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For the six months ended 28 August 2015 (unaudited)

Interim Report and Financial Statements

A V I V A I N V E S T O R SS E L E C T F U N D S I C V C

Aviva Investors Select Funds ICVC Interim Report and Financial Statements for the six months ended 28 August 2015 | avivainvestors.com

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avivainvestors.com | Aviva Investors Select Funds ICVC Interim Report and Financial Statements for the six months ended 28 August 2015

1

CONTENTS

Company Information* 2

Report of the Authorised Corporate Director* 3

Aviva Investors Active Protector Fund 4

Aviva Investors Defined Returns Fund 10 8

Aviva Investors US Equity Income Fund 12

Aviva Investors US Equity Income Fund II 21

Statement of the Authorised Corporate Director’s Responsibilities* 30

Authorised Corporate Director’s Statement* 30

General Information 31

* These items comprise the Authorised Corporate Director’s Report for the purposes of the rules contained in the Collective Investment Schemes Sourcebook (“the Regulations”).


Company Information

2

AUTHORISED CORPORATE DIRECTORAviva Investors UK Fund Services LimitedNo. 1 PoultryLondon, EC2R 8EJ

Aviva Investors UK Fund Services Limited (the ACD) is a wholly owned subsidiary of Aviva Investors Holdings Limited, a company incorporated in the United Kingdom and within the Aviva Group of Companies. The ACD is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority.

DIRECTORSP Neville (resigned 30 June 2015)I K BuckleE E PotterJ MisselbrookD DahanS EbenstonC Abrahams (appointed 1 July 2015)

ADMINISTRATOR AND REGISTRARInternational Financial Data Services (UK) LimitedIFDS HouseSt Nicholas LaneBasildonEssex, SS15 5FS

INVESTMENT MANAGERFor Aviva Investors Active Protector Fund (this Fund is in the process of being closed) and Aviva Investors Defined Returns Fund 10 (this Fund has matured and will be closed in due course).

Aviva Investors Global Services LimitedNo.1 PoultryLondon, EC2R 8EJ

Aviva Investors Global Services Limited is a member of the Investment Association and is authorised and regulated by the Financial Conduct Authority. The ultimate parent company of Aviva Investors Global Services Limited is Aviva Plc.

For Aviva Investors US Equity Income Fund and Aviva Investors US Equity Income Fund II:

River Road Asset Management LLC462 South Fourth StreetLouisville KY 40202 USA

The ultimate parent company of River Road Asset Management LLC is Affiliated Managers Group.

DEPOSITARYJ.P. Morgan Europe Limited25 Bank StreetCanary WharfLondon, E14 5JP

J.P. Morgan Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

INDEPENDENT AUDITORSPricewaterhouseCoopers LLP7 More London RiversideLondon, SE1 2RT

COMPANY INFORMATION


Report of the Authorised Corporate Director

3

THE COMPANYAviva Investors Select Funds ICVC (“the Company”) is an Open-Ended Investment Company (OEIC) with variable capital incorporated in England and Wales since 18 August 2004. The property of the Company is entrusted to J.P. Morgan Europe Limited (“the Depositary”). The shareholders are not liable for any debts of the Company.

The object of the Company is to invest the scheme property in transferable securities, money market instruments, deposits, units in collective investment schemes, derivative instruments and forward transactions, in accordance with the FCA Rules applicable to the Company and each sub-fund according to the type of authorisation of the Company as stated in the Instrument of Incorporation with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of the property.

The Company has an umbrella structure which means that it contains many sub-funds, each with a different investment objective. In the financial statements you will find an investment review for each sub-fund which includes details of the investment objectives. There are currently 4 sub-funds in the Aviva Investors Select Funds ICVC.

AUTHORISED STATUSFrom 18 August 2004 the Company was authorised as an Open-Ended Investment Company under Regulation 9 of the Open-Ended Investment Companies Regulations 1996 (superseded by Regulation 12 of the Open-Ended Investment Companies Regulations 2001).

The Company is authorised to operate as a “UCITS Scheme” for the purposes of the COLL sourcebook and as an “umbrella” company for the purposes of the OEIC Regulations.

THE FINANCIAL STATEMENTSWe are pleased to present the annual financial statements of the Company for the six months ended 28 August 2015. The financial statements have been prepared on an aggregated basis including all sub-funds as permitted by the Regulations. As required by the Regulations, information for each of the sub-funds has also been included in these financial statements. On the following pages we review the performance of each of those sub-funds during the year. We hope that you find our review useful and informative.

ANNUAL GENERAL MEETINGSThe Company will not be holding any Annual General Meetings.

SIGNIFICANT INFORMATION

FUND CLOSURESAs advised in a letter to investors dated 1 May 2015, the Aviva Investors Active Protector Fund was closed on 7 July 2015 and will be terminated in due course.

As advised in a letter to investors dated 10 June 2015, the Aviva Investors Defined Returns Fund 10 matured on 22 July 2015 and will be terminated in due course.

CHANGES TO FCA RULES ON DELIVERY VERSUS PAYMENT (DVP) EXEMPTION FROM 1 JUNE 2015The FCA’s Client Assets regulations require that we protect money belonging to investors in a dedicated client money account to ensure it is not used for our own account and that it is safe in the unlikely event we become insolvent. Changes have been made to the rules we follow to improve the protection given to investors’ money while it is not invested. For money held in relation to a direct investment in a collective investment scheme provided by Aviva Investors UK Fund Services Limited, the FCA grant an exemption, known as the Delivery Versus Payment (DVP) exemption, from the regulations requiring protection at all times.

We previously made use of this exemption which means that we had three business days to deal with investors’ money in accordance with their instructions before having to transfer it to a protected client money account.

From 1 June 2015, the maximum period during which we were allowed to hold investors’ money in a non-client money account under the DVP exemption was reduced from three business days to one business day.

We adopted this reduction early and from April 2015 the maximum period that uninvested money was held in non-protected accounts is one business day, unless the investment is settled via a Commercial Settlement System (such as EMX or Clearstream) in which case it will continue to be three business days. For further details please refer to the Prospectus.

REPORT OF THE AUTHORISED CORPORATE DIRECTOR


Aviva Investors Active Protector Fund

4

The Fund closed on 7 July 2015.

AVIVA INVESTORS ACTIVE PROTECTOR FUND



5

INVESTMENT PERFORMANCE

Net Asset Value – Accumulation Shares

Share class As atNet asset value*

£000Shares

in issuePence per

share

Class 1 28.02.13 34,413 28,318,953 121.52

28.02.14 32,206 25,891,261 124.39

28.02.15 29,712 23,482,870 126.53

28.08.15 0 0 0.00

* Valued at bid market prices.

Share Price Record – Accumulation Shares

Share classCalendaryear

Highest price*(p)

Lowest price*(p)

Class 1 2010 122.60 110.52

2011 121.67 109.47

2012 118.48 112.33

2013 127.48 118.22

2014 125.99 118.67

2015** 128.37 120.47

* Valued at mid market prices.** Up to 28 August 2015.

