Royal London Short-Term Money Market Fund

The Fund aims to preserve capital and generate income, over rolling 12-month periods, before the deduction of fees. A performance comparator for the Fund is the Bank of England Sterling Overnight Interbank Average ("SONIA"). SONIA is the average overnight interest rate UK banks pay for unsecured transactions in sterling that is a widely recognised approach to benchmarking short-term money market and fixed income funds and therefore is considered an appropriate performance comparator. Another performance comparator for the Fund is the IA Short Term Money Market sector (the "IA Sector").