Royal London Short Duration Gilts Fund

The Fund aims to provide a return greater than that of the FTSE Actuaries UK Conventional Gilts up to 5 Years Total Return GBP Index, over rolling 3-year periods, through a combination of capital growth and income, after the deduction of charges. The Index has been selected as a target benchmark because it is representative of the type of bonds in which the Fund invests, and it is therefore an appropriate measure for the Fund's performance. The performance comparator for the Fund is the IA UK Gilts sector (the "IA Sector").