Ongoing Charges Figure*Share class 28.08.15 28.02.15

Class 1 1.03% 1.07%

* The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the period, except for those payments that are explicitly excluded (performance fees). The OCF includes transaction charges which were excluded from the Total Expense Ratio (TER) calculations provided previously.

Revenue Record – Accumulation Shares

The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 4 January 2010.


Net revenue per unit (p)

Per £1,000invested (£)

Class 1 2010 0.0000 0.00

2011 0.0000 0.00

2012 0.0000 0.00

2013 0.0000 0.00

2014 0.0000 0.00

2015* 0.5379 4.60

* Up to 28 October 2015 (the interim distribution payment date).



6

STATEMENT OF TOTAL RETURNFor the six months ended 28 August 2015 (unaudited)

£000

Six months ended28.08.15

£000 £000


£000

Income

Net capital (losses)/gains (726) 284

Revenue 206 169

Expenses (92) (169)

Net revenue before taxation 114 –

Taxation (23) –

Net revenue after taxation 91 –

Total return before distributions (635) 284

Distributions (91) –

Change in net assets attributable to shareholders from investment activities (726) 284

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERSFor the six months ended 28 August 2015 (unaudited)

£000


£000 £000


£000

Opening net assets attributable to shareholders 29,712 32,206

Amounts receivable on issue of shares – 120

Amounts payable on cancellation of shares (28,986) (1,440)

(28,986) (1,320)

Stamp duty reserve tax – (2)

Change in net assets attributable to shareholders from investment activities (see above) (726) 284

Closing net assets attributable to shareholders – 31,168

The Statement of Recommended Practice (2014) requires that comparatives are shown for the above report. As the comparatives should be for the comparable interim period, the net asset value at the end of the previous period will not agree to the net asset value at the start of this period. The published net asset value as at 28 February 2015 was £29,712,000.



7

BALANCE SHEETAs at 28 August 2015 (unaudited)

As at28.08.15

£000

As at28.02.15

£000

Assets:

Investments – 29,711

Current assets:

Debtors – 2

Cash and bank balances 28 224

Total assets 28 29,937

Liabilities:

Creditors:

Other creditors (28) (225)

Total liabilities (28) (225)

Net assets attributable to shareholders – 29,712

ACCOUNTING POLICIESThe interim financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association in May 2014. This is effective for accounting periods beginning on or after 1 January 2015 and supersedes the SORP issued by the IMA in October 2010.

The accounting policies applied are consistent with those of the financial statements for the year ended 28 February 2015 and are described in those annual financial statements.


Aviva Investors Defined Returns Fund 10

8

The Fund matured on 22 July 2015 and will be formally closed in due course.

AVIVA INVESTORS DEFINED RETURNS FUND 10



9




£000Shares

in issuePence per

share

Class 1 28.02.13 1,441 1,242,837 115.94

28.02.14 1,473 1,211,699 121.59

28.02.15 1,541 1,199,100 128.53

28.08.15 0 0 0.00




Highest price*(p)

Lowest price*(p)

Class 1 2011** 100.05 90.90

2012 110.48 96.33

2013 122.67 111.00

2014 126.72 119.02

2015*** 131.90 124.74

* Valued at mid market prices.** From 16 May 2011 (date of launch).*** Up to 28 August 2015.


Class 1 0.00% 0.00%

* All costs associated with operating the Fund are paid by the ACD.


The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 16 May 2011.


Net revenue per unit (p)

Per £1,000invested (£)

Class 1 2011* 0.0504 0.50

* Up to 5 August 2011, the distribution payment date.

The only revenue distribution on the Fund was paid at the end of the Cash Investment Period on 22 July 2011.



10


£000


£000 £000


£000

Income

Net capital gains 40 42

Revenue – –

Net revenue before taxation – –

Taxation – –

Net revenue after taxation – –

Total return before distributions 40 42

Distributions – –

Change in net assets attributable to shareholders from investment activities 40 42


£000


£000 £000


£000


Amounts payable on cancellation of shares (1,581) (16)

(1,581) (16)

Change in net assets attributable to shareholders from investment activities (see above) 40 42

Closing net assets attributable to shareholders – 1,499




11


As at28.08.15

£000

As at28.02.15

£000

Assets:

Investments – 1,541

Current assets:

Total other assets – –

Total assets – 1,541

Liabilities:

Creditors:

Other creditors – –

Total liabilities – –

Net assets attributable to shareholders – 1,541




Aviva Investors US Equity Income Fund

12

INVESTMENT OBJECTIVETo provide an annualised income yield 1.5% higher than that of the Russell 3000 Value Index which is paid quarterly, with the potential for capital growth.

INVESTMENT POLICYThe Fund aims to achieve the investment objective by principally investing in equity securities listed on regulated North American exchanges. Limited exposure to other geographic regions may be possible.

The Fund may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash or near cash. The Fund may also use derivative instruments for the purposes of efficient portfolio management.

FUND MANAGER’S REPORTOver the 6 months ended 28 August 2015, the Fund* returned -8.59% versus -5.74% for the Russell 3000 Value benchmark, an underperformance of -285 bps.

Over the 6 months ended 28 August 2015, the Fund provided an income yield (before the deduction of charges and tax) of 4.15%, compared to the Russell 3000 Value Index yield of 3.09%, an outperformance of 1.06% but falling short of its target of providing an annualised income yield 1.5% higher than that of the Index.

Looking at what worked during the period, the most significant positive impacts on relative performance were from the underweight in Energy and stock selection in Information Technology. Five of the seven holdings in Information Technology, including j2 Global Inc. (+4.5%), the fifth highest contributor to Portfolio return, outperformed the broader sector by at least +689 bps. The five holdings with the highest contribution to Fund return during the period were Hasbro Inc. (+26.1%), PartnerRe Ltd. (+19.1%), CyrusOne, Inc. (+10.9%), Sysco Corp. (+4.0%), and j2 Global Inc.

Speaking to what did not work, overall sector allocation and stock selection were both negative, driven by stock selection in Financials and the underweight in Health Care. The underperformance in Financials was largely driven by its holding of Iron Mountain Inc. (-20.1%) and GEO Group Inc. (-27.1%), and the second and third lowest contributors to Portfolio return during the period. The five holdings with the lowest contribution to Portfolio return during the period were Kohl’s Corp. (-28.9%), Iron Mountain Inc., GEO Group Inc., Qualcomm Inc. (-19.7%), and Wal-Mart Stores, Inc. (-21.0%).

