index used for performance fee calculation purposes on the Sub-Fund Absolute TAA Fund is One Month Libor.

The benchmark index used for performance fee calculation purposes on the Sub-Fund Absolute TAA 5 Fund is One Month Euribor.

No performance fee is payable by the Sub-Funds as of 30 June 2008 and for the period then ended.

6. Taxation

The Fund is not liable to any Luxembourg income tax, but is liable in Luxembourg to a tax of 0.05% per annum of its net assets for the A, B and C Share Classes of all Sub-Funds that invest in non-money market related securities and 0.01 % per annum of i ts net assets for the A, B and C Share Classes of the Reserve Sub-Funds and the I Share Classes of all Sub-Funds. Such tax is payable quarterly on the basis of the net assets of the Fund a t the end of the relevant quarter.

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.

7. Securities lending

Securities lent are delivered to a third party broker and the lent assets continue to be valued as part of the Sub- Fund’s portfolio. As of 30 June 2008, the Fund had lent securities for a total value of EUR 352,240,100 and received collateral with a market value of EUR 388,701,544.28.

8. Exchange rates

The exchange rates used to combine the Sub-Funds a t 30 June 2008 were:

1 EUR= 0.792673 GBP 1 GBP= 1 EUR= 166.360737 JPY 1 G B P = 1 EUR= 1.578450 USD 1 GBP= 1 EUR= 8.003531 NOK 1 GBP=

1.261554 EUR 209.873064 JPY

1.578450 USD 8.003531 NOK

9. Futures

The following futures are outstanding at period-end in the following Sub-Funds:

Absolute TAA 5 Fund I

Purchase of 26 S&P 500 EMlNl FUTURE SEP08 19/SEP/2008 Purchase of 19 MSCl TAIWAN INDEX JULO8 Sale of 55 SEP 08 10 YEAR T-NOTES FUT Purchase of 13 TOPIX INDEX FUTR SEP08 Purchase of 21 LONG GILT FUTURE SEP 08 Sale of 20 FTSE 100 INDEX NEW SEP 08 Sale of 15 CAC40 10 EURO FUTURE JUL 08 Purchase of 18 EURO-BUND FUTURE SEP 08 Purchase of 4 S&P/MIB INDEX FUTURE 19lSEPl2008

Maturity date

19l09l2008 30/07/2008 19l09l2008 11l09/2008 2 610912 008 19/09/2008 18/07/2008 8/09f2008

1 910912 008

Commitment Unrealized gain/(loss) EUR

I EUR

1,053,581 346,067

(3,962,996) 1,030,32 1 2,766,626 (1,413,824)

(662,100) 1,989,360

(60.770) (9,106)

(56,132) (64,881 ) (3 5,337) 85.51 9 37,639 (32,760)

I

590,500 (35,458)

93



9. Futures (continued) Absolute TAA 5 Fund (continued)

Maturity date Commitment Unrealized gain/(loss) EUR EUR

Sale of 74 DJ EURO STOXX 50 SEP 08 19/09/2008 (2,488,62 0) 133,041 Purchase of 9 AUST 1 OY BOND FUTURE SEP 08 15/09/2008 531,217 3.554

TOTAL (34,691)

The net unrealised loss attributed to these transactions is included in the 'Other liabilities" in the Statement of Net Assets.

Absolute TAA Fund

Purchase of 2474 S&P 500 EMlNl FUTURE SEP 08 19lSEPl2008 Purchase of 1552 MSCl TAIWAN INDEX JUL 08 Sale of 571 7 SEP 08 10 YEAR T-NOTES FUTURE Purchase of 1246 TOPIX INDEX FUTURE SEP 08 Purchase of 21 57 LONG GILT FUTURE SEP 08 Sale of 1980 FTSE 100 INDEX NEW SEP 08 Sale of 1428 CAC40 10 EURO FUTURE JUL 08 Purchase of 1801 EURO-BUND FUTURE SEP 08 Purchase of 41 3 S&P/MIB INDEX FUTURE 19lSEPl2008 Sale of 6349 DJ EURO STOXX 50 SEP 08 Purchase of 961 AUST 1 OY BOND FUTURE SEP08

Maturity date

19/09/2008 30/07/2008 19lQ9l2008 1 1 /09/2 008 26/09/2008 19/09/2008 18/07/2008 8/09/2 008

19/09/2008 1 910912 008 15/09/2008

Commitment Unrealized gainl(loss) GBP GBP

79,467,295 22,407,472

(326.530.1 15) 78,278,316

225.255.51 0 (1 10,949,300)

(49,963,709) 157.778.826

(4,905,925) (613,684)

(4,557,49 1 ) (4.92 9,302) (2,656,107) 6,734.2 35 3,380,658 (2,598,240)

48.32a.586 (2.902.01 7) (1 69,249,083) 9,802,245

44,962,159 300,837 TOTAL (2.944.79 1 )

The net unrealised loss attributed to these transactions is included in the 'Other liabilities' in the Statement of Net Assets.

