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This document provides you with key investor inform ation about this fund. It is not marketing material . The information is required by law to help you understand the nature a nd the risks of investing in this fund. You are adv ised to read it so you can make an informed decision about whether to invest.
Royal London GMAP Balanced Fund
(Income - Class M Shares)
A sub-fund of Royal London Multi-Asset Funds ICVC IS IN: GB00BD8RSP45 Managed by Royal London Unit Trust Managers Limited Objectives and investment policy y Objective
h The Fund’s investment objective is to achieve capi tal growth j
over the medium term, which should be considered as a period of 3-5 years, by predominantly (ie at least 80%) investing in a range of different asset classes including (but not limited to) shares and bonds through investment in Collective Investment Schemes (CIS). The Fund forms part of the Royal London Global Mult i-Asset Portfolio (GMAP) range. Each Fund in the range is assigned a level of potential risk and return relative to the other funds in the range . Within this range, this Fund aims to achieve a low to moderate level of ris k and return. The Fund is actively managed. Policy At least 80% of the Fund will be invested in colle ctive investment schemes (" CIS"), which can invest in the shares of UK and overseas companies (UK companies are those domiciled in the UK, or which have significant UK business operations), and investment and sub-investment grade bonds. CIS the Fund invests in can also hold commodities ( resource-related investments, like oil and gold), property, money-ma rket instruments (such as cash and deposits). The Fund's CIS investments m ay be managed with an active or passive strategy. At least 70% of the Fund’s CIS holdings will be man aged by Royal London Unit Trust Management (RLUTM) or another Royal Lond on Group company. And where the manager believes it is in th e best interests of the Fund, they may invest up to 20% of the Fund’s asset s directly in shares, bonds and closed-ended funds. The Fund’s manager takes a strategic approach to as set allocation, which means they set long-term targets for how much they want to allocate to different types of investment. These allocations ar e then periodically rebalanced. The Fund will have approximately equal weightings in fixed income assets (bonds) and cash which typically have low risk and investments that have the potential for greater ret urns but come with a higher risk of losing capital (e.g. shares, propert y and commodities). The Fund’s strategy is complemented by a tactical-o verlay component, which is more short term in nature and responds to developments in financial markets. This may include investment in d erivatives (derivatives are investments that derive their value from anothe r closely related underlying investment). Derivatives may be used for investment purposes and also for efficient portfolio management (EPM) t o protect the Fund from potential excessive risks or to reduce costs a ssociated with trading. A limited amount of the Fund’s assets may be held i n other transferable securities and money market instruments (such as ca sh and deposits). The IA Mixed Investment 20%-60% Shares sector is consid ered an appropriate benchmark for performance comparison. Recommendation The Fund may not be appropriate for investors who plan to withdraw their money within 3-5 years.
Concepts to understand Capital Growth Capital growth is defined as the rise in an invest ment’s value over time. Bonds are defined as fixed-income investments issued as debt by companies and public bodies to raise finance. Inves tors in bonds receive a previously agreed, non-variable interest payment un til the investment matures. Corporate bonds are those issued by compan ies to raise finance. Efficient Portfolio Management A list of approved investment techniques, including the use of derivatives, used to protect against excessive risk, reduce cost or generate extra incom e or growth. You can buy and sell your shares on each working day ay, except public holidays, at 2.00pm if you tell us before 10.30am th that you want to do so. Instructions received after 10.30am will be processe sed at 2.00pm on the following working day. The Fund issues both income shares (shares in which any income is paid out to you) and accumulation shares (shares in which ch any income is reinvested in the Fund). Other share classes may be available as described i n the Prospectus. If this is an income share class, any income will be paid o ut to you. If this is an accumulation share class, any income will be reinve sted in the Fund.