As of 28 August 2015, the Fund held a total of 59 positions. During the period, we established nine and eliminated seven positions. The five largest positions established were Fastenal Co. (-7.2%), Exxon Mobil Corp. (+1.7%), Vectren Corp. (+3.1%), Weyerhaeuser Co. (-11.1%), and MSC Industrial Direct Co., Inc. (Cl A) (-4.7%). The five largest positions eliminated were Hasbro, Inc., Bob Evans Farms, Inc. (-17.5%), PartnerRe Ltd., Edgewell Personal Care Co. (+1.7%), and Myers Industries Inc. (-30.9%).

The second quarter of 2015 ended on a sour note as Greece defaulted and the Chinese equity bubble burst. The popular rejection of the Troika’s (the European Commission, the European Central Bank and the International Monetary Fund) bailout terms for Greece greatly clouded the future of the small country, and investors were fixated on the consequences for Europe and elsewhere. Simultaneously, the meteoric rise in China’s Shanghai index reversed abruptly and moved into bear market territory, prompting intervention from the People’s Bank of China. The sudden increase in perceived risk spread through global equity markets, including a reversal in the U.S. markets in August 2015. It remains unclear how this uptick in volatility will impact the Federal Reserve’s (the Fed) decision process. It has been nearly seven years since Fed officials zeroed out short-term interest rates during the financial crisis, so it is not surprising that a tremendous amount of market attention is focused on the timing of the Fed’s first interest rate increase. The belief that the Fed was on a course to raise rates this fall led to upward moves in interest rates over the period and weighed on the results of dividend stocks.

As we approach Q3 2015 earnings season, we expect that both results and management comments will continue to highlight ongoing headwinds from slower global economic growth, the strong US dollar, and low energy prices. According to FactSet Research, the 34% decline in expected revenues for the Energy sector will weigh heavily on the broader S&P 500 and could result in the third consecutive year-over-year decline in quarterly sales. Materials and Industrials are expected to post negative top and bottom-line results as well. Analysts now forecast the S&P 500 earnings will decline 4.1% in Q3, more than the 2.6% decline expected for sales. Margin compression concerns are widespread and only four sectors (Telecommunication Services, Consumer Discretionary, Financials, and Health Care) are expected to post earnings growth in excess of sales. Forecasts are just marginally positive for 2015, as once again, the promise of robust earnings growth has been pushed out.

Broadly surveying the market, the dispersion by market capitalisation over the 6 months ended 28 August 2015 was minimal, as large cap stocks returned -4.50% versus -5.08% for small cap stocks. The dispersion between investment styles was much more significant as large cap growth stocks outperformed value by +350 bps. The gap among small cap was even more substantial as growth returned -2.85% versus -7.35% for value.

Health Care (+1.3%) was the only sector in the Russell 3000 Value that posted a positive return in the period. Other top performing sectors were Financials (-1.7%), Telecommunication Services (-3.5%), and Utilities (-4.1%). The worst performing sectors were Energy (-17.9%), Materials (-16.9%), and Information Technology (-10.8%).

The highest yielding stocks in the S&P 500 significantly underperformed amid the rise in rates over the 6 months ending 31 August 2015. According to Ned Davis Research Group (a leading independent research firm), the highest yielding stocks (quartile 1) declined an average of -11.5% in the period, well below the average return of the lower yielding and non-paying stocks.

AVIVA INVESTORS US EQUITY INCOME FUND



13

AVIVA INVESTORS US EQUITY INCOME FUND (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED)The discount to value of the top 20 holdings in the Dividend All-Cap Value (DAV) Strategy was 81% at the end of August 2015, a level we consider to be attractive. This would normally support a favourable view for both the absolute and relative returns for the Fund. However, the near-term future for dividend stocks is likely to be dictated by long-term interest rates which, in turn, will be driven by the victor of the tug of war between the Fed’s first rate increase, inflation and economic growth expectations, and any flight to safety that could be triggered by external events.

On balance, there is little support for a sustained rise in long-term interest rates over the remainder of 2015. Economic growth remains subpar, inflation is non-existent, unemployment is down but the participation rate is not moving higher, and corporate profit growth is weak. The pending rate hike by the Fed will certainly have an impact on the short end of the curve, but it is likely monitoring the impact any action will have on longer-term rates and will not want to push too hard for fear of the impact on housing. In the end, we believe that the headwinds from rising rates should ease, to the benefit of the Fund.

September 2015* Fund performance figures – share class 1, source Lipper, net of fees, net income reinvested in GBP. Unless otherwise indicated, all data has been sourced by River Road Asset Management LLC.Any opinions expressed are those of the fund manager. They should not be viewed as a guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell stocks. Past performance is not a guide to future performance. The value of an investment in the fund and any income from it may go down as well as up, and the investor may not get back the original amount invested.

Material Portfolio ChangesPurchases Sales

Fastenal Co. Hasbro, Inc.

Weyerhaeuser Co., REIT PartnerRe Ltd.

Exxon Mobil Corp. Bob Evans Farms, Inc.

Vectren Corp. Rogers Communications, Inc. B

Wal-Mart Stores, Inc. Edgewell Personal Care Co.

MSC Industrial Direct Co., Inc. A Quest Diagnostics, Inc.

Macy's, Inc. Myers Industries, Inc.

Communications Sales & Leasing, Inc., REIT Becton Dickinson and Co.

Stock Yards Bancorp, Inc. ABM Industries, Inc.

GEO Group, Inc. (The), REIT j2 Global, Inc.

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund.– This indicator is based on historical data, calculated using European Union

rules, and may not be a reliable indication of the future risk profile of the Fund.

– The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’.

– The value of investments will be affected by changes in exchange rates.– The level of targeted income is not guaranteed and may not be achieved.– Full information on the risks applicable to the Fund is detailed in the

Prospectus.



14


Net Asset Value – Income Shares


£000Shares

in issuePer share in

class currency

Class 1 28.02.13 14,180 12,485,711 113.57p

28.02.14 14,192 11,699,708 121.31p

28.02.15 11,127 7,769,405 143.22p

28.08.15 8,442 6,534,523 129.19p

Class 2 28.02.13 150,639 130,985,942 115.00p

28.02.14 242,673 196,078,092 123.76p

28.02.15 247,225 167,877,271 147.27p

28.08.15 208,050 156,030,963 133.34p

Class 2 (USD) 28.02.13 43 60,000 108.96c

28.02.14 14,173 18,345,937 128.91c

28.02.15 14,536 15,810,361 141.88c

28.08.15 12,113 14,550,786 128.11c




£000Shares


class currency

Class 1 28.02.13 1,772 1,482,240 119.53p

28.02.14 2,803 2,143,046 130.78p

28.02.15 2,059 1,298,089 158.62p

28.08.15 1,579 1,089,199 144.99p

Class 2 28.02.13 6,983 5,771,781 120.98p

28.02.14 8,339 6,254,242 133.34p

28.02.15 9,350 5,737,934 162.95p

28.08.15 8,343 5,580,010 149.51p

Class 2 (USD) 28.02.13 44 60,000 112.51c

28.02.14** N/A N/A N/A

Class 3 28.02.13 77,700 63,843,659 121.70p

28.02.14 37,977 28,214,550 134.60p

28.02.15 46,572 28,214,550 165.06p

28.08.15 42,804 28,214,550 151.71p

* Valued at bid market prices.** Share class closed on 5 November 2013.