European Aggregate Bond Fund

Maturity date Commitment Unrealized gain/(loss) EUR EUR

Sale of 30 5 YEAR T-NOTE SEP 08 30/09/2008 (2.099.27 1) (4.306) Sale of 7 SEP 08 10 YEAR T-NOTES FUTURE 19/09/2008 (504,381) (4,504) Sale of 2 3 MO EURO EURIBOR SEP 08 15IQ9l2008 (474,650) 72 5 Purchase of 20 EURO-BUND FUTURE SEP 08 8/09/2008 2,2 1 0,400 (30,960)

TOTAL (39,045)

The net unrealised loss attributed to these transactions is included in the 'Other liabilities' in the Statement of Net Assets.

Long Term European Bond Fund

Maturity date Commitment Unrealized gainl(loss) EUR EUR

Sale of 20 3M0 EURO EURIBOR SEP 08 15/09/2008 (4,746,500) 7,250 Purchase of 21 7 EURO-BUND FUTURE SEP 08 8/09/2008 2 3,982,840 (335,660)

TOTAL (328.41 0)

The net unrealised loss attributed to these transactions is included in the "Other liabilities" in the Statement of Net Assets.

94



10. Forward foreign exchange contracts

The following forward foreign exchange contracts are outstanding at period-end in the following Sub-Funds

Absolute Bond Fund

Amount Unrealised appreciation purchased Amount sold Maturity date EUR

EUR (1,100,000) GBP (1,391,982) 08/07/2008 4,508 EUR (4,940,000) USD (3,176,175) 08/07/2008 45,511

TOTAL 50.01 9

The net unrealised gain attributed to these transactions is included in the "Other Assets" in the Statement of Net Assets. Absolute TAA 5 Fund

Amount Unrealised purchased Amount sold Maturity date appreciation/(depreciation) EUR

EUR 164,000,000 JPY 1,038,639 14/08/2008 (48,177) EUR 2,700,000 NOK 338.889 14/08/2008 ( 2 3 5) EUR 1,470,000 SGD 690,206 14/08/2008 (2.402) EUR 375,000 USD 238,401 14/08/2008 (290) EUR 485,000 USD 308,333 14/08/2008 (375) EUR 1,060,000 USD 690,378 13/08/2008 (1 7,349)

EUR (129,000) GBP (1 62,244) 18/09/2008 (1 62) EUR (18,000) GBP (22,688) 18/09/2008 26 EUR (8,250,000) J PY (50,302) 18/09/2008 295 EUR (48,500,000) JPY (293,051) 13/08/2008 170 EUR (730,000) SGD (344,999) 13/08/2008 3,468 EUR (203,000) USD (131,383) 18/09/2008 2,258 EUR (1 0.000) USD (6,374) 18/09/2008 13 EUR (412,371) AUD (238,401) 14/08/2008 (1 2,2 97) EUR (246,654) GBP (308,333) 14/08/2008 (2.466) EUR (546,803) GBP (690,378) 13/08/2008 1,355

TOTAL (78,288)

The net unrealised loss attributed to these transactions is included in the "Other Liabilities" in the Statement of Net Assets.

EUR (1 6,000) AUD (9,662) 1 8/09/2008 (40)

I

I

95


10. Fonrvard foreign exchange contracts (continued) Absolute TAA Fund

Amount purchased

GBP 24,773,414 GBP 30,719,062 GBP 1,175,000 GBP 15,700,000,000 GBP 2 60,000,000 GBP 140,000,000 GBP 36,000,000 GBP 46,000,000 GBP 108,350,000 GBP 1,180,000 GBP (4.1 00,000,000) GBP (65,000,000) GBP (1,749,000) GBP (30.1 60,000) GBP (797,000,000) GBP (21,600,000) GBP (99,430,649) GBP (32,633,799) GBP (65,733,872) GBP (39,587,629)

Amount sold EUR 19,648,566 EUR 24,364,245 EUR 932,222 JPY 79,971,961

NOK 26,147,429 SGD 52.81 5.81 6 USD 18.372.1 78 USD 23,393,954 USD 55,892,579 USD 596,900 JPY (1 9,648,566)