Risk and reward profile
The fund is shown in risk category 4 because its sh are price has shown a medium level of volatility historically. The indica tor has been calculated using historical data and may not be a reliable ind ication of the future risk profile of the Fund. As an investment, bonds are ty pically more volatile than money market instruments but less volatile tha n shares. Bonds issued by corporations are typically more volatile than bonds issued by governments. The risk and reward indicator is not a measure of t he expected rise or fall in capital but shows how sharply the Fund’s share p rice has gone up and down historically. A fund whose share price has experienced sharp or l arge increases or decreases will sit in a higher risk category, where as a fund whose share price has experienced small or gradual increases or decreases will sit in a lower risk category. The indicator is calculated using a standard method ology derived from EU rules. The risk/reward indicator is an estimate and not a guarantee. Going forward, the Fund’s actual volatility could be high er or lower, and its rated risk/reward profile could change. The lowest risk c ategory does not mean the investment is risk free. The risk indicator does not adequately capture the following risks, which are materially relevant to the Fund: Investment Risk The value of investments and any income from them may go down as well as up and is not guaranteed. In vestors may not get back the amount invested. Credit Risk Should the issuer of a fixed income security becom e unable to make income or capital payments, or their rating is downgraded, the value of that investment will fall. Fixed income securiti es that have a lower credit rating can pay a higher level of income and have an increased risk of default. Derivative Risk Derivatives are highly sensitive to changes in the value of the underlying asset which can increase both Fund l osses and gains. The impact to the Fund can be greater where they are us ed in an extensive or complex manner, where the Fund could lose significa ntly more than the amount invested in derivatives. EPM Techniques The Fund may engage in EPM techniques including holdings of derivative instruments. Whilst intended to reduce risk, the use of these instruments may expose the Fund to increas ed price volatility. Exchange Rate Risk Investing in assets denominated in a currency othe r than the base currency of the Fund means the value of the investment can be affected by changes in exchange rates. Interest Rate Risk Fixed interest securities are particularly affecte d by trends in interest rates and inflation. If interest rates go up, the value of capital may fall, and vice versa. Inflation will al so decrease the real value of capital. Emerging Markets Risk Investing in Emerging Markets may provide the potential for greater rewards but carries greater r isk due to the possibility of high volatility, low liquidity, currency fluctua tions, the adverse effect of social, political and economic instability, weak su pervisory structures and accounting standards. Counterparty Risk The insolvency of any institutions providing servi ces such as safekeeping of assets or acting as counterp arty to derivatives or other instruments, may expose the Fund to financial loss. Fund investing in Funds Risk The Fund is valued using the latest available price for each underlying investment, how ever it may not fully reflect changing stockmarket conditions and the Fun d may apply a ‘fair value price’ to all or part of its portfolio to mit igate this risk. In extreme liquidity conditions, redemptions in the underlying investments, and/or the Fund itself, may be deferred or suspended. Liquidity and Dealing Risk The Fund invests indirectly in assets that may at times be difficult to value, harder to sell, or sell at a fair price. This means that there may be occasions when you experien ce a delay in being able to deal in the Fund, or receive less than may otherwise be expected when selling your investment.
Lower risk Higher risk
Typically lower rewards Typically higher rewards
Non -
UCITS Retail Scheme
Key Investor Information
1 2 3 4 5 6 7
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Key Investor Information Royal London GMAP Balanced Fund (Income - Class M Shares)
Charges The charges you pay are used to pay the costs of ru nning the Fund, including the costs of marketing and distributing t he Fund. These charges reduce the potential growth of the investment. One-off charges taken before or after you invest: Entry charge None Exit charge None Charges taken from the fund over a year: Ongoing charge 0.60% Charges taken from the fund under specific conditio ns: Performance fee None The entry and exit charge is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. The ongoing charges figure is based on expenses as at 31 December 2025. This figure may vary from year to year and does not include portfolio transaction costs. Ongoing charges are the same for all investors. The annual report for each financial year will include details on the exact charges made. Past performance The graph shows fund performance over the past 10 y ears where available. The figure for a given year shows how much the Fund increased or decreased in value during that year. These results reflect ongoing charges taken from the Fund, but do not reflect any entry ch charges you might have to pay. The Fund was launched on 14 March 2016 and the shar e class on 14 March 2016.
Past performance is not a guarantee or reliable ind icator of future returns. The chart shows performance in British Pounds after the ongoing charges and the portfolio transaction costs have been paid. Entry and exit charges are excluded from calculations of past performance. All performance shown assumes reinvestment of dividends. From 23 September 2024 the composite benchmark is n o longer in place. The IA Mixed Investment 20-60% shares sector is the sole comparator. From the 31 March 2023 performance is compared agai nst the following composite benchmark in the table opposite. The Comp osite Benchmark from 01 Jan 2021 to 31 March 2023 is also shown in the table opposite. Prior to 01 January 2021, performance was compared against the: FTSE AllShare Total Return Index 16.25%, FTSE All-World ex UK £ Total Return Index 16.25%, FTSE British Government Fixed 5-10 ye ars Total Return Index 11.66%, FTSE British Government Index Linked 0-5 years Total Return Index 11.67%, Markit iBoxx £ Non-Gilts 5-10 years Total Return Index 11.67%, Bank of America Merrill Lynch BB-B Gl obal Non Financials High Yield Constrained Total Return Hedged Index 2. 5%, Bloomberg Commodity Total Return Index 5%, LIBOR 1 week 12.5% , Investment Property Databank Property Index 12.5%.