Share Price Record – Income Shares

Share classCalendaryear Highest price* Lowest price*

Class 1 2011** 100.30p 84.46p

2012 105.70p 97.43p

2013 128.17p 98.95p

2014 142.76p 118.33p

2015† 150.79p 121.83p

Class 2 2011** 100.68p 84.53p

2012 106.60p 98.10p

2013 130.20p 100.07p

2014 146.57p 120.67p

2015† 155.19p 125.74p

Class 2 (USD) 2012*** 106.30c 96.48c

2013 123.10c 102.67c

2014 142.14c 122.92c

2015† 148.34c 122.67c

* Valued at mid market prices.** From 8 July 2011 (date of launch).*** From 29 February 2012 (date of launch).† Up to 28 August 2015.



Class 1 2011** 101.50p 84.46p

2012 108.60p 99.30p

2013 135.69p 103.34p

2014 157.23p 126.88p

2015† 167.00p 135.79p

Class 2 2011** 101.86p 84.53p

2012 109.50p 99.94p

2013 137.77p 104.47p

2014 161.32p 129.30p

2015† 171.71p 140.01p

Class 2 (USD) 2012*** 107.90c 97.20c

2013†† 133.76c 105.17c

Class 3 2011** 102.02p 84.56p

2012 109.90p 100.20p

2013 138.81p 105.04p

2014 163.32p 130.51p

2015† 174.01p 142.07p

* Valued at mid market prices.** From 8 July 2011 (date of launch).*** From 29 February 2012 (date of launch).† Up to 28 August 2015.†† Up to 5 November 2013 (date share class closed).



15


Class 1 1.64% 1.63%

Class 2 0.89% 0.88%

Class 2 (USD) 0.89% 0.88%

Class 3 0.54% 0.53%

* The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the period, except for those payments that are explicitly excluded (performance fees). The OCF includes transaction charges which were excluded from the Total Expense Ratio (TER) calculations provided previously.

Revenue Record – Income Shares

The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 8 July 2011 for Classes 1 and 2 and on 29 February 2012 for Class 2 (USD).


Net revenue per share

Per 1,000 invested in class currency

Class 1 2011* 0.2902p £2.90

2012 3.1000p £31.00

2013 3.2887p £32.89

2014 3.0341p £30.34

2015*** 3.8535p £38.54

Class 2 2011* 0.2906p £2.91

2012 3.1129p £31.13

2013 3.3226p £33.23

2014 3.0959p £30.96

2015*** 3.9178p £39.18

Class 2 (USD) 2012** 1.5264c $15.26

2013 3.1747c $31.75

2014 3.2068c $32.07

2015*** 3.7566c $37.57

* From 8 July 2011 (date of launch).** From 29 February 2012 (date of launch).*** Up to 28 October 2015 (the interim distribution payment date).

INVESTMENT PERFORMANCE (CONTINUED)


The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 8 July 2011 for Classes 1, 2 and 3 and on 29 February 2012 for Class 2 (USD).




Class 1 2011* 0.2890p £2.89

2012 3.1446p £31.45

2013 3.4326p £34.33

2014 3.2620p £32.62

2015*** 4.2254p £42.25

Class 2 2011* 0.2895p £2.90

2012 3.1557p £31.56

2013 3.4760p £34.76

2014 3.3256p £33.26

2015*** 4.3248p £43.25

Class 2 (USD) 2012** 1.5322c $15.32

2013† 3.1542c $31.54

Class 3 2011* 0.3007p £3.01

2012 3.2583p £32.58

2013 3.6163p £36.16

2014 3.4600p £34.60

2015*** 4.4726p £44.73

* From 8 July 2011 (date of launch).** From 29 February 2012 (date of launch).*** Up to 28 October 2015 (the interim distribution payment date).† Up to 5 November 2013 (date share class closed).



16

PORTFOLIO STATEMENTAs at 28 August 2015 (unaudited)

Investment Currency HoldingMarket Value

GBP ‘000 % of Net Assets

Equities 99.23% (98.19%)

Consumer Discretionary 12.70% (17.12%)Automobiles 0.97% (1.07%)Ford Motor Co. USD 308,040 2,712 0.97 2,712 0.97

Hotels, Restaurants & Leisure 0.00% (1.71%)

Leisure Products 0.00% (2.37%)

Media 6.93% (7.79%)Cinemark Holdings, Inc. USD 131,190 3,085 1.10National CineMedia, Inc. USD 245,691 2,116 0.75Omnicom Group, Inc. USD 155,026 6,830 2.43Shaw Communications, Inc. ‘B’ USD 176,628 2,295 0.81Thomson Reuters Corp. USD 204,968 5,177 1.84 19,503 6.93

Multiline Retail 4.80% (4.18%)Kohl’s Corp. USD 167,941 5,602 1.99Macy’s, Inc. USD 73,479 2,820 1.00Target Corp. USD 100,617 5,090 1.81 13,512 4.80Consumer Discretionary total 35,727 12.70

Consumer Staples 11.65% (10.68%)Beverages 3.24% (3.31%)Molson Coors Brewing Co. ‘B’ USD 124,688 5,437 1.93PepsiCo, Inc. USD 60,583 3,683 1.31 9,120 3.24

Food & Staples Retailing 4.92% (3.23%)Sysco Corp. USD 300,196 7,862 2.80Wal-Mart Stores, Inc. USD 139,074 5,973 2.12 13,835 4.92

Household Products 1.92% (1.79%)Kimberly-Clark Corp. USD 77,191 5,403 1.92 5,403 1.92

Personal Products 1.57% (2.35%)Unilever plc, ADR USD 167,811 4,426 1.57 4,426 1.57Consumer Staples total 32,784 11.65

Energy 5.64% (4.44%)Oil, Gas & Consumable Fuels 5.64% (4.44%)Chevron Corp. USD 82,548 4,164 1.48Exxon Mobil Corp. USD 94,364 4,589 1.63Occidental Petroleum Corp. USD 155,204 7,116 2.53 15,869 5.64Energy total 15,869 5.64

Financials 22.47% (20.66%)Banks 9.53% (8.15%)PNC Financial Services Group, Inc. (The) USD 158,037 9,379 3.33Stock Yards Bancorp, Inc. USD 71,872 1,630 0.58US Bancorp USD 262,306 7,256 2.58Washington Trust Bancorp, Inc. USD 35,208 883 0.31Wells Fargo & Co. USD 218,316 7,664 2.73 26,812 9.53



17

PORTFOLIO STATEMENT (CONTINUED)As at 28 August 2015 (unaudited)