SGD (24,364,245) AUD (838,055) EUR (23,980.2 16) JPY (3,866,584)

USD (1 1,126,456) EUR (79,971,961) EUR (26,147,429) EUR (52.81 5.81 6)

AUD (18,372,178)

Maturity date 13/08/2008 13/08/2008 18/09/2008 14/08/2008 14/08/2008 1 4/08/2 008 14/0&/2008 14/08/2008 13/08/2008 18/09/2008 13/08/2008 1 3/08/2 008 1 8/09/2 008 1 8/09L? 008 18/09/2008 18/09/2008 14/08/2008 14/08/2 008 14/08/;! 008 14/08/2 008


Unrealised appreciation/(depreciation) GBP

1 1,398 14,134

1,090 (4.722.81 8)

(425,808) (830.1 88) (231,2 14) (21 3,833)

(1.297.41 7) (708)

20 2 30,940

(4.271) 23,904 29,301

2 1 3,099 1,062,649

248,870 648,656 (72 7.679)

TOTAL (5,969,875)

The net unrealised loss attributed to these transactions is included in the 'Other Liabilities' in the Statement of Net Assets.

Absolute TAA Fund Eur Hedge

GBP GBP GBP GBP GBP GBP GBP

Amount purchased

10,100,000 150,000 250,000

16.1 00,000 250,000 (270,000)

(2,843,388)

Amount sold EUR 7,978,899 EUR 1 19,865 EUR 198,175 EUR 11.61 6,424 EUR 181,538 EUR (214,677) EUR (2,277,696)

Maturity date 17/09/2008 1 710912 008 1 710912 008 19/03/2008 1 910312 008 1 7/09/2 008 17/09/2008

TOTAL

Unrealised appreciation/(depreciation) GBP

43,409 (722) 397

243,823 2,628

219 19,227

308.981

The net unrealised gain attributed to these transactions is included in the "Other Assets' in the Statement of Net Assets.

96



10. Forward foreign exchange contracts (continued) Emerging Markets Bond Fund

Unrealised purchased Amount sold Maturity date appreciation/(depreciation) USD

USD 5,900,000 TRY 4,764,520 14/07/2008 28,332 USD (1 4,300,000) PEN (5,044,092) 07/07/2008 22 1,971 USD (5,900,000) TRY (4,646,401) 14/07/2008 (1 46.45 1)

TOTAL 103,852

Amount

I

,

The net unrealised gain attributed to these transactions is included in the "Other Assets" in the Statement of Net Assets.

Emerging Markets Local Currency Bond Fund

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

Amount purchased

2,935,958,000 827,640,000

58,000,000 18.1 96.1 90 7,407,407 17.768.51 9 7,795,100

(2,935,958,000) (1 9.1 18,503) (17,818,740)

(1 4,000,000,000) (58,000,000)

HUF INR

MYR USD USD USD USD HUF USD USD COP MYR

Amount sold 12,442,609 12,369,268 11,352,443 1 1,800,000 4,775,082

1 1.41 5.1 98 5,009.51 5

(1 1,800,000) (1 2,369,268) (1 1,352,443) (5,009,515) (1 1,415,198)

Maturity date 07/07/2 008 28/07/2008 14/07/2008 07/07/2008 07/07/2008 14/07/2008 28/07/2008 07/07/2008 28/07/2008 14/07/2008 2W07/2008 14/07/2008

Unrealised appreciation/(depreciation) EUR

31,563 (223,324) (99,130) (269.01 2) (80,982)

(1 50,983) (64,149) (674,172) 240.1 12 56,391 360,307 161,884 I

EUR (2 1,000,000) PEN (4,775,082) 07/07/2008 287,553 TOTAL (423,942)

The net unrealised loss attributed to these transactions is included in the 'Other Liabilities" in the Statement of Net Assets.

European Aggregate Bond Fund

Amount Unrealised purchased Amount sold Maturity date appreciation/(depreciation) EUR

EUR 4,000,000 USD 2,555,176 08/07/2008 (20,226) EUR 3,590,000 USD 2.31 5.61 8 08/07/2008 (40,500) EUR (890,000) GBP (1,126,240) 08/07/2008 3,648 EUR (1 2,450,000) USD (8,004,732) OW07R008 1 14,699

TOTAL 57.62 1


97


10. Forward foreign exchange contracts (continued)


European Corporate Bond Fund

Amount Unrealised purchased Amount sold Maturity date appreciationl(depreciati0n) EUR

EUR 670,000 GBP 853.655 08/07/L008 (8.558) EU R (3,250,000) GBP (4.1 16.1 64) 08/07/2008 16.81 0 EUR (3,000,000) USD (1,949,444) 08/07/2008 48,232