Composite Benchmark Percentage change prior to 31 March 2023
Percentage change from 01 January 2021 FTSE All Share Total Return GBP Index 8.12% 11.37% FTSE World Total Return GBP Index 21.13% 17.88% MSCI Emerging Markets ESG Leaders Net Return Index (expressed in GBP) 3.25% 3.25% MSCI/AREF UK All Property Fund Index 7.50% 10.00% Bloomberg Commodity Total Return Index (expressed i n GBP) 5.00% 5.00% BoAML BB - B Global Non - Financial High Yield Constrained Index (GBP Hedged) 5.00% 5.00% iBoxx Sterling Non - Gilt Total Return GBP Index 6.25% 5.84% Bloomberg Global Aggregate Corporate Total Return I ndex GBP Hedged 2.50% 0.00% ICE Bank of America Merrill Lynch 1 – 5 Year Sterling Non - Gilt Index 10.00% 5.83% FTSE Actuaries UK Index Linked Gilts (All Stocks) T otal Return GBP 2.50% 0.00% Bloomberg UK Government Inflation Linked Bond 1 - 10 year Total Return GBP Index 1.50% 3.50% Bloomberg World Government Inflation Linked Bond (e x UK) 1 - 10 year (GBP Hedged) 3.50% 8.17% FTSE Actuaries UK Conventional Gilts (All Stocks) T otal Return GBP Index 6.75% 2.92% JPM Global ex - UK Traded Index GBP Hedged 2.00% 0.00% FTSE Actuaries UK Conventional Gilts up to 5 Years Total Return GBP Index 5.00% 8.74% Sterling Overnight Index (“SONIA”) 10.00% 12.50% Practical information Depositary: HSBC Bank plc Additional Information: This Key Investor Information Document (KIID) may not contain all the information you need. For a dditional information on this fund (including the Supplementary Information Document), on other share classes of this fund and on other funds, or t o obtain a free copy of the Fund’s Prospectus or the annual and semi-annual sha reholder reports, call the information line or write to the registered offi fice, details of which are below. Alternatively, visit www.rlam.com. The Prosp ectus and shareholder reports are in English. This document describes one share class of the Fund . The Prospectus and annual and semi-annual shareholder reports are prep ared for the entire fund across all share classes. For fund performance and most recent share price, v isit www.rlam.com. Should you wish to switch share classes or funds, p lease see the “Switching” section of the Prospectus for details. Tax: Investors should note that the tax legislation tha t applies to the Fund may have an impact on the personal tax position of their investment in the Fund. Contact your adviser to discuss tax treatment , suitability of this investment, and other questions. Royal London GMAPs: 'Global Multi-Asset Portfolios' are RLAM's range of seven multi-asset funds, of which this Fun d is one. For further details of RLAM's multi asset range, please see the Prospectus. The Prospectus and shareholder reports are prepared for the entire company. The assets and liabilities of each sub-fun d are segregated by law. Therefore, the assets of the Fund belong exclusivel y to it and are not available to meet the liabilities of any other fund of Royal London Multi Asset Funds ICVC. The Fund is authorised in the United Kingdom and re gulated by the Financial Conduct Authority, Royal London Unit Trus t Managers Limited is authorised and regulated by the Financial Conduct Au Authority. Details of the Company's remuneration policy are av ailable at www.rlam.com including: (a) a description of how re muneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from the Compa ny, at the address below. Address: Royal London Asset Management 80 Fenchurch Street, London, EC3M 4BY Telephone: 03456 04 04 04 Website: www.rlam.com A member of the Investment Association Publication Date: This Key Investor Information is accurate as at 16 October 2026
6.0%
-3.3%
9.7%
-0.1%
9.4%
-4.5%
6.8% 6.5% 7.7% 6.4%
-1.2%
8.9% 2.5%
9.3%
-4.5%
7.3% 6.6%
-5.1%
12.2%
3.5% 7.5%
-9.7%
6.9% 6.2%
10.2%
-15%
-10%
-5%
0%
5%
10%
15%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Income - Class M Shares GMAP Balanced Composite Benchmark (Benchmark) IA Mixed Investment 20-60% shares sector (Benchmark) Source: RLAM and DataStream as at 31 December 2025
The Royal London GMAP Balanced Fund (Income - Class M Shares) in GBP
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