Diversified Financial Services 2.17% (2.32%)CME Group, Inc. USD 75,049 4,570 1.62Compass Diversified Holdings USD 143,867 1,535 0.55 6,105 2.17

Insurance 0.77% (2.37%)CNA Financial Corp. USD 92,511 2,164 0.77 2,164 0.77

Real Estate Investment Trusts (REITs) 10.00% (7.82%)Communications Sales & Leasing, Inc., REIT USD 180,768 2,428 0.86CyrusOne, Inc., REIT USD 239,215 4,998 1.78GEO Group, Inc. (The), REIT USD 260,491 5,178 1.84Iron Mountain, Inc., REIT USD 404,825 7,419 2.64Sabra Health Care REIT, Inc. USD 168,489 2,734 0.97Ventas, Inc., REIT USD 34,893 1,285 0.46Weyerhaeuser Co., REIT USD 224,557 4,084 1.45 28,126 10.00Financials total 63,207 22.47

Health Care 3.84% (4.59%)Health Care Equipment & Supplies 0.00% (0.54%)

Health Care Providers & Services 3.84% (4.05%)Owens & Minor, Inc. USD 183,595 4,078 1.45Quest Diagnostics, Inc. USD 150,007 6,734 2.39 10,812 3.84Health Care total 10,812 3.84

Industrials 15.32% (12.19%)Air Freight & Logistics 2.14% (2.01%)United Parcel Service, Inc. ‘B’ USD 93,473 6,025 2.14 6,025 2.14

Commercial Services & Supplies 4.59% (5.18%)ADT Corp. (The) USD 356,217 7,685 2.73Republic Services, Inc. USD 195,255 5,238 1.86 12,923 4.59

Electrical Equipment 1.68% (1.87%)Emerson Electric Co. USD 152,141 4,709 1.68 4,709 1.68

Machinery 1.83% (1.61%)Parker-Hannifin Corp. USD 73,791 5,141 1.83 5,141 1.83

Trading Companies & Distributors 5.08% (1.52%)Aircastle Ltd. USD 311,573 4,195 1.49Fastenal Co. USD 260,443 6,594 2.34MSC Industrial Direct Co., Inc. ‘A’ USD 80,473 3,506 1.25 14,295 5.08Industrials total 43,093 15.32

Information Technology 14.92% (15.58%)Communications Equipment 4.54% (4.79%)Motorola Solutions, Inc. USD 169,142 7,066 2.51QUALCOMM, Inc. USD 153,075 5,704 2.03 12,770 4.54

Internet Software & Services 1.58% (1.85%)j2 Global, Inc. USD 98,618 4,433 1.58 4,433 1.58



18




IT Services 2.82% (2.68%)CSG Systems International, Inc. USD 98,262 1,944 0.69Western Union Co. (The) USD 496,391 5,997 2.13 7,941 2.82

Semiconductors & Semiconductor Equipment 2.40% (2.97%)Intel Corp. USD 375,458 6,759 2.40 6,759 2.40

Software 3.58% (3.29%)Microsoft Corp. USD 352,862 10,066 3.58 10,066 3.58Information Technology total 41,969 14.92

Materials 4.23% (4.75%)Chemicals 0.69% (0.73%)Innophos Holdings, Inc. USD 61,908 1,936 0.69 1,936 0.69

Containers & Packaging 0.94% (1.76%)Bemis Co., Inc. USD 95,451 2,646 0.94 2,646 0.94

Metals & Mining 2.60% (2.26%)Compass Minerals International, Inc. USD 89,862 4,726 1.68Nucor Corp. USD 92,393 2,590 0.92 7,316 2.60Materials total 11,898 4.23

Telecommunication Services 4.69% (5.36%)Diversified Telecommunication Services 3.62% (3.48%)Atlantic Tele-Network, Inc. USD 48,875 2,252 0.80Verizon Communications, Inc. USD 264,800 7,947 2.82 10,199 3.62

Wireless Telecommunication Services 1.07% (1.88%)Rogers Communications, Inc. ‘B’ USD 134,487 3,001 1.07 3,001 1.07Telecommunication Services total 13,200 4.69

Utilities 3.77% (2.82%)Gas Utilities 2.22% (2.82%)National Fuel Gas Co. USD 178,070 6,247 2.22 6,247 2.22

Multi-Utilities 1.55% (0.00%)Vectren Corp. USD 163,445 4,361 1.55 4,361 1.55Utilities total 10,608 3.77

Equities total 279,167 99.23

Investment assets 279,167 99.23Net other assets 2,164 0.77Net assets 281,331 100.00 The comparative percentage figures in brackets are at 28 February 2015.



19


£000


£000 £000


£000

Income

Net capital (losses)/gains (28,670) 22,620

Revenue 5,080 4,995

Expenses (1,337) (1,385)

Net revenue before taxation 3,743 3,610

Taxation (727) (691)

Net revenue after taxation 3,016 2,919

Total return before distributions (25,654) 25,539

Distributions (4,062) (4,116)

Change in net assets attributable to shareholders from investment activities (29,716) 21,423


£000


£000 £000


£000


Amounts receivable on issue of shares 1,048 1,559


(20,568) (12,567)

Change in net assets attributable to shareholders from investment activities (see above) (29,716) 21,423

Retained distribution on accumulation shares 746 655

Closing net assets attributable to shareholders 281,331 329,668




20


As at28.08.15

£000

As at28.02.15

£000

Assets:

Investments 279,167 324,883

Current assets:

Debtors 3,208 584

Cash and bank balances 3,164 7,855

Total assets 285,539 333,322

Liabilities:

Creditors:

Distribution payable (1,600) (1,463)

Other creditors (2,608) (990)

Total liabilities (4,208) (2,453)

Net assets attributable to shareholders 281,331 330,869




Aviva Investors US Equity Income Fund II

21

INVESTMENT OBJECTIVETo provide an annualised income yield 1.5% higher than the annual income yield obtainable on the Russell 3000 Value index*, with the potential for capital growth.

* Income on the Fund will be paid quarterly. The income aim is a 12 month rolling target and is before the deduction of charges and tax. For the purposes of measuring the income aim the annual income yield of the Index will also be calculated on a 12 month rolling basis.

INVESTMENT POLICYThe Fund aims to achieve the investment objective by principally investing in equity securities with a minimum market capitalisation of $1bn which are listed on regulated North American exchanges. Limited exposure to other geographic regions may be possible.

The Fund may also invest in other transferable securities, collective investment schemes, money market instruments, deposits, cash or near cash. The Fund may also use derivative instruments for the purposes of efficient portfolio management.

FUND MANAGER’S REPORTOver the 6 months ended 28 August 2015, the Fund* returned -8.48% versus -5.74% for the Russell 3000 Value benchmark, an underperformance of -274 bps.