TOTAL 56,484


Global Convertibles Fund

USD USD USD USD USD USD USD USD USD

Amount purchased 5,502,400 6.50 1.61 2

447,707 2,377

2,620,700,000 (9,000,000)

(235,385) (3,073,242)

(1 1,383)

EUR EUR EUR EUR JPY

AUD EUR EUR EUR

Amount sold 8,540,703

10,000,000 703,537

3,743 25,000,000 (8,540,703)

(369,890) (4,838.51 4)

(1 7,923)

Unrealised Maturity date appreciationl(depreciation) USD

05l09l2008 1 15,474 05/09/2008 228.102 01/07/2008 3,146 02/07/2008 9 0510912 008 (44.41 3) 05/0912 008 (52.693) 0 1 I0712008 (1.654) 02/0712008 (1 2,445) 02/07/2008 (44)

235.482 TOTAL


11. Swaps

The following swaps are outstanding at period-end in the following Sub-Funds:

Absolute Bond Fund

Nominal Value Ccy

2,000,000 EUR

2,000,000 EUR

2,000,000 EUR

2,000,000 EUR

2,000,000 EUR

1,500,000 EUR

2,000,000 EUR

2,000,000 EUR

Rate receivable

Fixed 1.27% ACT1360

Fixed 0.6% ACT1360

Deriv Mid Senior

Deriv Mid Senior

Fixed 0.70% ACT1360

Deriv Mid

Fixed 0.57% ACT1360

Fixed 6.90% ACT1360

Rate payable

Mid Senior MMR L

Mid Subordonate MMR L

Fixed 1.05% ACT1360

Fixed 0.66% ACT1360

Deriv Mid

Fixed 0.75% ACT/360

Mid Senior MMR L

Deriv Mid Senior

Maturity date

20/03/2013

20/09/2012

20/09/2013

20l06l2013

20/09/2015

2 Ol09l2 0 1 5

2 010912 0 1 2

20/06/2013

Unrealised appreciation/(depreciation)

EUR (22,433)

(63,877)

1,403

24.2 5 1

(2 3,62 6)

23.058

(1 33,742)

(29,884)

98


1 1. Swaps (continued) Absolute Bond Fund (continued)

Nominal Value

2,000,000

2,000,000

2,000,000

1,500,000

1,000,000

1,000,000

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

2,000,000

2,500,000

2,000.000

2,000,000

2,000.000

3,000,000

Ccy

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

USD

Rate receivable Rate payable

Fixed 2.25% ACT1360

Deriv Mid Senior

Fixed 0.78% ACT1360

Deriv Mid Senior

Fixed 0.77% ACT13 60

Deriv Mid Senior


Deriv Mid Senior

Fixed 2.10% ACT1360

Fixed 0.45% ACT/360

Fixed 0.96% ACT1360

Fixed 1 . I 8% ACT1360

Mid Senior MMR L

Deriv Mid Senior

Fixed 0.67% ACT1360

Mid Senior MMR L

Fixed 4.0% ACT1360

Deriv Mid Senior

Fixed 0.33% ACT1360

Deriv Mid Senior

Fixed 0.93% ACT/360

Deriv Mid Senior ModRe

Fixed 1.45% ACT1360

Deriv Mid Senior ModRe

Fixed 2.05% ACT1360

Deriv Mid Senior

Mid Senior MMR L

Mid Senior MMR L

Deriv Mid Senior


Fixed 0.6% ACT1360

Deriv Mid Senior

Fixed 0.88% ACT1360

Mid Bond


Maturity date

20/0912013

20106/2013

20106/2013

20/06/2015

20l09R 01 2

2 0/03/2 0 1 3

2 0109R 0 1 2

2OlO612013

20106/2013

20/09L? 01 2

2 0/03/2 0 1 3

20/06/2013

2 010912 0 1 2

20106/2013

2 0106/2 0 1 3

20l03R013

2 OlOW2 00 8

TOTAL

Unrealised appreciationl(depreciation)

EUR 10,349

9,955

(1 5,427)

10,384

(67,134)

15.874

(99,251)

66,146

(35,536)

(9 5,845)

(61,822)

(49,409)

19,726

9,367

@,I 04)

43,601

17.284

(455,692)

The net unrealised loss attributed to these transactions is included in the "Other Liabilities" in the Statement of Net Assets.