Over the 6 months ended 28 August 2015, the Fund provided an income yield (before the deduction of charges and tax) of 4.14%, compared to the Russell 3000 Value Index yield of 3.09%, an outperformance of 1.05% but falling short of its target of providing an annualised income yield 1.5% higher than that of the Index.

Looking at what worked during the period, the most significant positive impacts on relative performance were from the underweight in Energy and stock selection in Information Technology. Four of the six holdings in Information Technology, including j2 Global Inc. (+4.5%), the fifth highest contributor to Portfolio return, outperformed the broader sector by at least +691 bps. The five holdings with the highest contribution to Portfolio return during the period were Hasbro Inc. (+26.2%), PartnerRe Ltd. (+19.1%), Sysco Corp. (+4.0%), CyrusOne, Inc. (+10.9%), and j2 Global Inc.

Speaking to what did not work, overall stock selection and sector allocation were both negative, driven by stock selection in Financials and the underweight in Health Care. The underperformance in Financials was largely driven by its holding of Iron Mountain Inc. (-20.1%) and GEO Group Inc. (-27.1%), the second and third lowest contributors to Portfolio return during the period. The five holdings with the lowest contribution to Portfolio return during the period were Kohl’s Corp. (-29.0%), Iron Mountain Inc., GEO Group Inc., Qualcomm Inc. (-19.7%), and Wal-Mart Stores, Inc. (-21.1%).

As of August 28 2015, the Portfolio held a total of 52 positions. During the period, we established eight and eliminated six positions. The five largest positions established were Fastenal Co. (-7.4%), Exxon Mobil Corp. (+1.7%), Vectren Corp. (+3.1%), Weyerhaeuser Co. (-11.2%), and MSC Industrial Direct Co., Inc. (Cl A) (-4.9%). The five largest positions eliminated were Hasbro, Inc., Bob Evans Farms, Inc. (-17.5%), PartnerRe Ltd., Edgewell Personal Care Co. (+1.7%), and Becton, Dickinson and Co. (-0.5%).

The second quarter of 2015 ended on a sour note as Greece defaulted and the Chinese equity bubble burst. The popular rejection of the Troika’s (the European Commission, the European Central Bank and the International Monetary Fund) bailout terms for Greece greatly clouded the future of the small country, and investors were fixated on the consequences for Europe and elsewhere. Simultaneously, the meteoric rise in China’s Shanghai index reversed abruptly and moved into bear market territory, prompting intervention from the People’s Bank of China. The sudden increase in perceived risk spread through global equity markets, including a reversal in the U.S. markets in August 2015. It remains unclear how this uptick in volatility will impact the Federal Reserve’s (the Fed) decision process. It has been nearly seven years since Fed officials zeroed out short-term interest rates during the financial crisis, so it is not surprising that a tremendous amount of market attention is focused on the timing of the Fed’s first interest rate increase. The belief that the Fed was on a course to raise rates this fall led to upward moves in interest rates over the period and weighed on the results of dividend stocks.

As we approach Q3 2015 earnings season, we expect that both results and management comments will continue to highlight ongoing headwinds from slower global economic growth, the strong US dollar, and low energy prices. According to FactSet Research, the 34% decline in expected revenues for the Energy sector will weigh heavily on the broader S&P 500 and could result in the third consecutive year-over-year decline in quarterly sales. Materials and Industrials are expected to post negative top and bottom-line results as well. Analysts now forecast the S&P 500 earnings will decline 4.1% in Q3, more than the 2.6% decline expected for sales. Margin compression concerns are widespread and only four sectors (Telecommunication Services, Consumer Discretionary, Financials, and Health Care) are expected to post earnings growth in excess of sales. Forecasts are just marginally positive for 2015, as once again, the promise of robust earnings growth has been pushed out.

Broadly surveying the market, the dispersion by market capitalisation over the 6 months ended 28 August 2015 was minimal, as large cap stocks returned -4.50% versus -5.08% for small cap stocks. The dispersion between investment styles was much more significant as large cap growth stocks outperformed value by +350 bps. The gap among small cap was even more substantial as growth returned -2.85% versus -7.35% for value.

Health Care (+1.3%) was the only sector in the Russell 3000 Value that posted a positive return in the period. Other top performing sectors were Financials (-1.7%), Telecommunication Services (-3.5%), and Utilities (-4.1%). The worst performing sectors were Energy (-17.9%), Materials (-16.9%), and Information Technology (-10.8%).

AVIVA INVESTORS US EQUITY INCOME FUND II



22

AVIVA INVESTORS US EQUITY INCOME FUND II (CONTINUED)

FUND MANAGER’S REPORT (CONTINUED)The highest yielding stocks in the S&P 500 significantly underperformed amid the rise in rates over the 6 months ending 31 August 2015. According to Ned Davis Research Group (a leading independent research firm), the highest yielding stocks (quartile 1) declined an average of -11.5% in the period, well below the average return of the lower yielding and non-paying stocks.

The discount to value of the top 20 holdings in the Dividend All-Cap Value (DAV) Strategy was 81% at the end of August 2015, a level we consider to be attractive. This would normally support a favourable view for both the absolute and relative returns for the Fund. However, the near-term future for dividend stocks is likely to be dictated by long-term interest rates which, in turn, will be driven by the victor of the tug of war between the Fed’s first rate increase, inflation and economic growth expectations, and any flight to safety that could be triggered by external events.

On balance, there is little support for a sustained rise in long-term interest rates over the remainder of 2015. Economic growth remains subpar, inflation is non-existent, unemployment is down but the participation rate is not moving higher, and corporate profit growth is weak. The pending rate hike by the Fed will certainly have an impact on the short end of the curve, but it is likely monitoring the impact any action will have on longer-term rates and will not want to push too hard for fear of the impact on housing. In the end, we believe that the headwinds from rising rates should ease, to the benefit of the Fund.

September 2015

* Fund performance figures – share class 1, source Lipper, net of fees, net income reinvested in GBP. Unless otherwise indicated, all data has been sourced by River Road Asset Management LLC.Any opinions expressed are those of the fund manager. They should not be viewed as a guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor to buy or sell stocks. Past performance is not a guide to future performance. The value of an investment in the fund and any income from it may go down as well as up, and the investor may not get back the original amount invested.

Material Portfolio ChangesPurchases Sales

Fastenal Co. Hasbro, Inc.

Wal-Mart Stores, Inc. PartnerRe Ltd.

Weyerhaeuser Co., REIT Bob Evans Farms, Inc.

Exxon Mobil Corp. Rogers Communications, Inc. B

Vectren Corp. Edgewell Personal Care Co.

MSC Industrial Direct Co., Inc. 'A' Becton Dickinson and Co.

Communications Sales & Leasing, Inc., REIT Quest Diagnostics, Inc.

Macy's, Inc. ABM Industries, Inc.

Sysco Corp. National Fuel Gas Co.

GEO Group, Inc.(The), REIT Cinemark Holdings, Inc.

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7The Fund has been allocated a risk number based on the historic volatility of its share price. Where insufficient share price information is available, the risk number has been based on the historic volatility of the asset classes appropriate to the Fund.– This indicator is based on historical data, calculated using European Union

rules, and may not be a reliable indication of the future risk profile of the Fund.

– The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean ‘risk free’.

– The value of investments will be affected by changes in exchange rates.– The level of targeted income is not guaranteed and may not be achieved.– Full information on the risks applicable to the Fund is detailed in the

Prospectus.



23


Net Asset Value – Income Shares


£000Shares


class currency

Class 1 28.02.14 61 60,000 101.34p

28.02.15 144 120,729 119.39p

28.08.15 130 120,729 107.92p

Class 2 28.02.14 46,805 46,016,755 101.71p

28.02.15 142,541 118,051,498 120.74p

28.08.15 150,737 137,592,783 109.55p

Class 2 (USD) 28.02.14 485 746,593 108.30c

28.02.15 2,364 3,068,282 118.90c

28.08.15 2,031 2,905,010 107.58c




£000Shares


class currency

Class 2 28.02.14 1,373 1,336,261 102.75p

28.02.15 5,550 4,438,713 125.04p

28.08.15 8,741 7,609,083 114.87p

Class 3 28.02.14 41,226 30,839,107 133.68p

28.02.15 47,934 29,362,248 163.25p

28.08.15 44,112 29,362,248 150.23p


Share Price Record – Income Shares


Class 1 2013** 106.77p 98.99p

2014 119.48p 99.07p

2015*** 125.62p 101.73p

Class 2 2013** 106.93p 99.06p

2014 120.68p 99.39p

2015*** 127.16p 103.26p

Class 2 (USD) 2013** 108.33c 100.93c

2014 119.64c 103.50c

2015*** 124.08c 102.97c

* Valued at mid market prices.** From 9 September 2013 (date of launch).*** Up to 28 August 2015.



Class 2 2013** 106.91p 99.05p

2014 124.38p 99.84p

2015*** 131.68p 107.55p

Class 3 2013** 138.96p 128.70p

2014 162.30p 129.87p

2015*** 171.99p 140.66p

* Valued at mid market prices.** From 9 September 2013 (date of launch).*** Up to 28 August 2015.


Class 1 1.64% 1.64%

Class 2 0.89% 0.89%

Class 2 (USD) 0.89% 0.89%

Class 3 0.54% 0.54%

* The Ongoing Charges Figure (OCF) is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the period. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the period, except for those payments that are explicitly excluded (performance fees).

Revenue Record – Income Shares

The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 9 September 2013.




Class 1 2013* 0.4857p 4.86p

2014 1.7890p 17.89p

2015** 3.0015p 30.02p

Class 2 2013* 0.4885p 4.89p

2014 1.7947p 17.95p

2015** 3.0297p 30.30p

Class 2 (USD) 2013* 0.5408c 5.41c

2014 1.9084c 19.08c

2015** 2.9905c 29.91c

* From 9 September 2013 (date of launch).** Up to 28 October 2015 (the interim distribution payment date).



24


The revenue record table below shows the net distribution rates per calendar year on a payment date basis for an investment made on 9 September 2013.




Class 2 2013* 0.4866p 3.78p

2014 1.8156p 14.10p

2015** 3.1239p 24.24p

Class 3 2013* 0.6609p 6.61p

2014 2.4650p 24.65p

2015** 4.2004p 42.00p

* From 9 September 2013 (date of launch).** Up to 28 October 2015 (the interim distribution payment date).

INVESTMENT PERFORMANCE (CONTINUED)



25

PORTFOLIO STATEMENTAs at 28 August 2015 (unaudited)



Equities 97.27% (92.84%)

Consumer Discretionary 12.57% (16.71%)Automobiles 1.02% (1.09%)Ford Motor Co. USD 236,955 2,086 1.02 2,086 1.02

Hotels, Restaurants & Leisure 0.00% (1.79%)

Leisure Products 0.00% (2.37%)

Media 6.54% (7.17%)Cinemark Holdings, Inc. USD 100,673 2,368 1.15Omnicom Group, Inc. USD 118,048 5,201 2.53Shaw Communications, Inc. ‘B’ USD 133,330 1,732 0.84Thomson Reuters Corp. USD 164,687 4,160 2.02 13,461 6.54

Multiline Retail 5.01% (4.29%)Kohl’s Corp. USD 129,298 4,313 2.09Macy’s, Inc. USD 55,162 2,117 1.03Target Corp. USD 76,721 3,881 1.89 10,311 5.01Consumer Discretionary total 25,858 12.57

Consumer Staples 12.20% (10.67%)Beverages 3.24% (3.24%)Molson Coors Brewing Co. ‘B’ USD 95,059 4,145 2.01PepsiCo, Inc. USD 41,533 2,525 1.23 6,670 3.24

Food & Staples Retailing 5.29% (3.17%)Sysco Corp. USD 236,053 6,182 3.01Wal-Mart Stores, Inc. USD 109,399 4,698 2.28 10,880 5.29

Household Products 2.01% (1.83%)Kimberly-Clark Corp. USD 58,901 4,123 2.01 4,123 2.01

Personal Products 1.66% (2.43%)Unilever plc, ADR USD 129,657 3,420 1.66 3,420 1.66Consumer Staples total 25,093 12.20

Energy 5.93% (4.54%)Oil, Gas & Consumable Fuels 5.93% (4.54%)Chevron Corp. USD 61,901 3,122 1.52Exxon Mobil Corp. USD 73,072 3,554 1.73Occidental Petroleum Corp. USD 120,386 5,520 2.68 12,196 5.93Energy total 12,196 5.93

Financials 19.97% (18.04%)Banks 9.06% (8.32%)PNC Financial Services Group, Inc.(The) USD 122,363 7,261 3.53US Bancorp USD 199,737 5,526 2.68Wells Fargo & Co. USD 166,876 5,858 2.85 18,645 9.06

Diversified Financial Services 1.69% (1.87%)CME Group, Inc. USD 57,079 3,476 1.69 3,476 1.69



26




Insurance 0.46% (2.21%)CNA Financial Corp. USD 40,275 942 0.46 942 0.46

Real Estate Investment Trusts (REITs) 8.76% (5.64%)Communications Sales & Leasing, Inc., REIT USD 142,851 1,919 0.93CyrusOne, Inc., REIT USD 116,871 2,442 1.19GEO Group, Inc.(The), REIT USD 182,199 3,622 1.76Iron Mountain, Inc., REIT USD 326,821 5,989 2.91Ventas, Inc., REIT USD 27,142 999 0.49Weyerhaeuser Co., REIT USD 167,874 3,053 1.48 18,024 8.76Financials total 41,087 19.97

Health Care 4.13% (4.81%)Health Care Equipment & Supplies 0.00% (0.56%)