Emerging Markets local Currency Bond Fund

Nominal Value Ccy Rate receivable Rate payable Maturity date Unrealised appreciationl(depreciati0n)

EUR 2,750,000.000 HUF Fixed 8.43% 6M HUF-BUBOR 24/08/2010 168,449

ACT/360

The net unrealised loss attributed to these transactions is included in the "Other Assets" in the Statement of Net Assets.

99


11. Swaps (continued) European Aggregate Bond Fund

Nominal Value Ccy Rate receivable

120,000 EUR Deriv Mid Senior

350,000 EUR Fixed 1.95% ACT1360

350,000 EUR Fixed 1.44% ACT1360

120,000 EUR Fixed 1.52% ACT1360


Rate payable Maturity date Unrealised appreciation/(depreciation)

EUR Fixed 2.45% 20/06/2013 3,140

Mid Senior MMR 20103R013 2,278

Deriv Mid Senior 20I03R013 (3.1 35)

ACT/360

L

Deriv Mid Senior 20/06/2013 (1.381)

TOTAL 902


European Corporate Bond Fund

Nominal Value Ccy Rate receivable

250,000 EUR Fixed 2.45% ACT1360

760,000 EUR Fixed 1.95% ACT1360

760,000 EUR Deriv Mid Senior

250,000 EUR Fixed 1.52% ACT1360

Rate payable Maturity date Unrealised appreciation/(depreciation)

EUR Deriv Mid Senior 20/06/2013 6.543

Mid Senior 20/03R013

Fixed 1.44% 20/03/2013

Deriv Mid Senior 20/06/2013

MMR L

ACT1360

TOTAL 1,805

The net unrealised gain attributed to these transactions is included in the "Other Assets' in the Statement of Net Assets.

12. Dividends paid

On 29 January 2007, the Board of Directors decided to pay out the following dividends:

Sub-Fund

Absolute TAA Fund Absolute TAA Fund Asia-Pacific Equity Fund Emerging Markets Equity Fund Emerging Markets Local Currency Bond Fund Emerging Markets Local Currency Bond Fund Emerging Markets Local Currency Bond Fund European Aggregate Bond Fund European Aggregate Bond Fund European Aggregate Bond Fund European Convergence Equity Fund European Corporate Bond Fund European REK Fund

Share Class

Ax IX

BX

Bx Bx

Ax GBP Ix GBP

Bx Ax GBP

Ix GBP

Ix GBP Bx Bx

Base currency

GBP

GBP USD USD

EUR

EUR

EUR EUR EUR EUR EUR EUR EUR

Share Class Currency

GBP GBP

USD USD EUR GBP GBP EUR GBP

GBP GBP EUR EUR

Dividend Rate

0.15113

0.05945 0.00980 0.45290 0.14788 1.83108 0.30065 0.1 3877 1.60864

0.01 43 1 0.08301 0.09863

4.88146

100

Notes to the Financial Statements as at 30 June 2008 (continued)

12. Dividends paid (continued)

Sub-fund

European Convergence Equity Fund

European Value Equity Fund French Equity Fund French Equity Fund

GBP Reserve Fund GBP Reserve Fund Global Convertibles Fund

Global Convertibles Fund Global Convertibles Fund Global Convertibles Fund Global RElT Fund Long Term European Bond Fund

Pan-European Equity Fund

Short Term European Bond Fund UK Equity Focus Fund UK Equity Focus Fund

13.Related party

Share Class

Ix BX Bx Ex

Ax Bx Ax

Ax GBP Ix

Ix GBP

Bx Bx Bx Bx Ax Bx

Base currency

EUR

EUR EUR

EUR GBP GBP USD USD USD USD EUR EUR EUR EUR

GBP GBP

Share Class Currency

GPB EUR EUR

EUR GBP GBP GBP GBP GBP GBP EUR EUR EUR

EUR GBP GBP

Dividend Rate

0.00401

0.09298 0.00203 0.00340 0.3451 6 0.05504 0.02743 0.02861 0.21396 0.56679 0.05041 1.71 437 0.1 0022

0.24738 0.04059 0.01264

The Sub-Fund Aviva Investors - Pan-European Equity Fund has invested in an entity belonging to the Group Aviva. The position is disclosed in the Schedule of Investments of that Sub-Fund and it has been valued as of 30 June 2008 at market rate.

101

Aviva Fund Services SociCtC Anonyme, PO Box 1586, L-1 01 5 Luxembourg Registered Address: 34 avenue de la LibertP. 4th floor, L-1930 Luxembourg, Grand Duchy of Luxembourg Registered in Luxembourg under R.C.S. number 825708 www.rnorleyfrn.com E-mail: helpdeskOavivafundr.lu Telephone: + (352) 40 28 20 261

AVlVA - Fundsquare

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