Health Care Providers & Services 4.13% (4.25%)Owens & Minor, Inc. USD 147,672 3,280 1.59Quest Diagnostics, Inc. USD 116,460 5,228 2.54 8,508 4.13Health Care total 8,508 4.13

Industrials 15.44% (11.62%)Air Freight & Logistics 2.16% (1.99%)United Parcel Service, Inc. ‘B’ USD 69,029 4,449 2.16 4,449 2.16

Commercial Services & Supplies 4.85% (5.20%)ADT Corp.(The) USD 273,984 5,911 2.87Republic Services, Inc. USD 151,802 4,072 1.98 9,983 4.85

Electrical Equipment 1.77% (1.93%)Emerson Electric Co. USD 117,631 3,641 1.77 3,641 1.77

Machinery 1.97% (1.64%)Parker-Hannifin Corp. USD 58,111 4,049 1.97 4,049 1.97

Trading Companies & Distributors 4.69% (0.86%)Aircastle Ltd. USD 125,821 1,694 0.82Fastenal Co. USD 204,645 5,181 2.52MSC Industrial Direct Co., Inc. ‘A’ USD 63,557 2,769 1.35 9,644 4.69Industrials total 31,766 15.44

Information Technology 14.78% (14.94%)Communications Equipment 4.71% (4.85%)Motorola Solutions, Inc. USD 128,912 5,386 2.62QUALCOMM, Inc. USD 115,482 4,303 2.09 9,689 4.71

Internet Software & Services 1.69% (1.78%)j2 Global, Inc. USD 77,344 3,476 1.69 3,476 1.69

IT Services 2.03% (1.91%)Western Union Co.(The) USD 345,776 4,177 2.03 4,177 2.03



27




Semiconductors & Semiconductor Equipment 2.56% (3.00%)Intel Corp. USD 293,357 5,281 2.56 5,281 2.56

Software 3.79% (3.40%)Microsoft Corp. USD 273,157 7,793 3.79 7,793 3.79Information Technology total 30,416 14.78

Materials 4.10% (3.74%)Chemicals 0.52% (0.54%)Innophos Holdings, Inc. USD 34,146 1,068 0.52 1,068 0.52

Containers & Packaging 0.92% (1.00%)Bemis Co., Inc. USD 68,342 1,895 0.92 1,895 0.92

Metals & Mining 2.66% (2.20%)Compass Minerals International, Inc. USD 70,434 3,705 1.80Nucor Corp. USD 63,033 1,766 0.86 5,471 2.66Materials total 8,434 4.10

Telecommunication Services 4.15% (4.83%)Diversified Telecommunication Services 3.01% (2.87%)Verizon Communications, Inc. USD 206,059 6,184 3.01 6,184 3.01

Wireless Telecommunication Services 1.14% (1.96%)Rogers Communications, Inc. ‘B’ USD 105,246 2,348 1.14 2,348 1.14Telecommunication Services total 8,532 4.15

Utilities 4.00% (2.94%)Gas Utilities 2.37% (2.94%)National Fuel Gas Co. USD 138,970 4,876 2.37 4,876 2.37

Multi-Utilities 1.63% (0.00%)Vectren Corp. USD 126,117 3,365 1.63 3,365 1.63Utilities total 8,241 4.00

Equities total 200,131 97.27

Investment assets 200,131 97.27Net other assets 5,620 2.73Net assets 205,751 100.00

The comparative percentage figures in brackets are at 28 February 2015.



28


£000


£000 £000


£000

Income

Net capital (losses)/gains (19,410) 10,003

Revenue 3,159 1,758

Expenses (817) (469)

Net revenue before taxation 2,342 1,289

Taxation (472) (242)

Net revenue after taxation 1,870 1,047

Total return before distributions (17,540) 11,050

Distributions (2,521) (1,451)

Change in net assets attributable to shareholders from investment activities (20,061) 9,599


£000


£000 £000


£000


Amounts receivable on issue of shares 31,898 53,971


26,580 50,944

Change in net assets attributable to shareholders from investment activities (see above) (20,061) 9,599

Retained distribution on accumulation shares 699 532

Closing net assets attributable to shareholders 205,751 151,025




29


As at28.08.15

£000

As at28.02.15

£000

Assets:

Investments 200,131 184,312

Current assets:

Debtors 2,720 1,491

Cash and bank balances 5,425 13,566

Total assets 208,276 199,369

Liabilities:

Creditors:

Distribution payable (1,027) (687)

Other creditors (1,498) (149)

Total liabilities (2,525) (836)

Net assets attributable to shareholders 205,751 198,533




Statement of the Authorised Corporate Director’s Responsibilities and Authorised Corporate Director’s Statement

30

The Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires the Authorised Corporate Director (ACD) to prepare financial statements for each accounting period which give a true and fair view of the financial position of the Company at the period end and of the net income and net gains or losses on the scheme property of the Company for the period then ended.

In preparing the financial statements the ACD is required to:

– follow applicable accounting standards;

– make judgements and estimates that are reasonable and prudent;

– select suitable accounting policies and then apply them consistently;

– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation for the foreseeable future; and

– comply with the Instrument of Incorporation and the Statement of Recommended Practice for Authorised Funds.

We hereby approve the Report and Financial Statements of Aviva Investors Select Funds ICVC for the six months ended 28 August 2015 on behalf of Aviva Investors UK Fund Services Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority.

I BuckleDirector

E PotterDirector22 October 2015

STATEMENT OF THE AUTHORISED CORPORATE DIRECTOR’S RESPONSIBILITIES

AUTHORISED CORPORATE DIRECTOR’S STATEMENT

The ACD is required to keep proper accounting records and to manage the Company in accordance with the Regulations and the instrument of Incorporation.

The ACD is responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.


General Information

31

Investments in Aviva Investors Select Funds ICVC are intended to be medium to long term investments and should not be considered as a short term investment.

Past performance is not a guide to the future.

The value of an investment in the sub-funds and the revenue from it may go down as well as up, and you may not get back the original amount invested.

Where sub-funds are invested abroad, the value of your investment may rise and fall purely on account of movement in exchange rates.

Please refer to the Prospectus (which is available on the internet at www.avivainvestors.com or from the ACD on request) for a full description of the risks involved when investing in the sub-funds.

Any future returns and opinions expressed are those of the Investment Manager and should not be relied upon as indicating any guarantee of return from investment in the sub-funds.

The information contained within this document should not be construed as a recommendation to purchase or sell stocks.

Publication of PricesInformation on the prices of Shares will be available by calling 0800 051 2003 or on the internet at www.avivainvestors.com. Calls to this number may be recorded for training or monitoring purposes. Calls are free from landlines and mobiles.

GENERAL INFORMATION

Aviva Investors UK Fund Services Limited.Registered in England No. 1973412. Authorised and regulated by the Financial Conduct Authority. FCA Registered No. 119310.Registered address: No. 1 Poultry, London EC2R 8EJ. An Aviva company.

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